SBSW 20-F DEF-14A Report Dec. 31, 2024

SIBANYE STILLWATER LTD

20-Fs

20-F	Fiscal year ended Dec. 31, 2024
20-F	Fiscal year ended Dec. 31, 2023
20-F	Fiscal year ended Dec. 31, 2022
20-F	Fiscal year ended Dec. 31, 2021
20-F	Fiscal year ended Dec. 31, 2020
20-F	Fiscal year ended Dec. 31, 2019

sbsw-20241231

As filed with the Securities and Exchange Commission on 25 April 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


		Form 20-F
(Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended 31 December 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report For the transition period from to Commission file number: 333-234096
	Sibanye Stillwater Limited
	(Exact name of registrant as specified in its charter)

Republic of South Africa

(Jurisdiction of incorporation or organization)

Constantia Office Park

Bridgeview House, Building 11, Ground Floor

Cnr 14th Avenue & Hendrik Potgieter Road

Weltevreden Park , 1709

South Africa

011-27 - 11-278-9600

(Address of principal executive offices)

with copies to:

Charl Keyter

Chief Financial Officer

Sibanye Stillwater Limited

Tel: 011-27 - 11-278-9700

Constantia Office Park

Bridgeview House, Building 11, Ground Floor

Cnr 14th Avenue & Hendrik Potgieter Road

Weltevreden Park , 1709

South Africa

Igor Rogovoy

Linklaters LLP

Tel: 011-44-20-7456-3660

One Silk Street

London EC2Y 8HQ

United Kingdom

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act


Title of Each Class		Trading Symbol	Name of Each Exchange on Which Registered
American Depositary Shares, each representing four ordinary shares		SBSW	New York Stock Exchange
Ordinary shares of no par value each			New York Stock Exchange *
* Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.
	Securities registered or to be registered pursuant to Section 12(g) of the Act None (Title of Class) Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act None (Title of Class) Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the Annual Report 2,830,567,264 ordinary shares of no par value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☒ No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of

1934. Yes ☐ No ☒

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations

under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12

months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of

this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large

accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth compan y ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended

transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after

April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting

under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction

of an error to previously issued financial statements. ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the

registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent

to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

// ii

FORM 20-F CROSS REFERENCE GUIDE


Item	Form 20-F Caption	Location in this document	Page
1	Identity of directors, senior management and advisers	NA	NA
2	Offer statistics and expected timetable	NA	NA
3	Key information
	(1) Reserved	NA	NA
	(2) Capitalisation and indebtedness	NA	NA
	(3) Reasons for the offer and use of proceeds	NA	NA
	(4) Risk factors	Additional information—Risk factors	1-30
4	Information on the Company
	(1) History and development of the Company	Additional information—Memorandum of incorporation—General	54
		Annual Financial Report—Administration and Corporate Information	AFR 174
		Integrated Annual Report—Our business and leadership—Chairman and Chief Executive Officer’s review	IAR 13-19
		Integrated Annual Report—Our performance—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report	IAR 75-88
		Integrated Annual Report—Our performance—Operational excellence and optimising long-term resource value—Delivering value from our operations	IAR 89-97
		Integrated Annual Report—Our performance—Chief Financial Officer’s report—Maintaining a profitable business and optimising capital allocation —Summary of the annual financial statements—Capital expenditure	IAR 80
		Integrated Annual Report—Chairman and Chief Executive Officer's review— Continued organic value unlock	IAR 16-17
		Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye-Stillwater’s performance—Capital expenditure	AFR 17-18
		Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Liquidity and capital resources	AFR 35-37
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 16: Acquisitions	AFR 111-113
		Integrated Annual Report—What drives us—How we create value: Our business model	IAR 67-70
		Integrated Annual Report—Our performance—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report— Proactive balance sheet measures	IAR 79
		Presentation of Financial and Other Information—Significant capital expenditures and divestitures	x-xi
		Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Ability to generate and obtain adequate cash to meet its funding requirements	AFR 38
		Annual Financial Report—Shareholder information	AFR 171-173
		Additional information—Documents on display	67
	(2) Business overview	Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements	AFR 8-40
		Integrated Annual Report—Our business and leadership—About Sibanye- Stillwater	IAR 5-7
		Annual Financial Report—Four-year financial performance	AFR 2-7

iii


	Integrated Annual Report—Our performance—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report— 2024 – A brief overview	IAR 76
	Integrated Annual Report—What drives us—How we create value: Our business model	IAR 67-70
	Integrated Annual Report—Our performance—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report— Focus areas – 2025—Metal prices	IAR 88
	Integrated Annual Reports—Our performance—Mineral resources and mineral reserves: a summary	IAR 98-103
	Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye-Stillwater’s performance—Commodity prices	AFR 11-13
	Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Introduction	AFR 8
	Integrated Annual Report—Our business and leadership—Chairman’s and Chief Executive Officer’s review	IAR 13-19
	Additional Information—Environmental and regulatory matters	37-51
	Additional information—Refining and marketing	68
	Integrated Annual Report—What drives us—Unpacking our three- dimensional strategy	IAR 42-44
	Integrated Annual Report—Our performance—People: Socioeconomic Development—Performance	IAR 161-163
	Integrated Annual Report—Our business and leadership—Corporate governance—Ethical leadership and compliance	IAR 21-22
(3) Organisational structure	Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 1.3: Consolidation	AFR 66-68
(4) Property, plant and equipment	Integrated Annual Report—Our performance—Planet: Minimising our environmental impact	IAR 182-209
	Integrated Annual Report—Our performance—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report— Proactive balance sheet measures	IAR 79
	Additional Information—Environmental and regulatory matters	37-51
	Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 14: Property, plant and equipment	AFR 104-109
	Mineral Resources and Reserves Report—Our business—Group summary of mining properties—Encumbrances	R&R 8
Summary Disclosure (Item 1304)	Mineral Resources and Reserves Report—Our business—Introduction	R&R 3
	Mineral Resources and Reserves Report—Our business—Group summary of mining properties	R&R 8-14
Individual Property Disclosure (Item 1304)	Mineral Resources and Mineral Reserves Report—Americas—PGM Operations—Stillwater and East Boulder	R&R 25-32
	Mineral Resources and Mineral Reserves Report—Southern Africa—PGM Operations—Marikana	R&R 45-50
	Mineral Resources and Mineral Reserves Report—Southern Africa—PGM Operations—Rustenburg	R&R 51-55
	Mineral Resources and Mineral Reserves Report—Southern Africa—PGM Operations—Kroondal	R&R 56-60
	Mineral Resources and Mineral Reserves Report—Southern Africa—Gold Operations—Kloof	R&R 67-70
	Mineral Resources and Mineral Reserves Report—Southern Africa—Gold Operations—Drienfontein	R&R 71-74


		Mineral Resources and Mineral Reserves Report—Europe—Battery Metals Development—Lithium—Keliber	R&R 90-94
	Internal Controls Disclosure (Item 1305)	Mineral Resources and Reserves Report—Our business—Corporate Governance and Regulatory Compliance	R&R 4
		Mineral Resources and Reserves Report—Americas—PGM Operations— Internal Controls (QA/QC)	R&R 27
		Mineral Resources and Reserves Report—Southern Africa—PGM Operations —Internal Controls (QA/QC)	R&R 43
		Mineral Resources and Reserves Report—Southern Africa—Gold Operations —Overview—Internal Controls (QA/QC)	R&R 65-66
		Mineral Resources and Mineral Reserves Report—Europe—Battery Metals Development—Internal Controls (QA/QC)	R&R 91
4A	Unresolved staff comments	NA	NA
5	Operating and financial review and prospects
	(1) Operating results	Annual Financial Report—Consolidated financial statements—Consolidated income statement	AFR 57
		Annual Financial Report—Consolidated financial statements—Consolidated statement of financial position	AFR 58
		Annual Financial Report—Consolidated financial statements—Consolidated statement of cash flows	AFR 60
		Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye Stillwater's performance	AFR 11-18
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 1.2: Basis of preparation— Significant accounting judgements and estimates	AFR 65
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 28: Borrowings and derivative financial instrument	AFR 136-147
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 28: Borrowings and derivative financial instrument—Note 28.9: Fair value of financial instruments and risk management	AFR 144-145
		Integrated Annual Report—Our performance—Chief Financial Officer's report—Summary of the annual financial statements	IAR 80-88
		Integrated Annual Report—Our performance—Chief Financial Officer’s report—Our most notable financial matters	IAR 78
		Additional Information—Environmental and regulatory matters	37-51
	(2) Liquidity and capital resources	Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Liquidity and capital resources	AFR 35-37
		Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Statement of financial position	AFR 37-38
		Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Ability to generate and obtain adequate cash to meet its funding requirements	AFR 38
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 28: Borrowings and derivative financial instrument	AFR 136-147
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 37: Commitments	AFR 165
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 38: Contingent liabilities/assets	AFR 165-166


	(3) Research and development, patents and licences, etc.	Integrated Annual Report—Our performance—Innovation, digital and technology	IAR 174-181
	(4) Trend information	Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye Stillwater's performance	AFR 11-18
	(5) Critical accounting estimates	Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 1: Accounting policies	AFR 61-70
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 1.2: Basis of preparation— Significant accounting judgements and estimates	AFR 65
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 3: Revenue—Significant accounting judgements and estimates	AFR 76
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 3: Revenue—Accounting policy	AFR 76-80
6	Directors, senior management and employees
	(1) Directors and senior management	Integrated Annual Report—Our business and leadership—Board and executive leadership	IAR 9-13
		Additional Information—Directors and executive management	31-36
	(2) Compensation	Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 39: Related-party transactions	AFR 166-167
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 6: Share-based payments	AFR 83-91
		Integrated Annual Report—Rewarding delivery—Remuneration report, Part 3: Implementation report—Executive directors' and prescribed officers' single figure of remuneration	IAR 249-250
		Integrated Annual Report—Rewarding delivery—Remuneration report, Part 3: Implementation report—Non-executive director fees	IAR 251
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 40: Directors' and prescribed officers' remuneration	AFR 167-169
	(3) Board practices	Integrated Annual Report—Our business and leadership—Corporate governance—Functional governance areas	IAR 27-30
		Integrated Annual Report—Our business and leadership—Corporate governance—Independence, tenure, diversity and inclusivity	IAR 23-24
		Integrated Annual Report—Rewarding delivery—Remuneration report, Part 2: Remuneration policy—Executive director contracts of employment	IAR 230
		Integrated Annual Report—Our business and leadership—Board and executive leadership	IAR 8-12
		Integrated Annual Report—Ancillary Information—Detail on board committees	IAR 253-257
	(4) Employees	Integrated Annual Report—Our performance—Our people—Labour relations	IAR 149-155
		Integrated Annual Report—Our performance—Our people—Our workforce profile	IAR 140-141
		Integrated Annual Report—Our performance—Our people—Labour relations—Wage negotiations	IAR 150
	(5) Share ownership	Additional information—Memorandum of incorporation—Voting rights	54
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 6: Share-based payments	AFR 83-91
		Integrated Annual Report—Our performance—Our people—Employee share ownership programme (ESOP)	IAR 151
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 39: Related-party transactions	AFR 166-167


7	Major Shareholders and Related Party Transactions
	(1) Major shareholders	Additional information—US holders	62
		Additional information—Memorandum of incorporation—Voting rights	54
		Annual Financial Report—Ancillary information—Shareholder information	AFR 171-173
		Integrated Annual Report—Ancillary information—Shareholder information	IAR 273-275
	(2) Related party transactions	Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 39: Related-party transactions	AFR 166-167
		Additional information—Refining and marketing	68
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 40: Directors' and prescribed officers' remuneration	AFR 167-169
	(3) Interests of experts and counsel	NA	NA
8	Financial information
	(1) Consolidated statements and other financial information	Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements	AFR 8-40
		Annual Financial Report—Consolidated financial statements—Consolidated income statement	AFR 57
		Annual Financial Report—Consolidated financial statements—Consolidated statement of financial position	AFR 58
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 13: Dividends	AFR 102-103
		Annual Financial Report—Directors’ report—Litigation	AFR 51-52
		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements	AFR 61-170
		Annual Financial Report—Report of independent registered public accounting firm	AFR 53-56
		Additional information—Dividend policy and dividend distribution	52
	(2) Significant changes	Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 41: Events after reporting date	AFR 170
9	The Offer and listing
	(1) Listing details	Additional information—The listing	53
	(2) Plan of distribution	NA	NA
	(3) Markets	Additional information—The listing	53
	(4) Selling shareholders	NA	NA
	(5) Dilution	NA	NA
	(6) Expenses of the issue	NA	NA
10	Additional information
	(1) Share capital	NA	NA
	(2) Memorandum and articles of association	Additional information—Memorandum of incorporation	54-58
		Additional information—Taxation—South African exchange control limitations affecting security holders	64
	(3) Material contracts	Additional information—Material contracts	59-62
	(4) Exchange controls	Additional information—Taxation—South African exchange control limitations affecting security holders	64
		Additional information—Environmental and regulatory matters—Exchange controls	43

vii


	(5) Taxation	Additional information—Taxation	63-66
	(6) Dividends and paying agents	NA	NA
	(7) Statement by experts	NA	NA
	(8) Documents on display	Additional information—Documents on display	67
	(9) Subsidiary information	NA	NA
	(10) Annual Report to Security Holders	NA	NA
11	Quantitative and qualitative disclosures about market risk	Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 36.2: Risk management activities	AFR 160-164
12	Description of securities other than equity securities	NA	NA
	(1) Debt securities	NA	NA
	(2) Warrants and rights	NA	NA
	(3) Other securities	NA	NA
	(4) American depositary shares	Additional information—Material contracts—Deposit agreement	60-61
13	Defaults, dividend arrearages and delinquencies	NA	NA
14	Material modifications to the rights of security holders and use of proceeds	NA	NA
15	Controls and procedures	Additional information—Item 15: Controls and procedures	73-75
		Additional information—Item 15: Controls and procedures—Management's report on internal control over financial reporting	73-74
		Additional information—Item 15: Controls and procedures—Changes in internal control over financial reporting	74-75
		Annual Financial Report—Report of independent registered public accounting firm	AFR 53-56
16A	Audit Committee financial expert	Additional information—Directors and executive management—Keith Alfred Rayner	32
16B	Code of ethics	Integrated Annual Report—Our business and leadership—Corporate governance	IAR 20-30
		Integrated Annual Report—Our business and leadership—Corporate governance—Ethical leadership and compliance	IAR 21-22
16C	Principal accountant fees and services	Annual Financial Report—Auditor independence and fees	AFR 44
16D	Exemptions from the listing standards for audit committees	NA	NA
16E	Purchase of equity securities by the issuer and affiliated purchasers	NA	NA
16F	Change in registrant’s certifying accountant	Additional information—Change in registrant's certifying accountant	76
16G	Corporate governance	Additional information—JSE corporate governance practices compared with NYSE Listing Standards	69
16H	Mine safety disclosure	Additional information—Environmental and regulatory matters—Health and safety	39-40
16J	Insider trading policies	Additional Information—Sibanye-Stillwater Information and Securities Transactions Policy	69
16K	Cybersecurity	Integrated Annual Report—Our performance—Information and communication technology (ICT)—Cybersecurity	IAR 178-179
		Additional Information—Risk Factors	1-30
		Additional Information—Cybersecurity	70-72
17	Financial statements	NA	NA
18	Financial statements	Annual Financial Report—Report of independent registered public accounting firm (PCAOB ID: 1698 )	AFR 53-56

viii


		Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements	AFR 61-170
19	Exhibits	Exhibits	77-78

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

Historical Consolidated Financial Statements

Sibanye-Stillwater is a multinational mining and metals processing Group with a diverse portfolio of mining and processing operations, projects

and investments across five continents. The Group is one of the foremost global recycle rs of p latinum group metals (PGMs) and also has interests

in leading mine tailings retreatment operations.

Sibanye-Stillwater is 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 increase its presence in the circular economy by growing its recycling and tailings

reprocessing exposure globally. The books of account of Sibanye-Stillwater are maintained in South African Rand and Sibanye-Stillwater’s

annual financial statements are prepared in accordance with International Financial Reporting Standards, as issued by the International

Accounting Standards Board (IASB), hereafter referred to as IFRS Accounting Standards, as prescribed by law. These financial statements are

distributed to shareholders and are submitted to the Johannesburg Stock Exchange (JSE) and the New York Stock Exchange (NYSE).

The consolidated financial statements of Sibanye-Stillwater as at and for the fiscal years ended 31 December 2024, 2023 and 2022 (the

Consolidated Financial Statements) have been prepared under the historical cost convention, except for certain financial assets and financial

liabilities (including derivative financial instruments), which are measured at fair value through profit or loss or through other comprehensive

income.

Non-IFRS Measures

The financial information in this annual report includes certain measures that are not defined by IFRS Accounting Standards, including "adjusted

EBITDA”, “adjusted EBITDA margin”, “adjusted free cash flow”, “All-in sustaining costs”, “All-in sustaining cost per kilogram and ounce (or per

tonne)”, “All-in costs”, “All-in cost per kilogram and ounce (or per tonne)”, “headline earnings”, “headline earnings per share”, “diluted headline

earnings per share”, “interest coverage ratio”, “net debt/(cash)”, “net debt/(cash) to adjusted EBITDA (ratio)”, “Nickel equivalent sustaining

cost”, “Nickel equivalent sustaining cost per tonne”, “normalised earnings”, and “operating costs”. These measures are not measures of financial

performance or cash flows under IFRS Accounting Standards and may not be comparable to similarly titled measures of other companies. See

pages AFR-39 to AFR-40 for more information on, including reconciliations of, the non-IFRS figures presented by Sibanye-Stillwater. Sibanye-

Stillwater also presents FTSE Russell green revenue factor, which is not calculated in accordance with IFRS Accounting Standards. See page

IAR-5 for more information on this metric.

Conversion Rates

Certain information in this annual report presented in Rand has been translated into US dollars. Unless otherwise stated, the conversion rate for

these translations in the consolidated statement of financial position is R18.76/US$1.00, which was the closing rate on 31 December 2024 and the

conversion rate for translation in the consolidated income statement, consolidated statement of cash flows and for operating cost, average

basket price (2E,3E,4E), gold price, All-in-sustaining cost, All-in-cost, Nickel equivalent basket price and Nickel equivalent sustaining cost is R18.32/

US$1.00, which was the average rate for the fiscal year ended 31 December 2024. By including the US dollar equivalents, Sibanye-Stillwater is not

representing that the Rand amounts actually represent the US dollar amounts shown or that these amounts could be converted into US dollars

at the rates indicated.

Significant capital expenditures and divestitures

Green Metals Projects

Since 2022 the Group has continued its expansion into green metals with a number of strategic acquisitions and investments in the United States

and Europe. The transactions completed during the last three financial years are summarised below:

• Keliber: Following on from its initial investment in the Keliber lithium project in 2021, between 2022 and 2023, Sibanye-Stillwater has

completed several transactions to augment its ownership in the project. In 2022, Sibanye-Stillwater increased its total shareholding in

Keliber to 85.9% at a total cost of EUR338 million. In 2023 the Finnish Minerals Group increased its holding in Keliber from 14% to 20% by

subscribing for EUR53.9 million of a EUR104 million rights issue. The Group's portion of the subscription (through wholly-owned subsidiary,

Keliber Lithium Proprietary Limited) amounted to EUR50.2 million. In addition to the rights issue, other minority shareholders in Keliber

(which held 0.79% of the total Keliber shareholding) for which the Group previously recognised an accelerated put option liability at 31

December 2022, received and accepted voluntary offers at the same share price (EUR157.28 per share) as the voluntary offer that

concluded in 2022. A total payment of EUR5.2 million was made by the Group to all the shareholders who accepted the voluntary

offers during June 2023. Following these transactions, the Finnish Minerals Group holds 20% in Keliber, the Group retained 79.82%, while

other minority shareholders hold the balance of the shares in Keliber. See – Annual Financial Report – Consolidated financial

statements – Notes to the consolidated financial statements – Note 1.3: Consolidation and Note 27.1: Subsequent NCI transactions

• Sandouville: Sibanye-Stillwater acquired 100% of the Sandouville nickel processing facilities in France in 2022 for an effective total

consideration of EUR87 million. See – Annual Financial Report – Consolidated financial statements – Notes to the consolidated financial

statements – Note 1.3: Consolidation

• Century: In February 2023, Sibanye-Stillwater obtained a controlling shareholding of 50.15% in New Century Resources Limited

(Century), an Australian tailings reprocessing business, following acquisition of an initial 19.9% stake in 2021, and further on-market

purchase of shares for a cash consideration of AUS$46 million. Subsequent to obtaining control, through on-and off-market trades for a

cash consideration of AUS$74 million, the Group obtained a 100% interest in Century by 10 May 2023. See – Annual Financial Report –

Consolidated financial statements – Notes to the consolidated financial statements – Note 1.3: Consolidation and Note 27.1:

Subsequent NCI transactions. In November 2023, the Group exercised its option, obtained through the acquisition of Century, to

acquire 100% of the Mt Lyell Copper mine in Tasmania, Australia for a cash consideration of US$10 million. See – Annual Financial

Report – Consolidated financial statements – Notes to the consolidated financial statements – Note 1.1: Reporting entity and Annual

Financial Report – Consolidated financial statements – Notes to the consolidated financial statements – Note 1.3: Consolidation

• Reldan: On 15 March 2024, the Group completed the acquisition of the Reldan Group of Companies (Reldan), a Pennsylvania-based

recycling group which reprocesses various waste streams, for a cash purchase consideration of US$155.9 million. See – Annual

Financial Report – Consolidated financial statements – Notes to the consolidated financial statements – Note 16.1: Reldan business

combination (revised)

Kroondal business combination

• On 31 January 2022, Sibanye-Stillwater announced that, through its subsidiary Sibanye Rustenburg Platinum Mines Limited (SRPM), it

had entered into an agreement with Rustenburg Platinum Mines Limited (RPM) a subsidiary of Anglo American Platinum Limited (AAP),

whereby the Group would assume full ownership of the Kroondal operation with SRPM acquiring RPM's 50% ownership in the pool and

share agreement (Kroondal PSA) between Kroondal Operations Proprietary Limited (wholly-owned subsidiary of the Group) and RPM.

On 1 November 2023, Sibanye-Stillwater announced that the transaction had been brought forward and all conditions precedent

had either been met or waived in order for SRPM to acquire RPM's 50% share in the Kroondal PSA effective 1 November 2023

(acquisition date). The implementation of the transaction (as announced on 31 January 2022) was subject to key conditions

precedent such as the relevant regulatory approvals and required consent to transfer RPM's mining right to SRPM. Another key

condition precedent was the delivery of 1,350,000 4E ounces by the Kroondal operation to RPM's designated smelters through the

mining of both the Kroondal PSA orebody and SRPM orebody and the Klipfontein open pit operation. In order to expedite the

transaction, this condition was waived in return for SRPM paying a contingent consideration to RPM until the full agreed number of

ounces are delivered. The fair value of the total contingent consideration payable amounted to R1,433 million at the acquisition date

(31 December 2024: Rnil) and comprised a contingent consideration payable related to the delivery of ounces of R333 million (31

December 2024: Rnil) and a contingent consideration payable related to AAP receivable portion of R1,100 million (31 December 2024:

Rnil). The remaining ounces were delivered during 2024 and resulted in the Group settling the delivery of ounces portion of the

contingent consideration amounting to cash payments of R292 million. RPM withheld 50% of each payment of the agreed Kroondal

PSA ounces receivable (AAP receivable portion) until the payment of R882 million was paid in full. This payment is a non-cash

transaction for the Group, as the contingent consideration was offset with the 50% of the Kroondal PSA ounces. A gain on revised

estimated cash flows of R396 million was recognised up to the date of settlement . On 31 January 2025, the Group entered into an

amalgamation transaction, whereby the assets of Kroondal Operations Proprietary Limited were transferred to SRPM in exchange for

SRPM assuming the liabilities of Kroondal. See – Annual Financial Report – Consolidated financial statements – Notes to the

consolidated financial statements – Note 22.2: Other payables – Contingent consideration (Kroondal acquisition)

Scope 1, 2 and 3 GHG Emissions Data

This annual report also contains data on Sibanye-Stillwater’s Scope 1, 2 and 3 greenhouse gas emissions. Data for Scope 1 and 2 emissions relate

to Sibanye-Stillwater’s own activities and supplied heat, power, and cooling which are measured using data from its own systems and

independently assured. Scope 3 emissions relate to other organisations’ emissions and are therefore subject to a range of uncertainties and

challenges. At present Scope 3 data is not yet consistently available in many value chains and is calculated, collected, or estimated in different

ways. Sibanye-Stillwater’s Scope 3 emissions data is aligned to the requirements of the GHG protocol (GHG Protocol), developed by the World

Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD). As value chain emissions data advances over

time, Sibanye-Stillwater expects to improve the quality of its Scope 3 data and data reporting.

Market Information

This annual report includes industry data about Sibanye-Stillwater’s markets obtained from industry surveys, industry publications, market

research and other publicly available third-party information. Industry surveys and industry publications generally state that the information they

contain has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not

guaranteed. Sibanye-Stillwater and its advisers have not independently verified this data.

In addition, in many cases, statements in this annual report regarding the gold, PGM, lithium and other mining and metals industries, and

Sibanye-Stillwater’s position in these industries have been made based on internal surveys, industry forecasts, market research, as well as

Sibanye-Stillwater’s own experiences. While these statements are believed by Sibanye-Stillwater to be reliable, they have not been

independently verified.

Mineral Resources and Mineral Reserves Estimations

The financial and technical assumptions underlying the Mineral Resources and Mineral Reserves estimations contained in this report and in the

Technical Report Summaries included as exhibits in this report are current as at 31 December 2024, the period covered by each of the

respective reports. Such assumptions rely on various factors that may change after the reporting period, including as a result of operational

reviews which Sibanye-Stillwater undertakes from time to time and when necessary. Accordingly, the Mineral Reserves and Mineral Resources

estimations contained in this report and in the Technical Report Summaries included as exhibits in this report may be materially impacted by,

among other things, changes to the underlying financial and technical assumptions in the future. In the event there is a material change to the

Technical Report Summaries included as exhibits in this report, updated Technical Report Summaries will be filed by Sibanye-Stillwater with the

Securities and Exchange Commission pursuant to the requirements of subpart 1302 of Regulation S-K under the US Securities Act.

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 annual report.

xii

FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities

Litigation Reform Act of 1995 with respect to our financial condition, results of operations, business strategies, operating efficiencies, competitive

position, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters.

These forward-looking statements, including, among others, those relating to our future business prospects, revenues and income, ESG change-

related targets and metrics, the potential benefits of past and future acquisitions (including statements regarding growth, cost savings, benefits

from and access to international financing and financial re-ratings), gold, PGM, nickel and lithium pricing expectations, levels of output, supply

and demand, information relating to Sibanye-Stillwater’s new or ongoing development projects, any proposed, anticipated or planned

expansions into the battery metals or adjacent sectors and estimations or expectations of enterprise value, adjusted EBITDA and net asset values

wherever they may occur in this annual report and the exhibits to this annual report, are necessarily estimates reflecting the best judgment of

our senior management 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 annual 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”, “could”, “aim”, "anticipates”, “believes”,

“goal”, “may”, “target”, “vision”, “forecast”, “potential”, “estimate”, “expect” 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. Important

factors that could cause actual results 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, Australia 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, 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 (including the

Rhyolite Ridge project)

• 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 further downgrade of South Africa’s credit rating

• the impact of South Africa's greylisting

• 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

xiii

• 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 protectionist measures such as tariffs

• the effect of US tax credits on Sibanye-Stillwater and its subsidiaries

• the effect of adverse changes in tax laws, regulations and interpretations or challenges to Sibanye-Stillwater’s tax positions

• 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

• failure of Sibanye-Stillwater’s information technology, communications and systems, 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

• the impact of contagious diseases, including global pandemics

The foregoing factors and others described under Additional information-Risk Factors should not be construed as exhaustive. There may be other

factors that are unknown to us that may cause our actual results to differ materially from the forward-looking statements. Moreover, new risk

factors emerge from time to time and it is not possible for us to predict all such risk factors. We may not be able to assess the extent to which any

factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given

these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results.

These forward-looking statements speak only as of the date they are made. We undertake no obligation and do not intend to update publicly

or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect

the occurrence of unanticipated events, except as may be required by law.

xiv

DEFINED TERMS AND CONVENTIONS

In this annual report, all references to “we”, “us” and “our” refer to the Sibanye-Stillwater and the Group, as applicable.

In this annual report, all references to “fiscal 2025” and “2025” are to the fiscal year ending 31 December 2025, “fiscal 2024” and “2024” are to

the fiscal year ending 31 December 2024, all references to “fiscal 2023” and “2023” are to the fiscal year ended 31 December 2023, and all

references to “fiscal 2022” and “2022” are to the fiscal year ended 31 December 2022.

In this annual report, all references to "limited assurance" refers to limited assurance in accordance with the International Standards on

Assurance Engagements (ISAE) 3000 (revised) and/or the ISAE 3410, issued by the International Auditing and Assurance Standards Board. The

work performed for limited assurance is substantially less than the work performed for a reasonable assurance opinion, such as that provided for

financial statements.

In this annual report, all references to “Argentina” are to the Republic of Argentina, all references to “Australia” are to the Commonwealth of

Australia, all references to “Canada” are to the Dominion of Canada, all references to “Finland” are to the Republic of Finland, all references to

“France” are to the French Republic, all references to “South Africa” and "SA" are to the Republic of South Africa, all references to the “United

Kingdom” and “UK” are to the United Kingdom of Great Britain and Northern Ireland, all references to the “United States” and “US” are to the

United States of America, its territories and possessions and any state of the United States and the District of Columbia and all references to

“Zimbabwe” are to the Republic of Zimbabwe.

In this annual report, gold and PGM production figures are provided in kilograms, which are referred to as “kg”, or in troy ounces, which are

referred as “ounces” or “oz”, or in kilo troy ounces, which are referred to as “kilo ounces” or “koz”. Mineral resource, mineral reserve and mined

ore grades are provided in grams per metric tonne for precious metals, which are referred to as “grams per tonne” or “g/t”, or percentage in

case of base metals, which is referred to as "%". All references to “tonnes” or “t” in this annual report are to metric tonnes, and all references to

“tpm” are to tonnes per month and “ktpm” are to thousand tonnes per month.

In this annual report, nickel metal and nickel salts production figures are provided in tonnes, which are referred to as “tNi”, or “tonnes”.

In this annual report, zinc metal production figures are provided in thousand tonnes, which are referred to as “ktZn”.

In this annual report, copper metal volume sold is provided in pounds, which are referred to as “Lbs”. Silver and other volumes (rhodium,

ruthenium and iridium) sold is provided in troy ounces, which are referred to as “ounces” or “oz”.

In this annual report, all references to “km” are to kilometres, “km 2 ” are to square kilometres, “m” are to meters, and “cm” are to centimetres. All

references to “ha” are to hectares.

In this annual report, all references to “W” are to watts, which is a unit of power used to quantify the rate of energy and is defined as 1 joule per

second, and all references to “kW” are to kilowatts, which is a measure of one thousand watts of power.

In this annual report, “R”, “Rand” and “rand” refer to the South African Rand and “Rand cents” and “SA cents” refers to subunits of the South

African Rand, “$”, “US$”, “US dollars” and “dollars” refer to United States dollars and “US cents” refers to subunits of the US dollar, “£”, “GBP” and

“pounds sterling” refer to British pounds and “pence” refers to the subunits of the British pound, “€” and “EUR” refer to Euros, “CAD$” refers to

Canadian dollars and “AUS$” refers to Australian dollars.

This annual report contains references to the “total recordable injury frequency rate” (TRIFR), “serious injury frequency rate” (SIFR) and “lost time

injury frequency rate” (LITFR). TRIFR includes the total number of fatalities, lost time injuries, medically treated injuries and restricted work injuries

per million man hours. SIFR include the total number of serious injuries per million man hours. LITFR includes the total number of lost time injuries

per million man hours.

OUR 2024 REPORTS –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– These reports cover the financial year from 1 January to 31 December 2024* For more about the reports in the suite and a glossary of abbreviations, see the Navigation and glossary document at https:// reports.sibanyestillwater.com/navigation This report details Sibanye Stillwater Limited's (Sibanye-Stillwater or the Group) progress on its strategy, purpose, and vision. It shows how we create and preserve value for stakeholders across the six capitals#: human, financial, intellectual, natural, manufactured, social, and relationship. The report also highlights areas where our activities have eroded value. This 2024 Combined integrated report integrates the Group’s material sustainability, operational and financial information in a more comprehensive manner, with further financial and non- financial information available in supplemental documents published on our website at www.sibanyestillwater.com/news- investors/reports/annual/ SUPPORTING FACT SHEETS AND SUPPLEMENTARY INFORMATION AVAILABLE ONLINE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– • Climate change supplement • Sustainability scorecards for the long term incentive (LTI) awards • Social and labour plans (SLPs): Summary of projects • Tailings management • Biodiversity management • Combating illegal mining • The Good Neighbor Agreement • Care for iMali: Taking care of personal finance • Progressing the UN’s SDGs • Sibanye-Stillwater’s ICMM self-assessment for 2024 • Sustainability content index • Application of King IV Principles in 2024 • Tax supplement • Definitions for sustainability/ESG indicators * This report encompasses data pertaining to the financial year ended 31 December 2024. As necessary or where pertinent, certain information from after this date has been included # As per the International Integrated Reporting Framework, also see the Business model on page 67 of this report Approach, scope and boundary As noted above, this is a Combined integrated report. On the next page we outline what sections cover our more concise Integrated report as the concise option available for download at www.sibanyestillwater.com/news-investors/reports/annual/. For the year ended 31 December 2024, annual data is provided where possible by region, segment and at the Group level. Material events occurring post year-end and before the date of publication of this report are covered in this report and/or in the Group Annual financial report (note 41) available at www.sibanyestillwater.com/news-investors/reports/annual/ The South African region (SA region), which includes the SA PGM operations and the SA gold operations, accounted for 73% of total revenue and 97% of our workforce in 2024 as well as accounting for the bulk of our sustainability activities. Therefore, this report consists mainly of information about our activities in the SA region. However, we also offer detail on our American region (US region), European region (EU region), and Australian region (AUS region). The US region includes the US PGM operations in Montana (Stillwater mine, East Boulder mine and the Columbus Metallurgical Complex), and Reldan in Pennsylvania, that specialises in reclaiming and processing precious metals. The EU region comprises the Sandouville nickel refinery in France and the Keliber lithium project in Finland. The AUS region comprises Century, a zinc tailings retreatment operation in Queensland, and Mt Lyell copper project in Tasmania. We do not report (or report minimally) on operations we do not manage/operate and in which we are minority shareholders. About our cover designs: Our strategic differentiator, inclusive, diverse, and bionic, is depicted in this image. The small markings signify computer code, highlighting the balance between technology and human individuality. This design emphasises how technology can enhance humanity while preserving our unique identities. We value our employees’ contributions, each leaving their unique fingerprint on our business, and honour their commitment to our values, which drive our innovation and shared value. ABOUT THIS COMBINED INTEGRATED REPORT –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

HOW TO READ THIS REPORT CONTENTS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– OUR BUSINESS AND LEADERSHIP More about this report 2 Materiality and our material matters 3 About Sibanye-Stillwater 5 Our value journey from 2013 7 Board and executive leadership 8 Chairman and Chief Executive Officer’s review 13 Corporate governance 20 WHAT DRIVES US Our purpose, vision and strategy 32 External environment for our business and operations 33 Unpacking our three-dimensional strategy 42 Managing our risks and opportunities within the internal and external environment 45 How strategy interfaces with risks and opportunities 59 Engaging with our stakeholders 60 How we create value: our business model 67 Capital trade-offs: strategic management for shared value 71 The sections below provide a view of our performance against our strategic essentials and differentiators for the year under review OUR PERFORMANCE Maintaining a profitable business and optimising capital allocation 75 Chief Financial Officer’s report 75 Achieving operational excellence and optimising long-term resource value 89 Delivering value from our operations 90 Mineral Resources and Mineral Reserves: a summary 98 Sustainability embedded as the way we do business Social, Ethics and Sustainability Committee: Chair’s report 104 Ensuring safety and wellbeing 111 Safe production 111 Health, wellbeing and occupational hygiene 123 Inclusive, diverse and bionic 133 Our people 134 People: Socioeconomic development 156 Innovation, digital and technology 174 Sustainability embedded as the way we do business Planet: Minimising our environmental impact 182 Governance in sustainability 210 REWARDING DELIVERY Remuneration report 214 Part 1: Background statement 216 Part 2: Remuneration policy 219 Part 3: Implementation report 231 ANCILLARY INFORMATION Detail on Board committees 253 Four-year statistical review 258 Our material matters – determination, definitions and references 267 Our shared value in numbers 271 Shareholder information 272 Disclaimer 275 Administrative and corporate information 276 NAVIGATING THE REPORT –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Links to supplementary information Refers to one or more UN SDG targets, sdgs.un.org/goals – also see Progressing the UN’s SDGs supplementary disclosure available at www.sibanyestillwater.com/news-investors/reports/ annual/ Refers to related information available online at the URL provided Refers to a related fact sheet or supplementary information available online Refers to related information elsewhere in the report  Capital resources Strategic icons Your feedback and suggestions are welcome. Please direct them to James Wellsted, EVP: Investor Relations and Corporate Affairs at ir@sibanyestillwater.com www.sibanyestillwater.com IR – 1 While this Combined integrated report contains relevant detail for our broader set of stakeholders, the demarcated sections form the more concise Integrated report available to download separately. The remaining content within the broader report provides additional detail relating to our performance.

MORE ABOUT THIS REPORT REPORTING FRAMEWORKS AND GUIDANCE ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– In compiling this report, we considered (among others) the following: • International Integrated Reporting Framework • International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) • Global Reporting Initiative (GRI) Standards and the Mining Sector Standard • Johannesburg Stock Exchange (JSE) Sustainability and Climate Disclosure Guidance • King Report on Corporate Governance™ for South Africa, 2016 (King IV) • The JSE Listings Requirements and the Listing Standards of the New York Stock Exchange (NYSE); and US federal securities laws applicable to foreign private issuers • Task Force on Climate-Related Financial Disclosures (TCFD) • South Africa’s Companies Act 71 of 2008, as amended • South Africa’s Mining Charter III and social and labour plans (SLPs) • Sustainability Accounting Standards Board (SASB), Metals and Mining Standards • Extractive Industry Transparency Initiative (EITI) expectations for supporting companies • International Council on Mining and Metals (ICMM) assurance and validation procedure • World Gold Council (WGC)’s Responsible Gold Mining Principles (RGMPs) • United Nations Global Compact (UNGC) and the Sustainable Development Goals (UN SDGs) A separate King IV disclosure report is available online (See Application of King IV Principles in 2024, and the Sustainability content index supplementary disclosure, www.sibanyestillwater.com/news-investors/reports/annual/ Furthermore, in line with our NYSE listing, we file an annual report on Form 20-F with the US Securities and Exchange Commission (SEC). As we are an ICMM member, this report aligns to their principles, as it does with those of the UNGC, of which we are a participant. See Governance in sustainability, page 210. DIRECTORS’ STATEMENT OF RESPONSIBILITY ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– As required by King IV, our Board acknowledges that it is responsible for good governance, ethical leadership and responsible corporate citizenship. The Board applies the principles of King IV, by which it recognises the triple context (society, economy, environment) in which the Group operates and its responsibility to create value sustainably, over the long term, across the six capitals. Notwithstanding trade-offs that may be required, we believe that, in support of our commitment to stakeholder capitalism and delivery of shared value, balanced appreciation for all the forms of capital delivers superior overall results. The Board, supported by the Audit Committee, has ultimate responsibility for this report and for vouchsafing its integrity and completeness. Having applied its collective expertise, the Board confirms that this report is a fair and transparent review of Sibanye-Stillwater, its principal material matters, its current profile and performance, and its ability to create value in the short, medium and long term. Sibanye-Stillwater’s Integrated report, presented in line with the International Integrated Reporting Framework, was approved for release to stakeholders by the Board on 25 April 2025 and signed on its behalf by: Dr Vincent Maphai Chairman of the Board and the Nomination and Governance Committee Neal Froneman Chief Executive Officer Charl Keyter Chief Financial Officer Timothy Cumming Remuneration Committee: Chairman Harry Kenyon-Slaney Risk Committee: Chairman Lead Independent Director Dr Elaine Dorward-King Social, Ethics and Sustainability Committee: Chairman Keith Rayner Audit Committee: Chairman Jeremiah Vilakazi Safety and Health Committee: Chairman ASSURANCE ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Our Internal audit function assesses financial, governance, operational, business, compliance and risk management controls. Internal audit is overseen by the Chief Financial Officer and reports functionally into the Audit Committee, which reports to the Board. Internal audit assured the accuracy of the figures reported in the Mining Charter. This includes detail for various headings across our reporting suite, including ownership, employment equity, human resource development, housing and living conditions, local/social economic development spend, project implementation, procurement, and enterprise development. As part of its assurance activities for the year, Internal audit also reviewed underlying processes supporting certain key indicators presented in this report. These include indicators for safety, emergency preparedness, tailings management, water management, Mining Charter, social labour plans, metal accounting, care and maintenance, hazardous materials, reduction of environmental footprint, and sustainability key performance indicators (KPIs). An external assurance provider provided limited assurance on selected sustainability indicators, in accordance with the International Standards on Assurance Engagements (ISAE) 3000 (revised) and the ISAE 3410, issued by the International Auditing and Assurance Standards Board. The work performed for limited assurance is substantially less than the work performed for a reasonable assurance opinion, such as that provided for financial statements. The financial information included in this report is derived from our Annual financial statements, independently audited by Ernst & Young Inc (EY). EY did not, however, audit or review this report. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 2

MATERIALITY AND OUR MATERIAL MATTERS Sibanye-Stillwater applies double materiality, i.e. impact materiality and financial materiality. Impact materiality includes those material factors that represent the organisation’s likely effects on the economy, environment, and on people (including potential impacts on their human rights) over the short, medium, or long term. By contrast, something is considered financially material if there is a substantial likelihood that a reasonable investor would consider it important to their decision-making about the company. Financial matters are considered material if they have the potential to affect the Group’s finances in excess of R600 million for the 2024 year. Determining material matters involves varied considerations, including engagement with investors and other stakeholders, and perusing media and analysts’ reports. Our impact materiality (which includes sustainability) considers how employees see us (derived from internal surveys), and how the broader society sees us (derived from reputational surveys) in terms of how we affect our all our stakeholders. We retained the services of Deloitte – as an independent party – to facilitate a materiality workshop in the last quarter of 2024. Featuring the C-suite, senior executives, and operational and functional specialists, the workshop applied the double materiality perspective, resulting in the determination of the top material matters for the year (M1–M15, see below). Note that the last three related material matters were consolidated into one. M15 (Advancing core skills, inclusion and diverse talent) consolidates three matters (Talent management and core skills; Culture and values; Diversity and inclusion). MATERIAL MATTERS MAP ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– The map below demonstrates where our material matters plot in relation to financial materiality and impact materiality (all scoring above 5 in importance). The colour of the squares of the material matters represents the three-dimensional business strategy (see page 42). Double materiality results OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 3 MATERIAL MATTERS Score BUSINESS STRATEGIC PILLARS Profitability 8.47 Maintaining a profitable business and optimising capital allocation Safety and health 7.72 Ensuring safety and wellbeing Capital allocation and balance sheet strength 7.68 Maintaining a profitable business and optimising capital allocation License to operate 7.17 Prospering in every region in which we operate Tailings storage facilities management 6.52 Sustainability embedded as the way we do business Water management 6.51 Sustainability embedded as the way we do business Nature pollution and mine rehabilitation 6.43 Sustainability embedded as the way we do business Climate transition risk 6.33 Sustainability embedded as the way we do business Climate physical risk 6.29 Sustainability embedded as the way we do business Sociopolitical instability 6.26 Prospering in every region in which we operate Macroeconomic and geopolitical volatility 6.23 Building a pandemic resilient ecosystem Inclusive, diverse and bionic Innovation, digital evolution and cyber exposure 6.09 Strategic foundation Security, crime and extortion 6.06 Ensuring safety and wellbeing Energy supply and security 6.04 Building a pandemic resilient ecosystem Advancing core skills, inclusion and diverse talent 5.77 Inclusive, diverse and bionic Refer to • Page 267 for the Materiality determination process • Page 268 for the Definitions and references within the report

OUR BUSINESS AND LEADERSHIP About Sibanye-Stillwater 5 Our value journey from 2013 7 Board and executive leadership 8 Chairman and Chief Executive Officer’s review 13 Corporate governance 20 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SIBANYE-STILLWATER COMBINED INTEGRATED REPORT 2024 4 Catalytic converters (PGMs): Help in reducing harmful vehicle emissions and improving air quality.

ABOUT SIBANYE-STILLWATER CORPORATE PROFILE 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 a suite of metals and has interests in leading mine tailings retreatment operations. Sibanye-Stillwater is 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 also diversified into battery metals mining and processing and has increased its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally. For more information, see www.sibanyestillwater.com MINERAL RESERVES AND RESOURCES –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Global footprint with extensive precious metals Mineral Reserves of 57.1 million ounces (Moz) that support long life of mines, and Mineral Resources of 372.3Moz. The Group has also grown its attributable lithium Mineral Reserves by 36.6% to 471kt of lithium carbonate equivalent (LCE) and its copper Mineral Resources by 116% to 17,604Mlb. 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 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 5 2024 PRODUCTION AND RECYCLING1 ––––––––––––––––––––––––––––––––––––––––––––––––– 843koz gold and 1.7Moz silver 1.3Moz platinum and 1.1Moz palladium 190koz rhodium, 266koz ruthenium and 64koz iridium 2.7Mt chrome, 82kt zinc (payable) and 7.7kt nickel 2.6Mlbs copper 59.5 37.1 6 3.6 3.8 1 1 PGMs Gold Chrome Nickel Zinc Silver Other 2024 REVENUE PER OPERATION R112bn (US$6bn) 51 31 9 8 6 4 3 SA PGM operations SA gold operations US PGM underground operations US PGM recycling Reldan operations Century zinc retreatment operation Sandouville nickel refinery 2024 REVENUE PER PRODUCT (Rbn) 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 OUR SUSTAINABILITY CREDENTIALS Sustainability-related indices (not limited to these) in which we are currently included: LOSS FOR 2024 YEAR2 R5.7 billion (US$311 million) 73% GREEN REVENUE FACTOR3 WORKFORCE 72,423 Percentage of women at Sibanye-Stillwater 13% 14% 16% 17% 18% 2020 2021 2022 2023 2024 Water purchased at Sibanye-Stillwater (ML) 22,640 20,944 21,046 21,394 19,787 2020 2021 2022 2023 2024 (see page 143) (see page 195)

A UNIQUE, PORTFOLIO OF GEOGRAPHICALLY DIVERSIFIED ASSETS AND COMMODITIES UNDERPINNED BY GREEN METALS OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION ABOUT SIBANYE-STILLWATER continued IR – 6 * Non-managed PGM = platinum group metals, Au = gold, Cu = copper, LCE = lithium carbonate equivalent, Zn = Zinc, U3O8 = uranium Mineral Resources are inclusive of Mineral Reserves 1. Reldan is a non-mineral property, forming part of the Group’s recycling operations. Acquisition effective March 2024 AMERICAS ASSETS US PGM OPERATIONS Stillwater mine (100%) Mineral Reserves: 11.2Moz 2E East Boulder mine (100%) Mineral Reserves: 7.8Moz 2E PGM EXPLORATION Marathon (13.85%)* Mineral Resources: 0.8Moz 2E RECYCLING Columbus Met complex (100%) - PGM autocatalysts recycling Reldan (100%)1 - Industrial and e-scrap recycling COPPER EXPLORATION Altar (48.61%)* Mineral Resources: 15,492Mlbs Cu SOUTHERN AFRICAN ASSETS SA PGM OPERATIONS Marikana (80.64%) Mineral Reserves: 16.1Moz 4E Rustenburg (74%) Mineral Reserves: 9.8Moz 4E Kroondal (87%) Mineral Reserves: 0.7Moz 4E Mimosa (50%)* Mineral Reserves: 1.5Moz 4E SA PGM EXPLORATION Akanani (80.13%) Mineral Resources: 31.6Moz 4E Limpopo: Voorspoed and  Doornvlei (80.64%), and Dwaalkop (40.32%) Mineral Resources: 19.9Moz 4E SA GOLD OPERATIONS Kloof (100%) Mineral Reserves: 1.6Moz Au Beatrix (100%) Mineral Reserves: 0.7Moz Au Driefontein (100%) Mineral Reserves: 2.4Moz Au Cooke surface (76%) Mineral Reserves: 0.04Moz Au DRDGOLD (50.23%)* Mineral Reserves: 2.7Moz Au SA GOLD DEVELOPMENT Burnstone (100%) Mineral Reserves: 2.5Moz Au SA GOLD EXPLORATION SOFS (Southern Free State project) (100%) Mineral Resources: 6.9Moz Au SA URANIUM EXPLORATION Beisa (100%) Mineral Resources: 27.0Mlb U₃O₈ Cooke (76%) Mineral Resources: 32.2Mlb U₃O₈ EUROPEAN ASSETS LITHIUM DEVELOPMENT Keliber lithium project (79.82%) Mineral Reserves: 248kt LCE NICKEL OPERATIONS Sandouville refinery (100%) AUSTRALIAN ASSETS ZINC OPERATIONS Century (100%) Mineral Reserves: 1,218Mlb Zn COPPER EXPLORATION Mount Lyell (100%) Mineral Resources: 1,945Mlb Cu RECYCLING SECONDARY MINING BATTERY METALS GREEN METALS

OUR VALUE JOURNEY FROM 2013 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION ABOUT SIBANYE-STILLWATER continued IR – 7 • Gold Fields unbundled its South African gold assets (Kloof, Driefontein and Beatrix), forming Sibanye Gold Limited • Listed on the Johannesburg and New York stock exchanges • Acquired Cooke operations from Gold One (August) • Market cap1 R10 billion US$1.2 billion 1 Source: EquityRT, with numbers quoted at the end of each year except for 2013, which represents the market capitalisation on the day of listing 2 Source: FactSet, Year-to-date, market capitalisation as at 28 March 2025 Sibanye-Stillwater was established in 2013 as a separate entity through the unbundling of Gold Fields Limited's South African mines. The company was created to focus on precious metals, primarily gold and PGMs. We have since expanded through various acquisitions, including the purchase of Stillwater Mining Company in the United States in 2017. Today Sibanye-Stillwater is one of the world’s largest primary producers of platinum, palladium, and rhodium and is a top tier gold producer. We also produce and refine iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to diversify its asset portfolio into battery metals mining and processing, and increased its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally. Our market capitalisation at the end of March 2025, was R57.4 billion (US$3.1 billion). Since  2013, we have returned over R46 billion (US$3 billion) in additional value to investors in the form of dividends and share buybacks, which is over four times our initial market capitalisation on listing of R10 billion (US$1.2 billion). See Our shared value in numbers for more shared value created, page 271. TIMELINE OF NOTEWORTHY OCCURRENCES • Acquired 100% of Reldan in 2024 (March) • Entered into a US$500m streaming agreement with Franco Nevada (December) • Secured up to €500m in green financing package for the Keliber lithium project (August) • Announced the first PGM transactions: Rustenburg assets and Aquarius Platinum PLC • Entered PGM sector with South African acquisitions: – Aquarius (April) – Rustenburg operations (November) • Acquired 38.05% stake in DRDGOLD Limited, a world leader in gold tailings retreatment, by vending certain surface gold tailings facilities and processing assets into DRDGOLD for shares (July/August) • Acquired: – Lonmin Plc, Marikana operations (South Africa), which includes processing and smelter plants, as well as base and precious metals refineries (June) • Acquired Stillwater Mining Company, Montana, US (May) • Rebranded as Sibanye-Stillwater (August) • Increased holding in DRDGOLD to 50.1% (January) through R1bn share placement (January) • Acquired 30% stake in Keliber Oy for €30m (February) • Acquired 19.99% in New Century Resources, an Australian zinc tailings reprocessing facility (December) • Acquired 100% of Sandouville nickel refinery (February) • Increased Keliber holding to 85% (November) • Celebrated a decade of shared value • Keliber rights issue results in Finnish Minerals Group holding to 20%, our share ~80% (April) • Acquired 100% of New Century, and executed an option to take ownership of Mt Lyell copper project (March) • Acquisition of 50% of Kroondal from Anglo American Platinum (November) • Acquired Wits Gold, including Burnstone and other projects in Free State province, South Africa • 28 March 2025 Market cap2 R57.4 billion US$3.1 billion • Entered into enhanced and new chrome agreements with Glencore (February)

BOARD AND EXECUTIVE LEADERSHIP OUR BOARD AS AT 31 DECEMBER 2024 BOARD CHARACTERISTICS1 With the roles of Chairman and CEO separated, our Board is a unitary Board with an appropriate balance of relevant diversity in culture, age, fields of knowledge, skills and experience. Although we have 15.4% female representation on the board, we wish to increase our gender diversity further. Independent Non-Executive Chairman Lead Independent Director 85% of our directors were non-executive directors 100% of our non-executive directors were independent on 31 December 2024 64% of our non-executive directors are independent on 25 April 2025 TENURE1 The Group brings new directors onto the Board periodically to refresh the Group’s thinking in a manner that supports both continuity and appropriate succession planning. Sibanye-Stillwater recognises that a variety of director tenures within the boardroom is beneficial to ensure Board quality and continuity of experience. BOARD DIVERSITY1 Director rotation ensures a fresh perspective while maintaining continuity of skills and institutional experience. In accordance with the Company’s Memorandum of Incorporation (MOI), one third of the directors shall retire from office at each annual general meeting (AGM) and stand for election. The first to retire is the director appointed as an additional member of the Board followed by the longest serving members. Retiring directors can be immediately re-elected by the shareholders at the AGM. Dr R Stewart, T Nombembe and Dr P Hancock will stand for election at the AGM. K Rayner and N Froneman will stand for re-election at the AGM. 1 Statistics on this page are as at 31 December 2024 2 Historically disadvantaged persons (HDPs) as defined in the MPRDA OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 8 TENURE AT SIBANYE-STILLWATER 3 4 6 Less than two years Two to nine years More than nine years GENDER DIVERSITY (%) 85% 15% Male Female RACE AND CULTURE (%) 38% 31% 31% Other SA excluding HDPs² HDP² Other nationalities BOARD AGE 3 11 1 Younger than 60 Between 60 and 70 Older than 70 For more detail on our board committees, focus areas, memberships etc, see page 253 of this report

OUR BOARD AS AT 25 APRIL 20253 Committees A filled icon indicates chair of the committee Board Chairman Investment Committee Remuneration Committee Safety and Health Committee Audit Committee Nominating and Governance Committee Risk Committee Social, Ethics and Sustainability Committee Independent non-executive directors and non-executive directors DR VINCENT MAPHAI (73) Independent Non-Executive Chairman of the Board PhD, University of Natal; Advanced Management Program (Harvard University) South African citizen, appointed Independent Non- executive Chairman of the Board on 24 February 2020 Appointment date preceding Board of Sibanye Gold - 1 June 2019 RICHARD MENELL (69) Lead Independent Director (until 1 January 2024) and Non-Executive Director (as at January 2025) MA (Natural Sciences, Geology), MSc (Mineral Exploration and Management) SA and US citizen, appointed to the Sibanye-Stillwater Board on 24 February 2020 Appointment date preceding Board of Sibanye Gold - 1 January 2013 HARRY KENYON-SLANEY (64) Lead Independent Director (from 1 January 2024) BSc (Hons) (Geology), International Executive Programme UK citizen, appointed 24 February 2020 Appointment date preceding Board of Sibanye Gold - 16 January 2019 • Chairman of the Board • Nominating and Governance Committee (Chair) • n/a • Risk Committee (Chair) • Corporate affairs and transformation • Strategy • An exceptional career with regards to societal transitions, political and human science, thereby bringing a wealth of knowledge to the sustainability function • Risk management • All aspects of the mining industry, operationally and at executive management and board level • Geology • Financial management • With a mining career of more than 40 years, he brings a wealth of knowledge on various sustainability matters, including climate change and sustainability • Operations • Geology • Health and safety • Business transformation • With a distinguished career that includes executive roles in energy and mining, he brings extensive expertise on climate change and sustainability • Business development TIMOTHY CUMMING (67) Non-Executive Director (as at February 2025) BSc (Hons) (Engineering), BA (PPE), MA SA citizen, appointed 24 February 2020 Appointment date preceding Board of Sibanye Gold - 21 February 2013 DR ELAINE DORWARD-KING (67) Independent Non-Executive Director BSc (Chemistry), PhD (Analytical Chemistry) US citizen, appointed 27 March 2020 JEREMIAH VILAKAZI (64) Non-Executive Director (as at January 2025) BA, MA, MBA SA citizen, appointed 24 February 2020 Appointment date preceding Board of Sibanye Gold - 1 January 2013 • Remuneration Committee (Chair) • Social, Ethics and Sustainability Committee (Chair) • Safety and Health Committee (Chair) • Engineering in the mining industry • Leadership and strategic development • Financial, investment and risk management • Sustainability matters including the understanding of Board duties with respect to tailings storage facilities (TSFs), and also potential risks that TSFs pose and the controls required to manage, monitor and mitigate the risks • Mining • Health and safety • An extensive career holding various executive sustainability positions responsible for all sustainability matters, including climate change and sustainability • Understanding of Board duties with respect to TSFs, the potential risks TSFs pose, and the controls required to manage, monitor and mitigate the risks • Risk management • Mining industry leadership • Strategic investments • Shaping major public service policies in post-1994 South Africa • Advocacy • Having held various executive positions in his extensive career, his expertise in transformation and corporate governance underpins his expertise in sustainability matters, including climate change and sustainability 3 Due to some remaining Board members reaching 12-year tenures, rotation of committee chairs and other rotations have been made, and four directors are classified as non- independent non-executives. As of the issuance of this report on 25 April 2025, 64% of our non-executive directors are independent. During the CEO transition period from Neal Froneman to Richard Stewart, we have three executive directors (from 1 March 2025 to 30 September 2025), which temporarily decreases the total number of independent directors on the Board. We expect this to change on 1 October 2025. For more information on these changes, see page 24 of this report OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION BOARD AND EXECUTIVE LEADERSHIP continued IR – 9

Independent non-executive directors and non-executive directors 3 continued SINDISWA ZILWA (57) Independent Non-Executive Director BCompt (Hons), CTA, CA(SA) Chartered Director (SA) Cybersecurity certificate programme: Managing Risk in the Information age SA citizen, appointed 1 January 2021 KEITH RAYNER (68) Non-Executive Director (as at January 2025) BCom, CTA, CA(SA) SA citizen, appointed 24 February 2020 Appointment date preceding Board of Sibanye Gold - 1 January 2013 PHILIPPE FRANÇOIS MARIE-JOSEPH BOISSEAU (63) Independent Non-Executive Director MSc (Theoretical Physics) French citizen, appointed 8 April 2024 • Audit Committee (Chair) • Investment Committee (Chair) • Auditing and accounting • Risk management • Executive management and governance • Regulatory compliance • In line with the proposed U.S. Securities and Exchange Commission (SEC) regulations, the Board, through the Nominating and Governance Committee, appointed Sindiswa as the Board of Directors’ cybersecurity expert • Corporate finance and accounting • Risk management • Executive management and governance • Regulatory compliance • He brings extensive financial expertise to sustainability matters, including climate change • In compliance with the Sarbanes-Oxley Act, the Board has identified Keith Rayner as the Audit Committee’s financial expert • Engineering • Executive management and governance • Strategic and operational knowledge of technology, markets, investors, consumers and regulations • With a distinguished career that includes executive roles in refining, upstream, gas, retail and renewable energy, his expertise will be of great value to the energy transition and mining DR PETER HANCOCK (61) Independent Non-Executive Director PhD, Metallurgical Engineering, McGill University, MSc, Metallurgical Engineering and B.E. and Metallurgical Engineering Dalhousie University Canadian citizen, appointed 6 May 2024 TERENCE NOMBEMBE (63) Independent Non-Executive Director BCom, BCompt (Hons), CA(SA) SA citizen, appointed 11 September 2024 • Metallurgical Engineering • Executive management and governance • Strategic and operational knowledge of mining operations, process technologies, and project management • A distinguished career that includes executive roles in nickel mining, project development, and strategic advisory • Accounting and auditing • Executive management and governance • Strategic and operations knowledge of risk management, corporate governance, • A distinguished career that includes executive roles in auditing, risk management, and corporate governance Executive directors3 NEAL FRONEMAN (65) Chief Executive Officer BSc Mech Eng (Ind Opt), BCompt SA citizen, appointed 24 February 2020 Appointment date preceding Board of Sibanye Gold - 1 January 2013 RICHARD STEWART (49) CEO Designate (from 1 March 2025) and Chief Regional Officer: Southern Africa BSc (Hons), PhD (Geology), University of the Witwatersrand; MBA, Warwick Business School (UK); PrSciNat SA citizen, appointed 1 March 2025 CHARL KEYTER (51) Chief Financial Officer BCom, MBA, ACMA and CGMA SA citizen, appointed 24 February 2020 Appointment date preceding Board of Sibanye Gold - 9 November 2012 • Operations management • Mergers and acquisitions • Risk management and strategy • Sustainability matters, including climate change • Operations and Mineral Resource management • Mergers and acquisitions • Risk management and strategy • Safety and health • Financial and corporate finance management • Mergers, acquisitions and integration • Executive management and governance • Risk management 3 Please refer to footnote 3 on page 9 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION BOARD AND EXECUTIVE LEADERSHIP continued IR – 10 Committees A filled icon indicates chair of the committee Audit Committee Investment Committee Nominating and Governance Committee Remuneration Committee Risk Committee Safety and Health Committee Social, Ethics and Sustainability Committee Detailed biographies and information on other public directorships are available on our corporate website (www.sibanyestillwater.com) and in our Form 20-F, available at www.sibanyestillwater.com/news-investors/ reports/annual/

C-SUITE AND SENIOR MANAGEMENT as at 25 April 2025 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– NEAL FRONEMAN (65) Chief Executive Officer BSc Mech Eng (Ind Opt), BCompt RICHARD STEWART (49) CEO Designate and Chief Regional Officer: Southern Africa BSc (Hons), PhD (Geology), University of the Witwatersrand; MBA, Warwick Business School (UK); PrSciNat CHARL KEYTER (51) Chief Financial Officer BCom, MBA, ACMA and CGMA THEMBA NKOSI (52) Chief People and Culture Officer BA (Hons) (Employment Relations), University of Johannesburg; BTech (Human Resources), Peninsula Technikon; Human Resources Executive Program, University of Michigan MELANIE NAIDOO-VERMAAK (50) Chief Sustainability Officer BSc (Hons), MSc (Sustainable Development), MBA ROBERT VAN NIEKERK (60) Chief Technical and Innovation Officer National Higher Diploma (Metalliferous Mining), Technikon Witwatersrand; BSc (Mining Engineering), University of the Witwatersrand; South African Mine Manager’s Certificate of Competency MIKA SEITOVIRTA (62) Chief Regional Officer: Europe MSc (Econ), University of Vaasa, Finland LERATO LEGONG (47) Chief Legal Officer LLB, University of Pretoria CHARLES CARTER (61) Chief Regional Officer: Americas BA (Hons), University of Cape Town; D.Phil, Oxford University For full profiles of the members of the C-suite and senior management, see www.sibanyestillwater.com/about-us/leadership/ OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION BOARD AND EXECUTIVE LEADERSHIP continued IR – 11 Executive directors C-Suite (Prescribed officers) Executive Vice Presidents

C-SUITE AND EXECUTIVE MANAGEMENT as at 25 April 2025 continued –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– THABISILE PHUMO (51) Stakeholder relations BA (Hons) (Corporate Communication) University of Johannesburg KEVIN ROBERTSON (59) US PGM operations NHD (Economic Geology), Witwatersrand Technikon; Post-Experience Diploma in Engineering Business Management, Warwick University (UK); Graduate Diploma in Engineering (Mining Engineering) University of the Witwatersrand; Master of Engineering, University of the Witwatersrand, PrSciNat RICHARD COX (52) Processing operations Stanford Executive Program, Stanford University Graduate School of Business; MBA (cum laude), Gordon Institute of Business Science; BSc (Mining), University of the Witwatersrand DAWIE VAN ASWEGEN (48) Mining operations ND Metalliferous Mining, NHD Metalliferous Mining, Managers Certificate of Competency, Junior Management Programme (JMP), Management Development Programme (MDP), Baccalaureus Technology, University of Johannesburg Degree: Mining Engineering, Advanced Management – Duke Corporate Education Programme (LIA), London KLEANTHA PILLAY (47) Sales and marketing BSc.Eng (Chem) & MSc.Eng (Chem), University of Natal; MBA, University of Cambridge BHEKI KHUMALO (51) Human resources BA, BA (Hons), MA (Clinical Psychology) (University of KwaZulu-Natal), LLB (University of South Africa) WILLIAM TAYLOR (56) Technical services Southern Africa (SA) region; Group Champion Health and Safety Bachelor of Mining Technology, University of Johannesburg JAMES WELLSTED (55) Investor relations and Corporate affairs BSc (Hons) Geology and Postgraduate Diploma in Business Administration, Wits University GEORGE ASHWORTH (66) Chief of Staff BA in Engineering and a M Phil in Control Engineering and Operational research, Cambridge University GREG COCHRAN (63) Head of Uranium BSc (Mining Engineering) and MSc (Mining Engineering and Mineral Economics), University of the Witwatersrand; MBA, Cranfield School of Management (UK); South African Mine Managers’ Certificate of Competency: Underground Coal Mines; South African Mine Managers’ certificate of competency: Underground Metalliferous Mines (from 1 June 2024) JACQUES LE ROUX (48) Finance and Commercial: SA region BCom (Hons), CA(SA) BARRY HARRIS (40) Australian region B.Eng. Mining (Hons), University of Queensland; MSc in Mineral and Energy Economics, Curtin University; DSTA, Melbourne Business School OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION BOARD AND EXECUTIVE LEADERSHIP continued IR – 12 For full profiles of the members of the C-suite and senior management, see www.sibanyestillwater.com/about-us/leadership/

CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S  REVIEW* 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. For more on our strategy and how we have performed against our strategic priorities, please see the Strategy unpacked section on page 42 of this report. The operational restructuring undertaken over the last 18 months has secured greater operational stability and has on balance improved the overall profitability of the Group. The SA PGM operations were profitable for 2024, with the SA gold operations benefiting from the increasing gold price, and the Century operations in Australia and recycling operations in the US region all contributing positively to the Group. The further restructuring of the US PGM operations in Q4 2024 and ongoing restructuring at Sandouville, are expected to significantly reduce losses from these operations for 2025 relative to 2024, strengthening the Group’s earnings outlook. * Note: The discussion in this section includes a description of certain non-IFRS financial metrics used to assess operational performance. For a further description of Sibanye-Stillwater’s financial performance, see the Chief Financial Officer’s Report on page 75. SAFETY –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– The health and safety of our employees is our first priority, and we remain committed to ensuring a safe work environment at all our operations. Improvements in most safety indicators during 2024 maintained the positive trends established over the last five years and confirm that we continue to reduce risk at our operations. Although the number of fatalities reduced year-on-year from 11 in 2023 to eight in 2024 (three: SA gold; five: SA PGM), one life lost is one too many. We mourn the eight employees tragically lost over the year. The Board and management of Sibanye-Stillwater extend their sincere condolences to the families, friends and co-workers of our deceased colleagues, with support provided to the families. All incidents have been or are currently being investigated along with relevant stakeholders. These investigations revealed that proper application of critical controls, and adherence to safety protocols, behaviours and management routines, would have prevented many of these fatalities. Despite our Fatal elimination strategy delivering progress, we continue to experience unacceptable risk tolerance and non-compliance in certain areas that leads to unacceptable fatal incidents, We encourage a bottom-up approach to safety, empowering our workforce to take ownership of their own and their teams' safety. Self-stoppages of work in unsafe environments and reporting near- miss incidents continues to be encouraged. The trend is improving with self-stoppages from operational crews now above 80% of total reported stoppages for the month of December 2024, reflecting the embedded safety culture for which we are striving. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 13 We remain focused on our Strategic essentials as we navigate through a challenging macro-economic and geo- political 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

Our improving safety trends are encouraging (see graphs). From an underground deep-level gold mining perspective, our performance aligns with industry peers. Our PGM operations also compare favourably to peers with a similar risk profile. From a Group perspective, when comparing to our ICMM peers, we are intensifying our fatal elimination programme to follow a trajectory that achieves the current ICMM members’ average FIFR performance by 2029. Group – SIFR (per million hours worked) 3.50 3.88 4.68 4.16 3.57 3.70 3.03 3.03 3.77 2.91 2.61 2.21 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.00 2.00 4.00 6.00 Group – FIFR (per million hours worked) 0.10 0.12 0.06 0.10 0.07 0.16 0.04 0.06 0.13 0.03 0.07 0.05 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.00 0.05 0.10 0.15 0.20 Our employee and contractor numbers have nearly doubled (increased 99.7%) since 2013. The trends in the following graph reflect how our strategy is delivering positive progress on 72,423 people working more safely and making values-based decisions in line with clear safety standards. Workforce (000) vs fatalities 8 11 7 9 8 20 6 8 18 4 6 6 1 1 0 5 3 4 0 1 3 1 5 2 36 44 46 75 66 65 85 85 85 84 83 72 Employee fatalities Contractor fatalities Workforce Linear (Workforce) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 25 50 0 20 40 60 80 100 Notwithstanding the progress being made, we are aware that our journey to ensuring zero harm for all employees will be challenging, requiring constant vigilance and stricter adherence to protocols by employees along with a shift in attitudes to risk. Our key focus for 2025 is on line management's role in ensuring accountability, and equipping leaders to address errors and reinforce safe work practices. For more detail on safety and health, see Ensuring safety and wellbeing, page 111. STRATEGIC POSITIONING – APPROPRIATE AND RELEVANT ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– The strategic importance of the Group's diversified portfolio of metals was again reinforced by the significant increase in the financial contribution of the SA gold operations to the Group. These mature mines, buoyed by the tailwind of a strong gold price during a challenging period for most of our other metals which are more aligned with industrial economic cycles, delivered materially better financial results for 2024, providing critical financial support for the Group. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued IR – 14

The significant increase in the profit from the SA gold operations and restructuring of the Group operations have, on balance, stabilised Group profitability. Group adjusted EBITDA of R6.4 billion (US$360 million) for H2 2024 was in line with adjusted EBITDA of R6.4 billion (US$340 million) for H2 2023, marking the third consecutive six-month period of consistent Group adjusted EBITDA. Due to relatively more stable operations for H2 2024 and a 26% increase in the average rand gold price compared with H2 2023, adjusted EBITDA from the SA gold operations increased by R2.5 billion period-on-period to R3.6 billion for H2 2024, which was R1.0 billion or 38% higher than adjusted EBITDA from the SA PGM operations for H2 2024, and accounted for 56% of Group adjusted EBITDA for the period. This was the first six-month period since 2017 that adjusted EBITDA from the SA gold operations has exceeded the contribution from the SA PGM operations. This marks a notable turnaround from previous years when the SA PGM and US PGM operations comprised 80%–90% of Group earnings and sustained the Group during a seven-year period when the SA gold operations experienced significant operational disruptions. At the spot gold price of about R1,700,000/kg (17 February 2025), all of the SA gold operations are profitable (a pro forma AISC margin of 27% at H2 2024 average AISC of R1,253,083/kg). The SA gold operations are highly leveraged, and should the gold price remain elevated as we expect, profits from the SA gold operations for 2025 could increase materially. Our strategic investment in recycling and secondary mining assets is also proving valuable, with the US PGM and Reldan recycling operations offering stable margins through cycles and contributing combined adjusted EBITDA of US$32 million (R594 million) to the Group for 2024. Our surface reprocessing assets also contributed to Group profitability, with adjusted EBITDA from the Century reprocessing operations in the AUS region, adding R641 million (US$34 million) for 2024 with adjusted EBITDA from DRDGOLD for 2024 of R2.5 billion (U$S139 million). The SA PGM operations are highly leveraged and the marginally lower average 4E basket price of R23,892/4Eoz (US$1,333/4Eoz) and 10% increase in AISC for H2 2024 resulted in adjusted EBITDA for H2 2024 decreasing by 55% to R2.6 billion (US$152 million) compared to H2 2023. As per the agreement with Anglo American Platinum Limited (Anglo American Platinum) the processing arrangement for the Kroondal operation changed from a Purchase of Concentrate to Toll arrangement, which resulted in no metal sales from the Kroondal operations from 1 September 2024 (four months) due to the build-up of inventory in the processing pipeline, with sales of 53,156 4Eoz for H2 2024 significantly lower than production of 144,888 4Eoz, negatively impacting profit and cash flow for the period. The resumption of metal sales from the Kroondal operation and more stable production from the SA PGM operations for 2025 should preserve margins from the SA PGM operations, with the newly signed Glencore Merafe Venture chrome agreements potentially adding value in future. Notably, the optimisation of our PGM operations has further improved their competitive position on the industry PGM cost+capex curve relative to peers. The significant reduction in cost and capex from our US PGM operations for 2024 in particular, has resulted in a significant shift towards the middle of the industry cost+capex curve from its top quartile position in 2023. Post the restructuring of the US PGM operations during Q4 2024, management is assessing various opportunities to further reduce costs and improve productivity through modernisation of the mining practices, application of technology and optimisation of infrastructure. Capex at the Marikana operation is currently elevated due to investment required for the ongoing development of the K4 shaft project. As production from the K4 shaft project builds up to an expected steady state level of 250,000 4Eoz in 2030, and ore reserve development capital normalises, K4 shaft unit costs are expected to decrease significantly from current AISC of over R60,000/4Eoz, to about R20,000/4Eoz, reducing average unit costs for the Marikana operations and improving its position on the industry cost curve relative to PGM industry peers. See the cost curve below: Source: Nedbank The 2E PGM basket price for the US PGM operations has remained substantially lower than AISC since 2021, despite the successful restructuring of the US PGM operations undertaken during Q4 2023. Mined 2E PGM production of 425,842 2Eoz for 2024 was consistent with 2023 and AISC reduced by 27% to US$1,367/2Eoz (R25,042/2Eoz). The 21% decline in the average 2E PGM basket price from US$1,243/2Eoz for 2023 to US$988/2Eoz for 2024 largely offset this reduction and necessitated further restructuring to address ongoing losses. This next phase of restructuring, announced in September 2024 and concluded during Q4 2024, is expected to reduce operating costs for the US PGM operations for 2025 by approximately US$140 million and capex by US$50 million to align with the lower planned production rate compared with 2024. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued IR – 15

The Stillwater West mine has been placed on care and maintenance, with production focusing on lower volume, higher margin production from the East Boulder and Stillwater East mines. The consequent decrease of approximately 200,000 2Eoz production from the US PGM operations (from 2024 guidance levels) to between 255,000 2Eoz and 270,000 2Eoz for 2025, while reducing absolute losses, is, however, expected to result in AISC for 2025 between US$1,420/2Eoz and US$1,460/2Eoz. This remains well above US$1,000/2Eoz, which is the level required for sustainable operations. The emphasis will now be on continuous cost optimisation and modernisation of the mining practices, technology and infrastructure in order to reduce AISC enabling potential restoration of production levels. The financial position of the US PGM and US recycling operations could be significantly enhanced by potential payments equivalent to 10% of operating costs arising from Section 45X of the Inflation Reduction Act (IRA). The final Section 45X rules of the IRA, published in Q4 2024 by the US Department of the Treasury, were amended to include qualification of extraction and processing costs in addition to refining costs for a 10% Advance Manufacturing Production credit. The US PGM and recycling operations refine platinum, palladium, and rhodium through an unrelated third party. In terms of the final Section 45X rules issued in October 2024, a certification statement providing that Sibanye-Stillwater is the sole party entitled to claim the credit must be signed with the third party refiner before credits are issued. The change in the US administration in January 2025 has introduced some uncertainty regarding the Section 45X regulations. The increasing imperative for national security of critical minerals supply, which includes palladium, through local supply chains, provides a compelling case for continued support for domestic production in the US. The possible Section 45X tax credit benefit for the US PGM operations for 2025 is estimated to be US$30 million (R547 million), equivalent to a US$110/2Eoz reduction in AISC. The US PGM recycling operations potentially qualify for an additional estimated credit of US$30 million (R547 million) for 2025. In combination (US$60 million), this would significantly improve profitability from the US PGM operations. Furthermore, the rules are retrospective with combined credits relating to the 2023 and 2024 financial years estimated at approximately US$120 million (R2.2 billion) and US$90 million (R1.6 billion) respectively. Positive support is also being obtained from European authorities to promote the development of a regional battery metals value chain for the automotive industry. The GalliCam project, which aims to produce pCAM material after demonstrating technical and commercial feasibility, has been selected for a €144 million grant from the EU Innovation Fund, 60% of which would be receivable after a final investment decision is made. It has also been identified as eligible for a possible C3IV tax credit for green industry innovation, providing further confirmation that our strategic investments in critical metals in chosen ecosystems (informed by multipolarity) are attracting strategic governmental support as we anticipated. In March 2025, Sibanye-Stillwater’s Keliber lithium project in Finland and GalliCam project in France as 'Strategic Projects' have been classified under the European Union (EU) Critical Raw Materials Act (CRMA). The CRMA aims to ensure that European extraction, processing and recycling of strategic raw materials meet 10%, 40% and 25% respectively of the EU's demand by 2030. The recognition by the European Commission affirms our strategic investments and focus on regional ecosystem development and we look forward to advancing these critical projects and delivering lasting value to our stakeholders. For the full the announcement, see www.sibanyestillwater.com/news-investors/news/news-releases/ Reinforcing the Group balance sheet The initiatives announced in February 2024 to reinforce the balance sheet were largely complete by year-end. This involved accessing various sources of market capital not commonly utilised in the SA mining industry. These instruments were carefully considered and implemented to maintain balance sheet integrity, enhance liquidity and manage risks through the cycle, but were also structured to be flexible retaining upside exposure to metal prices and our primary production. The gold pre-pay agreement for instance, which was concluded in August 2024 for delivery of 1,497kg (48,129oz) of gold in equal monthly tranches from October 2024 to November 2026, secured the Group R1.8 billion (US$100 million) in non-debt financing, which is the minimum value at the floor price of R1,350,000/kg. The cap price of R1,736,000/kg, provides up to 28% upside exposure to higher rand gold prices, with the effect that deliveries to date have fully benefited from the increase in the rand gold price. On 28 February 2025, the closure of the stream financing with Franco Nevada realised US$500 million (R9.4 billion) of additional non-debt capital, primarily by streaming gold (a relatively minor component of the basket of metals produced from our SA PGM operations), and less than 2% of platinum production over a finite period (294,000oz of platinum delivered over approximately 25 years). The stream transaction crystallised significant future value from the SA PGM operations at relatively low cost, while ensuring that our SA PGM operations retain full exposure to palladium and rhodium prices, and platinum prices for 98% of ounces produced. It is worth noting that: • Since 2016, the combined value generated by the SA PGM operations (measured as combined adjusted EBITDA generated less total capex invested) is approximately R138 billion a material 6.5x payback on investment over a seven-year period • After deducting the total acquisition cost for the SA PGM operations of R21.4 billion, the net return on investment from these acquisitions is R117 billion • Furthermore, the R9.4 billion of value crystallised through the stream is equivalent to 44% of the total R21.4 billion acquisition cost of the SA PGM operations, and increases the cumulative return on investment from our SA PGM operations to R147 billion, or 7x the acquisition cost The financial transactions concluded over the past year have added approximately R36 billion (US$1.9 billion) of additional headroom to the Group balance sheet and significantly enhanced the Group’s financial liquidity, flexibility and optionality. The Group Net debt to adjusted EBITDA ratio of 1.79x at the end of December 2024 was well below the increased covenant level of 3.5x agreed with the lenders, and, after adjusting for the R9.4 billion stream proceeds received in February 2025, reduces to a proforma level of 1.08x . This is well below net debt to adjusted EBITDA of 1.43x at the end of H1 2024 and close to mid cycle comfort levels of 1x. The Group's liquidity headroom of R45.7 billion (US$2.4 billion) at end of December 2024, (consisting of R16 billion (US$853 million) cash and R29.7 billion (US$1.6 billion) undrawn facilities), comfortably covers the R13 billion (US$0.7 billion) November 2026 bond maturity and is sufficient to sustain the Group for an extended period. The US$500 million (R9.4 billion) stream proceeds have further enhanced this position. The Group financial position is secure, but considering the current uncertain macro-economic environment, we plan to retain the prudent approach outlined in the 2023 results presentation in February 2024 to proactively mitigate increases in net debt until positive cashflow from operations is restored. For further financial insights, see the CFO’s report, page 75. CONTINUED ORGANIC VALUE UNLOCK –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– The Group focus on strategic essentials has not precluded progress on several value accretive initiatives. Our fundamental position regarding the longer-term outlook for the metals we produce

and battery metals we will produce remains unchanged, with a considered and measured strategic response to the cyclical downturn in commodity prices. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued IR – 16

Our strategic focus is to ensure consistency through price cycles and our decisions are not taken based on short-term factors. We are confident that our strategic interventions to secure operational sustainability and protect our Balance sheet will ensure that the Group will not only prevail through the current low-price cycle, but emerge exceptionally well positioned to benefit from a recovery in metal prices. Our strategy remains relevant and appropriate, and we are confident that we are well positioned for longer-term value creation. Keliber lithium project We continued to invest in the development of the Keliber lithium project (perhaps somewhat counter cyclically during a period of oversupply as expressed by some observers) due to our fundamentally based forecast of future lithium market deficits in the latter half of the decade and to ensure that we are strategically positioned to supply locally produced lithium hydroxide (LiOH) necessary for the future development of the battery electric vehicle (BEV) sector in Europe. We invested R6.2 billion (US$336 million) of project capital in 2024, with final project capital expenditure expected during 2025, and the project is on track for commissioning during H1 2026. Rhyolite Ridge Despite maintaining our positive lithium market outlook, in February 2025, after reviewing updated information on the Rhyolite Ridge project provided by ioneer, the Board resolved not to proceed with an investment in the Rhyolite Ridge project, as among other things, the project did not meet the Sibanye-Stillwater investment hurdle rates at prudent pricing assumptions. The Group nonetheless remains committed to the its battery metals strategy and the US market and will continue to assess growth opportunities in this space. Glencore Merafe venture chrome value opportunity On 19 February 2025, a strategic enhancement to the historical Marikana chrome contract (Marikana Contract) and a new Chrome Management Agreement (CMA) were signed with the Glencore Merafe Venture (GM Venture). The majority of the Chrome Recovery Plants (CRPs) at Sibanye- Stillwater’s SA PGM operations will be operated by the GM Venture once the CMA is effective, which intends to leverage its processing expertise to optimise chrome production yields and reduce operational costs across all relevant CRPs. The enhanced Marikana Contract is expected to accelerate completion of delivery of contracted chrome volumes agreed between Lonmin and the GM Venture in 2011 by approximately 20 years through increasing feed and improving recoveries from the Marikana CRPs. Upon expiry of the Marikana Contract, the Marikana CRPs will become subject to the terms of the CMA, increasing Sibanye-Stillwater's share of free cash flow from chrome production from the Marikana CRPs. Together, these agreements are expected to allow greater exposure to chrome prices and incentivise future chrome production growth, realising significant value for Sibanye- Stillwater and enhancing value creation opportunities for the Marikana operation. The improved economics of Sibanye-Stillwater's chrome production is expected to enhance the inherent value and commercial viability of development and extension projects at the SA PGM operations, which are currently being assessed. See the full announcement available at https:// www.sibanyestillwater.com/news-investors/news/news-releases/ Unlocking value from uranium assets On 9 December 2024, the Group announced that it had agreed to sell Beatrix 4 shaft in the Free State, which includes the Beisa uranium project, to Neo Energy Metals1 for a total consideration of R500 million comprising R250 million in cash and R250 million in equity issuance. On signing, this equated to a shareholding of approximately 40% in Neo Energy. This transaction advances the Group uranium strategy by presenting Neo Energy with an opportunity to develop the Beisa uranium project, while providing Sibanye-Stillwater with exposure to future uranium production without sole reliance on Group capital funding. The Group is also assessing various alternatives to release value from its significant surface uranium resources at Cooke. Further details will be announced as appropriate. See the full announcement available at www.sibanyestillwater.com/ news-investors/news/news-releases/ SUSTAINABILITY AND OUR SHARED VALUE CREATION –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued IR – 17 1 Neo Energy is a uranium exploration and development company listed on the main board of the London Stock Exchange (LSE) and dual-listed in South Africa on the A2X market 2 Taxes and royalties paid as per the consolidated statement of cash flows in the Group Annual financial report 36,274 employees incl. contractors R6.16 billion paid in salaries and benefits R1.05 billion invested in socioeconomic development and CSI R554 million taxes and royalties2 R316 million invested in training and development R5.1 billion spent on total discretionary procurement 20242013 72,423 employees incl. contractors R31.4 billion paid in salaries and benefits R2.7 billion invested in socioeconomic development and CSI R2.2 billion taxes and royalties2 R1 billion invested in training and development R28.7 billion spent on total discretionary procurement in South Africa

Shared value to all stakeholders Sibanye-Stillwater is a significant employer globally. In 2013, we employed 36,274 people (including contractors) in South Africa; by 2024, this had increased by 100% to 72,423 worldwide, with the vast majority of these still in South Africa. Salaries and benefits received by employees and contractors have increased from R6 billion (US$0.6 billion) in 2013 to R31.4 billion (US$1.7 billion) in 2024, with a cumulative benefit of R220 billion (US$14.5 billion) since 2013. The value of our socioeconomic development and corporate social investment (CSI) programmes since 2013 has grown from just over R1 billion (US$109 million) to over R2.7 billion (US$149 million) for 2024, a 161% increase. This translates to a 70% increase in real terms after accounting for inflation at CPI. The cumulative value of the benefit to communities (e.g. improved infrastructure, businesses, jobs) since 2013 amounts to R19.7 billion (US$1.3 billion). Total local and B-BBEE procurement expenditure increased from R5.1 billion (US$0.5 billion) in 2013 to R28.7 billion (US$1.6 billion) in 2024. The continuous investment in the communities where we operate aims to create shared value within our supply chains. Taxes and royalties paid by the Group in the jurisdictions where we operate have increased from R554 million (US$58 million) in 2013 to R10.7 billion (US$652 billion) for 2022, R4.1 billion (US$224 million) for 2023, and R2.2 billion (US$122 million) for 2024. Cumulatively we have paid R50.1 billion (US$3.3 billion) in taxes and royalties in the jurisdictions where we operate since 2013. Our shareholders have not only benefited from significant capital growth but also received R46 billion (US$3 billion) in dividends and share buybacks, which is particularly noteworthy, given that our initial market capitalisation was only R10 billion (US$1.2 billion) on listing in February 2013. Updated Sustainability strategic framework At Sibanye-Stillwater, we firmly believe that our business is about sustainability – that as a mining Group we have a significant opportunity to shape the wellbeing of generations to come by responsibly producing the materials the world needs to develop and transition to a low-carbon world. This is central to fulfilling our purpose To safeguard global sustainability through our metals, and we action our purpose through our efforts to enable shared social value, ecological value and economic value with our stakeholders. During 2024, we revisited our Sustainability strategy and published an updated Sustainability strategic framework that outlined the sustainability focused aspirations and differentiators for the business to 2030 and beyond. We remain steadfast in meeting our decarbonisation pathway milestones, embedding diversity, equity, inclusion, and belonging, and prospering in the regions in which we operate. We remain committed to the UNGC, ICMM and the WGC responsible mining principles as these underpin our sustainability practices. See Social, Ethics and Sustainability Committee Chairman’s report on page 104; see Group Impact supplement 2024. Progress on renewable projects On 1 April 2025, we celebrated that the 89 megawatt (MW) Castle wind farm (Castle), a facility dedicated to supplying renewable energy to Sibanye-Stillwater’s South African (SA) operations, has achieved commercial operation. This marks a significant milestone for the Group and for South Africa's private renewable energy sector, with Castle being the largest private-offtake wind farm in operation in South Africa to date. We expect to see various benefits as a result of these project, including a saving on prevailing Eskom utility rates and a reduction of about 321,000t CO2e annually from this project only. For more on the announcement, see www.sibanyestillwater.com/news-investors/ news/news-releases/ Castle is one of four renewable energy projects with a combined capacity of 407MW currently under construction for our SA operations. Of this, 267MW of capacity is anticipated to achieve commercial operation in 2025, including 75MW from the Springbok Solar Project and 103MW from the Witberg Wind Farm (both announced on 7 December 2023). Up to a further 333MW is forecast to be completed by the end of 2026, including the 140MW Umsinde Emoyeni wind farm (announced on 30 May 2024). For more on our carbon neutrality commitments and other renewables, please see page 191 of this report Making a difference in South Africa through participation in specific business workstreams In accordance with our Strategic essential of Prospering in every region in which we operate, Neal Froneman, our CEO, took on the responsibility, together with Jannie Mouton from PSG on behalf of Business for South Africa (B4SA), of leading the crime and corruption work stream established by business in support of the South African government. B4SA is an alliance of South African businesses working with the South African government, and other social partners, to step up, lead and help create and deliver sustainable solutions for South Africa. B4SA’s objective is to mobilise business resources and capacity to work alongside and in support of government to address bottlenecks impacting economic growth and social development in South Africa. Specifically with the intent of bringing business and government together to address challenges in energy, transport and logistics, and crime and corruption for inclusive economic growth Neal also serves as chairman of the board of Business against crime South Africa (BACSA). BACSA coordinates activities being driven by business to counter criminal and corrupt activities. These roles present opportunities for Neal to leverage his expertise in driving strategic objectives to address the significant risks of crime and corruption in South Africa. The commitments that he has undertaken underscore Neal’s passion for business to make a positive contribution in society and foster a more secure business environment where the private sector can contribute more effectively to inclusive economic growth. THE BOARD AND GOVERNANCE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– We welcome the following new members to the Board: Philippe François Marie-Joseph Boisseau, who was appointed on 8 April 2024 and re-elected at the 2024 AGM held on 28 May 2024. Dr Peter Hancock was appointed as an independent non-executive director with effect from 6 May 2024. Terence Mncedisi Nombembe was appointed as an independent non-executive director of the Group effective 11 September 2024. Further, Nkosemntu Nika and Susan van der Merwe retired at the 2024 AGM, and Savannah Danson resigned on 11 March 2024, due to an increasing external workload, after serving on the Board since May 2017. We thank them for their commitment and contribution in serving the Group. Due to some remaining Board members reaching 12-year tenures, rotation of committee chairs and other rotations have been made, and four directors are classified as non-independent non-executives. As of the issuance of this report on 25 April 2025, 64% of our non- executive directors are independent. During the CEO transition period from Neal Froneman to Richard Stewart, we have three executive directors (from 1 March 2025 to 30 September 2025), which temporarily decreases the total number of independent directors on the Board. We expect this to change on 1 October 2025. For more information on these changes, see page 24 of this report. We recognise the importance of our Board’s diversity, particularly in light of our global operations and the varied challenges we encounter as a key supplier of strategically important metals. We wish to increase the female

representation on the Board to ensure the Board strikes an appropriate balance that promotes effective leadership. See Board and executive leadership, page 8. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued IR – 18

Message from the Chairman regarding the retirement of Neal Froneman Neal Froneman has decided to retire as Chief Executive Officer (CEO) and executive director of the Group effective 30 September 2025. Neal has led the Sibanye-Stillwater Group since 2013, guiding the initial turnaround of the three mature, challenging gold mines that the Group inherited from Gold Fields. From the significantly more profitable and stable base, he led the strategic growth and diversification of the Group into what it is today – a multinational mining and metals processing company with a diverse portfolio of operations, projects and investments across five continents. I, along with many of my fellow Board members, have been proud to travel this incredible and inspirational journey with Neal and his team, and I know that my admiration for Neal’s strategic leadership and moral candour during his tenure and gratitude for his unwavering commitment is shared by all. I am sure that these sentiments are echoed throughout Sibanye-Stillwater where Neal’s inspirational and values-based leadership in the role he defined as “Chief Enabling Officer” will be sorely missed. Neal will depart from a business which is in good health, financially and operationally, with a clear and consistent strategy. We welcome Richard’s appointment from 1 October 2025, and are confident that this internal succession will ensure continuity and a seamless leadership transition. We look forward to Richard and the Sibanye- Stillwater leadership team taking the Group to new heights with continued creation of superior shared value for all stakeholders. Neal leaves behind a proud legacy at Sibanye-Stillwater and in the South African mining industry, which is testament to his strategic vision and inspirational leadership. As Neal expressed to me, while he has the same enthusiasm for what he does and has lost none of his drive, he now wishes to spend more of his time with his family and loved ones and on his many interests. Neal’s legacy extends far beyond his role at Sibanye-Stillwater and he is highly regarded as a thought leader globally. His prominent roles as Chairman of the World Gold Council and co-lead of the Crime and Corruption workstream for business in South Africa, amongst other high-level engagements, suggest that he will contribute to the advancement of the global minerals industry in various ways in future. On behalf of the Board and the over 70,000 Sibanye-Stillwater colleagues, we wish Neal a long and happy retirement post- September 2025. Vincent T Maphai Neal Froneman Chairman Chief Executive Officer 25 April 2025 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW continued IR – 19 The lithium refinery in Kokkola, Keliber lithium project, Finland

CORPORATE GOVERNANCE WHAT WE DID IN 2024 SALIENT POINTS • Board evolution: The tenure of six non-executive directors on the Board exceeded nine years, and in terms of our Governance protocols, changes to the composition of the Board have been made. From January 2024, the retirement of longer serving directors and appointment of new directors has been planned to ensure a smooth transition to appropriately capacitate the Board • Board Committee Changes: There were changes to Board Committees which were aimed at enhancing governance structures and ensuring effective oversight • CEO Succession: The Board concluded a vigorous succession planning process • Change in External Auditor of the Annual financial statements: The Board announced a change in auditor for the 2025 financial reporting period • Broad-based Black Economic Empowerment Accreditation: Achieved level 4 accreditation in September 2024 • Sustainability and ESG Recognition: The company was consistently included in the FTSE4Good Index Series for its sustainability and ESG disclosures • Safety performance awards: Sibanye-Stillwater received multiple awards for its safety performance in November 2024, showcasing the Board's commitment to ensuring a safe working environment CHALLENGES • Operational underperformance • Market conditions: Low PGM prices affected the Group's financial position • Cybersecurity attack: Necessitated further investments in cybersecurity measures to protect sensitive data and maintain operational integrity • Although improved, the safety performance still remains a challenge. Our key focus for 2025 is on line management's role in ensuring accountability, and equipping leaders to address errors and reinforce safe work practices For a comprehensive list of governance documents refer to www.sibanyestillwater.com/about-us/governance/ OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 20 RESPONSIBLE SOURCING ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– There are significant adverse impacts that may be associated with extracting, sourcing, processing, trading, handling and exporting minerals. Sibanye-Stillwater is active in preventing abuses of human rights and actively avoids dealing with parties stoking geopolitical conflict. We also comply with high standards of anti-money laundering practice, and to combating terrorist financing practices. Towards these ends, we have comprehensive policies and practices on the responsible sourcing of metals. See our due diligence information, page 212. • Policy for the responsible sourcing of metals • Policy statement: responsible sourcing of metals P O LI C Y C ER TI FI C A TI O N S A N D R EP O R TS • Conflict-free gold report • Assurance report on conflict-free gold report • Brakpan PMR platinum sponge accreditation certificate • Brakpan PMR palladium sponge accreditation certificate • Compliance report on responsible sourcing of platinum/palladium • Independent practitioner’s limited assurance report • Sibanye-Stillwater / Western Platinum (Pty) Ltd palladium good delivery certificate • Brakpan PMR responsible platinum and palladium certificate • Brakpan PMR rhodium sponge accreditation certificate Employees at the Ya Rona Driefontein shaft (SA gold operations) engage with directors during a site visit in February 2025 Group strategy and Sustainability framework The Board and C-suite have, once again, reviewed the Group strategy and found it relevant and appropriate; refer to our strategy on page 42. Additionally, the updated Sustainability strategic framework (aligning to the people, planet, prosperity and governance principles) has been reviewed and approved by the Board; for more information, see page 108

COMMITMENT TO GOVERNANCE AND VALUE CREATION The Board ensures effective, responsible, ethical leadership, and is firmly committed to upholding robust standards of corporate governance, applied to all operations. The Board and executive management are guided by our purpose (To safeguard global sustainability through our metals) and vision (To be a leader in superior shared value for all stakeholders). We rely and comply with the principles of King IV Report on Corporate GovernanceTM for South Africa, 2016 (King IV), the South African Companies Act 71 of 2008 (as amended) (the Act), the JSE Listings Requirements, principles of the NYSE Listed Company Manual and other relevant laws and regulations. The Group further transcends these by pursuing its goals with integrity, transparency, accountability and value-creation, as encapsulated by our iCARES values and our 3D strategy. In short, sustainability is woven into our business strategy. ETHICAL LEADERSHIP AND COMPLIANCE The Board is responsible for ensuring the Group adheres to high ethical standards. It delegates oversight of compliance with Sibanye-Stillwater’s Code of ethics (the Code) to the Audit Committee and the Social, Ethics, and Sustainability Committee. These committees review compliance initiatives, covering anti- bribery, anti-corruption, sanctions, competition, fraud, market manipulation, and anti-money laundering laws. Additionally, the Internal Audit department conducts governance process audits across all regions. The Code is binding for all directors and employees, and we encourage third parties doing business with us to adopt it. Recently, we standardised and updated the Code to encompass a comprehensive range of ethical considerations. In 2024, we conducted training on the Code for management, employees, and suppliers. Training on the Code also forms part of our induction process. The Code is publicly accessible to our workforce, suppliers, and external parties. We provide ethics education sessions covering conflicts of interest, anti-corruption, and human rights, among other topics. We also launched a new Supplier code of conduct that incorporates extensive ethical considerations. Breaches and suspected violations of any company policies, including the Code, are identified through external and internal processes and systems. External parties review our ethical practices annually as part of the International Council on Mining and Metals (ICMM) and World Gold Council Responsible Gold Mining Principles (RGMP) assurance processes. Our outgoing CEO has also indicated that he will continue to serve on the Joint Initiative on Crime and Corruption – a partnership between the South African Presidency and the country’s business sector. The Group prohibits and condemns bribery, corruption, and extortion of any kind. Security risk assessments evaluate potential corruption and collusion across the business and value chain. Information or allegations of unethical behaviour, fraud, theft, and corruption are investigated as per the Fraud response plan. Our Risk tolerance framework integrates ethics and corporate governance. Our Anti-bribery, Anti-money laundering, and Counter- terrorism financing policies reinforce the Group’s zero-tolerance stance towards malfeasance. The policies apply across all regions, and we conduct regular training on the policies for relevant employees. We engage only with legitimate customers, suppliers, distributors, and agents, seeking to avoid corruption-related risks. For example, supplier verifications and criminal record screenings for new and promoted employees help mitigate corruption risks. The Group collaborates with governments, NGOs, and advocacy groups as needed. In 2024, we implemented an Anti-bribery and corruption policy permitting legal donations to NGOs and political structures while emphasising caution due to potential risks. Direct or indirect donations to political entities are prohibited without prior consultation and approval under our Group approval framework. All donations must comply with the following principles: • Donations are transparently recorded and disclosed according to legal requirements and company policies • We adhere to all applicable laws and industry standards governing donations in operational jurisdictions • No donations will be made to gain undue influence or preferential treatment • The Group ensures donations serve their intended purpose • Donation policies will be periodically reviewed and updated to reflect legislative changes and best practices See www.sibanyestillwater.com/about-us/governance/ 16.5 Toll-free lines and an anonymous email address to report irregularities, unethical or unlawful behaviour (including tax concerns), and misconduct without fear of victimisation: sibanyestillwater@tip-offs.com South Africa: 0800 001 987 United States: 1-800-317-0287 Finland: 0800 772 244 France: 0805 080 544 Australia: 1 800 633 293 Our toll-free lines and anonymous email address are accessible to employees, suppliers, and customers. Whistleblower reports are anonymous and confidential, and are managed by Protection Services. Reports of tip-offs are reviewed by the Audit Committee and the Social, Ethics, and Sustainability Committee. Our Whistleblower policy ensures protection and confidentiality for those who disclose concerns. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CORPORATE GOVERNANCE continued IR – 21

Managing conflicts of interest For good ethics and stakeholder trust, it is important to identify and manage conflicts of interest. To achieve this, our directors and key executives are required to make comprehensive declarations of any actual or potential conflicts of interest arising from their duties. These declarations are submitted regularly and updated promptly as circumstances change, ensuring transparency and accountability in our decision-making processes. The Board's Conflict of interest policy, outlined in the publicly available Board Charter, mandates that all Board and committee members declare any conflicts at the start of each meeting concerning the agenda. Declarations as per Schedule 13 of the JSE Listings Requirements are a standing agenda item at Board meetings, ensuring ongoing compliance. Conflicts of interest are documented in the minutes, and affected directors are recused from discussing and voting on related matters. In 2024 there were no instances requiring a non-executive director to be recused from a meeting due to a conflict of interest. Declarations of conflicts of interest, in the South African operations, are updated on the electronic Employee self service (ESS) system. Digitalisation of the process assists in keeping an audit trail. We aim to move other regions to the electronic system for these submissions during 2024 and 2025 as well. Sibanye-Stillwater is committed to conducting related- party transactions with transparency, fairness, and adherence to regulatory requirements. Such transactions, which involve parties with a close relationship to the Group, are subject to rigorous scrutiny and oversight by our Audit Committee. These are disclosed in detail in our Group Annual financial report. We uphold similar ethical standards for senior managers and employees. The Code requires all employees, directors, and officers at D-Band or middle management levels and above to complete annual declarations of interest or sooner if circumstances change, unless prohibited by local laws. Additionally, any employee with an actual or potential conflict of interest must complete the declaration in the prescribed format. Securities trading and Insider trading policy Our Equities Trading Committee (an executive-level committee) oversees our Securities trading policy and related processes. This committee monitors compliance with the JSE Listings Requirements and applicable laws on insider trading. It identifies prohibited periods, including closed (blackout) and price-sensitive periods. Prescribed officers, the Company Secretary and directors must obtain clearance to deal in Sibanye-Stillwater securities before all dealings. Dealings are not permitted during prohibited periods. Clearance during open periods for a director is granted by the Chairman of the Board in consultation with the committee. In December 2022, the U.S. Securities and Exchange Commission (SEC) revised rules under the U.S. Exchange Act concerning insider trading programmes. These changes require SEC-registered companies, including foreign private issuers like Sibanye-Stillwater, to publicly disclose their insider trading policies. As a result, we have included our Insider trading policy as an exhibit in our Annual report on Form 20-F for the year ending 31 December 2024. In the first half of 2024, we updated our globally applicable Insider trading policy that aligns with relevant regulations and industry standards. This policy not only enhances our compliance framework, but also reinforces our commitment to transparency and ethical trading practices. We are confident that these updates will strengthen stakeholder trust and ensure adherence to regulatory requirements. Tax transparency and governance We conduct our tax affairs in good faith and have a Tax risk management framework (approved by the Board) to guide our reporting and to monitor tax obligations. Our King IV-aligned Tax strategy is the responsibility of the Board and is supported by a Group tax policy, which includes information about our processes and policies for compliance. Our tax strategy is aligned with our intention, which is to support the principle of public-private collaboration and good corporate citizenship. See www.sibanyestillwater.com/news-investors/reports/regulatory/ for the Group tax policy Please see the 2024 Tax supplement for further disclosures, available at www.sibanyestillwater.com/news-investors/ reports/annual/ Strategy and shared value creation In line with King IV, the Board delegates the implementation of the approved strategy to management. The Board understands that Sibanye-Stillwater’s core purpose, strategy, business model, risks and opportunities, performance, and sustainable development impacts are inseparable elements of the value-creation process. The Board is satisfied that our strategy and business plans do not give rise to risks that have not been thoroughly assessed by management and that considerations relating to the long-term sustainability of the business underpin our strategy. During 2024, the Board convened for two strategic sessions during which it endorsed the prevailing strategy and deliberated on the value generated by the strategy. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CORPORATE GOVERNANCE continued IR – 22 In 2024, 4,355 declarations were made across the Group of which only 845 had a potential conflict of interest (2023: 853; 291, 2022: 777; 295) The increase in declarations are due to the new process we have implemented on ESS and will likely increase going forward as awareness is created and additional enhancements are implemented.

GOVERNANCE PHILOSOPHY AND FRAMEWORK –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Philosophy and commitment to King IV and its principles The Board is committed to achieving King IV’s four governance outcomes: ethical culture, good performance, effective control, and legitimacy. We adhere to the King IV principles relating to: ethical leadership and corporate citizenship (principles 1 to 3); strategy and value creation (principle 4); performance and reporting (principle 5); governance structures, effective control and delegation (principles 6 to 10); functional areas of governance (principles 11 to 15); trust and legitimacy – stakeholder inclusivity (principle 16) (See Application of King IV principles at www.sibanyestillwater.com/news-investors/ reports/annual/). Approach: Corporate governance framework In 2023, our Group implemented a cloud-based Governance, Risk, and Compliance (GRC) system, aligning with global best practices. This system delineates the responsibilities between the Board and management, with 32 GRC elements divided equally between them. The focus was on operationalising this framework across new regions. The assessment of the 16 governance elements revealed that the regions are effectively governed, with a framework that is efficient and transparent, meeting both Group and global standards. All assessed areas were marked green, indicating strong performance. However, a few amber areas were identified, signalling opportunities for improvement. The areas that were slated for implementation by the end of 2024, included business continuity management and records and contract management. Emergency management and business continuity: the regions have well-defined emergency management processes. Mock emergencies were conducted quarterly in 2024 to ensure preparedness, and the recovery strategy was tested in real time during the October bushfire at the Century operation. Debriefings from each drill and actual incident were documented and shared to support continuous improvement. Records and contract management: Roles and responsibilities for recordkeeping have been clearly defined and communicated. Policies and procedures are in place to ensure records are captured and stored in approved systems. Plans for recovering and protecting records in the event of business interruption or disaster have been developed, with priorities clearly indicated. Independence, tenure, diversity and inclusivity At the time of this report, the Board is unitary and consists of 14 members, with 7, including the Chairman, serving as independent non-executive directors. The Board has 4 non-executive directors and 3 executive directors. The Board has also appointed a Lead Independent Director who assumes responsibilities in the Chairman’s absence, offering support and acting as a conduit between the Chairman and other Board members when necessary. Notably, the roles of Chairman and CEO are separate to ensure clear delineation of responsibilities. All members of key committees, such as the Audit Committee, Investment Committee, Remuneration Committee, and Social, Ethics and Sustainability Committee, were classified as independent during 2024. Oversight of Board composition is delegated to the Nominating and Governance Committee, which regularly evaluates Board diversity, tenure, rotation, and independence of non-executive directors together with overboarding of directors. The Nominating and Governance Committee has tested, through an internal evaluation, the independence of all non-executive directors in the year under review. Recognising the evolving discourse on the tenure of independent non-executive directors, the Nominating and Governance Committee acknowledges both the benefits of long-serving directors in providing expertise and stability, as well as the importance of refreshing the Board's perspective through periodic inclusion of new members. Engaging with shareholders and conducting an assessment of our governance framework, the Board has endorsed a policy on director independence. This policy strikes a balance between introducing fresh perspectives, succession planning, maintaining Board expertise, and ensuring continuity of experience. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CORPORATE GOVERNANCE continued IR – 23 The Deputy US Secretary was hosted by Sibanye-Stillwater at the SA PGM operations

The policy stipulates that to be deemed independent, a director's cumulative tenure must not exceed 12 years from their initial appointment. This approach promotes ongoing renewal while leveraging the valuable expertise and stability provided by experienced directors. Due to some remaining Board members reaching 12-year tenures, rotation of committee chairs and other rotations have been made, and four directors are classified as non-independent non-executives. As of the issuance of this report on 25 April 2025, 64% of our non-executive directors are independent. During the CEO transition period from Neal Froneman to Richard Stewart, we have three executive directors (from 1 March 2025 to 30 September 2025), which temporarily decreases the total number of independent directors on the Board. We expect this to change on 1 October 2025. The following changes were made to the composition of the Board and its committees in 2024: Changes during 2024 • Savannah Danson resigned from the Board on 11 March 2024 • Harry Kenyon-Slaney was appointed as member of the Nominating and Governance Committee on 11 March 2024 • Philippe François Marie-Joseph Boisseau was appointed on 8 April 2024, and his appointment was ratified at the 2024 AGM held on 28 May 2024 • Dr Peter Hancock was appointed as an independent non-executive director of the Group with effect from 6 May 2024 • As part of the planned Board evolution process wherein long tenured directors would retire and new directors would be appointed, Nkosemntu Nika and Susan van der Merwe retired at the 2024 AGM • The following changes were further made to the Board Committees in May 2024: – Harry Kenyon-Slaney and Dr Peter Hancock were appointed as additional members of the Audit Committee – Dr Elaine Dorward-King and Philippe Boisseau were appointed as additional members of the Remuneration Committee – Philippe Boisseau and Dr Peter Hancock were appointed as additional members of both the Investment and Risk Committees – Philippe Boisseau was appointed as an additional member of the Social, Ethics and Sustainability Committee – Dr Peter Hancock was appointed as an additional member of the Safety and Health Committee • Terence Mncedisi Nombembe was appointed as an independent non-executive director of the Group effective 11 September 2024 and was appointed as an additional member of the Audit, Investment, Risk, and the Social, Ethics and Sustainability Committees To ensure compliance with the independence requirements of the Companies Act, King IV Code, JSE Listings Requirements, NYSE and SEC Requirements, and the Terms of Reference and Board Charter, the Board, through the Nominating and Governance Committee, has approved the following changes: Due to the following Board members reaching 12-year tenures they are no longer regarded as independent and are now classified as “non-executive directors”: 1. Mr. R P Menell (Richard Menell) 2. Mr. T J Cumming (Tim Cumming) 3. Mr. K A Rayner (Keith Rayner) 4. Mr. J S Vilakazi (Jerry Vilakazi) • Keith Rayner, the current Chairman of the Audit Committee, along with Richard Menell and Tim Cumming, will step down as Chairman and members of the Audit Committee at the 2025 Annual General Meeting (AGM) and Terence Nombembe will be put forward for election as the Chairman of the Audit Committee at the 2025 AGM • Tim Cumming will remain as Chairman of the Remuneration Committee until the AGM in May 2026. A robust succession plan that prioritises independence and gender diversity is ongoing for this role. This is in line with the King IV recommended practices to be considered on an apply and explain basis. Tim Cumming will also retire as a member of the Board at the 2026 AGM • For stability and corporate memory Richard Menell, Keith Rayner and Jerry Vilakazi will remain members of the Nominating and Governance Committee as non-executive directors until their retirement at the 2027, 2028 and 2028 AGMs respectively. The Board will however ensure that a majority of members of the Nominating and Governance Committee are independent by appointing new independent members to the Nominating and Governance Committee • Additionally, as the Investment Committee and the Safety and Health Committees are not statutory committees, their Terms of References were amended to permit a non-independent Chair. Keith Rayner and Jerry Vilakazi will therefore remain as chairpersons of the Investment Committee and the Health and Safety Committee, respectively, until their retirement at the 2028 AGM. Succession for these chairpersons is underway • These changes are aimed at enhancing the effectiveness and continuity of the Board in line with established good governance practices. The Board remains committed to maintaining high standards of governance and ensuring that all regulatory requirements are met Diversity and inclusivity The Board acknowledges the recent decline in female representation on the Board, which has dropped to 15.4% as at 31 December 2024. We remain steadfast in our commitment to gender diversity and its numerous benefits. The Board is working to increase female representation by the end of 2025. This goal reflects our dedication to fostering an environment where diverse perspectives are valued and leveraged for better decision-making and organisational success. Our Diversity policy also recognises that the directors appointed are to be diverse in academic qualifications, industry knowledge, age, culture, experience, race and gender. The Board treats each individual on the merits of their contribution to the organisation and their sincerity in performing their duties. As a policy of the Board, no one individual has unfettered decision-making power. Diversity of members’ background, experience and group (race and gender) identity helps to ensure a range of views at Board and sub-committee meetings. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CORPORATE GOVERNANCE continued IR – 24

The Group’s Diversity, equity, inclusion, and belonging Council strives to promote a diverse workforce, with leadership who are sensitive to various cultures and group identities and who ensure protections and safeguards for women. (See Our people, page 142). Policy on outside directorships It is accepted and acknowledged that independent non- executive directors (INED) may have business interests other than those of Sibanye-Stillwater. Any director is, while holding office at Sibanye-Stillwater, at liberty to accept other board appointments so long as the appointments are not in conflict with the business and approved strategy of Sibanye-Stillwater and do not materially interfere with his/her performance as an INED of the Group. All appointments must first be discussed with the Chairman of the Board before being accepted. Full compliance with the obligations of directors in connection with conflicts of interests and overboarding, as provided for in the Companies Act and corporate governance principles, is expected of all directors. As part of the vetting process for directors, a professional commitment and a statement that he/she has sufficient time available to carry out INED responsibilities to Sibanye-Stillwater is required. This is a contractual arrangement that is monitored through performance reviews. INEDs have provided the Company with this statement. Furthermore, the requirement for directors to provide a professional commitment statement and assurance of sufficient time availability aligns with governance expectations set by governance principles outlined by King IV, JSE, and NYSE requirements. This ensures that directors can effectively fulfil their responsibilities to Sibanye-Stillwater while engaging in outside business interests. Director overboarding policy Institutional investors and proxy advisors have raised concerns about directors serving on too many boards simultaneously, known as overboarding. Major institutional advisors recommend a maximum of three to four boards per director. To address this, a new policy that proposed that directors hold no more than six mandates on listed companies, including their commitments to Sibanye-Stillwater, was approved during 2024. A points system outlined below is used to calculate this limit, with different roles counting as additional mandates. Directors have one year from policy approval to comply with the requirements of the policy with potential for exception through a waiver process. In the following year, the Company will disclose the different scoring of each director. Our Points system: • A non-executive directorship of a listed company counts as one mandate • A non-executive chairmanship of a listed company counts as an additional mandate • A Lead Independent Directorship (LID) of a listed company counts as an additional mandate • A non-executive committee chairmanship of a listed company counts as an additional • An executive directorship of a listed company counts as three mandates Governance structures, effective control and delegation Board committee structures The Board Charter is reviewed annually and is aligned with relevant legislation and listings requirements in South Africa, the US and global best practices in governance. See www.sibanyestillwater.com/about-us/governance/ We have the required board committees and relevant membership as recommended in King IV, the NYSE Listed Company Manual and the JSE. More information on the board committees, responsibilities, members and attendance to meetings is contained in Detail about Board committees, page 253. The composition of board committees, and the distribution of authority between the chair and other directors, is balanced, and dynamics are participative. Members can comfortably challenge each other when there are divergent views and dissenting views are recorded. The Board encourages clear decision-making and maintains a vigilant approach to corporate governance and risk management. In compliance with Section 23 of the Sarbanes-Oxley and Section 92 of the Companies Act 71 of 2008, which stipulates that the designated auditor must rotate after five years, the Audit Committee during 2024 had recommended to the Board and the shareholders that Ernst & Young Inc. (EY) be re-appointed as the auditors of the Company and that Mr Carshagen be appointed as the new individual auditor following the retirement of Mr Tomlinson who was the individual auditor for a five-year term. For commercial reasons, towards the end of FY24, the Audit Committee engaged in a formal tender process to appoint a new firm of external auditors and following its recommendation, a new firm of external auditors being BDO South Africa Inc.(BDO) was appointed as the Company’s external auditors. Servaas Kranhold will be the designated audit partner for the financial year ending 31 December 2025. This is subject to receiving the requisite shareholder approval at the next annual general meeting which is expected to be held during May 2025. The CFO is responsible for the finance function. Internal audit is predominantly in-sourced, with consultants assisting as and when required. The CFO is responsible for the administration of the Internal audit department. The Chief Audit Executive (CAE) reports into the Audit Committee Chair. The effectiveness of the CFO function and that of the CAE is annually assessed by the Audit Committee. In terms of Para 3.84(g)(i) of the JSE Listings Requirements, the Audit Committee noted that it was satisfied that the CFO has the appropriate expertise and experience to fulfil his role. The Committee was also satisfied with the performance of the finance function as per King IV. The Internal audit function is externally reviewed every five years as per the Global Internal Audit StandardsTM, with the next review expected to be performed in 2026. The last review was conducted by external provider in 2021 and a rating of “Generally Conforms” against the Institute of Internal Auditors Standards was achieved. In terms of King IV, the Committee was satisfied that the CAE has the necessary competence, gravitas and objectivity. The Board, assisted by the Social, Ethics and Sustainability Committee and the Safety and Health Committee has oversight of sustainability, climate change-related matters, and stakeholder engagement. We have dedicated executive roles for stakeholder engagement across the regions. In interacting with stakeholders we are guided by the Code of ethics and by our Stakeholder engagement policy statement. See Engaging with our stakeholders, page 60 and Managing our risks and opportunities within the external operating environment, page 45. Our Memorandum of incorporation does not contain restrictions to shareholder voting rights. The Board ensures that reports issued by the Group are accurate and helpful to stakeholders in assessing our performance and future prospects. The Board has mandated the Disclosure Committee to review and approve all regulatory announcements, media releases, fact sheets, investor presentations and similar disclosures. The Disclosure Committee also monitors all means of disclosure and is chaired by the CEO. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CORPORATE GOVERNANCE continued IR – 25

A detailed mandate outlines the delegation of authority and approvals framework. This indicates matters reserved for the Board, its committees and management. The Board is satisfied that delegation to management contributes to an effective arrangement by which authority and responsibilities are exercised. The mandate is reviewed annually. The Audit Committee reviews the Integrated report and recommends it to the Board for approval, as it does with the Annual financial statements, King IV disclosures and other assurance reports. The Board oversees and monitors performance and delivery in the strategic focus areas, and in so doing takes accountability for the Group’s performance. Related reporting is also overseen and approved by the Board. All the Group’s reporting is available at www.sibanyestillwater.com/news-investors/reports/annual/ We commit to providing stakeholders with clear, concise, accurate and timely information on our operations, and to providing financial performance that informs stakeholders as to how value was enhanced or depleted across the six capitals. We further commit to continued engagement with stakeholders. This report, our primary report on shared value creation, demonstrates the Board’s integrated thinking and has been reviewed and approved by the Board. Board effectiveness and performance evaluations The Nominating and Governance Committee has undertaken the Board independence assessment as required by the Companies Act 71 of 2008 (as amended), King IV and the JSE Listings Requirements. Additionally, the Audit Committee has performed independence assessments as per the U.S. Securities and Exchange Commission (SEC) requirements, and confirms that for the year under review the Audit Committee members were independent as per the SEC audit committee independence assessments criteria. The 2024 Internal Board Assessment report indicated that the Board is generally effective, meeting most performance expectations, with a few areas needing improvement. Key findings include the need for rebalancing gender and racial diversity, particularly by increasing female independent non-executive directors . The committee evaluations highlighted several key areas for improvement and commendation. The Audit Committee was noted as well-organised and effective but requires enhanced diversity and additional training on certain risk issues. The Risk Committee is functioning effectively, while the Remuneration Committee also needs greater female representation. The Nomination Committee was commended for the work it undertook for the CEO succession process. The Safety and Health Committee was noted as fulfilling its duties, though safety performance needs improvement due to ongoing fatal accidents. The Social, Ethics, and Sustainability Committee covers a broad range of topics and has improved meeting efficiency. The Board shares this responsibility with the Social, Ethics, and Sustainability Committee and collaboratively, both entities have ensured that the Board maintains a high level of knowledge and competence in climate change matters. The Investment Committee recognised the need for rigorous scrutiny on investments and post investment reviews was highlighted. The Nominating and Governance Committee further conducted an expanded independence assessment of directors with more than nine (9) year tenure. The findings confirmed that NEDs maintain their independence and objectivity, even with long tenures. In terms of paragraph 3.84(h) of the JSE Listings Requirements, the Nominating and Governance Committee has considered and satisfied itself as to the performance, competence, qualifications and experience of the Company Secretary. Competence on sustainability Sustainability is important to the Group and where appropriate, training sessions and site visits are conducted to provide directors with a more detailed understanding of these issues. See our Climate change supplement, www.sibanyestillwater.com/news-investors/ reports/annual/ In accordance with the ICMM and the GISTM, the Board of Directors is the final decision-making authority on issues relating to tailings management. To satisfy the GISTM requirements, one or more members of the Board need to have an understanding of tailings storage facilities risks, and the controls required to manage, monitor and mitigate the risks. Two directors on our Board members being Dr Elaine Dorward-King and Tim Cumming qualify for this stipulation. See www.sibanyestillwater.com/about-us/governance/ Succession planning Board evolution and succession planning are essential components of corporate governance, involving regularly assessing board composition for diversity and expertise. Sibanye-Stillwater’s retirement age for directors is 72 years. However, the Board reserves the right to extend this age limit to 75, provided the director is fit to carry out their duties. In 2024, Dr Maphai reached the age of 72, and given his availability and continued ability to fulfil his duties, the Board expressed satisfaction with his performance and leadership. Consequently, the Board resolved to extend Dr Maphai's term for one year, with further extensions subject to annual review. As noted earlier Terence Nombembe was appointed as a successor to Keith Rayner as the Chairman of the Audit Committee. Succession planning for the chairmen with a tenure of 12 years is also underway. The recent promotion and appointment of Richard Stewart demonstrates the rigorous succession planning within Sibanye- Stillwater and the benchmark strength. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CORPORATE GOVERNANCE continued IR – 26 Key areas of Board deliberation in 2024 • CEO succession planning • Review of the Board evolution process • Embedding of strategic differentiators • Driving innovative market development • Strengthening the balance sheet Planned areas of focus for 2025 • Continued Board evolution process • Appointment of female directors

FUNCTIONAL GOVERNANCE AREAS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Risk management Responsible governance entity: Audit Committee and Risk Committee The Board, in line with Principle 15 of King IV, ensures that our assurance functions enable an effective control environment that supports the integrity of information for sound internal decision-making and honest reporting to stakeholders. Assurance structure The Risk Management department maintains our combined assurance model, whose implementation is overseen by the Audit Committee. Risk Management is responsible for communicating key risks and material issues to the Risk Committee and the Audit Committee. Materiality and reporting Our Strategic risk register, complemented by operational risk registers, harmonises risks with material issues and our strategic goals. It serves as the primary reference for organisational reporting purposes. The Risk Committee conducts an annual review of our combined assurance model, with detailed consideration of our strategic risks and controls. Committee synergy The Chairman of the Audit Committee is also a member of the Risk Committee; cross-referencing improves risk oversight. King IV recommends having one or more members that have joint membership on both committees. Four members serve on both the Audit Committee and Risk Committee. Sarbanes-Oxley Act (SOX) compliance We have controls related to Financial reporting risks, which are subject to quarterly SOX self-assessments, forming the basis for SOX certification. These certifications are independently verified by external auditors. Management, as of 31 December 2023, has identified a material weakness in internal control over financial reporting which impacted cash and cash equivalents in the South African region, platinum group metals (PGM) inventory at Stillwater Mining Company, and certain inventory in process at Western Platinum Proprietary Limited. During 2024, management finalised the remediation plan and began implementation thereof. As a result of the remediation efforts, management have concluded that the aspect of the material weakness impacting cash and cash equivalents was remediated as of 31 December 2024. Management has also concluded that, whilst progress was made on remediation efforts related to PGM inventory at Stillwater Mining Company and the inventory in process at Western Platinum Proprietary Limited, further remediation is still required. Management further identified control deficiencies in the South African region relating to the management of user access in the company’s Information Technology General Controls (ITGC) environment, which in the aggregate, constituted a material weakness as of 31 December 2024. The material weaknesses did not result in any misstatement in respect of the consolidated financial statements for the years ended 31 December 2024 and 31 December 2023. Notwithstanding such material weaknesses in internal control over financial reporting, management has concluded that the consolidated financial statements present fairly, in all material respects, the financial position, results of our operations and cash flows for the periods presented in this Annual Financial Report, in conformity with International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB). Sustainability assurance Both internal audit function and external assurance provider adopt a combined assurance model for assuring selected sustainability KPIs, which are subject to annual limited assurance reviews. Assurance Responsible governance entity: Audit Committee and Risk Committee OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CORPORATE GOVERNANCE continued IR – 27 For more detail on our 2024 risks and opportunities, see Managing our risks and opportunities within the external environment, page 45. Also see “Risk factors” in our Form 20-F, at www.sibanyestillwater.com/news-investors/reports/annual/

Assurance levels Assurance levels are grouped as per the below diagram: Regulatory compliance Responsible governance entity: all Board Committees OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CORPORATE GOVERNANCE continued IR – 28 Line functions that own and manage risk • Policies and procedures • Control frameworks • SOX management self-assessment • Delegation of authority • Management reviews and monitoring • Periodic self-assessment • Cybersecurity assessments Internal specialist functions providing oversight • Risk management • Regulatory compliance • Legal • Group ICT • Group tax • SOX compliance • Company secretary • Safety inspections Internal assurance providers • Internal audit • Protection Services Forensic Investigators External assurance providers • External financial assurance • External assurance of selected sustainability indicators • Tailings management technical specialist assurance • Water management technical assurance • LPPM,1 responsible platinum and palladium external assurance • ISO certifications / IRMA / ICMM / WGC RGMP2 Regulatory inspectors and oversight bodies • Minerals Council • National, provincial and local Government department inspections, for example in South Africa the Department of Mineral Resources and Energy; Department of Water, Safety inspections, Receiver of Revenue; in Australia Department of Environment, Science and Innovation, Resources Safety and Health Queensland and Revenue Services in all our regions • Board subcommittees and governance committees 1 London Platinum and Palladium Market (LPPM) 2 International standards organisation (ISO), Initiative for Responsible Mining Assurance (IRMA), International Council on Mining and Metals (ICMM), World Gold Council Responsible Gold Mining Principles (WGC RGMP) L E V EL S O F A SS U RA N C E

OVERVIEW • Dedicated compliance officers at our US and SA regions directly monitor non-compliance. The respective Legal and Compliance Vice Presidents within the EU and Australian regions provide quarterly input to the Risk Committee and Board on non-compliances. Discussions regarding dedicated compliance resources are ongoing • The European region uses external legal advisors to ensure compliance with relevant laws • The Group operates in conformity with its Memorandum of Incorporation and complies with the provisions of the Companies Act (South Africa) RESPONSIBILITIES • Responsible functional departments handle legislative and regulatory compliance – Regional compliance functions support by simplifying laws and notifying management of legislative changes – The compliance function manages compliance risk by distributing a compliance methodology – It compiles regulatory compliance risk profiles and offers advice on strategic compliance issues • At the US PGM operations, a Compliance committee that includes site and service Group leadership meets quarterly to discuss recent developments and to strategise for the upcoming quarter MONITORING We conducted compliance risk profiling of applicable legislation with relevant departments. Based on the outcome of the Compliance Risk profile sessions, the following legislation was identified as critical (i.e. non-compliance may potentially lead to the revocation of our licence to operate, and/or significant financial loss or reputational damage): • SA region – Mineral and Petroleum Resources Development Act 28 of 2002 – Mine Health and Safety Act 29 of 1996 and the Mineral and Petroleum Resources Development Act 28 of 2002 – National Environmental Management Act 107 of 1998 – National Environmental Management: Air Quality Act 39 of 2004 – National Environmental Management: Waste Act 59 of 2008 – National Water Act 36 of 1998 – Hazardous Substances Act 15 of 1973 – Explosives Act 13 of 1956 • Other key legislation includes: – Compensation for Occupational Injuries and Diseases Act 130 of 1993 – Occupational Disease in Mines and Works Act 78 of 1973 – National Environmental Management Biodiversity Act 10 of 2004 – Carbon Tax Act 15 of 2019 – The Financial Intelligence Centre Act No 38 of 2001 • Finland – Environmental Protection Act (57/2014). Water Act (587/2011) and Waste Act (646/2011) – Nature Conservation Act (1096/1996) and Dam Safety Act (494/2009) – Act on the Safe Handling and Storage of Dangerous Chemicals and Explosives (390/2005). and Rescue Act (379/2011) – Occupational Safety Act (738/2002) and Government Decree on the Safety of Construction Work (2005/2009) – Mining Act (621/2011), GDPR and The Data Protection Act (1050/2018) (based on General Data Protection Regulation (EU) 2016/679) • France – Health and Safety at Work legislation is found in Part IV of the "Code du Travail" (the Labor Code) – Seveso III Directive (Directive 2012/18/EU) that focuses on the control of major-accident hazards involving dangerous substances • AUS region – Work Health and Safety Act 2011 (Cth) – Mining and Quarrying Safety and Health Act 1999 (Qld) – Mineral Resources Act 1989 (Qld) – Environmental Protection Act 1994 (Qld) – Mineral Resources Development Act 1995 (Tas) – Environmental Management and Pollution Control Act 1994 (Tas) – Mines Work Health and Safety (Supplementary Requirements) Act 2012 • The following are critical to our US PGM operations: Montana Metal Mine Reclamation Act and Federal Mine Safety and Health Act COMPLIANCE • There were no material or repeated regulatory penalties, sanctions or fines for contraventions of, or non-compliance with, legislative or regulatory obligations in 2024 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CORPORATE GOVERNANCE continued IR – 29

SEC’s Climate-Related Disclosures On 6 March 2024, the SEC adopted “The Enhancement and Standardization of Climate-Related Disclosures for Investors” to standardise climate-related disclosures by public companies beginning with annual reports for the year ending 31 December 2025. In September 2024, the SEC voluntarily paused the implementation of its climate disclosure rules pending a review by the Eighth Circuit Court. This decision follows numerous legal challenges from various parties, including states and industry groups. Compliance reports The Risk Committee received compliance reports from the regions, with no serious issues of concern. In the EU, the GDPR implementation project was completed and implemented on schedule and within budget. Technology and information Responsible governance entity: Audit Committee and Risk Committee Our ICT governance framework is aligned to COBIT 5 and ISO 27001. Our ICT risk governance framework and strategy is reviewed annually and was approved for 2024. Our Group ICT charter, aligned with King IV and ISO 27001, was approved by the Audit Committee, and is reviewed annually. Operationally, the CFO, supported by executive management, provides high-level direction for our ICT strategy. The SA, EU, AUS and US operations each have a dedicated ICT manager, all of whom report into the Group ICT function. Oversight is provided by the Audit Committee, with the Board having ultimate responsibility. The Risk Committee monitors and provides oversight of identified ICT risks. See Innovation, digital and technology, page 174. Remuneration Responsible governance entity: Remuneration Committee supported by other specialist committees Sibanye-Stillwater is committed to rewarding and encouraging ethical leadership. Our remuneration incentive framework includes targets for safety improvement and Sustainability performance. See Remuneration report for various ways in which safety and sustainability performance affects remuneration outcomes, from page 231. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CORPORATE GOVERNANCE continued IR – 30 US PGM operations – East Boulder mine underground access

WHAT DRIVES US Our purpose, vision and strategy 32 External environment for our business and operations 33 Unpacking our three-dimensional strategy 42 Managing our risks and opportunities within the internal and external environments 45 How strategy interfaces with risks and opportunities 59 Engaging with our stakeholders 60 How we create value: our business model 67 Capital trade-offs: strategic management for shared value 71 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 31 Lithium-ion batteries used for electric vehicles (EVs) are essential for reducing carbon emissions in transportation.

OUR PURPOSE, VISION AND STRATEGY OUR PURPOSE TO SAFEGUARD GLOBAL SUSTAINABILITY THROUGH OUR METALS We aspire to make a positive social and environmental impact through the commodities we mine and produce (green metals and recycled metals) and how we do so (Sustainability embedded as the way we do business), not least through our role in contributing to decarbonising the global economy. OUR VISION TO BE A LEADER IN SUPERIOR SHARED VALUE FOR ALL STAKEHOLDERS Our strategic ambition is to make a positive difference for all stakeholders through the supply of responsibly produced minerals that create benefits for society through their applications and through the social, environmental and economic capital generated at our operating sites. THE CONTEXT In a volatile and rapidly changing world, we are cognisant that the future holds uncertainties and elevated strategic risks characterised by the grey elephants (detailed on the page that follows). The main forces and trends that we identified in 2023 have intensified as we moved through 2024 and into 2025. This presents both increasing threats and opportunities. By monitoring early signals and identifying likely forces of change, and by employing anti-fragility principles, we can position our business to actively manage critical risks and seize advantages. For our business and operations, see External environment, page 33. OUR STRATEGY Our strategy has a three-dimensional approach, in which our priorities are layered in terms of: strategic foundation; strategic essentials; strategic differentiators. While we maintain a sharp focus on the strategic essentials of our business to deliver strong business outcomes, we aim to attain distinctive positioning in the global mineral resource sector through differentiation of the company to resonate with the most critical developing trends. • Decarbonisation to combat global warming continues to be the most significant global challenge for governments and businesses worldwide. While there have been ongoing debates around global efforts to reduce carbon emissions, we expect the global energy system to continue moving towards reduced GHG emissions. Increases in nuclear power, renewable energy (wind, solar, battery storage), green hydrogen, and the electrification of mobility will continue although conventional energy sources may have extended longevity. Our approach is to develop a unique portfolio of green metals and energy solutions that enable reversal of climate change and align with global shifts in technology adoption • Geopolitical tensions are having a significant impact on global policies and trade. Nations and regions are prioritising security of supply for scarce resources, and especially critical minerals. This creates opportunities for us to differentiate ourselves by participating in resilient national and regional ecosystems that mitigate the impacts of geopolitical volatility • Advancements in digital technology continue to accelerate rapidly integrating intelligent advances across all aspects of life. These developments offer transformative opportunities but also introduce new challenges that need to be managed effectively. We aim to leverage this potential to enhance business outcomes and human performance through technology, striving to become Inclusive, diverse, and bionic as a key strategic differentiator • Although Sustainability and DEIB are being challenged in some instances, stakeholders continue to demand good corporate citizenship, which is best expressed in the Group’s sincere commitment to meeting high sustainability standards and stakeholder capitalism. We believe that the most successful businesses are likely to be those that gain stakeholder credibility and support by demonstrating a meaningful socioeconomic purpose beyond just providing returns to shareholders. By continuing To be a leader in superior shared value for all stakeholders over the short- to long-term the Group will have an opportunity to differentiate itself and be Recognised as a force for good See Strategy unpacked OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 32

EXTERNAL ENVIRONMENT FOR OUR BUSINESS AND OPERATIONS DEVELOPMENTS IN THE EXTERNAL ENVIRONMENT OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PURPOSE, VISION, STRATEGY AND VALUES continued IR – 33 Future trends as symbolised by the grey elephants: The grey elephants (depicted in the schematic below), which informed our 3D strategy, are highly-probable, high-impact forces driving change and shaping the 2020s. Yet they are not always given the attention they deserve. While these forces create disruption and may pose a threat to conventional business activity, they may also present significant opportunities for those that embrace the future, and are bold and agile enough to respond timeously and reposition for future relevance to sustain business effectiveness. Since 2021, we have tracked eight major global trends (grey elephants) that impact our world. These trends are driving significant societal and economic changes, and accelerating other trends. The graphic below shows how these trends influenced our business in 2024. These developments confirm the grey elephants as a useful tool for anticipating future conditions and ensuring our relevance. Conflict in the world has intensified with associated escalation in the use of trade measures and disruption of established trading patterns. Ageing populations continue to disrupt social norms and economies with working lives extending for longer to maintain national productivity. Climate indicators continue to hit new records with extreme weather causing increasing disruption and threats to traditional ecosystems. Inequality continues to be a strong driver of social sentiment especially among developing nations with increasingly strident calls for social justice.Security of critical mineral supply and control of mineral supply chains is becoming an increasingly important point of economic leverage. National election results in 2024 demonstrated high levels of dissatisfaction with incumbent leadership due to perceived shortfalls in meeting expectations. Increasingly nationalistic policies are being pursued by many of the world’s major powers with the world economy deglobalising and transforming into coherent region ecosystems. Digital enablement continues to impact all aspect of human life stimulating profound advancement. Leveraging the benefits of digital technologies continues to be a major thrust to enhance business effectiveness. Adapting culture and strategy to navigate the grey elephants sharply transforming the world

Material factors in our external business environment CLIMATE CHANGE Climate change increases the physical risks to our operations with potential for asset damage and business interruption through more frequent intense weather events and changed climatic conditions. While measures taken to limit carbon emissions will impose new costs on the business, they will also create new business opportunities through the technologies required in a low carbon economy and the associated requirements for green minerals. Impact Our strategic response Related risks Related opportunities We continue to experience changing climatic conditions such as heat and drought along with more intense weather extremes such as flooding. This causes asset damage and business interruptions to varying extents across our global operations with projected amounts quantified in our TCFD reporting. We are experiencing increased costs associated with carbon emissions, though these are being mitigated through decarbonisation of our operations. The technology transition required to tackle climate change will create substantial new business opportunities in green metals and energy solutions with PGMs retaining sustained future relevance. Technologies for the low carbon economy are typically more mineral intensive than their conventional counterparts fuelling demand for critical minerals. We are working at asset level to mitigate vulnerability to weather events and changing climatic conditions based on detailed analytical work. This specifically includes our tailings storage facilities. All our operations have committed to an accelerated pathway to becoming carbon neutral by 2040 in conformance with science-based targets with decarbonisation initiatives underway. Secondary mining and recycling activities are reducing the carbon intensity of our metals production. Further, we have signed up to major relevant protocols and standards on reducing GHG emissions and are committed to transparency in our disclosures on carbon emissions. While our existing portfolio of metal production is relevant to clean energy, our strategy includes building a unique portfolio of green metals and energy solutions that contribute towards lowering world carbon emissions. (See Planet: Minimising our environmental impact, page 182 and our Climate change supplement for a full discussion of our extensive response to climate change.) 1,6 See pages 50 and 53 1,2,3 See page 59 13.2 OUTLOOK We expect the implications of climate change and the global response to intensify as carbon concentrations in the atmosphere increase. This will elevate the need to strengthen our work to safeguard our assets, ensure business continuity, and pursue decarbonisation initiatives while increasing the demand for critical minerals and the imperative of security of supply in a multipolar world. AUTOMOTIVE POWERTRAIN TRANSFORMATION Automotive powertrains are transitioning from internal combustion engines to new energy vehicles. Barriers to adoption of new technology are inhibiting the pace of uptake with regulatory pressure diminishing in key jurisdictions. Hybrid vehicles are increasingly representing an effective alternative to secure reduced carbon emissions. Impact Our strategic response Related risks Related opportunities Impact on mineral demand to date has been limited as, despite high growth rates off a low base, absolute penetration of battery electric vehicles into the powertrain mix has been modest except in China. We are positioning our production profile of PGMs to align with the longer-term market requirements while building up capability to service the requirements of the electrified vehicle market through participation in automotive battery value chains, particularly in Europe. We are also working with partners to develop new applications for PGMs to offset an eventual decline in the autocatalyst market. 4,5 See pages 52 and 53 1,3,6,8 See page 59 OUTLOOK While hybrid vehicles will prolong the internal combustion engine era, the proportion of vehicles that use internal combustion engines is forecast to eventually decline steadily as battery electric vehicle numbers increase. Markets for PGMs are expected to remain stable over the short to medium term, with increasing requirements for the supply of battery metals to service the growing demand for electrified vehicles. Alternative powertrain technologies may stimulate demand for PGM’s in the longer term. Overall, the transportation market will become more commodity-intensive with strong demand for battery metals and copper. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 34

GEOPOLITICAL DEVELOPMENTS Following substantial recent changes in political leadership, the world trade landscape is undergoing rapid and significant transformation to support increasingly nationalistic sentiment. This has dramatically accelerated the previously identified trend to strengthen regional supply chains that assure security of supply especially with regard to critical minerals. Impact Our strategic response Related risks Related opportunities Regulatory measures and incentives have been implemented in several countries to promote security of access to the critical minerals required in clean energy technologies. The trade measures being adopted may result in higher inflation and interest rates with macroeconomic slowdown that inhibits commodity demand suppressing prices. Our strategy has included building a business footprint in the European and North American ecosystems to supply into vertically integrated region value chains. This has attracted good support from governments for our initiatives. We intend to leverage our African mineral resource base to strengthen assurance of mineral supply into these ecosystems. 3,4,8,10 See pages 52, 55 and 56 2, 3, 4, 6 See page 57 OUTLOOK We expect control over critical minerals to become more important for the world’s major economic powers with foreign relations structured around guarantees of minerals access. Opportunities will increase for developing countries to leverage their mineral resources as catalysts for socio-economic development. PUBLIC AND REGULATORY ATTITUDES TO MINING Stakeholders expect that mining should be conducted responsibly, causing no harm to society or the environment, with increasing recognition that mining creates positive shared value through the application of the minerals produced and its economic contribution to local economies. There is an increasing expectation from stakeholders to be actively involved in the governance of responsible mining standards with robust independent assurance to engender trust. Impact Our strategic response Related risks Related opportunities Policies and incentives are being introduced more broadly to promote the establishment of critical minerals supply, while stringent regulatory frameworks remain in place around the permitting and conduct of mining operations. The sustainability standards landscape is evolving to ensure that stakeholders feel properly represented. Stakeholder attitudes are steadily becoming more favourable as the levels of trust improve. We subscribe to some of the world’s leading best practice mining sustainability standards (see Governance in sustainability, page 210), and have regard for the value created for all stakeholders through our business activities in line with our business ethos. We are actively involved in developing the consolidated mining standards initiative that moves to multi-stakeholder governance and more intensive independent third party assurance. Further we have included sustainability related metrics as part of our long-term incentive scheme, see page 244) 5,7,8 See pages 53, 54 and 55 1, 2, 3, 6 See page 59 OUTLOOK Recognition that the minerals industry is an essential positive contributor to society is expected to build, with policy and regulatory frameworks becoming more favourable to promote responsible mining. As the consolidated mining standards initiative advances into full implementation, we expect stakeholder confidence in the mining industry to steadily improve. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION EXTERNAL ENVIRONMENT FOR OUR BUSINESS AND OPERATIONS continued IR – 35

PUBLIC SERVICES IN SOUTH AFRICA A start has been made in turning around the quality of public services in South Africa, which is starting to improve business sentiment. While there is still a considerable gap to the quality eventually aimed for, improvements have been achieved in the reliability of electricity supply as well as in transport and logistics as a result of active cooperation between the private sector and government. Progress is also being made in strengthening the capacity to combat crime and corruption. Impact Our strategic response Related risks Related opportunities While shortcomings in public service delivery continue to hamper business competitiveness stifling economic growth, the effects are being alleviated through the measures undertaken recently. Investment appetite remains suppressed until there is more meaningful improvement with confidence that this will be sustained. Through organised business associations, we continue to work with government to address shortcomings that detract from the quality of key public services and press for reform. In parallel, where legislation allows, we are implementing projects to address our own requirements for services, most notably through several private power projects that we have commissioned. to supply renewable energy to our operations. (See Planet: Minimising our environmental impact, page 182 and our Climate change supplement, www.sibanyestillwater.com/news-investors/ reports/annual/) 3,5,7,8 See pages 52, 53, 54 and 55 7 See page 59 OUTLOOK Under the leadership of the Government of National Unity, we foresee good potential for further improvement in the quality of public services delivery although financial constraints under a strained fiscus will require innovative financing for the required investments in upgraded and new infrastructure. Based on promising indications, the private sector is likely to intensify its efforts to contribute in addressing the challenges. SOCIOPOLITICAL INSTABILITY IN SOUTH AFRICA The socio-political context continues to be volatile as inequality and low employment prospects in a low growth economy fuel dissatisfaction. This is perpetuating a climate conducive to high levels of protest and criminality, including the proliferation of organised criminal syndicates. The country’s transition to a multi-party government has progressed smoothly with the principles of constitutional democracy holding firm during a challenging phase. Impact Our strategic response Related risks Related opportunities Social protest and criminal activity have significant impacts on business effectiveness, with our South African gold operations particularly affected by illegal mining. With relative political stability assured at least for the time being, progress is being achieved on policy and regulatory reforms that are improving the business climate. Our work to build meaningful relationships with local communities through social programmes is delivering benefit with disruptive social protest at a contained level. We have also strengthened capacity to combat criminal activities that affect our operations. Advocacy to government through the key business associations is helping to secure improved policy quality and certainty in support of the shared goal to attain much higher levels of inclusive growth. 5 See page 53 7 See page 59 OUTLOOK While the socio-political context remains fragile, a good foundation has been established on which to build stronger social capital. The extent to which political intent translates into tangible economic growth that meaningfully impacts on unemployment and poverty will be a critical determinant of future socio-political stability. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION EXTERNAL ENVIRONMENT FOR OUR BUSINESS AND OPERATIONS continued IR – 36

COMMODITY FUNDAMENTALS GREEN METALS PLATINUM, PALLADIUM AND RHODIUM – applications, review and outlook PGM demand is largely driven by autocatalysts, accounting for approximately 40% of platinum demand, 90% of rhodium demand and 85% of palladium demand. Platinum (Pt) has traditionally been used in diesel vehicles, however substitution of palladium with platinum in gasoline vehicles has been adopted by the market as a result of the relative prices of each metal. Around 40% of platinum demand is accounted for by industrial uses, e.g., catalysts in the chemicals and petrochemicals industries, and in the manufacture of glass. Platinum jewellery, predominantly in China, accounts for the remaining demand. The use of platinum in fiberglass-reinforced materials in carbon reduction applications such as vehicle lightweighting and wind power may also prove important for demand. Palladium (Pd) is largely an autocatalyst metal, which accounts for some 85% of its demand. Palladium is also used in chemical processing. Rhodium (Rh) is also largely an autocatalyst metal, with autocatalysts accounting for approximately 90% of its demand. Rhodium is also used in catalysts for chemical processing. Rhodium’s use in a Rh-Pt alloy in the manufacture of glass has declined significantly in recent years due to its high price and has been replaced to a large extent by platinum. REVIEW OF 2024 OUTLOOK The platinum price traded in a wide range over the year between a high of US$1,070/oz and a low at US$874/oz, but ultimately finished 9% lower at US$914/oz. The rhodium price appreciated modestly during 2024 ending the year 3% higher at $4,575/oz. Palladium underperformed, falling 19% to end the year below the platinum price at $909/oz. Global platinum supply dipped 3% to 5.4Moz mostly as a result of lower output in South Africa. Palladium supply fell slightly in 2023 to 6.4Moz as North American and South African production were modestly lower. Nornickel’s refined production was little changed despite smelter maintenance. Rhodium output also fell, to just under 0.7Moz, as a result of lower production in South Africa. Load shedding ended in the first half of the year but there remained some excess in-process inventory stocks at the end of the year. The further decline in the basket price meant that PGM producers continued to cut costs and reduce capital spending. Automotive production dipped slightly in 2024. However, BEV market share rose from 11.6% to 12.7% as BEV production increased by 1 million units to 11.5 million, although that was not as high as initially expected. Overall production of ICE and hybrid vehicles was more than 1 million units lower than in 2023. As a result, PGM automotive demand fell for each of the metals, with palladium and rhodium more impacted than platinum, which continue to benefit from more widespread use of tri-metal catalysts for light-duty gasoline vehicles. Net jewellery demand slipped 6% to 1Moz in 2024. India saw modestly higher demand for platinum jewellery but this was not enough to offset declines in other regions. Platinum jewellery was less favoured than gold in China, despite the wide price differential, although the speed of decline in platinum jewellery sales slowed. Demand in Japan also dipped although the weaker yen did help lift sales to wealthy tourists. Industrial demand for platinum edged up to just over 26Moz. Gains in the chemical and electrical sectors were partially offset by reduced usage in the petroleum and glass industries. Secondary supply of PGMs was little changed in 2024. New vehicle sales were unchanged in Western Europe and only modestly higher in North America. Second-hand vehicles remained sought after amid ongoing cost-of-living pressures and there was no clear improvement in the number of vehicles being scrapped. All three markets ended the year in deficit with platinum being the tightest with a 1.1Moz deficit including investment. The palladium market had a 920koz deficit while the rhodium market deficit was 220koz. Overall PGM production from South Africa is forecast to dip slightly this year even though some work-in-progress stock that was built up during smelter maintenance is expected to be processed. South African producers have made significant efforts to cut costs and reduce CAPEX spending while maintaining output. However, rising costs and a low basket price mean that the mines at the top of the cost curve are loss making. If the basket price does not improve this year it may become necessary to close out some unprofitable areas. Recycling of autocatalysts is expected to remain challenging in 2025. Persistent inflationary pressures, high interest rates, and elevated new car prices are likely to encourage consumers to keep second-hand vehicles on the road for longer. As a result, recycling volumes are expected to see little improvement. Global light vehicle production is forecast to rise in 2025. However, the share of BEVs is expected to increase to 15.6% from 12.7% last year while production of ICE and hybrid vehicles is predicted to decline. As a result, autocatalyst demand is expected to fall. Should President Trump’s tariffs on Canada and Mexico remain in place there could be serious disruption to North American autos and parts trade, higher costs for US consumers and lower light vehicle sales than forecast, further impacting automotive demand. Industrial demand for platinum remains robust with many of the varied uses expected to see higher demand this year. Platinum jewellery demand is anticipated to slip this year as consumers in China still prefer gold, favouring the metal with an appreciating price, despite platinum’s significant price discount. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION EXTERNAL ENVIRONMENT FOR OUR BUSINESS AND OPERATIONS continued IR – 37

IRIDIUM – applications, review and outlook Iridium (Ir) and ruthenium (Ru) are used together in several industrial chemical processes, including the manufacture of acetic acid, a key intermediate in the manufacture of certain bulk chemicals. Iridium and ruthenium are used in combination for electrode coatings that can withstand the harsh operating environment of a wide range of electrochemical processes, including the production of bulk chemical intermediates such as chlorine and sodium hydroxide. In the electrical sector, iridium’s high temperature stability and purity have led to the use of iridium crucibles in the production of crystalline materials such as sapphire for use in LED lighting manufacturing and lithium tantalate used in the production of surface acoustic wave (SAW) filters for mobile communications. Iridium tips improve the performance of automotive spark plugs, in turn improving combustion efficiency in gasoline engines. Iridium (along with platinum) is also used as an alloy component in some medical devices, notably guide wires and stents. This is thanks to its biocompatibility and mechanical properties for micro machining tiny devices. Iridium is playing a rapidly increasing role in the hydrogen economy, as the key metal (along with platinum and ruthenium) in proton exchange membrane (PEM) electrolysers used in the production of green hydrogen from water using renewable electricity. Significant thrifting is expected to ensure a long-term sustainable iridium market. REVIEW OF 2024 OUTLOOK Global downgrades to hydrogen production capacity continued, lowering demand for iridium catalysts in PEM electrolysers. The gap between orders and final investment decision (FID) on electrolysers is widening, as producing green hydrogen via water electrolysis remains a costly process given the generally high costs of renewable electricity. Some electrolyser manufacturers and green hydrogen users face considerable financial pressures from high costs and limited scale. Consolidation has already begun and is likely to continue. Significant progress has been made in PEM catalyst technology, lowering the iridium loadings through improved catalyst design coating technology and some substitution with ruthenium. This lowers costs and improves long-term sustainability. Iridium-coated electrodes are important in a wide range of electrochemical processes; production of copper foil for use in batteries is a growth area. Premium Alkaline Water Electrolysis (AWE) electrodes for green hydrogen production are expected to use iridium and ruthenium coatings, helping to reduce energy input and lower process costs. While loadings are significantly lower than in PEM electrolysers, the expected global scale of this technology is expected to contribute to PGM demand growth. High purity crystalline materials for electronics applications continue to be manufactured in iridium crucibles, which are key to material performance in end uses. Price-induced substitution efforts out of iridium continue, but with limited success so far. RUTHENIUM – applications, review and outlook As mentioned above, ruthenium (Ru) and iridium (Ir) are used together for several applications. The electrical sector, specifically data storage applications, is helping drive global ruthenium demand. Ruthenium, along with platinum, forms part of the magnetic layer in hard disk drives. In the longer term, chip resistors, which are ubiquitous in consumer and industrial electronics, rely on compounds that contain ruthenium and this sector is becoming increasingly important for demand. The unique chemical and physical properties of ruthenium mean that it is also used in numerous semiconductor materials and components which enable increasing miniaturisation and efficiency in various electronic devices. Ruthenium is taking some share of the gasoline spark plug market, where its durability exceeds that of iridium and platinum. It is also an effective catalyst in the production of ammonia. The hydrogen economy has long-term potential for ruthenium demand across the value chain from production, through transport and storage and to end uses, though many projects are significantly delayed. Ruthenium is starting to be used in PEM electrolysers alongside iridium; previously ruthenium was insufficiently stable in the PEM electrolyser environment, however improvements to catalyst design combine the activity of ruthenium with the stability of iridium. This substitution will also help alleviate some of the pressure on iridium supply and lower the cost of the catalyst. REVIEW OF 2024 OUTLOOK The hard disk drive (HDD) sector has seen several quarters of growth, rebounding from a post-Covid slowdown. Ruthenium demand has picked up following inventory drawdowns. HDD manufacturers now have a better view of customer requirements, helping to smooth purchasing and reduce price volatility risk. Chemical demand for ruthenium catalysts for caprolactam production is growing to meet new plant capacity for nylon feedstock production in China. Catalyst demand is also strong for new green ammonia plants in China, in order to lower emissions in the energy sector. Hard disk drive demand is expected to be supported by the growth in the AI sector, which is driving demand for data storage. While alternative HDD storage technologies that are not based on ruthenium are emerging, ruthenium-containing disks are expected to remain competitive in both price and performance in the near term. Ruthenium is increasingly being used in semiconductor applications to drive miniaturisation and improve energy efficiency. Growth opportunities remain in the hydrogen economy for ruthenium, especially in transport and storage technologies; ammonia cracking and liquid organic hydrogen carriers are developing but still rely on supportive investors and government incentives. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION EXTERNAL ENVIRONMENT FOR OUR BUSINESS AND OPERATIONS continued IR – 38

LITHIUM – applications, review and outlook Lithium (Li) and its compounds have been used in pharmaceuticals and in the manufacturing of high-temperature lubricants, aerospace alloys, heat-resistant glass and ceramics. More recently, they have found a major application in rechargeable lithium-ion batteries (LIBs). The high energy-to-weight ratio, high charging speed, longevity and the possibility to recycle LIBs make them ideal for portable applications such as battery electric vehicles (BEVs) and consumer electronics. They are also finding use for stationary large battery energy storage systems (BESS) that provide grid resilience, and to store energy generated from renewables, that can be intermittent, to adjust electricity production to demand. Two different lithium compounds can be used in CAM (Cathode Active Material) production: lithium carbonate and lithium hydroxide. The latter enables the production of high-performance NMC (Nickel-Manganese-Cobalt) cells that give an increased power and driving range compared to competing cathode chemistries. The electrolyte that separates the cathode and the anode also contains lithium chemicals. Gross lithium demand is forecast to grow to more than 2.6 million lithium carbonate equivalent (LCE) tonnes by 2030. Given the political pressure for EVs and battery energy storage and the decline in lithium prices in 2023 and 2024, there are concerns as to the sufficiency of lithium supply over the long term. Furthermore, China’s dominance in the processing of lithium is also resulting in Western governments shoring up their lithium supply chains. Chinese companies control some 80% of the supply chain of lithium-ion batteries (from battery precursor to LIB production). BACKGROUND AND REVIEW OF 2024 OUTLOOK Gross lithium demand is estimated to have increased by 19% last year, mainly driven by increased global demand from the battery sector, both from automotive and energy storage end-uses. Lithium consumption from automotive batteries is estimated to have grown 21% last year, primarily driven by growth in BEVs and PHEVs (plug-in hybrid electric vehicles), including range-extended electric vehicles, (REEVs). While year-on-year global BEV production growth slowed to 12% last year (compared to 30% in 2023), automotive batteries were still the end-use segment with the largest growth (in absolute terms). Demand growth was driven by a trend of increasing battery pack sizes, a boom in PHEVs, especially in China where production grew 65% year-on-year, and continued, albeit moderated, growth in BEV production. Simultaneously, demand from Battery Energy Storage Systems (BESS) is estimated to have increased 41% last year, becoming the fastest growing end-use segment. Growth was driven by greater solar plus storage installations as developers leveraged lower prices for lithium-ion batteries and solar cells. The low prices were largely a result of underutilised capacity in China. Primary lithium supply is estimated to have increased by 32% in response to the growth in demand, despite declining lithium prices and high-cost mine closures, with supply growth coming from Africa, Chile and Argentina, primarily. As a result of slower demand growth and sizeable inventories in China coupled with strong growth in supply globally, battery-grade lithium carbonate prices declined again during 2024, averaging around US$12,500/t for the year. Lithium carbonate remains the main battery-grade lithium precursor in China due to the resurgence of lithium iron phosphate (LFP) cathodes, being cheaper, safer, and offering a higher cycle life. The use of LFP cells in both BEVs and BESS extends beyond China, as demonstrated by major, non-Chinese, BESS solution providers switching to Chinese LFP cells. Lithium hydroxide demand growth was slower due to slower growth in BEV production in Europe and North America. That said, nickel- manganese-cobalt (NMC) remained the preferred cathode in these markets. The introduction of tariffs on Chinese battery imports in the US, and Chinese BEVs in the EU, limited the proliferation of LFP in the region, which presents a greater opportunity for Ni-rich NMC batteries, that require lithium hydroxide. Lithium demand for 2025 is forecast to increase by 26% from 2024 levels, with the majority of this growth again resulting from greater demand from automotive batteries. The further decline in prices last year is expected to temper the supply response somewhat, although projects continue to be commissioned, with primary lithium production predicted to rise by only 11% in 2025, potentially tightening the market. Consequently, lithium prices are forecast to reach a floor this year, with rising prices needed to help incentivise new projects that will be required to meet long-term demand growth. New projects remain well placed to meet market requirements in the next few years, under the right conditions. The increased focus on environmental and social factors in recent years has added to the complexity of permitting and developing new projects, despite efforts to simplify permitting processes in some geographies, like the EU Critical Raw Materials Act. Considering current projections for BEV penetration, significant investment in new lithium supply will be required to meet forecast demand over the next decade. At the currently depressed prices, this investment may not be forthcoming but may delay new projects, potentially leading to a gap between demand and supply and increasing the risk of supply deficits towards the end of the decade, resulting in higher prices. A shift to lithium iron phosphate, or LFP, remains a downside risk to European lithium hydroxide demand. The deferrals, if not shuttering, of planned NMC gigafactories in Europe, combined with recent announcements for localised LFP production does present a risk to the lithium hydroxide demand in the medium-term. However, with the EU remaining steadfast in their CO2 reduction targets, albeit with greater flexibility through to 2027, greater BEV production is expected to offset the LFP shift and generate additional lithium hydroxide demand. Furthermore, European policies promoting local recycling and protectionist policies towards Chinese imports could hinder LFP uptake in the region, in the near-term. 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NICKEL – applications, review and outlook Nickel (Ni) has excellent physical and chemical properties that make it ideal for use in alloys – especially when used with chromium, or with iron (ferronickel), as well as with other metals, to produce stainless steels that are heat-resistant. There are at least 3,000 nickel alloys, including stainless steel, used in a number of industries to produce a wide range of goods, including vehicle crankshafts and axles, propeller shafts, scientific and surgical equipment. Nickel alloys are also used in a range of household products such as kitchen sinks, cooking utensils, and washing machines. Importantly for our green metals strategy, nickel alloys are used in PV solar panels and wind turbines (which on average use about two tonnes of nickel). Nickel has excellent properties: a high melting point (1,454 degrees Celsius), can withstand extreme low temperatures, resistant to corrosion and oxidation, good catalytic properties and fully recyclable. Nickel is a key constituent in increasing the energy density of Li ion batteries with higher nickel compositions allowing for reduction in the use of cobalt. However, around two-thirds of nickel demand still comes from stainless steel production whereas batteries use ~15% of nickel produced. This balance is forecast to change dramatically in the coming decade with demand growth expected to be increasingly driven by the EV sector. With global EV sales expected to exceed 30 million by 2030, demand for nickel (like lithium) is expected to grow. Further, pressure is growing on producers to reduce the carbon footprint and physical impact of nickel mining and processing, and may result in those that offer a reliable, socially, and environmentally assured products yielding a premium in the future. REVIEW OF 2024 OUTLOOK Nickel consumption in stainless steel remained subdued, especially in China where low stainless-steel prices indicate the state of oversupply in the market. Nickel consumption growth from stainless-steel is estimated to have moderated compared to 2023. Nickel demand from the battery sector is estimated to have grown by 20% in 2024 compared with 2023 with BEVs remaining the largest battery segment for the metal. There was limited upside in nickel demand from the boom in PHEV production in China owing to majority of these vehicles utilising LFP cathodes. After a significant decline in 2023, the nickel price stabilised somewhat in 2024. Disruption to supply in New Caledonia resulted in some volatility, and there were a number of significant capacity closures in Australia. However, these were insufficient to balance the market and the price ultimately fell almost 8% over the course of 2024. Growth in Indonesian nickel supply continued to outperform the rest of the world despite delays in issuing mining permits for nickel ore producers in the country in 2024. Several high pressure acid leach (HPAL) plants established since 2020 are now comfortably operating above nameplate capacity and there are a number of similar plants due to come online in 2025. After very rapid growth in 2023, expansion of nickel supply slowed to approximately 4% in 2024. Meanwhile, net demand grew by more than 8%. This contributed to the market surplus shrinking by almost 50% year- on-year. The nickel market is forecast to remain in a significant surplus in 2025, marking it the third consecutive year of oversupply. This persistent market surplus is expected to keep pressure on the nickel price in 2025. Having slowed to 3.5% in 2024 thanks to several high-profile operational closures, supply growth is expected to strengthen in 2025 to 10% year-on- year. Demand growth is forecast to grow by 9% year-on-year in 2025, resulting in a slightly larger market surplus versus 2024. The trend of a continued shift to LFP weighs on the outlook for automotive nickel demand. While there was some upside from greater expectations in a recovery of European EV production, following the introduction of tariffs on Chinese imports and tighter CO2 emission legislation this year, the EU commission’s plans to offer flexibility to OEMs through to 2027 could delay production, and, therefore automotive battery demand. ZINC – applications, review and outlook Zinc (Zn) is the 23rd most abundant element in the earth’s crust. Its primary use is as a galvanising agent (corrosion protection) in stainless-steel alloys, though many other industries use zinc. China is the largest source of demand for zinc, primarily because it is the largest producer of stainless-steel. Galvanised steel is used extensively in the automotive industry in chassis components, in construction, and household appliances. Zinc compounds also have important uses in health and nutrition. Several compounds are used in common fertilisers to increase crop yields and fortify micronutrient levels in food. Zinc is highly recyclable and can be recovered and reprocessed with minimal losses. It fits well in our green metal strategy as zinc coatings play an essential part in protecting solar, wind and energy infrastructure from corrosion. REVIEW OF 2024 OUTLOOK As a result of mine closures in 2023 and several mines underperforming expectations during 2024, mined zinc production fell last year, tightening the market for concentrate. Refined zinc output was impacted by reduced concentrate availability and the market is estimated to have been in deficit. Zinc stocks on the Shanghai Ferrous Exchange (SHFE) in China fell during the year resulting in a price rally with the zinc price ending the year 12% higher. Global zinc demand is estimated to have climbed to over 14 million tonnes in 2024 (source: International Lead and Zinc Study Group). Last year, European zinc demand shrank owing to the stagnant German economy and lower demand in Italy and Poland that was only partially offset by gains in France. Zinc usage in the US is also anticipated to have been slightly lower. Demand in China was moderately higher year-on-year despite the ongoing downturn in the real estate market as car and home appliance production continued to expand. Zinc demand also increased in several other countries including India, Korea and Brazil. Mine supply is expected to rebound in 2025 as mines that suffered stoppages in 2024 return to full production and restarts of Ivanhoe’s Kipushi mine in the Democratic Republic of Congo (DRC) and Boliden’s Tara mine in Ireland ramp up production. After experiencing delays, the Ozernoye mine in Russia is also expected to be brought into production, lifting zinc output. Increased mine supply should ease the tightness in the concentrate market and enable higher refined output, moving the market into surplus. Global zinc demand is predicted to grow by around 2% and exceed 14 million tonnes in 2025 (Source: ILZSG). India continues to be the fastest growing large economy and its zinc demand is projected to rise further in 2025. The Chinese economy picked up speed in the final quarter of 2024 and zinc demand is anticipated to improve this year. The situation in the US has been clouded by uncertainty over tariffs which could see demand drop this year. Economic growth in the EU is forecast to improve somewhat in 2025 which could lead to a stabilization in demand. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION EXTERNAL ENVIRONMENT FOR OUR BUSINESS AND OPERATIONS continued IR – 40

GOLD – applications, review and outlook Gold (Au) has a legacy of being one of the most precious, durable and lustrous of metals, underpinning its role as a store of value. In the modern era, gold’s properties have been innovatively applied in a number of technological, industrial and medical applications. Gold is used in catalytic converters and in space travel to protect against radiation and heat. In the medical field, gold nanoparticles have become commonplace in rapid diagnostic testing. Amongst a range of interesting developments, gold nanoparticles are being used to improve the efficiency of solar cells. More recently, gold has gained traction as an essential component in the manufacturing of AI-enabled devices. Regardless of potential breakthrough applications for gold, it remains a sought-after and precious substance for people the world over. REVIEW OF 2024 OUTLOOK Total annual gold demand, including over-the-counter purchases, hit a new record high of 4,974 tonnes (+1% y/y), driven by strong, sustained central bank buying and growth in investment demand. Total demand combined with gold’s strong price performance also resulted in the highest ever total value of demand at $382bn. Central banks continued to buy gold at pace in 2024, with purchases exceeding 1,000 tonnes for the third year in a row. Buying ramped up significantly in Q4, bringing the annual total for central banks to 1,045t. Global investment demand increased 25% y/y to 1,180 tonnes – a four- year high – driven by sustained Asian demand and a revival in Western gold ETF demand during the second half of 2024. Unsurprisingly, high prices dampened demand in the jewellery sector, with annual consumption decreasing by 11% to 1,877t. The decline was driven largely by weakness in China, though Indian demand remained resilient, dropping just 2% y/y despite a record high price environment. The technology sector saw a rise in gold used in artificial intelligence (AI) and electronics, contributing to a 7% y/y increase to a total of 326 tonnes in 2024. Total gold supply increased 1% year-on-year, driven by growth in both mine production and recycling in 2024. Gold production grew marginally higher to 3,661 tonnes while recycling jumped 11% y/y to 1,370 tonnes. Source: World Gold Council, Gold Demand Trends Full Year 2024 report. Gold had its best annual price performance in 14 years, rising 26% during 2024. Gold’s positive run has continued in 2025, with the price increasing by nearly 9% through February. Looking forward, concerns over tariffs, and the wide-ranging impact they could have on global growth, continue to cast a cloud and question US exceptionalism. This has added to already rising geopolitical risk. Recent events have highlighted the need for greater military spending, which will likely result in even higher deficits. There are several factors that could reinstate the thorny problem of higher inflation, especially at a time when deteriorating economic conditions may necessitate interest rates staying low. Historically, each of these drivers has individually been positive for gold. And, although they seldom occur simultaneously, their combined effect may continue to have a positive effect for gold, despite potential short-term headwinds. In all, gold investment demand will likely remain strong in 2025, complemented by above average central bank buying. A high price environment, however, will likely continue to dampen fabrication demand – especially through jewellery, and despite a positive (but smaller) effect from gold’s use in technology. Source: World Gold Council, Gold Demand Trends Full Year 2024 and Gold Market Commentary February 2025 reports. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION EXTERNAL ENVIRONMENT FOR OUR BUSINESS AND OPERATIONS continued IR – 41 Employees at the UG 2 concentrator, SA PGM

UNPACKING OUR THREE-DIMENSIONAL STRATEGY OUR STRATEGIC FOUNDATION Our strategic foundation defines our impact on our operating environment and our stakeholders. It incorporates our fundamental approach including our purpose, vision, values, and commitment to embedding sustainability and shared value. The Umdoni tree symbolises our ethos and early adoption of stakeholder capitalism. Its roots represent our iCARES values. Our roots, our iCARES values, are at the heart of all that we do, the decisions we make and how we conduct our business. These values are enshrined in our Code of ethics and form the basis of the organisational growth and culture rejuvenation programme currently underway. iCARES VALUES INNOVATION We find new ways to do things better COMMITMENT We deliver on our promises to all our stakeholders ACCOUNTABILITY We accept responsibility and consequences for our actions RESPECT We show regard and consideration for others ENABLING We make it easy for ordinary people to deliver extraordinary performance SAFETY Attaining zero harm is our foremost priority OUR STRATEGIC ESSENTIALS Support attainment of operational and business excellence We have five strategic imperatives that are instrumental for us to compete on the global stage. OUR STRATEGIC DIFFERENTIATORS Represent the opportunities that we have identified to be distinctive in the global minerals industry OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 42 We represent our business ethos through the indigenous South African Umdoni tree • Our values are the roots of our organisation, which provide a solid basis for the way we do business • The trunk of the tree is represented by our people, the material foundation and strength of the Group • Quality results from our operations – safe production at competitive cost - are the source of value created through our business activities and necessary for shared value and sustainability • The canopy/leaves on the branches represent our stakeholders – each of them of equal importance • The tree’s seeds and fruits signify the varying benefits and value that our success allows us to share with all stakeholders

STRATEGIC DELIVERY IN 2024 AND PROGRESS TOWARDS DIFFERENTIATION ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– For detailed disclosure of the performance against our strategic essentials areas in 2024, see section 03 of this report (from page 74 onwards). Below is a concise summary of key aspects of strategic delivery. Performance/progress made per strategic essential to date, its status and link to area in this report OUR STRATEGIC ESSENTIALS Support operational and business excellence Overall achievement Steady performance and ongoing focus More work to be done Performance/advances made Status For detail, see these sections Ensuring safety and wellbeing • Best recorded annual performance for SIFR, LDIFR and TRIFR for the Group • 81% of all stoppages were being initiated by frontline supervisors for the month of December 2024 (December 2023: 59%) by year end • Regrettably we lost eight of our colleagues during the year (2023: 11) • Strong progress on rolling out group minimum standards with focus shifting to monitoring application in the operations • Values reignition programme launched with a central aim to promote safety as a critical value • Chairman and CEO’s review • Safe production • Health, wellbeing and occupational hygiene Prospering in every region in which we operate • Improved B-BBEE score from level 8 (2021) to a level 4 • Meaningful progress with the South African government to improve the climate for business competitiveness • Undertakings obtained on European grants to support pCAM business development • Tax credits made available to support domestic critical mineral production in the United States • Generally constructive relationships maintained with stakeholders at all our operations • Chairman and CEO’s review • Social, Ethics and Sustainability Committee: Chair’s report • Our people • People: Socioeconomic development Achieving operational excellence and optimising long-term resource value • Operational challenges that have recently been inhibiting productivity being addressed • Securing a more favourable position on the PGM industry cost curve • Realising enhanced value through implementation of our chrome strategy • Credible partnership established to realise value from our uranium resources • Work underway with the aim of securing US$1000/2E oz AISC for long-term sustainability of the Montana mining operations • Sustained strong capital allocation to organic growth projects • Advanced a healthy pipeline of feasibility studies with prospects for future growth • Chairman and CEO’s review • Delivering value from operations • Mineral reserves and resources • CFO review Maintaining a profitable business and optimising capital allocation • Operational restructuring implemented to secure greater operational stability • Secured up to €500 million through a green loan financing facility for our Keliber lithium project in Finland. • Building a credible North American recycling business through integration of the Reldan operations • Balance sheet bolstered during the PGM price down cycle through innovative raising of non-debt finance • Well structured debt pipeline with undemanding repayment schedule • Chairman and CEO’s review • Delivering value from operations • Mineral reserves and resources • CFO review Sustainability embedded as the way we do business • Sustainability strategic framework refresh supported by 2030 and 2050 targets and underpinned with a Pyramid for Positive Change to move strategy to action • Women in management increased to 28.4% (2023:26.4%) • Group and regional socioeconomic study completed demonstrating shared value benefits across the different ecosystems • Paid dividends of approximately R308m to several community trusts • 7.6%1 less water purchased compared to 2023 • Financial close of the 140MW Umsinde Emoyeni wind farm. 407MW of dedicated renewable energy projects now in construction • Chairman and CEO’s review • Social, Ethics and Sustainability Committee: Chair’s report • People: Socioeconomic development • Planet: Minimising our environmental impact • Governance in sustainability 1. Excluding AUS region, Reldan and Keliber Lithium project OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION ADVANCING OUR THREE-DIMENSIONAL STRATEGY continued IR – 43

OUR STRATEGIC DIFFERENTIATORS Opportunities to distinguish ourselves in the global minerals industry We continue to make progress on our strategic differentiators that will allow us to occupy a distinctive position in the global minerals industry. Further key steps were taken in 2024 towards shaping a unique portfolio of green metals and energy solutions as summarised in the following bullets. The steady progress continues to be transformational for the Group. • Acquisition and integration of Reldan proceeding well building our recycling footprint and generating value • 10% of revenue earned from secondary mining activities with 12% from recycling in 2024 and contributing 24% and 5% of EBITDA, respectively • Keliber lithium project advancing and set to start the ramp up into production during 2026 diversifying the Group’s metals mix • Mount Lyell and GalliCam feasibility study work advancing towards investment decisions on expanding the portfolio of green metals The other three differentiators relate to how we conduct our production operations, and represent the basis for elevating our business performance to a higher level of excellence than can be achieved solely through focusing on the business basics and fundamentals. We are steadily embedding principles and practices that make us inclusive, diverse and bionic, that ensure we operate in concert with our stakeholders as part of cohesive pandemic resilient ecosystems, and that will lead to us being recognised as a force for good in terms of what our business activities deliver to all stakeholders. The differentiators are supported by our drives to foster a culture of innovation, promote trust and transparency with stakeholders, and apply anti-fragility principles to strengthen our organisation against risks and embrace opportunities. While not always directly linked to the strategic differentiation that we aspire to achieve, numerous examples of how this is being achieved are presented throughout this integrated report. Recognised as a force for good Inclusive, diverse and bionic Building pandemic-resilient ecosystems Unique global portfolio of green metals and energy solutions that enable reversal of climate change OUR PYRAMID OF POSITIVE CHANGE OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION ADVANCING OUR THREE-DIMENSIONAL STRATEGY continued IR – 44 Good Corporate Citizenship: At the base of the pyramid, good corporate citizenship represents the minimum requirement. How we demonstrate adherence to laws and regulations, paying liveable wages, treating employees fairly, and acting ethically in all business dealings. Corporate Social Investment (CSI) & Corporate Social Responsibility (CSR): The next level involves going beyond legal obligations to proactively contribute to societal welfare This includes philanthropy, volunteer programmes, and partnerships with non-profit organisations. Environmental, Social, and Governance (Sustainability): As we moves up the pyramid, the focus broadens to encompass sustainable and responsible business practices across all areas of operation. This requires consideration of environmental impact, social equity, and corporate governance in decision-making processes. Creating Shared Value: At the apex of the pyramid, the activities we undertake to create shared value, where business success and societal progress are mutually reinforcing. A framework for operationalising our intent to deliver superior shared value and be Recognised as a force for good

MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE INTERNAL AND EXTERNAL ENVIRONMENTS OUR APPROACH ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Sibanye-Stillwater’s enterprise-wide risk management (ERM) approach is based on the adopted guidelines of ISO 31000 International guideline on risk management, the Committee of Sponsoring Organisations of the Treadway Commission (COSO) framework and the requirements of King IV South African Report on Corporate Governance. Our ERM process is an integral part of our business strategy, is seamlessly integrated into strategic planning to enable informed decisions, minimise negative impacts, and capitalise on opportunities. Our risk management culture is aligned with our purpose, vision, and values, and permeates all business units, operations, and projects, including new acquisitions, with oversight from our Risk Committee reporting directly to the Board. This structure ensures that governance remains a priority as management handles the implementation of our comprehensive ERM framework. An independent review of the ERM process and adherence to adopted guidances and best practices is performed on an annual basis. Our ERM process encompasses both a top-down company strategic focus as well as a bottom-up regional, operational and business unit focus. Risk identification and mitigation are systematically structured throughout the organisation, with a Group strategic risk register and regional risk registers maintained, and further supported by operational and business unit risk registers. The C-suite has conducted a thorough review of the Group's strategic risks, evaluating both internal and external factors and identifying new and/or emerging risks not currently listed, while considering the alignment of previously identified risks with new developments affecting the Group's long-term sustainability. Key strategic objectives articulated in the 3D strategy link directly to risk factors, which are evaluated not only for potential failures, but also for their impact on various business scenarios. Each risk factor includes detailed sections on vulnerabilities, triggers, and consequences, clearly distinguishing inherent threats and opportunities. While some risks are managed at the Group corporate level, many mitigation efforts are tailored to regional circumstances, as documented in the regional risk registers. Management continues to assess the effectiveness of current mitigating controls and advocates for the integration of Group and regional risk registers using the Inclus system to avoid duplication. Further mitigating controls in the process of implementation are tracked on a quarterly basis in order to assess their effectiveness once implemented. (Also see Corporate governance, page 27). Our risk management process Governance structures involved ESTABLISHING THE CONTEXT • Review and update strategic and operational goals • Evaluate internal and external environments and the impact on strategic and operational objectives • Review our risk appetite per strategic risk category • Set and approve risk tolerance levels • Review and update the impact matrix • Review and update the role and responsibility matrix IDENTIFY • Implement risk management processes in line with the ERM framework – daily at the operational and business units • Identify threats or opportunities to strategic goals • Scan internal and external business and operating environment for new risks • Compile risk register – by function for Group, operating segment, operations, service departments and/or business units ANALYSE AND EVALUATE • Interrogate risks to understand root causes and consequences to strategic focus areas • Assess the severity and likelihood of risks • Rank risks according to severity and likelihood • Assess and prioritise mitigation ASSESSMENT AND RESPONSE • Identify current controls • Develop further enhancement plans and implement controls • Monitor adequacy of controls REVIEW REPORT AND MONITOR Roles and responsibilities matrix: Executive management: • Responsible for overall risk governance, for managing and monitoring success of controls and mitigation plans, and for determining whether risks are within the limits of our risk appetite • Participates in annual strategic risk workshop; reviews risk register; conducts risk analyses, e.g., PESTLE • Is supported by Corporate strategy and Group Risk management functions • Reports to the Risk Committee Risk Committee and Board: • Reviews Group and regional priority risk registers submitted by executive management (twice yearly) • Assesses and approves Group risk appetite and tolerance levels annually All levels of management, outside formal review cycles, are responsible for monitoring and responding timeously to risks and material developments. Governance structures involved A At operating level, business units and Group level C Executive management E Board B Risk management function D Risk Committee OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 45

Risk appetite and tolerance The Sibanye-Stillwater Board oversees risk management within the Group, delegating implementation and monitoring to the Risk Committee. The Board annually approves our risk appetite and risk tolerance framework (RATF). Risk appetite defines the level of risk we're willing to accept to achieve goals. It includes key indicators, tolerance levels, and triggers for remedial actions if exceeded. We factor in various internal and external influences to gauge risk severity and likelihood. Management reviews current controls and plans enhancements to mitigate risks. If residual risk exceeds our appetite, additional measures are taken to bring it within acceptable levels. We take a moderate to high-risk approach to production variability but continually seek long-term sustainability through cost management, new technologies, and expertise. Our growth relies on bold, ethical leadership, supported by research and development for an objective market view. Significant acquisitions or projects align with a moderate risk appetite. For financial instruments, we adopt a low-risk strategy, maintaining prudent leverage, indebtedness, and liquidity levels. The 2024 Risk appetite and tolerance framework is presented annually to Risk Committee for review and approval. The committee consented to the proposal for risk levels of “low”, “moderate”, and “high”; and supported the idea that the Group should have a very low tolerance for Sustainability risks. The Risk appetite and Risk tolerance framework is used as a guidance by the Board to assess and monitor the mitigating controls as to their effectiveness in managing the residual risk exposure in line with our appetite and tolerance levels. COMPLIANCE MONITORING ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Our Group compliance function monitors compliance with global corporate standards and requirements associated with our stock exchange listings, as well as regional compliance departments for Southern Africa and Europe; noting that the Americas region has a fully functional compliance department which mirror some of the corporate functions based in South Africa (e.g. tax). Each region has taken responsibility for its own regulatory compliance, information governance, and privacy programmes and activities, within the broader guidance and strategy of Group compliance. Regulatory compliance Certain legislative requirements are mission critical, by which non- compliance could potentially lead to the revocation of our operating licence, significant financial loss, or reputational damage. These critical requirements include the Companies Act, JSE Listings Requirements, U.S. Securities and Exchange Commission requirements, Carbon Tax Act, Financial Intelligence Centre Act (FICA), National Health Insurance Act, the Mining Charter, LPPM Responsible Platinum Palladium Guidance (RPPG), and the King IV Report on Corporate Governance™ for South Africa, 2016 (King IV). Our adherence to these regulations is robust, ensuring that our licence to operate remains secure. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 46 Early morning on the surface area of the K4 shaft, SA PGM operations

TOP 10 RESIDUALLY1 RANKED RISKS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Change in top 10 residual risk ranking ñ Elevated to top 10 residual ranking ö Increased ÷ Decreased residual risk ranking ú No change in residual risk ranking ø New risk Residual risk ranking status Low ranking (1-6) Medium ranking (7-19) High ranking (20-25) Ranking Ranking change Top risks (click to detailed description) Inherent risk rating Residual risk rating2024 2023 1 2 ö 1. CHANGING WEATHER PATTERNS MAY CAUSE ASSETS DAMAGE AND BUSINESS INTERRUPTION 16 12 2 11 ö 2. COMPROMISED BUSINESS AND OPERATIONS MANAGEMENT SYSTEMS 16 9 3 New ø 3. ECONOMIC CLIMATE AND OPERATIONAL PERFORMANCE MAY INFLUENCE THE STRENGTH OF THE BALANCE SHEET 16 9 4 12, 13 & 19 ö 4. THE COMPANY’S GROWTH IN TARGETED COMMODITIES AND REGIONS MAY DEPART FROM INTENDED TRAJECTORY 16 9 5 9 & 15 ö 5. SHARED VALUE DELIVERY MAY FALL SHORT OF DESIRED LEVELS AS A RESULT OF PRESSURE ON THE PROFITABILITY OF OPERATIONS 16 9 6 3 ÷ 6. TRANSITIONAL RISKS DUE TO CLIMATE CHANGE IMPACT 16 9 7 New ú 7. HEALTH AND SAFETY PERFORMANCE MAY IMPAIR COMPANY BRAND 16 9 8 New ø 8. GEOPOLITICAL DEVELOPMENTS MAY INFLUENCE THE RELIABILITY OF SUPPLY CHAINS (UPSTREAM AND DOWNSTREAM) THAT SERVE THE CORPORATION’S OPERATIONS 16 9 9 New ö 9. TECHNOLOGICAL DEVELOPMENTS MAY DISRUPT THE MARKETS SERVED BY THE COMPANY AND REQUIRE STRATEGIC ADAPTATION BY THE ORGANISATION TO REMAIN COMPETITIVE AND RELEVANT 16 9 10 6 & 10 ú 10. THE VALUE DERIVED FROM ACQUISITIONS MAY DEPART FROM THE ANTICIPATED LEVELS 12 9 1 Residual risk is the amount of risk that remains after the effectiveness of current internal controls is taken into account 2 New stand alone Group risk through aggregation of regional safety risks and consideration of the reputational impact For more information on these risks, see page 50 of this section. Sibanye-Stillwater risk matrix OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 47

Risk dynamics – movement in Group risk rankings In 2023 the residual risk ranking of the risks below had their risk ranking as part of the Top 10 Strategic Risks for the period. During the 2024 period, these risks were assessed and evaluated which resulted in their movement out of the top 10 strategic risks. They remain part of the top risks on our strategic threats and opportunities register. Appropriate mitigating controls remain in place ensuring that the risk exposure is well managed. Previous ranking (2023) Risk Explanation for decrease in residual risk 1 Energy availability The residual risk ranking on energy availability reduced for the 2024 financial year mainly due to effective mitigating strategies that have been implemented through the organisation. It remains one of the risks that have the potential to change in ranking especially in the South African region as there is still exposure to fluctuations in Eskom’s Energy Availability Factor (EAF) and the constant increases in energy costs. 4 Failure to enable resilient communities Our local communities remains one of our most important stakeholders. This risk once as stand alone risk addressing various issues of communities as a stakeholder, the risk has been consolidated to better capture all issues relating to communities as a stakeholder. The risk name in 2024 is “ The degree to which the company operates as an integral part of local communities may influence business effectiveness” with a risk ranking of 14 in the 2024 period. 5 Lack of technical and operating capability Ensuring that we have appropriately skilled and knowledgeable personnel within the organisation remains important. Appropriate mitigating strategies continue to be implemented for this exposure. The movement in ranking out of the top 10 was due to the environment exposures and the addition of new threats identified during the period. 7 Company resilience against catastrophes and pandemics The residual risk ranking for energy availability has decreased for the 2024 financial year, primarily due to the effective mitigation strategies that have been developed within the organisation. Additionally, there has been a reduction in the likelihood of such events occurring, apart from those major incidents tracked separately through other risk categories. However, energy availability remains a risk that could suddenly change in ranking. The Group continues to monitor both internal and external environments for any indicators of this potential shift. 8 Rate of technological change (In respect of current and future operations and energy solutions) Rate of technological change (in respect of current and future operations and energy solutions) remains a top strategic risk ranking 11 in 2024. Mitigating strategies remain in place to manage the risk exposure and ensure that we are kept abreast with all technological developments and requirements in our business. RISKS BY REGION ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Risk and opportunity management is integrated at all levels of the organisation ensuring appropriate tracking and mitigation by the responsible leaders, who have the relevant skills and knowledge to execute on strategies defined. In addition to our Group Strategic Risk Assessments we note at Group level the focus is on strategic threats and opportunities in line with our strategy. Regions support the Group strategy and their potential threats and opportunities could be both strategic and operational. Regional management teams meet at least twice a year to identify, measure, mitigate and monitor threats and opportunities that could from a regional perspective have an impact on the Group or Region to achieve objectives of the Group or Region. The 2024 top risks identified for each of the regions were: Risks applicable to all operations SA region US region EU region AUS region 1. Under delivery on operational plans 2. Continuous improvement in health and safety objectives 3. Security and cost of electricity supply 4. Inability to manage the costs of declining gold production profile 5. Water: Security of supply/ demand/quality 6. Execution of mine closure plans 7. Crime 8. Social unrest 9. Political environment in South Africa 1. Economic impacts 2. Failure to deliver on business plans (annual and long-term) 3. Labour/Skills shortage 4. Catastrophic mining or processing unit / refinery accident 5. Change in or non-compliance with environmental, mining regulations / operating regulations (or social licence) 6. Labor contract negotiations 7. Supply chain challenges 8. Failure to meet stakeholder expectations 9. Failure to realise value accretive growth, sub-optimal and failed acquisitions 10. IT systems 1. Safety incidents/accidents with sites in construction phase 2. Unfavourable commodity pricing 3. Delay and/or cost overrun in Keliber construction 4. Unsuccessful Keliber commissioning and/or ramp up 5. Unsuccessful delivery of the GalliCam project 6. Environmental Incidents 7. Social action from employees 8. Attraction and retention of required skills 9. Cyber Attack and IT risks 1. Inability to fund growth opportunities 2. Unfavourable commodity pricing and treatment charges 3. Failure to grow the region given short remaining life of mine of Century operation 4. Inability to attract and retain skilled staff 5. Adverse climate change, and changing weather patterns 6. Excessive dilution / poor economics of operation as end of operation approaches 7. IT systems and cybersecurity event 8. Regional cashflow management 9. Catastrophic infrastructure or asset failure 10. Century operation Estimated Rehabilitation Cost OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 48

OUTLOOK – SIGNIFICANT EMERGING RISKS AND TRENDS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Emerging Group risks The emerging risks currently being closely monitored are: New acquisitions, joint ventures (JV) or associate investments This is about how we ensure that new acquisitions have good corporate governance and responsible citizenship that meets our expectations. It also addresses the risk of unrealised value due to strategic misalignment at JVs, associates or partnerships. This risk is managed through effective management oversight at CxO level over the integration of acquisitions into our operations, and our joint venture and other commercial interests. It relates to the strategies: Unique global portfolio of green metals and energy solutions that enable reversal of climate change; Maintaining a profitable business and optimising capital allocation; Sustainability embedded as the way we do business. We hold thorough audits (if necessary using third-party auditors) to assess compliance of newly acquired operations to our standards and values. Additionally, we take care to assess their skills, financial strength and reputation in the marketplace. Increasingly exacting Sustainability expectations Recently, the discourse surrounding ESG has shifted towards a strong anti-ESG sentiment in some jurisdictions, while in other countries, there is a subtle push for climate change and diversity initiatives. Navigating the complexity of ESG and sustainability compliance in this changing climate and against the backdrop of the regional divergence is becoming ever harder, particularly given that the Group operates in multiple territories in the context of a complex and multifaceted global political, regulatory and compliance environment. We are a sustainable company underpinned by goals of justice and equality and our actions are informed by our values. Thus, our controls for this risk are centred around our sustainability strategy. Further, we have position statements for key environmental areas (water, land, biodiversity, energy) and policy frameworks for priority areas. We also adhere to the ICMM, and the WGC responsible mining principles, which are assured (limited assurance) by external assurance providers. Our institutional structures are being improved to define exactly who is responsible for executing and reporting on which aspects. We are considering sustainability across the full value chain, including mergers and acquisitions, and closure. We are diversifying into recycling, across all our metals. We are developing a socioeconomic strategy (including social cohesion), as well as science-based targets and sustainability related LTIs. Value realisation through capital allocation External factors, most significantly sustained depressed PGM prices, are impacting on the Group’s profitability and cash generation. Proactive review of short term capital allocation and prudent financial management can assist in navigating these challenges, ensuring resilience through a depressed phase in the commodity cycles. The CFO owns this risk, which relates to our strategic essential, Maintaining a profitable business and optimising capital allocation, and our strategic differentiator, Unique global portfolio of green metals and energy solutions that enable reversal of climate change. Our financial decision-making is governed by best practice structures and mechanisms to manage liquidity and costs, with debt well planned for the long term, and costs planned and managed within clear limits (See Profitable business and capital allocation, page 75). During 2024, the Group accessed innovative non- debt financial instruments to reinforce the balance sheet. This involved accessing various sources of capital not commonly utilised in the SA mining industry. These instruments were carefully considered and implemented to maintain balance sheet integrity, enhance liquidity and manage risks through the cycle. Risk Explanation Our response OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 49

Top 10 Group strategic risks Group strategic risks are defined as those threats with the adverse impact on the Group’s ability to deliver on our three-dimensional strategy. The top 10 strategic risks are ranked based on their residual risk rating after the implementation of appropriate and effective mitigating controls. OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL 1. CHANGING WEATHER PATTERNS MAY CAUSE ASSET DAMAGE AND BUSINESS INTERRUPTION Risk Response: Treat Ranking Movement from prior years: Ranking Increased MATERIAL MATTERS: M5, M6, M7, M8, M9 SUSTAINABILITY THEME AND PILLAR: Planet: Climate leadership Type of risk and strategic impact Underlying vulnerabilities and triggers RELATED STRATEGIC OBJECTIVE Achieving strategic essentials, particularly Prospering in every region in which we operate CAPITALS AFFECTED Natural, Manufactured BOARD OVERSIGHT COMMITTEES Risk Committee; Safety and Health Committee; Social, Ethics and Sustainability Committee. The Chief Sustainability Officer with support from Chief Regional Officers is ultimately responsible for this risk. 1. Assets exhibit different degrees of vulnerability depending on geo location and global warming scenarios (e.g. heat stresses, drought, etc.) 2. Older assets are not designed for withstanding some of the risk events 3. State of South African's national utility infrastructure 4. Low readiness of assets and communities to deal with extreme weather events 5. More erratic extreme events as a result of the warming climate 6. Changes and updates to the regulatory environment – promulgation of laws and regulations, including carbon pricing and climate financing, to combat global warming 7. Failure to implement relevant TCFD recommendations 8. Slow to adopt better technology that improves operational resilience 9. Tailings storage facilities (TSF)– Rainfall in excess of design, high risk TSFs in close proximity to communities Consequences Current control Planned control enhancement 1. Business interruption, financial loss, environmental and safety impact 2. Investment in asset resilience decisions made today, could be affected by weather variability associated with long-term climate change in the future 3. Impacted communities – health, infrastructure and livelihoods 4. Reduced investability, increased cost of capital and reputational damage 5. Capital and operational costs to build climate change resilience to changing weather patterns and extreme events 1. Building a climate change resilient business and operationalising the TCFD at all operations through risk management, finance and engineering interventions 2. Ensuring we have the necessary access to resources to limit business disruption (e.g. electricity, water, labour, etc.) 3. Climate change scenario analysis and the TCFD aligned Action Plans which include demand side energy management and diversified energy mix (Will be revisited and recalibrated every five years basis resilient plans will be adjusted accordingly), see the Climate Change supplement, www.sibanyestillwater.com/news-investors/ reports/annual and page 189. 4. Innovation through technology and automation for better efficiencies 5. TSF – GISTM alignment 6. TSF – rigorous surveillance programmes with internal (Tailings Engineering) independent review (EORs, ITRB) including management of risks to vulnerable doorstep communities 1. Develop and implement a Sibanye- Stillwater Climate resilience road map 2. Implementation of a Group Climate Change strategy and/or Decarbonisation Strategies 3. TCFD recommendations to be rolled out to regions for implementation 4. Aligning the vulnerability assessments with social obligations to promote the just transition 5. Developing a carbon offsets policy, implementing appropriate carbon trading schemes, investigate carbon storage – impact hard to abate emissions 6. Absolute emission reduction targets to be ratified by SBTi 7. Development of pipeline of decarbonisation projects and alternatives (e.g. creating project optionality, multiple sites, etc.) 8. Modelling tailings storage facilities climate change risks 9. Further enhancements to tailings storage facilities surveillance programmes through use of new technologies 10. Rollout of the water stewardship programme 11. TCFD represented in Short Term Incentives (STi) OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 50

OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL 2.COMPROMISED BUSINESS AND OPERATIONS MANAGEMENT SYSTEMS Risk Response: Treat, Transfer and Tolerate Ranking Movement from prior years: Ranking Increased MATERIAL MATTERS: M12, M15 SUSTAINABILITY THEME AND PILLAR: Governance: Committed and accountable business Type of risk and strategic impact Underlying vulnerabilities and triggers RELATED STRATEGIC OBJECTIVE Instrumental in building pandemic- resilient ecosystems CAPITALS AFFECTED Human, Intellectual, Social & Relationship BOARD OVERSIGHT COMMITTEES Risk Committee; and Audit Committee. The Chief Financial Officer, with support from Chief Regional Officers, is ultimately responsible for this risk. 1. Information technology and operational technology systems dependencies and inter- dependencies 2. Risks associated with cloud-based computing 3. Increased global cyber crimes 4. Old or obsolete IT application systems and equipment 5. Reduced or no legacy system support from OEM's 6. Inadequate disaster recover capability 7. Unknown or unsupported systems installed on user's personal computers 8. Voluminous personal information stored within IT systems 9. Multiple systems added with acquisitions and time to integrate to Sibanye-Stillwater standards 10. Increasing global regulation relating to personal information and privacy protection 11. Digitalisation and process automation increasing exposure, ambiguity and dependence. 12. Security at home/Home Networks vulnerability – company ICT not in control of security 13. Negligence or lack of knowledge of systems users 14. Hardware/network sabotage Consequences Current control Planned control enhancement 1. Loss of information/data 2. Breach of confidential information 3. Extortion (Ransomware attacks) 4. Increased costs 5. Operational disruptions 6. Extended business interruptions 7. Health and safety risk to employees – failing/sabotage of infrastructure 8. Damaged reputation and/or image 9. Fines and/or legal expenses 10. Internal and external fraud 11. Reduced employee trust following a cyber breach, potentially undermining a range of employer initiatives 1. Extended detection and response (XDR) deployment 2. Firewalls with adequate rule sets 3. Internal and external security monitoring – Security operations centres 4. Multiple character passwords and where applicable two-factor authentication 5. Systems and security patching 6. Closed USB/external device ports 7. Quarterly penetration/vulnerability testing 8. Scheduled system backups 9. Disaster recovery system in place and regular testing 10. Incident response protocol 11. ICT Code of conduct, policies and procedures 12. Employee user education and awareness 13. Segregated networks 14. Critical hardware redundancy strategy 15. Investigation response 16. POPIA Compliance Monitoring Platform 17. ISO 27001 accreditation (Group and SA region) 1. ISO 27001 assessment and accreditation (Europe, Australia and US Regions) 2. Dedicated Security focus in ICT department 3. Business continuity management 4. Creating a zero-trust environment OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 51

OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL 3. ECONOMIC CLIMATE AND OPERATIONAL PERFORMANCE MAY INFLUENCE THE STRENGTH OF THE BALANCE SHEET Risk Response: Treat and Tolerate Ranking Movement from prior years: New risk MATERIAL MATTERS: M1, M3 SUSTAINABILITY THEME AND PILLAR: Prosperity: Shared value and domestic prosperity Type of risk and strategic impact Underlying vulnerabilities and triggers RELATED STRATEGIC OBJECTIVE Instrumental in building pandemic- resilient ecosystems CAPITALS AFFECTED Financial BOARD OVERSIGHT COMMITTEES Risk Committee; and Audit Committee. The Chief Financial Officer, with support from Chief Regional Officers, is ultimately responsible for this risk. 1. Declining earnings profile (12-month trailing) 2. Unrealised value from acquisitions 3. US operations (cost profile exceeds revenue profile) 4. SA gold wage negotiations 5. Dependency on South Africa region 6. Volatile commodity prices 7. Under-delivery on production plan 8. Cost over-expenditure 9. Exchange rate fluctuations Consequences Current control Planned control enhancement 1. Covenant breaches 2. Rescue-type refinancing 3. Unable to progress strategy 1. Dynamic forecasting 2. Supportive relationship banks 3. Monthly and quarterly reviews 4. Anti-fragility through pre-pays and streams 1. Alternative non-debt financing / additional liquidity 2. Value realisation from current portfolio through project developments and partnerships OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL 4. THE COMPANY’S GROWTH IN TARGETED COMMODITIES AND REGIONS MAY DEPART FROM INTENDED TRAJECTORY Risk response: Treat Ranking movement from prior years: Ranking increased MATERIAL MATTER: M1, M3 SUSTAINABILITY THEME AND PILLAR: Planet: Climate leadership Prosperity: Shared value and domestic prosperity Type of risk and strategic impact Underlying vulnerabilities and triggers RELATED STRATEGIC OBJECTIVE Instrumental in building pandemic- resilient ecosystems CAPITALS AFFECTED Intellectual, financial, manufactured, human BOARD OVERSIGHT COMMITTEES Risk Committee; Audit Committee; and Investment Committee. The Chief Executive Officer, with the support of the Chief Regional Officers, is ultimately responsible for this risk. 1. Competition high for green metals with unrealistic value expectations and strong balance sheets 2. Primary mining opportunities well advanced in the mine development cycle scarce 3. Downstream value chain deploying capital indiscriminately 4. Target metals dependent on evolution of battery technology 5. Commodity price volatility 6. Permitting and approval time frames for new mines 7. Global urgency to combat climate change from policy-makers and investors (enabler) 8. Scarce opportunities with excessive valuations inhibiting smart entry into battery metals 9. Market disruptions and geopolitical instability impacting funding Consequences Current control Planned control enhancement 1. Sub-optimal delivery on corporate purpose and vision 2. Window of opportunity missed to participate in the formation of regional battery ecosystems 3. Loss of stakeholder confidence in our ability to manage the pivot into battery metals 4. Risk of overpaying in cyclical industries and destroying value with an overextended balance sheet 5. Enhanced business portfolio robustness through diversification not realised 1. Strategic market intelligence supported by commodity champions 2. Comprehensive global opportunity identification network 3. Strategic presence in key target ecosystems for growth (Europe, North America and Australia) 4. Adaptive business development strategy catering for dynamic markets 5. Build through ecosystem partnerships where possible 6. Disciplined due diligence and decision- making process 7. Responsive and robust investment decision framework 8. Disciplined capital allocation framework 9. Prudent financial policies on leverage and liquidity 10. Capital project management framework 1. Formalised financial policy on targets for key financial metrics 2. Attract new talent to the Group 3. Adopt smart commercial and financial models for M&A activities 4. Strengthen Sibanye-Stillwater credit profile through operational delivery and geographical diversification 5. Improved ability to identify critical nodal points that provide leverage over the opportunities 6. Strengthen preferred partner status in target ecosystems 7. Strengthen green metal value chain integration 8. Deal structuring innovation accommodating balance sheet pressure 9. Intensify advancement of organic growth opportunities (uranium, feasibility studies) OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 52

OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL 5. SHARED VALUE DELIVERY MAY FALL SHORT OF DESIRED LEVELS AS A RESULT OF PRESSURE ON THE PROFITABILITY OF OPERATIONS Risk Response: Treat Ranking movement from prior year: Ranking increased MATERIAL MATTERS: M1, M4, M10, M14 SUSTAINABILITY THEME AND PILLAR: Prosperity: Shared value and domestic prosperity Type of risk and strategic impacts Underlying vulnerabilities and triggers RELATED STRATEGIC OBJECTIVE Unique global portfolio of green metals and energy solutions that enable reversal of climate change CAPITALS AFFECTED Financial, Nature, Social and Relationship BOARD OVERSIGHT COMMITTEES Investment Committee; Audit Committee and Risk Committee. The Chief Sustainability Officer and Chief Regional Officers are ultimately responsible for this risk. 1. Lack of mining flexibility and technical complexity (e.g. seismicity) 2. Onerous regulatory environments 3. Unwieldy labour relations and regulations 4. Fragility of global supply chains 5. Global disruptions e.g. pandemic, war, supply chains etc. 6. Commodity price volatility – departure from planned prices and long-term expectations 7. Critical infrastructure unavailability 8. Global inflation beyond historical/forecasted levels 9. Production interruptions arising from safety incidents Consequences Current control Planned control enhancement 1. Loss of investor confidence 2. Reputational impact 3. Deterioration of stakeholder relationships 4. Difficulty delivering on community programmes 5. Inability to deliver on expectations for shared value creation 6. Negative impact on the sustainability of the business" 1. Social compacts to be aligned to business planning processes and annual reviews with stakeholders and business 2. Manage expectations of our stakeholders in terms of our contribution in social compact 3. Reliable and credible disclosure 4. Trust based social dialogue 1. Securing independence from unreliable public services in South Africa 2. Business taking leadership position in supporting enhanced public service delivery 3. Application of intelligent advances in the business 4. Instilling a strengthened culture of innovation 5. Embedding anti-fragility and pandemic resilience 6. Endemic trust and transparency 7. Communicating our shared value/impact across all stakeholders 8. Flexibility built into social compacts to account for the cyclical nature of our commodities OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL 6.TRANSITIONAL RISKS DUE TO CLIMATE CHANGE IMPACT Risk Response: Treat Ranking movement from prior year: Ranking decreased MATERIAL MATTERS: M5, M6, M7, M8 SUSTAINABILITY THEME AND PILLAR: Planet: Climate leadership Type of risk and strategic impacts Underlying vulnerabilities and triggers RELATED STRATEGIC OBJECTIVE Unique global portfolio of green metals  and energy solutions that enable reversal of climate change CAPITALS AFFECTED Financial, Natural BOARD OVERSIGHT COMMITTEES Audit Committee; Social, Ethics and Sustainability Committee and Risk Committee. The Chief Sustainability Officer, with the support of the Chief Regional Officers, is ultimately responsible for this risk. 1. Uncertain political and regulatory environment may impact on our climate response programme 2. Change in technologies and fuel sources – changing or new commodity requirements 3. Market expectations around carbon product footprint 4. Reputational – Failure to act or perform will erode competitiveness 5. Decarbonisation technology availability and viability (e.g. green H2, low-profile BEVs); 6. Climate investments and the short to medium term cost of climate financing 7. South African national utility's ability to diversify (renewables) 8. Multi-national with operations in litigious jurisdictions Consequences Current control Planned control enhancement 1. Financial impact – Carbon pricing (region specific – tax versus ETS or hybrids) 2. Increased cost and reduced availability of materials (timber, cyanide, explosives, lime, cement, diesel and water etc.) 3. Anticipated carbon border taxes – increased costs to move product and supplies/equipment inward and outwards 4. Compromise the ability to meet the Group commitment to be carbon neutral by 2040 / eroded demand for products due to carbon intensity 5. Reduced investability, increased cost of capital and reputational damage 6. Litigation and reputational risk 1. Actively pursuing strategic opportunities in green metals, recycling and other energy related businesses that aid in the global low-carbon transition 2. Roadmap and action plans to carbon neutrality by 2040 3. Transparent disclosure on climate and nature (e.g. TCFD) 4. Climate change scenario analysis based on the latest IPCC reports and assessment of climate change risks and opportunities (revisited as necessary) 5. Committed to a climate change response programme including regular reviews and updates of climate risks and opportunities 1. Develop and implement a Sibanye-Stillwater Climate resilience road map 2. Development and implementation of a Group Climate Change strategy and/or Decarbonisation Strategies 3. TCFD scenario analyses to assist with the financial planning required to manage identified climate change risks and opportunities (both physical and transitional risks) 4. Developing a carbon offsets policy, implementing appropriate carbon trading schemes, investigate carbon storage – impact hard to abate emissions 5. Modelling tailings storage facilities climate change risks 6. Further enhancements to tailings storage facilities surveillance programmes through use of new technologies" OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 53

OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL 7. HEALTH AND SAFETY PERFORMANCE MAY IMPAIR COMPANY BRAND Risk Response: Treat Ranking movement from prior year: Ranking unchanged MATERIAL MATTERS: M1, M2, M4, M10 SUSTAINABILITY THEME AND PILLAR: People: Value our people Type of risk and strategic impact Underlying vulnerabilities and triggers RELATED STRATEGIC OBJECTIVE Instrumental in building pandemic- resilient ecosystems CAPITALS AFFECTED Human, intellectual, social and relationship BOARD OVERSIGHT COMMITTEES Social, Ethics and Sustainability Committee; Risk Committee; Audit Committee; and Safety and Health Committee. The Chief Regional Officers are ultimately responsible for mitigating against this risk. 1. Significant deep level, labour intensive mining operations 2. Seismic activity in the gold operations 3. High social risk inherent in South African society 4. Organised labour resistant to change 5. Extensive use of contractors on new project builds 6. Inability to eliminate fatal incidents from our operations Consequences Current control Planned control enhancement 1. Negative impact on employee families. 2. Loss of stakeholder confidence and support in management 3. Production and financial loss due to regulatory stoppage and litigation 4. Loss of investor confidence 5. Negative impact on company share price 6. Inability to execute growth strategy 7. Safety lagging indicators worse than peer companies 1. Fatal Elimination Strategy 2. C-Suite high potential incident (HPI) Committee 3. Board Safety and Health Committee 4. External Independent advisors 5. Enhanced rock-engineering modelling techniques 6. Investment in new safe technologies 7. Group Minimum Standards 8. Zero Harm Framework 9. Continuous safety training for employees 10. Maintenance of safety certifications 11. Voluntary work stoppages 1. Culture change programme embedding Values based decision-making OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 54 Employees at the Sandouville nickel refinery in France

OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL 8. GEOPOLITICAL DEVELOPMENTS MAY INFLUENCE THE RELIABILITY OF SUPPLY CHAINS (UPSTREAM AND DOWNSTREAM) THAT SERVE THE CORPORATION’S OPERATIONS Risk Response: Treat and Tolerate Ranking movement from prior year: New risk MATERIAL MATTER: M1, M12 SUSTAINABILITY THEME AND PILLAR: Governance: Committed and accountable business Type of risk and strategic impact Underlying vulnerabilities and triggers RELATED STRATEGIC OBJECTIVE Unique global portfolio of green metals and energy solutions that enable reversal of climate change CAPITALS AFFECTED Financial, manufactured BOARD OVERSIGHT COMMITTEES Investment Committee; Audit Committee and Risk Committee. The Chief Regional Officers are ultimately responsible for this risk. 1. Dependency on monopoly suppliers 2. Currency fluctuations increase pricing of commodities 3. Mergers and acquisitions reduce suppliers in the market resulting in reduced supplier base and impact on fair competition for pricing 4. Negative impact on suppliers value chain Consequences Current control Planned control enhancement 1. Reduced commodities, services and logistics supply 2. Cost of production increased as supply is reduced and pricing increases 1. Anti-fragility – reinforcing our position in ecosystems 2. Critical supply analysis with stock-holding and contingency arrangements 1. Intensification of strategic procurement 2. Business support to improving national transport and logistics in South Africa 3. Promotion of government measures to safeguard local supply of PGM's in the US 4. Strategies to build regionally coherent value chains for critical minerals 5. Review redundancy arrangements for critical supplies that could be affected by geopolitical tensions OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL 9. TECHNOLOGICAL DEVELOPMENTS MAY DISRUPT THE MARKETS SERVED BY THE COMPANY AND REQUIRE STRATEGIC ADAPTATION BY THE ORGANISATION TO REMAIN COMPETITIVE AND RELEVANT Risk Response: Treat and Tolerate Ranking movement from prior year: Ranking increased MATERIAL MATTERS: M1, M12  SUSTAINABILITY THEME AND PILLAR: Prosperity: Shared value and domestic prosperity Type of risk and strategic impacts Underlying vulnerabilities and triggers RELATED STRATEGIC OBJECTIVE Recognised as a force for good CAPITALS AFFECTED Intellectual, financial BOARD OVERSIGHT COMMITTEES Audit Committee and Risk Committee. The Chief Technical and Innovation Officer is ultimately responsible for this risk. 1. Dependency on legacy industries, customers and sectors that are vulnerable to technological disruption 2. Rapid growth in the adoption of new technologies, such as electric vehicles or energy storage solutions 3. Changes in consumer behaviour 4. Supply chain disruptions or changes in global trade policy impacting market demands 5. Limited diversification and ability to adapt to changes in demand or new market opportunities Consequences Current control Planned control enhancement 1. Reduced demand and revenue and loss of market share 2. Obsolescence of products and processes resulting in stranded assets 3. Lack of investment/funding 4. Reputational damage and inability to attract and retain talent 1. Research capability (e.g. SFA Oxford) 2. Group green metals strategy 3. Bionic Cube – R&D/Market development fund 4. Product, market and technology innovation 1. Building a portfolio of secondary mining and recycling 2. Integrated strategic planning along the value chain OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 55

10. THE VALUE DERIVED FROM ACQUISITIONS MAY DEPART FROM THE ANTICIPATED LEVELS Risk Response: Treat Ranking movement from prior year: Ranking unchanged MATERIAL MATTER: M1,M2,M3 SUSTAINABILITY THEME AND PILLAR: Prosperity: Shared value and domestic prosperity Type of risk and strategic impacts Underlying vulnerabilities and triggers RELATED STRATEGIC OBJECTIVE Unique global portfolio of green metals and energy solutions that enable reversal of climate change CAPITALS AFFECTED Financial BOARD OVERSIGHT COMMITTEES Investment Committee; Audit Committee and Risk Committee. The Chief Technical and Innovation Officer is ultimately responsible for this risk. 1. Stakeholder opposition and interference 2. Loss of critical skills 3. Different requirements per jurisdictions (e.g. talent scarcity, conditions of employment, lobbying, etc.) 4. Legacy Issues and liabilities 5. Language and cultural barriers 6. Different technology requirements impacting operational effectiveness 7. Limitations in accessing information during due diligence process to support acquisition decisions OPERATIONAL I ECONOMIC I FINANCIAL I SOCIAL Consequences Current control Planned control enhancement 1. Reputational damage 2. Loss of stakeholder confidence 3. Diversification objectives not achieved 4. Leadership engagement compromised 5. Financial value destruction 1. Regional leadership structures 2. Strategic partnerships 3. Independent due diligence processes 4. Market intelligence 5. Robust acquisition approval with Investment Committee oversight 6. Integration capability and capacity 7. Detailed integration plans with supporting risk assessments 8. Close tracking and monitoring against integration plans by Integration Steering Committee 1. Enhanced technical due diligence by Group Technical 2. Strengthened Regional Stakeholder Management 3. Management of Group vulnerabilities during integration OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 56 Beatrix operation - 3 Shaft, SA gold operations

PURSUING OPPORTUNITIES While the primary focus of risk is often on the threats to the business and how these can be mitigated, it is equally important to recognise the opportunities that arise that can be capitalised on in pursuit of our Group Strategy. It is incumbent on leadership to seize opportunities and convert them into profits and value creation for our stakeholders, especially in a world where the only constant is change. Our anti-fragile leadership culture is rooted in a balanced view where opportunity management and threat mitigation take on similar importance. 1. Commodity applications and energy solutions to address climate change and the environment This theme is woven throughout the report and is addressed by our green metals strategy, which is to build a Unique global portfolio of green metals and energy solutions that enable reversal of climate change as a key strategic differentiator in our corporate strategy. While we expect vehicle electrification to advance, this may be at a slower pace than previously expected. Shortages of critical battery metals and other factors that impede adoption are likely to cap the rate of electrification of the global vehicle fleet with hybrid vehicles now projected to start fulfil a more significant role. There may also be a need for other decarbonisation alternatives such as synfuels extending the life of internal combustion engine vehicles in support of a low carbon economy, with major positive implication for PGM demand. We expect that an eventual decline in combustion engine vehicles will be compensated by tougher emissions standards, i.e., increased loadings compensating for decreasing volumes. High-capacity stationary batteries will be increasingly required in a renewable energy economy using a range of alternative technologies and mineral requirements. While lithium-ion is currently preferred for most bulk energy storage applications as it is well proven, it is not the ideal solution as other storage technologies have preferable characteristics in these applications. While green hydrogen is struggling to gain the expected traction due to uncompetitive costing, we expect the challenges will eventually be resolved with meaningful positive impact on demand for our metals as we move into the next decade. 2. The need for security of supply of critical minerals With geopolitical developments intensifying multipolarity in the world, the imperative for obtaining security of supply of critical minerals through regional value chains has become more pressing to dilute dominant positions that have been built up. This will be supported by legislation already passed to incentivise local production through all stages of the mineral value chain most significantly in North America and Europe and will be complemented by other political initiatives. Countries that have robust and dependable trade relationships stand to benefit substantially in developing their mineral sectors. In addition to providing stability to already established existing operations as strategic assets in those jurisdictions, there is significant political will to promote the formation of coherent regional supply chains from mining to manufacture of finished goods. Becoming a meaningful partner in the North American and European ecosystems continues to represent a compelling opportunity. 3. The imperative of resource stewardship and green production of scarce minerals The clean energy economy will require the use of a broader range of minerals in greater quantities, many of which are in relatively short supply. Not only will these minerals need to be produced with a lower carbon footprint to secure the desired reduction in global carbon emissions, they will need to be recovered for future use after their initial application is complete. For example, many countries are starting to legislate the recycling of automotive batteries to recover the green metals placing onerous duties on automotive manufacturers to ensure that this happens. Some manufacturing companies are starting to specify a preference for recycled metals in their supply chain policies, as it is recognised that this will avoid the need for carbon emissions associated with the mining, processing and refining of new metal that would otherwise be required. While primary mining will remain essential to satisfy growing demand for critical minerals, these developments are expected to impose a significant requirement for growth of recycling operations and secondary mining to reprocess mining waste from previous mining activities creating significant new business opportunities. We are already capitalising on this opportunity through the diversification already achieved though there is substantially greater untapped potential. 4. Strengthening the role of investment commodities in the global monetary system The role of gold as an investment commodity providing stability to the world’s financial systems continues to be demonstrated during periods of geopolitical turmoil despite the challenges from alternative digital financial instruments with limited or no solid backing for their value. Despite potential for a more prolonged higher interest rate environment due to imposition of more stringent trade measures, gold is likely to gain renewed emphasis as a preferred investment medium. Further, gold is a credible asset class that can be accredited under responsible mining standards, with the traceability to source that can be provided through the application of blockchain tokens. The World Gold Council’s work on Gold247TM to promote integrity, accessibility and fungibility through gold backed digital tokenisation is gaining momentum to invigorate gold by tapping into broader market opportunities. Our investment in Glint (a global gold-based payments platform) also capitalises on this opportunity with growing uptake of the offering. While traceability and ESG accreditation functionality may lag relative to stakeholder expectations for commodities with industrial applications, this is an increasingly important market imperative to realise gold’s opportunities as a favoured investment medium. Opportunity Considerations OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 57

5. Strategic partnership mechanism for building new business activities On the back of the successful partnership with DRDGOLD (a commercially smart environmental clean-up operator) that leverages our gold tailings storage facilities resources in South Africa, we are extending the model of strategic partnership into a number of other areas as an effective pathway to growth in new business areas. During 2024 we entered into two new partnerships with Neo Energy and Glencore Merafe that leverage this business model. This provides flexibility and optionality for us to become involved as a partner in newly emerging value chains that are under development to meet rapidly evolving market requirements with more managed risk exposure. We have also initiated collaborative market development exercises for critical commodities. This approach to business growth and diversification has substantial headroom. Our strategic partnership model to secure meaningful involvement in coherent value chains is an important element in our strategic differentiator to Build pandemic-resilient ecosystems. 6. Developing economies as an emerging source of critical minerals Developing economies continue to represent an attractive source of critical minerals for the developed world where the dominant demand is located. With an increasing requirement for surety of supply to support development of clean energy economies, contestation is growing between major world powers to partner with credible developing economies through minerals-based alliances. This represents a significant opportunity for minerals to become a powerful catalyst for socio-economic advancement of developing economies. The geopolitics that play out in a rapidly changing world order will be instrumental in defining new axes in an increasingly multipolar world. These dynamics are expected to present compelling opportunities for mining companies to secure favourable positioning in minerals projects as essential partners in realising the goals of the alliances that may be formulated. From a Sibanye- Stillwater perspective as a western facing company, we will be looking to cooperation with western economies. 7. Stakeholder sentiment and regulatory frameworks We have long recognised that most companies with good sustainability and ESG credentials are capable of performing better and delivering superior financial returns to their shareholders in addition to the superior shared value that they deliver to all stakeholders. This is particularly critical in mining that carries a reputation for being extractive and harmful to people and the planet. With recognition growing that strategic green minerals are critical in the efforts to tackle climate change and atmospheric pollution, stakeholder and regulatory attitudes are shifting accompanied by expectations from many quarters to uphold stringent standards for responsible mining. Through the consolidated mining standards initiative that is set to rationalise the mining standards landscape and secure broad stakeholder acceptance, there is opportunity to accelerate shifts in sentiment towards mining. For mining corporations that achieve higher levels of recognition under the standards framework, this will translate into fresh opportunities to grow their business activities and impact. 8. Becoming a digital-first organisation Intelligent advances continue to progress at a remarkable pace enabling substantial opportunities for changes in work practice that result in improved effectiveness and efficiency. We also continue to see rapid improvement in digital tools that augment human performance. Generative artificial intelligence continues to advance exponentially with its adoption offering significant benefits. Our strategy of digital enablement that supports pro-active decision-making to enhance safety, productivity, working environments and ESG compliance aims to keep up with the extreme pace at which digital technologies are developing through rapid and agile adoption. Our Inclusive, diverse and bionic strategic differentiator is a major opportunity to enable delivery of improved business effectiveness. Opportunity Considerations OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL ENVIRONMENT continued IR – 58 Arial view of the Century TSF pumping station

HOW STRATEGY INTERFACES WITH RISKS AND OPPORTUNITIES Double ticks (aa) in this table represent primary linkages, with a single tick (a) representing secondary linkages Strategic differentiators Related strategic risk (see page 50) Related opportunity Recognised as a force for good a a aa a 1, 3, 7 Inclusive, diverse and bionic a 8 Building pandemic- resilient ecosystems aa aa a 2, 4, 5, 7 Unique global portfolio of  green metals and energy solutions that enable reversal of climate  change a a a aa a a 1, 2, 3, 4, 5, 6, 7 Risk 1: Changing weather patterns (climatic conditions and weather events) may cause asset damage and business interruptions Risk 2: Compromise d business and operations managemen t systems Risk 3: Economic climate and operational performance may influence the strength of the Balance Sheet Risk 4: The company's growth in targeted commodities and regions may depart from the intended trajectory Risk 5: Shared value delivery may fall short of desired levels as a result of pressure on the profitability of operations Risk 6: Transitional risks due to climate change impact Risk 7: Health and safety performance may impair company brand Risk 8: Geopolitical developmen ts may influence the reliability of supply chains (upstream and downstream) that serve the operations Risk 9: Technologic al developmen ts may disrupt the markets served by the company and require strategic adaptation to remain competitive and relevant. Risk 10: The value derived from acquisitions may depart from the anticipated levels Strategic essentials Related strategic risk (see page 50) Related opportunity Ensuring safety and wellbeing a a a 1, 7, 8 Prospering in every region in which we operate aa aa a a aa a a 4, 6,7 Achieving operational excellence and optimising long- term resource value a aa aa aa 4, 8 Maintaining a profitable business and optimising capital allocation a aa aa a aa aa 1, 4, 5 Sustainability embedded as the way we do business aa aa aa aa 1, 3, 7 1 Opportunity 1: Commodity applications and energy solutions to address climate change and the environment 2 Opportunity 2: The need for security of supply of critical minerals 3 Opportunity 3: The imperative of resource stewardship and green production of scarce minerals 4 Opportunity 4: Strengthening the role of investment commodities in the global monetary system 5 Opportunity 5: Strategic partnership mechanism for building new business activities 6 Opportunity 6: Africa as an emerging source of critical minerals 7 Opportunity 7: Stakeholder sentiment and regulatory frameworks 8 Opportunity 8: Becoming a digital-first organisation OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 59

ENGAGING WITH OUR STAKEHOLDERS WHAT WE DID IN 2024 SUCCESSES • Collaboration with the Department of Cooperative Governance and Traditional Affairs (COGTA) and Wits Business School on capacity building for traditional leaders and local government in SA region • Winning national SAB/ESG Africa award in recognition for embedding sustainability in the SA region • US government support to facilitate development of local supply of critical metals through IRA S45x credit CHALLENGES • Legacy trust deficit which hinders effective engagement and creation of shared value • SA region: Illegal occupation of mine land and vandalism and crime impacting made with infrastructure and economic programmes • SA region: Dysfunctional municipalities leading to poor basic service delivery OUR APPROACH TO STAKEHOLDERS –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Rooted in our values of care and respect, we work to establish and build the connectedness with our stakeholders to be able to understand and prioritise the needs and interests of all parties impacted by our.operations. Honest and transparent dialogue is key to building trust with local communities, governments, investors, and environmental groups, to ensure sustainable and socially responsible practices. Sibanye-Stillwater is committed to constructive stakeholder engagement, aiming for transparent communication of the Group’s strategy, performance and shared value creation to all stakeholders. Our business relies on securing a social licence in the regions where we operate and establishing trust. This requires social and political acceptance from stakeholders, ensuring they view us as a responsible economic partner fostering opportunity and stability. Building broad-based trust is essential, as its absence jeopardises our access to permits, talent, community support, and capital. To build trust, we strive to align our efforts with community needs and create mutual value. Our primary aim is to contribute to common development goals, promoting local economic growth and dynamism. Sibanye-Stillwater seeks to balance the needs of local communities with a stakeholder-inclusive approach. We maintain an open-door policy, addressing concerns proactively. We engage on material issues and have a grievance mechanism for raising concerns. Stakeholder perception studies gauge attitudes toward the Group. The canopy of our Umdoni tree represents our stakeholders The Umdoni tree symbolises our business ethos and our commitment To be a leader in superior shared value for all stakeholders: government (economic value), customers (quality products), suppliers (fair access), employees (better quality of life), labour (inclusive membership), communities (upliftment), shareholders (strong returns), and the environment (sustainability). For more on our iCARES values and Stakeholder engagement policy, see www.sibanyestillwater.com/ sustainability/reports-policies/ OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 60

Nature of relationship in 2024: Constructive I CORDIAL I Strained COMMUNITIES Related strategic differentiator Recognised as a force for good Related residual risks • Shared value may fall short of desired levels as a result of pressure on the profitability of operations • Geopolitical developments may influence the reliability of supply chains (upstream and downstream) that serve the corporation’s operations • Crime(SA region) • Social unrest from employees (SA and EU region) • Political environment in South Africa Related opportunities • Strategic partnerships mechanism for building new business activities • Commodity applications and energy solutions to address climate change and the environment SA region Nature of relationship in 2024: Constructive I CORDIAL I Strained Community pressure remains due to historical disparities, poor service delivery, poverty, and high unemployment. While protests directed at the company have decreased year on year, robust engagement continues around inclusive procurement and local recruitment. We engage with communities to manage social risks and provide value by: • Creating shared value based on their needs and in collaboration with them • Contributing to parallel economic programmes in preparation for post-mining ecosystems • Partnering with stakeholders in the interests of ecosystem vitality, whereby we create sustainable value over the long term US region Nature of relationship in 2024: CONSTRUCTIVE I Cordial I Strained We frequently engage with residents of Sweet Grass County, home to our East Boulder mine, and Stillwater County, home to our Stillwater mine. The Good Neighbor Agreement (GNA) is in place with environmental protection organisations, which holds us to high environmental standards. The GNA also serves for dispute resolution and stakeholder engagement. Local media engagement and media tour of Stillwater mine to keep communities informed about restructuring process. EU region Nature of relationship in 2024: CONSTRUCTIVE I Cordial I Strained Ongoing engagement with various actors to share its vision for operations as a leading battery metals platform in Europe. The assets in the EU region operates in areas of good social cohesion and low unemployment. Regular meetings are held with local stakeholders and the two sites are well integrated and accepted. We will continue to build fruitful partnerships with the governments and communities in Europe, noting the shared value we are creating in the region. AUS region Nature of relationship in 2024: CONSTRUCTIVE I Cordial I Strained Through the Gulf Communities Agreement the Century operation shares the benefits of mining with the traditional owners of the lands and waters impacted by the Century operation. Active engagements continue to implement the associated initiatives in a manner agreed with impacted communities. How we engage Issues that concern both parties in 2024 Our response and strategy to enhance the quality of our relationship Our primary methods of engagement are: • Meetings, dialogues and town hall engagements with stakeholders • Open days • Pitso – a Sotho word for traditional assembly or gathering (SA region) • Written communications (reports and letters) • A data-free engagement app • Local media • Industry events • GNA routine interactions • AUS region: Aboriginal Development Benefits Trust, Century Environment Committee, Century Liaison and Advisory Committee, and Century Employment and Training Committee SA region: Principle issues of concern remains lack of procurement opportunities, employment demands, (M10) illegal mining’s impact (M13) and air quality matters (M7). US region: Priority issues are restructuring (M1&M11), climate-related risks (M8&9), and environmental impact (M7). EU region: Priority issues relates to climate risks (M8&9), biodiversity (M7), economic contributions (M11) and licence to operate (M4) AUS region: Priority to implement training plan to enhance benefits to local Aboriginal people (M15) See detail on community grievances at the end of this section. Sustainability awareness and feedback is often included in community engagements. SA region: Comprehensive supplier development programme; dedication to building post-mining economies through socio-economic compacts; GBVF support; contribution to social infrastructure in support of municipalities; Marikana renewal US region: Engagement process; community giving team dedicated to charity and collaboration with Wheaton Precious Metals. EU region: Engage with schools, universities and industry event participation; at Keliber, a cooperation agreement with local vocational institute supports training and development. AUS region: Formal forum engagements are maintained with the Burke and Carpentaria Shire Councils, landowners and interested groups from the lower Gulf of Carpentaria. OUTLOOK Enhance engagements in the new jurisdictions of operations to co-create superior value for all stakeholders. • SA region: To continue to build trust by demonstrating our shared value, and by supporting constructive partnerships between government, business, labour, and doorstep communities • US region: The relationship with our US community stakeholders, as well as with the neighbouring landowners is constructive as we continue to be guided by the GNA • EU region: Enhance engagements in the new jurisdictions of operations to co-create superior value for all stakeholders • AUS region: Stakeholder engagement and community development initiatives at the Century operations continue; in parallel we are engaging with a wide range of local stakeholders to address the feasibility of recommencing mining at the Mt Lyell Copper Mine OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION ENGAGING WITH OUR STAKEHOLDERS continued IR – 61

Nature of relationship in 2024: CONSTRUCTIVE I Cordial I Strained EMPLOYEES AND ORGANISED LABOUR Related strategic essential and differentiator Ensuring safety and wellbeing; Recognised as a force for good; Inclusive, diverse and bionic Related residual risks • Compromised business and operational management systems • Shared value delivery may fall short of desired levels as a result of pressure on the profitability of the operations • Health and safety performance may impair company brand Opportunities • Becoming a digital-first organisation We engage with employees and unions in order to ensure they are adequately informed about the business and its strategy, and are engaged and involved. Sibanye-Stillwater employed 72,423 people at the end of 2024, with 88% of our total SA operations represented by four recognised unions. We foster multilateralism and tolerance and have recognition agreements in place. How we engage Issues that concern both parties in 2024 Our response and strategy to enhance the quality of our relationship The WeR1 mobile app is our digital platform for engaging with employees and communities. Further methods include: • Meetings (face-to-face and virtual) • Company briefs • Text messages • Podcasts • EVPs in operations provide quarterly employee updates; C-suite conduct strategic conversations to facilitate We engage with recognised trade unions through: • Formal meetings • Regional meetings, every quarter • Our US region also held a career fair in collaboration with the local chambers of commerce to assist employees subject to retrenchments Various options, formal and informal, are available to employees to raise concerns or to log a grievance. We encourage employees to speak up and express themselves, particularly if it relates to workplace safety. Also see Care for iMali: Taking care of personal finance fact sheet, www.sibanyestillwater.com/news- investors/reports/annual/ • Restructuring effecting employees and contractors (M1and M11) • Safety and health (promoting compliance and encouraging employees to speak up about unsafe conditions) (M2) • Talent management and core skills (a conducive work environment for encouraging career growth) (M15) • Diversity and inclusion (a welcoming environment for women; no discrimination) (M15) • Licence to operate (credibility as a compliant employer who cares) (M4) • Safety commitments to critical controls, critical life-saving behaviours and critical management routines (See Safe production, page 111) • EVPs in operations provide quarterly employee updates; C-suite conduct strategic conversations to facilitate • Regular consistent communication on various formats to ensure employees informed and engaged OUTLOOK Engagements with employees and organised labour are conducted in a spirit of our iCARES values. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION ENGAGING WITH OUR STAKEHOLDERS continued IR – 62

Nature of relationship in 2024: CONSTRUCTIVE I Cordial I Strained INVESTORS AND CAPITAL PROVIDERS Related strategic essential and differentiator Maintaining a profitable business and optimising capital allocation, Ensuring safety and wellbeing; Sustainability embedded as the way we do business, recognised as a Force for Good Related top residual risks • Compromised business and operational management systems • Economic climate and operational performance may influence the strength of the balance sheet • Geopolitical developments may influence the reliability of supply chains (upstream and downstream) that serve the corporations’s operations • Delivering against targets Opportunities • Need for security of supply of critical minerals • Strengthening the role of investment commodities in the global monetary system • The imperative of resource stewardship and green production of scarce minerals To ensure investor and analysts are appropriately informed and understand the business, the strategy and the investment case. Investors require sufficient and relevant information to guide informed investment decisions. By understanding the requirements of our investors and capital providers, we build trust and may improve our access to capital. In line with our public disclosures, relationships with investors and shareholders is constructive and transparent. How we engage Issues that concern both parties in 2024 Our response and strategy to enhance the quality of our relationships • Investor and analyst meetings: one-on-one and groups • Telephone and conference calls • Conferences • Formal, regular reporting • Company and regulatory announcements • Profitability and protecting the balance sheet during the downturn in PGM prices (M1) • Understanding the PGM markets and when a price recovery is likely (M11) • Allocating capital wisely and preserving cash (M3) • Safety and climate risks (M2, M8 and M9) • Concerns about the losses incurred at the Sandouville refinery (M1) • Investors receive regular updates relating to all material matters • Responsible management of Sibanye- Stillwater’s financial position to ensure we meet stakeholder expectations • Providing regular and clear detail on actions taken to protect and strengthen the balance sheet and optimise operational profitability OUTLOOK Neutral to positive. While largely dependent on metal prices, our restructuring and balance sheet reinforcement measures evident in the Y2024Y results and being acknowledged. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION ENGAGING WITH OUR STAKEHOLDERS continued IR – 63

Nature of relationship in 2024: Constructive I CORDIAL I Strained GOVERNMENT AND REGULATORS Related strategic essentials and differentiators Prospering in every region in which we operate; Ensuring safety and wellbeing; Building pandemic-resilient ecosystems Related risks • Economic climate and operational performance may influence the strength of the balance sheet • Shared value may fall short of desired levels as a result of pressure on the profitability of operations • Geopolitical developments may influence the reliability of supply chains (upstream and downstream) that serve the corporations operations Opportunities • Strategic partnership mechanism for building new business activities • Africa as an emerging source of critical minerals • Stakeholder sentiment and regulatory frameworks Sibanye-Stillwater fosters growth and development in the region through our investments. We contribute to the economy, create jobs, uplift low-income communities, provide training, and enhance infrastructure; all of which positions us as de facto partners with government in helping it achieve its developmental goals. We actively engage with various government entities, across the three levels of government (local, provincial, national), promoting pragmatic policy- making, the maintenance of law and order, and fair enforcement of regulations. Our engagement in our US region has achieved the US government’s support to facilitate development of local supply of critical metals through IRA S45x credit. Our permits are contingent on meeting various sustainability commitments and, for example, SLPs and Gulf Communities Agreement on which we engage government bodies. How we engage Issues that concern both parties in 2024 Our response and strategy to enhance the quality of our relationship • Monthly and quarterly meetings held with various government departments; ad hoc meetings when the need arises • Written reports • Through industry bodies such as the Minerals Council in South Africa and the National Mining Association in the US • Regulatory compliance (M4) • Delivery on SLPs (M4) • B-BBEE compliance (M4) • Policy coherence and pragmatism (M4) • Illegal mining and other law and order issues (M13) • National strategy for critical minerals (M11) • Detailed project plans with defined timelines  communicated to the DMPR • Continue to work with industry bodies and with government to solve regulatory challenges OUTLOOK In 2024, our engagements with authorities have resulted in a positive and encouraging response. We will maintain our efforts to engage with government at all levels – national, regional, and local. Our interactions in various regions continue to be fruitful, driven by a shared commitment to economic prosperity, effective policing, and the maintenance of law and order. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION ENGAGING WITH OUR STAKEHOLDERS continued IR – 64 UG2 Ore stockpiling, SA PGM operations

Nature of relationship in 2024: Constructive I CORDIAL I Strained SUPPLIERS AND CUSTOMERS Related strategic essentials and differentiators Achieving operational excellence and optimising long-term resource value Related risks • Geopolitical developments may influence the reliability of supply chains (upstream and downstream) that serve the corporation’s operations • Technology developments may disrupt the markets served by the company and require strategic adaptation by the organisation to remain competitive and relevant Opportunities • Commodity applications and energy solutions to address climate change and the environment • Strategic partnership mechanism for building new business activities We actively engage with suppliers and customers to ensure their commitment to meeting our sustainability standards amongst others the International Council on Mining and Metals, Initiative for Responsible Mining Assurance and the United Nations Sustainable Development Goals. The automotive industry, our main PGM customer category, is increasingly concerned about their value chain and the credentials of suppliers. Suppliers are also a factor in reporting scope 3 emissions. How we engage Issues that concern both parties in 2024 Our response and strategy to enhance the quality of our relationship • Frequent written and in-person engagements as required, as well as workshops for suppliers • Engage customers via our Marketing function • Annual customer surveys • Engagements with subject experts on topics such as emissions and community outreach • Engagements through membership organisations such as the International Platinum Association • Supplier days (including sustainability awareness supplier day) • Small, medium and micro enterprise training development initiatives • Transparency in the procurement process (M13) • Market intelligence and understanding trends (M1) • Complying with long-term supply agreements with customers (M1) • Increasing engagements on sustainability topics (including emissions) (M7) • Progressing responsible sourcing practices (M4) • The Coupa procurement system in the SA region improves tracking, cost control and compliance, streamlining supplier registration and helping smaller players join our supply chain. See People: Socioeconomic development, page 167 • We assist companies willing to pursue empowerment transactions to enhance their B-BBEE status • Two toll-free lines for reporting irregularities and misconduct; independently managed to ensure confidentiality OUTLOOK Responsible sourcing is a Group sustainability priority; we will continue to improve assurance in this area. Addressing stakeholder grievances Sibanye-Stillwater has a grievance procedure and a grievance register as part of our commitment to reducing negative impacts on stakeholders. This process allows for concerned parties to lodge complaints, questions or concerns about any issue related to sustainability. All reported incidents are recorded, investigated, and addressed appropriately, with outcomes communicated to complainants in a timely manner. In some cases, especially where issues are common, we share findings during stakeholder engagement forums. The procedure offers complainants recourse which includes mediation, facilitation and in cases where parties deadlock, legal action. All sustainability incidents that cause an impact on stakeholders are recorded and classified based on the severity of the impact. We adopt a cross-functional model to manage grievances. This multidisciplinary strategy enhances risk management and the effectiveness of controls. We evaluate the incidents, corrective actions, and preventive measures to mitigate unforeseen negative impacts, particularly concerning human rights. Awareness of our grievance reporting mechanisms is raised through social media monitoring, radio channels, and news letters. Grievances can be logged through self-reporting by employees, and various communication channels, including email, letters, as well as walking into Sibanye-Stillwater’s offices to register a complaint and phone calls. Our grievance and complaints mechanisms are based on Pillar 3 of the UN Guiding Principles on Business and Human Rights, which emphasises providing access to remedies for those affected by business-related human rights abuses. Additionally, our anonymous tip-off line is available for stakeholders to raise concerns regarding unethical behaviour or potential violations of our Code of ethics. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION ENGAGING WITH OUR STAKEHOLDERS continued IR – 65

In 2024, the SA region accounted for 137 community complaints/grievances (123 in 2023) relating to various categories, as outlined in the graph below; of which 109 were closed in 2024. Our US region also monitors grievances received and received 12 complaints (2023:13). Notably, for 2024, there were no adverse findings of human rights breaches by the Group. The EU region has a system in place, and one complaint was received and closed out and at our AUS region we had no community grievances during the period. Also see our Grievance procedure available, www.sibanyestillwater.com/sustainability/reports-policies/ US REGION: TOTAL NUMBER OF COMPLAINTS AND GRIEVANCES IN 2024 5 3 2 2 Traffic Noise Air Quality Other environmental issues SA REGION: TOTAL NUMBER OF COMPLAINTS AND GRIEVANCES IN 2024 38 27 10 26 19 5 9 12 Procurement (local SMMEs opportunities/tender process/complaints about non-local businesses) (2023: 16) Community development (2023: 12) Housing and infrastructure (2023: 3) Environmental issues (2023: 21) Recruitment opportunities (2023: 27) Cultural heritage and land (2023:10) Training and skills development (2023: 11) Safety issues (tailings and illegal mining) (2023: 4) Health and wellness (2023: 2) Transport and engineering (2023: 5) Legal related matters (2023: 12) COMPLAINTS AND GRIEVANCE PROCEDURE FLOW-CHART OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION ENGAGING WITH OUR STAKEHOLDERS continued IR – 66

HOW WE CREATE VALUE: 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 BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 67 At the heart of our value creation business model, sits the Umdoni tree. The leaves of our Umdoni tree represent all our stakeholders. These relationships that we rely on are nurtured through upholding our values – the roots of the tree, see our Strategy unpacked, page 42 THE VALUE CREATION PROCESS (references and links to relevant sections) RISKS AND OPPORTUNITIES (see page 45) STRATEGY AND RESOURCE ALLOCATION (See Chairman’s and CEO’s Review, page 13 and CFO’s Report, page 75) PERFORMANCE (Section 3, see page 74) OUTLOOK (See Strategic Differentiators, page 44, Operational Outlook, page 97, and Future focus summaries in each performance section) Value creation (preservation, diminution) over time, see Capital Trade-offs, page 71 MISSION AND VISION Material matters and factors in our external business environment impact on our ability to create and preserve value for our stakeholders (see page 3) FINANCIAL MANUFACTURED INTELLECTUAL HUMAN SOCIAL AND RELATIONSHIP NATURAL Page 68 Page 69 Page 69 Page 70 Grey elephants – aspects of relevance to our business activities (see page 33) Source: See https://integratedreportingsa.org/ircsa/wp-content/uploads/2017/05/13-12-08-THE-INTERNATIONAL-IR-FRAMEWORK-2-1.pdf (see page 34) (see page 34) MANUFACTURED INTELLECTUAL SOCIAL AND RELATIONSHIP FINANCIAL HUMAN NATURAL

INPUTS* Key resources and relationships needed for value creation NATURAL CAPITAL • Mineral Reserves: 2024 Mineral Reserves 57.1Moz (2023: 65.3Moz) • Land under management: 63,891ha in SA (2023: 63,891ha) 1,133ha in US (2023: 1,133ha) 496ha in Europe (2023: 483ha) 58,609ha in Australia (2023: 58,609ha) • Volume of rock extracted: PGM 37Mt (2023: 37.2Mt) gold 33.5Mt (2023: 31.9Mt) • Resources consumed: – 44,487Ml water (2023: 52,076Ml) – 6.2TWh electricity (2023: 6.8TWh) – 32,939kl diesel (2023: 41,993kl) FINANCIAL CAPITAL • Equity, debt and cash flow used to enhance other resource inputs • R22.5bn/US$1.2bn spent to sustain and grow the business (2023: R22.1bn/US$1.2bn) • Building meaningful relationships with downstream partners to meet their supply for critical commodities HUMAN CAPITAL • An empowered workforce totalling 72,423 permanent and contract employees across the Group (2023: 82,788) • R1bn invested at the SA region, US$2.4m (R44.3m) at the US region, €0.37m (R7.3m) at the EU region and A$0.2m (R2.1m) at the AUS region in training and skills development (2023: R1bn, US$3.6m (R66.3m), €0.2m (R4.3m) and A$0.2m (R2m)) • Fatal elimination strategy focused on critical controls, critical life saving behaviour and critical management routines • Group-wide iCARES values reignition programme underway MANUFACTURED CAPITAL • Mining rights and leases and monitoring of key regulatory areas • Operational infrastructure, associated infrastructure and equipment • Production costs 2024: R96bn/US$5bn (2023: R90bn/US$5bn) • Capital expenditure (growth projects) 2024: R10.8bn/US$591m (2023: R7bn/US$373m) • Expenditure on sustaining the business and ore reserve development 2024: R11.7bn/US$638m (2023: R15.2bn/ US$825m) SOCIAL AND RELATIONSHIP CAPITAL • Baseline of socioeconomic status of local communities in South Africa as input to post-mining planning • Partnerships with government on human settlements, and alternative economic programmes • Confidence from shareholders and investors • Capacity-building of local municipalities and traditional authorities • Responsible sourcing framework in place INTELLECTUAL CAPITAL • Optimised mining and processing processes underpinned by institutional knowledge, intellectual property, company culture, and operating systems • Skills and expertise required in being one of the world’s largest PGM producers • New acquisition grows the talent pool and introduces new skills for continuous learning * Inputs, as defined by the International <IR> Framework, are the key resources and relationships an organisation relies on to create value through the six capitals. Only inputs material to understanding the sustainability and effectiveness of the business model are considered. For more information on risks, see Managing our risks and opportunities within the external operating environment, page 45 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION HOW WE CREATE VALUE: OUR BUSINESS MODEL continued IR – 68

BUSINESS ACTIVITIES ACROSS OUR VALUE CHAIN OUTPUTS AND BY-PRODUCTS PRIMARY MINING / PROCESSING SECONDARY MINING / TAILINGS TREATMENT • Gold 574,387oz • Platinum 1,186,718oz • Palladium 877,730oz • Rhodium 165,636oz • Ruthenium 265,508oz • Iridium 63,986oz • Nickel 7,705 tonnes • Chrome 2,666,384 tonnes • Gold 161,365oz • Zinc (payable) 81,597 tonnes RECYCLING / URBAN MINING • Gold 107,680oz • Platinum 83,966oz • Palladium 252,142oz • Rhodium 24,571oz • Silver 1,660,299oz • Copper 2,590,335lbs • Industrial and e-scrap 4,690,801lbs OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION HOW WE CREATE VALUE: OUR BUSINESS MODEL continued IR – 69 72,423 employees incl. contractors R31.4 billion paid in salaries and benefits R2.7 billion invested in socioeconomic development and CSI R2.2 billion taxes and royalties1 R1 billion invested in training and development R28.7 billion spent on total discretionary procurement in South Africa The fruits of our Umdoni tree signify the shared value we create for our stakeholders (See Our shared value in numbers on page 271) 1 Taxes and royalties paid as per the consolidated statement of cash flows in the Group Annual financial report 2024 ACQUIRE AND MINE  ACQUIRE AND RETREAT/RECYCLE EXTRACT, PROCESS AND REFINE ENVIRONMENTALLY MANAGE AND REHABILITATE SALES AND MARKETING • Primary producer of platinum, palladium and rhodium and top- tier gold producer • Producer of iridium, ruthenium, nickel, chrome, copper and cobalt • Progress with the growth in the EU region • A leading US recycler of autocatalysts and precious metal bearing waste. • Own and operate the Century zinc tailings retreatment operation • Acquired Reldan, a recycling operation which reprocesses various precious metal bearing waste streams, including industrial and electronic scrap to green precious metals • The mining, recycling, refining and marketing of precious metals and base metals • Majority shareholder in DRDGOLD, a specialist in the recovery of residue metal from retreatment of surface tailings • Increased exposure to circular economy through our autocatalyst recycling facilities and our acquisition of Reldan in the US, and zinc retreatment facility in Australia • The unique combination of chemical and physical properties of PGMs, give them intrinsic value; PGMs have unique catalytic properties and high thermal resistance; they have important niche technology applications; iridium and ruthenium have higher-volume industrial and medical applications SOURCES OF COMPETITIVE ADVANTAGE • Geographic and product diversity; cash-generative assets • Mine-to-market PGM pipeline on two continents, including recycling • Strategic transactions and partnerships • Agile and adaptable leadership, with extensive experience

OUTCOMES* The material impacts of our activities on our key resources and relationships l Value created l Value preserved l Value eroded See supplementary information, Progressing the UN’s SDGs NATURAL CAPITAL l	Total GHG emissions (scope 1 and 2): 6,345Mt CO2e (2023: 6.6305Mt CO2e) l	Carbon intensity: 0.14t CO2e per tonne milled (2023: 0.14t CO2e per tonne) l	R1.53m/US$0.1m carbon tax paid (2023: R1.91m/US$0.1m) l	Two level 3 environmental incidents (2023: two level 3) l	7,589Ml reduction in net water used (2023: 12,635Ml increase) l	7,608 hectares disturbed by our mining activities (2023: 8,228 hectares) ALIGNING OUTCOMES WITH THE SUSTAINABILITY THEMES AND SDGs Planet  Secondary SDGs 1, 2, 6, 7, 9, 11 FINANCIAL CAPITAL l	Revenue R112bn/US$6.1bn (2023: R114bn/US$6.2bn) l	Net debt increased from R11.9bn/US$642m to (R23.4bn)/(US$1.3bn) l	Headline earnings of R1.82bn/US$0.1bn (2023: R1.78bn/US$0.1bn) l	Share price decreased by 40% to R14.98 per share at year-end (2023: 44% decrease to R24.90 per share) l	Market capitalisation (28 Mar 2025) of R57.4bn/US$3.1bn (31 Mar 2024: R61.4bn/US$3.3bn) l	No dividends paid for 2024 in line with the dividend policy (2023: R5.3bn/US$289m) Prosperity HUMAN CAPITAL l	Tragically, there were five fatalities at the SA PGM, and three fatalities at the SA gold operations (2023: eleven). There were no fatalities at the US PGM operations l	Recorded an overall decrease in the number of lost-time injuries to 607 (2023: 766) l	R31.4bn/US$1.7bn paid in salaries and wages to employees (2023: R30.6bn/US$1.7bn) l	Focus on gender diversity has increased: 18% of all employees are female (2023: 17.2%) l	At our SA operations the TB rate per 1,000 employees reduced year-on-year from 3.78 to 3.38 People Secondary SDGs 1, 2, 3, 4, 8, 9, 10,11,17 MANUFACTURED CAPITAL l	Construction of the Keliber lithium refinery, concentrator and Syväjärvi open pit mine underway with hot commissioning of the refinery expected during the first half of 2026 l	Capital investment of c. R12-14bn funded through third-party power purchase agreements (PPAs) for renewable projects at SA operations; 407MW in construction, of which 267MW scheduled to achieve commercial operation in 2025 Prosperity Secondary SDGs 7, 9, SOCIAL AND RELATIONSHIP CAPITAL l	R105.3bn/US$5.7bn in total economic value distributed (2023: R104.5bn/US$5.7bn) l	Maintained the Good Neighbor Agreement l	Invested R2.7 bn/US$146m on social and labour plans and CSI (2023: R2.6bn/US$142m) l	Responsible and preferential local BEE procurement of R22.2bn (2023: R25bn) in South Africa l	R2.2bn/US$122m paid in taxes and royalties (2023: R4.1bn/US$224m) l	Robust relations with the governments in South Africa, US, AUS and EU People and prosperity Secondary SDGs 1,2, 4, 5, 9, 10, 11, INTELLECTUAL CAPITAL l	Invested in developing and maintaining the Group’s mining processes, operating systems and company culture, including through our investments in skills development, research and development, and increasing digitalisation of processes across our operations l	Invested R73.6m in innovation and technology (2023: R87.8m) l	Supported 537 bursaries at tertiary level (2023: 580) (numbers inclusive of bursaries retained from previous year) Governance Secondary SDGs 9, 12 * Outcomes, as defined by the International <IR> Framework, are the internal and external effects of an organisation's activities on the six capitals. These include both positive outcomes, which create value, and negative outcomes, which erodes it. Identifying outcomes requires considering impacts beyond the organisation, including those across the value chain. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION HOW WE CREATE VALUE: OUR BUSINESS MODEL continued IR – 70

CAPITAL TRADE-OFFS: STRATEGIC MANAGEMENT FOR SHARED VALUE 1 A challenging commodity price environment required proactive initiatives to protect and strengthen the balance sheet, optimisation of loss-making operations and slower growth into green metals and energy solutions Links to: 2024 STRATEGIC ESSENTIAL: Maintaining a profitable business and optimising capital allocation 2024 STRATEGIC DIFFERENTIATOR: Unique global portfolio of green metals and energy solutions 2024 MATERIAL MATTERS: M1, M3, M4 SDGs IMPACTED: 8.2, 8.5, 7.3, 9.4, 17.13 • Weaker commodity prices impacted the profitability of the Group, prompting restructuring – The SA and US region underwent restructuring to reposition the operations for sustainability in a low price environment – The Group has reached agreement to terminate a key commercial supply contract to address the losses at the Sandouville nickel refinery • Proactive non-debt capital initiatives were initiated to protect and strengthen the balance sheet. These initiatives included a covenant uplift, currency hedging geared collar, gold and chrome prepays, refinancing of revolving credit facilities (RCF), green loan financing and streams • The proactive non-debt measures lowers the risk of higher leverage and improves liquidity, providing upfront funding of equity in nature, but could possibly concede a portion of future production/sales in a stronger price environment • Despite the low price environment the Group continued to invest in value accretive projects such as the Keliber lithium project and the K4 shaft at the SA PGM operations CAPITALS IMPACTED l Value created l Value preserved l Value eroded HUMAN CAPITAL  l	When done proactively, human resources (jobs) will be preserved in future l	Able to retain skills and improve efficiency by reallocating skilled human resources from loss-making operations to other operations l	Improving the livelihoods of employees, contractors and suppliers who have been impacted by restructuring l	Losing the skills and funds invested into upskilling employees when employees are retrenched FINANCIAL CAPITAL l	Low commodity prices resulting in reduced profitability and/or losses l	Able to finance the green metals projects through alternative financing mechanisms such as the €500 million green financing package for the Keliber lithium project l	With cash preservation, the financial capital allocated to our green metals projects might be reduced SOCIAL AND RELATIONSHIP CAPITAL l	Low morale in sections where rightsizing and cost reduction are required l	Working together with trade unions, employees and stakeholders to find alternatives to retrenchments preserves and sometimes even builds relationships with job preservation as common outcome INTELLECTUAL CAPITAL l	Losing the skills and funds invested into upskilling employees when employees are retrenched l	May delay some non-core innovation projects as part of the cash preservation efforts, delaying creation of potential intellectual capital l	Innovation projects increases safety and enables cost benefits, which in turn increases profitability MANUFACTURED CAPITAL l	Slowing or stopping construction of some projects and merger and acquisitions l	Advancing only the best and most strategic projects due to a disciplined approach OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 71 We acknowledge that the capitals are constantly created and eroded through daily decisions, leading to capital trade-offs. Below is a selection of key trade-offs that impacted our capital stocks, guided by our material matters, risk universe, and strategy. This list, though not exhaustive, shows how we link our capital components to long-term value creation. Each trade-off is connected to relevant strategic pillars, material matters, and SDGs. For more information, See our Group impact supplement, www.sibanyestillwater.com/ news-investors/reports/annual/ MATERIAL MATTERS (see page 3) M1 Profitability M2 Safety and health M3 Capital allocation and balance sheet strength M4 License to operate M5 Tailings storage facilities management M6 Water management M7 Nature (biodiversity) pollution and mine rehabilitation M8 Climate transition risk M9 Climate physical risk M10 Sociopolitical instability M11 Macroeconomic and geopolitical instability M12 Innovation, digital evolution and cyber exposure M13 Security, crime and extortion M14 Energy supply and security M15 Advancing core skills, inclusion and diverse talent Navigating capital trade-offs Value creation involves balancing trade-offs between the six capitals, as defined by the International <IR> Framework. Enhancing one capital may come at the expense of another, requiring strategic decisions to optimise long-term shared value for all stakeholders.

2 Our commitment to safe production and aspiration for Zero harm overrides meeting short-term production targets Links to: 2024 STRATEGIC ESSENTIAL: Ensuring safety and wellbeing 2024 MATERIAL MATTERS: M1, M2, M3, M12, M13 SDGs IMPACTED: 8.8, 3.8, 9.2 • Our commitment to maintaining a safe working environment and to delivering on our aspiration of Zero harm, underpins all our activities • Focus on leading indicators and risky behaviours means improved reporting and recording of high-potential injuries • Voluntary work stoppages are implemented when there are clearly identified risks, affirming our core principle of Zero harm over meeting production targets • Investment of financial capital and workforce time to secure health and safety improvement and management across all aspects of our operations CAPITALS IMPACTED l Value created l Value preserved l Value eroded HUMAN CAPITAL  l	Time invested in safety training of staff l	More effectively-trained workforce, with an embedded safety culture l	Lowest serious injury frequency rate and total recordable injury frequency rate recorded for the 2024 year l	Safeguarding the lives of our employees daily l	Eight fatalities despite our efforts FINANCIAL CAPITAL l	Costs incurred from capital invested in safety programmes, initiatives, and technologies l	Reduced legal stoppages (e.g., Section 54s) as a result of improved safety sustains stable production l	Reduced care and maintenance costs l	Reduced legal liabilities and remedial costs SOCIAL AND RELATIONSHIP CAPITAL l	Safe production in line with ICMM requirements l	Promotion of self-stoppages of work in unsafe conditions; monthly average reached above 80% of reported stoppages by December 2024 l	Life saving behaviour INTELLECTUAL CAPITAL l	Technical capabilities and expertise, safety certification, Zero harm framework, deployment of new technology MANUFACTURED CAPITAL l	Investment in new safe technologies l	Investment in visualising of safety risks through communication technology 3 Protecting workers’ rights to a fair wage and upholding our social licence to operate, while ensuring the Group’s business viability in an increasingly competitive environment Links to: 2024 STRATEGIC DIFFERENTIATOR: Recognised as a force for good 2024 MATERIAL MATTERS: M1, M4, M10, M15 SDGs IMPACTED: 8.6, 10.4 • We uphold workers’ fundamental rights to freedom of association and collective bargaining and hold wage negotiations to agree fair remuneration and note that local laws also protect these rights • Fair wages and active engagement maintain productivity and social stability. Our wage dispute mechanisms minimise industrial action • Wages also constitute a large part of our costs and, therefore, to keep the Group competitive and profitable, we will make the case against unreasonable wage demands that threaten the viability of our operations • We’ve subsequently secured five-year wage agreements at our Rustenburg, Marikana, and Kroondal PGM operations and a one-year wage agreement at our SA gold operations supporting short to medium-term stability CAPITALS IMPACTED l Value created l Value preserved l Value eroded FINANCIAL CAPITAL l	Periodic wage increases l	Costs incurred from any productivity decline during industrial action l	Longer-term viability ensured through trust-based negotiations that balance employee needs with the Group’s competitiveness SOCIAL AND RELATIONSHIP CAPITAL l	Constructive relationships built with fair labour practices and frank engagement l	Any failure to prevent industrial action results in unrest and increased distrust l	Compliance with labour legislation HUMAN CAPITAL l	Employment opportunities protected l	Failure to reach resolution of wage negotiations l	Lost operational time and loss of income when embarking on industrial action in the short term OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CAPITAL TRADE-OFFS: STRATEGIC MANAGEMENT FOR OPTIMUM VALUE CREATION continued IR – 72

4 Disrupting traditional ways of work to embrace our position as a digital-first organisation whilst mitigating cyber risks Links to: 2024 STRATEGIC DIFFERENTIATORS: Inclusive, diverse and bionic Building a pandemic-resilient ecosystem 2024 MATERIAL MATTERS: M2, M12, M13, M15 SDGs IMPACTED: 8.5, 9.2, 13.3,17.17 • By embracing digital-first we are making significant investments in new technologies, adopting modernised work systems, and supporting more flexible remote working patterns • Our drive to become a digital-first organisation is disrupting traditional ways of working, resulting in some potentially significant changes in terms of people, plant, and processes • Embracing digital transformation enhances efficiency and innovation, but it also increases exposure to cyber threats, requiring robust cybersecurity measures and continuous awareness training to mitigate risks CAPITALS IMPACTED l Value created l Value preserved l Value eroded FINANCIAL CAPITAL l	Financial investment in technology, innovation and cybersecurity awareness initiatives l	Delivering enhanced efficiencies and creating new market opportunities HUMAN CAPITAL  l	Key benefits to employees: less commuting, facilitation of transnational teamwork, access to greater pool of global talent through remote working l	Improved safety, productivity and working environment through new technologies l	Skills retention and attraction owing to ease-of-work and remote opportunities l	Potential job losses and changes to existing tasks as digital technology replaces existing work needs l	Compulsory employee training in cybersecurity SOCIAL AND RELATIONSHIP CAPITAL l	Possible erosion of in-person relationship building and personal connection l	Potential to increase diversity and inclusion NATURAL CAPITAL l	Environmental benefits through enhanced operational efficiencies and productivity l	Environmental cost associated with e-scrap and emissions from energy-intensive data centres INTELLECTUAL CAPITAL l	Investing in technologies, systems and processes l	Sibanye-Stillwater iXS technology incubation and development initiative, data security and protection l	Key capacity and capability constraints limiting digital transformation l	WITS University Digimine partnership l	Launched the #CyberSafe platform and partnered with a global cybersecurity company MANUFACTURED CAPITAL l	Existing plant and equipment becomes obsolete l	Commitment to continuous improvement and updates maintains digital infrastructure l	Global supply chain shortage impacting the availability of technology OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION CAPITAL TRADE-OFFS: STRATEGIC MANAGEMENT FOR OPTIMUM VALUE CREATION continued IR – 73 SA gold operations - Driefontein Ya Rona D4 shaft

OUR PERFORMANCE Maintaining a profitable business and optimising capital allocation 75 Chief Financial Officer’s report 75 Achieving operational excellence and optimising long-term resource value 89 Delivering value from our operations 90 Mineral Resources and Mineral Reserves: a summary 98 Sustainability embedded as the way we do business 104 Social, Ethics and Sustainability Committee: Chair’s  report 104 Ensuring safety and wellbeing 111 Safe production 111 Health, wellbeing and occupational hygiene 123 Inclusive, diverse and bionic 133 Our people 134 People: Socioeconomic development 156 Innovation, digital and technology 174 Sustainability embedded as the way we do business Planet: Minimising our environmental impact 182 Governance in sustainability 210 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SIBANYE-STILLWATER COMBINED INTEGRATED REPORT 2024 74 Platinum is used in electronic components like hard drives and multi-layer ceramic capacitors.

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." OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SIBANYE-STILLWATER COMBINED INTEGRATED REPORT 2024 75 Charl Keyter – Chief Financial Officer MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION

WHAT WE DID IN 2024 SUCCESSES Thf 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$120 million cap at R20.09/US$) 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 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 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 From a financial perspective, the entirety of our strategy applies, but with special emphasis on our strategic essentials: Prospering in every region in which we operate, Achieving operational excellence and optimising long-term resource value and Maintaining a profitable business and optimising capital allocation. The related material financial matters identified in our materiality determination process are Capital allocation and Profitability. Governance of our financial performance and reporting is overseen and monitored by the Audit Committee, on behalf of the Board. (See Corporate governance) 2024 – A BRIEF OVERVIEW –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– During 2024, we had to operate against a backdrop of continued lower average PGM basket and higher gold prices as investors sought refuge in a safe-haven amid global economic uncertainty. At our US PGM recycling business volumes of spent autocatalysts were affected by lower consumer demand for new vehicles as a result of high interest rates, while South Africa was impacted by localised operational challenges at Siphumelele and Beatrix 3 shaft. Century zinc retreatment operation was affected by severe weather and Sandouville nickel refinery was affected by constrained production and lower nickel carbonate demand. The higher average gold price during 2024 resulted in higher revenue and adjusted EBITDA at our managed SA gold operations. The net result was revenue earned for 2024 of R112.1 billion (US$6.1 billion), compared to R113.7 billion (US$6.2 billion) for 2023. On 21 August 2024, we concluded a €500 million green loan financing facility (Green loan) for the Keliber lithium project, with a variable interest rate linked to EURIBOR, a competitive margin and an amortising repayment profile tied to the projected project’s cash flows which ultimately matures between 7 to 8 years. To date we have spent approximately R8.7 billion (€438 million) on the Keliber lithium project. Despite operating in a challenging lower commodity price environment, with the exception of gold and zinc during 2024, we have maintained our cash reserves which at year end were R16.0 billion ($1.4 billion). In line with Sibanye-Stillwater’s dividend policy and its Capital allocation framework, the Board resolved not to declare a dividend for 2024. Net debt to adjusted EBITDA ended at 1.79x for 2024 (2023: 0.58x), well below our required covenants. The continued lower average PGM basket prices impacted both adjusted EBITDA and free cash flow and contributed to the deterioration in net debt to adjusted EBITDA in 2024. During December 2024, the Group entered into a US$500 million streaming agreement with Franco-Nevada corporation which secured a US$500 million upfront cash. This allowed the Group to raise non-debt capital by primarily streaming gold, a minor component of the basket of metals produced from our SA PGM operations and a marginal and finite amount of platinum. Including the US$ 500 million Stream proceeds, on a pro-forma basis, would have resulted in Net debt to adjusted EBITDA at 1.08x for 2024. Revenue for 2024 decreased marginally by 1%, mainly due to ongoing lower PGM prices, but partially offset by increased revenue at both the SA gold operations and the Century zinc retreatment operation due to higher gold and zinc in concentrate prices, respectively, and the acquisition of the Reldan operations effective 15 March 2024. Despite above-inflation increases in almost all input costs, cost of sales before amortisation and depreciation increased by only 5%. Group adjusted EBITDA for 2024 decreased by 36% or R7.5 billion (US$0.4 billion) to R13.1 billion (US$0.7 billion). The Group ended with a loss for the year of R5.7 billion (US$0.3 billion) an 85% improvement compared to 2023, after raising non-cash impairments of R9.2 billion (US$0.5 billion) for 2024, and normalised earnings1 loss of R1.5 billion (US$0.1 billion). 1 Normalised earnings is not calculated in accordance with IFRS Accounting Standards. See – Annual financial report – Management’s discussion and analysis of the financial statements – Non-IFRS Measures on page AFR-40 for more information on the metrics presented by Sibanye-Stillwater OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 76

Percentage of revenue per segment by geographical location of customers purchasing from Group operations Gold 2024 36% 64% SA UK Gold 2023 44% 56% SA UK US and SA PGM 2024 15% 23% 41% 21% SA UK USA Other US and SA PGM 2023 14% 22% 46% 18% SA UK USA Other Nickel refining 2024 3% 3% 71% 6% 17% USA France Luxembourg Germany Other Nickel refining 2023 7% 21% 5% 14% 9% 28% 16% Belgium UK USA Luxembourg France Germany Other Zinc retreatment 2024 35% 37% 12% 16% Singapore Switzerland China Other Zinc retreatment 2023 37% 40% 9% 14% Singapore Switzerland China Other 28% 9% 9%29% 18% 7% Canada Switzerland Italy USA Germany Other OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 77 Southern African region European region Australian region E-scrap recycling (US) Southern African and American regions

At 31 December 2024, the Group was in a net debt position1 of R23.4 billion (US$1.2 billion) compared to a net debt position of R11.9 billion (US$0.6 billion) at the end of 2023. In line with this, the net debt: adjusted EBITDA ratio increased from 0.58 in 2023 to 1.79 by 2024; a deterioration but better than expected and well within the covenant threshold of 3.5x. Adjusted free cash flow2 for 2024 was negative R13.4 billion (US$0.7 billion), compared to R10.6 billion (US$572 million) in 2023. 1 Net debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and, therefore, exclude the Burnstone Debt and include the derivative financial instrument. Net debt excludes cash of Burnstone 2 Adjusted free cash flow is defined as cash flows from operating activities before dividends paid, net interest paid and deferred revenue advance received, less additions to property, plant and equipment. Management considers adjusted free cash flow to be an indicator of cash available for repaying debt, other investing activities, and paying dividends OUR MOST NOTABLE FINANCIAL MATTERS –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Liquidity At year-end 2024 the Group had committed undrawn debt facilities of R26.7 billion (US$1.4 billion), compared to R20.8 billion (US$1.1 billion) in 2023, uncommitted undrawn debt facilities of R2.9 billion (US$0.2 billion), compared to R3.3 billion (US$0.2 billion) in 2023and available cash and cash equivalents of R16.0 billion (US$0.9 billion) compared to R25.6 billion (US$1.4 billion) in 2023, contributing to the available cash and undrawn debt liquidity buffer of R45.6 billion (US$2.4 billion), compared to R49.7 billion (US$2.7 billion) in 2023. This excluded the US$500 million stream cash, which was received by the end of February 2025. At year-end 2024, the Group’s total assets exceeded its total liabilities by R48.3 billion (US$2.6 billion), compared to R51.6 billion (US$2.8 billion) in 2023. On 21 August 2024, the Group concluded the refinancing of the R5.5 billion revolving credit facility (RCF). The new facility is a R6.5 billion RCF with a term of three years, with two optional one-year extensions from the maturity date of the facility. During December 2024, Sibanye-Stillwater entered into a US$500 million streaming agreement with the Franco-Nevada corporation,which secured a US$500 million upfront payment that further enhances the Group’s capital structure, improves balance sheet headroom and liquidity placing the Group in a secure and sustainable financial position. In line with the Group’s Commodity price hedging policy and to safeguard the viability of its higher-cost gold operations, on 4 November 2024 and 9 December 2024, respectively, Sibanye Gold Proprietary Limited (SGL) concluded two gold hedge agreements, which commenced on 1 December 2024 and 1 January 2025, respectively. The agreements are also structured using monthly average prices, requiring the delivery of 182,000 and 168,000 ounces of gold over 12 months, respectively. The agreements have a zero cost collar which establishes a floor of R1.45 million/kg for both agreements and caps of R1.88 million/kg and R1.75 million/kg, respectively. During the year, the Group entered into a wind energy power purchase agreements , providing a total of 140MW clean energy which is expected to reach commercial operation in quarter 4 of 2026. This projects will provide approximately 9% of our SA electricity requirements and enable the Group to reduce its scope 2 emissions. These projects will be funded, built and operated by a project consortium, positively contributing to preserving the Group’s liquidity. Credit ratings The Group received revised downward credit ratings from Moody’s in May 2024, as tabled below: Credit rating agency Previous Current Most recent ratings change Fitch BB stable outlook BB negative outlook February 2024 Moody's Ba2 positive outlook Ba2 negative outlook May 2024 S&P Global BB BB - December 2023 Moody’s and Fitch downgraded the Group’s rating to negative outlook. The ratings reflects a combination of factors including the company’s ambitious growth strategy with large debt-financed investments in a battery metal project and a sizeable acquisition of a PGM recycling asset amid the weak PGM prices undermining EBITDA and cash flow generation, the high-cost profile of its gold operations consisting of mature deep-level mines and operational risks that have materialised in a number of incidents at the company’s mines over the past several years leading to operational disruptions and the company's exposure to macroeconomic, business, social, political and regulatory risks in South Africa, which constrain its rating at the level not more than one notch above that of South Africa's sovereign rating. A change in credit rating, however, has been expected given the uncertain market outlook on PGM prices. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 78 Century pit TSF, Australia

PROACTIVE BALANCE SHEET MEASURES During the year the Group continued to proactively respond to the expected low economic environment, by: • Repositioned operations for sustainability in low-price environment • Optimised profitability and protected the balance sheet • Reinforced Balance sheet strength by accessing non-debt capital, as illustrated in the table below: Funding Value Covenant uplift ~R13 billion (US$692 million)1 benefit2 Currency hedging geared collar US$35 million – US$ 70 million (R18.00/US$ / R20.09/US$) US$25 million – US$50 million (R18.00/US$ / R20.09/US$) Gold prepay Minimum R1.8 billion (US$96 million)1 RCF refinanced and increased Upsized from R5.5 billion to R6.5 billion6 Keliber green loan €500 million (R9.8 billion)1 Stream US$500 million (R9.4 billion)1, 4 Chrome prepay US$50 million (R938 million)1,5 Total Balance sheet reinforcement to date ~R35.8 billion (~US$1.9 billion)1,3 1. Using the closing rate for 2024 of R18.76/US$ and R19.53/€ 2. Assuming annual adjusted EBITDA of ~R13 billion (H1 2024 annualised), the covenant uplift to 3.5x provides additional net debt headroom of ~R13 billion 3. The total includes the covenant uplift (~R13 billion/US$705 million), the prepay (minimum of R1.8 billion/US$96 million), the refinancing of the Rand RCF (R500 million/US$27 million) and the green loan (R9.8 billion/US$521 million). The total excludes the currency hedging geared collar as the benefit will be derived at an exchange rate higher than R20/US$ 4. Sibanye-Stillwater secured US$500 million (R9.4 billion) streaming agreement with Franco-Nevada on 19 December 2024, cash received by February 2025 5. On 1 December 2024, Sibanye-Stillwater concluded a chrome prepayment arrangement whereby the Group received a cash prepayment of US$50 million (R938 million) against delivery of chrome concentrate. Monthly deliveries of between 40,000 tonnes and 70,000 tonnes of chrome concentrate will be made until the prepaid amount (including interest) is settled in full. Full ruling spot prices are received for the chrome concentrate, with the prepayment outstanding amortising on pre-agreed criteria over the period. Deferred revenue amounting to R172 million was recognised as revenue for the 18 months ended 31 December 2024 6. On 6 December 2024, following the RCF’s initial execution, the Bank of China, a prior funder, acceded to the ZAR RCF and increased the available facility by R500 million (US$26.6 million) For 2025, planned project capital for K4 is R0.8 billion (US$44 million) and Keliber lithium project is R4.3 billion (€215 million). Total capital expenditure for 2025, is estimated at approximately R20.5 billion (US$1.1 billion) at a planned exchange rate of R18/US$. Dividends Our Dividend policy is to return at least 25% to 35% of normalised earnings to shareholders and after due consideration of future requirements the dividend may be increased beyond these levels. For 2024, the Group incurred a normalised loss of R1.5 billion (US$80 million), compared to normalised earnings of R1.8 billion (US$95 million) for 2023. In line with Sibanye-Stillwater’s dividend policy and its Capital allocation framework, the Board resolved not to declare a dividend for the year ended 31 December 2024 (2023: 53 SA cents per share). Cost-saving initiatives In light of the expected volatile operating environment, with macroeconomic and geopolitical uncertainty persisting, and the continued lower average PGM basket prices, we have already taken proactive and decisive actions, which tangibly address financial losses and better position the business for future sustainability. These actions included the further repositioning of US PGM operations by deferring production growth, the deferral of capital investment in Burnstone project and the restructuring at our SA region operations. The restructuring at the SA region resulted in the closure of end-of-life shafts and plants including Beatrix 4 shaft, Kloof 4 shaft, Kloof 2 plant, Simunye shaft (Kroondal) and 4 Belt shaft (Marikana) and the restructuring of loss-making shafts which included Siphumelele (Rustenburg), Rowland (Marikana) and Beatrix 1 shafts which also necessitated the consequential right-sizing of the SA regional services. In addition, Beatrix 1 shaft will continue operating as long as it does not incur a net losses on an average trailing three-month basis. Inflation pressures The South African Reserve Bank (SARB) has a monetary inflation target range of 3% to 6%. The SARB’s Monetary Policy Committee forecasted the headline Consumer Price Index (CPI) for 2024 at 4.6%, 2025 at 4.5% and 4.5% for 2026. For South Africa, the headline CPI was an average of 4.7% up to October 2024. South Africa continued to be affected by higher inflation rates, coupled with a weaker rand, resulting in higher prices for imported goods which led to above- inflation cost increases on essential input costs which include electricity, diesel, reagents and steel costs. In the United States, the Federal Open Market Committee (“FOMC”) at its September 2024 meeting discussed its outlook on US inflation and indicated that it seeks to achieve maximum employment and inflation at 2% over the longer run. The IMF forecasts the US 5 year inflation at 2.1% (2023: 2.1%), which reflects the policy of the FOMC. The CPI up to October 2024 was at 3%. The French central bank, forecast that inflation would average 2.5% in 2024, nearing the European Central Bank’s 2% target towards the end of 2024. The IMF forecast the French 5-͏year inflation at 1.8% and 2% for Finland. The Reserve Bank of Australia forecast inflation to decline to 3.1% by December 2024, returning to the target range of 2% to 3% in 2025, and to the midpoint in 2026. The IMF forecast the Australian 5 years inflation at 2.5%. Above-inflation increases put pressure on the Group’s profitability and Sibanye-Stillwater strives to limit above-inflation cost increases to ensuring the sustainability of operations. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 79

SUMMARY OF THE ANNUAL FINANCIAL STATEMENTS –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Our PGM operations were significantly impacted by the continued lower PGM basket prices, while our Sandouville nickel refinery faced continued pressure with the structural shift in nickel prices which continued during 2024. The Century zinc retreatment operation benefited from a combination of higher zinc in concentrate prices and record low treatment charges. Our gold operations benefited from higher gold prices as the gold price continued its strong uptrend and achieved record highs. The Group proactively restructured it US PGM and its SA region, including the SA regional services function due to lower realised PGM prices. In light of these challenges, the Group focused on capital preservation opportunities which for example, included placing the Burnstone project on care and maintenance and proactively implemented various balance sheet reinforcement measures, whilst maintaining liquidity which ensures that the Group is able to execute on its planned capital commitments for 2025. Group financial performance Revenue Group revenue for 2024 decreased by 1% to R112.1 billion (US$6.1 billion) mainly due to continued lower average US$ PGM basket prices realised during 2024, partially offset by increased revenue at both the SA gold operations and the Century zinc retreatment operation due to higher gold and zinc in concentrate prices, respectively, and the acquisition of the Reldan operations effective March 2024. Cost of sales Group cost of sales, before amortisation and depreciation, increased from R89.8 billion (US$4.9 billion) in 2023 to R96.4 billion (US$5.3 billion) in 2024. The acquisition of Reldan and Anglo American Platinum Limited's (AAPL) 50% share of the Kroondal PSA operations were the primary reasons for the 7% increase in Group cost of sales before amortisation and depreciation, partially offset by lower average PGM basket prices affecting the cost of purchasing recycling material and third-party PoC at the US PGM Recycling and Marikana operations (SA PGM), respectively. Loss before royalties, carbon tax and tax Group loss before royalties, carbon tax and tax decreased by 91% or R35.1 billion (US$1.9 billion) to R3.7 billion (US$0.2 billion), which is mainly attributable to the decrease in impairment loss recognised of R38.3 billion in 2024 (R2.1 billion). Adjusted EBITDA Group Adjusted EBITDA of R13.1 billion (US$0.7 billion) in 2024 decreased by 36% from R20.6 billion (US$1.1 billion) in 2023. Adjusted EBITDA from the US PGM underground operations decreased by 116% to R0.1 billion (US$9 million) mainly due to continued lower 2E PGM basket prices. For the US PGM recycling operations adjusted EBITDA decreased by 46% to 0.3 billion (US$17 million) mainly due to lower 3E PGM basket prices. The US Reldan operations generated adjusted EBITDA of R0.3 billion (US$15 million). Adjusted EBITDA for the SA PGM operations decreased by 58% to R7.4 billion (US$0.4 billion) due to continued lower 4E PGM basket prices. Adjusted EBITDA at the SA gold operations increased by 66% to R5.8 billion (US$0.3 billion) in 2024, mainly due to a 22% increase in the rand gold price. Negative adjusted EBITDA from the Sandouville nickel refinery decreased by 46% to negative R0.7 billion (US$41 million), mainly due to 13% higher volumes. Adjusted EBITDA at the Century zinc retreatment operation increased by 325% to R0.6 billion (US$34 million) due to a 54% higher average equivalent zinc concentrate price. Cost of production The All-in sustaining cost (AISC) at the US PGM operations decreased by 27% to US$1,367/2Eoz in 2024 primarily due to reduced ore reserve development (ORD) and reduced sustaining capital expenditure arising from repositioning the US PGM operations for lower PGM prices, by deferring production growth and maintaining lower levels of production. Despite disciplined cost containment measures, the AISC at the SA PGM operations of R21,848/4Eoz (including third-party PoC) increased by 8% from R20,286/4Eoz due to above inflation increases in costs of labour, electricity and imported spares and 4% higher production volumes. The AISC at the SA gold operations increased by 11% to R1,251,810/kg in 2024 and was mainly due to 13% lower production volumes arising from the disruptions at the Kloof operation and at Beatrix 3 shaft and above average inflationary increases in electricity, support and consumables costs. At Sandouville, production costs were well controlled with nickel equivalent AISC for 2024 of R449,644/tNi, 31% lower year-on-year. This was driven by lower feedstock prices linked to the price of nickel, lower variable costs (reagents, energy including electricity and gas) and 30% lower sustaining capital to R0.2 billion (US$9 million) as a result of lower replacement costs due to the closure of current production lines in H1 2025. The Century zinc retreatment operation AISC of US$42,446/tZn for 2024 was 17% higher than 2023 levels as a result of 66% higher royalties and sustaining capital which was 64% higher at R0.2 billion (US$10 million) of which R0.1 billion (US$4 million) related to the bushfire recovery costs, partially offset by by-product credits which increased by 75% to R0.2 billion (US$12 million) as a result of the higher prices of silver and increased sales. See Chairman and CEO’s review, page 13 for more on operational performance. Capital expenditure In 2024, Sibanye-Stillwater’s total capital expenditure was 4% lower at R21.6 billion (US$1.2 billion) (2023: R22.4 billion or US$1.2 billion). The capital spend in 2024 was mainly due to the project capital expenditure, on the K4 project (SA PGM operations) and Keliber, as well as Ore Reserve Development and sustaining capital expenditure. These investments will contribute towards the future operational sustainability of the Group and deliver significant economic value to all stakeholders over the long term. Capital expenditure at the US PGM operations for 2024 was R2.8 billion (US$0.2 billion) compared to R6.8 billion (US$0.4 billion) for 2023, at the SA PGM operations for 2024 was R5.8 billion (US$0.3 billion) compared to R5.6 billion (US$0.3 billion) in 2023, at the managed SA gold operations for 2024 was R3.9 billion (US$0.2 billion) compared to R5.4 billion (US$0.3 billion) in 2023. At the Sandouville refinery capital expenditure for 2024 was R0.2 billion (US$9 million) compared to R0.2 billion (US$13 million) in 2023 and on the Keliber lithium project capital expenditure was R6.2 billion (US$0.3 billion) compared to R2.5 billion (US$0.1 billion) in 2023. Capital expenditure at the Century zinc tailings retreatment facility for 2024 was R0.2 billion (US$10 million) compared to R0.2 billion (US$9 million) in 2023. In 2024 capital expenditure at the Reldan operations was R0.01 billion (US$1 million). OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 80

US dollar SA rand 2023 2024 Figures are in millions unless otherwise stated 2024 2023 6,172 6,121 Revenue 112,129 113,684 (5,417) (5,743) Cost of sales (105,208) (99,768) (4,873) (5,262) Cost of sales, before amortisation and depreciation (96,398) (89,756) (544) (481) Amortisation and depreciation (8,810) (10,012) 74 73 Interest income 1,337 1,369 (179) (250) Finance expense (4,571) (3,299) (6) (14) Share-based payment expenses (251) (113) 13 297 Gain on financial instruments 5,433 235 107 (12) (Loss)/gain on foreign exchange differences (215) 1,973 (64) 12 Share of results of equity-accounted investees after tax 212 (1,174) (318) (258) Other costs (4,722) (5,858) 67 144 Other income 2,630 1,232 6 3 Gain on disposal of property, plant and equipment 55 105 (2,576) (501) Impairments (9,173) (47,454) (28) (30) Restructuring costs (550) (515) (26) (46) Transaction and project costs (851) (474) 49 — Gain on acquisition — 898 20 4 Occupational healthcare gain 76 365 (2,106) (200) Loss before royalties, carbon tax and tax (3,669) (38,794) (57) (30) Royalties (543) (1,050) — — Carbon tax (2) (2) (2,163) (230) Loss before tax (4,214) (39,846) 131 (81) Mining and income tax (1,496) 2,416 (2,032) (311) Loss for the period (5,710) (37,430) Profit/(loss) for the period attributable to: (2,051) (398) - Owners of Sibanye-Stillwater (7,297) (37,772) 19 87 - Non-controlling interests (NCI) 1,587 342 Earnings per ordinary share (cents) (72) (14) Basic earnings per share (258) (1,334) (72) (14) Diluted earnings per share (258) (1,334) 18.42 18.32 Average R/US$ rate Note: The translation of the consolidated income statement into US dollar is based on the average exchange rate for the year ended 31 December 2024 of R18.32:US$1 (2023: R18.42:US$1) and is provided as supplementary information Consolidated income statement for the year ended 31 December 2024 Interest income Interest income for 2024 decreased by R32 million (US$1 million) to R1,337 million (US$73 million) (2023: R1,369 million or US$74 million) which was mainly due to interest received on lower cash balances, partially offset by higher interest on rehabilitation obligation funds invested. Interest income mainly includes interest received on cash deposits amounting to R882 million (US$48 million)(2023: R998 million or US$54 million), interest received on rehabilitation obligation funds of R404 million (US$22 million)(2023: R339 million or US$18 million), interest earned on right of recovery asset of Rnil (US$nil) (2023: R25 million or US$1 million) and other interest earned of R51 million (US$3 million) (2023: R7 million or US$0 million). Finance expense Finance expense for 2024 increased by R1,272 million (US$69 million) (2023: R460 million or US$25 million) mainly due to a R754 million (US$41 million) increase (2023: R146 million or US$8 million) in interest on borrowings, R329 million (US$18 million) increase (2023: R143 million or US$8million) in the unwinding of amortised cost on borrowings following an increase in average outstanding borrowings for 2024, R208 million(US$11 million) increase (2023: R147 million or US$8 million) in unwinding of the environmental rehabilitation obligation, R44 million (US$2 million) increase (2023: R1 million or US$0 million) in the unwinding of the finance costs on the deferred revenue transactions and an increase of R114 million (US$6 million) (2023: R150 million or US$8 million) in sundry interest, all partially offset by a R48 million (US$3 million) decrease (2023: increase R71 million or US$4 million) increase in the unwinding of the Marikana dividend obligation, R85 million (US$5 million) decrease (2023: R181 million or US$10 million) in Rustenburg deferred payment, R3 million (US$0 million) decrease (2023: R15 million or US$1 million) in the Pandora deferred payment, R9 million (US$0 million) decrease (2023: increase R12 million or US$1 million) in interest on lease liabilities and a R32 million (US$2 million) decrease (2023: R15 million or US$1 million) in interest on the occupational healthcare obligation. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 81

Gain on financial instruments The gain on financial instruments increased from R235 million (US$13 million) to R5,433 million (US$297 million) for 2024, representing a year- on-year increase of R5,198 million (US$284 million). The net gain for 2024 is mainly attributable to a combined fair value gain of R1,860 million (US$102 million) on the Rustenburg (R649 million or US$35 million) (2023: R346 million or US$19 million) and Marikana (R165 million US$9 million) B-BBEE cash-settled share-based payment obligations (2023: R1,243 million or US$67 million) and the Marikana dividend obligation (R1,046 million or US$57 million) (2023: fair value loss R548 million or US$30 million), all due to lower forecast cash flows over the respective life-of-mines. In addition, fair value gains on the Keliber dividend obligation of R811 million (US$44 million) (2023: fair value loss R287 million or US$16 million), SRPM contingent consideration (Kroondal acquisition) of R396 million (US$22 million) (2023: fair value loss R137 million or US$7 million), derivative financial instrument relating to US$ Convertible Bond of R1,733 million (US$95 million) (2023: fair value loss R2,136 million or US$116 million)and revised cash flow of the Burnstone Debt of R1,053 million (US$57 million) (2023: R32 million or US$2 million) also contributed to the net gain on financial instruments and arose due to a decrease in these liabilities which resulted primarily from lower consensus commodity prices. These gains were partially offset by the fair value losses on the gold hedge contract of R448 million (US$24 million) (2023: R140 million or US$8 million) and zinc hedge contracts of R234 million (US$13million) (2023: fair value gain R491 million or US$27 million), respectively. Loss/(gain) on foreign exchange differences The loss on foreign exchange differences was R215 million (US$12 million) in 2024 compared with a gain of R1,973 million (US$107 million) in 2023. The loss on foreign exchange differences in 2024 was mainly due to a net foreign currency translation loss reclassified to profit or loss with the deregistration of foreign subsidiaries of R55 million (US$3 million), R38 million (US$2 million) loss on the Burnstone debt due to a stronger rand, foreign exchange losses of R125 million (US$7 million) on intra-group loans with a real foreign exchange exposure, partially offset by foreign exchange gains of R47 million (US$3 million) on receivables and payables. Restructuring costs Maintaining loss-making operations is not sustainable over an extended period. Cross-subsidising loss making operations erodes value, is a drain on cash flows and, as a result, threatens the sustainability and economic viability of other operations. The Group, therefore continually reviews and assesses the operating and financial performance of its assets. Restructuring costs of R550 million (US$30 million) (2023: R515 million or US$28 million) were incurred during 2024 which mainly related to the SA gold operations (R144 million or US$8 million) (2023: R114 million or US$6 million), SA PGM operations (R269 million or US$15 million) (2023: R351 million or US$19 million), Protection Services (R11 million or US$1 million (2023: nil) and US PGM operations (R126 million or US$7 million) (2023: R41 million or US$2 million). Transaction costs Transaction costs were R851 million (US$46 million) in 2024 compared with R474 million (US$26 million) in 2023. The transaction costs in 2024 mainly included included project cost of the GalliCam pre-feasibility study R193 million US$11 million) (2023: nil), legal and advisory fees on merger and acquisition activities relating to Reldan R187 million (US$10 million) (2023: R74 million or US$4 million), Appian R115 million US$6 million) (2023: R17 million or US$1 million), acquisition related advisory and legal fees of R55 million (US$3 million) (2023: R112 million or US$6 million) and other transaction related general legal and advisory fees of R301 million (US$16 million) (2023: R242 million or US$13 million) and convertible bond fees of nil (2023: R29 million or US$2 million). Share of results of equity-accounted investees after tax The profit from share of results of equity-accounted investees of R212 million (US$12 million) in 2024 (2023: R1,174 million or US$64 million loss) was primarily due to profit of R327 million (US$18 million) (2023: R315 million or US$17 million) relating to Sibanye-Stillwater’s 44% interest in Rand Refinery, partially offset by share of losses of R97 million (US$5 million) (2023: R1,479 million or US$80 million) relating to Sibanye-Stillwater’s 50% attributable share in Mimosa. Royalties, mining and income tax Royalties decreased by 48% to R543 million (US$30 million) in 2024 from R1,050 million (US$57 million) in 2023. The decrease in 2024 was mainly due to the decreased revenue and profitability at the SA PGM operations as a result of the lower PGM prices in 2023, partially offset by the increase in royalties payable by New Century which was acquired during 2023. Mining and income tax charge increased to R1,496 million (US$82 million) in 2024 compared to a net net credit of R2,416 million (US$131 million) in 2023 which is mainly attributable to unrecognised or derecognised deferred tax assets in 2024 compared to a loss before tax in 2023. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 82

Other costs Other costs were R4,722 million (US$258 million) in 2024 compared with R5,858 million (US$318 million) in 2023. Included in other costs for 2024 was a provision of R200 million (US$11 million) (2023: R1,865 million or US$101 million) recognised for an onerous supply contract at the Sandouville nickel refinery which decreased in 2024 due to the realisation of onerous contract losses provided for at 31 December 2023. Other costs also included care and maintenance costs of R1,609 million (US$88 million) (2023: R1,378 million or US$75 million), corporate social investment costs of R405 million (US$22 million)(2023: R149 million or US$8 million), cost incurred on employee and community trusts of R204 million (US$11 million)(2023: R469 million or US$25 million), exploration costs of R36 million (US$2 million) (2023: R183 million or US$10 million), non-mining royalties of R73 million (US$4 million) (2023: R84 million or US$5 million), service entity costs of R466 million (US$25 million) (2023: R366 million or US$20 million), and other of R1,243 million (US$68 million) (2023: R1,364 million or US$74 million). Other income Other income was R2,630 million (US$144 million) in 2024 compared with R1,232 million (US$67 million) in 2023. Other income also included change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable of R40 million (US$2 million) (2023: R45 million or US$2 million), service entity income of R307 million (US$17 million) (2023: R497 million or US$27 million), sundry income of R389 million (US$21 million) (2023: R387 million or US$21 million) and gain on increase in equity-accounted investment of R2 million (US$0 million) (2023: R5 million or US$0 million). Included in other income for 2024 were insurance proceeds of R875 million (US$48 million) (2023: nil) which mainly related to the business interruption for an insurance claim lodged by the Group at its US PGM operations resulting from the flood event which occurred during June 2022 amounting to R838 million (US$46 million) (2023: nil) and compensation for losses incurred in respect of a property damage claim lodged by the Group at is Australian operations of R26 million (US$1 million) (2023: nil) and an onerous contract provision utilisation/change in estimate of R1,017 million (US$56 million) (2023: nil) resulting from the realisation of onerous contract losses provided for at 31 December 2023. Included in other income for 2023 was the gain on remeasurement of previously held interest in the Kroondal PSA of R298 million (US$16 million), following SRPM's acquisition of RPM's 50% interest in the Kroondal PSA. Impairments During 2024 the Group recognised impairment losses of R9,173 million (US$501 million) compared to a impairment losses in 2023 of R47,454 million (US$2,576 million). The impairments raised of R9,173 million (US$501 million) mainly related to: • The carrying value of the US PGM operations (Stillwater CGU) was impaired by R1,292 million (US$78 million) at 31 December 2024, in addition to the R7,499 million (US$401 million) recognised at 30 June 2024. The impairment is due to the resulting recoverable amount determined from the updated life-of-mine plan which incorporates the restructure of the US PGM operations announced after 30 June 2024, and includes suspending the operations at the Stillwater West Mine for a period of time and reducing mining at East Boulder Mine. Many of the actions relating to the restructure were implemented towards the end of the financial year. There was also a further decrease in the expected long-term palladium and platinum prices which resulted in a decrease in the expected future net cash flows from the Stillwater CGU, and contributed to the reduced value in use at 31 December 2024. The impairment recognised at 30 June 2024 was due to the decrease in medium to long-term forecast palladium and platinum prices which also resulted in a decrease in the expected future net cash flows from the Stillwater CGU • Specific asset impairment for the year and six months ended 31 December 2024 relates to the Sandouville nickel refinery which was impaired by R221 million (US$13 million) resulting from the settlement agreement concluded during the six months ended 31 December 2024, in terms of which the last nickel matte was delivered early January 2025 and the remaining inventory is scheduled to be processed by the end of March 2025. The Sandouville nickel refining operation will wind-down during H1 2025. The outcome of the pre-feasibility study to assess the potential conversion of the Sandouville plant to produce pCAM is expected by the end of 2025. A further R34 million (US$2million) specific asset impairment was recognised at Stillwater related to assets classified as held for sale and written down to fair value. Specific asset impairments recognised for the six months ended 30 June 2024 related to shaft 4B at Marikana which was impaired by R112 million (US$6 million) due to closure and the Klipfontein open cast assets by R11 million (US$1 million) due to the mining area not being economically viable. Revenue US dollar SA rand % change 2023 2024 Figures in million 2024 2023 % change (1) 6,172 6,121 Total 112,129 113,684 (1) (12) 569 501 US PGM (underground) 9,207 10,494 (12) (43) 723 413 US PGM (recycled) 7,574 13,318 (43) N/A — 344 US Reldan operations1 6,306 — N/A (7) 3,019 2,799 SA PGM 51,257 55,593 (8) 4 1,267 1,316 Managed SA gold 24,077 23,327 3 22 316 386 DRDGOLD 7,068 5,816 22 (7) 164 152 Sandouville refinery 2,784 3,024 (8) 78 122 217 Century zinc retreatment operation2 3,983 2,251 77 (13) (8) (7) Group corporate (127) (139) (9) 18.42 18.32 Average Rand/US$ rate 1 The US Reldan operations is included in the Group results since the effective date of the acquisition on 15 March 2024 2 The Century zinc tailings retreatment operation is included in the Group results since the effective date of the acquisition on 22 February 2023 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 83

Group revenue for 2024 decreased by 1% to R112,129 million (US$6,121 million) mainly due to lower sales volumes at the US PGM Recycling operations and lower average US$ PGM basket prices. Revenue from the US PGM underground operations decreased by 12% to R9,207 million (US$501 million) (2023: R10,494 million or US$569 million) in 2024 due to a 21% lower average 2E basket price of US$988/2Eoz, partially offset by a 9% or 36,655 2Eoz increase in mined ounces sold, which correlates with the higher production achieved. Revenue from US PGM recycling operation decreased by 43% to R7,574 million (US$413 million) (2023: R13,318 million or US$723 million) in 2024, mainly due to a 46% lower average 3E basket price of US$1,266/3Eoz, partially offset by 5% higher sales volumes. The US Reldan operations contributed R6,306 million (US$344 million) or 6% towards total Group revenue since its acquisition on 15 March 2024. Revenue from the SA PGM operations decreased by 8% to R51,257 million (US$2,799 million) in 2024 from R55,593 million (US$3,019 million) in 2023, due to a 16% lower average 4E basket price received of R24,213/4Eoz, partially offset by a 5% or 79,715 4Eoz increase in PGMs sold. Revenue from the managed SA gold operations increased by 3% to R24,077 million (US$1,316 million) (2023: R23,327 million or US$1,267 million) in 2024, mainly due to a 20% higher rand gold price of R1,373,156/kg, partially offset by a 15% or 3,125kg decrease in gold sold due to lower production resulting from disruptions at the Kloof operation and closure of Kloof 4 shaft during H2 2023. Revenue from DRDGOLD increased by 22% to R7,068 million (US$386 million) (2023: R5,816 million or US$316 million) mainly due to a 23% higher rand gold price received of R1,407,688/ kg, partially offset by 1% lower sales volumes. Revenue from the Sandouville nickel refinery decreased by 8% to R2,784 million (US$152 million) (2023: R3,024 million or US$164 million) in 2024, mainly due to a 18% lower average rand nickel equivalent basket price of R360,855/tNi, partially offset by a 13% increase in sales volumes. Revenue from the Century zinc retreatment operation increased by 77% to R3,983 million (US$217 million) (2023: R2,251 million or US$122 million) in 2024, mainly due to a 54% higher average equivalent zinc concentrate price of R49,046/tZn and a 6% increase in sales volumes. Cost of sales, before amortisation and depreciation US dollar SA rand % change 2023 2024 Figures in million 2024 2023 % change 8 (4,873) (5,262) Total (96,398) (89,756) 7 2 (528) (539) US PGM (underground) (9,848) (9,680) 2 (43) (690) (396) US PGM (recycled) (7,248) (12,711) (43) N/A — (329) US Reldan operations1 (6,032) — N/A 18 (1,992) (2,344) SA PGM (42,963) (36,699) 17 (4) (1,087) (1,042) Managed SA gold (19,113) (20,041) (5) 12 (219) (245) DRDGOLD (4,484) (4,040) 11 (21) (235) (185) Sandouville refinery (3,384) (4,329) (22) 49 (122) (182) Century zinc retreatment operation2 (3,326) (2,256) 47 18.42 18.32 Average Rand/US$ rate 1 The US Reldan operations is included in the Group results since the effective date of the acquisition on 15 March 2024 2 The Century zinc tailings retreatment operation is included in the Group results since the effective date of the acquisition on 22 February 2023 Cost of sales, before amortisation and depreciation increased by 7% to R96,398 million (US$5,262 million) in 2024 from R89,756 million (US$4,873 million) in 2023. Cost of sales, before amortisation and depreciation at the US PGM underground operations increased marginally by 2% to R9,848 million (US$539 million) mainly due to the impact of restructuring undertaken which resulted in reduced production and operating costs as a result of deferring growth arising from repositioning the US PGM operations for lower PGM prices. An increase of 2% in sales volumes to 461,662 2Eoz, in line with production volumes which also increased by 1% year-on-year to 425,842 2Eoz, had a limited impact on cost of sales. Cost of sales, before amortisation and depreciation at the US PGM recycling operation decreased, in line with the decrease in revenue, by 43% from R12,711 million (US$690 million) to R7,248 million (US$396 million) mainly due to lower average PGM basket prices. The US Reldan operations contributed R6,032 million (US$329 million) or 6% towards Group cost of sales since its acquisition on 15 March 2024. Cost of sales, before amortisation and depreciation at the SA PGM operations increased by 17% to R42,963 million (US$2,344 million) in 2024, due to an increase of 5% in PGMs sold, the inclusion of the Kroondal operation post the acquisition of Anglo American Platinum Limited's (AAPL) 50% share of the Kroondal PSA and above inflation increases in costs of electricity and imported spares. Mined underground 4E PGM production decreased by 5% to 1,463,337 4Eoz and surface production volumes excluding third-party PoC were 7% lower at 152,970 4Eoz. Third-party concentrate purchased and processed at the Marikana smelting and refining operations was flat at 96,464 4Eoz. Third-party PoC material is purchased at a higher cost, than own mined ore, due to the direct correlation to the basket price of PGM’s. Cost of sales, before amortisation and depreciation at the managed SA gold operations decreased by 5% to R19,113 million (US$1,042 million) due to a 15% decrease sales volumes, partially offset by above inflationary increases in in electricity, support and consumables costs. Cost of sales, before amortisation and depreciation from DRDGOLD increased by 11% to R4,484 million (US$245 million) due to above inflationary cost increases in electricity due to a delay in the solar project completion and increased security costs in response to risk. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 84

Cost of sales, before amortisation and depreciation at the Sandouville nickel refinery decreased by 22% to R3,384 million (US$185 million) mainly due to a combination of lower variable costs correlated with lower production volumes, a decline in chemical prices and lower labour and maintenance costs, partially offset by a 13% increase sales volumes. Cost of sales, before amortisation and depreciation at the Century zinc retreatment operation increased by 47% to R3,326 million (US$182 million) mainly due to a 6% increase in sales volumes. Loss before royalties, carbon tax and tax US dollar SA rand % change 2023 2024 Figures in million 2024 2023 % change (91) (2,106) (200) Total1,2 (3,669) (38,794) (91) (76) (2,427) (589) US PGM (underground) (10,795) (44,712) (76) (45) 33 18 US PGM (recycled) 321 603 (47) N/A — 1 US Reldan operations3 20 — N/A (70) 939 283 SA PGM 5,177 17,303 (70) (340) (67) 161 SA gold 2,954 (1,227) (341) (89) (266) (29) Sandouville nickel refinery (531) (4,900) (89) (102) (248) 4 Century zinc retreatment operation4 77 (4,575) (102) 31 (49) (64) Group corporate (1,167) (894) 31 18.42 18.32 Average rand/US$ rate 1 Included within total Loss before royalties, carbon tax and tax for the Group is the European region corporate and reconciling items which include the Keliber project and the Australian region corporate and reconciling items which include Mt Lyell 2 Included in total Group is Group corporate which comprises mainly the Wheaton Stream transaction, corporate tax, interest and transaction costs 3 The US Reldan operations is included in the Group results since the effective date of the acquisition on 15 March 2024 4 The Century zinc tailings retreatment operation is included in the Group results since the effective date of the acquisition on 22 February 2023 Group loss before royalties, carbon tax and tax of R3,669 million (US$200 million) for 2024 decreased by 91% from R38,794 million (US$2,106 million) in 2023. At the US PGM underground operations, the loss before royalties, carbon tax and tax of R44,712 million (US$2,427 million) in 2023 decreased to R10,795 million (US$589 million) in 2024, mainly due to a lower impairment recognised on property, plant and equipment and goodwill of R8,791 million (US$473 million) (2023: R38,900 million or US$2,112 million). For the US PGM recycling operations, profit before royalties, carbon tax and tax of R603 million (US$33 million) in 2023 decreased by 47% to R321 million (US$18 million) in 2024 mainly due to lower 3E PGM basket prices. The US Reldan operations realised a profit before royalties, carbon tax and tax of R20 million (US$1 million). Profit before royalties, carbon tax and tax for the SA PGM operations decreased by 70% to R5,177 million (US$283 million) in 2024 mainly due to lower 4E PGM basket prices. The loss before royalties, carbon tax and tax at the SA gold operations in 2023 decreased by 341% to a profit before royalties, carbon tax and tax of R2,954 million (US$161 million) in 2024, mainly due to a 20% increase in the rand gold price. At the Sandouville nickel refinery the loss before royalties, carbon tax and tax in 2024 decreased by 89% to R531 million (US$29 million), mainly due to a reduction in impairment recognised of property, plant and equipment of R1,385 million (US$75 million) and a net onerous contract provision utilisation/change in estimate in 2024 of R817 million (US$46 million) (2023: R1,865 million or US$101 million), partially offset by an 18% lower average rand nickel equivalent basket price. At the Century zinc retreatment operation, a profit before royalties, carbon tax and tax of R77 million (US$4 million) was realised in 2024 compared to a loss before royalties, carbon tax and tax in 2024 of R4,575 million (US$248 million) in 2023, an improvement of 102%, mainly due to a reduction in impairment recognised of property, plant and equipment of R3,689 million (US$200 million) and a 54% higher average equivalent zinc concentrate rand price. Adjusted earnings before interest, tax depreciation and amortisation (EBITDA)1 US dollar SA rand % change 2023 2024 Figures in million 2024 2023 % change (36) 1,116 715 Total2 13,088 20,556 (36) (126) 35 (9) US PGM (underground) (111) 710 (116) (48) 33 17 US PGM (recycled) 326 607 (46) N/A — 15 US Reldan operations3 268 — N/A (58) 958 407 SA PGM 7,399 17,620 (58) 67 193 323 SA gold 5,832 3,523 66 (43) (72) (41) Sandouville nickel refinery (723) (1,328) (46) (327) (15) 34 Century zinc retreatment operation4 641 (285) (325) 94 (16) (31) Group corporate (269) (504) (47) 18.42 18.32 Average rand/US$ rate 1 Adjusted EBITDA is not calculated in accordance with IFRS Accounting Standards. See – Annual financial report – Management’s discussion and analysis of the financial statements – Non-IFRS Measures on page AFR-39 for more information on the metrics presented by Sibanye-Stillwater 2 Included within total adjusted EBITDA for the Group is the European region corporate and reconciling items which include the Keliber project and Australian region corporate and reconciling items which include Mt Lyell 3 The US Reldan operations is included in the Group results since the effective date of the acquisition on 15 March 2024 4 The Century zinc tailings retreatment operation is included in the Group results since the effective date of the acquisition on 22 February 2023 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 85

Group Adjusted EBITDA of R13,088 million (US$715 million) in 2024 decreased by 36% from R20,556 million (US$1,116 million) in 2023. Adjusted EBITDA from the US PGM underground operations decreased by 116% to an Adjusted EBITDA loss of R111 million (US$9 million) mainly due to continued lower 2E PGM basket prices and for the US PGM recycling operations Adjusted EBITDA decreased by 46% to R326 million (US$17 million) mainly due to lower 3E PGM basket prices. Adjusted EBITDA for the SA PGM operations decreased by 58% to R7,399 million (US$407 million) due to continued lower 4E PGM basket prices. Adjusted EBITDA at the SA gold operations increased by 66% to R5,832 million (US$323 million) in 2024, mainly due to a 22% increase in the rand gold price. Negative adjusted EBITDA from the Sandouville nickel refinery decreased by 46% to a negative of R723 million (US$41 million), mainly due to 13% higher volumes. Adjusted EBITDA at the Century zinc retreatment operation increased by 325% to R641 million (US$34 million) due to a 54% higher average equivalent zinc concentrate price. The US Reldan operations generated adjusted EBITDA of R268 million (US$15 million). A d ju st e d E BI TD A ( U S$ b ill io n ) N e t d e b t: a d ju ste d EBITD A ra tio The Group generated adjusted EBITDA despite the decrease in PGM prices, earnings¹ and gearing 0.6 2.6 2.5 1.4 -0.06 -0.17 -0.14 0.58 1.79 SA gold operations SA PGM operations US PGM operations US PGM recycling US Reldan operations Sandouville nickel refinery Century zinc retreatment operation Net debt (cash): adjusted EBITDA (rhs) 2016 2017 2018 2019 2020 2021 2022 2023 2024 -1 0 1 2 3 4 5 -1 0 1 2 3 4 5 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 86 1 Adjusted EBITDA is not calculated in accordance with IFRS Accounting Standards. See – Annual financial report – Management’s discussion and analysis of the financial statements – Non-IFRS Measures on page AFR-39 for more information on the metrics presented by Sibanye-Stillwater Päiväneva concentrator of the Keliber lithium project - Kaustinen, Finland

Consolidated statement of financial position as at 31 December 2024 US dollar SA rand 2023 2024 Figures in million 2024 2023 Assets 4,368 4,775 Non-current assets 89,583 81,119 3,303 3,566 Property, plant and equipment 66,906 61,338 30 8 Right-of-use assets 156 560 27 110 Goodwill and other intangibles 2,058 502 385 390 Equity-accounted investments 7,323 7,148 171 187 Other investments 3,507 3,179 319 357 Environmental rehabilitation obligation funds 6,691 5,927 28 26 Other receivables 491 523 105 131 Deferred tax assets 2,451 1,942 3,328 2,580 Current assets 48,409 61,822 1,420 1,362 Inventories 25,549 26,363 479 305 Trade and other receivables 5,722 8,900 1 8 Other receivables 156 26 52 46 Tax receivable 863 973 0 4 Assets held for sale 70 — 1,376 855 Cash and cash equivalents 16,049 25,560 7,696 7,355 Total assets 137,992 142,941 Equity and liabilities 2,592 2,309 Equity attributable to owners of Sibanye-Stillwater 43,979 48,730 1361 1,361 Stated capital 21,647 21,647 2,532 2,543 Other reserves 36,149 35,553 (1,301) (1,595) Accumulated loss (13,817) (8,470) 185 264 Non-controlling interests 4,310 2,877 2,777 2,573 Total equity 48,289 51,607 2,957 3,672 Non-current liabilities 68,848 54,927 1,343 2,193 Borrowings and derivative financial instrument 41,135 24,946 21 11 Lease liabilities 203 384 673 636 Environmental rehabilitation obligation and other provisions 11,922 12,505 22 18 Occupational healthcare obligation 334 400 146 90 Cash-settled share-based payment obligations 1,686 2,718 183 97 Other payables 1,815 3,407 341 372 Deferred revenue 6,983 6,327 3 1 Tax and royalties payable 13 64 225 254 Deferred tax liabilities 4,757 4,176 1,962 1,110 Current Liabilities 20,855 36,407 834 29 Borrowings and derivative financial instrument 552 15,482 11 9 Lease liabilities 175 198 0 — Occupational healthcare obligation 2 — 45 17 Environmental rehabilitation obligation and other provisions 327 832 23 6 Cash-settled share-based payment obligations 121 432 887 832 Trade and other payables 15,604 16,464 109 87 Other payables 1,634 2,015 16 88 Deferred revenue 1,660 305 0 24 Liabilities associated with assets held for sale 451 — 37 18 Tax and royalties payable 329 679 7,696 7,355 Total equity and liabilities 137,992 142,941 18.57 18.76 Closing R/US$ rate Note: The translation of the consolidated statement of financial position is based on the closing exchange rate as at 31 December 2024 of R18.76:US$1 (2022: R18.57:US$1) and is provided as supplementary information only OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 87

The Group monitors capital using the ratio of net debt/(cash) to adjusted EBITDA, but does not set absolute limits for this ratio. The table below sets out the calculation of this ratio. US dollar SA rand 2023 2024 Figures in million 2024 2023 2,016 2,102 Borrowings1 39,426 37,437 1,374 853 Cash and cash equivalents2 16,002 25,519 642 1,249 Net debt3 23,424 11,918 1,116 715 Adjusted EBITDA4 13,088 20,556 0.58 1.75 Net debt to adjusted EBITDA (ratio)5 1.79 0.58 18.57 18.76 Closing R/US$ rate 1 Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt and include the derivative financial instrument until it was derecognised on 26 June 2024 2 Cash and cash equivalents exclude cash of Burnstone 3 Net debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and, therefore, exclude the Burnstone Debt and include the derivative financial instrument until it was derecognised on 26 June 2024. Net debt/(cash) excludes cash of Burnstone 4 Adjusted EBITDA is not calculated in accordance with IFRS Accounting Standards. See – Annual financial report – Management’s discussion and analysis of the financial statements – Non-IFRS Measures on page AFR-39 for more information on the metrics presented by Sibanye-Stillwater 5 Net debt to adjusted EBITDA ratio is not calculated in accordance with IFRS Accounting Standards. See – Annual financial report – Management’s discussion and analysis of the financial statements – Non-IFRS Measures on page AFR-39 for more information on the metrics presented by Sibanye-Stillwater The deterioration in the Group’s net debt to adjusted EBITDA ratio from 0.58:1 in 2023 to 1.79:1 in 2024, is mainly attributable to the decrease of adjusted EBITDA, which was impacted by the continued lower average US$ PGM basket prices realised during 2024. The 21% year-on-year decline in the average PGM basket prices in particular, resulted in a significant decline in the profitability of the US and SA PGM operations, which have contributed the bulk of Group earnings and cash flow. EXTERNAL AUDITOR APPOINTMENT A change of external auditors following a formal tender process was initiated by Sibanye-Stillwater for commercial reasons and following a recommendation from the Audit Committee to the Board, BDO South Africa Inc. (BDO) was appointed as the Company’s external auditors. Servaas Kranhold will be the designated audit partner for the financial year ending 31 December 2025. The appointment of EY as external auditors will end on conclusion of its responsibilities relating to the audit for the financial year ending 31 December 2024, which is expected to be concluded during the first half of 2025. BDO’s appointment as external auditors will be effective immediately after EY’s appointment ends, subject to receiving the requisite shareholder approval at the next annual general meeting which is expected to be held during May 2025. FOCUS AREAS – 2025 • Contributing towards the Group’s strategy with a continued focus on the Strategic Essentials • Continued focus on maintaining a profitable business and optimising capital allocation • Monitor balance sheet reinforcement measures to ensure that financial stability and liquidity is maintained for the Group • Completing the final eligibility step in order to claim the Section 45X advanced manufacturing production tax credit Metal prices Our precious metal prices outlook for 2025 is positive for gold which is expected to remain at current levels but could rally further as investors continue to view gold as a safe-haven asset in order to mitigate risk from economic uncertainty sparked by U.S. tariff wars. We are somewhat optimistic that the PGM prices have bottomed out and is supported at current levels with the potential for upside. Both earnings growth and cash flow generation would continue to be negatively impacted should PGM metal prices remain at current levels. US dollar SA rand Average 2024 Closing prices 28 March 2025 % change Commodity prices Average 2024 Closing prices 28 March 2025 % change 2,378 3,084 30 Gold price US$/oz and R/kg 1,400,468 1,805,318 29 1,322 1,446 9 SA PGM average basket price/4Eoz 24,213 26,324 9 988 970 (2) US PGM average basket price/2Eoz 18,097 17,652 (2) Source: Equity RT ACKNOWLEDGEMENT I would like to express my sincere appreciation to the finance teams across the Group and to the Audit Committee for their support and ongoing commitment and dedication during 2024. The Group was able to mitigate some of the adverse consequences and impacts of a challenging operating environment during a time of persisting macro-economic and geopolitical uncertainty. This was achieved through the repositioning for a changing and less supportive economic environment by taking proactive and decisive actions, which tangibly address financial losses and better positions the business for future sustainability. We will continue to proactively manage costs and production outputs, allocate capital in a disciplined way that is value accretive and, where practical, responsibly preserve cash on our balance sheet. I look forward to working with the Executive Committee, the finance team and Audit Committee in 2025 as we further advance the Group’s strategy. Charl Keyter Chief Financial Officer 25 April 2025 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MAINTAINING A PROFITABLE BUSINESS AND OPTIMISING CAPITAL ALLOCATION – CFO REPORT continued IR – 88

DELIVERING VALUE FROM  OUR OPERATIONS WHAT WE DID IN 2024 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 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SIBANYE-STILLWATER COMBINED INTEGRATED REPORT 2024 89 ACHIEVING OPERATIONAL EXCELLENCE AND OPTIMISING LONG-TERM RESOURCE VALUE

OVERVIEW OF THE OPERATIONAL PERFORMANCE FOR THE YEAR –––––––––––––––––––––––––––––––––––––––––––––––––––––––––– This section provides a synopsis of the operational performance for 2024. The discussion includes a description of certain non-IFRS financial metrics used to assess operational performance. For a further description of Sibanye-Stillwater’s financial performance, see the Chief Financial Officer’s Report on page 75. Further to the high-level overview by the Chief Executive Officer and Chairman (see page 15) and the Chief financial officer on page 75, herewith further operational details regarding the 2024 year about the operational performance. US region US PGM operations The restructuring undertaken at the US PGM operations during Q4 2024 (repositioning for lower PGM prices, by deferring production growth and maintaining lower levels of production to reduce costs and capital requirements), successfully delivered stable mined 2E PGM production of 425,842 2Eoz for 2024 compared with 2023, with AISC reducing by 27% to US$1,367/2Eoz (R25,042/2Eoz). Total operating costs for 2024 declined by 3% to US$483 million (R8.8 billion), with unit operating costs of US$1,134/2Eoz (R20,775/2Eoz), 3% lower year-on-year. AISC benefited from reduced ore reserve development (ORD) and sustaining capital expenditure, as per the 2024 production plan from restructuring during Q4 2023, with ORD of US$105 million (R1.9 billion), 50% lower year-on-year and sustaining capital expenditure decreasing by 72% to US$33 million (R611 million). In 2024, sales of 2E PGM increased by 9% compared with 2023, to 461,662 2Eoz. The average 2E PGM basket price for 2024, however, declined by 21% to US$988/2Eoz (R18,097/2Eoz), resulting in adjusted EBITDA decreasing from US$35 million (R710 million) for 2023 to a loss of US$9 million (R111 million), necessitating further restructuring during Q4 2024. The Inflation Reduction Act (IRA) of 2022 added a new tax code, Section 45X, which allows for an advanced manufacturing production tax credit for manufacturing of critical minerals within the US. Under the final rules issued in October 2024, the company is eligible to claim a 10% production tax credit on costs associated with the production of primary (mined) and secondary (recycled) applicable critical minerals. Under the initial draft regulation, our interpretation was that we were not eligible for a significant credit, but the revised regulations include extraction and initial processing costs, as well as the costs of purchasing recycleable materials on the condition that the material does not yet meet the final purity metrics. The final eligibility step requires certification from the company's contract refiner, which is in progress. The US PGM operations anticipate claiming an approximately US$61million (R 1.1 billion) credit to the underground operations for 2023 and an approximately US$58 million (R1.1 billion) credit for 2024, resulting in 2023 AISC being 7% lower at US$1,754/2Eoz (R32,297/2Eoz) and 2024 AISC 11% lower at US$1,231/2Eoz (R22,547/2Eoz). These credits are expected to be received in 2026 or 2027 when the tax returns will be assessed. The estimated Section 45X credit for 2025 is approximately US$30 million (R547 million), equivalent to a US$110/2Eoz reduction in AISC for 2025. PGM recycling operations The global autocatalyst recycling market remains depressed, with no visible signs of recovery. Persistent macroeconomic challenges, including high interest rates, inflationary pressures, and elevated prices of used and new vehicles, continue to dampen consumer demand for new vehicles. As a result, older light-duty vehicles remain in service for longer, extending scrappage periods and impacting the availability of spent autocatalysts for recycling. These factors continued to impact spent autocatalyst receipt and feed rates during 2024. The average spent autocatalyst feed in 2024 increased by 1% to 10.6 tonnes per day, a marginal improvement from 10.5 tonnes per day in 2023, but still well below average feed rates of around 24 tonnes fed at the peak in 2021. Total PGM ounces fed for 2024 of 316,470 3Eoz were 2% higher year-on-year. The average 3E PGM basket price decreased by 46% year-on-year to US$1,266/3Eoz (R23,189/3Eoz), primarily due to the decline in the rhodium price with adjusted EBITDA declining by 48% to US$17 million (R326 million). It is anticipated that the US PGM recycling operations will also qualify for a S45X credit of approximately 10% of operating costs. Once we have the contract certificate from our contractor refiner, we expect to be able to claim approximately US$59 million (R1.1 billion) for 2023 and approximately US$32 million (R586 million) for 2024, with approximately US$30 million for 2025 (R547 million). OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 90 Sibanye-Stillwater announced its operating and financial results for the six months (H2 2024) and year ended 31 December 2024 on 21 February 2025. For the full results booklet and the presentation, see www.sibanyestillwater.com/news-investors/ reports/ For more about the Group’s projects, please refer to the detailed statement of Mineral Resources and Mineral Reserves is available online at www.sibanyestillwater.com/news- investors/reports/annual/

US PGM operations: production and recycling Ounces 2024 2023 2022 Mined 2E production1 Stillwater 263,252 262,922 260,206 East Boulder 162,590 164,350 160,927 Total mine 425,842 427,272 421,133 Recycling 3E¹ at Columbus Metallurgical Complex PGM fed 316,470 310,314 598,774 PGM sold 325,488 309,121 643,200 PGM tolled returned — 7,460 7,336 1 2E refers to platinum and palladium, 3E refers to platinum, palladium and rhodium Reldan recycling Reldan was successfully integrated into Sibanye-Stillwater, aligning leadership, culture, and strategic focus to drive performance. We have entrenched a values-driven approach with our focus on operational excellence, financial discipline, and strategic growth beyond traditional areas. Since its acquisition in March 2024, Reldan has delivered solid financial and operational results, particularly benefiting from higher gold volumes and prices compared to 2023, processing over 20 million pounds of mixed scrap and industrial waste. By increasing volumes of higher-margin industrial waste and reducing volumes of lower-margin electronic waste, the operating margin increased by 1% for 2024. Reldan sold 107,680 oz gold, 1.7Moz silver, 15,292oz platinum, 19,835 oz palladium and 2.6Mlbs of copper, contributing adjusted EBITDA of US$15 million (R268 million) for 2024 since acquisition to the Group. In H2 2024 Reldan sold 65,812oz gold, 804,429oz silver, 8,149oz platinum, 12,335oz palladium and 1.5Mlbs of copper. Adjusted EBITDA for H2 2024 was US$15 million (R262 million). SA PGM operations The SA PGM operations delivered another consistent operational performance with PGM production of 1,835,410 4Eoz (including attributable production from Mimosa and a third-party purchase of concentrate (PoC)), which is 4% higher than in 2023 and within annual guidance of 1.8 to 1.9 million 4Eoz for 2024. PGM production for 2024 of 1,738,946 4Eoz, excluding the third party PoC, was 4% higher than in 2023. Third party PoC of 96,464 4Eoz i 2024 was in line with 2023, but 20% higher than guided for 2024 (80,000 4Eoz). The increase in production from the SA PGM operations year-on-year reflects the acquisition of Anglo American Platinum’s 50% share in the Kroondal pool-and-share agreement (the Kroondal Transaction) which added 140,278 4Eoz or 8% to 2024 production (excluding PoC), and offset lower production from the Rustenburg operation due to the Siphumelele shaft ore collector bin and conveyor system incident, the impact of illegal industrial action at the Kroondal operation and restructuring of high cost shafts at Rustenburg and Marikana and closure of the high cost and end of life 4B shaft at Marikana. AISC (excluding third party PoC) for 2024 of R21,948/4Eoz (US$1,198/4Eoz) increased by 9% compared with 2023 but was at the lower range of annual guidance of R21,800 to R22,500 (US$1245 to US$1,285/4Eoz). The increase in AISC was primarily driven by lower production and higher costs from the Rustenburg operation. By- product credits of R11.2 billion (US$612 million) increased from R10.5 billion (US$568 million) for 2023, reducing AISC for 2024 by R6,938/4Eoz (US$379/4Eoz) compared with R6,720/4Eoz (US$365/4Eoz) for 2023, with chrome credits comprising 52% of total by-product credits for 2024 (increasing from 47% for 2023). Royalties, which in 2024 were 74% lower than the prior year, also offset a 25% increase in sustaining capital. AISC (including PoC) increased by 8% to R21,848/4Eoz (US$1,193/4Eoz) due to the additional benefit of a decline in PoC purchase costs. Kroondal fulfilled its obligations of delivering 1.35 million 4Eoz to conclude the Kroondal Transaction on 2 August 2024 and the PoC contract with Anglo American Platinum converted to a toll agreement on 1 September 2024, resulting in the build-up of metal inventory in progress for the remainder of Q4 2024. Chrome sales increased by 8% to 2,655kt for 2024, primarily due to higher chrome production from the Platinum Mile chrome recovery plant, which was commissioned in Q4 2023. Chrome revenue of R6.1 billion (US$331 million) for 2024 was 18% higher year-on-year, due to increased chrome tonnage sold. Chrome revenue comprised 12% of SA PGM revenue for 2024, higher than the 9% in 2023, confirming the value of our chrome strategy. Capital expenditure at SA PGM's for 2024 increased by 4% year-on- year to R5.8 billion (US$319 million). ORD was 3% lower at R2.5 billion (US$135 million), but sustaining capital increased by 25% to R2.6 billion (US$140 million) due to consolidation of 100% of Kroondal sustaining capex (limited ORD at mechanised operations) and 40% higher sustaining capital at Rustenburg. Project spend declined by 22% to R807 million (US$44 million), primarily due to expenditure of R680 million (US$37 million) at Marikana (R652 million (US$36 million) relating to K4 and R29 million (US$2 million) related to project study work), 24% lower year-on-year, and lower expenditure at Platinum mile following the commissioning of the chrome plant in December 2023. Project capital at Rustenburg of R101 million (US$6 million) for 2024 was spent on the Reflux Classifier plant upgrade and preparation for the Siphumelele mechanised UG2 project. The average 4E PGM basket price declined by 16% to R24,213/4Eoz (US$1,322/4Eoz) for 2024 and 8% higher AISC primarily due to higher costs at Rustenburg and Kroondal resulted in adjusted EBITDA decreasing by 58% year-on-year to R7.4 billion (US$407 million). SA gold operations The strategic importance of the Group's diversified portfolio of metals, is again evidenced by the significant increase in the financial contribution of the SA gold operations to the Group. Despite significant restructuring, these mature mines, buoyed by the tailwind of a strong gold price in a challenging period for most other metals that are more aligned with industrial economic cycles, delivered materially better financial results for 2024. Adjusted EBITDA from the SA gold operations increased by 66% year-on-year, from R3.5 billion (US$193 million) for 2023 to R5.8 billion (US$323 million) for 2024 (R3 billion loss in 2021). The 66% increase in adjusted EBITDA from our SA gold operations has provided a critical underpin for the Group, comprising 45% of Group adjusted EBITDA for 2024, from 17% the year before. This was achieved during a period of significant change and disruption due to necessary restructuring undertaken by the Group since 2022 and operational disruptions highlighted in the H1 2024 results. Gold production from the SA gold operations (including DRDGOLD) for 2024, decreased by 13% to 21,915kg (704,583oz). Production (excluding DRDGOLD) decreased by 16% (3,218kg) to 16,896kg (543,219oz), but was within revised guidance of 16,500 to 17,500kg (530 to 563 koz) given in mid-2024 after the significant disruptions at the Kloof operation, which constituted 72% of the production difference, with the back-break incident at Beatrix 3 shaft comprising a further 15%. AISC for the SA gold operations (excluding DRDGOLD) for 2024 increased by 13% to R1,342,548/kg (US$2,280/oz), due to a 15% decrease in gold sold year-on-year of 17,218kg (553,571oz). A 5% increase in ORD expenditure to R2.8 billion (US$155 million) due to strategic development of secondary reefs to sustain production at Kloof and Driefontein was offset by a 33% reduction in sustaining capital expenditure to R691 million (US$38 million). AISC for the SA gold operations (including DRDGOLD) for 2024 similarly increased by 11% to R1,251,810/kg (US$2,126/oz). OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued IR – 91

Total capital expenditure from the SA gold operations (excluding DRDGOLD) decreased by 28% to R3.9 billion (US$212 million) primarily due to the closure of Kloof 4 shaft. Project capital decreased by 79% to R354 million (US$19 million) due to the closure of the Kloof 4 shaft and the Burnstone project being placed on care-and-maintenance. Capital expenditure from DRDGOLD increased by 157% to R3.4 billion (US$184 million) primarily due to a 255% increase in project capital expenditure, from R882 million (US$48 million) for 2023 to R3.1 billion (US$171 million) for 2024. This increase was primarily on Phase 2 of the Far west gold recoveries operations, including R642 million (US$35 million) on the construction of a regional tailings storage facility (RTSF) and the completion and commissioning of the full phase of the solar plant (60MW) and the battery energy storage system (BESS 160MW) which was completed in November 2024. The average rand gold price received for 2024 increased by 22% to R1,400,468/kg (US$2,378/oz), resulting in adjusted EBITDA from the SA gold operations (including DRDGOLD) increasing by 66% to R5.8 billion (US$323 million). The outlook remains positive, with the spot gold price averaging over R1.6 million/kg year-to-date. Post the restructuring, with high cost shafts closed, the outlook for the SA gold operations for 2025 is positive. European region Sandouville nickel refinery The Sandouville nickel refinery financial and operational performance improved in 2024 compared to the previous year as a result of reduced costs and better plant stability and reliability. Total nickel production from the Sandouville nickel refinery of 7.7kt for 2024 was 8% higher year-on-year and within guidance of 7.5kt to 8.5kt, due to improved plant stability and less maintenance downtime. In H2 2024, total nickel production was 5% lower year-on- year with production constrained due to a lack of organic solvent used for mainline purification to remove cobalt (as a consequence of the July cyber attack and force majeure from a supplier). Total nickel production for 2024 included 1.2kt of nickel salts, 18% lower year-on-year and 6.5kt of nickel metal, 15% higher than the prior year. This was due to low demand for nickel carbonate (one of the three nickel salts) which led to production stoppages to reduce working capital. Total nickel products sold in 2024 increased by 13% to 7.7kt, in line with production, with the sales of nickel salts 31% higher, with an increase in demand over the same period allowing Sandouville to destock excess inventory. Costs were well controlled with nickel equivalent AISC for 2024 of US$24,548/tNi (R449,644/tNi), 31% lower year-on-year and at the mid- point of guidance of US$22,900-25,070/tNi (€21,000-23,000/tNi). This was driven by lower feedstock prices linked to the price of nickel, lower variable costs (reagents, energy including electricity and gas) and 30% lower sustaining capital to US$9 million as a result of lower replacement costs due to the closure of current production lines in H1 2025. Total working capital declined by 57% in 2024 to US$12 million, with an increase in demand for product from September after the announcement that the Sandouville refinery would cease production of current nickel products in H1 2025. This allowed Sandouville to destock some inventory at increased premiums. The 2024 adjusted EBITDA loss for Sandouville was US$41 million (R723 million), better than the US$72 million (R1.3 billion) adjusted EBITDA loss incurred for 2023. Although nickel prices deteriorated year-on-year, this improvement was primarily driven by better cost management. The last nickel matte delivery was received in early January 2025 and remaining inventory is scheduled to be processed by the end of Q1 2025. Thereafter the refinery is expected to be ramped down by end of H1 2025. The pre-feasibility study (PFS) to assess the potential conversion of the Sandouville plant to produce pCAM continued in H2 2024. Further announcements will be made as soon as final stages of the study are completed before the end of 2025. The planned completion of the PFS was changed from the original Q1 2025 to Q4 2025 due to changes in the project scope. Australian region Century zinc tailings retreatment operation Sibanye-Stillwater acquired control of New Century Resources Limited from 22 February 2023, so comparison on an annual basis is not meaningful. In Q1 2024 the Century operations were impacted by poor weather conditions due to another heavy wet season, but not as severe as the rains seen in 2023. Q2 and Q3 saw a return to normal operations, and associated strong production results. However, in Q4 2024 the Century operations were impacted by a regional bushfire which impacted operations for around two months due to damaged infrastructure. 2024 was the first full calendar year of operations under Sibanye-Stillwater ownership, with the integration and transition of New Century Resources into Sibanye-Stillwater Australia completed smoothly during the year. A return to normalised levels of production is expected in 2025, as the operations have fully recovered from the impact of the 2024 bushfire, and have wet weather mitigations in place. The Century zinc tailings retreatment operation (Century operation) produced 82 kilotonnes (kt) of payable zinc metal for 2024 (76kt for the 10 months in 2023) at AISC of US$2,317/tZn (R42,446/tZn) below guidance of 87kt to 100kt at the beginning of 2024, due to severe disruptions caused by external factors. As stated, production for Q1 2024 was impacted by heavy wet season conditions which caused numerous interruptions to production. After a strong production recovery during Q2 and Q3 2024 with good operational consistency, production was again heavily impacted in Q4 2024 by a regional bushfire which engulfed the mine on the 9 October 2024, damaging 23km of poly piping, vital for operating activities. After replacing all the damaged infrastructure, normalised levels of production were only achieved in early December 2024. AISC of US$2,317/tZn for 2024 were 17% higher than 2023 levels as a result of 66% higher royalties and sustaining capital which was 64% higher at US$10 million (R186 million) (of which US$3.5 million related to the bushfire recovery costs) offset by by-product credits which increased by 75% to US$12 million (R218 million) as a result of the higher prices of silver and increased sales. Payable zinc sold increased by 6% year-on-year to 82kt in 2024. Given the tailwind of better zinc prices and record low treatment charges, the Century operation adjusted EBITDA for the year was US$34 million (R641 million), a US$49 million (R926 million) improvement on 2023. The Century operations are assessing opportunities to leverage existing infrastructure to unlock value from nearby large regional phosphate deposits post the conclusion of the zinc tailings retreatment, with a feasibility study started and due for completion in 2025. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued IR – 92

SA and US PGM operations (2024) Total PGM operations1 SA PGM operations US PGM3 operationsTotal1 Marikana1 Kroondal2 Mimosa Platinum Mile Rustenburg Production (attributable)4 Ore milled 000t 36,971 35,842 10,174 4,765 1,469 8,489 10,946 1,129 Underground 000t 19,076 17,947 6,138 4,765 1,469 — 5,576 1,129 Surface 000t 17,895 17,895 4,036 — — 8,489 5,370 — Plant head grade g/t 2.41 2.08 2.67 2.21 3.38 0.79 2.30 12.95 Underground g/t 3.81 3.23 3.76 2.21 3.38 — 3.49 12.95 Surface g/t 0.92 0.92 1.01 — — 0.79 1.06 — Plant recoveries % 75.61 72.55 77.80 82.87 76.83 21.38 75.48 90.68 Underground % 86.21 85.09 86.86 82.87 76.83 — 86.04 90.68 Surface % 28.90 28.90 26.52 — — 21.38 39.40 — Yield g/t 1.82 1.51 2.08 1.83 2.60 0.17 1.73 11.74 Underground g/t 3.28 2.75 3.27 1.83 2.60 — 3.00 11.74 Surface g/t 0.27 0.27 0.27 — — 0.17 0.42 — PGM production (4E/2E) 000oz 2,165 1,739 679 281 123 46 610 426 Underground 000oz 2,012 1,586 644 281 123 — 538 426 Surface 000oz 153 153 35 — — 46 72 — PGM sales (4E/2E) 000oz 2,269 1,807 841 189 117 46 614 462 Price and cost5 Average PGM basket price received6 R/oz 22,891 24,213 24,230 24,764 22,229 22,468 24,151 18,097 US$/oz 1,250 1,322 1,323 1,352 1,214 1,227 1,319 988 All-in sustaining cost7 R/oz 22,593 21,948 23,430 21,757 21,103 9,674 21,307 25,042 US$/oz 1,233 1,198 1,279 1,188 1,152 528 1,163 1,367 All-in cost7 R/oz 23,157 22,465 24,473 21,757 21,103 10,065 21,473 25,784 US$/oz 1,264 1,226 1,336 1,188 1,152 549 1,172 1,408 Capital expenditure5 Ore reserve development Rm 4,392 2,472 1,773 — — — 699 1,920 Sustaining capital Rm 3,178 2,567 1,118 504 548 42 903 611 Growth projects Rm 1,098 807 680 — — 18 101 291 Total Rm 8,668 5,846 3,571 504 548 60 1,703 2,822 US$m 473 319 195 28 30 3 93 154 The average exchange rate for 2024 was R18.32/US$ Note: The comparative high-level 2023 operational information is available in this report on page 263 of the Four-year review section, as well as within the full year results booklet available on the website at www.sibanyestillwater.com/news-investors/reports/quarterly/2024/ Figures may not add as they are rounded independently. 1 Total PGM operations, Total SA PGM operations and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties 2 Kroondal operations includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA 3 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation treats various recycling material which is excluded from the statistics shown above 4 Mimosa represent 50% attributable production 5 Total PGM operations and Total SA PGM operations’ unit cost and capital expenditure totals exclude the financial results of Mimosa, which is equity accounted, and excluded from revenue and cost of sales 6 The average PGM basket price is the PGM revenue per 4E/2E ounce prior to a purchase of concentrate adjustment 7 "All-in costs" and "all-in sustaining costs" are not calculated in accordance with IFRS Accounting Standards. See pages AFR-41 to AFR-42 for more information on the non-IFRS figures presented by Sibanye-Stillwater OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued IR – 93

SA gold operations (2024) Unit Total Driefontein Kloof Beatrix Cooke DRDGOLD Production Ore milled 000t 33,522 1,202 2,505 1,371 4,425 24,019 Underground 000t 3,594 1,152 1,147 1,295 — — Surface 000t 29,928 50 1,358 76 4,425 24,019 Yield g/t 0.65 5.83 1.95 2.75 0.28 0.21 Underground g/t 4.18 6.05 3.77 2.90 — — Surface g/t 0.23 1.00 0.42 0.18 0.28 0.21 Gold production kg 21,915 7,015 4,892 3,765 1,224 5,019 000oz 705 226 157 121 39 161 Underground kg 15,038 6,965 4,322 3,751 — — 000oz 483 224 139 121 — — Surface kg 6,877 50 570 14 1,224 5,019 000oz 221 2 18 — 39 161 Gold sales kg 22,239 7,176 4,952 3,873 1,217 5,021 000oz 715 231 159 125 39 161 Price and costs Gold price received R/kg 1,400,468 1,372,352 1,366,922 1,375,936 1,394,412 1,407,688 US$/oz 2,378 2,330 2,321 2,336 2,368 2,390 All-in sustaining cost1 R/kg 1,251,810 1,263,657 1,535,137 1,225,407 1,388,661 946,624 US$/oz 2,126 2,146 2,607 2,081 2,358 1,607 All-in cost1 R/kg 1,411,619 1,263,657 1,535,137 1,225,407 1,388,661 1,570,205 US$/oz 2,397 2,146 2,607 2,081 2,358 2,666 Capital expenditure Ore reserve development Rm 2,837 1,663 932 242 — — Sustaining capital Rm 931 380 247 64 — 240 Growth projects2 Rm 3,485 — — — — 3,131 Total Rm 7,253 2,043 1,179 306 — 3,371 US$m 396 112 64 17 — 184 Average exchange rate in 2024 was R18.32/US$ Note: The comparative high-level 2023 operational information is available in this report on page 263 of the Four-year review section, as well as within the full year results booklet available on the website at www.sibanyestillwater.com/news-investors/reports/quarterly/2024/ Figures may not add as they are rounded independently. 1 All-in costs" and "all-in sustaining costs" are not calculated in accordance with IFRS Accounting Standards. See pages AFR-41 to AFR-42 for more information on the non-IFRS figures presented by Sibanye-Stillwater 2 Project expenditure for 2024 includes corporate project expenditure to the value of R354 million (US$19 million) – the majority of which was related to the Burnstone project OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued IR – 94

Sandouville nickel refinery (2024) Unit Total Volumes produced Nickel Salts1 tonnes 1,156 Nickel Metal tonnes 6,549 Total Nickel production tNi 7,705 Nickel Cakes2 tonnes 283 Cobalt Chloride (CoCl2) 3 tonnes 101 Ferric Chloride (FeCl3) 3 tonnes 1,069 Volumes sales Nickel Salts1 tonnes 1,490 Nickel Metal tonnes 6,225 Total Nickel sold tNi 7,715 Nickel cakes2 tonnes 77 Cobalt Chloride (CoCl2) 3 tonnes 92 Ferric Chloride (FeCl3) 3 tonnes 1,069 Nickel recovery yield4 % 96.16 Price and costs Nickel equivalent average basket price5 R/tNi 360,855 US$/tNi 19,701 Nickel equivalent sustaining cost6 R/tNi 449,644 US$/tNi 24,548 Capital expenditure Ore reserve development Rm Sustaining capital Rm 173 Growth projects Rm Total Rm 173 US$m 9 Average exchange rate in 2024 was R18.32/US$ Note: The comparative high-level 2023 operational information is available in this report on page 263 of the Four-year review section, as well as within the full year results booklet available on the website at www.sibanyestillwater.com/news-investors/reports/quarterly/2024/ Figures may not add as they are rounded independently. 1 Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution 2 Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process 3 Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis 4 Nickel recovery yield is the percentage of total nickel recovered from the matte relative to the nickel contained in the matte received 5 The Nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by total nickel equivalent tonnes sold 6 Nickel equivalent sustaining cost" is not calculated in accordance with IFRS Accounting Standards. See pages AFR-41 to AFR-42 for more information on the non-IFRS figures presented by Sibanye-Stillwater OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued IR – 95 TSF pit, Century operations, Australia

Century zinc retreatment operations (2024) Unit Total Century zinc retreatment operation1 Production Ore mined and processed kt 6,807 Processing feed grade % 2.97 Plant recoveries % 49.39 Concentrate produced2 kt 218 Concentrate zinc grade3 % 45.78 Metal produced (zinc in concentrate)4 kt 100 Zinc metal produced (payable)5 kt 82 Zinc sold6 kt 100 Zinc sold (payable)7 kt 82 Price and costs Average equivalent zinc concentrate price8 R/tZn 49,046 US$/tZn 2,678 All-in sustaining cost9 R/tZn 42,446 US$/tZn 2,317 All-in cost9 R/tZn 42,617 US$/tZn 2,327 Capital expenditure Ore reserve development Rm Sustaining capital Rm 186 Growth projects Rm 6 Total Rm 192 Total capital expenditure US$m 10 Average exchange rate in 2024 was R18.32/US$ Note: The comparative high-level 2023 operational information is available in this report on page 263 of the Four-year review section, as well as within the full year results booklet available on the website at www.sibanyestillwater.com/news-investors/reports/quarterly/2024/ Figures may not add as they are rounded independently. 1 Century is a leading tailings reprocessing and rehabilitation asset that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia. Century was acquired by the Group on 22 February 2023 2 Concentrate produced contains zinc, lead, silver and waste material, which is exported as a relatively dry product 3 Concentrate zinc grade is the percentage of zinc contained in the concentrate produced 4 Metal produced (zinc in concentrate) is the zinc metal contained in the concentrate produced 5 Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions 6 Zinc sold is the zinc metal contained in the concentrate sold 7 Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions 8 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 metal sold 9 All-in costs" and "all-in sustaining costs" are not calculated in accordance with IFRS Accounting Standards. See pages AFR-41 to AFR-42 for more information on the non-IFRS figures presented by Sibanye-Stillwater OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued IR – 96

FUTURE FOCUS – OPERATIONAL GUIDANCE FOR 2025 ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– In addition to the 2025 production guidance, the Group continues to share material updates with the market, see www.sibanyestillwater.com/news- investors/news/news-releases/ 2025 Production guidance4 Production All-in sustaining costs Total capital US region US PGM operations (2E mined) 255 - 270 koz US$1,420 - 1,460/2E oz1 Including S45x: US$1,320 – 1360/2E oz US$100m - US$110 (R1.8bn – R2bn)2 US Recycling (3E) 300 - 350 koz n/a US$1.5m (R27m)2 Reldan recycling (industrial and e-scrap) Gold 120 - 130 koz Silver 2.0 - 2.3 moz 3E PGM 35 - 40 koz Copper 3.0 - 3.2 mlbs n/a US$2.8m (R51m)2 SA region SA PGM operations (4E PGMs) 1.75 - 1.85 moz3 R23,500 - 24,500/4E oz (US$1,288 -1,343/4E oz)² R6.5bn (US$356m)2 (incl. R1.42 billion (US$78 million) for project capital) SA gold operations (excluding DRDGOLD) 17,000 - 18,000kg (547 - 579 koz) R1,285k - 1,350k/kg (US$2,265 - 2,380/oz)2 R3.5bn (US$192m)2 EU region EU - Sandouville nickel refinery5 n/a n/a GalliCam project cost €10m (R198m)2 EU - Keliber lithium project n/a n/a €215m (R4.3bn)2,7 AUS region AUS - Century zinc operation 88.3k – 97.8k tonnes (payable) A$3,400-3,700/t (R39,678 - 43,179/t)2 (US$2,175 - 2,367/t)2 A$8m (US$5.7m/R93m)2 Mount Lyell project6 A$6m (US$4.3/R70m)2 Source: Company forecasts, Note: Guidance does not take into account the impact of unplanned events  1. US PGM AISC are impacted by tax and royalties paid based on PGM prices, current guidance was based on spot 2E PGM prices of US$950/oz 2. Estimates are converted at an exchange rate of R18.24/US$, R19.80/€ and R11.67/A$ 3. SA PGM operations production guidance and costs include third party POC (exclude cost of purchasing third party material). Production includes 50% of the attributable Mimosa production, while Mimosa is excluded from AISC and capital due to it being equity accounted 4. As at 21 February 2025 5. Normal processes at the Sandouville nickel refinery will cease during H1 2025 and the GalliCam studies to evaluate the viability of producing pCAM are being conducted. GalliCam study cost excludes the care and maintenance costs of the refinery 6. Mount Lyell was an operating copper mine which closed and is currently under care and maintenance 7. Additional regulatory requirements and changes to scope of the project necessitate a review of project capital requirements, which is underway. Capital expenditure guidance will be updated in due course OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS continued IR – 97 Historic Mount Lyell mine site, Tasmania, Australia

MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY WHAT WE DID IN 2024 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 As a dual-listed company, on the JSE and the NYSE, Sibanye-Stillwater is required to report Mineral Resources and Mineral Reserves in accordance with the SAMREC Code and subpart 1300 under Regulation S-K of the US Securities Act of 1933 (S-K 1300). APPROACH AND SALIENT FEATURES –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– The statement of Mineral Resources and Mineral Reserves, as at 31 December 2024, outlines the attributable Mineral Resources and Mineral Reserves at each of our operating mines and projects. The Mineral Resources and Mineral Reserves are compared to the last full declaration made, as at 31 December 2023, and therefore include a 12-month period of production depletion due to mining activity. The statement is underpinned by appropriate Mineral Resources management processes and protocols that ensure adequate corporate governance. This section is a condensed overview of the Mineral Resources and Mineral Reserves Report 2024, and comprises a high-level review of Mineral Resources and Mineral Reserves, as at 31 December 2024, and details the location, geology, mining, processing, operational statistics and changes at each of the Group’s mining operations and projects. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 98 ACHIEVING OPERATIONAL EXCELLENCE AND OPTIMISING LONG-TERM RESOURCE VALUE The detailed statement of Mineral Resources and Mineral Reserves is available online at www.sibanyestillwater.com/ news-investors/reports/annual/

Sibanye-Stillwater has extensive Mineral Resources and Mineral Reserves, including precious and green metals located in the Americas and Southern Africa; green metals in Europe and the Americas; and zinc and copper in Australia. 2024 PGM & GOLD EQUIVALENT MINERAL RESERVES (60.4Moz) 19.0 28.1 4.8 2.5 2.7 0.8 2.5 US PGM operations SA PGM operations SA gold operations SA gold projects DRDGOLD AUS Zinc (AuEq) EUR & US Lithium (AuEq) 2024 PGM & GOLD EQUIVALENT MINERAL RESOURCES (427.4Moz) 79.1 5.1 180.8 51.5 35.7 15.5 4.5 1.7 2.4 40.0 11.1 US PGM operations Americas PGM&gold projects SA PGM operations SA PGM projects SA gold operations SA gold projects DRDGOLD AUS Zinc (AuEq) SA U3O8 (AuEq) AUS & Americas Copper (AuEq) EUR & US Lithium (AuEq) The Group reports in accordance with both the JSE and the US Securities and Exchange Commission (SEC) rules and guidelines for the estimation of Mineral Resources and Mineral Reserves at all managed operations, development, and exploration properties. This specific disclosure is in compliance with the JSE rules, while the SEC compliant version can be located at https://www.sibanyestillwater.com/ download/reserves-resourcesdec2024-nyse/ Forward looking prices, based on extensive market research, are used in the Mineral Resources and Mineral Reserves estimations. Price assumptions for Mineral Resources focus on longer timeframes and are based on moderately higher prices than for Mineral Reserves, demonstrating their reasonable prospects for economic extraction and ore-body flexibility. The commodity prices used in the estimation of Mineral Resources and Mineral Reserves at non-managed entities, over which we don’t have control, are provided in the notes to the relevant tables. Given the decline in the PGM markets, we have adjusted our palladium and rhodium price outlook downwards. We now forecast palladium at US$1,150/oz (2023: US$1,250) and rhodium at US$4,500/oz (2023: US$6,000). The long-term outlook of US$1,250/oz for platinum is maintained based on expected mine depletion, which will lower supply, and the expected realisation of hydrogen demand. The ongoing global polarisation and the increased associated risk, as evidenced by the wars in Ukraine and the Middle East, has continued to drive gold prices higher. Combined with lingering above-average inflation levels, we have seen a new structural floor develop for gold. At our leveraged South African gold operations, we have considered the most recent bank consensus forward-looking prices (Years 2025-2028) for Mineral Reserves estimation before reverting to a higher but still conservative long-term outlook of US$1,750/oz (2023: US$1,650). Regarding base metals, we have revised our longer-term price outlooks for chrome ore and uranium. Over the past year we have seen sustained +40% chromium oxide (Cr2O3) UG2 concentrate prices well above US$200/t and, in line with bank consensus, we have adjusted our long-term price to US$230/tonne. The structural support for a sustained uranium market rally continues to grow, underpinned by the growing recognition of uranium as a source of green energy and as a crucial contributor to the global decarbonisation requirements in future. As a result, we have adjusted our view of the long-term contract price to US$63/lb. This bodes well for the future of the Cooke tailings storage facility (TSF) uranium project, which is undergoing a feasibility study (FS). For the Keliber lithium project, where we have comprehensively updated the Mineral Reserve estimate via detailed new pit designs, we have taken cognisance of the weaker current, short term outlook and have considered a Li price of ~US$20,000/t lithium hydroxide monohydrate (LiOH.H2O). The exchange rates applied for the South African Mineral Resources and Mineral Reserves calculations as at 31 December 2024 is R18.24:US$ (up from R17.00:US$ at end 2023), reflecting the continuing deteriorating long-term R:US$ outlook. Other rates applied are US$1.12:EUR, R19.80:EUR and US$0.71:AUS$. Sibanye-Stillwater 2023 price deck for Mineral Reserves at managed gold operations 2025 2026 2027 2028 Long Term (US$/oz) 2,068 1,958 1,921 1,905 1,750 (R/kg) 1,212,602 1,148,474 1,126,775 1,117,183 1,026,251 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued IR – 99

2024 price decks for managed Mineral Resources & Mineral Reserves (excluding SA gold Mineral Reserves) 31 December 2024 31 December 2023 MINERAL RESOURCES MINERAL RESERVES MINERAL RESERVES Precious metals US$/oz R/oz R/kg US$/oz R/oz R/kg US$/oz R/oz R/kg Gold1 2,000 36,480 1,172,858 1,750 31,920 1,026,251 1,650 28,050 901,828 Platinum 1,350 24,624 791,679 1,250 22,800 733,036 1,250 21,250 683,203 Palladium 1,350 24,624 791,679 1,150 20,976 674,394 1,250 21,250 683,203 Rhodium 5,000 91,200 2,932,146 4,500 82,080 2,638,931 6,000 102,000 3,279,374 Iridium 6,500 118,560 3,811,790 5,500 100,320 3,225,360 2,500 42,500 1,366,406 Ruthenium 450 8,208 263,893 400 7,296 234,572 300 5,100 163,969 Base metals US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne Nickel 8.50 18,750 342,000 8.00 17,640 321,754 7.35 16,200 275,400 Copper 4.54 10,000 182,400 4.06 8,950 163,248 4.06 8,950 152,150 Cobalt 25.00 55,116 1,005,307 22.00 48,502 884,670 22.00 48,502 824,528 Zinc 1.30 2,866 52,276 1.15 2,535 46,244 1.15 2,535 43,100 Uranium oxide (U3O8) 2 80.00 176,370 3,216,982 63.00 138,891 2,533,373 50.00 110,231 1,873,927 Chromium oxide (Cr₂O₃, 40.5% UG2 conc.)2 0.11 250 4,560 0.10 230 4,195 0.09 200 3,400 Lithium hydroxide monohydrate 15.88 35,000 638,400 9.07 20,000 364,800 14.51 32,000 544,000 1 Long-term (2029 onwards) 2 Long-term contract prices Mineral Resources Inclusive of Mineral Reserves 31 Dec 2024 31 Dec 2023 Attributable 100% Attributable 100% PGM Tonnes Grade PGM PGM Tonnes Grade PGM PGM (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz) Americas¹ Operations Measured 37.3 15.5 18.6 18.6 44.5 15.2 21.7 21.7 Indicated 41.5 14.6 19.4 19.4 49.1 14.2 22.4 22.4 Measured + Indicated 78.7 15.0 38.1 38.1 93.6 14.7 44.1 44.1 Inferred 91.2 14.0 41.1 41.1 113.8 11.9 43.7 43.7 Exploration Measured 22.0 0.8 0.6 4.1 22.1 0.8 0.6 4.1 Indicated 10.0 0.6 0.2 1.3 10.0 0.6 0.2 1.3 Measured + Indicated 31.9 0.7 0.7 5.4 32.1 0.7 0.7 5.4 Inferred 4.0 0.5 0.1 0.4 4.0 0.5 0.1 0.4 Southern Operations Measured 488.7 3.9 60.5 82.0 416.3 4.3 58.1 79.1 Africa² Indicated 671.9 4.0 87.4 110.8 648.9 4.3 89.5 113.5 Measured + Indicated 1,160.5 4.0 147.9 192.8 1,065.1 4.3 147.5 192.6 Inferred 238.3 4.3 32.9 42.2 242.0 4.5 35.2 44.9 Exploration Measured 1.8 4.2 0.2 0.3 1.8 4.2 0.2 0.3 Indicated 244.5 4.1 32.5 45.1 244.5 4.1 32.5 45.1 Measured + Indicated 246.2 4.1 32.7 45.4 246.2 4.1 32.7 45.4 Inferred 158.8 3.7 18.8 26.2 158.8 3.7 18.8 26.2 Total Measured + Indicated 1,517.5 4.5 219.5 281.7 1,437.0 4.9 225.2 287.6 Grand total 2,009.8 4.8 312.3 391.6 1,955.6 5.1 323.0 402.8 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued IR – 100

Attributable 100% Attributable 100% GOLD Tonnes Grade Gold Gold Tonnes Grade Gold Gold (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz) Southern Operations Measured 439.2 1.7 24.2 26.8 465.0 1.7 24.7 27.4 Africa Indicated 379.1 1.1 13.9 16.2 390.9 1.2 14.6 17.0 Measured + Indicated 818.3 1.4 38.1 43.0 855.9 1.4 39.3 44.4 Inferred 22.0 3.0 2.1 2.2 22.7 2.6 1.9 2.0 Development Measured 0.9 5.5 0.2 0.2 1.0 5.6 0.2 0.2 Indicated 24.7 5.8 4.6 4.6 24.8 5.6 4.5 4.5 Measured + Indicated 25.6 5.8 4.8 4.8 25.9 5.6 4.7 4.7 Inferred 27.8 4.3 3.9 3.9 29.3 4.3 4.1 4.1 Exploration Measured — — — — — — — — Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4 Measured + Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4 Inferred 4.0 3.6 0.5 0.5 4.0 3.6 0.5 0.5 Australia Exploration Measured 3.7 0.2 0.03 0.03 3.7 0.2 0.03 0.03 Indicated 71.5 0.3 0.6 0.6 51.4 0.3 0.4 0.4 Measured + Indicated 75.2 0.3 0.6 0.6 55.1 0.2 0.4 0.4 Inferred 11.3 0.3 0.1 0.1 24.3 0.1 0.1 0.1 Americas Exploration Measured 409.2 0.1 1.4 3.1 332.1 0.1 1.2 2.8 Indicated 797.8 0.1 1.4 3.0 292.1 0.1 0.8 1.7 Measured + Indicated 1,207.0 0.1 2.8 6.1 624.2 0.1 2.0 4.4 Inferred 595.5 0.04 0.8 1.8 96.5 0.1 0.2 0.5 Total Measured + Indicated 2,170.2 0.8 52.7 60.9 1,605.2 1.0 52.8 60.4 Grand total 2,830.8 0.7 60.0 69.2 1,782.1 1.0 59.5 67.4 Attributable 100% Attributable 100% LITHIUM³ Tonnes Li Li₂O LCE LCE Tonnes Li Li₂O LCE LCE (Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt) Europe Development Measured 3.3 0.62 1.33 108 135 3.3 0.62 1.33 108 135 Indicated 8.0 0.57 1.22 241 302 8.0 0.57 1.22 241 302 Measured + Indicated 11.3 0.58 1.25 349 437 11.3 0.58 1.25 349 437 Inferred 4.5 0.51 1.10 122 153 4.5 0.51 1.10 122 153 Americas Exploration Measured 4.6 0.18 0.40 45 734 3.0 0.17 0.37 28 403 Indicated 11.3 0.17 0.36 102 1,645 17.3 0.17 0.37 160 2,317 Measured + Indicated 16.0 0.17 0.37 147 2,379 20.4 0.17 0.37 188 2,720 Inferred 5.8 0.18 0.38 54 874 4.5 0.18 0.39 44 630 Total Measured + Indicated 27.3 0.34 0.74 496 2,816 31.6 0.32 0.69 537 3,157 Grand total 37.5 0.34 0.73 672 3,843 40.7 0.32 0.70 702 3,940 Attributable 100% Attributable 100% URANIUM Tonnes Grade U₃O₈ U₃O₈ Tonnes Grade U₃O₈ U₃O₈ (Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb) Southern Exploration Measured 63.8 0.24 33.2 41.0 63.8 0.24 33.2 41.0 Africa Indicated 47.5 0.25 25.9 28.3 47.5 0.25 25.9 28.3 Measured + Indicated 111.4 0.24 59.1 69.3 111.4 0.24 59.1 69.3 Inferred 0.04 1.10 0.1 0.1 0.04 1.10 0.1 0.1 Grand total 111.4 0.24 59.2 69.4 111.4 0.24 59.2 69.4 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued IR – 101

Attributable 100% Attributable 100% COPPER Tonnes Grade Copper Copper Tonnes Grade Copper Copper (Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb) Australia Exploration Measured 3.7 0.93 77 77 3.7 0.89 73 73 Indicated 75.1 0.96 1,597 1,597 51.4 0.91 1,036 1,036 Measured + Indicated 78.8 0.96 1,674 1,674 55.1 0.91 1,108 1,108 Inferred 14.2 0.86 271 271 24.3 0.94 501 501 Americas Exploration Measured 409.2 0.41 3,684 8,087 332.1 0.42 3,062 6,807 Indicated 797.8 0.41 7,176 15,012 292.1 0.41 2,622 5,643 Measured + Indicated 1,207.0 0.41 10,859 23,099 624.2 0.41 5,683 12,450 Inferred 595.5 0.37 4,800 9,976 96.5 0.41 871 1,893 Total Measured + Indicated 1,285.8 0.44 12,533 24,773 679.3 0.45 6,792 13,558 Grand total 1,895.6 0.42 17,604 35,020 800.2 0.46 8,163 15,952 Attributable 100% Attributable 100% ZINC Tonnes Grade Zinc Zinc Tonnes Grade Zinc Zinc (Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb) Australia Operations Measured 19.6 3.06 1,318 1,318 25.6 3.10 1,750 1,750 Indicated — — — — — — — — Measured + Indicated 19.6 3.06 1,318 1,318 25.6 3.10 1,750 1,750 Inferred — — — — — — — — Exploration Measured 1.0 4.80 106 106 1.0 4.80 106 106 Indicated 8.9 5.66 1,111 1,111 8.9 5.66 1,111 1,111 Measured + Indicated 9.9 5.58 1,217 1,217 9.9 5.58 1,217 1,217 Inferred 0.6 2.67 35 35 0.6 2.67 35 35 Total Measured + Indicated 29.5 3.90 2,535 2,535 35.5 3.79 2,967 2,967 Grand total 30.1 3.88 2,570 2,570 36.1 3.77 3,002 3,002 Mineral Reserves 31 Dec 2024 31 Dec 2023 Attributable 100% Attributable 100% PGM Tonnes Grade PGM PGM Tonnes Grade PGM PGM (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz) Americas¹ Operation Proved 9.5 13.1 4.0 4.0 10.9 13.5 4.8 4.8 Probable 35.1 13.3 15.0 15.0 49.5 13.6 21.5 21.5 Proved + Probable 44.5 13.3 19.0 19.0 60.4 13.5 26.3 26.3 Southern Africa² Operation Proved 115.3 3.5 13.0 18.0 113.2 3.5 12.9 17.8 Probable 147.2 3.2 15.1 18.9 132.8 3.6 15.3 19.3 Proved + Probable 262.5 3.3 28.1 37.0 246.0 3.6 28.1 37.1 Grand total Proved + Probable 307.1 4.8 47.1 56.0 306.4 5.5 54.5 63.4 Attributable 100% Attributable 100% GOLD Tonnes Grade Gold Gold Tonnes Grade Gold Gold (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz) Southern Africa Operation Proved 197.9 0.8 4.9 6.7 211.8 0.8 5.4 7.3 Probable 119.6 0.7 2.6 3.5 124.2 0.8 3.0 3.9 Proved + Probable 317.5 0.7 7.5 10.2 336.0 0.8 8.4 11.2 Development Proved — — — — — — — — Probable 20.0 4.0 2.5 2.5 19.8 4.0 2.5 2.5 Proved + Probable 20.0 4.0 2.5 2.5 19.8 4.0 2.5 2.5 Grand total Proved + Probable 337.4 0.9 10.0 12.7 355.8 1.0 10.9 13.7 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued IR – 102

Attributable 100% Attributable 100% LITHIUM³ Tonnes Li Li₂O LCE LCE Tonnes Li Li₂O LCE LCE (Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt) Europe Development Proved 3.5 0.51 1.09 93 117 3.1 0.48 1.04 80 101 Probable 6.9 0.42 0.91 155 195 4.6 0.42 0.90 102 127 Grand total Proved + Probable 10.3 0.45 0.97 248 311 7.7 0.44 0.96 182 228 Attributable 100% Attributable 100% ZINC Tonnes Grade Zinc Zinc Tonnes Grade Zinc Zinc (Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb) Australia Operation Proved 18.7 3.0 1,218 1,218 26.1 3.0 1,726 1,726 Probable — — — — — — — — Grand total Proved + Probable 18.7 3.0 1,218 1,218 26.1 3.0 1,726 1,726 Note: Mineral Resources and Mineral Reserves are attributable, based on legal equity interest, and metal content is additionally stated on a 100% basis. Details on attributable interests can be found in the Mineral Resource and Mineral Reserves Report 2024. 1 For the US PGM operations, PGM is represented by the 2E (Pt and Pd) 2 For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au) 3 For the Lithium Mineral Resources, LCE content was calculated by multiplying the Li (%) content by a factor of 5.323. Lithium hydroxide monohydrate (LiOH.H2O) can be derived from LCE by dividing by a factor of 0.88 The statement of Mineral Resources and Mineral Reserves is available online at www.sibanyestillwater.com/news-investors/reports/annual/ CORPORATE GOVERNANCE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– This Mineral Resource and Mineral Reserve declaration represents a condensed and consolidated summary of the full Sibanye- Stillwater Mineral Resource and Mineral Reserve declaration available in the Group Mineral Resource and Mineral Reserve Report, at www.sibanyestillwater.com/news-investors/reports/ annual/ The Mineral Resources and Mineral Reserves are estimates at a particular date, and are affected by fluctuations in mineral prices, exchange rates, operating costs, mining permits, changes in legislation and operating factors. By-product metals that do not provide a material contribution to potential revenue flows are typically excluded from the statements. 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 S-K 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, and form part of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO). See Sibanye-Stillwater's Mineral Reserves and Mineral Resource Report for SK-1300 compliance disclosures. All financial models used to determine the managed Mineral Reserves are based on current tax regulations as at 31 December 2024. Rounding-off of figures may result in minor computational discrepancies. Where this happens, it is not deemed significant. There are teams of Competent Persons (CPs), designated in terms of the respective national reporting codes, who take responsibility for the reporting of Mineral Resources and Mineral Reserves. 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 CPs, included below. The Group has the written confirmation of the lead CP’s that the information, as disclosed in this report, is compliant with the relevant security exchanges’ listing requirements (Section 12 of the JSE Listings Requirements, SAMREC Table 1 and S-K1300), 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 Mineral Reserves. Stephan is a registered member of the South African Council for Natural Scientific Professions (SACNASP 400089/96). OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MINERAL RESOURCES AND MINERAL RESERVES: A SUMMARY continued IR – 103

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.” OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SIBANYE-STILLWATER COMBINED INTEGRATED REPORT 2024 104 Dr Elaine Dorward-King – Chair: Social, Ethics and Sustainability Committee SUSTAINABILITY EMBEDDED AS THE WAY WE DO BUSINESS

The past year has been a tumultuous one. We have seen significant changes in government in several countries, influencing ESG, sustainability and DEIB policies. However, sustainability is not about ticking boxes and sustainability remains central to our business strategy and its implementation. We realise our purpose by ensuring that we responsibly produce materials, prioritising environmental stewardship, social responsibility and ethical governance whilst promoting shared social, ecological and economic value with our stakeholders. This does not change with political posturing. Sustainability is integrated in the business strategy and to support its execution and delivery we refreshed our sustainability framework. The framework focuses on 7 foundational commitments supported by 2030 and 2050 targets. Our focus into 2025 and beyond is on execution and delivery against our ambitions. This is how we will maintain our licence to operate and seek to be a force for good in the ecosystems that we operate in. See, Sustainability strategic framework, page 108. Our new Sustainability framework incorporates and expands on these elements under the themes of: • People • Planet • Prosperity • Governance PEOPLE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Safety, health, security and wellbeing Safeguarding the lives and wellbeing of employees is of paramount importance. Whilst our operations have improved their safety across almost all indicators, we tragically lost eight of our colleagues due to mine-related incidents. See Chairman and Chief Executive Officer’s review, page 13. Our safety leaders have committed to empowering frontline staff to stop work if they believe the conditions are unsafe. We are pleased that this is becoming a part of our work culture and that by year end for the month of December 2024, 81% of all stoppages were initiated by frontline supervisors showing a continued improvement compared to the 59% for the month of December 2023 and compared to the 2024 12-month average of 71%. Outside of the pressing issue of safety, there is much that the Group is doing to promote health and wellbeing, including mental wellbeing among employees, as is detailed in the chapter Health, wellbeing and occupational hygiene, page 126. The Group faces a range of security issues, of which illegal mining is the most serious. Disturbingly, we are seeing our security personnel increasingly finding themselves under attack from organised crime gangs engaged in illegal mining. We have multiple initiatives to de- risk the situation, reduce the risk of harm to our employees, and protect our operations. These initiatives include extensive collaboration with law-enforcement agencies, intelligence-led strategies to arrest those involved in criminality, and R&D projects to find appropriate solutions to mitigate security risk. See Combatting illegal mining fact sheet. In 2024 the Social, Ethics and Sustainability (SES) committee approved a Fraud response plan, which provides comprehensive guidelines for dealing with fraudulent activities. In a country that suffers greatly from crime and corruption it is incumbent on the Group to set the highest standards for good ethical behaviour and for our leaders to model this behaviour. We are pleased that our CEO (along with other corporate leaders) remains committed to the fight against crime and corruption at national level and remains involved in the joint initiative between business-government initiative against crime and corruption in South Africa. For detail on these subjects, see Safe production, page 111. Diversity, equity, inclusion and belonging The modern workplace should be one in which equity is unwavering, inclusion is the norm, and belonging is at the heart of the Group. In the phrasing of Material Matter 15, as defined on pages 3 and 268, we are committed to “Advancing core skills, inclusion and diverse talent”. We continue to address transformation and equity gaps where reasonable and applicable. In 2024 we consolidated our Diversity, Equity, Inclusion and Belonging (DEIB) oversight under our DEIB Council, which now incorporates the previous Women of Sibanye-Stillwater leadership group. One of the key focus areas for the Council is to create a supporting and enabling environment for women. That said, we still have work to do on eliminating Gender Based Violence (GBV) in the workplace and in our communities. Our response is multi-fold, with targeted interventions to promote inclusivity, such as Leading Inclusivity and Women’s Voice workshops. These give managers the skills to foster a more inclusive environment and to give effect to our ambition to increase women’s representation across the Group and particularly at management level. Our women in the workforce increased to 18.0% and women in management increased to 28.4% meeting our 2024 Sustainability scorecard targets. (See Our people, page 142) We continue to address the challenge with our anti-sexual harassment campaigns, and our GBV reporting and referral centres at our SA PGM and SA gold operations. These provide immediate and appropriate response to those affected by abuse and violence, e.g. helping victims obtain protection orders, assisting with relocation of families, and providing ongoing psychosocial support. Human rights and indigenous rights In 2023, the US and SA regions completed independent human rights due diligence (HRDD) assessments, and continued to address areas for improvement in 2024. These revealed the need to review our policies to offer enhanced protection from harassment and discrimination in the workplace. They also highlighted the challenges of illegal mining and indicated that further work is required for broader spectrum of engagement. We reviewed and aligned our Group People and Culture policies with the International Labour Organization’s (ILO) Decent Work Agenda conventions and standards as well as other associated policies. We forged a partnership with the Department of Cooperative Governance and Traditional Affairs and Wits Business School where, we ran a capacity-building programme for traditional leaders who are part of local government structures. Sibanye-Stillwater acknowledges that the land on which we mine in the Australian region has traditional land owners – indigenous peoples, and we therefore continue to support first nations people through the Aboriginal Development Benefits Trust which is designed to enhance their economic development in the Gulf communities. See People: Socioeconomic development, page 158. Employee value proposition In 2024, we restructured our operations, which impacted many employees in the US and SA primarily. The restructuring was necessary to ensure the viability of the business. Underpinned by our values, we maintained open, transparent and constructive dialogue with our employees and organised labour. See Our people, page 149. Our employee value proposition framework has four pillars which include social connectedness, reward and recognition and safe working environment as well as focusing on growth and development. To measure progress in our value proposition, as per the framework, and the effectiveness of future-ready leadership, we conducted an employee engagement assessment specific to SA region and Corporate office. The results were largely positive; though we acknowledge several areas for improvement. See Our people, page 135. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SOCIAL, ETHICS AND SUSTAINABILITY COMMITTEE: CHAIR’S REPORT continued IR – 105

PLANET –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– We have made meaningful strides in climate leadership and environmental stewardship. Environmental risk management is integrated into our enterprise-wide risk management processes, with systematic identification and mitigation strategies throughout the organisation. Key policies, procedures, and position statements outline our environmental requirements, while both internal and external assurance practices ensure compliance with environmental indicators and obligations. Climate action and resilience We continue to focus on building climate resilience by embedding the recommendations of our TCFD work, which included a comprehensive scenario risk analysis, through continuous improvement processes. We have strengthened operational controls and this is detailed in Planet: Minimising our environmental impact, page 187. Notwithstanding this, our operations continue to feel the physical impacts of climate change, having had to manage the impact of a regional bushfire engulfing the mine at our Century operations. The Group has climate-related targets as part of the Sustainability scorecard. Our near- and long-term decarbonisation targets are science-based with their achievement supported by a decarbonisation pathway and annual targets included in the Sustainability scorecard. In 2024 we reached financial close on our fourth renewable energy Power Purchase Agreement (PPA). Our aim is to have 30% renewable energy, for our SA region, by 2030. See Climate change-related supplement. Our strategic differentiator to build a Unique global portfolio of green metals and energy solutions that enables reversal of climate change is a key part of our climate change commitment. Through our green metals presence in North America (including our recent acquisition of Reldan) and Europe, we are bringing to market the green metals needed for the green energy transition. Pleasingly, in 2024 the Group secured up to €500 million in a green loan financing facility for our Keliber lithium project in Finland. The Green loan facilities are governed by a Green financing framework; and the Keliber lithium project is in an integral part of the Finnish battery value chain – Europe’s first integrated lithium project. Tailings storage facilities (TSF) compliance Having retained conformance to the GISTM at our SA PGM, SA gold, and US PGM operations, we are progressing well towards achieving compliance for the two TSFs at our Australian operations by the 5 August 2025 deadline. During the year, the business completed sixteen vulnerability assessments and four emergency mock drills. The comprehensive vulnerability assessments, including a door-to-door censuses to identify at-risk individuals, help to ensure that our emergency preparations are in order. Our geotechnical and emergency preparations will continue, and we continue to include these areas within our Sustainability scorecard. We missed our Sustainability scorecard target set for 2024 to complete five tailings facility upgrades as we completed four of the five upgrades. The outstanding upgrade to the facility has subsequently been completed. See Planet: Minimising our environmental impact, page 205. Water stewardship The Group is managing three water risks: availability and quantity, ecological (quality) and regulatory and reputational risks. Our risk mitigation strategies include water independence, leak detection, stakeholder collaboration and consultation, as well as the optimisation of water treatment facilities and programmes. In 2024,we set a Sustainability scorecard target to complete seven water stewardship assessments. We exceeded the target and completed eight assessments. These water assessments are a practical tool designed to enhance stewardship of shared water resources in ways that are socially equitable, environmentally sustainable and economically beneficial. The results have been instrumental in building robustness in management of water. Water availability at our water-stressed SA PGM operations remains a risk therefore our focus is on maximising water security through water storage solutions, desilting and research and development initiatives. We are also steadfast in our efforts to reduce purchased water; doing so is not only positive for the environment, but also has a socioeconomic benefit, of freeing up water for domestic use to communities. We have put our surplus water at our SA gold operations to good effect to reduce our reliance on potable purchased water. We have set a 2030 target to use 49% less purchased water, against a 2023 base. In 2024 our total water purchased was 19,717ML1, which bettered our sustainability scorecard target of 19,849ML by 0.6%, translating to a year on year reduction of 7.6% against the base. 1 Excluding AUS region, Reldan and Keliber Lithium project Circularity The Group is dedicated to playing a meaningful role in the rise of “circularity”, by which resources are kept in use through recycling and reuse, thus reducing costs and minimising the environmental burden of production. Sibanye-Stillwater is a leading recycler of autocatalysts for the extraction of PGMs (platinum, palladium and rhodium) in the US, as well as the recycling of precious metal bearing electronic waste through the Reldan operations. We also have significant investments in the reclamation of tailings, with our operations reclaiming gold (at DRDGOLD in the SA Region) and zinc (at our Century operation in the Australian region), thus contributing to our green metals strategy. Biodiversity and ecosystems Adhering to the “nature positive” principle, by which we aim to halt and reverse biodiversity loss at our mine sites, resulting in a net positive impact on nature. We are very excited about a recent strategic initiative to address nature loss in the Magaliesberg Biosphere Reserve (which includes the Cradle of Humankind World Heritage Site), near our SA PGM operations. This collaboration aims to have a regional impact beyond direct mining operations. The project will proceed in several phases and involve multiple stakeholders. We are in the early stages of development of our nature positive initiatives and it will be a focal area for 2025. See Biodiversity management fact sheet www.sibanyestillwater.com/news-investors/reports/annual/ Our gross rehabilitation liabilities for 2024 were R16.71 billion, for which the Group sets aside funds for rehabilitation of the environmental impacts of our operations, assuring authorities that we will fund rehabilitation according to our closure and rehabilitation plans. Our current guarantee funding for SA region is R4.2 billion. PROSPERITY –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– In terms of what the Group is doing for national prosperity, I am pleased that the SA region was recently recognised for our contribution to society at the South African Breweries / ESG Africa Beyond Awards (a sustainability recognition platform). Further, our PMR facility was recognised by the Gauteng Emission Reduction Recognition Programme Awards for dedicated efforts to reduce air pollutant emissions. As the economic conditions surrounding mining operations evolve, restoring the land to its pre-mining state is not always practical nor advisable. However, the land can still serve a positive purpose, and alternative economies can greatly benefit the region. In South Africa, Sibanye-Stillwater is strategically working to create lasting value from its land. This land is designated for alternative economic programmes that focus on job creation, regional economic diversification, and capacity building, contributing

to diversified, sustainable local economies after mines have closed. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SOCIAL, ETHICS AND SUSTAINABILITY COMMITTEE: CHAIR’S REPORT continued IR – 106

The fourth socioeconomic impact report (following from 2022) was published in 2024, communicating flows of value and socioeconomic impacts from all our operations. See Impact report. This year, Sibanye-Stillwater concluded an independent study to assess the business’ global socioeconomic impact, based on 2023 economic information. Our assessment demonstrates that our footprint, influence and impacts extend substantially beyond the direct impacts of jobs, salaries, community development and taxes. The study highlighted that at the end of 2023, the business supported 147,000 jobs globally (inclusive of own employees, contractors and jobs in other sectors of the economy), and had compensation-linked impacts of ~ ZAR61.3bn/US$3.2bn. In addition, our operations were responsible in 2023 for an additional ZAR27 bn/US$1.4bn in tax, greatly benefiting the countries where we operate, and particularly South Africa. Through a set of implied multipliers derived from this study the impacts based on the 2024 information is available on page 160 of this report. As a further testament to our vision of superior shared value to all our stakeholders, we have paid dividends of approximately R308m to a number of the community trusts with shareholdings in our various entities. Further our efforts to diversify our workforce and play a more transformational role in the South African economy have been recognised with an improved B-BBEE rating. The rating went from level 6 to level 4 year-on-year, reflecting significant progress from level 8 in 2021. See People: Socioeconomic development, pages 158 and 160. GOVERNANCE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– The SES Committee monitors changes to reporting regulations and to emerging currents of thought at sustainability and responsible mining associations. Our memberships to the International Council on Mining and Metals (ICMM), World Gold Council (WGC), and UNGC and our adherence to their principles remain important to us. Our sustainability credibility is enhanced by our inclusion in the S&P Global Corporate Sustainability Assessment yearbook, and that we have remained a constituent of the FTSE4Good Index Series. See supplementary information, Sustainability content index, https:// www.sibanyestillwater.com/news-investors/reports/annual/ and Governance in sustainability, page 210. The Committee supports the steps being taken by ICMM, WGC, the Copper Mark and the Mining Association of Canada’s Towards Sustainability Mining towards convergence of responsible mining standards. A common blueprint for responsible mining practices is good for all parties who care about ESG and sustainability. In the main, our operations maintained ISO 14001 and ISO 45001 certification, with the exception of our Australian region. The Keliber lithium project obtained it’s ISO 9001,14001 and 45001 certifications in Q4 2024. During 2024, our SA PGM operations continued to be verified against IRMA, with the Rustenburg and Marikana operations completing stage 2 (surveillance audit) of the independent assessment cycle. Our US PGM operations deferred the IRMA assessment to focus on restructuring and stabilising the business. We welcome efforts by third parties in terms of sustainability assurance. Our assurance processes against the London Platinum and Palladium Market (LPPM), (ICMM),the WGC’s Conflict-Free Gold Standard and Responsible Gold mining principles (CFGS) are in place, as is our verification for the Sustainability scorecard and selected performance indicators included in this report. As part of this committees’ oversight compliance, we reviewed the Group’s Code of ethics, including updates and changes. The Social, Ethics and Sustainability Committee, as one of its duties, recommends to the Remuneration Committee the arrangements for the measurement and assessment of the sustainability performance regarding the LTI plan. The first Sustainability scorecard for the LTI plan came into effect in 2021. The SES Committee reviewed and approved the sustainability targets for inclusion in the 2025 Sustainability scorecard, which remains a lever for advancing Sibanye-Stillwater’s sustainability agenda. For more information see Remuneration report, page 244 and further detail for each of the years, per indicator and per target is available in supplemental information, https://www.sibanyestillwater.com/ news-investors/reports/annual/ IN CLOSING AND APPRECIATION –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– The SES Committee is pleased to report to all stakeholders of the Group that it has fulfilled its mandate as prescribed by the South African Companies Act and that there are no instances of material non-compliance or material Sustainability related fines to disclose. I would like to thank Sibanye-Stillwater’s management for their leadership, commitment and hard work, as well as the members of the Committee and the Board for their input and support throughout the year. Dr Elaine Dorward-King Chair: Social, Ethics and Sustainability Committee 25 April 2025 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SOCIAL, ETHICS AND SUSTAINABILITY COMMITTEE: CHAIR’S REPORT continued IR – 107

OUR SUSTAINABILITY STRATEGIC FRAMEWORK Our business is sustainability Sustainability is integrated in our strategy and we strive to fully embed it in our business, empowering us to deliver on our strategic differentiators and unlocking opportunities across the dimensions of planet, people, prosperity, and governance. As 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. As responsible resource stewards, we produce quality materials required for the global energy transition through responsible mining, processing, reclaiming, and recycling practices that mitigate impacts on both people and the planet. Our commitment to sustainability allows us to strive to create a positive impact through decisive actions and meaningful initiatives, generating superior value that we share with our stakeholders to eradicate poverty, curb climate change, protect ecosystems, and promote intergenerational equity. SUSTAINABILITY STRATEGIC FRAMEWORK OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SOCIAL, ETHICS AND SUSTAINABILITY COMMITTEE: CHAIR’S REPORT continued IR – 108 Recognised as a force for good Instrumental in building pandemic- resilient ecosystems Inclusive, diverse and bionic Unique global portfolio of green metals and energy solutions that enable reversal of climate OUR BUSINESS IS SUSTAINABILITY We produce quality materials required for the global energy transition We produce our materials by mining, processing, reclaiming and recycling responsibly, mitigating impacts on people and planet We preserve and create superior shared value supporting eradication of poverty, to curb climate change impacts, protect ecosystems and promote intergenerational equity As responsible resource stewards: Facets of our business Entrepreneurs for growth and value creation Empowered people and respected assets Stewardship of land and metals for the long term OUR COMMITMENT TO: PLANET PEOPLE PROSPERITY GOVERNANCE Nature and circularity: by leaving net positive benefit to land, air, water, and nature and keeping materials in circulation. Climate: through low emission materials, green and battery metals and operating sites that are climate resilient and net zero. Peoples’ rights: through respecting stakeholders, including their culture, heritage and future. Our own people: ensuring they are safe and healthy, included, respected, listened to and valued. Social inclusion and impact: through co-creating vibrant ecosystems for robust social capital. A profitable business for shared value and a net positive legacy: through post closure economies, natural capital markets. Ethical, transparent and accountable practices: earning corporate trust by innovating across our value chain in the areas of safety and operational excellence. By 2030 • 42% reduction in scope 1 and 2 GHG emissions • 30% renewable energy penetration in SA region • 70% of our sales will be Green and Battery Metals* • 15% of sales will be recycled materials* • 49% less water purchased • All regions to have Net positive plans in implementation • Zero fatalities • 3.17 TRIFR • 22% Women of Sibanye-Stillwater (WoSS) • 34.1% Women in management • 30% female board members • 1.5% declared dividends invested in Sibanye Foundation • Direct economic contribution to GDP1, to be in the range of +/-10% of the last five years average • Consolidated standard met at good practice level • Metal traceability of value chain* • Product carbon footprint By 2050 • Zero harm • Employee-led and updated value proposition • Total impact value measurement of our sites and projects • Stakeholder co-created enhanced shared value • Net zero • Carbon neutrality • Net positive biodiversity for mining sites • Zero waste where possible* * Aspirational: With all of our other targets, that are not aspirational, we have plans to achieve in place. Our aspirational targets are intentional but we still need to develop and mature our pathways. Green metal = PGM and Battery metals = LiCH+Pcom (conditional on GalliCam successful outcome) Recycling is secondary and tertiary mining 1 expressed as a percentage of Group revenue

Our Sustainability strategic 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. Our sustainability targets are included in our Sustainability scorecard, which forms 20% of the LTI for executives (See Rewarding delivery, page 213). Our commitment to sustainability is also evidenced by our alignment to the UN’s SDG goals. See Progressing the UN’s SDGs, www.sibanyestillwater.com/newsinvestors/reports/annual/. More detail on our commitment to sustainability strategy can be found at  www.sibanyestillwater.com/sustainability/reports-policies/ Our sustainability themes can be summed up as: people, planet, prosperity, governance. • Planet: includes climate leadership and environmental stewardship • People: respecting people’s rights; valuing our people (employees); social inclusion and community impact • Prosperity: shared value and domestic prosperity • Governance: committed and accountable business OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SOCIAL, ETHICS AND SUSTAINABILITY COMMITTEE: CHAIR’S REPORT continued IR – 109

SUMMARY: SUSTAINABILITY PERFORMANCE TRENDS SI FR ( p e r m ill io n h o u rs w o rk e d ) Serious injury frequency rate 3.03 3.78 2.91 2.61 2.21 Group 2020 2021 2022 2023 2024 FI FR ( p e r m ill io n h o u rs w o rk e d ) Fatality injury frequency rate 0.06 0.13 0.03 0.07 0.05 Group 2020 2021 2022 2023 2024 N u m b e r o f c a se s SA region: Occupational diseases 139 93 88 111 48 231 294 264 236 225 Silicosis Noise-induced hearing loss 2020 2021 2022 2023 2024 % Percentage of women at Sibanye-Stillwater 13% 14% 16% 17% 18% Group 2020 2021 2022 2023 2024 R m Social economic development spend 202 352 369 613 379 Group 2020 2021 2022 2023 2024 (0 00 tC O 2e ) Total CO2e emissions scope 1 and 2 6,695 7,302 6,686 6,631 6,345 Group 2020 2021 2022 2023 2024 TW h Electricity consumption (TWh) 6.19 6.59 6.13 6.80 6.24 Group 2020 2021 2022 2023 2024 M L Water withdrawn and purchased 22,640 20,944 21,046 21,394 19,787 125,220 124,628 130,681 151,362 158,873 Water purchased Water withdrawn 2020 2021 2022 2023 2024 N u m b e r Environmental incidents level 3 and above 5 5 2 2 2 Group 2020 2021 2022 2023 2024 Sc o re o u t o f 5 FTSE Russel score 4.5 3.4 3.9 3.6 3.9 3.0 3.0 3.3 3.0 3.3 4.7 4.7 5.0 4.7 4.7 Environment Social Governance 2020 2021 2022 2023 2024 Taxes and royalties paid Rm 1,963 CDP* A- Employment impact 137,146 MSCI BBB rating *A- achieved for carbon and water in 2023. A- maintained for carbon and water achieved a B-rating in 2024, www.cdp.net/en OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SOCIAL, ETHICS AND SUSTAINABILITY COMMITTEE: CHAIR’S REPORT continued IR – 110

SAFE PRODUCTION WHAT WE DID IN 2024 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 • Regrettable loss of eight lives at our operations (2023: 11) • Elevated safety risks amid Keliber lithium project being in construction phase with multiple contractors on site OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SIBANYE-STILLWATER COMBINED INTEGRATED REPORT 2024 111 ENSURING SAFETY AND WELLBEING Awards In November 2024, Sibanye-Stillwater won six industrial health and safety awards at the Southern African Institute of Mining and Metallurgy (SAIMM) MineSafe2024 conference. The SAIMM MineSafe conference brings together stakeholders from the mining industry to share knowledge and collaborate on health and safety matters. At the conference, various Sibanye-Stillwater operations were recognised for their safety improvements and practices. For the year-on-year safety improvement in Gold operations award, Kloof mine took first place, the Kloof Thuthukani shaft took second place, and Driefontein’s Masakhane, Pitseng, and Ya Rona shafts achieved third place. In the Year-on-Year Safety improvement in Processing operations category, Kloof (SA gold operations) received first place, while the Kroondal (SA PGM operations) was awarded second place. Moreover, Sibanye-Stillwater's SA gold operations were acknowledged for their dust leading practice adoption, earning the Leading Practice Adoption award.

TARGETS AND KEY OBJECTIVES Metrics Performance Status See Maintaining ISO 45001 certification1 Certification coverage Maintained Met Page 114 Eliminating fatalities Achieve Zero harm Number of fatalities 8 (2023:11) Not met Page 114 Group TRIFR benchmark of 4.0 per million hours worked expected to be achieved by the end of 2025 By 2030 achieve a TRIFR benchmark of 3.17 per million hours worked TRIFR 4.36 (2023: 5.24) On track Page 119 New medium term target By December 2025 have 80% of stoppages of unsafe workplaces by frontline employees % stoppages by frontline employees 81% (2023:59%) Met Page 119 1 Excluding AUS region Our sustainability themes anchoring the chapter: People Alignment with UN SDG 8.8 See the supplementary disclosure – Progressing the UN’s SDGs www.sibanyestillwater.com/news-investors/reports/annual/ MATERIAL MATTERS M2 Safety and Health M3 Licence to operate APPROACH ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– As reflected in our values and strategy statements, keeping our employees and contractors safe and healthy is our number one priority. We are committed to achieving zero fatalities at our operations. While our ultimate goal is Zero harm, the more immediate goal is to eliminate high-energy incidents, which is to be achieved through our Fatal elimination strategy. Our safety culture encompasses behaviours that support the strategy and that encourage all employees at all levels of the organisation to take responsibility for safety. Our Fatal elimination strategy emphasises a suite of leading indicators, giving us the data to intervene proactively. This data helps us anticipate dangerous situations. It is derived mainly from audits of critical controls, critical life saving behaviours and critical management routines. These audits include statistics on safety stoppages by frontline employees, high potential incidents (HPIs), which includes injuries with potential for loss of life (IPLLs), and near miss incidents with the potential for loss of life (NIPLLs). Such reporting enables us to proactively identify higher risk areas that require mitigating plans and actions. In 2024, we invested R864 million at our SA PGM operations (2023: R893 million), R676 million at our SA gold operations (2023: R573 million), US$1 million at our US Reldan operations, A$2.7 million at the AUS region, €1.3 million at the Keliber lithium project, and €0.4 million at the Sandouville nickel refinery on safety management initiatives, including personal protective equipment (PPE), capital outlay and training. As a minimum requirement, all employees receive training on our safety standards and safe work procedures through annual refresher and induction programmes. During the year, we invested a total of 660,576 hours on safety and health- related training. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SAFE PRODUCTION continued IR – 112

ACCOUNTABILITY, GOVERNANCE AND ASSURANCE GOVERNANCE ACCOUNTABILITY Board • Safety and Health Committee • Audit Committee • Risk Committee Executive Committee and C-suite • Our Safe production strategy is driven by the CEO and senior leadership with support from the Board Operational • The operational SVPs, assisted by their VP at each site, assumes the first line of responsibility and is supported by the operational safety department • Together with regional safety managers, the Group champion for Health and Safety provides support to the chief regional officers • At the SA region, managers and mine overseers are responsible for safety tracking and monitoring • At the SA and US PGM regions the joint health and safety committees meet monthly at each operation to address safety concerns • Our SA PGM operations have 1,727 workplace safety representatives and 28 full- time safety representatives, our SA gold operations have 1,676 workplace safety representatives and 38 full-time safety representatives; our US operations have 5 safety representatives. Keliber has one safety representative and the AUS region has four • We encourage a bottom-up approach to safety, empowering our workforce to take responsibility for safety • Our operations in the SA region and the US region are ISO 45001 certified, as are Sandouville refinery and Keliber Lithium Project See Board and executive leadership, page 8. KEY POLICIES, PROCEDURES AND POSITION STATEMENTS (list not exhaustive, only key policies highlighted) Group • Health and safety policy statement (see www.sibanyestillwater.com/about-us/ governance/), Group minimum standards, Critical controls, Critical life-saving behaviours, Critical management routines, South Africa • Compliance to Mine Health and Safety Act 29 of 1996 • Adaptation of Group Health and Safety Policies • Adoption of Group Minimum Standards and Procedures • Compliance to Mine Health and Safety Act 29 of 1996 • Operational risk management procedure, United States • Mine Health and Safety and Occupational Safety and Health Administration directives to ensure compliance to regulations • Adaptation of Group Health and Safety Policy • Adoption of Group Minimum Standards and Procedures Europe • Health and Safety Position Statements • Compliance to EU-OHSA (European Agency for Safety and Health at Work) • Adaptation of Group Health and Safety Policy • Adoption of Group Minimum Standards and Procedures Australia • Compliance to Mining and Quarrying Safety and Health Act 1999 (Queensland) and Mines Work Health and Safety (Supplementary Requirements) Act 2012 (Tasmania) • Adaptation of Group Health and Safety Policy • Adoption of Group Minimum Standards and Procedures ASSURANCE AND REVIEWS (Evaluation) • High-potential incidents and fatal incidents are reviewed by the Group high-potential incident and fatal review committee. Lessons and subsequent actions are shared throughout the Group • Ongoing workplace inspections assess conformance to our own standards and to legal requirements • All operations have various internal safety audits. Internal audits that are facilitated by the Group’s internal audit department and include safety audits that measure compliance, reporting on leading and lagging indicators • External assurance against Responsible Mining Assurance (IRMA), International Council on Mining and Metals (ICMM) and World Gold Council (WGC) requirements. • Several external agencies (e.g., DMPR) conduct safety inspections and unscheduled audits • ISO 45001:2018 Occupational Health and Safety system audits by external parties • We are active participants in the ICMM Health and Safety working group as well as the Minerals Council of South Africa’s Zero Harm Forum. We regularly compare our standards against third-party benchmarks • Emergency response testing is not only performed on site, but our emergency testing of our tailings storage facilities has been extended to include our host communities • A formal agreement with the majority union covering safety and health, defining how full-time and part-time safety representatives are elected, trained and appointed. These representatives monitor safety performance through inspections, and they participate in incident investigations • Independent review of our safety programme, by a leading industry safety expert OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SAFE PRODUCTION continued IR – 113

ZERO HARM STRATEGIC FRAMEWORK ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– OVERVIEW –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– In 2024, eight of our colleagues (six employees and two contractors) tragically lost their lives in eight mine-related incidents. The Group extends its heartfelt condolences to the family and friends of those who lost their lives while carrying out their duties. Extensive investigations into the root causes of these incidents are undertaken in line with our Fatal Elimination Strategy, which has been developed and implemented over the past three years. These investigations have highlighted that all incidents could have been avoided, through compliance and application of our controls. They have also emphasised the critical role of supervisors and leadership in enabling and reinforcing safe work practices and behaviours. Our Behaviour Model underpins and guides the role of each and every employee in ensuring a work place environment that is conducive to safe, sustainable production. Eliminating Fatal and High Energy Incidents from our operations remains our utmost priority. Despite these tragic fatalities, we experienced real risk reduction across most of our operations during 2024. This was reflected in our lagging and leading indicators, which continue to improve notably year-on-year, as well as in the ongoing decline in high potential incidents (HPIs) since H2 2022. Key to our success is that we continue to encourage proactive adherence to standards, and the enablement of frontline employees to stop unsafe work and fix before continuing. We will continue to encourage a bottom-up approach to safety, empowering our whole workforce to take ownership for their own safety and that of their team. Maintaining frontline safety stoppages at, or near, a monthly average of 80% serves as a strong leading indicator of a safety-oriented culture among our frontline employees (see graph). The consistent reporting of near miss incidents since the start of 2024 is also pleasing and reflects increased risk awareness, showing that there is little stigma among employees in reporting such incidents. FRONTLINE SUPERVISOR AND CREW STOPPAGES No of workplaces stopped % Frontline supervisors & crew Operator/Crew/Frontline Target 2024 Operator/crew/frontline target 2025 Middle management Senior management/safety/third party 24- Jan 24- Feb 24- Mar 24- Apr 24- May 24- Jun 24- Jul 24- Aug 24- Sept 24- Oct 24- Nov 24- Dec —% 30% 60% 90% 0 5,000 10,000 15,000 During 2024, 11,453 incidents were formally reported Group-wide, increasing by 133% from the 4,923 incidents reported in 2023. Despite the increase in incident reporting, the number of incidents classified as NIPLLs shows a downward trend, reflecting reduced levels of risk. NIPLLs decreased by 47% from 233 in 2023, to 124 in 2024. Evidence shows that we are making progress in managing our risk and shaping a culture where people feel free to report with trust and transparency. Our line managers are crucially important in supporting a workplace conducive to sustainable safe production. At the executive management level, we are increasingly focused on management routines that monitor employee behaviour. One of our milestones on our journey to Zero harm is a TRIFR (rate of recordable injuries per million hours worked) target of 4.0 to be achieved by 2025. The Group TRIFR improved, from 5.24 in 2023 to 4.36 in 2024; as did our lost time injury frequency rate (LTIFR), from 4.57 to 3.86; while our SIFR improved from 2.61 to 2.21; and our fatal injury frequency rate (FIFR) improved from 0.07 in 2023 to 0.05 in 2024. The focus for 2025 is to fully entrench our strategy and enable teams to deliver sustainable, safe, predictable production as we further embed our values-based decision-making culture. Investigation findings from recent HPIs revealed that these could have been OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SAFE PRODUCTION continued IR – 114 Values and engaged leadership Employee engagement is a direct outcome of the company culture, quality of leadership and the ability to foster in inclusive environment • Values-based behaviour and decision-making • The right decisions all the time • The sustainable solution to risk reduction ENABLING ENVIRONMENT EMPOWERED PEOPLE WORLD CLASS SYSTEMS Operationalising our intent Humanising our intent Systemising our intent

prevented through proper application of critical controls, behaviours, and management routines. The findings also highlighted the need for increased focus on leadership's role in driving these routines and ensuring accountability for behaviours. Equipping leaders and line managers to address unintentional human errors, as identified in the Behavioural model, and to reinforce safe work practices is crucial. While many of our operations have improved greatly in leading injury rates, and all indicators suggest that we are moving in the right direction, we unfortunately still experience unacceptable risk in certain parts of our business, as well as unacceptable risk tolerance levels among some employees. Addressing this requires sustained implementation of our Fatal elimination strategy, and a focus on accountability of our line management, whereby VPs fully embed a safety culture. All operations in the respective regions, apart from our Australian region, have attained ISO 45001 certification (Occupational health and safety). Considering the current risk profile and short operating life of the Australian operations, ISO 45001 certification is not being considered at this stage, but Australia has applications of a safety management system and management routines in place to ensure OHS risks are appropriately managed. Fatal elimination strategy Group minimum standards (GMSs) for safety We have 19 Group minimum standards (GMSs) for safety, with supporting critical controls, critical life-saving behaviours and critical management routines. We routinely monitor compliance with these standards as part of our comprehensive suite of leading indicator metrics. After conducting a GMS gap assessment in 2023, detailed action plans, which include specific deliverables and corresponding scheduled completion dates, were formally approved by the responsible SVP and endorsed at the EVP level. Many of these actions entail significant efforts involving systematic upgrades to installations to ensure compliance with the GMSs. The various regions also applied for certain exemptions from these standards based on comprehensive risk assessments. The commonality observed in some of the exemptions applied for, highlighted the need for a comprehensive review of the GMS, that is scheduled for completion during 2025. Innovating for safety On our journey towards Zero harm, we recognise the need for continuous improvement in risk management. To enhance data management, Safety Officer inspections in the South African region were recorded on mobile devices in the second half of 2024, as part of a larger digital leading indicator project. Key features include occurrence reporting, inspections, audits, and action close-out by service departments and line supervision. Integration with other functions and regions will continue this journey. We continued our efforts to use innovation and technology to engineer out risk in the areas of rail bound equipment (RBE), trackless mobile machinery (TMM). The SA region has completed the installation of lamproom management systems, which include passive tags for asset management and equipment allocation. The SA region continues to enhance its proximity detection system (PDS). As part of this system, we are rolling out active tags fitted to cap lamps, with a mobile device that will help locate individuals who might be lost or in danger of being struck. The SA region has transitioned to Pivot (an electronic safety management system) for recording all safety incidents, including stoppages. Pivot offers a customisable mobile capability, which allows for comprehensive incident investigation. Once loaded on Pivot, management analyses the data on customised QlikView dashboards. The US PGM operations are in the process of implementing the Pivot platform, while other regions will retain their current safety software, with the plan to integrate their data via QlikView. We have established a robust set of leading indicators (e.g. critical control verification, unsafe work stoppages, HPIs, and near miss incident reporting), which are being standardised across all regions. These leading indicators have been systemised and are in various stages of incorporation to live dashboards on QlikView. For more on innovation and technology as it relates to safety, please refer to page 176 of this report. Rail-bound equipment (RBE) At our SA operations (planned for completion by 2026) we began rollout of a vehicle-to-person (VTP) proximity detection system for restricted areas, to reduce the risk of miners being hurt by track- bound equipment. Winch signalling and warning system We have advanced winch signalling systems across the SA region. For the Beatrix 1 shaft, which required a special solution due to flammable gas risks, we developed a certified solution and successfully delivered the necessary equipment to the site. Trackless mobile machinery (TMM) In the SA region, in addition to our underground operating areas, we have now implemented Level 9 controls (system that automatically takes control of TMM to avoid a collision) at our surface mining areas. Where appropriate, we have completed independent traffic flow analyses across the SA region to evaluate our controls against the current Level 9 requirements. In areas of significant risks, we have implemented appropriate controls, ranging from Level 6 (operating compliance) to Level 7 (alerts operator to avoid a collision), to address those risks. The Australia region has followed a similar approach. TMM exhaust system fires Fire incidents on underground vehicle exhaust systems in 2023 at our SA operations prompted the Group to intervene with new technologies to enhance safety. Among these innovations are ultra-web nano fibre filters. Another is the integration of the exhaust management system with the vehicle management system, which allows for automatic vehicle shutdown when conditions become unsafe. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SAFE PRODUCTION continued IR – 115

Critical controls Critical controls, which are part of our safety management system, are regularly assessed and kept relevant to site fatal elimination plans. Deviations and non-conformance to critical controls are a leading indicator for safety risks, allowing management to intervene timeously. The next step in our safety journey is to rollout a 3-tier critical control verification process (for 2025) by which managers, supervisors and operators must verify the effectiveness of critical control performance. This required a review of our current critical controls such that we align with the ICMM Critical Control Management Good Practice Guide. Behaviour model and leadership In 2024, we had to dismiss 131 employees in the SA region for safety violations (2023: 224). It is most regrettable to have to dismiss employees, but our behaviour model clearly indicates which types of behaviours reveal wilful disregard. That said, our behavioural model to review safety incidents is considered industry best practice. All HPIs are investigated using the behavioural model, allowing management to properly classify safety misbehaviours, and discipline and train appropriately. We offer various programmes to develop leadership talent among frontline employees. Our Safety culture programme focuses on embedding a culture of safety and promoting team effectiveness. 152 frontline teams at our SA gold operations have completed phase 3 of the programme, while 162 of our frontline teams at our SA PGM operations have completed phase 2. The satisfaction scores for the programme (based on participant feedback) are very high; above 98% for the SA gold operations and above 95% for the SA PGM operations. In 2024, we launched a revised Critical behaviour skills programme that has achieved significant milestones. The programme engaged 89 shift supervisors from the SA gold operations and 94 shift supervisors from the SA PGM operations, resulting in improved compliance in safety and risk management behaviours, enhanced supervisory routines, and better pre-planning and problem-solving. Additionally, leaders reported a stronger drive for continuous improvement. Notably, management at Driefontein gave this comment, "The transformation observed in the work ethics and behaviours of shift supervisors following their participation in the course is both commendable and impactful." In 2024, we also introduced a new initiative called Captain of the Team, as a way to empower supervisors to take full responsibility for their teams, ensuring clear communication and task assignment, which contributes to a safer working environment. This initiative was especially designed for a single person taking charge of work where multiple teams and supervisors are present at the same time. Engaging employees and raising their awareness about safety protocols is paramount. Gratifyingly, a recent employee survey showed a positive shift in how employees perceive safety measures within the workplace. The Group remains steadfast in its dedication to continuous improvement, regularly updating stakeholders on progress, challenges, and strategies deployed to enhance safety across all operations. Looking ahead, future training initiatives and the adoption of advanced technologies to monitor and manage risks will be central to the Group's ongoing safety strategy. For more on training, leadership develop and culture growth see Our people, page 138. Incentive/bonus systems to encourage safe behaviour We included several leading indicators as part of the 2024 short-term incentives across different levels. These leading indicators are related to the action plans to ensure full compliance to the GMS, as well as compliance to critical controls. In terms of lagging indicators, a fatal incident penalty is applicable at Group, segment and operational levels. For 2024, a penalty was applied if the FIFR was not 20% below the three-year trailing average, calculated on the 2021, 2022 and 2023 numbers for the respective operations. The penalty is applied to the operational portion of the short-term incentive scorecard. The potential penalty is currently capped at a maximum of 30% of the relevant short-term incentive scorecard. The FIFR penalty system is currently under review to support the reduction and ultimate elimination of fatalities into the future. See Remuneration policy, page 233 and 244 Emergency planning and emergency preparedness Our Group Crisis management plan outlines the essential procedures to follow during and after a crisis. Management is trained in emergency control and adheres to mandatory codes for preparedness and response. In major incidents, senior management is responsible for establishing an emergency control room to oversee the situation. All operational employees receive training in emergency protocols, and we conduct regular drills. Supervisors are trained in first aid and have full access to first aid equipment. The majority of ordinary employees (42,123) have also received first aid training. All underground areas feature secondary escape routes and emergency refuge bays, which are regularly inspected by management. Rescue teams are deployed during emergencies. Across the SA region we have 181 rescue team members, 22 proto teams, 25 medical practitioners, and 195 registered nurses. We use Rescue 911 (an emergency response service) for all operations. At our US PGM operations we have 15 mine rescue team personnel, and nine emergency medical services team personnel. Additionally, we have nine employees who are equipped to perform mine rescues and provide emergency medical services. The emergency response plans at Reldan are reviewed annually and managed by the Sustainability/QEHS Department. Additionally, 3,999 employees have received hands-on training in how to use SCSR units. We require all Reldan employees (182) to attend general awareness training, while six have been certified in first-aid, CPR and other lifesaving techniques, with more training planned for 2025. The Sandouville refinery is classified as a “Seveso high-level” site (Directive 2012/18/EU), by which we adhere to legislation on how emergency teams and exercises must be organised, including that everyone participates in an annual coordinated safety drill. No visitor can enter the site unaccompanied unless the person has passed a training programme on how to act in emergency situations. The Keliber lithium refinery has been in construction phase throughout the year. Four rescue drills were arranged at each of the construction sites. Rescue plans and drills for operational time have been planned as part of the process of applying mining safety and chemical safety permits for the sites. The refinery is located in the Kokkola Industrial Park (KIP), which organises annual emergency exercises involving all companies located there. As part of our journey to conformance with the Global Industry Standard on Tailings Management (GISTM) we have detailed site- specific Emergency preparedness and response plans for all operations. We conduct training for communities around safety concerning tailings dams, including a focus on emergency response. See our Tailings management fact sheet, www.sibanyestillwater.com/news-investors/reports/annual/ OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SAFE PRODUCTION continued IR – 116

Protection services: mitigating safety and security risks in the SA region In 2024, we sought to further evolve Protection services from a transactional security provider to a comprehensive risk management partner. Our ambition is for Protection services to become more holistic and solutions-driven in its offering: a collaborative and innovative partner in risk management. This transformation is centered on establishing an intelligence-led, proactive, and integrated risk management solution that includes strategic, financial, legal, compliance, and operational risks to the business. In the interests of better risk mitigations, Protection services is standardising input from security personnel, control room staff, analysts, and management. This involves integration of technology, human resources, data, processes, and risk information. Additionally, automation of business processes and implementation of forecasting with risk algorithms are crucial steps in this transformation. Key risks include internal crime and corruption, illegal mining, unauthorised entries, infrastructure attacks, and unsuccessful community engagement. To mitigate these risks, we prioritised an insider threat programme, standardised procedures, improved contractor management, and improved personnel allocation during 2024. We also focused on equipping personnel with the appropriate technology to succeed in their jobs. We continued to build relationships with internal and external stakeholders. This includes local communities, SAPS, the Directorate for Priority Crime Investigation (Hawks), the National Prosecuting Authority (NPA), authorities in charge of border management and immigration, and contractors. Impact of illegal mining and crime at our SA operations The risks of illegal mining and crime add to the challenges of operating in the SA region and are a risk for the business and the South Africa. The Group experienced a slight increase in crime rates since 2023 to 2024 with crimes increasing from 10,290 to 10,391 (less than 1%) within the Group’s operations. Elements of this increase is related to improved detection techniques. Encouragingly, security efforts have resulted in an increase in total arrests rising from 6,194 in 2023 to 6,304 in 2024 (2% increase). The Group presented to a Parliamentary Portfolio Committee on Safety and Illegal mining in October 2024. Our presentation emphasised the broader impact of crimes impacting on the business and the mining sector (including gender- based violence), which are not only affecting our mining operations but also local communities that bear the brunt of violent acts stemming from illegal mining syndicates. Unfortunately, illegal mining has become a necessary livelihood for many people. This has been created by entrenched unemployment that is the highest in the world, stagnant economic growth, hardship and poverty. Proposed solutions must consider the economic realities faced by individuals in these communities. Nevertheless, the national fiscus and the South African economy loses tens of billions of rand because of illegal mining. As a further deterrent against illegal mining the Group is advocating for changes in legislation to ensure that individuals caught engaging in illegal mining face legal consequences more reflective of the severity of the offence. Currently, many offenders are charged with minor infractions, such as trespassing, which leads to minimal penalties and allows them to quickly return to illegal activities. We are committed to upholding human rights, and note that illegal mining is highly dangerous, Protection services modified its strategy to emphasise intelligence-driven risk mitigation. This entails deriving information that enables us to prioritise areas for urgent attention. This approach will ensure optimal use of available resources, including technology, vetting, and personnel to identify and dismantle these illegal operations. Protection services is focused on the following key risk pillars: • Insider threats • Illegal mining • Illegal intrusion • Damage to and theft of infrastructure (notably, copper-bearing material) • Threats to and from local communities • Fraud and commercial crimes • People safety We invest in community engagement and partnerships aimed at building local governance capacities. Training for local councillors and support for community development projects are prioritised to address the underlying socioeconomic factors contributing to crime and illegal mining. The security control environment at our SA PGM operations is, with the help of technology, enabled with early warning systems, unmanned aerial vehicles, as well as tactical response and stopper teams. We conduct R&D and testing for other technologies and innovations on an ongoing basis. We work with the authorities and other stakeholders to apprehend higher-tier criminals, with the aim of stemming the illicit outflow of copper from the country. Illegal miners and other criminals often resort to violence against Protection services employees. In 2024, there were 141 attacks on Protection services personnel (2023: 158), with 17 of our personnel injured in 12 incidents (2023: 27 injured in 19 incidents). We have strict protocols around rules of engagement and life-saving behaviours, in which our security personnel are thoroughly trained. The emphasis is on minimising risk to life and limb to both parties. The Protection services’ policies and procedures are aligned to the Voluntary Principles on Security and Human Rights (a multi- stakeholder initiative to guide best practice on human rights in mining and other industries). In terms of compliance and accountability, we have aligned essential procedures related to key legislation, including those addressing GBV, POPIA, and the Financial Intelligence Compliance Act. See Combating illegal mining fact sheet 2024, www.sibanyestillwater.com/news-investors/reports/annual/ Social unrest Social unrest and community protests are common nationwide, primarily related to the lack of service delivery by the SA government and increasing unemployment and poverty. Given the proximity of many large informal settlements to our operations, along with expectations from the communities for the operations to provide increasing employment, supply chain and other opportunities, community protests often disrupt the operations and pose a threat to employees and the sustainability of the business. We have an established and structured approach regarding engagement with community representatives and other stakeholders, and have established other systems and platforms for communities to engage and address any concerns. Engagement with communities in South Africa is complex, particularly when diverse stakeholder interests and agendas influence community dynamics. These organised Groups are widespread, and are not unique to the mining industry, with similar entities such as the construction Mafia in KwaZulu-Natal threatening other industries and deterring much-needed capital investment. Protection services works closely with the South African Police Service (SAPS) Special Task Force and with other organs of state security to combat criminals who use intimidation and violence against community members as a tactic. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SAFE PRODUCTION continued IR – 117

In 2024, we experienced 39 incidents of community-related protests and unrest (2023: 101), with 38 at our SA PGM operations (2023: 95), and one at our SA gold operations (2023: six). Social unrest is considered a top-ten risk for the SA region as identified through the enterprise risk process, and one for which we have various controls. See Managing risks and opportunities within the internal and external environment, page 48 and People: Socioeconomic development, page 171. We address the risk in various ways, including: • Socioeconomic compact with key stakeholders and strategic partners • Investment in socioeconomic development programmes in South Africa • Involvement in the Minerals Council and other strategic bodies, including Business Leadership South Africa • Implementation of our Sustainability framework • A social task team (which includes Protection services) focuses on community engagement, identifying risks and responding to sustainability challenges Public safety Public safety relates to social unrest, but also concerns broader issues. Management continues to try to improve safety and security around the operations. One of the greatest public safety risks is road accidents. South Africa has high rates of road deaths and injury, and high rates of non- compliance to road rules. In conjunction with local authorities, the Group undertakes routine road safety initiatives. Next steps The Group continues to take a firm and proactive stance on crime and on illegal mining in particular. For the sake of the country, local communities who bear the brunt of criminality, and the illegal miners themselves who face unacceptable risk to their lives, we will take strong measures to end this growing threat to the nation. Fortunately, after many years of lobbying by the industry, government has acknowledged illegal mining to be a national crisis. Our next steps include the following: • Continue monitoring and reporting on crime statistics and interventions • Engage with local communities and government agencies to enhance collaboration and support • Develop frameworks for more robust legal actions against illegal miners and enhanced border control measures • Partner with national, regional and local government to promote ongoing community development initiatives that address socioeconomic factors contributing to illegal mining OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SAFE PRODUCTION continued IR – 118 A battery electric underground locomotive at the K4 shaft, Marikana operation, SA PGM operations

SAFETY PERFORMANCE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– While the eight fatalities (two contractors and six employees) in 2024 (2013: 11) are of great concern, we are encouraged about general improvements in our safety performance. SA PGM processing, Marikana surface operations and SA PGM plants & concentrators achieved17 million , 12 million and 11 million fatal free shifts, respectively, for 2024. In memoriam We are truly saddened by the loss of life at our operations and offer our condolences to the loved ones of those who passed on in 2024. 26 January 2024 Bathopele Mining - Bathopele Shaft Employee Male TM3 UV Operator Fixed Structure - Bumping into 04 June 2024 Beatrix Mining - North Shaft Employee Male HPE Flat Development Drill Rig Operator MW Rail Bound Equipment 27 June 2024 Kloof Mining - Masimthembe Shaft Employee Male Loader Driver MW FOG - Gravity 15 August 2024 Marikana Mining - Saffy Shaft Contractor Male Operator Winch UG FOG - Gravity 18 August 2024 Driefontein Mining Hlanganani Shaft Contractor Male Underground Plater Object Falling 21 September 2024 Rustenburg Platinum Mines - Khuseleka Shaft Employee Male Loco Driver UG Rail Bound Equipment 27 November 2024 Marikana Mining - Karee 3 Shaft Employee Male Operator Loco Rail Bound Equipment 21 December 2024 Marikana Mining - Saffy Shaft Employee Male Operator Rock Drill Single Handed UG FOG - Gravity Date Operation Employee/ contractor Gender Occupation Incident Safety performance* 2024 2023 2022 Grou p US regio n6 EU regio n AUS regio n SA region Group US region EU region AUS region5 SA region Group4 US region EU region SA region PGMs Gold PGMs PGM s Gold PGMs PGMs Gold Fatalities 8 0 0 0 5 3 11 1 0 0 2 8 5 0 0 3 2 Fatal injury frequency rate1 0.05 0.00 0.00 0.00 0.05 0.06 0.07 0.23 0.00 0.00 0.02 0.13 0.03 0.00 0.00 0.03 0.04 Number of lost-time 607 31 14 1 328 230 766 31 5 1 437 292 668 18 5 420 225 Lost-time injury frequency rate (LTIFR)1 3.86 9.49 8.34 1.45 3.36 4.29 4.57 7.03 6.14 1.90 4.37 4.72 4.41 4.03 8.88 4.36 4.48 Total injury frequency rate3 5.79 23.26 50.64 60.90 4.37 4.97 6.99 23.58 74.89 24.70 6.44 5.64 6.29 23.07 71.01 5.63 5.34 Number of serious 348 21 5 0 172 149 437 25 4 0 223 185 441 18 1 262 160 Serious injury frequency rate (SIFR)1 2.21 6.43 2.98 0.00 1.76 2.78 2.61 5.67 4.91 0.00 2.23 2.99 2.91 4.03 1.78 2.72 3.19 Medically treated injury frequency rate (MTIFR)1, 2 0.50 1.53 1.19 5.80 0.42 0.47 0.67 3.63 1.23 3.80 0.64 0.49 0.66 3.58 1.78 0.54 0.62 Total recordable injury frequency rate (TRIFR)1 4.36 11.02 9.53 7.25 3.78 4.76 5.24 10.66 6.14 5.70 5.01 5.21 5.07 7.61 10.65 4.90 5.10 Total recordable 686 36 16 5 369 255 878 47 5 3 501 322 768 34 6 472 256 Number of Section 54/ regulator work stoppages 59 6 0 0 28 25 83 4 0 0 39 40 105 3 0 77 25 Frontline work stoppages of unsafe work (%) 7 81 % 100 % 50 % 93 % 82 % 80 % 59 % 96 % * * 49 % 62 % * * * * * Total hours worked 157.2 3.3 1.7 0.7 97.7 53.6 167.6 4.4 0.8 0.5 100.0 61.9 151.5 4.5 0.6 96.2 50.2 * Note: Safety statistics include contractors. For site specific safety performance, see Group impact supplement, www.sibanyestillwater.com/news-investors/reports/annual/ 1 Per million hours worked: total number of injuries x 1,000,000 hours worked 2 Also referred to as treat-and-return injury frequency rate, which includes certain minor injuries 4 The SA gold operations recorded a fatal incident on 27 February 2022, this was however restated to the date of accident 21 October 2021, as per reporting protocol. Mr Madie (a contractor)) was injured during a scraping and rigging accident on 21 October 2021 and passed away as a result of his injuries on 27 February 2022 5 AUS region data for 2023 is from 01 March 2023 – 31 December 2023 6 US region data for Reldan for 2024 is from 1 March 2024 – 31 December 2024 7 Tracking the monthly average of frontline stoppages by the employees (crew and/or supervisors) started during 2022 at some operations (SA and US), with all regions (excluding Reldan) tracking during 2024 with the Group ending with 81% form the month of December 2024 (December 2023: 59%) OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SAFE PRODUCTION continued IR – 119 2024 – cumulative milestones achieved (by shafts, operations and the Group) 13 10 2 4 4 1 1 1 1 1 1 million 2 million 3 million 4 million 5 million 6 million 9 million 11 million 12 million 17 million

Safety performance: Contractors only 2024 2023 2022 Group US region EU region AUS region SA region Group US region EU region AUS region SA region Group US region EU region SA region PGMs PGMs Gold PGMs PGM Gold PGMs PGMs Gold Fatal injury frequency rate 0.05 0.00 0.00 0.00 0.03 0.13 0.12 1.03 0.00 0.00 0.00 0.26 0.03 0.00 0.00 0.00 0.09 Lost-time injury frequency rate (LTIFR) 2.51 8.05 8.69 0.00 1.74 3.90 2.42 6.18 9.77 0.00 1.91 2.95 3.07 3.95 20.03 3.36 2.16 Total injury frequency rate 4.37 21.47 27.81 57.86 2.40 5.21 4.29 20.60 70.86 0.00 3.25 3.41 5.11 19.76 140.18 4.34 2.97 Serious injury frequency rate (SIFR) 0.80 2.68 4.35 0.00 0.43 1.56 1.18 4.12 9.77 0.00 0.61 1.77 1.58 3.95 0.00 1.61 1.35 Medically treated injury frequency rate (MTIFR) 0.55 10.74 0.87 0.00 0.33 0.78 0.58 7.21 4.89 0.00 0.46 0.26 0.83 5.93 5.01 0.76 0.45 Total recordable injury frequency rate (TRIFR) 3.06 18.79 9.56 0.00 2.07 4.68 2.97 14.42 9.77 0.00 2.37 3.21 3.90 9.88 25.03 4.12 2.61 8.8 Our performance in perspective: SA peer comparison1 Company Serious injury frequency rate Serious injury frequency rate ranking Lost time injury frequency rate Lost time injury frequency rate ranking Fatal injury frequency rate Fatal injury frequency rate ranking PGM Sibanye-Stillwater SA PGM operations 1.76 2 3.36 3 0.05 2 Peer 1 2.79 3 3.21 2 0.06 3 Peer 2 0.91 1 1.45 1 0.038 1 Gold Sibanye-Stillwater SA gold operations 2.78 1 4.29 1 0.06 2 Peer 3.6 2 5.99 2 0.05 1 1 Rates are per million hours worked. Peers include: Harmony Gold, Amplats and Impala Platinum SA region: Recordable injuries by category 2024 2023 2022 SA region SA PGM SA gold SA region SA PGM SA gold SA region SA PGM SA gold Slip/trip & fall 130 76 54 150 91 59 125 83 42 Fall of ground 76 37 39 101 50 51 74 32 42 Tools & equipment 56 33 23 45 6 39 36 12 24 Struck by 46 32 14 67 65 2 81 81 0 Caught between 39 31 8 75 71 4 52 51 1 Material handling 46 26 20 43 18 25 56 25 31 Mobile Equipment 44 31 13 42 28 14 48 26 22 Foreign body 21 14 7 20 13 7 28 20 8 Winches & rigging 20 12 8 28 18 10 20 10 10 Other 145 76 69 252 141 111 208 132 76 Total 623 368 255 823 501 322 728 472 256 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SAFE PRODUCTION continued IR – 120

US region: Injuries by category 2024 2023 2022 US region US PGM Reldan1 US PGM US PGM Struck by objects (tools, equipment and others) 5 5 0 12 4 Strains/soft tissue injuries 7 5 2 5 4 Slips/trips/falls 11 8 3 7 7 Caught in/between 9 9 0 6 7 Rockfall 0 0 0 4 3 Operating equipment 1 1 0 4 5 Operating jackleg 0 0 0 0 2 Eye injuries 1 1 0 2 0 Chemical burns/other 2 2 0 6 2 Other 5 5 0 1 0 Total 41 36 5 47 34 1 US region data for Reldan for 2024 is from 1 March 2024 – 31 December 2024 EU region At the Keliber lithium project and at the Sandouville nickel refinery we continue to embed our safety approach as we further integrate the European region into Group standards and processes. EU region: Injuries by category Struck by objects (tools, equipment and others) 4 0 4 0 0 0 0 0 0 Strains/soft tissue injuries 2 1 1 0 0 0 1 1 0 Slips/trips/falls 6 0 6 4 3 1 2 2 0 Caught in/between 0 0 0 1 0 1 0 0 0 Rockfall 0 0 0 0 0 0 0 0 0 Operating equipment 0 0 0 0 0 0 1 1 0 Operating jackleg 0 0 0 0 0 0 0 0 0 Eye injuries 3 0 3 0 0 0 0 0 0 Chemical burns 1 1 0 0 0 0 0 0 0 Other 0 0 0 0 0 0 2 2 0 Total 16 2 14 5 3 2 6 6 0 2024 2023 2022 EU region Sandouville Keliber EU region Sandouville Keliber EU region Sandouville Keliber AUS region For 2023 (recording from its acquisition) Century operations has had a total of three recordable injuries. In terms of safety and health, the Australian region has shown a high level of readiness to comply with our Group minimum standards. AUS region (Century operation): Injuries by category 2024 2023 Struck by objects (tools, equipment and others) 2 1 Strains/soft tissue injuries 1 1 Slips/trips/falls 1 0 Caught in/between 0 0 Rockfall 0 0 Operating equipment 0 0 Operating jackleg 0 0 Eye injuries 0 0 Chemical burns 1 0 Other 0 2 Total 5 4 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SAFE PRODUCTION continued IR – 121

FUTURE FOCUS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– GROUP The key safety focus for 2025 will remain on the three pillars of the Zero harm framework (enabling environment, empowered people, world class systems) with the following overarching objectives: • Embed the Fatal elimination strategy and evolve our Safety culture to achieve zero harm • Senior leadership safety capability building • Execution of digitisation and mobility strategy • Critical control management programme down to operator level AUS REGION • Critical control management programme down to operator level • Ongoing education of Group minimum standards • Update of DMS to align with governance of document control • Complete group minimum standards audit with Mt Lyell EU REGION • Increase the proportion of safety-based work stoppages at Keliber by operators and front-line supervisors, by improving the safety walk programme and starting safety pair activities • Continuing GMS maturity audits and closing gaps as the operations commence • Critical control management programme down to operator level SA REGION • Senior leadership safety capability building • Execution of digitisation and mobility strategy • Critical control management programme down to operator level • Dedicated focus on engineering risks US REGION • Closing actions identified from Group minimum standard gap analysis, to ensure readiness for full compliance • Improvement to reporting and tracking of safety and health data • Further improve Management of change within the operations • Continued effort to reduce risk through the use of leading indicator data • Critical control management programme down to operator level OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SAFE PRODUCTION continued IR – 122

HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE WHAT WE DID IN 2024 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 Group-wide restructuring • Slow regulatory approval in SA region for innovative healthcare financing and strategic fund pooling TARGETS AND KEY OBJECTIVES Metrics Performance Status See Universal health coverage across the business Percentage workforce covered 98% (2023: 97.6%) Met Page 125 SA region By 2034, 95% of all individual crystalline silica measurements are to be below1 0.03mg/m3, % samples <0.03mg/m3 82.75% of all samples <0.03mg/m3 New medium and short term target Page 129 An internal exceedance reduction target of 2.5% per annum with a limit of 15% samples exceeding 0.03 mg/m3 in 2025 aiming to reach the 5% target by 2029 By 2029, the operational/ process noise emitted by any equipment should not exceed104dB(A) No. of pieces of equipment exceeding 104dB(A) 16 pieces of equipment exceeded 105dB(A). New medium and short term target Page129 For 2025, identify noise sources above 104 dB(A) and develop a five-year data driven noise source reduction strategy 1. Mine Health and Safety Council milestone Our sustainability theme anchoring the chapter: People Alignment with UN SDG 3.3, 3.4, 3.7, 3.8 MATERIAL MATTERS M2 Safety and Health M3 Licence to operate APPROACH –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– The safety and health of our employees is our priority. We strive to ensure that our safety protocols and policies are robust and that they consider all potential risks in the work environment. We encourage employees to take responsibility for their own safety and wellbeing, as well as for that of team members; and we provide them with a sound understanding of health and safety risks in order for them to do so. Our South African and US operations have health and safety committees, with our AUS and EU region having safety representatives in place, by which employees share concerns and suggest solutions to health and safety challenges. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 123 ENSURING SAFETY AND WELLBEING

In 2024, at the SA region, we spent R104 million on primary healthcare, R87 million on occupational healthcare, R6.97 million on employee wellbeing and R29.7 million on emergency medical services (2023: R94 million on primary healthcare, R79 million on occupational healthcare, R6.7 million on employee wellbeing and R29 million on emergency medical services). Additionally, in 2024 our Australian region invested A$480,200 into employee health and wellbeing (2023: A$581,827). Australia has a universal healthcare system called Medicare, which provides access to health services at little to no cost for Australian citizens and permanent residents. In 2024, Reldan spent US$62,173 on preventive occupational health initiatives, and US$962,127 on primary healthcare and wellbeing services, including life insurance, an employee assistance programme (EAP), medical insurance, health savings accounts, mental health risk assessment, and telemedicine services. Given that the US government does not provide universal healthcare, the US region has healthcare partners that provide primary care and speciality care for employees and their families. In 2024, the US PGM operations spent US$42.4 million on medical, dental, vision, life insurance, accidental death and dismemberment insurance, EAP and other wellbeing benefits. The operations partnered with a local hospital in Montana to assist employees with fertility treatment and family planning. Through Lyra Health EAP we continue to provide strong mental health and wellbeing support to our employees and their families, including support during the restructuring process. In Finland, employees are covered by free public healthcare. In addition, the Keliber lithium project offers comprehensive occupational healthcare, which also includes medical care. In 2024, Keliber spent €121,960 on these healthcare services. Keliber also offers voluntary healthcare insurance. The cost of the insurance was €50,780 in 2024. France has a public health care system that covers most medical costs. Sibanye-Stillwater offers an additional health insurance to its employees. Healthcare offered to employees across our operations include: • Occupational health resources that assess risks, determine fitness to work, and manage disease and rehabilitation • Primary healthcare access inclusive of onsite centres with doctors and nurses managing cases in some operations • The EAP that includes counselling for employees and immediate family. In the South Africa region, these services are provided by Lyra Well-being through a 24/7 multilingual toll-free call centre and on-site social workers. In other regions, EAP services are available through different providers • Emergency medical services equipped with paramedics and 24/7 rescue capability • Hospital network with specialised care for trauma care, occupational injuries and diseases, and other non-occupational medical conditions • Employees and contractors engaged in risk-prone occupations are required to participate in an annual medical examination; non-risk workers also undergo medical surveillance at least every second year ACCOUNTABILITY, GOVERNANCE AND ASSURANCE GOVERNANCE ACCOUNTABILITY Board • Safety and Health Committee • Social, Ethics and Sustainability Committee • Audit Committee C-suite • The Sustainability Committee • Chief Regional Officers Operational • The Group Champion Health and Safety oversees health and wellbeing programmes at Sibanye- Stillwater • At the US operations the Senior Safety Manager oversees the work environment to ensure employee health and wellbeing. On site safety managers provide support to the Senior Safety Manager • Dedicated health and safety officers see to it that our health and safety programmes are effectively implemented KEY POLICIES, PROCEDURES AND POSITION STATEMENTS (List not exhaustive, only key policies listed) Group • Health and safety policy statement • Mandatory code of practices and standards in place (e.g. COVID-19 standards) South Africa • Adaptation of Group Health and safety policies • Adoption of Group minimum standards and procedures • Mandatory codes of practice and standards in place. These include: emergency preparedness, thermal stress, airborne pollutants, flammable gas, and noise United States • Mine Health and Safety Administration directives to ensure compliance to regulations • Adaption of Group Health and Safety Policy • Adoption of Group Minimum Standards and Procedures Europe • Compliance to European Agency for Safety and Health at Work ( EU-OHSA) • Adaptation of Group health and safety policy • Adoption of Group minimum standards and procedures Australia • Compliance to Mining and Quarrying Safety and Health Act 1999 • Compliance to Group Health and safety policy • Roll out of Group minimum standards and procedures ASSURANCE AND REVIEWS (Evaluation) • External limited assurance on selected key sustainability performance indicators • Several external agencies conduct health performance verifications such as Registrar for Medical Schemes, the Mine Safety and Health Council, Montana Department of Labor and Industry, Department of Health and the Department of Mineral and Petroleum Resources) • In the SA region audits are conducted relating to the Compensation for Occupational Injuries and Diseases Act (COIDA), Occupational Diseases in Mines and Works Act audits for TB and silicosis cases • At the US PGM operations the Blue Cross and Blue Shield of Montana and the brokers and actuaries for Hub International insurance review our performance • In France, compliance with occupational health laws is enforced by the labour inspectorate • In Finland, compliance with occupational safety and health laws are enforced by regional state administrative agencies • Queensland, Australia, is overseen by Resources Safety and Health Queensland (RSHQ); compliance audits are submitted to RSHQ, with any exceedances investigated and findings shared with the department OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued IR – 124

SDG 3 UNDERPIN SA REGION’S HEALTH STRATEGY 2023-20251 2026-2030 • National Health Insurance (NHI) policy • Health financing (pooling) • Primary healthcare access; occupational health services and wellbeing • Primary healthcare and secondary healthcare access • Occupational health clinics network • Enhanced data driven occupational health services and wellbeing efficiency 1 Timelines could potentially be impacted due to government rollout regressions Sustaining occupational health access Our operations continue support for the reforms and capacitation of the Medical Bureau of Occupational Diseases through the Minerals Council of South Africa grants. Certification of current and ex-employees is key to ensure eligible people get their compensation. The Occupational Diseases in Mines and Works Act (ODMWA) bill has not been through the legislator thus leaving gaps identified in order to secure sustainability of some aspects of the current act. HEALTHCARE PROVISION ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Medical schemes Universal healthcare coverage is the subject of UN SDG 3.8, to which Sibanye-Stillwater subscribes. In 2013, only 8% of our employees had a medical scheme membership; as of 2024, 98% of our employees in South Africa are on a medical scheme (2023: 95%). Across the Group over 97% of employee has some form of medical coverage. 3.8 SA region Access to care: Sibanye-Stillwater aims for all employees to be members of a registered medical scheme, whether it is in the capacity of a principal member or of a dependant on a spouse’s medical scheme. We are improving access to care with digital technologies (telemedicine) that connect employees with preferred providers. Quality hospital/clinic care: Sibanye-Stillwater uses preferred trauma facilities for those injured on duty and for trauma-related incidents. Employees are triaged at the scene and directed to the appropriate care facility, with severe trauma being managed in level one trauma facilities. Our occupational health and primary healthcare services are subject to external and internal health audits. Effective healthcare: We monitor the performance of our providers against objective health targets. Non-communicable diseases, such as diabetes and hypertension, and communicable disease are monitored by our health teams. Financial risk protection: Annually we show the split between healthcare and non-healthcare expenditure to guide decision-making around important financial considerations such as out of pocket expenses incurred by employees. Our teams work with providers to reduce this burden, which we managed to do, from R140 million in 2022 to only R28.8 million in 2023. The SA region offers employees an in-house, multi- commodity medical scheme which helps them reduce their out of of pocket expenses. In our quest for sustainable health financing, a major milestone was achieved with the amalgamation of the two in-house medical schemes. See Care for iMali: Taking care of personal finance fact sheet, www.sibanyestillwater.com/news-investors/reports/annual/ Sources of healthcare funding (R million) 2024 2023 2022 SA region SA region SA region Total US region EU region AUS region PGMs Gold Total US region EU region AUS region PGMs Gold Total US region EU region PGMs Gold Medical schemes 2,586 775 3 — 1,090 718 2,626 733 — 0 1142 751 2266.3 88078 67 539 — 1008 719 Company- funded 951 678 4 — 153 116 849 629 — 0 115.22 104.84 719.35 54155 1 444 — 130.63 144.53 Compensation for occupational injuries and diseases1 363 N/A — N/A 193 170 379 N/A — N/A 197 182 289 N/A N/A 144 145 Occupational diseases in Mines and Works Act dust levies1 29 N/A — N/A 5 24 37 N/A N/A N/A 6.00 31.00 31 N/A N/A 4 27 Total 3,929 1,453 7 — 1,441 1,028 3,891 1,362 — — 1,460 1,069 3,306 984 — 1,287 1,036 1 The SA region’s cost is inclusive of the Rand Mutual Assurance (RMA) insurance. The EU region reflects the occupational health-related costs OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued IR – 125

Funding employee healthcare (number of employees) 2024 2023 2022 SA region SA region SA region Total US region1 EU region2 AUS region PGMs Gold Total US region EU region2 AUS region PGMs Gold Total US region EU region2 PGMs Gold Principal medical scheme members 56,634 1,175 344 0 32,908 22,207 62,944 1,775 269 0 36,656 24,244 63,656 1,774 230 35,170 26,482 Employees on medical schemes – Principal members (%) 98 96 100 — 98 98 98 95 94 — 98 97 99 97 100 98 100 1 US PGM operations do not include Reldan operations 2 For Sandouville refinery and Keliber lithium project 3.8 3.7 Mental health services In 2024, Sibanye-Stillwater’s MyWellness app continued to support healthy living and rehabilitation after illness or injury. Additionally, the Lyra Wellbeing HUB and LiveWell apps, introduced in 2023, offer personalised mental health support. We remain dedicated to enhancing mental health, monitoring employees’ wellbeing using the World Health Organization-5 (WHO-5) Wellbeing Index — a trusted five-point questionnaire that measures self-perceived psychological wellbeing. The next comprehensive WHO-5 assessment is scheduled for 2025. In response to ongoing mental health challenges, we have developed a comprehensive, trans-disciplinary strategy that ensures our programmes are holistic and tailored to the diverse needs of our workforce, reinforcing our commitment to a supportive and resilient workplace culture. In addition, we offer free and confidential psychosocial and specialised support to victims of gender-based violence (GBV) through our GBV reporting centres at our SA PGM and SA gold operations. See Our people, page 159. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued IR – 126 Employee at the SA gold operations

PERFORMANCE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– SA region SA region: Chronic disease risk classification1 2024 2023 2022 1 Criteria group 2 Criteria groups 3 Criteria groups More than 3 criteria groups Total % 1 Criteria group 2 Criteria groups 3 Criteria groups More than 3 criteria groups Total % 1 Criteria Group 2 Criteria Groups 3 Criteria Groups More than 3 Groups Grand Total % SA gold 2,764 2,703 1,398 333 7,198 27 4,072 2,694 1,644 421 8,831 23 4,387 3,171 1,955 500 10,013 27 SA PGM 5,088 5,022 3,075 1,066 14,251 33 7,659 5,944 3,437 1,245 18,285 37 7,219 6,020 3,384 1,188 17,811 36 Total 7,852 7,725 4,473 1,399 21,449 31 11,731 8,638 5,081 1,666 27,116 31 11,606 9,191 5,339 1,688 27,824 32 1 Chronic disease risk criteria categories include, amongst others, diabetes, hypertension, TB, occupational lung diseases, HIV, heart diseases, being overweight, kidney failure and carcinomas Tuberculosis (TB) South Africa is a high-burden TB country. As such TB is a key focus for the SA region and the Group is dedicated to eradicating TB from our operations through compulsory annual TB screening and case management. We have reduced TB at our SA gold operations from 832 cases in 2014 to 134 in 2024 (2023: 190). At our SA PGM operations, year-on-year active cases decreased from 149 to 104 in 2024. This equates to a TB rate of 5.06 per 1,000 employees at the SA gold operations and 2.37 per 1,000 employees at the SA PGM operations for 2024. In partnership with TEBA (an organisation that helps employers unlock the human potential of employees) we offer a post-employment TB programme that manages patients on exiting the mine, helping them maintain treatment. Sibanye-Stillwater is proud to be recognised with the Ending Workplace TB Exemplar Award in both 2024 and 2025, acknowledging our leadership in workplace tuberculosis (TB) prevention and care. This prestigious award highlights our commitment to protecting employees, their families, and communities by implementing effective TB screening, treatment, and awareness programs - particularly in our South African operations. As the global fight against TB intensifies, with over 10.8 million new cases annually, we remain at the forefront of corporate health interventions, ensuring access to life-saving healthcare while fostering a safer and more resilient workforce. This recognition reinforces our dedication to employee wellbeing and sustainable business practices, aligning with international efforts to eliminate TB. SA region: TB rates per 1,000 employees (new and retreatment cases) 2024 2023 2022 Total PGMs Gold Total PGMs Gold Total PGMs Gold Total TB 3.38 2.37 5.06 3.78 3.14 5.80 4.95 4.37 5.72 Pulmonary TB 2.87 2.17 4.04 2.99 2.68 4.58 4.19 3.94 4.53 Extra pulmonary TB 0.53 0.23 1.02 0.79 0.49 1.22 0.76 0.43 1.20 Cardiorespiratory TB 3.21 2.33 4.68 3.68 2.85 5.01 4.61 4.16 5.21 Multidrug-resistant TB 0.04 0.02 0.08 0.05 0.06 0.03 0.07 0.06 0.09 SA region: Number of new and retreatment cases of TB 2024 2023 2022 Total PGMs Gold Total PGMs Gold Total PGMs Gold TB 238 104 134 339 149 190 404 203 201 Cardiorespiratory TB 226 102 124 299 135 164 376 193 183 New cases of drug resistant TB 3 1 2 10 3 7 11 4 7 New cases of multidrug-resistant TB 3 1 2 4 3 1 6 3 3 3.3, 3.4 HIV/Aids We are committed to meeting the UN SDG goals for AIDS (SDG 3: ending Aids by 2030), noting the 2025 UNAIDS HIV targets: • 95% of people living with HIV (PLHIV) using combination prevention • 95% of PLHIV knowing their status • 95% of people who know their status initiating treatment • 95% on treatment being virally suppressed • 95% coverage of services • 95% of women having access to HIV and reproductive health services We have various initiatives to achieve these targets: • Compulsory annual HIV counselling and screening • Medical schemes reporting on linkages to treatment and status of viral suppression • Disease management programmes (run by medical schemes) for highly active antiretroviral therapy (HAART) • On average, 91.4%(2023: 84%) of HIV positive employees receive first line antiretroviral treatment • Employees exiting the organisation who are HIV/HAART patients are transferred to the state programme; alternatively, they remain on the disease management programme offered by their medical scheme OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued IR – 127

The number of HIV tests offered slightly decreased for 2024, with a total of 84,615 tests compared to 91,326 tests offered in 2023. However, the percentage of the workforce tested increased to 39% in 2024, up from 32% in 2023. Encouragingly, we observed a decrease in the percentage of employees testing positive, from 1.7% in 2023 to 1.4% in 2024. SA region: HIV, VCT1 and HAART (highly-active antiretroviral therapy) 2024 2023 2022 Total PGMs Gold Total PGMs Gold Total PGMs Gold VCT offered 84,615 53,049 31,566 91,326 56,397 34,929 92,127 50,577 41,550 VCT conducted 27,622 23,568 4,054 25,352 20,180 5,172 28,675 23,335 5,340 VCT test-positive 378 246 132 429 260 169 660 393 267 Proportion of workforce tested2 39 54 15 32 % 41 % 16 % 33 % 47 % 14 % New recipients of HAART3 1,137 602 535 1,693 871 822 3,844 1,712 2,132 HAART patients alive and on treatment, total employees including category 4-9 employees4 12,818 7,978 4,840 13,948 8,933 5,015 14,620 8,796 5,824 Employees who have left HAART programme5 1,632 1,124 508 1,485 823 662 817 577 240 Note: Sibanye-Stillwater recognises the right of employees not to disclose their HIV status. 1 Voluntary counselling and testing 2 VCT conducted as a percentage of total workforce (employees and contractors) 3 HAART statistics only include employees on medical aid 4 Entry-level mining employees (Category 4-8) of the SA gold operations 5 Employees who left HAART programme within 12 months of starting antiretroviral therapy (including retrenched employees with ill health and any other labour-related terminations) 3.3 OCCUPATIONAL HYGIENE AND MEDICINE ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– SA region Heat-related illness Thermal stress and heat-related illness are serious risks for the SA region. Our policy for underground operations focuses on minimising exposure to wet bulb temperature above 31oC, which is 1.5oC below the legally allowed exposure of 32.5oC. To do so, we use underground ventilation and refrigeration systems, reviewed annually against planned production. As part of their annual refresher training, all underground employees are trained on standards and procedures regarding thermal stress, including safe declaration, withdrawal temperature limits, and stopping work without hesitation when temperatures exceed the limit. Managing high temperatures and dealing with heat stress are included in the non-negotiable rules for risk areas (i.e. our life-saving behaviours). These rules instruct employees to withdraw if the temperature reaches 32.5oC. We measure heat exceedances across two criteria: average stope temperatures and number of stope panels above 31oC. The mines at our US PGM operations do not generally experience heat-related issues. D e g re e s C e lsi u s AVERAGE STOPE WET BULB TEMPERATURE SA gold SA PGM Legal Limit Action Level 2012 2013 20142015 2016 2017 20182019 2020 20212022 2023 2024 0 5 10 15 20 25 30 35 Radiation exposure Radiation hazards in our mines are from naturally occurring radioactive uranium in the gold bearing reef. Our SA gold operations are regulated by the National Nuclear Regulator (NNR) which conducts audits as stipulated by the NNR Act 47 of 1999, and which mandates us to have a nuclear certificate of registration (COR). All the SA operations comply with COR conditions. The graph below shows our levels of compliance as per the NNR inspection audits conducted in 2021, 2022, 2023. The NNR have moved away from allocating a compliance index per audit / inspection. Directives are issued for areas of non compliance. During 2024, a verbal directive was issued to Kloof during an inspection with regards to the management of scrap. The noncompliance was closed out within the required timeframe. No other areas of non-compliance were raised across the other operations. Our SA gold operations are governed by a Radiation protection quality management policy, demonstrating our commitment to the sound management of radiological exposure. The NNR national dose register steering committee oversees the recording of radiation exposure nationwide. Our SA gold operations upload their quarterly radiation exposure to the national dose register. Our accumulated 2024 radiation exposure doses are well below the dose limit as set by the Safety Standards and Regulatory Practices (R 388) of April 2006, (20mSv/a for workers). Radioactive contamination of waste is negligible at our operations. However, all hazardous waste is disposed of responsibly. In 2024, 4,067 tonnes of contaminated scrap metal were released to NNR authorised scrap dealers (2023: 3,909 tonnes). See Planet: Minimising our environmental impact, page 203. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued IR – 128

SA region: Occupational diseases (number of cases reported and rate per 1,000 employees)2 2024 2023 2022 Total PGMs Gold Total PGMs Gold Total PGMs Gold Silicosis1 48 5 43 111 18 93 88 29 59 Silicosis rate per 1,000 employees 0.68 0.11 1.62 1.38 0.38 2.84 1.09 0.62 1.90 Chronic obstructive pulmonary disease (COPD) 8 0 8 35 30 5 32 26 6 COPD rate per 1,000 employees 0.11 0.00 0.30 0.44 0.63 0.15 0.40 0.56 0.19 Noise-induced hearing loss (NIHL) 225 75 150 236 83 153 264 101 163 NIHL rate per 1,000 employees 3.20 1.71 5.66 2.94 1.75 4.67 3.28 2.18 5.26 Cardiorespiratory TB (CRTB) 226 102 124 299 135 164 376 193 183 CRTB per 1,000 employees 3.21 2.33 4.68 3.73 2.85 5.01 4.68 4.16 5.90 1 Number of cases reported includes new and resubmission cases 2 Rates calculated based on actual cases expressed as a rate per 1,000 employees and contractors in service SA region: Occupational health management 2024 2023 2022 Total PGMs Gold Total PGMs Gold Total PGMs Gold Medical surveillance and certificate of fitness examinations – total1 169,951 106,288 63,663 224,822 123,427 101,395 171,455 106,787 64,668 Employees 123,658 75,280 48,378 172,105 92,530 79,575 123,742 73,646 50,096 Contractors 46,293 31,008 15,285 52,717 30,897 21,820 47,713 33,141 14,572 Days lost due to health-related absenteeism 820,668 495,344 325,324 925,342 572,940 352,402 892,980 586,982 305,998 1 Excludes heat tolerance screening (HTS) testing Cases and claims: Medical Bureau for Occupational Diseases, and Compensation Commissioner for Occupational Diseases 2024 2023 2022 Cases assessed by Medical Bureau for Occupational Diseases (certification) 16,869 12,059 8,706 Sibanye-Stillwater's claims processed by Commissioner for Occupational Diseases 1,255 962 789 Claims processed by Compensation Commissioner for Occupational Diseases 6,063 5,319 6,086 Total paid only to Sibanye-Stillwater beneficiaries (R million) 70 33 18 Total paid to industry beneficiaries including Sibanye-Stillwater beneficiaries (R million) 386 201 136 Noise-induced hearing loss (NIHL) We are aligned to the noise exposure controls as per Mining Industry Occupational Safety and Health (MOSH), a public-private industry body that promotes best practice in dealing with falls of ground, transport and machinery, and dust and noise. The Group has seen an overall downward trend in occupational noise and resultant noise induced hearing loss (NIHL) cases since 2019. This downward trend is attributed to interventions to engineer out the risk (noise control at source) and compulsory hearing protection devices (HPDs). Our key focus areas for 2025 include the identification of noise sources above 104 dB(A) – in line with the South African Mine Health and Safety Council noise milestones and the development of a five-year data driven noise source reduction strategy. The national average for exposure above 85 dB(A) is 58%, which is in line with our SA gold operations (56%). However, our SA PGM operations are at 86% for exposure above 85 dB(A). Until technology advancements enable us to reduce exposure levels to below 85 dB(A), we will remain dependent on HPDs to protect workers’ hearing. Our hearing conservation programme is aligned with the Mandatory Code of Practice for noise, as per the Mine Health and Safety Act. This includes silencing of equipment, risk assessments, monitoring and measurement, personal protective equipment, investigation of any deterioration in hearing above 5%, and medical surveillance. Initiatives to reduce noise at our SA region include: 1. Buy quiet strategy as per industry best practice 2. Moulded hearing protection devices 3. Auditing and monitoring of critical controls for noise 4. Tightened access control to areas with high noise levels 5. Monitoring hearing protection compliance in noise demarcated areas In 2024, our SA PGM and SA gold operations recorded 75 and 150 NIHL cases, respectively. This compares to the 2023 figures of 153 NIHL cases at our SA gold operations and 83 NIHL cases at our SA PGM operations. Six NIHL cases of which four were reportable were reported at our Stillwater mine in 2024. There were no NIHL cases for the EU region, the AUS region, or Reldan. Silica, dust and airborne pollutants Silicosis (an occupational lung disease caused by long-term inhalation of dust particles) is of concern at our SA gold operations. South Africa’s deep-level gold mines, where quartz concentrations are high, present a risk for silicosis and increased susceptibility to TB. Dust at our SA PGM operations has very low silica content and is well controlled, presenting negligible regulatory or health risks. At our SA operations, employees’ exposure to airborne pollutants is monitored in line with the relevant DMPR codes of practice. In 2024, our internal target for silica dust exposure aligned with the 2024 MHSC milestone was no more than 5.0% of samples to exceed 0.05mg/m3. South Africa’s legislated occupational exposure limit is double this (i.e. 0.1mg/m³). Our new target aligns to the MHSC OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued IR – 129

standard of <5% samples exceeding 0.03mg/m3 We did not meet the 2024 target at our SA gold operations, 7.86% of samples exceeded 0.05mg/m³ (2023: 6.95%). This increase was due to maintenance of tip filters at our Kloof operations and a burst mud column and backfill spill at our Driefontein operations. Focus has been intensified and action plans compiled, implemented, and continuously monitored to ensure the engineering controls as preventative measures are operating effectively to rectify these issues. In 2024, we recorded 43 silicosis cases at our SA gold operations (2023: 93 cases). For 2024, our silicosis rate at our SA operations was 0.68 per 1,000 employees (1.4 in 2023). We have installed real-time dust monitors across our SA gold operations. The data from these dust monitors is automatically collated and reported via QlikView. (This information is also available on our SCADA data system.) We conduct investigations for each exposure that exceeds 0.05mg/m³, and our interventions have led to a consistent reduction in silicosis rates at our operations. For more information on ambient dust management see Planet: Minimising our environmental impact, page 182. Tshiamiso Trust The Tshiamiso Trust was established in 2020 and became operational in 2021 (delayed by the COVID-19 pandemic). It gives effect to the agreement reached between six mining companies (of which Sibanye-Stillwater is one) and claimant attorneys in an historic silicosis and TB class action. The Trust compensates eligible current and former mineworkers from certain gold mines in southern Africa with permanent impairment due to silicosis or work-related TB, or their dependants if the mineworker has passed away as set out in the terms of the Trust Deed. To date the Tshiamiso Trust has disbursed over R2 billion to effected parties. This groundbreaking achievement represents a positive impact on more than 21,200 families, and marks the largest payout ever made by a compensation organisation in this sector. By 2024, over 40,000 claims linked to Sibanye-Stillwater have been lodged. About 37% of these claims were on behalf of the deceased claimants. About 8,000 of the Sibanye-Stillwater linked claims were found ineligible. The Trust reported a total of 4,742 claims paid in its 2024 financial year linked to all companies on whose behalf it was established. 91% of the paid claims were for ex-mineworkers, from certain gold mines. The trust continues its mandate of compensation of eligible claimants. More information can be obtained from the website: www.tshiamisotrust.com Soluble platinum salts (chloroplatinates) Chloroplatinate salts are potent skin and respiratory sensitisers that can result in the clinical syndrome of platinum salt sensitivity (PSS). This induces symptoms typical of a type I allergy, the most significant of which is asthma. Once sensitised, the worker may need to be removed from an area where chloroplatinates are present. We have several initiatives at our SA PGM precious metals refinery, where PSS is a risk, to reduce exposure and to achieve the industry standard occupational exposure limit (OEL) of 2,000 nanograms/m3. (Noting that there are voices in the industry calling for a reduction to this limit.) Our initiatives include stringent housekeeping standards, spillage management, hand washbasins in canteens, automation of sampling equipment limiting manual handling of salts, and real-time dust and ventilation monitoring. Other interventions planned as part of a five-year plan include: • Local extraction and dilution ventilation • Resin technology for PGM separation • Chemical reduction of salts • Alternative filtration technology • Gas and fume containment technology In 2024, we had four cases of PSS, the same as in 2023, with the sufferers displaying mild symptoms. The PSS cases have been consistent on an average basis during the last ten years, and our trend follows that of other member IPA refineries, both locally and oversees. Diesel particulate matter (DPM) Diesel-powered equipment in underground operations poses health risks in terms of over-exposure to DPM. In underground mining, total carbon has historically been used as a surrogate for DPM. However, recent findings suggest that elemental carbon is a better indicator. While total carbon encompasses a wide variety of organic compounds, elemental carbon specifically refers to the graphitic carbon produced from incomplete combustion, making it a more accurate measure of diesel emissions. Diesel is the sole source of sub- micrometre elemental carbon in these environments, prompting legislators to shift their focus towards this metric. South Africa currently has no legislated OEL for DPM. However, as published by 28 March 2025 by DMPR regulators will impose the OEL for elemental carbon at 0.1mg/m³, which aligns with our internal target. Our primary focus in dealing with DPM is the installation of diesel particulate filter (DPF) installation progress at the SA PGM operations is at 92% for primary movers (LHDs and UVs). With the reinstallation of the diesel particulate filters, a significant decrease in elemental carbon exposure has been observed with average exposure results at the end of 2024 below the internal limit and anticipated new occupational exposure limit of 0.1mg/m3 elemental carbon. Unfortunately, the filter units installed on primary movers do not work on secondary movers (drill rigs, bolters and light duty vehicles). We are considering new types of filters that are suitable for the secondary movers, and conducting tests accordingly. Current controls for DPM exposure include vehicle maintenance, the use of low-sulphur diesel, occupational hygiene monitoring, personal protective equipment (including respiratory protection), and dilution ventilation. Following two incidents in January and April 2023, where DPM filters melted due to extreme heat, we introduced new technology: ultra- web nano fibre filters, a vehicle management system for automatic vehicle shutdown, vehicle management plans that limit the number of vehicles based on available ventilation. Occupational health and hygiene standards We are participating in an industry-wide collaboration to develop new occupational health and hygiene standards for the mining sector. These standards address critical risks based on occupational health prevalence rates, occupational hygiene, and ventilation risks (consequence and frequency). The key areas we are focusing on are: • Infectious disease control (pandemic preparedness, response to diseases caused by biological agents such as TB, COVID-19, and malaria) • Musculoskeletal disorders (e.g. hand-arm and whole-body vibration) • Mental wellbeing • Fatigue management • Occupational dermatitis • Medical emergency preparedness and response • Noise and noise-induced hearing loss • Exposure to diesel particulate matter • Welding fumes • Silica and silicosis OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued IR – 130

• Thermal stress (heat) and ventilation/cooling control • Potable water quality • Sanitation (e.g. toilets) Four of these standards including fatigue management, noise and noise induced hearing loss, silica and silicosis and welding fumes, were finalised in 2024, with the remaining to be finalised in 2025. Sibanye-Stillwater’s integral wellbeing programme provides comprehensive support to employees and their families during acute illness or crisis. The programme coordinates care through collaboration with internal stakeholders and external partners, including Rand Mutual Assurance (RMA) and other medical schemes. This integrated effort provides the physical and mental support employees, and their families need, fostering a healthier and safer environment for all. US REGION –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– US legislation stipulates DPM must be less than 0.16mg/m3 for total carbon. To ensure compliance, each mining operation has an industrial hygienist to monitor controls and employee exposures. Our DPM reduction strategy has a three-pronged approach: diesel engine maintenance, provision of adequate dilution ventilation, and operational discipline such as traffic management. Clean fuel initiatives have been implemented at both mines, including filtering closed-loop systems in storage areas. Routine sampling was conducted throughout 2024, and sample results continue to demonstrate that our DPM mitigation practices are yielding the desired results. Reldan has an industrial hygiene sampling programme in place that monitors 26 distinct parameters specific to its operation. This programme includes quarterly IH sampling across departments, based on exposure levels from previous testing. The sampling frequency allows for compliance with both regulatory standards and certification standards, the latter of which may be more stringent than the regulatory requirements. Employees working in high-risk areas are provided with personal protection equipment (PPE) to minimise exposure. Additionally, all employees in high-hazard areas are provided biannual medical surveillance physicals, along with pre-employment baseline testing, to ensure any potential exposures do not have adverse impacts. Radiation exposure All our US operations have a radiation safety programme. A dedicated radiation safety officer monitors radiation levels by means of nuclear gauges. We comply with guidelines issued by the Nuclear Regulatory Commission. Reldan is registered with the Pennsylvania Department of Environmental Protection’s Bureau of Radiation Protection. This registration currently includes five pieces of on-site radiation- producing equipment. Title 25 PA Code Section 227.12a(d) requires that Reldan perform annual area surveys of its analytical equipment to confirm there is no detectable radiation leakage during the energised operation of this equipment. Title 25 PA Code Chapter 227.12(e) requires registrants to perform and document safety device inspections and checks at least annually. No issues were observed during the 2024 annual survey. Noise-induced hearing loss The US PGM operations’ dedicated hearing conservation programme provides training on the effects of noise as well as the use of PPE. We conduct annual hearing tests on full-time employees. Several forms of noise protective equipment are available at our US operations. Reldan has a hearing conversation programme that exceeds the regulatory standards. Reldan requires hearing protection in areas where the noise levels exceed 80 dB(A). We provide various types of hearing protection to our employees, to ensure they are a good fit. Annual training and audiometric testing of our employees is in place. No NIHL cases were identified. Respirable Crystalline Silica Our US operations have very low silica dust content, which is well contained, presenting negligible regulatory or health risks. Our US operations are below the new MSHA permissible exposure limit of 50mg/m3. A compulsory medical review is required for employees at the refinery, adapted to their risk exposure category, and a hearing test is part of the review. EU REGION –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Sandouville Noise-induced hearing loss Several choices of protective equipment are available to employees. In addition, many of our training and awareness programmes inform employees about occupationally related risk and what rules to apply to mitigate the risk. Dust In 2023, we carried out a new dust measurement initiative. The aim was to identify the workstations with a high risk of dust inhalation and to define actions to reduce the dust load in the working environment. To this end, we installed 21 mobile measurement devices (attached to operators) and nine fixed measurements devices. We also assess employees’ potential exposure to nickel through regular blood testing. Radiation Use of radiation equipment in France requires a permit in accordance with Decree no. 2018-437 on the protection of workers against the risks arising from ionising radiation. A radiation protection officer is trained and officially designated to manage radioactive sources and protect workers from ionising radiation. Keliber lithium project Noise-induced hearing loss Our noise-prevention programme identifies those working in risk areas (e.g. construction site supervisors) providing them with personal hearing protection. The planning of facilities considers noise risks. Dust The key risk related to both construction stage and operations is the crystalline silica dust that is classified as carcinogenic. This is considered in the process planning, with the first option being enclosing or otherwise containing dust-creating processes. The construction sites will have separate dust prevention programmes. We will continue co-operation with the Finnish Institute of Occupational Health to develop a comprehensive monitoring programme for occupational exposure during the ramp-up and operation of our plants. AUSTRALIAN REGION –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Century mine has an industry driven workplace medical that is now mandatory in mineral mines. This includes chest x-rays, hearing and lung function testing. Noise-induced hearing loss Multiple hearing protection options are available to crews to suit a varying noise exposure levels. Education on hearing loss is consistently communicated across site. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued IR – 131

Dust Annual third party testing is completed on site. This report is submitted to the governing body with any exceedances reported to Resources Safety & Health Queensland (RSHQ). Dust mitigation strategies are active across site and educational programmes are embedded in area inductions. Lead exposure Last year we had: Inspectors from RSHQ visited site to audit our compliance to blood lead sampling frequency and exposure levels. Both inspectors were pleased with our management of lead on site and gave advice on how to address short term visitors who are not monitored for blood lead levels. AWARDS In November 2024, Sibanye-Stillwater's SA gold operations were acknowledged for our dust leading practice adoption, earning the industry Leading Practice Adoption award. For more about our other safety awards, please see page 111. FUTURE FOCUS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– AUS REGION • Annual exposure monitoring for RCS, lead and noise • Compliance to RSHQ blood lead levels and reporting • Face fit testing ongoing • Healthy habits programme • Enhanced access to comprehensive well-being support services through the EAP, which includes robust mental health support EU REGION Finland • Annual exposure monitoring for dust, crystalline silica and noise. • Including Critical Controls Audits in Safety walk programme • Achieve the criteria to obtain the Finnish “Traffic Safe Workplace” recognition • Launching Safety pair activities to enhance safety co-operation • Enhanced access to comprehensive wellbeing support services through the EAP, which includes robust mental health support France • Investigate hazards linked to potential new reactants and new processes developed in the GalliCam project • Enhanced access to comprehensive wellbeing support services through the EAP, which includes robust mental health support SA REGION • Sustained regulatory compliance through adoption of medical technologies, audits and total quality improvement programmes • Improved access to care through strategic financial restructuring, pooling of medical scheme contributions, and the integration of digital enabling technologies • Enhanced and equitable access to comprehensive wellbeing support services through the EAP, which includes robust mental health support • Improved labour availability through management of incapacity, sick leave and quality people-centered healthcare • Group minimum standards on occupational health and hygiene are planned for completion in 2025 US REGION • Enrichment of understanding and use of the four-layer risk management • Enhancement of contractor control management • Improved management of change practices with inclusion of risk management principles • Improved leading indicator data management with upgrades to digital technologies • Enhanced access to comprehensive wellbeing support services at Reldan through the EAP, which includes robust mental health support OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION HEALTH, WELLBEING AND OCCUPATIONAL HYGIENE continued IR – 132

OUR PEOPLE WHAT WE DID IN 2024 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 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SIBANYE-STILLWATER COMBINED INTEGRATED REPORT 2024 133 INCLUSIVE, DIVERSE AND BIONIC

APPROACH –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Our greatest asset is our people, and we are committed to providing opportunities for career growth. Attracting and retaining talented individuals, particularly in key mining roles, is crucial to our success, but challenging in a competitive environment where scarce skills and experience are highly sought after. We aim to promote an inclusive culture that celebrates excellence. We prioritise open, constructive engagement with employees and labour representatives across all our regions. In terms of our work environment, we empower and give responsibility to our workforce to take an active role in maintaining a safe and efficient workplace. We are dedicated to embedding a values-based culture in the workplace, in support of the Group’s health and safety imperatives and its vision To be a leader in superior shared value for all stakeholders. In this regard, we have changed the name of our Organisational development function to People effectiveness and culture change. This change highlights the importance of Group morale and the dynamism and expertise of our workforce, given our ambitious strategy, and our purpose to safeguard global sustainability through our metals. Key to our HR and culture goals is for employees to attach meaning to their efforts, contextualising their work commitments within our broader strategic differentiator of being Recognised as a force for good. Our human resources strategy includes a strong emphasis on developing leadership and on assessing the strengths and capabilities of leaders, ensuring we have the right people in the right key roles; and ensuring that our leaders have the wherewithal to manage change. TARGETS AND KEY OBJECTIVES Metric Performance Status See Group For 2024, increase the overall percentage of women in mining to 18% (base year 2023)1 % women 18.0% (2023: 17.2) Met Page 142 By 2025, to have 18.2% women across the Group New short term target; Page 142 For 2024, increase women in management to 28% (base year 2023) 28.4 (2023: 26.4) Met Page 142 By 2030 to have 22% women working at Sibanye-Stillwater and 34.1% women in management New medium term target Page 142 SA region By 2025, have 62.9% of historically disadvantaged people in management1 % HDP 62.3% 2023: 59.8% New short term target Page 145 1 HDP representation in management middle management (Paterson grading D-band and above) excluding Board and corporate office Our sustainability theme anchoring the chapter: People Alignment with UN SDG 1.1, 3.7, 4.4, 4.6, 5.1, 5.2, 5.5, 8.5, 8.8, 10.3, 10.4, 11.3 See the supplementary disclosure – Progressing the UN’s SDGs at www.sibanyestillwater.com/news-investors/reports/annual/ MATERIAL MATTERS M15 Advancing core skills, inclusion and diverse talent OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 134

Our Employee value proposition Sibanye-Stillwater recognises the importance of its employees as key stakeholders in the business; and as playing an important role in the Group’s profitability and longevity. The People at Sibanye-Stillwater model, anchored by our Employee value proposition, is aimed at creating superior value for our employees. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 135 OUR 3D STRATEGY l	Purpose, vision and values l	Operating model l	Inclusivity Employee value proposition framework DIVERSITY, EQUITY, INCLUSION AND BELONGING AND SAFE WORK ENVIRONMENT COMPETITIVE REWARDS AND RECOGNITION REWARDING CAREER EXPERIENCE (GROWTH AND DEVELOPMENT) SOCIAL CONNECTEDNESS • Values and culture • Transformation and diversity • Work arrangement flexibility • Healthy, safe, productive and enabling environment • Enabling and engaged leadership • Sustainable future • Gender inclusivity • Appreciation and acknowledgement of performance excellence • Market-related, competitive remuneration and benefits – pay – incentive (short and long term) – production bonus – benefits • World-class training • Talent management and succession planning for employees at all levels – coaching and mentoring – leadership development • Encourage and support women in mining • Corporate social responsibility • Employee volunteering (community outreach initiatives) • Employee health and financial wellbeing • Cooperative and trusting relations P IL LA R S

ACCOUNTABILITY, GOVERNANCE AND ASSURANCE GOVERNANCE ACCOUNTABILITY Board • Remuneration Committee • Audit Committee • Social, Ethics and Sustainability Committee • Safety and Health Committee • Nominating and Governance Committee Executives and C-suite • Chief People and Culture Officer who oversees and drives strategic direction of the human capital, remuneration and reward and people effectiveness and change functions. • EVP: Head of Human Resources • SVP: People Effectiveness and Change • Diversity, equity, inclusion and belonging Council Regional • Chief Regional Officers and operational heads are supported by human resources Operational • SA region HR Transactional service centres are centralised as per new operating model • Employment equity committees at each mining right area, with a centralised employment equity oversight committee • Gender-related matters progressed through various WiM committee structures within the Group; all operations have Gender working groups to address gender equality KEY POLICIES, PROCEDURES AND POSITION STATEMENTS (list not exhaustive, only key policies listed) • Human rights policy, including our commitment to no child labour and no forced labour • Code of ethics • Recruitment and selection policy • Remote working policy • Diversity, equity, diversity and belonging policy guideline • Policies aligned to the International Labor Organization (ILO) Conventions on Labor Standards South Africa • Harassment policy • Recognition agreements with organised labour • Procedure for dealing with harassment, Leave policy (includes parental leave) • Retirement policy • Employment equity policy and guidelines • Mining Charter III • Overtime policy as per local legislation • Various statutory regulations including legal appointments United States • Various statutory regulations EU region • Various statutory regulations • Adopted Group policy guidelines • Keliber operational policy • Keliber equality plan Australia • Various statutory regulations • Gulf Community Agreement • State-based workplace health and safety legislation ASSURANCE AND REVIEWS Sibanye-Stillwater’s HR performance is monitored and audited by several external agencies such as the Department of Employment and Labour (and in the US by the Department of Labor and Industry) and the DMPR. The South African Commission on Gender Equality, and the Human Rights Commission also externally review certain practices. Selected employment equity KPIs are externally assured (limited assurance). We conducted audits as per South African business policy and procedures, to create a baseline for our HR service delivery framework. As part of our comprehensive strategy to enhance diversity, equity and inclusivity, the US PGM operations report demographic workforce data, including race, ethnicity, sex and job categories, to the US Equal Employment Opportunity Commission on an annual basis. External assurance are also provided against the requirements of Initiative for Responsible Mining Assurance (IRMA), International Council on Mining and Metals (ICMM) and World Gold Council (WGC). OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 136

PEOPLE AND CULTURE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Values-based culture At the heart of our approach is the development of future-ready leadership that drives values-informed decision-making and organisational transformation. We strive to foster an environment that empowers individuals, promotes continuous learning, and encourages agility, resilience and adaptability in the face of change. This focus on people effectiveness ensures that as we evolve, we remain responsive to emerging challenges, while strengthening our culture and capabilities for sustainable growth. Employee engagement An employee engagement survey in the SA region in August 2024, received responses from 15,400 (27%) of the workforce, including both regional and corporate employees. The survey showed that employees recognised our efforts at making Sibanye-Stillwater an inclusive work environment that is welcoming to diversity and generally empowering of employees. Employees generally expressed pride in working for Sibanye-Stillwater, believing that their work is worthwhile (this category received the highest score). Overall, the results provided valuable insights into our efforts to foster a values-based decision-making culture. Remedial initiatives will remain a priority throughout 2025 across all regions, with progress reassessed in Q4. These actions will ensure that we continue to enhance employee engagement and strengthen our culture transformation. Values reignition To align our values with behaviour, we have launched the Values reignition programme, a leader-led initiative to strengthen values- based decision-making. The programme adopts a systematic approach, emphasising the critical role leaders play in driving cultural transformation and modelling desired behaviour. All regions are afforded the opportunity to adapt their Values reignition programme for local needs. A key feature of the programme is its focus on measurable outcomes, allowing us to track shifts in behaviour and culture. 180/360 Values assessment The design of an integrated 180/360-degree values feedback assessment process (linking feedback to performance) is underway. This initiative is a critical step in advancing our ongoing transformation and strengthening our values-based culture. By aligning behaviours with the iCARES framework at all levels, we aim to reinforce our values and drive continuous improvement in leadership and performance. Future-ready leadership The Group’s leadership development initiatives are designed to enhance values-based decision-making, build leadership depth, and expedite the development of high-potential talent. Through leadership initiatives we aim to empower leaders to navigate change, as well as model adaptive behaviours. These efforts are designed to create a culture where change is embraced as a way of working, fostering long-term sustainability and organisational success. Our leadership development portfolio consists of various initiatives: the Accelerated development initiative (ADI) aimed at VP and higher levels; the Enhanced leadership development (ELD) programme D/E-band; and levels D-band and higher (globally) have the opportunity to attend emotional intelligence (EQ) masterclasses. Although leadership development initiatives are mainly focused on the SA region, the US and AUS regions are now participating in certain programmes and select European leaders are engaged in various initiatives. In keeping with the Group’s commitment to creating a caring and supportive work environment, we are growing our in-house mentoring capability. The Crucial conversations programme equips senior and executive managers with the essential competencies and tools to mentor employees. A total of 14 leaders completed the Crucial conversations mentoring journey in 2024 (2023: 17). In 2024, cost-saving requirements resulted in various leadership development initiatives being delayed. However, there was some significant progress made, notably: • A pilot programme involving four leaders, of the Evalex Assessment process (an assessment system that can evaluate a range of competencies and provide strategies for growth) • Our Senior talent councils developed an assessment framework to identify employee potential and promote a viable pipeline of capable leaders OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 137 EBTT tailings hydro mining near Saffy shaft, SA PGM operations

Progress on current initiatives • ELD: 57 leaders (Females: 10x African, 1x Coloured and 5x White; Males: 17x African, 1x Coloured, 11x White, 1x Indian; Australian region x10; European region x2) completed in 2024, with 218 having completed the programme since 2021 • ADI 1: 13 leaders (Females: 2x African; and Males: 3x African, 1x Indian, 7x White) completed, with 22 scheduled to complete in March 2025 (170 total since 2020) • ADI 2: 10 leaders (Females: 3x African, 1x White; and Males: 2x African and 3x White and European region x1 completed, with two groups moved to 2025 (103 total since 2021) • EQ: 34 leaders (Females: 6x African, 4x White; and Males: 7x African, 12x White, 1x Indian; US region x4) completed in 2024, 199 in progress, and two groups moved to 2025 (74 total since 2022) • Crucial conversations: 14 leaders (Females: 3x African, 5x White, 1x Indian; and Males: 2x African, 3x White) completed, with one group moved to 2025 (32 total since 2022) • Steel woman programme: This programme was paused for 2024; 35 women (27x African, 8x White) have completed their qualifications, while four are still in progress (59 total since 2022) International participation: Our leadership development initiatives are available globally, with involvement from all regions. In the AUS region, the ELD programme conclude with one group in November 2024 (10 leaders completed and 12 in progress), while one leader is currently engaged in the EQ Masterclass journey. In the US region, one group is actively participating in the ELD programme. In Europe, one leader completed the ADI programme in 2024, with two leaders currently progressing through the ELD programme and one in the EQ masterclasses. This global expansion reflects the Group’s commitment to cultivating strong, coherent leadership across all regions. Frontline leadership development In 2024, we continued with our leadership development of frontline teams as part of our Safety culture programme. The programme embeds a culture of safety, while promoting team effectiveness. At the SA gold operations 152 of the 336 frontline teams (45%) completed phase 3 (the Reconnect phase) of the programme. The SA PGM operations saw 11.15%, 162 crews (out of a total of 1,428 at Kroondal, Marikana, and Rustenburg) complete phase 2 of the programme. This programme is most valuable for embedding our safety culture and in empowering frontline employees to stop work in unsafe conditions, supporting the journey to fatal elimination. Satisfaction ratings (derived from participant feedback) for these programmes ranges from 95.5% to 98.8%. For supervisory level we offer the Critical behaviour skills workshops, which we revised in 2024, and which saw 119 shift bosses from the SA gold operations and 144 shift bosses from the SA PGM operations go through the programme, contributing to their supervisory acumen. See Ensuring safety and wellbeing, page 116. Behavioural skills training (BST) BST was launched in 2023 and is aimed at enhancing leadership and teamwork capabilities for middle management. This programme has demonstrated a significant positive impact on skills, team dynamics, and improved culture, enjoying a 94% participant satisfaction score. In 2024, BST onboarded and trained 16 D-Band employees, with seven completing their workshops in Q4 2024. Virtual academy strategic conversations The Virtual academy is a digital platform that facilitates strategic conversations between C-suite and managers (supervisors and higher) across jurisdictions. The platform is also useful for leadership to address management en masse, in real-time. Sibanye-Stillwater Academy The Sibanye-Stillwater Academy offers a comprehensive suite of internal learning initiatives tailored to upskill our workforce and cultivate industry leaders for tomorrow. It is accredited by the Mine Qualifications Authority (MQA), confirming our rigorous standards in adult education and training, engineering, mining, metallurgy, and technical services. The programmes include: • Adult education and training • Leadership development • Internships and learnerships programmes • Skills acquisition Flexible working arrangements Sibanye-Stillwater has a flexible working arrangements policy that helps us retain high-calibre employees who prefer flexibility in their work arrangements. In most cases, this is applicable to corporate employees and for those in services-related functions who do not need to be on site daily. Our small office, home office (SOHO) policy, first implemented in 2020 in response to COVID-19 lockdowns, is available for those who can work remotely, which currently is about 1,185 (2024)* in the SA region, 12 in the AUS region, 128 in the US region, and 78 in the EU region. * Numbers of SOHO employees is based on the average number of employees who logged a work from home shift during  2024 Planning for 2025 We will implement OKRs (objectives and key results) — to establish team and individual goals that align with our corporate strategy. These will be facilitated through workshops, starting at C-suite level and cascading downwards. We will continue to extend our leadership development initiatives to the US, Australian, and European regions. Employee engagement remains a priority. We will share survey feedback to identify strengths and areas for improvement and take action based on these insights. Additionally, we are developing a pilot programme to integrate change management into leadership responsibilities, with training to be launched soon. Future plans include conducting an organisational climate assessment in 2025 and regularly measuring employee engagement. Our actions will continue to reflect our dedication to enhancing organisational culture, leadership effectiveness, and employee engagement, in alignment with our strategy. 5.1, 10.3 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 138

RESTRUCTURING ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Depressed commodity prices in a fast-changing global economy necessitated restructuring and cost-cutting measures across the Group. While all retrenchments are regrettable, it was necessary to ensure the sustainability of the Group and protect the Group balance sheet by restructuring loss-making and closing end of life operations. Further restructuring of the SA regional services functions was required to align with the reduced operating footprint and for greater regional sustainability. It is encouraging that the restructuring efforts undertaken in the SA, EU and US regions have improved profitability. In South Africa, large scale restructuring occurs in accordance with Section 189 of South Africa's Labour Relations Act, which outlines the employer’s obligations, emphasising the necessity of consultation with affected employees and their representatives. Effective stakeholder engagement (including joint monitoring committees of union representatives and management) is a key focus throughout the S189 process, and transparent communication with unions and affected stakeholders helped smooth the process. During 2024, we concluded restructuring of the SA PGM operations, which commenced in October 2023 and concluded in February 2024, resulting in the closure of Simunye shaft at the Kroondal operation and 4 Belt shaft at the Marikana operation (from April 2024) as well as the rightsizing of the Siphumelele shaft at the Rustenburg operation and Rowland shaft at the Marikana operation impacting 3,500 employees and 595 contractors, including support services employees at the SA PGM operations. Of these: • 1,924 employees were granted voluntary separation or early retirement packages and 93 fixed-term employees were released • Retrenchment avoidance measures included natural attrition of 729 employees • 586 employees accepted transfers to other shafts at the SA PGM operations • 53 employees went to care and maintenance operations • 115 employees could not be accommodated through the agreed avoidance measures and were retrenched, with 805 contractor employees also impacted The consequent restructuring of the SA regional services to align with the reduced operational footprint began in April 2024 and was concluded in July 2024 with final execution by end December 2024. The restructuring of SA regional services along with the closure of Kloof 2 plant and conditional continuation of the Beatrix 1 shaft potentially affected 3,107 employees and 915 contractors. Following S189 consultations with relevant stakeholders, 1,313 employees were transferred internally or placed in other positions, with 1,794 employees remaining impacted. Of these: • 665 employees elected voluntary separation packages, or early retirement packages and 20 fixed-term employees were released • Natural attrition of 128 employees occurred during the period • 564 employees accepted internal transfers • 352 affected employees were retained • 65 employees could not be accommodated through the agreed retrenchment avoidance measures, and were retrenched, with an additional 1,130 contractor employees impacted It was agreed that mining operations at Beatrix 1 shaft will continue on condition of there being no net losses on an average trailing three-month basis from 1 June 2024. Should this not be sustained, and subject to certain conditions, the shaft will be placed on care and maintenance. Beatrix 1 shaft employs 422 employees and 100 contractors. Restructuring the US PGM operations was necessitated to stem losses due to low PGM prices and to optimise efficiencies at these operations. Restructuring was announced in September 2024 and finalised in Q4 2024, resulting in the following outcomes: • Reduced headcount by ~636 (employees and contractors) • Stillwater West mine placed on care and maintenance • As part of the mitigation measures, we implemented a job placement programme The retrenchment and operational repositioning affected local communities, given the interdependent relationship with the local region. Efforts were made in coordination with Montana’s Department of Labor to ensure unemployment services and job placement activities were available locally for departing employees. We also organised a reverse career fair, where potential employers met and interviewed departing employees. Onsite EAP services were provided by Lyra during the 60 days leading up to the retrenchments. In addition, we increased our onsite financial counselling services for all employees during this time. We continue to promote Lyra and seek out means of addressing mental health and wellbeing concerns for our employees (and ex-employees on a continuation of benefits) and their families during these stressful times. In August 2024, it was announced that we would cease the processing of nickel matte at the Sandouville nickel refinery due to the structurally depressed nickel market and the ongoing losses at the plant. The last nickel matte delivery was received in early January 2025 and the refinery is expected to be fully ramped down by end of H1 2025. The potential refurbishment of the refinery to produce pCAM in future (the GalliCam project) is subject to a pre-feasibility study which is set to be completed before the end of 2025. Restructuring requires effective stakeholder engagement and, during such processes, emotional support services for those affected are also offered. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 139

OUR WORKFORCE PROFILE ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Workforce by operation at December 2024 2024 2023 2022 1Employees 2Contractors Total 1Employees Contractors Total 1Employees Contractors Total SA region Beatrix 4,896 920 5,816 5,085 1,183 6,268 6,218 1,694 7,912 Driefontein 8,331 1,383 9,714 8,190 1,624 9,814 8,373 1,557 9,930 Kloof 5,634 1,278 6,912 6,975 1,969 8,944 8,685 1,759 10,444 Burnstone 142 48 190 907 951 1,858 765 490 1,255 Cooke 517 373 890 485 565 1,050 480 486 966 SA gold operations 19,520 4,002 23,522 21,642 6,292 27,934 24,521 5,986 30,507 Kroondal (100%) 4,749 2,223 6,972 5,088 2,966 8,054 5,312 2,832 8,144 Rustenburg 12,003 2,431 14,434 12,603 3,269 15,872 12,648 2,980 15,628 Marikana 16,696 2,758 19,454 18,960 4,519 23,479 18,800 3,860 22,660 SA PGM operations 33,448 7,412 40,860 36,651 10,754 47,405 36,760 9,672 46,432 SA regional services6 2,869 2,928 5,797 2466 2223 4689 2593 1936 4529 SA region – total 55,837 14,342 70,179 60,759 19,269 80,028 63,874 17,594 81,468 US region5 Stillwater 435 37 472 1,010 121 1,131 1,081 492 1,573 East Boulder 367 72 439 464 70 534 449 263 712 Columbus Metallurgical Complex 130 7 137 184 10 194 199 89 288 Reldan operations 179 11 190 US regional services3 116 0 116 111 5 116 104 0 104 US region – total 1,227 127 1,354 1,769 206 1,975 1,833 844 2,677 EU region Sandouville refinery 202 60 262 206 60 266 200 0 200 Keliber lithium project 149 8 157 63 8 71 30 0 30 EU regional services 26 1 27 18 1 19 5 0 5 EU region — total 377 69 446 287 69 356 235 0 235 AUS region Century operations 236 28 264 230 24 254 Mount Lyell project 24 0 24 21 0 21 AUS regional services 14 0 14 13 0 13 AUS region — total 274 28 302 264 24 288 Corporate office 4 142 0 142 141 0 141 101 0 101 Group – total 57,857 14,566 72,423 63,220 19,568 82,788 66,043 18,438 84,481 1 Employees include permanent and fixed-term employees 2 Contractors exclude ‘free’ contractors (i.e. those paid for work performed as opposed to being paid per head) 3 Regional services in the US includes executive management located in the Columbus and Montana offices 4 Blue Ridge included 5 US region numbers include all contractors including “free” contractors 6 The consolidation of service structures within the SA region have moved the operational services to be part of the regional services, where it was historically classified under the different operations which attribute to the increase in SA regional service personnel year-on-year OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 140

Workforce by age SA region 18<30 years 2,912 2,816 5,728 8 % 3,359 4,268 7,627 10 % 3,525 4,037 7,562 9 % 30-50 years 39,371 9,582 48,953 70 % 42,643 12,566 55,209 69 % 45,246 11,328 56,574 69 % >50 years 13,554 1,944 15,498 22 % 14,757 2,435 17,192 21 % 15,204 2,229 17,433 21 % US region2 19<30 years 115 0 115 9 % 241 0 241 14 % 254 0 254 14 % 30-50 years 684 0 684 56 % 1,019 0 1,019 58 % 1,040 0 1,040 57 % >50 years 428 0 428 35 % 509 0 509 29 % 539 0 539 29 % EU region2 18<30 years 48 0 48 14 % 25 0 25 10 % 20 0 20 9 % 30-50 years 222 0 222 63 % 174 0 174 66 % 148 0 148 64 % >50 years 81 0 81 23 % 64 0 64 24 % 62 0 62 27 % AUS region2 18<30 years 31 0 31 11 % 31 0 31 12 % 30-50 years 135 0 135 49 % 133 0 133 50 % >50 years 108 0 108 39 % 100 0 100 38 % Corporate office 18<30 years 10 0 10 7 % 13 0 13 9 % 6 0 6 6 % 30-50 years 91 0 91 64 % 96 0 96 68 % 68 0 68 67 % >50 years 41 0 41 29 % 32 0 32 23 % 27 0 27 27 % 2024 2023 2022 1Employees Contractors Total % Employees Contractors Total % Employees Contractors Total % 1 Employees include permanent and fixed term employees 2 Ages of contractors at US, EU and AUS region not available EMPLOYEE TURNOVER ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– The annual employee turnover for the SA region was 9,078 (15.97%) (2023: 13.6%); and of this total annual turnover rate, 2.15% (or 1,222) were women (2023: 2.4%). The annual turnover for management level employees for our SA region in 2024 was 1,683 (2024: 2.96%; 2023: 2.8%), including 1,264 HDPs (2024: 2.22%; 2023: 2.1%) and 333 for women in management (2024: 0.59%; 2023: 0.6%). At the SA gold operations, the turnover rate was 17.30% (3,466); while at the SA PGM operations it was 15.60%;(5,289) (2023: 18.0% and 11.1%). For 2024, annualised turnover in the US region was 20.8%, 5.7% of the total being women, while the turnover rate among miners was 17.4% (2023: 16.4% and 11.7%, respectively). Turnover numbers do not include reductions related to the restructuring. High rates are attributed to a low unemployment rate and skills shortage in the state of Montana and the country as a whole — a shortage of mining, geological and artisan skills. A strong focus on training and retaining the required skills whilst simultaneously improving the conditions of employment are being prioritised. Our Reldan operations had an average turnover of 3.29% for the year, with 73 employees leaving the operations. The Sandouville refinery employee turnover was 7% (2023: 7.8%). Keliber lithium project’s turnover was 2,68%. The annual turnover for the AUS region stabilised to 18% (2023: 30.3%). The successful integration of regional operations with the Group has fostered a sense of stability post-acquisition. Furthermore, external factors, including the slowdown or cessation of operations by local mining companies, have alleviated the pressure of workforce poaching. In 2025, our focus will be on retaining key and critical personnel to support the potential extension of mine life and the restart of operations at the Mt Lyell Project. ABSENTEEISM ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Absenteeism is monitored monthly via an attendance management programme, which focuses on work environmental, personal and behavioural influencing factors. Employees struggling with personal issues, or health issues, are encouraged to seek assistance through our EAP. Employees struggling with work related issues are encouraged to address these through either line supervisors, the health, safety and wellbeing forums and or the relevant Human Resources supporting teams. Employees struggling with poor attendance behaviour are address through our poor work attendance remedial processes (return to work counselling session/s, addressing absence abuse (Bradford factors report, poor work attendance tribunal) and referring to formal corrective action hearings. I2024, the annual average absenteeism at the Sandouville refinery was 4.96% (2023: 4.08%), and 6% (2023: 1.34%1) in the AUS region. The SA region’s2 absenteeism average was 0.56% (2023: 0.50%). 1 Absenteeism rate = average number of employees x missed workdays/average number of employees x total workdays 2 SA region excluding corporate - absenteeism is defined as any shift scheduled for an employee to be at work where the employee did not arrive (AWOP) as a percentage of required at work shifts. (Absent without permission (AWOP) divided by total shifts) OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 141

DIVERSITY, EQUITY, INCLUSION AND BELONGING (DEIB) –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– We are committed to creating an equitable workplace where all employees, regardless of their background, can enjoy equal opportunities. In this regard, our Group DEIB Council (established in 2022 as the DEI council and renamed to include ‘belonging’) drives initiatives across all regions, ensuring that diverse voices are heard and valued. Our DEIB strategy is to be globally aligned and locally responsive, i.e. appropriate to the cultural and socioeconomic context of each region. The DEIB Council incorporates members from the previous Women of Sibanye-Stillwater (WoSS) leadership group. However, the strategic priority of WoSS remains a central focus within DEIB Council discussions, ensuring that the unique perspectives and priorities of women within the Group are appropriately addressed. Further, our WoSS initiatives are ongoing. These include podcasts and training sessions, a Women in Mining South Africa (WiMSA) symposium, awards events, consultation with the Henley Business School, and a roundtable dialogue hosted by the SA region under the theme Empowering Women for the Mine of the Future. Regional DEIB specialists, accountable to the Chief regional officers (CROs), are responsible for their regional DEIB strategies, and design, operationalise and track progress, providing feedback to the DEIB Council, which includes representation from all regions. 5.1, 10.3 SA region The Leading inclusively workshop equips leaders with the information and skills necessary to inculcate DEIB. Leaders are encouraged to demonstrate the required behaviours consistently. In 2024, the programme engaged 1,546 leaders (2023: 1,335). Additionally, the Women's’ voice programme empowers women at all levels in the organisation, giving them a platform to develop skills, connect with peers, and have meaningful discussions in a supportive environment. This programme reinforces our commitment to diversity, providing women with opportunities to share insights and strengthen their presence within the organisation. At the end of 2024, 438 women had attended Women’s Voice workshops. Pilot workshops were conducted at our key operations: Driefontein; Kloof; Beatrix: Marikana and Rustenburg. These workshops aimed to promote respectful workplaces through living the Sibanye-Stillwater values and, in so doing, address harassment and GBV in the workplace. Sibanye-Stillwater was the only mining company invited to participate in the IFC’s pilot programme in South Africa called the Respect@Work programme. Following the training, which was led by the Shared Value Initiative, training for all C-band employees and above was conducted. This online training was attended by 260 people and covered topics including harassment, bullying and the creation of inclusive workplaces. US region Consistently low palladium market prices led to retrenchment of 40% of our US PGM operations workforce in 2024, which has complicated our inclusivity efforts there. Long commute times to rural work locations and inadequate childcare infrastructure in the region also affect workforce statistics, as the lack of childcare resources and high costs of private childcare lead many mothers to reduce their work hours or resign. In response, we are exploring regional childcare resources, with a survey planned to assess employee needs. Inclusivity efforts in the US region must also exist within the US regulatory environment in which mandated diversity targets are disallowed or disfavoured. We continue to focus our efforts on eliminating barriers for protected classes and creating a workplace accessible to all at both our US PGM operations and our Reldan operations. EU region In June 2024, at our Sandouville refinery, the Group signed an agreement with unions on gender equality in the workplace. The agreement emphasises the need for KPIs to track, monitor, and report gender measures in terms of compensation, access to vocational training, and hiring. The agreement also includes a commitment to solve potential gender-related gaps, thus complementing the France Labour Code in terms of gender equality in pay (for same level of classification), and systematic pay rises for women coming back from maternity leave. At the Keliber lithium project, the DEIB plan is reviewed on an annual basis. AUS region In Australia, the DEIB strategy emphasises increased representation among historically underrepresented groups, with a particular focus on Indigenous Australians. As part of the broader objective to promote inclusivity, the Group is actively working to create pathways that grow Indigenous participation in the workforce. This includes targeted recruitment initiatives and partnerships with community organisations aimed at building long-term employment opportunities for Indigenous people. Gender representation is another critical area of focus for the Australian region, with efforts to ensure that women are better represented across all levels of the organisation. This includes improving overall representation of women and improving representation of women at management level. Growing female representation in the workforce The Group’s HR policies aim to increase female representation across all levels of the organisation. Key policies focus on: (i) the attraction, retention, promotion and development of females within the Group; (ii) combating GBV; (iii) cultural transformation to a more inclusive and diverse work environment at all all levels. We have a three-year horizon (starting 2024) to have 30% women in management for the Group (from the current 28.4%), with the aim to have 34.1% women in management by 2030. The overall female representation for the Group increased from 17.2% in 2023 to 18.0% in 2024. Female board representation is at 15.4% (2023: 31%), the decrease being the result of the resignation of Savannah Danson in March 2024. As noted in the Chairman/CEO letter on page 18, we wish to increase the female representation on the board to ensure the Board strikes an appropriate balance that promotes effective leadership. See Board and executive leadership, page 8. Promotion and recruitment of women In 2024, at the SA region (including the corporate office) a total of 763 (18.4%) women were recruited of a total 4,157 hires (2023: 1690, 31.0%, out of a total of 5,443). For Corporate office the percentage of women new recruits in 2024 was 58.33%. The age group distribution of our new hires was 969 below the age of 30 (2023: 1,761), 2,808 between the ages of 30 and 50 (2023: 3,459), and 380 over 50 (2023: 223). For our US region in 2024, 10 new recruits were women; while for the EU region in 2024, it was 16. In the AUS region, of the 48 new recruits in 2024, 12 were women. In 2024, for our SA region, 20.95% of promotions were women, while for Corporate office the percentage was 41.67%. See also page 144. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 142

SA region: Gender diversity per level in 2024 Female (number) excluding foreign employees % Female (number) including foreign employees % Board1 1 7.7 2 15.4 Executive1 6 14.3 6 14.3 Senior management2 48 21.8 49 22.3 Middle management2 317 31.2 323 31.8 Junior management2 2,300 24.4 2,335 24.8 Core and critical skills3 7,122 14.8 7,343 15.2 Non-core3 2,761 35.3 2,812 35.9 1 Refers to the Board including CFO and CEO. Executive management include all F and G Patterson bands, excluding CEO and CFO 2 South African operations including Corporate office 3 The definition for core and non-core to has changed to align to the Department of Employment and Labour’s definitions Gender diversity of employees (2024) 2024 2023 2022 Female % Male % Female % Male % Female % Male % SA region1 10,092 18.1 45,745 81.9 10,553 17.4 50,206 82.6 10,412 16.3 53,462 83.7 SA gold operations 3,263 16.7 16,257 83.3 3538 16.3 18,104 83.7 3,729 15.2 20,792 84.8 SA PGM operations 5,744 17.2 27,704 82.8 6080 16.6 30,571 83.4 5,718 15.6 31,042 84.4 SA regional services 1,085 37.8 1,784 62.2 935 37.9 1,531 62.1 965 37.4 1,628 62.6 EU region 78 20.7 299 79.3 55 19.8 223 80.2 47 20.0 188 80.0 US region 2 164 13.4 1063 86.6 181 10.2 1,588 89.8 183 10.0 1650 90.0 AUS region 36 13.1 238 86.9 30 11.4 234 88.6 Corporate office 63 44.4 79 55.6 62 44.0 79 56.0 42 41.6 59 58.4 Group 10,433 18.0 47,424 82.0 10881 17.2 52,330 82.8 10684 16.2 55359 83.8 1 As at December 2024, we had 4,119, (25.59%) women employed at entry level (A-band) for SA region (incl Corporate services) 2 Includes services and other 5.5, 10.4 Working hours and leave The Leave policy for the SA region provides for maternal leave, paternal leave, and adoption leave for all full-time employees. As confirmed in various collective labour agreements, the SA region gives women employees four months fully paid maternity leave. This is more favourable than what is legally required. We allow all leave to accrue. In 2024, in the SA region 530 employees (530 women and 0 men) took parental leave (2023: 474 women and 0 men). Our retention rate after a 12-month period, post parental leave is 96.60% (2023: 94.94%). Our overtime policy for the SA region sets out the control mechanism to monitor overtime work and to manage excessive working hours. Monitoring includes overtime work planning and authorisation practices of overtime, ensuring we comply with the Basic Conditions of Employment Act thresholds. For our US operations our leave policies are in full compliance with US federal laws and with state laws. In 2024, we had four employees that took maternity leave, with our retention rate after a 12-month period at 37.5%. 3.7, 10.3, 5.1, 5.2, 8.5 Bursaries and internships Our Bursary scheme is intended to attract candidates fulfilling future skills requirements. As bursars complete their studies, they can access our internship programmes. The SA region offers bursaries to women (students/unemployed individuals) to attend higher education institutions, subject to contractual conditions. Of our current bursars*, 48% are women (2023: 38%); of our current interns, 41% are women (2023: 39%); of those receiving study grants from the Group, 49% are women (2023: 43%). Current HDP representation for bursars is 93% (2023:92%), Interns 98% (2023: 98%) and study grants 85% (2023: 83%). In 2024, we awarded special bursaries to an additional 9 top matriculants from disadvantaged schools around our SA operations. The Group launched this bursary scheme in 2019, which provides top performers from disadvantaged schools in local communities with full scholarships to pursue tertiary education. It has benefited 65 learners (33 male and 32 female) since its inception. Also see our Impact Report 2024, www.sibanyestillwater.com/news-investors/reports/ annual/ * Inclusive of employee study grants and community bursaries DEIB training for the US region In 2024, 48 employees completed the DEIB immersion workshop training. We have in-house trainers who are designated to train the workforce on DEIB principles. These trainers have provided DEIB immersion workshops for 159 employees to date. Post the restructure, we held all-employee meetings, which included training and a cross- functional team exercise around our iCARES values. Recognition for women empowerment In 2024, we were finalists for both the Gender Mainstreaming Awards and the Standard Bank Topco Gender Empowerment Awards. Further, we are represented on the DEI work group at the ICMM, which launched the DEIB roadmap on 5 December 2024. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 143

Social challenges Discrimination We do not tolerate discrimination, as stipulated in our Human rights policy statement. Our grievance processes allow for employees to lodge discrimination complaints formally or informally. Discrimination cases are referred to the Dispute resolution unit (DRU), which appoints an investigator. An employee can choose to lead their own grievance case or ask the DRU to lead. A presiding chair makes a ruling, which management ratifies. There were two complaints of discrimination lodged in 2024 (2023: four). One case was closed, with no evidence found that intimidation or discrimination occurred. The other case is still being investigated. Gender based violence (GBV) In the SA region in particular, we are most concerned about the scourge of gender-based violence (GBV). GBV as a broad term encompassing all forms of violence directed at someone because of their sex or gender, while Gender-Based Violence and Femicide (GBVF) specifically includes femicide, or the killing of women, as a key aspect. Women should be safe from physical harm in the workplace and safe in their homes and, thus, Sibanye-Stillwater is actively involved in protecting women from violence perpetrated against them. Recent data from Statistics South Africa (StatsSA) shows that rape and sexual violence are at extremely high levels in the country. In the mining sector, GBV remains one of the top priorities, and for our DEIB Council it is one of the most pressing concerns. Sibanye-Stillwater is firm in its commitment to zero tolerance of GBV and our Harassment procedure governs how to deal with sexual harassment cases. In 2024, in the SA region, we had 34 GBV-related cases (2023: 33), including nine sexual harassment cases, of which eight are closed and one is under investigation. We work with the Thuthuzela Care Centres, an initiative of the National Prosecuting Authority, to support victims of GBV with one- stop multi-disciplinary care and advice. Besides our sponsorship of external safe houses as part of our CSI commitments, we also run two of our own GBV centres where victims can seek help. These are managed by Protection services, in collaboration with the Health and Wellbeing department. The centres are run by trained, skilled investigators and social workers, some of whom have worked in the Sexual Offences Unit of the South African Police Services (SAPS). Protection services has a dedicated unit dealing with sexual misconduct, which handles all reports of sexual harassment, offering counselling to those affected. We have also been successful in helping victims obtain protection orders, relocating families, and providing ongoing psychosocial support. Thanks to internal collaboration between departments, we are also able to use our Property department to assist victims with emergency relocations to protect them from an abuser in the home. We have various means through which victims can report sexual harassment and abuse: an anonymous hotline, the WeR1 app, directly to line management, and walk-ins at our GBV centres. Awareness campaigns promoting respect of women In 2024, we continued our anti-sexual harassment campaigns, which includes anti-sexual harassment training during induction. We held an online training event for C-band and above employees across the Group that promoted respectful workplaces. This training, called Respect@Work, was conceptualised by the International Finance Corporation (IFC) and presented by Shared Value Africa (SVA). Additionally, we ran five pilot sessions at each of our operations, promoting dialogue on living the Sibanye-Stillwater values and building respectful workplaces. Feedback from the session proved valuable in building trust on the ground and addressing unconscious bias, particularly regarding gender stereotyping and disrespect of women. We also ran an internal awareness campaign aligned to the global campaign of 16 Days of Activism against GBVF. We continue to use the GBVF toolbox talk (introduced in 2023) as a complete educational training guide on GBVF. GBVF and MCOP In South Africa, the DMPR mandated that all mining companies develop a Mandatory Code of Practice (MCOP) to address GBVF, and safety and security issues for women in mining. This code obliges employers to take ownership of GBVF initiatives, ensuring accountability in implementation and reporting. This development was welcomed by the DEIB Council and aligns with the SA region’s efforts to deal with GBVF at their operations. Regional DEIB teams will take the lead on this DMPR initiative, with oversight and support provided by the Group DEIB Council, ensuring that the Group aligns with both regulatory requirements and broader organisational values in tackling GBVF. 3.7, 10.3,5.1,5.2 and 8.5 EMPLOYMENT EQUITY ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Sibanye-Stillwater is committed to transformation beyond compliance. Like many other South African companies, and in the interests of nation-building, we will advance programmes to address gaps where reasonable and applicable. The SA region has been implementing a Talent management strategy and recently revised Recruitment strategy which subsequently led to the development of the talent council model which incorporated VP levels and above employees. The Succession Management and Recruitment policies form the base of Talent councils and promotions held. Succession is ensured by a continuous process of evaluating internal employees for next level roles through talent council sessions where training interventions and exposure opportunities are provided. Of the 405 promotions which took place from 2022 to 2024, 75% were identified successors of which 32% constituted females. The SA region has various learner pipelines which contribute to transformation targets amongst others graduates and diplomats within Internships. Upon completion, the company pursues appointing these employees as far as possible given the availability of vacant positions. Study grants for tertiary qualifications are also offered to internal employees mainly from the succession pool. These pipelines ultimately feed the D-band and then above succession pipelines. This also assists the SA region with the retention of trained, skilled and further educated employees. • A total of 301 grants were provided during the period 2022 to 2024 of which 262 were awarded to HDP employees and 142 (47%) total female representation. Of these grants, 224 were granted to identified successors. During this period, a total of 77 grant holders were promoted, of which 68 were HDP and 30 (39%) female representation • A total of 176 internships were offered during the period 2022 to 2024 of which 162 were HDSA and 90 (51%) total female representation. During this period, a total of 127 interns were permanently appointed, of which 112 were HDSA and 50 (39%) female representation South Africa’s Mining Charter is a policy instrument to encourage the participation of HDPs in the mining and minerals industry. The main objectives of Mining Charter III are to deracialise ownership of the industry, redress the imbalances of historical injustices on racial divide, and enhance the social and economic welfare of employees and mine communities. Promotion and recruitment of HDP In 2024 SA region including corporate we seen appointments through promotions and new hires contributing towards our three HDP appointments of which two were HDP female in the executive OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 144

management category which contributed towards our 38.1% (2023:35.9%) HDP and 37.5% (2023:28.5%) HDP females at this level. Our senior management have made 28 HDP appointments of which 13 were HDP female which contributed towards our 50.0% (2023:49.54) HDP and 43.6% (2023: 37.38%) HDP females at this level. Middle management showed 99 HDP appointments of which 41 were HDP female which contributed towards our 64.6% (2023:62.90%) HDP and 48.3% (2023:47.10%) HDP females at this level. Junior management HDP appointments were 967 of which 274 were HDP female which contributed towards our 78.9% (2023:77.7%) HDP and 30.9% (2023:30.57%) HDP females at this level. SA region: HDP promotions and new hires 2024 SA region: HDP promotions HDP % % female representation of HDP Promotions excluding corporate Executive management 0 % 0 % Senior management 59 % 41 % Middle management 79 % 47 % Junior management 89 % 31 % Corporate only Executive management 50 % 100 % Senior management 33 % 100 % Middle management 33 % 100 % Junior management 100 % 100 % SA region: HDP new hires New hires excluding corporate Executive management 100 % 0 % Senior management 70 % 29 % Middle management 66 % 31 % Junior management 89 % 26 % Corporate only Executive management 50 % 100 % Senior management 100 % 100 % Middle management 25 % 100 % Junior management 75 % 67 % The table below shows that the Group has made significant progress against Mining Charter III targets for employment equity, exceeding the targets for middle management, junior management, and core and critical skills. SA region: Employment equity by category as at December 2024 Representation of HDP3 Board: 50% 30.77 % 30.77 % Executive management: 50% 38.10 % 38.10 % Senior management: 60% 50.00 % 53.26 % Middle management: 60% 64.60 % 63.98 % Junior management: 70% 78.88 % 78.41 % Core and critical skills: 60% 77.41 % 77.53 % Representation of HDP women as % of total HDPs4 Board: 20% 25.00 % 25.00 % Executive management: 20% 37.50 % 37.50 % Senior management: 25% 43.64 % 24.49 % Middle management: 25% 48.25 % 41.89 % Junior management: 30% 30.92 % 27.92 % Employees with disabilities Disabilities 1.5% 0.90 % 0.87 % Measure Target for 2024 Actual % achieved SA operations1 Actual % achieve SA operations (Mining Charter III)2 1 Includes SA regional services and Corporate office 2 Excludes SA regional services and Corporate office apart from Board and Executive Management 3 Board includes the CFO and CEO. Executive management refer to F and G bands excluding the CEO and CFO People with disabilities We are committed to including employees with disabilities in the work environment such that they can meaningfully contribute to the Group. This is how we integrate those affected by illness, mental challenges, physical impairment and other non-normative conditions. For the SA region, 1% of employees have a disability; of these 10.32% (52) are women and 89.68% (452) are men. 5.5 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 145

LOCAL EMPLOYMENT ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Local employment is crucial for the sustainable development of communities and local ecosystems. By hiring locally, businesses can significantly contribute to the economic growth of their regions. Local employment also means that the money earned by employees is spent within the community, thereby supporting local businesses and services. This economic activity can lead to further increased job creation, higher income levels, and overall financial stability for community members. In 2024, 82% (2023: 82%) of our SA region workforce consisted of South African citizens; of these, 65% (2023: 49%) were from our local communities*. Most of the remaining were from other southern African countries: Lesotho, Mozambique, Eswatini, Botswana and Zimbabwe. At our US PGM operations the majority of the workforce was made up of Montana residents. However, many supervisory roles and specialised positions were filled by people from other states, predominantly Nevada, Washington and Alaska. The Reldan operation is based in Fairless Hills, Pennsylvania where our main facility is located, and all positions are onsite. We actively recruit skills and experience from local towns, with a focus on hiring from disadvantaged areas and collaborating with local programmes that support displaced workers. While our sales team primarily operates out of South River, New Jersey, we also have remote sales representatives in Ohio and Illinois, along with sales support staff in Florida. The AUS region employs mostly from the state of Queensland, and the EU region employees are mostly from Central Ostrobothnia, Finland (Keliber lithium project) and Normandy, France (Sandouville). SA region: Local1 community recruitment2 2024 2023 2022 PGM Gold PGM Gold PGM Gold Appointments 2,636 1,456 3,892 1,342 3,914 1,779 Local recruits 2,122 790 2,634 782 2,617 1,193 % 81 % 54 % 68 % 58 % 67 % 67 % 1 Within a 50 kilometre radius of the operations 2 Excluding Corporate and Integrated Services % LOCAL RECRUITED WOMEN AND BY OPERATION (SA REGION) 33.3% 25.0% 23.1%21.5% 20.2% 16.4% 15.4% 8.8% Burnstone Kloof Driefontein Marikana: WPL Beatrix Marikana: EPL Rustenburg Kroondal UPSKILLING OUR WORKFORCE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Training and development New employees undergo induction training, and all employees undergo refresher training every 18 months on important policies, standards and processes. During 2024, 71% of employees completed induction/refresher training. In 2024, our SA PGM operations spent R617 million on learning and development (2023: R58 million), while our SA gold operations spent R386m (2023: R464 million). Training spent for our US PGM operations were US$2.4 million (2023: US$3.6 million) with Reldan US$0.1 million. The 2024 training spent at our Sandouville nickel refinery and Keliber lithium project, combined, was R0.4 million (2023: R0.2 million). As part of the induction/refresher training, health, safety, environmental, human rights, conditions of employment and human resources policies and procedures are covered. Talent management and career growth SA region The SA region has been implementing a Talent management strategy and recently revised Recruitment strategy which subsequently led to the development of the talent council model. The Succession management and Recruitment policies form the base of Talent councils held and promotions. This ensures that we have sufficient skills and talent pipelines to enable smooth succession management. We encourage our employees to set career development goals, or individual development plans (IDPs), so that they can build successful careers within the organisation. In 2024, 71% of our vacant positions were filled by internal employees (2023: 67%). In 2024, 5,789 employees were identified for middle management and below career progression within the SA region (including Corporate services) (2023: 5,721). Of these 73% had IDPs for succession purposes, while 951 were promoted during 2024 (2023: 1,560). A moratorium on the filling of vacancies, as well as the S189 process, led to this lower figure compared to 2023. Talent management is important for any business, but perhaps more so in mining, which often faces skills shortages in engineering and technical areas. Therefore, we build capability and grow experience, ensuring that our employees have every opportunity to become their best professional self. Our performance management process requires that employees set performance deliverables (aligned to the Group’s strategy), which are tracked quarterly. During 2024,100% (all) of our D-level and above managers participated in a review process against their performance contracts and have been evaluated against the objectives set out in these contracts. SA region: identified successors in the talent pool1 2024 2023 2022 Talent pool size (A-D band) 5,789 5,721 5,422 Successors promoted 951 1,560 1,030 1 for middle management and below (A-D band Patterson grading) levels OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 146

Human resource development (HRD) SA region Mining Charter III required spend is 5% of total payroll on improving essential skills and HRD for employees and community members. HRD spend across the SA operations amounted to 4.9% of total payroll in 2024, (4.4% in 2023). Our education and training initiatives fall into five broad categories: • Skills development programmes (e.g. core skills and leadership development) • Adult education and training (aimed at functionally illiterate employees and community members) • Learnerships (two-year SETA accredited programme focused on core mining skills) • Internships (two-year programme for new graduates, including theory and practical) • Bursaries and study grants (Group-funded further learning opportunities) The impact of the business restructure resulting in deferment of staffing and learner intakes, together with implementation of initiatives to drive down expenditure within the business is reflected in the SA Region learning and development spend. In 2024, we spent R386 million on training at our SA gold operations (2023: R464 million) and R617 million at our SA PGM operations (2023: R582 million). The result of the deferred or late intakes carried out during 2024 is that we will see a higher number of learners carrying over into 2025, however, despite this learner roll-over and the cost associated therewith, our planned training for 2025 does show a significant reduction, and for the first time in three years our planned expenditure for 2025 HRD will drop below the R1 billion mark, at R910 million. 1.1a, 4.4, 4.6 SA region: Human resource development R million 2024 2023 2022 Operation SLP financial provision Actual training expenditure % of Payroll SLP financial provision Actual training expenditure % of Payroll SLP financial provision Actual training expenditure % of Payroll Beatrix 75.1 106.7 6,8% 76.9 131.4 7.1 % 80.0 118.0 7.5 % Burnstone 13.1 6.3 4,6% 0.0 11.5 5.1 % 0.4 10.0 8.9 % Cooke 0.0 2.2 1,0% 0.0 2.0 1.5 % 0.0 2.0 1.8 % Driefontein 78.6 133.1 5,3% 67.8 137.6 5.0 % 80.2 126.0 5.7 % Kloof 102.3 137.8 7,2% 86.4 181.2 6.2 % 90.0 153.0 6.8 % Total SA gold operations 269.1 386.1 4.4 % 231.2 463.6 4.9 % 250.6 409.0 5.2 % Kroondal 45.3 90.9 4,6% 59.8 90.1 3.7 % 85.0 130.0 5.2 % Rustenburg 128.8 232.9 4,8% 126.2 247.1 4.4 % 118.0 279.0 5.3 % Marikana 154.5 293.5 2,0% 298.4 244.3 3.1 % 87.4 259.0 3.6 % Total SA PGM operations 328.6 617.3 3.7 % 484.3 581.5 3.8 % 290.4 668.0 4.8 % Total 597.7 1,003.4 0.049 715.5 1,045.1 4.4 % 541.0 1,077.0 5.1 % Total opportunities for 2024 were 591,105 (603,383 in 2023). Sibanye-Stillwater has made provision for an HRD budget of R910.4 million for 2025 to ensure outstanding commitments are achieved. 4.4 SA region: Human resource development (HRD)1 2024 Human resource development 2024 Expenditure (Rm) Number of learners HDP learners (%) Female learners (%) Total training hours (number of learners x average training days per learner) Average rand/ learner 2Average hour/ learner Internships1 97 324 98 41 648,000 298,807 2,000 Bursaries1 27 537 90 45 1,074,000 49,989 2,000 AET (employees) 59 761 100 22 1,522,000 77,582 2,000 AET (community) 3 223 100 64 446,000 14,804 2,000 Engineering learnerships 149 521 98 25 1,042,000 285,697 2,000 Mining learnerships 144 578 99 28 1,156,000 249,149 2,000 LO A-Stream 21 56 100 23 112,000 366,614 2,000 Portable skills (employees) 6 294 93 42 206,976 20,746 704 Portable skills (community) 5 219 100 69 138,408 24,186 632 Leadership development 30 7,790 94 16 560,880 3,906 72 Core skills training 410 534,385 93 15 17,100,320 768 32 Cadet training 21 128 100 25 181,248 164,028 1,416 Coaches/mentorship training 0 413 97 30 138,768 1 336 Employee indebtedness (CARE for iMali) 3 38,224 97 15 305,792 66 8 Other 28 6,652 90 22 745,024 4,231 112 1,003 591,105 94 15 25,377,416 1,697 43 1. The numbers are total reportable bursars which include new bursars and internships that are still part of the programmes from previous years as education programmes. Inclusive of study grants, full time bursars, Higher Certificate Programme for Management of Technology and Innovation (MOTI), and the Certificate in Occupational Health and Safety Practice in Mining qualification presented by WITS 2 The 2,000 average hours in several cells relate to the full year or multi-year programmes (12 months). The 2,000 is the actual hours spent during available days for training in the year, excluding weekends, and public holidays OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 147

SA region: HRD 2024 indicating gender and HDP per Patterson grading Patterson grade % Women trained % HDP trained A Band 21 99 B Band 10 99 C Band 14 80 D Band 20 56 E Band 14 47 Non-graded learners 29 97 % of total trained 15 94 1.1a, 4.4, 4.6 SA region: Employees per category by training type (average hour per learner) A-band B-band C-band D-band E-band F-band NG-band Internship 2,920 2,920 2,920 2,920 0 0 2,721 Bursaries 2,920 2,356 2,048 1,834 1,475 0 2,452 AET 1,239 1,413 748 0 0 0 1,413 Engineering learnerships 2,918 2,908 2,920 0 0 0 2,810 Mining learnerships 2,920 2,764 2,913 0 0 0 2,818 LO A-stream 0 0 0 0 0 0 2,920 Portable skills 102 77 51 48 0 0 129 Leadership development 71 37 48 38 17 12 84 Core skills training 23 23 15 16 12 8 33 Cadet training 606 1,337 0 0 0 0 502 Coaches/mentorship training 934 951 1,247 1,617 1,672 0 608 Employee indebtedness (Care for iMali) 9 21 32 38 8 0 75 Other 10 12 12 12 8 9 26 Portable skills Management recognises the need to prepare employees for post-employment and to offer useful skills in practical areas such as construction and farming. In addition, youth from local communities are offered training opportunities in areas such as welding, plumbing, sewing, agriculture and computer skills. The option to receive portable skills is available to our employees when they are retrenched. Despite the restructuring in the SA region, retrenchments were minimised through avoidance mechanisms such as a moratorium on new hires to fill vacancies other than necessary critical skills, which through natural attrition, enable internal transfers to fill existing and new vacancies. As a result of these job preservation measures, demand for portable skills offered to effected employees did not increase. Portable skills training was also extended to employees nearing retirement age, and these employees often complete the portable skills training a few years before retirement. Adult education and training (AET) AET classes are available for community members who want to improve their functional literacy. SA region: Adult education and training 2021 1,295 208 1,087 463 297 166 1,758 2022 906 174 732 212 139 73 1,118 2023 1,046 186 860 255 176 79 1,301 2024 761 165 596 223 142 81 984 Year Number of employees trained Gender Number of community members trained Gender Total number trained Female Male Female Male US region In 2024, the US operations recorded 30,985 total training hours (2023: 98,571). Training for our salaried workforce focused on leadership development as well as supervisory skills, while hourly training included mining task training as well as safety compliance training. Reldan recorded 2,400 training hours. Training was focused on employee development, first aid, and building a safety culture. 4.6 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 148

LABOUR RELATIONS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 8.8 Union representation SA region Our recognition agreements are formal joint commitments between the Group and the majority unions in the SA region, setting out, inter alia, relationship rights, respect for freedom of association, bargaining rights, workings of shaft and full-time stewards, industrial action procedures, and dispute procedures. Our Human rights policy stipulates that all employees have freedom of association and of movement as well as freedom to join, or to refrain from joining, labour organisations of their choice; it also allows for collective bargaining without discrimination or retaliation. We support collective bargaining and comply with all national labour legislation applicable to each region. All employees are subject to vetting procedures, including the verification of age, criminal record, and medical fitness. We support collective bargaining and freedom of association. In 2024, 88% (2023: 88%) of the total permanent workforce at our SA operations were represented by four recognised unions: Association of Mineworkers and Construction Union (AMCU), National Union of Mineworkers (NUM), Solidarity, and United Association of South Africa (UASA). On average 99% of our SA region employees are covered by collective bargaining units (category 4–9 up to official level). Our wage agreements provide more favourable conditions than SA labour-related legislation in terms of health coverage, sick leave, and wages. We also provide additional rights to full-time shop stewards as defined in our recognition agreements. Union representation at SA region (2024)1 Services and otherGold PGMs Total Membership 18,107 28,904 2,167 49,178 Union representation (%) 93 % 86 % 72 % 88 % 1 Including Corporate office SA region: Membership by union1 2024 2023 2022 Total Gold PGMs Services and other Total Gold PGMs Services and other Total Gold PGMs Services and other Membership AMCU 30,824 8,637 21,798 389 33,577 9,499 23,933 145 34,854 10,852 23,831 171 NUM 13,421 7,657 4,557 1,207 14,995 8,691 5,203 1,101 15,443 9,131 5,122 1,190 UASA 4,135 1,484 2,253 398 4,272 1,692 2,173 407 4,646 2,122 2,064 460 Solidarity 743 329 245 169 832 372 309 151 1,171 458 554 159 CEPPWAWU2 55 0 51 4 98 1 97 0 131 2 129 0 Non–unionised 6,801 1,413 4,549 839 7,126 1,387 4,941 798 7,730 1,956 5,060 714 Total 55,979 19,520 33,453 3,006 60,900 21,642 36,656 2,602 63,975 24,521 36,760 2,694 Membership representation (%) AMCU 55.1 44.2 65.2 12.9 55.1 43.9 65.3 5.6 54.5 44.3 64.8 6.3 NUM 24.0 39.2 13.6 40.2 24.6 40.2 14.2 42.3 24.1 37.2 13.9 44.2 UASA 7.4 7.6 6.7 13.2 7.0 7.8 5.9 15.6 7.3 8.7 5.6 17.1 Solidarity 1.3 1.7 0.7 5.6 1.4 1.7 0.8 5.8 1.8 1.9 1.5 5.9 CEPPWAWU 0.1 0.0 0.2 0.1 0.2 — 0.3 — 0.2 — 0.4 — Non–unionised 12.1 7.2 13.6 27.9 11.7 6.4 13.5 30.7 12.1 8.0 13.8 26.5 Total 100 100 100 100 100 100 100 100 100 100 100 100 1 Including Corporate 2 Chemical, energy, paper, printing, wool and allied workers union (CEPPWAWU) US region At our US region, a total of 69% (2023: 73%) of employees are members of the United Steel Workers International Union (USW). Labour relations at the US PGM operations continue to be constructive. Union representation at US region in 2024 Total Stillwater (including Blitz) Columbus metallurgical complex East Boulder Administrative support staff Reldan operations United Steel Workers (USW) 722 339 95 288 0 N/A Non-unionised 505 96 39 79 110 181 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 149

EU region In France, all companies with more than 11 employees are obliged to have a Social and Economic Committee (CSE) where the employer and employee representatives regularly exchange information and raise questions, www.service-public.fr/particuliers/ Two trade unions have representation at the Sandouville refinery: CGT, holding the majority members, and CFE-CGC. Last elections took place in January and February 2024. CGT represent more than 70% of the voters, but the tracking of Union organisation membership is not allowed in France. At Keliber three unions, Teollisuusliitto, Ammattiliitto PRO and Ylempien toimihenkilöiden neuvottelujärjestö are represented. At Keliber 95% of employees are covered by collective agreements and at Sandouville all employees are covered by collective agreements. AUS region In Australia, the law prohibits tracking union membership, and employees are not required to disclose their union status. This supports the principles of freedom of association, ensuring that individuals can choose to join or not join a union without any pressure or adverse action. Wage negotiations US region In 2024, the US PGM operations reduced its workforce by nearly 40%, which included the layoff of over 500 mining workers. The layoffs were driven by a dramatic decline in palladium prices, which severely impacted Sibanye-Stillwater's US PGM operations. In response to the layoffs, the US Department of Labor awarded the state of Montana a $3.5 million grant to support those affected. This funding is intended to facilitate training, education, and apprenticeship opportunities, helping workers transition into new fields after the job losses. Montana’s Governor Greg Gianforte expressed gratitude for the grant, highlighting its importance as "critical relief" for the affected workers and their families. As part of a broader effort to address the needs of the displaced workforce, job service centres were opened in the region to provide immediate assistance. See page 139 for details regarding the retrenchments. SA PGM operations In November 2023, the Group concluded a five-year wage agreement with AMCU and NUM at the Kroondal PGM operation effective from 1 July 2023. This is a similar agreement to other SA PGM operations (Rustenburg and Marikana) in 2022. The agreement is inflation-linked, with category 4–8 employees receiving an increase of a minimum of 6% in each of the five-years of the agreement. Miners, artisans and officials will receive an increase of 6% in each year of the five-year agreement. The average annual increase in the total wage bill for the SA PGM operations, including all benefits over the five-year period, is approximately 6.4% per annum. SA gold operations In November 2024, we concluded a one-year wage deal (effective 1 July 2024 to 30 June 2025) with unions at our SA gold operations. Category 4-8 employees, and miners and artisans (category 9) receive a 5.5% increase or R900 per month, whichever is higher. Officials receive a 5.5% increase. EU region At the Sandouville refinery, wage negotiations take place annually with the unions. The Keliber lithium project follows the collective agreements of the Technology Industry in Finland. AUS region In December 2024, the Australian region commenced bargaining for the Copper Mines of Tasmania Maintenance Enterprise Agreement covering skilled trades at the Mt Lyell Project. LIVING WAGE AND WORKING POVERTY –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– For 2024, for the SA region our average entry-level (category 4) employee wage was R26,575 per month*, including benefits. This compares favourably against average entry level wages for other industries in South Africa and well above South Africa’s legislated minimum wage of R5,610 per month as of 1 March 2025. Our median annual compensation (the wage at which half of employees earn more and half earn less) is R367,325 per annum (2023: R324,577), and our average annual compensation is R422,532 per annum (2023: R415,549). Our lowest average annual compensation is R159,327 (2023: R150,618) per annum. * This is total remuneration per month for entry-level Category 4 employees and includes bonus and all allowances For South Africa, there is no agreed-upon definition of what constitutes a living wage. However, a study by and external party puts a living wage for an earner in a family of four at between R6,972 and R12,756. Our lowest wage is more than double the latter figure, without benefits and more than three times including benefits. Key salary and wage metrics (31 December 2024) SA region US region2 EU region: Sandouville EU region: Keliber AUS region Employee wages and benefits paid R million 25,546 4,947 350 39 537 Average salary per entry-level employee1 R26,575 per month US$60,070 per annum €45,442 per annum €29,000 per annum A$165,579 per annum Annual training spend R/US$/€/ A$ million1 1,003 2.52 0.19 0.18 0.18 1 Exchange rate for US$/R18.32, A$/R12.09 and €/R19.82. The SA region is reflecting per month average whereas the other regions per annum gross salary. See Remuneration report, part 3, page 233 for the average pay at operator level (Category 4-8). 2 Includes Reldan from March 2024 to December 2024. Excludes restructuring costs. 10.4 Employees in South Africa have access to financial and non- financial benefits exceeding those specified in the Basic Conditions of Employment Act. These include: • Retirement or provident funds for all employees • Medical insurance • Holiday leave allowance • Housing ownership help desk • Employee assistance programme provided by Lyra Wellbeing • Care for iMali financial literacy training See Care for iMali: Taking care of personal finances fact sheet, www.sibanyestillwater.com/news-investors/reports/annual/ The US PGM operations have a variety of leave benefits relating to personal and family medical needs, public or military service, as well as paid time off for leisure or other personal matters. These leave options are defined within our benefit plans and collective bargaining agreements. Leave is provided within the limits of these plans and is not to be exceeded as a condition of continued employment. Reldan a variety of leave benefits relating to personal and family medical needs, public or military service, as well as paid time off for leisure or other personal matters. These leave options are defined within our benefit plans. Leave is provided within the limits of these plans and is not to be exceeded as a condition of continued employment. EU region: All employees are paid higher than minimum salaries, employer provided pension and health care schemes are mandatory. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 150

Employee share ownership programme (ESOP) The purpose of ESOPs is to create shared value for employees, in keeping with our vision To lead in superior shared value for all stakeholders. We have three main ESOP schemes: Lonplats ESOP, Rustenburg Mines Employee Trust, and the Thusano Share Trust. In 2024, no dividends were paid as Sibanye-Stillwater resolved to not declare a final dividend, therefore no ESOP scheme made any payments. Thusano Trust The Thusano Trust is for employees at our SA gold operations. The vesting period of the Trust is 2025. Thusano holds 19,228,356 Sibanye-Stillwater shares for its 40,007 participants. In 2024, no dividends were paid from Sibanye-Stillwater. Rustenburg Mines Employee Trust When Sibanye-Stillwater acquired the Rustenburg operations in 2016, we concluded a broad-based black economic empowerment (B-BBEE) transaction whereby 26% of the Rustenburg entity is held jointly by four parties: the Rustenburg Mines Community Development Trust (24.8% share), the Rustenburg Mine Employees Trust (30.4%), Bakgatla-ba-Kgafela Investment Holdings (24.8%), and Siyanda Resources (20.0%). The Rustenburg Mines Employee Trust has 12,012 beneficiaries. The net dividend paid to the Trust which is distributed to all qualifying persons was R288 million (R163 million of net dividend in 2023) in total dividends in 2024. This meant that each beneficiary received R23,965 (2023: R13,431). Lonplats ESOP This ESOP was founded by Lonmin in 2014 and taken over by Sibanye-Stillwater in 2019. The scheme offers employees (mainly those at Marikana) a direct stake in the Group’s profits over and above their regular salary and bonus benefits. The Lonplats Employee Share Ownership Trust holds a 3.8% shareholding in each of Western Platinum Proprietary Limited (WPL) and Eastern Platinum Proprietary Limited (EPL) and is entitled to 3.8% of the dividends declared by the Board in any year. However, when the dividends paid to the trust is less than 3.8% of the profit after tax of WPL and EPL respectively, the dividends are then topped up to ensure that the trust receives 3.8% of the profit after tax from WPL and EPL. In 2024, the net dividend and profit share of Lonplats ESOP amounted to a total of R332 million (2023: R121 million) to 15,997 beneficiaries. Other regions There is no share ownership programme equivalent at our US, EU and AUS regions. Employee indebtedness Over-indebtedness is a burden for many at our SA operations. Sibanye-Stillwater offers a financial literacy and personal debt management programme, Care for iMali, to help alleviate financial stress. See Care for iMali: Taking care of personal finances fact sheet, www.sibanyestillwater.com/news-investors/reports/annual/ CARING FOR INJURED EMPLOYEES AND THEIR DEPENDENTS –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– We support dependents of injured and deceased employees. The Matshediso programme (SA gold operations), Lonmin Memorial Fund (SA PGM operations), provides assistance to the families and dependants of employees who are severely disabled or fatally injured in mine accidents. This includes covering costs (such as transport) for funerals and memorials. When Sibanye-Stillwater acquired Lonmin in 2019, we also inherited and enhanced the Sixteen-Eight Memorial Trust that were established by Lonmin after the 2012 massacre, which cares for the beneficiaries of those who lost their lives in the Marikana tragedy. See page 219 for more on the Sixteen-Eight Memorial Trust. Matshediso programme The Matshediso programme provides educational support to the children of employees who died or are permanently disabled and unemployable as the result of a work-related accident. It also gives such children preference, should they apply for a Sibanye South African Region study bursary, learnership or Internship. Matshediso is aimed at improving lives for dependents of deceased employees, and families of severely unfit or disabled parent by: • Ensuring that these dependents have good basic education to allow them access to good tertiary institutions • Ensuring some closure for families • Seeking to redress some legacy issues – reduce historical imbalances in migrant labour • Creating a skills pool towards bursars, learnerships, and job opportunities • Reducing poverty and unemployment Sibanye-Stillwater supported a total of 282 children as nominated beneficiaries at a cost of R2.6 million. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 151 Employees at K4 Marikana, SA PGM operations

Benefit 2024 2023 Host/local schools R12,500 (primary); R17,500 (secondary) R12,500 (primary); R17,500 (secondary) Boarding schools R30,000 R30,000 Uniform, stationery, text books and transport R2,500 (primary) and R3,500 (secondary) R2,500 (primary) and R3,500 (secondary) Extra classes at host/local schools R2,500 extra mural activities, R2,000 transport, R1,000 school trips, R2,500 career counselling, R5,550 from boarding school to home, extra classes R2,500 (primary) and R3,000 (secondary) R2,500 extra mural activities, R2,000 transport, R1,000 school trips, R2,500 career counselling, R5,550 from boarding school to home, extra classes R2,500 (primary) and R3,000 (secondary) Christmas voucher or hamper R1,500 per family R1,500 per family Total amount paid to beneficiaries R2.6 million R1.60 million Homes for beneficiaries and adaptations for disabled employees In 2024 at the SA PGM operations, we constructed 15 houses for nominated beneficiaries relating to colleagues that sadly passed as a result of mine fatalities. The houses are built to a design specification deemed suitable and of high standard. At the SA gold operations we built seven houses for employees fatally or severely injured as a result of a mine accident. Home adaptations and renovations: we undertake homebuilding and modification for disabled employees injured in workplace accidents; modifications include connecting to water supply or installing water tanks, widening doorways, building ramps and pathways, making bathrooms and toilets wheelchair-friendly. A total of seven widows or beneficiaries across our SA region benefited during 2024 from the home adaptation programme at a cost of R6.8 million. Lonmin Memorial Fund Through the Lonmin Memorial Fund, Sibanye-Stillwater supported 97 dependants in 2024 at a cost of R7 million (2023: 84 dependents at a cost of R4.4 million). A total of 68 of these dependants were in either primary or high schools in 2024, while 23 were at tertiary level, with six students graduating. HOUSING AND LIVING CONDITIONS –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– This section mostly focuses on South Africa, where the issue of housing and living conditions for workers is most relevant given the country’s history and socioeconomic conditions. In the US region, operations provide basic housing accommodation at a minimal cost to employees, whose primary residence is beyond ordinary daily commuting distances. In the AUS region remote locations (fly-in, fly-out operations) provide accommodation at no cost to employees. SA region Sibanye-Stillwater recognises that housing and living conditions for South Africa’s miners is of great importance to their wellbeing and dignity. Decent housing and living conditions also contribute to enhanced morale, which in turn positively influences productivity and further fosters sustainable communities. In the 2023 Integrated report, we provided a detailed outline of our Housing and socioeconomic strategy. In line with our strategy, during 2024, we remained steadfast in delivering on these strategic imperatives: a. Maintaining decent and secure accommodation for our employees residing in all Group-owned properties aligned to our operational footprint and life-of-mine b. Facilitate home ownership through incentivising the sale of company owned housing stock in proclaimed areas c. Leverage available resources (i.e. infrastructure, land, bulk services, etc.) as a force for good From a long-term perspective, in addition to the above short- to medium-term strategic imperatives, we have commenced with a feasibility study to facilitate the delivery of potential new housing in areas of growth and longevity to specifically solve for employees still residing in informal conditions. In terms of policy, our Housing and living conditions framework is guided by the Constitution of South Africa as well as various other legislative imperatives, including the Housing and Living Conditions Standards as per the Mineral and Petroleum Resources Development Act. One of the challenges of compliance in housing is that our operations are spread across multiple provinces and municipalities and thus require multiple agreements with the relevant authorities, who are often ill-resourced to implement their plans. That said, in delivering housing and socio-economic improvement, Sibanye-Stillwater must abide by the mandates of local government (and other levels of government authority). Apart from the beneficiaries themselves, they are the key stakeholders in such delivery. The Group encourages employees to live in decent accommodation and where possible invest in property from a home ownership perspective. We incentivise home ownership through discounted sales of Group-owned housing stock in proclaimed areas, as well as various housing related subsidies. We also strive to partner with government to deliver integrated solutions. It is through ownership that people have a sense of empowerment and belonging and are more invested in the sustainability of the community. Housing footprint 17,563 or 31% of our SA region employees live in mine accommodation, comprising various types as per the varying needs of our employees i.e. single or family accommodation units in mine villages or proclaimed towns. Our accommodation is located near our respective operational areas spanning across three provinces (North-West, Gauteng and Free State). Our housing footprint remains aligned to our operational footprint. This requires an ongoing review and alignment of expenditure in line with our life-of-mine projections and forecasts. In 2024, the SA region owned and maintained a total of 19,330 accommodation units available to employees on a rental basis. These units provide accommodation for approximately 31% (2023: 30%) of the SA region’s workforce. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 152

The graph below is an overview of Sibanye-Stillwater-owned accommodation as at the end of 2024. SA REGION ACCOMMODATION 8802 10528 Single accommodation Family accommodation 0 10000 20000 Our large accommodation footprint necessitates extensive maintenance, which requires significant ongoing investment. Part of our maintenance regimen involves keeping accommodation assets in good condition as per our life-of-mine plans. In 2024 we spent some R650 million (2023: R565 million) on maintenance. Part of our maintenance regimen involves keeping accommodation assets in good condition as per our life-of-mine plans. One upside for this maintenance budget is that it supports local procurement. Accommodation maintenance is earmarked/ ringfenced for local communities to provide much-needed commercial as well as employment opportunities. Healthy nutrition Related to housing and living conditions is the matter of healthy nutrition. Healthy food and nutrition play a vital role in a productive workforce. In 2024 our total spend on nutrition was R311 million (2023: R272 million). Our nutrition programmes include a mid-shift nutrition component as well as preparation of meals for those employees residing in our single accommodation villages. The mid-shift nutrition includes choices of various brands of nutritious non-alcoholic beverage that meets the standard or daily recommended intake to supplement as a good source of energy. All meals at our on-mine kitchens are prepared fresh and follow recommended daily intakes as guided by a professional nutritionist. Balanced nutrition is important to meet well-being needs of our employees in the face of rising burden of non-communicable diseases. Home ownership Our housing and socioeconomic strategy takes this into account the need to ensure that our employees benefit from homeownership. The barriers include creditworthiness and access to housing stock in areas of their preference. We do not invest in un-proclaimed1 areas, but rather seek to promote affordable housing for employees in areas that offer long- term value via our home ownership programme. We consider means to help employees to buy their homes, through subsidies, improved creditworthiness and debt rehabilitation, better financial planning and management, etc. (See Care for iMali: Taking care of personal finance fact sheet). We also have home ownership help desks to assist employees with the full cycle of transacting, through to successful transfer and conveyance. 1 Un-proclaimed means not in the municipal boundary or part of the mine properties. Employee housing survey In the 2023 Integrated report, we shared the outcome of an employee housing survey, please refer to pages 166, available on www.sibanyestillwater.com/news-investors/reports/annual/ Since inception in 2015, our home ownership programme has yielded 2,081 employee and 348 private home owners. This translates to an average of 243 home ownership transactions per annum, which is viewed as a significant success and a demonstration of commitment to changing lives and being a force for good. How does this programme work? We incentivise these purchases by offering employees a 20% discount on the property valuation, with a further 1% discount for each year of consecutive service with Sibanye-Stillwater. This programme enables employees to invest in the property market, and in doing so contribute to the dignity and legacy of their families. In 2024 at the SA gold operations we sold 174 properties to employees (2023: 174). This was not only of benefit to employees (noting the discounted rate) but also contributed to our footprint reduction programme. In 2024, at the SA PGM operations we concluded 172 home ownership transactions (2023: 198). Progress at Marikana Family accommodation upgrades During 2024 we commenced with various capex projects at all four on-mine family accommodation residences, which include the various blocks of infill apartments. These are multi-year projects focussed on the following scope of work: • Renovation of all accommodation units • Security parameter upgrades • Main entrance upgrades • Road and storm water upgrades • Kids play areas Similar to our maintenance approach, all these projects are placed on tender via our Procurement department for local participation/ beneficiation (economic and employment) and will ensure our residences align with our standard of providing decent accommodation and conducive living conditions for our employees. It should be noted that no further structural deformities or issues were raised at the Wonderkop infill apartments during 2024. Partnerships One of our key strategic imperatives include seeking partnerships. In this domain we successfully completed our phase 1 commitments towards the formalisation of Nkaneng in the Madibeng Local Municipality and / or Bojanala District. As previously reported, this included various technical studies, an enumeration survey, township establishment inputs as well as road grading, thus improving accessibility and overall road safety. In addition to the above, we have successfully delivered on the upgrade of the main entrance road into Nkaneng. This included a paved promenade road for vehicles, as well as a pedestrian walkway with high mast lighting that will address accessibility and overall safety and security as requested by stakeholders. We are eagerly awaiting next steps from Government towards the formalisation of Nkaneng. It is regrettable, however, that none of the other potential partnerships sought with Government (local, provincial and national) have yielded results yet. Most prominent is the Marikana Ext.13 integrated human settlement development (as lead by Government) for which we made several offers (donation of significant portions of land and technical support) as a contribution towards a novel and much-needed intervention, especially in the greater Marikana region. Mooinooi town Although proclaimed2, we continue to provide and maintain municipal infrastructure in Mooinooi, including water, electrical and sewer reticulation, wastewater treatment works plant, roads and storm water, landfill site, street lights and other civil infrastructure. We have attempted on numerous occasions to engage with the local authority to normalise the services in Mooinooi for them to take it over as per their duties under law (Municipal Systems Act, 32 of 2000), but regrettably these engagements have not been successful. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 153

With Mooinooi as the nearest major residential node to the Marikana operations, we have adopted an overarching approach to deliver on our housing and socioeconomic strategy by implementing much- needed upgrades to municipal services infrastructure. This is on the critical path for the potential expansion of Mooinooi as part of our new housing delivery strategy. Phase one (already completed) included the upgrade and expansion of the landfill site at a cost of c. R32 million. Phase two was implemented during 2024, focusing on the upgrade of roads, road markings, signage, sewer, storm water and electrical infrastructure (mini-subs, distribution kiosks, street lights) at a cost of c. R28 million. During 2024, we embarked on town planning interventions towards the densification of residential stands owned by the Group. This is earmarked to realise a total of 400 stands, with the potential to be the catalyst in the first batch of new affordable housing delivery. 2 Proclaimed means all property, including lands and buildings within the municipal service area Number of employees living in Single accommodation complexes (mine employees)2 7,199 1,611 5,588 7,667 8,129 Family accommodation (houses and on-mine residence)3 10,364 5,714 4,650 10,247 10,076 Private/other (balance of total workforce) 35,405 26,123 9,282 40,379 43,076 Number of company-owned houses sold Total 346 172 174 372 306 Employees 346 172 174 372 300 Private 0 0 0 0 6 Number of company-owned houses sold since programme inception (2015): cumulative total Total 2,429 730 1,699 2,083 1,711 Employees 2,081 718 1,363 1,735 1,363 Private 348 12 336 348 348 Number of houses built during the year4 22 15 7 19 5 Number of houses built since programme inception (2015) 98 39 59 76 57 Spend on accommodation maintenance/renovations1 (Rm) Family 484 367 117 382 298 Single 166 76 89 183 181 Spend on accommodation maintenance/renovations (excluding labour costs) (Rm) Family 1 365 293 72 183 153 Single 101 61 40 70 84 SA region: housing and accommodation 2024 2023 2022 Total SA PGMs Gold Total SA Total SA 1 The cost of accommodation, maintenance and renovation is comprehensive (not only painting) 2 Number reduced as a result of the restructuring and consolidation of Leseding and Koponang accommodation to improve efficiencies 3 At the SA gold operations, more employees have taken up the opportunity to reside in family accommodation compared to previous year 4 The number of houses constructed includes those houses constructed as part of the Matshediso programme as well as part of the houses for the widows of the Marikana tragedy 11.3 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 154 Employee at Kroondal, SA PGM operations

FUTURE FOCUS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– GROUP • Embed a People and culture operating model that ensures alignment with the Group’s strategy and provides consistency across all regions • Progressing diversity, equity, inclusion and belonging with regional relevance • Rejuvenate performance management to foster a performance-driven culture • Strengthen future-ready leadership capability and values-based decision making • Remeasure the group culture and organisational health to enhance existing culture work • Continue advancement of future-ready leadership and culture development to navigation of a dynamic business environment and drive sustainable growth • Deliver value through ongoing improvement of HR competency and service delivery model • Enhance a market competitive Group reward philosophy and policy to develop and retain key talent AUS REGION • Focus on retention initiatives to maintain or improve the current turnover rate and retain key people in critical roles • Continue with the AUS region’s integration into the Group • Aligning policies and practices • Mobilise values re-ignition into the region • Relaunch of short term incentive programme (updated for 2025) • Continue integration of Mt Lyell into AUS region and broader Group, including conclusion of collective bargaining agreement • Access to robust and comprehensive integral wellbeing services EU REGION • Continue to embed Sibanye-Stillwater culture, values in our operations • Continue resourcing skills for Keliber lithium project • Continue with leadership development programme to ensure future ready leadership • Embed employee wellbeing services SA REGION • Retention for key talent and critical skills • Workforce planning, utilisation and productivity initiatives to optimise efficiencies • Continue to embed iCARES values to enhance culture transformation in line with company objectives • Shared value for employees through ESOP scheme • Concluding the wage agreement for the SA gold operations US REGION • Develop and launch a formal wellness programme and ensure access to robust and comprehensive integral-wellbeing support services • Progress the women and allies programme • Enhancing digital adoption: Continued training and support to ensure seamless adaptation to paperless processes • Policy refinement: Ongoing harmonisation efforts to align with regional compliance updates • Employee engagement and efficiency: Strengthening feedback loops and optimising digital tools to enhance productivity • Sustained compliance alignment: Regular updates to policies ensuring adherence to evolving US regulations and best practices OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION OUR PEOPLE continued IR – 155 East Boulder mine, US PGM operations – Montana, United States

PEOPLE: SOCIOECONOMIC DEVELOPMENT WHAT WE DID IN 2024 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 Group Equivalent of 1.5% of declared dividends to be invested in the Sibanye Foundation % and R invested No dividends declared (2023:1.5%, R211 million) Page 157 By 2030, direct economic contribution to GDP, expressed as a % of Group revenue, to be in the range of +/-10% of the last five years average % contribution 16% above five year average range New medium term target; Page 160 SA region Cumulative number of jobs created 1,725 (2023:1,500) New short term target; Page 161 By 2025, have 1,800 cumulative number of new jobs created in alternative economies TARGETS AND KEY OBJECTIVES Metric Performance See Our sustainability theme anchoring the chapter: People and prosperity Alignment with UN SDG 1a,1.1, 2.1,2.2,2.4, 4.2,4.4, 5.2, 8.3,8.7,8.8,9.3,10.3,16.1, 16.3,16.5,17.17 See Progressing the UN’s SDGs, www.sibanyestillwater.comnewsinvestors/reports/annual/ MATERIAL MATTERS M4 Licence to operate M10 Sociopolitical instability OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SIBANYE-STILLWATER INTEGRATED REPORT 2024 156 INCLUSIVE, DIVERSE AND BIONIC

APPROACH ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Our US, EU and Australian regions are characterised by relatively stable governments, and good socioeconomic conditions where most citizens enjoy middle-class standards of living. The same cannot be said for the SA region, where economic growth is low and unemployment and poverty rates are unacceptably high. This is exacerbated by poor governmental capacity and it creates serious challenges for the Group. It is, however, also an opportunity for us to demonstrate our purpose and vision: To be a leader in creating superior shared value for all stakeholders, while Prospering in every region in which we operate. The sustainability theme of People includes the key pillars of Respect for people’s rights, and Social inclusion and community impact. The first of these includes human rights and the rights of indigenous peoples, on whose traditional lands some of our mines are sited. We respect the culture and heritage of the traditional owners of the land. Our approach is to share opportunity with local communities, maximising our economic impact to contribute to growing, sustainable economies where we operate. In short, and of particular relevance to the SA region, we collaborate with local communities, often through co-created compacts and partnerships, to build social capital where we operate. Prosperity is another of our sustainability themes and includes the pillar of Shared value and domestic prosperity. This theme points to the reality that unless we remain a profitable company, we cannot help tens of thousands of employees support themselves and their families. Further, our positive economic impact in our areas of operation would be lost, as would our considerable tax contributions to the national fiscus in the different regions we operate in. In 2024, the University of Montana's Bureau for Business and Economic Research (BBER) conducted an independent, third-party socioeconomic impact study, based on 2023 financial. The results indicate that where we have operations and facilities, Sibanye- Stillwater's operations contribute significantly to local GDP and economic activity and growth, job creation and taxes paid to national governments, thereby generating significant socio- economic value in the ecosystems where we operate. Post-closure economies are also an important factor under the pillar of Shared value and domestic prosperity. In this regard (and noting the importance of environmental sustainability for post-closure) we are pursuing opportunities for natural capital markets. By this we mean investing in nature, such that it returns sustainable value to local communities who remain incentivised to continue investing in it. We have also developed a pyramid of positive change model to operationalise our intent and enable superior shared value. The model provides a structured approach to achieving excellence across critical areas. At a foundational level it is about meeting compliance and being a good corporate citizen. To create shared value and stakeholder impact at the top tier of the pyramid, it requires purposeful action to innovate, partner and engage stakeholders, embed sustainability considerations into decision making and influence industry transformation for sustainability practices. (See Social, Ethics and Sustainability Committee, Chairman’s report, page 104). Employee volunteerism Our employee volunteerism scheme matches employee donations in time and money to worthy causes, with funds from the Group. In 2024, a total of R323 093 was donated by employees and Sibanye- Stillwater, this in addition to the Group’s seed fund of a R1 million. Furthermore, employees contributed 13,757 minutes in volunteering time to assist communities. The various worthy causes that we support include mitigation of gender-based violence and femicide (GBVF) and support of early- childhood development. Sibanye Foundation The Sibanye Foundation, a non-profit company (NPC), set up to augment the Group’s contribution to societal programmes, is premised on an equivalent of 1.5% contribution of dividends declared to shareholders. As at the end of 2024, the fund had financial reserves of approximately R197 million. In 2024, the Sibanye Foundation approved R32 million (US$1,7 million) for social, environmental and cultural programmes in line with its Memorandum of Incorporation. The Sibanye Foundation is managed by a board of directors and its affairs managed by’ William Radcliffe, as its independent administrator. SA region In partnership with the Gift of the Givers and Breadline Africa, the Sibanye Foundation delivered programmes in the areas of health, education and sanitation. Additionally the Sibanye Foundation successfully delivered programmes in skills development and infrastructure. R32 million was invested in: • Renovation of Boitekong clinic in Rustenburg • Provision of water, sanitation and hygiene services in various schools in Dipaleseng local municipality • Construction of multi-purpose sports facilities in various schools in Rustenburg, Merafong, Matjhabeng, Masilonyana and Dipaleseng local municipalities • Donation of 50 laptops to Mbulelo primary school In partnership with the Thabo Makgoba Foundation and the Breadline Africa NPC, the Sibanye Foundation also delivered water, sanitation and hygiene services at the St Marks schools in Limpopo and Ngqanda school in Eastern Cape. US region The Sibanye Foundation approved funding to several projects in Montana, reflecting our commitment to health, wellbeing and education. The donations are ringfenced for: • R18,950 (US$1,038) for the Columbus Mental Healthcare Centre to support community activities • R379,000 (US$20,779) for the Family Tree Nurturing Centre in Billings to address gender-based violence, child abuse and neglect • R113,700 (US$6,234) for the Red Lodge City for safety vests, food and clothing • R189,500 (U$10,389) for the Yellowstone Art Museum to promote Native American art • R284,250 (US$15,584) for the Rocky Mountain College to train future conservation stewards and to monitor changes on the Yellowstone River The disbursement of funds to beneficiaries will be concluded in H1 2025. SA region: Mining Charter and Social and labour plans (SLPs) The Mining Charter, a policy established under the Mineral and Petroleum Resources Development Act (MPRDA) of 2002, sets transformation targets for the South African mining industry. It aligns with the Broad-Based Black Economic Empowerment (B-BBEE) Act 53 of 2003, which provides a broader framework for socioeconomic transformation. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 157

SLPs serve as legal instruments used by the DMPR to manage the socioeconomic obligations of mining rights holders. In drawing up the SLP, a mining company is obliged to consult with relevant local communities, complete a needs analysis, and it must align its plans with the relevant SA Municipal Integrated Development Plans and to the National Development Plan. Once the DMPR approves the application, then the SLP becomes a legally-binding commitment with a five-year lifecycle. From the perspective of socioeconomic spend, SLPs are concerned with the following categories: • Local economic development projects • Human resources development (employees and communities) • Housing and living conditions (for employees) • Management of downscaling and retrenchment (provision of alternative skills training) • Procurement, enterprise and supplier development In terms of mine community development of the SLP, there is a portfolio of 153 LED projects at our SA region operations, 112 have been completed, 26 are in progress and 15 have not started. In addition, there are 34 projects that are awaiting DMPR approval To ensure transparency, the approved SLPs are translated into dominant spoken local languages e.g Setswana and isiXhosa and Sesotho. The approved SLPs are shared with stakeholders by posting them on the Sibanye-Stillwater website. See www.sibanyestillwater.com/sustainability/community/ and Social and labour plans: Summary of projects in South Africa fact sheet. Consultation process We follow a broad-based engagement approach that includes segments of communities (women, youth, traditional leaders, NGOs, and vulnerable people such as women and people living with disabilities). Our community engagement forums are multi- disciplinary. Stakeholders have been mapped and profiled. Community leaders are elected representatives and form part of Municipal councils. As elected representatives they form part of Sibanye-Stillwater’s community structure that meets every quarter through the quarterly community engagement forums. Traditional leaders are engaged through the traditional council structures. New projects must be accompanied by a portfolio of evidence in respect to stakeholder engagements and socioeconomic baseline analysis of local areas to ensure that we keep all relevant parties updated on how projects are developed. We identify and engage with key external stakeholders on sustainable development issues in an open and transparent manner. Through our open-door policy any member of the community can contact a representative of the Group, ask for support/advice, or request information in line with POPI Act. They can also engage the company in person, via email or telephone or at our quarterly community engagement forums, broad-based community forums which includes the vulnerable groups; NGO dialogues, as well as other ad hoc engagement platforms. We also participate in the Courageous Conversation, an inter-sectoral dialogue and action on the future of mining in South Africa. We use the following criteria to identify, and assess community stakeholders: • Interest • Level of influence • Expectations of engagement with Sibanye-Stillwater • Dependence on Sibanye-Stillwater • Shareholder value for Sibanye-Stillwater of engaging with specific stakeholders US region The Good Neighbor Agreement (GNA) with three local organisations, the Northern Plains Resource Council, the Stillwater Protective Association, and the Cottonwood Resource Council contractually binds Sibanye-Stillwater to certain responsible mining commitments. Montana’s Hard-Rock Mining Impact Act (HRMIA 1981) ensures that large-scale mineral developments do not burden local taxpayers. Social upliftment is part of the US and Montana regulatory structures and is included in permitting requirements and tax structures. Every ounce of metal we produce provides specific financial benefits to local counties. For further information, see The Good Neighbor Agreement fact sheet at www.sibanyestillwater.com/news-investors/reports/annual/ AUS region: Gulf Communities Agreement Century operations is a party to the Gulf Communities Agreement (GCA). This “native title agreement” was established in 1997 in connection with the grant of the mining leases at Century operations and contains the benefits that are shared with the traditional owners of the lands impacted by the mining operations. Reaching agreement in the spirit of commitment, cooperation, mutual benefit and respect for each other’s rights and interests. The GCA sets out several goals which are inclusive of maintaining aboriginal sites and cultural heritage and overall community welfare and social improvements. The GCA includes a requirement for the establishment of the Aboriginal Development Benefits Trust. The trust receives funding from Century operations to enhance Aboriginal economic development in the Gulf Communities. EU region: Public consultation for new industrial projects In Europe, the environmental permitting application process of most of mining and industrial projects typically includes an important phase of public consultation. Local stakeholders are asked to provide opinion, and their feedback plays an important part in determining the nature of the permit. Sandouville and Keliber have successfully completed this process. SA REGION: B-BBEE VERIFICATION –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Broad-Based Black Economic Empowerments (B-BBEE) is a South African government initiative to grow black involvement in business. B-BBEE credentials are assessed according to a scorecard made up of five criteria: ownership, management control, skills development, enterprise and supplier development, and socioeconomic development. Over the past few years Sibanye-Stillwater has steadily improved its B-BBEE score, from level 8 in 2021, to level 4 (achievement of 80.44 against the various weighted elements of 120). OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 158

B-BBEE scorecard* Element Points 2024 scoring based on 2023 data 2023 scoring based on 2022 data Movement Ownership 25 23.48 19 4.48 Management control 19 8.32 10.17 -1.85 Skills development 20+5 bonus points 10.43 10.17 0.26 Procurement 27+2 bonus points 25.94 25.95 0.01 Supplier development 10+1 bonus point 4 2.80+1 0.02 Enterprise development 5+1 bonus point 2.27+1 0.53+1 1.74 Socioeconomic development 5 5 5 Total 111+9 80.44 75.62 4.82 B-BBEE level 4 5 Discounting applied No Yes Recognised B-BBEE level 4 6 *Assessment was performed during 2024, based on 2023 information and data ACCOUNTABILITY, GOVERNANCE AND ASSURANCE GOVERNANCE ACCOUNTABILITY Board • Social, Ethics and Sustainability Committee • Audit Committee Executive Committee and C-suite • The Chief Sustainability Officer holds the Group accountable for social performance and reports to the CEO • Each region has an executive or VP position holding oversight responsibility for stakeholder relations and socioeconomic development programmes • Each region has an implementation structure for social commitments • Internal governance of SLPs is undertaken through multi-stakeholder forums at our mining operations • Sibanye Foundation with appointed trustees KEY POLICIES, PROCEDURES AND POSITION STATEMENT (list not exhaustive, only key policies listed) • Sustainability policy • Position statements on partnerships for development, heritage, land management, post-mining socioeconomic sustainability and closure, and on indigenous people and mining • Stakeholder engagement policy statement • Gifts, sponsorships and donations policy • Code of ethics See www.sibanyestillwater.com/about-us/ governance/ South Africa • Social performance toolkit • Complaints and grievance procedure United States • Complaints and grievance procedure • Good Neighbor Agreement Australia • Gulf Communities Agreement ASSURANCE AND REVIEWS (Tracking effectiveness) Group • External assurance on selected key sustainability performance indicators External audits are also performed against the requirements of Initiative for Responsible Mining Assurance (IRMA), International Council on Mining and Metals (ICMM) and World Gold Council (WGC) • In 2023, the SA and US regions, independent third-party human rights due diligence assessments were performed. The EU region completed the human rights self-assessment SA region • Several external agencies, DMPR, Human Rights Commission, conduct regulatory inspections on various regulatory elements • The social performance advisory committee (which includes external experts) reviews the implementation of the regional tactical plans OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 159

THE IMPACT OF OUR SOCIOECONOMIC INVESTMENT IN COUNTRIES OF OPERATIONS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– In 2024, the Group commissioned the Bureau of Business and Economic Research (BBER) of the University of Montana to assess the socioeconomic contributions of Sibanye-Stillwater‘s global footprint. The results from the report are based on the 2023 financial data and other economic inputs and were derived from the widely used IMPLAN (input-output model for planning) economic models. These are some of the highlights of our socioeconomic impact based on inputs from 2023 across all regions: 1 Using implied multipliers indirectly gleaned from the 2023 BBER study, an estimate of employment impacts and compensation based on 2024 data 2 “Tax impact” is the tax base created across the different economies as a result of our operations and other induced economic activities. The size/quantum of the tax impacts reflects the taxes paid directly by mining activities, but also taxes paid throughout the economy that are induced and indirectly supported by the economic flows from mining activity, i.e. the multiplier effect is also considered. Hence tax impacts are not equal to direct taxes (such as corporate tax, production tax, carbon tax, etc) To give context to the above, Group revenue in 2023 was R114 billion (US$6 billion). Hence in 2023, our direct, indirect and induced socioeconomic impact (R225.9 billion) was 2.8x our Group revenue, with the ratio differing somewhat among regions: for the US region, it was: 3.5x revenue for 2023; for SA region: 2.5x, for the Australia region: 2.1x; and for the European region, 2.9x. The study illustrates that socioeconomic contributions by the Group are the result of spending on labour, vendors, suppliers, and taxes. These contributions supplement jobs, compensation, economic output, and tax payments directly connected to mining operations, demonstrating how the benefit from mining positively influences the overall economy. Economic flows generated by the Group are received by workers, businesses, and governments, who then reinvest part of this income in the broader economy, fostering additional job creation and business growth. This secondary spending generates demand for other goods and services, propelling further economic activities and creating new spending cycles. Notably, increased production and income taxes from our operations contribute to empowering governments to pursue societal and developmental priorities, including healthcare, poverty eradication, education, water and sanitation, transport, environmental initiatives, and the promotion of sustainable and inclusive economic growth. (See Group impact supplement, www.sibanyestillwater.com/news-investors/reports/annual/) OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 160 SA region: Strategic intent and roadmap Employment impact: 147,000 jobs supported, including 82,788 of our own employees and contractors Employment impacts for the Group 20241: 137,146 jobs supported (including 72,423 of our own employees and contractors) Economic impact (money dispersed into the economies of ecosystems where we operate): R225.9 billion (US$12 billion) Compensation impact (employee salaries and wages attributable to our operations): R61.3 billion (US$3.2 billion) Compensation impacts for the Group 20241: R57.8 billion/ US$3.2 billion Tax impact (total tax base inclusive of direct and indirect paid throughout economies where we operate: R27 billion2 (US$1.4 billion) Direct taxes (corporate, royalties, carbon) paid in 2024: R1.963 billion (US$0.107 billion)

PERFORMANCE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– SA region Facilitating sustainable post-mining economies One of our most important challenges is to contribute to a sustainable local economy after mines have closed. This involves helping to diversify the economies of mining towns, such that they can thrive post-mining. Sibanye-Stillwater’s restructuring and the closure of shafts and certain plants will impact SA region local communities. In response, since 2023, the Group’s economic programmes created 1,725 alternative jobs (permanent and temporary), offering economic alternatives for those impacted by closure. These jobs were created through projects such as the Beatrix circular economy and nature- based solutions, the Beatrix digital and non-digital entrepreneurship development project and the Marikana agri-hub and enterprise development hub, to name but some of the job-creation projects. 1a Collaboration and partnerships Our operations contribute significantly to local economic development and support institutional capacity in delivering basic services. In late 2023, we signed an MOU with the Department of Cooperative Governance and Traditional Affairs (COGTA) to work together to strengthen local government, so that it can more effectively deliver on its constitutional mandate of economic and social development. In partnership with Wits Business school, ShakesShem and COGTA we have launched a leadership development programme for Traditional Authorities residing near our operations and those who we lease land from. We invested R2 million in the programme, the goals of which include improved governance, trust building, improved financial management and administration, and the promotion of economic opportunities. Twenty traditional leaders completed the module on corporate governance. See Our impact report 2024. Leveraging land for impact A part of our commitment to socioeconomic development and environmental stewardship, we protect the land around our mining operations. We prioritise land heritage and biodiversity management and actively promote concurrent rehabilitation. Our strategy creates lasting value, facilitating a just transition to a post-mining economy. This includes supporting sustainable human settlements and driving economic development and growth. We manage land effectively through strategic allocations, rehabilitation efforts to reduce our footprint, proactive protection against land claims or invasions, and fostering economic development from subsistence to commercial initiatives. See also the Group impact supplement, www.sibanyestillwater.com/ news-investors/reports/annual/ Land strategy We have three workstream pillars for managing Sibanye-Stillwater land: mining, socioeconomic, housing and land. Mining: This includes land that is being used for mining-related activities and infrastructure and/or earmarked for future mining projects. For this land actions include reservation, zoning rehabilitation, footprint reduction and mine closures. Socioeconomic: This land is earmarked for socioeconomic development projects, including commercial agricultural projects to create alternative employment opportunities and to diversify regional economies. Actions include the freeing up of land for business purposes. Housing and land: This land has been earmarked specifically for integrated human settlements, which usually involve partnership between Government and the private sector. Land in this pillar is also made available for LED projects, agri-industry, social facilities and agriculture. Our process for implementing the strategy is as follows: 1. Identify and secure economically viable land parcels 2. Identify opportunities and partners, secure funding and markets 3. Develop skills to support opportunities 4. Create social value for the vulnerable All projects are dedicated to meeting one or both sustainability pillars of modern mining towns and sustainable environment. A land NPC has been established to partner with investors and communities to unlock the potential of the land and unused infrastructure for economic benefit. Land sales/donations/long-term lease projects West Rand Special Economic Zone (WRSEZ) The WRSEZ features the relocation and expansion of the Busmark factory into an industrial hub in Westonaria, which will enhance local manufacturing capacity using local labour and materials. Additionally, as part of the WRSEZ, we are launching an Agriculture cluster project that will develop a small livestock breeding scheme and feedlot, alongside ventures such as a snail abattoir, water purification plant and an aquaculture system. The WRSEZ supports the sustainability pillars of modern mining towns and a sustainable environment. It is being done in collaboration with the Gauteng Provincial Government and with private sector players. It aims to create jobs, enhance downstream value addition, and promote regional economic diversification. UNISA Experimental farm The UNISA Experimental Farm (also known as the UNISA College of Agriculture and Environmental Sciences for research and training) focuses on skills development to enhance the agricultural economy. This farm will serve as a practical training ground for students, offering hands-on farming experience. Additionally, it will provide training for ex-mine workers and bursaries for community students involved in the programme. The project will support our sustainability pillar of building modern mining towns, presenting opportunities for workforce development and community engagement while addressing challenges in transitioning from mining to agriculture. Merafong/GIFA Solar PV project The Merafong/GIFA Solar PV project is a collaborative effort to develop a solar photovoltaic cluster at our Driefontein operations, in partnership with the Gauteng Infrastructure Finance Agency (GIFA) and the Far West Rand Dolomitic Water Association. This initiative aims to support green economic growth in the solar power sector, aligning with the Gauteng Energy Security Strategy and the Green Strategic Programme, and has a potential capacity of 1,034MW. Focusing on sustainability, this project offers substantial opportunities for job creation and regional economic diversification, while helping to address the ongoing energy crisis. GIFA Agricultural Hub The GIFA Agricultural Hub focuses on both intensive and extensive agriculture, producing high-value crops such as vegetables, grains, and livestock while also engaging in animal husbandry through concentrated animal feeding operations for feedlot, dairy, chickens, and piggeries. The hub emphasises agro-processing for converting agricultural products into food and other goods, alongside land rehabilitation to restore areas degraded by mining. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 161

Land donation/long-term lease projects We have various other projects in the pipeline to work with partners in leveraging our land for impact. We have identified land around our Beatrix operations for a Beatrix animal husbandry project. We have identified the livestock owners who will benefit from the project and service providers to support it. In Bojanala and West Rand we are providing land for livestock management. Also, in Bojanala we are establishing an SEZ. We have a Cenotaph development and preservation project which aims to create jobs for people to preserve historical monuments and graves of World War II veterans. Near our Burnstone project we are establishing a farmer outgrower scheme comprising a rural smallholder farmer outreach and capacity building scheme within the Dipaleseng Local Municipality. All the above is in addition to ongoing land donations/long-term lease projects such as the Marikana Agri-hub, the Marikana Safe hub, and the Welkom Agri-hub. See case studies shared in the Impact supplement 2024 www.sibanyestillwater.com/news-investors/ reports/annual/ Land made available for socioeconomic projects Sibanye-Stillwater has made considerable amounts of land available for projects that boost socioeconomic development around our operations. West Rand post-mining socioeconomic projects: • UNISA Agricultural and Training Academy: 1,004ha • West Rand SEZ Agri-industrial Cluster: 1,657ha • West Rand SEZ Manufacturing Hub: 80ha • Caelum Agricultural Development Hub: 900ha • GIFA Agricultural Development Hub: 677ha • Merafong GIFA Solar PV Cluster: 1,348ha • Harmony Mponeng Solar PV: 618ha • Pan Africa Resources and Mogale Tailings Retreatment Solar PV Development: 150ha North-West post-mining socioeconomic projects: • Bojanala SEZ: 739ha • Marikana Agri-hub: 16ha • Marikana Safe-Hub: 8.54ha Free State post-mining socioeconomic projects: • Welkom Agri-Hub: 0.24ha • Beatrix Animal Husbandry Project: 2,500ha • Burnstone Outgrower Project: 89ha Marikana Renewal Since 2019, Sibanye-Stillwater has progressed the Marikana renewal process (inspired by the themes honour, engage and create). As part of Marikana Renewal’s honouring process, the Sixteen-Eight Memorial Trust funds the educational needs of dependents of those who died. In 2024, donated R14m to the Sixteen-Eight Memorial Trust. To date R90.1 million has been spent by the trust, which supports 155 beneficiaries, three of whom have completed tertiary education, with 41 that are studying at a tertiary institution and two having joined the company as interns in a work experience programme and three employed by the Group. See, https:// www.renewalprogramme.co.za/honour/sixteen-eight-memorial- trust/ Also as part of the honouring, our caring for widows and families programme has provided houses for widows and families who had not yet benefitted from the AMCU Trust; 15 of the 16 homes we committed to building have been handed over to the families. An additional two homes are being built to accommodate families in polygamous arrangements. As part of the engage process, the Group is supported by ReimagineSA (a non-profit organisation that facilitates meaningful engagements among South Africans). Their Letsema engagement process encourages collaboration and understanding to the benefit of all involved. For a full appraisal of the Marikana Renewal programme, see https://www.renewalprogramme.co.za/ 2.4, 4.4 and 17.17 Regarding the Group’s socioeconomic commitments to Marikana, in 2024 BASF (a German chemicals company with a large multinational footprint) facilitated a meeting between Sibanye-Stillwater and civil society and human rights groups from Germany and South Africa. BASF facilitated the session as they are connected to all the stakeholder groups. It was a platform to find common ground and create context with the role players, with the aim to ensure transparency on issues of mutual interest around human rights, at unlocking impasses between stakeholders around the Marikana community, and addressing environmental issues. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 162 Beatrix, SA gold operations

OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 163 Sibanye Foundation enhances community sports facilities In 2024, the Sibanye Foundation, in partnership with Gift of the Givers, inaugurated state-of-the-art astroturf multi-purpose sports facilities at schools in the North-West, Gauteng, Free State, and Mpumalanga provinces. These facilities, designed for netball, volleyball, soccer, and basketball, promote physical activity and foster community growth. Beneficiary schools include Mbulelo and Retlile primary schools in Merafong, Tekoloho and Mlamlankunzi primary schools in Dipaleseng, Mfidikwe and Ramochana primary schools in Rustenburg, and Lebogang and Bahale primary schools in Matjhabeng, Free State. In addition, 50 laptops were donated to Mbulelo primary school to enhance learning for both students and educators. Lerato Legong, Board of Director of the Sibanye Foundation, stated, "The Foundation recognises the disparities in educational and sporting facilities and is committed to addressing these gaps. By investing in holistic education that includes sport, we aim to empower learners to thrive in all areas of life." Nonduduzo Mnikathi from Gift of the Givers added, "These facilities nurture both body and mind, helping learners reach their full potential. We are grateful to our partners for making this vision a reality."

PROJECT SPEND AND IMPLEMENTATION ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– In 2024, we spent R2.4 billion on our SLPs (2023: R2.2 billion). In 2024, for the SA region, we spent R375 million on socioeconomic development (R605 million in 2023). See Social and labour plans: Summary of projects in South Africa fact sheet. SA region: SLP spend 2024 (R million) 2024 2023 Total Gold PGMs Total Gold PGMs Local economic development projects 36.4 12.5 23.9 59.6 26.3 33.3 Human resource development – communities 109.3 36.8 72.5 143.5 50.3 93.2 Human resource development – employees1 894.0 349.3 544.7 901.6 413.3 488.3 Housing and living conditions expenditure1 1,356.9 757.0 599.9 1,089.8 720.6 369.2 Management of downscaling and retrenchments (provision of alternative skills training) 24.7 8.4 16.2 7.5 7.5 0.0 Total SA SLP spend 2,421.3 1,164.0 1,257.3 2,201.9 1,218.0 983.9 1 Excluded from the updated definition from the SED expenditure SA region: Socioeconomic development (SED) expenditure (R million) 2024 2023 2022 Total Gold PGMs Total Gold PGMs Total Gold PGMs Local economic development projects1 36.4 12.5 23.9 59.6 26.3 33.3 122.4 49.9 72.5 Human resource development Communities1 109.3 36.8 72.5 143.5 50.3 93.2 130.9 54.9 76.0 Health 32.4 13.3 19.2 45.7 18.0 27.7 21.1 17.6 3.5 Education 37.5 13.8 23.8 37.3 11.2 26.1 28.3 2.4 25.9 Sport 28.5 12.4 16.1 22.2 12.8 9.5 12.9 9.6 3.3 Conservation and environment 7.9 — 7.9 8.4 2.0 6.4 6.6 — 6.6 Donations and charitable gifts 79.4 5.8 73.5 273.5 11.4 262.1 34.1 10.1 24.0 Community development 43.2 6.0 37.2 15.3 — 15.3 6.2 1.8 4.4 Total SED 374.5 100.4 274.1 605.4 132.0 473.5 362.4 146.2 216.2 1 Line item also included in the SLP definition -HRD for socioeconomic development (SED) spend excludes HRD for employees Corporate social responsibility in 2024 (R million)1 Group 1US region EU region AUS region 2 SA region Gold PGMs 2024 233.0 3.6 0.4 0.2 228.8 51.2 177.7 2023 409.8 6.5 0.9 402.4 55.4 347.0 2022 115.7 6.3 109.2 41.4 67.7 1 The annual CSR investment by the US region is over and above the social spend by the US government enabled by taxes paid. Exchange rates used to convert US PGM expenditure per year in 2024 is R18.32/US$ is (R18.42/US$ in 2023). For EU region exchange rate used to convert to rand is R19.82/€ (2023: R19.94/€). For the Australian region exchange rate used to convert to rand is R12.09/A$ 2 CSR investment for the SA operations is included in the socioeconomic development table above 1.1,2.1,2.2,4.2 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 164

COMMUNITY TRUSTS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Our B-BBEE ownership structure for Marikana includes a 0.9% stake for the Lonplats Marikana Community Development Trust (MCT) and a 0.9% stake for the Bapo Ba Mogale LED Trust. With the acquisition of the Rustenburg operations in 2016, Sibanye- Stillwater concluded a 26% B-BBEE transaction. In terms of this transaction, 26% of the Rustenburg entity is held jointly (at the following share values) by the Sibanye Rustenburg Mines Community Development (SRMCD) Trust (24.8%), the Rustenburg Mine Employees Trust (30.4%), Bakgatla-ba-Kgafela Investment Holdings (24.8%), and Siyanda Resources (20%). Five Sibanye-Stillwater trusts in the SA region benefit our local communities, namely: 1) Sibanye Rustenburg Mine Community Development (SRMCD) Trust; 2) Lonplats Marikana Trust; 3) Kroondal Trust; 4) Bapo Ba Mogale LED Trust; and 5) Sibanye Foundation. In 2024, dividends to the value of R293,554,098 were paid out to the SRMCD Trust and the Sibanye Rustenburg Mine Employees Trust. The SRMCD Trust carries out public benefit programmes for communities adjacent to our mines. In Marikana in 2024, dividends to the value of R14,174,780 were paid out to the Bapo Ba Mogale LED Trust, Lonplats Marikana Community Development Trust and Lonplats Employee Share Ownership Trust. These trusts play a key role in community upliftment through offering bursaries to local learners and support for small business development, agriculture, early childhood development, health, crime prevention and GBVF prevention. 1.1a, 2.1, 2.2, 4.2, 8.6 Corporate social investment (CSI) and sponsorships We run CSI programmes focusing on vulnerable people, education, youth development, health, sports, and food security. These projects are funded by various budgets, including operational funds. In 2024, we invested R233.0 million in CSI programmes (2023: R409.8 million). The investment benefited municipalities, educational institutions, healthcare facilities, community development, and NPOs (e.g. faith- based organisations, schools, ECD organisations). See the Impact report for further detail on impacts and benefits created. For the SA region we include CSI as part of socioeconomic development, but not as part of our SLPs; for the US region CSI spend is over and above the social spend mandated by taxation. The AUS region expenditure relating only to the Gulf Communities Agreement. Of the R228.82 million CSI spend for the SA region, approximately R79.36 million was allocated to charitable donations and sponsorships. CSI initiatives in the SA region had a significant positive impact on communities: • Education and training: benefitted approximately 27,000 learners, 58 early childhood practitioners, and over 450,000 community members. Projects include equipping 28 schools with Wi-Fi connections, training educators, building a school hall, and various renovations to upgrade maths and science laboratories • Community development: benefited over 500,000 community members through road maintenance, capacity building, and civic and business centre upgrades • Healthcare: supported 14 churches and approximately 90,000 community members through water and sanitation upgrades and providing GBV toolkits and pods • Sport, art and culture: benefitted about 3,000 learners and club members through the building of sport facilities and supplying of resources to sports clubs • Conservation and environment: 27 schools benefitted through the planting of trees and the painting of ECD centres In terms of sponsorships and donations, the following initiatives benefitted from Sibanye-Stillwater investment: • R30.5 million towards adapting homes for employees with spinal cord injuries • R7.4 million to the Minerals Education Trust Fund (METF) to support university staff • R25 million towards the Wits Innovation Bridge • R14 million towards the SixteenEight Memorial Trust • R12.1 million towards supporting the enhancement of maths and science learning and education outcomes as schools US region Through our compliance to Montana’s Hard Rock Mining Impact Act (HRMIA) we meet infrastructure needs for schools and other public services. Our CSI initiatives include the Community Giving Team, led by charitable employees dedicated to helping those in the surrounding community. In 2024, CSI initiatives in the US region provided US$198,500 (US$400,000 in 2023) to support local non-profit organisations. In 2024, Reldan actively engaged employees in initiatives to give back to our local community. We planted trees, donated clothing, provided food to local food pantries, supported children in need around the holidays, and donated about US$15,000 to various other local charities. US region: Social activities and related expenditure (US$) 2024 2023 2022 Community projects (49%) 96,300 192,000 141,010 Education (37%) 73,500 108,650 143,740 Emergency and rural healthcare services (7%) 13,900 60,800 81,500 Environmental stewardship (7%) 14,800 38,550 21,750 Total 198,500 400,000 388,000 US local procurement expenditure1 Total procurement (US$m) Local procurement spend (US$m) % of local procurement 2024 370 224 61 2023 555 256 46 2022 459 212 0.46 1 Local procurement spend reflects the state of Montana EU region: social activities and related expenditure (€) EU region 2024 Sandouville Keliber Community projects 17,723 3,626 14,097 EU region: local procurement1 Total procurement (€m) Local procurement spend (€m) % local procurement Sandouville 147 36 24.5 Keliber 311 302 97 1 Local procurement spend is reflecting spent within the European union OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 165

AUSTRALIAN REGION –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Social operating context and stakeholder engagement Century operations The Gulf Communities Agreement (GCA) provides for the establishment of community and stakeholder engagement forums to address matters of concern to the Traditional Owners of the lands and waters impacted by Century operations. The GCA establishes community and stakeholder forums to address concerns of the Traditional owners of the lands and waters impacted by Century operations. The agreement, which includes the Waanyi, Mingginda and Ghuthaarn & Kukatji Native Title Groups, along with Century operations and the State of Queensland, serves as a framework for sharing benefits and opportunities through a comprehensive land- use agreement. To ensure meaningful engagement, Century operations facilitate and participates in structured consultation and decision-making processes with local communities. These engagements include formal committees focused on environmental management, employment and training and broader community development. In 2024, Century operations facilitated and participated in the following formal engagements with the stakeholders in the lower gulf communities: • Aboriginal Development Benefits Trust (six meetings) • Century Environmental Committee (three meetings) • Century Employment and Training Committee (three meetings) • Century Liaison and Advisory Committee (one meeting) Beyond these formal engagements, Century operations maintain regular informal and semi-formal contact with other community stakeholder groups including the Burke and Carpentaria Shire Councils, local landowners, State and Federal Members of Parliament, the Queensland Government and other interested stakeholders from the lower Gulf of Carpentaria. These engagements foster ongoing dialogue to address any concerns of Indigenous groups and other stakeholders in an appropriate manner; there were no reported incidents of violations. To support safe and equitable gender participation, Century operations actively promote inclusive employment practices and capacity building programmes. Training and employment programmes are developed in collaboration with Indigenous groups. AUS region: Gulf Communities agreement (A$m) Century Employment and training programmes for indigenous communities 2.1 Environmental activities and engagement with indigenous communities 0.1 Economic development initiatives with indigenous communities 1.6 Land-based compensation payments to indigenous communities 1.0 Administrative payment for implementing the Gulf communities agreement 0.2 Total (A$m) 4.9 AUS region: Local procurement (A$m) Total procurement (A$m) Local procurement spend (A$m) % local procurement Total AUS region 365.2 170.7 46.7 PROCUREMENT, ENTERPRISE AND SUPPLIER DEVELOPMENT –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Through the purchase of goods and services we have an opportunity to include marginalised people into the mainstream economy and to promote socioeconomic development. Procurement is managed at a local level, as we seek to procure as much as possible from doorstep communities This improves resilience (aligning with our strategic differentiator to build pandemic-resilient ecosystems) and in the SA region gives effect to our Mining Charter commitments. SA region In South Africa, the Mining Charter requires mining companies to leverage procurement in the interests of promoting businesses owned and run by HDPs (historically disadvantaged persons), women, and youth. With the gazetting of the third iteration of the Mining Charter in September 2018, the procurement targets, particularly as they relate to goods and services spend with women- and youth-owned companies, were considerably revised. The targets are to be achieved over a five-year period for mining goods and within a two- year period for services rendered. (Noting, as previously stated, that the Mining Charter is policy and not legislation.) The five-year transitional targets include: • A minimum of 70% of mining goods procurement must be spent on South African manufactured goods, of which 70% shall be allocated as follows: – 21% allocated to South African manufactured goods produced by HDP-owned companies – 5% allocated to women or youth-owned companies – 44% on B-BBEE-compliant companies • A minimum of 80% of services rendered must be spent by sourcing from South African-based suppliers, of which 80% shall be allocated as follows: – 50% spent on services supplied by HDP-owned companies – 15% spent on services supplied by women-owned companies – 5% spent on youth-owned companies – 10% spent on B-BBEE-compliant companies The SA region has met or surpassed the Mining Charter targets for procurement categories (mining goods, mining services, research & development, and sample analysis). Most operations/mining rights have performed well in procuring mining goods from HDP-owned, women-owned, and B-BBEE-compliant businesses. However, improvement is needed for certain operations. To address noncompliance and gaps, in 2024 we launched enterprise supplier development (ESD) programmes to develop black women-owned and black youth-owned suppliers. This includes incubating potential suppliers and ring-fencing certain commodities to prioritise historically disadvantaged South Africans. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 166

Coupa business spend management platform We use Coupa (a software platform) to help manage procurement and business spend. Using Amazon Web Services (AWS) (which has AI functionality) we have enhanced our processes with automation. Total discretionary procurement (Rm)1 B-BBEE procurement spend (Rm)2 % of B-BBEE procurement 2024 R28,677 R22,153 77 2023 R32,742 R25,018 76 2022 R28,373 R21,415 75 2021 R23,496 R16,442 70 (B-BBEE) Broad-Based Black Economic Empowerment, is a policy framework designed to address historical economic inequalities and promote the economic participation of black South Africans (HDP) - Historically disadvantaged person’’ means—(a) any person, category of persons or community, disadvantaged by unfair discrimination before the Constitution took effect;(b) any association, a majority of whose members are persons contemplated in(c) any juristic person other than an association, in which persons contemplated in paragraph (a) own and control a majority of the issued capital or members’ 1 Discretionary procurement expenditure - total procurement expenditure less non-discretionary procurement expenditure (expenditure that cannot be influenced by a mining company, such as procurement from the public sector and public enterprises) 2 Discretionary procurement spend to suppliers that are more than 25% owned by Historically Disadvantaged Persons (HDP) and who held a valid broad based black economic empowerment (B-BBEE) certificate / affidavit at any time during the reporting period There was a decrease in the discretionary spend and B-BBEE procurement expenditure from 2023, but the B-BBEE percentage increased from 76% to 77%. SA region: Discretionary B-BBEE procurement1 (%) 2024 2023 Total Mining Goods Spend Total Services Spend Valid Mining Goods Spend Valid Services Spend Mining goods Services Mining goods Services R'm R'm R'm R'm Target 70 % Target 80% Target 70 % Target 80% Gold Beatrix 496 735 366 490 74 67 76 52 Cooke 1, 2 and 3 315 338 168 196 53 58 48 68 Cooke 4 241 335 169 246 70 74 76 85 Driefontein 914 1151 716 772 78 67 77 55 Kloof 806 969 620 716 77 74 73 65 PGM Kroondal 800 1,994 668 1,464 83 73 83 88 Rustenburg 2,133 3,764 1,717 3,182 80 85 79 82 Marikana 2,182 4,054 1,677 2,925 77 72 75 65 Total 7,887 13,340 6,102 9,991 77 75 76 72 1 The Mining Charter’s procurement targets apply to procurement that “excludes non-discretionary procurement expenditure” – this excludes expenditure that cannot be influenced, such as procurement from the public sector and state enterprises. Procurement targets therefore apply to discretionary expenditure over which Sibanye-Stillwater has influence SA region: Total empowerment spend We have increased our procurement from black-owned businesses, which now constitutes 58% of the total discretionary procurement. 2024 2023 HDP (historically disadvantaged person) businesses R million % of total spend R million % of total spend Black-owned1 16,641 58 16,411 50 Women-owned2 7,288 25 7,754 24 1 Black ownership 51% and greater 2 Women ownership 30% and greater OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 167

Supplier development Sibanye-Stillwater is making significant strides in its supplier development programme. Our database includes some 811 local community suppliers1, helping to ease these entrepreneurs and small companies into our procurement process and encourage the growth of micro, small and medium-sized enterprises (SMMEs). We also offer support (e.g. onboarding, funding, training, better payment terms, admin assistance) for our community companies and a total of R3.38 billion (16.90% of our discretionary procurement) of the procurement budget was spent through our local community suppliers and local JVs (R3.67 billion in 2023). Despite facing ongoing logistics challenges post-COVID, Sibanye- Stillwater is focused on enhancing supplier relationship management and leveraging technologies like Coupa and AWS to improve procurement processes and data reporting. These efforts reflect a strong commitment to community upliftment and sustainable supplier practices. 1 Refers to a supplier from a community within a local, district, metropolitan municipality or traditional authority adjacent to the mining area, as defined in the MPRDA 9.3 Solar entrepreneurs One of our programmes involves training suppliers in solar installations. We trained 91 participants in 2024 in domestic-scale solar. We identified small operators that were already involved in electrical installations, giving them the wherewithal to expand their offering to include solar. Many of them are now benefiting from the added skills, and in the coming year we will work with a smaller group of these suppliers to give them the skills to do industrial solar installations. We also make use of these suppliers, should we need solar installations for our own projects. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 168 • Project manager appointed to review non-compliant suppliers with the commodity team and supplier development • Identify contract for inclusive procurement from non-compliant suppliers • Update/Validate our local community supplier with missing information/old information • Confirm the existing community suppliers’ capacity • Support community supplier through the supplier development programme • Local community spend of R3,38bn, 16.90% of our discretionary spend, 811 suppliers • Ring-fenced commodities for our communities • Identify any local community supplier gaps • Engage enterprise development to assist with the gaps • Business acceleration programme – training for community supplier individuals • Utilise our suppliers to train/incubate our community entrepreneurs, align with inclusive procurement • Sibanye-Stillwater funding programme – R87 million approved loans • Supply chain fund – R68 million (318 approved loans) • CEO fund – R19 million (80 approved loans) • Overall jobs created – 2 282 • Identify further opportunities • Review suppliers across different operations • Tender opportunities identified to increase spend

Supply chain and CEO Enterprise Development Fund Supplier development fund - objective is to fund SMME suppliers that have been awarded an order or contract at any of the Sibanye- Stillwater operations. The fund provides loans to applicants against a purchase order from Sibanye-Stillwater operations and are agreeable to signing a cession on the order or contract to Sibanye-Stillwater. CEO Enterprise development fund - utilised for grants or loans for the purchase of assets and related transactions for identified SMME suppliers at the various Sibanye-Stillwater operations as well as other emerging community suppliers within our different mining areas. We work with Phakamani, a company that specialises in enterprise and supplier development (ESD), to offer coaching, assessments and support in a range of areas, including funding, and skills development. In 2024, we facilitated 398 loans, which created 2,282 jobs, supporting 160 women entrepreneurs and 193 youth entrepreneurs, totalling R87 million (2023: 422 loans totalling R102 million). 2024 Supply Chain Fund CEO Fund Total Loan target 100 10 110 Number of loans approved 318 80 398 Funds approved by investment committee (R million) R68 R19 R87 Number of jobs created & sustained 2,015 267 2,282 Number of SMMEs supported 113 74 187 Female entrepreneurs supported 123 37 160 Youth entrepreneurs supported 150 43 193 *Number of companies being mentored (in total) 46 — 46 Enterprise development transactions 23 60 83 Total funds disbursed (Sibanye-Stillwater and IDF) (R million) R61 R13 R74 Fund recovered (2024 transactions) (R million) R44 R9 R53 Fund recovered (total for Sibanye-Stillwater) (R million) R388 R298 R686 Recovery rate 84.8 % 9.3 ESD programmes and skills development During 2024, 519 individuals received business training through Phakamani, and there were also 50 individuals registered for NQF5 level accredited training. In addition to this, through our ED programmes 30 women-owned suppliers and 39 youth-owned suppliers were trained and mentored throughout 2024. See case studies in our Group impact supplement 2024, https://www.sibanyestillwater.com/news-investors/ reports/annual/ 2024 Generic management training enrolled (Qualification 59201 NQF5 accredited) 50 Skills development programmes: (Number of Individuals) 519 Microsoft MS-900 50 Health and safety 126 Marketing 105 Financial management 104 Project management 108 Workshops (building safety file) 26 Coupa training 44 ESD programmes: (Number of Suppliers) ED programmes (Woman suppliers) 30 ED programmes (Youth suppliers) 39 ED programmes (Solar individuals) 91 Suppliers participated in different training programmes 113 Individuals participated in different training programmes 660 Respecting peoples’ rights Human rights Our approach to human rights is best summed up in our iCARES values and in our Umdoni tree icon, whereby we play a vital role to enhance the lives of employees, communities and organised labour, among other stakeholders. Our Human rights policy statement is aligned to the ICMM, to the UN Global Compact, and to the WGC Responsible Mining Principles. Our Code of ethics has been updated to include human rights requirements. Our harassment procedure, anti-harassment guidelines, leave policy, Supplier code of conduct and disciplinary procedure are examples of other human rights-related procedures. These include provisions on harassment, bullying, discrimination, freedom of association, forced labour, modern slavery, human trafficking, and child labour, in alignment with UN SDG 8.7 (Eradicate forced labour, modern slavery, and human trafficking). 8.7 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 169

The oversight for human rights is the responsibility of the Social, Ethics and Sustainability Committee of the Board. Our learning management system has modules for ethics, fraud awareness, and human rights. Since the introduction of these modules through the KnowBe4 portal, 9,470 employees have been enrolled with 6,491 employees that have completed the ethics module. Further to this, in 2024, 71% (2023: 76%) employees received refresher training on our Code of ethics, Human rights policy, and on safety and health. In June 2024, we hosted a Sustainability Dialogue on “Embedding a culture of human rights inside and out”. The panel included representatives from the United Nations Working Group on Business and Human Rights, World Benchmarking Alliance, United Nations Global Compact and Concentric Alliance. The discussions centred around multinationals adapting and conforming to the transforming global business and human rights landscape such as mandatory human rights and environmental due diligence, protection of human rights defenders and integrating human rights due diligence across the business value chain. In October 2024, we participated in an ICMM-hosted training workshop held in Johannesburg, South Africa on the updated Human Rights Due Diligence guide. The two-day workshop provided insights on applying ongoing human rights due diligence for member companies to proactively assess actual and potential human rights impacts, act upon the findings, track responses and transparently communicate how impacts were addressed. In 2025, we will apply the train-the-trainer principle to socialise this to a wider regional audience. In November 2024, we hosted a thought-leadership session on indigenous peoples and mining. Speakers from Nelson Mandela University, as well Australian experts and advocates in Aboriginal heritage, addressed the event. They discussed the importance of acknowledging indigenous rights and examined the legal framework in South Africa designed to protect these rights. The Australian region is finalising the preparation of its 2024 Modern Slavery Statement, in accordance with the reporting requirements stipulated by Australia’s Modern Slavery Act. To ensure ongoing compliance with the Act, the Australian Region has established a Modern Slavery committee. Human rights due diligence (HRDD) The HRDD performed in 2023 followed the UN Guiding Principles on Business and Human rights. The 2023 HRDD included stakeholder interviews which included focus group discussions inclusive of organised labour, traditional leaders and community members as well as employees. In 2024, good progress was made in addressing the areas requiring improvement highlighted in the 2023 HRDDs for the SA region and the US region, respectively. HRDD action plans were compiled, developed in conjunction and socialised with the operational teams, and progress is being monitored. Progress on the US region HRDD areas highlighted were: • Approximately 64% of the identified action items completed. The remaining gaps will be addressed in 2025 • An area of focus in 2024 was an initiative that challenged our employees to reflect how the “Respect” value from the iCARES is exemplified throughout our operations • A series of Community update meetings were held to address community concerns and other issues (such as socialising the new US PGM operations Community Complaints and Grievance Procedure • A training programme for contractors on the Code of ethics, and on human rights related policies In our SA region, the following progress was made in 2024 towards the key five areas needing improvement: Safety and security A primary preventative security strategy to mitigate illegal mining was developed in 2024, which comprises the following key aspects: Physical security controls: • Risk assessment (informed by security events, reviews and trends against control vulnerabilities), access control, engineering controls, and mobile equipment and material management. See Safe production, page 117 A multidisciplinary approach: • Central information management, investigative response, public private partnerships and multi-stakeholder engagements, multi- disciplinary illegal mining task team; communication and awareness • Resources have been allocated to community development projects. In 2024, 19 alternative economic development projects were in implementation or planning phase in partnership with community stakeholders, partners and local government across the SA region. The intent is to facilitate post-mining economies. See People: Socioeconomic development, page 158 and 161 Gender equality, harassment and workplace discrimination • To continue our work to address any form of intimidation and harassment in the workplace, inclusive of training and awareness programmes • We conducted a labour standard compliance assessment, based on ILO conventions. Various policies were reviewed against the ILO Fundamental Principles, Article 7 (Right to just and favourable conditions of work) and supporting international frameworks. These assessments confirmed that our people and culture policies conform to the ILO Fundamental Principles and Rights to Work and related international frameworks, including the updated OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, the International Convention on Economic Social and Cultural Rights, and the UN SDG 8 on Decent Work and Economic Growth Sibanye-Stillwater continues to address harassment and workplace discrimination through various initiatives and platforms that include, inter alia: • Policies and procedures regarding harassment in the workplace • A GBV reporting framework was launched and is displayed at all operations • Establishment of reporting platforms for GBV-related queries and issues Socioeconomic development Work had to be undertaken to engage local stakeholders and continue to invest in post-mining economies given the historical challenges around the operations. To ensure that we leave a positive legacy post the end of life of our operations and in line with our HRDD recommendation to strengthen our closure and rehabilitation plans in consultation with communities. We continue to develop operational level social closure plans, outlining societal context and complexities, risks and impacts and key opportunities to leverage. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 170

To ensure meaningful stakeholder engagement and participation we have intensified our integrated communication to create awareness of each operations’ life of mine, closure processes, inform and educate stakeholders about future closure and create awareness of possible impacts, manage expectations and address stakeholder concerns. Environmental: air quality We have completed air quality dispersion modelling to assess the impact of our operations on the atmospheric air quality. We have ongoing site-level measures to avoid, mitigate and monitor air quality-related impacts. Our monitoring includes compliance emissions sampling and as ongoing monthly ambient (air quality) monitoring. We participate in air quality platforms, such as the Bojanala, Waterberg and West Rand Air Quality Management Priority Areas engagements. And we give feedback on issues related to air quality as and when required and at our community engagement forums. Occupational safety Despite our best efforts, 8 fatalities still occurred at our operations in 2024. We remain committed to block the path to death and mine without fatalities. See Safe production, page 119. Prevention of discrimination Discrimination is not tolerated at Sibanye-Stillwater. We track and monitor trends about the application of policies and procedures. Policies are reviewed every three years (or earlier if required). In special circumstances we allow for hearings relating to discrimination to be chaired by an external party. Sibanye-Stillwater values diversity and does not tolerate any form of unequal treatment, racism, violence, exploitation of children or forced labour. The Group and regions have specific policies in place which must be adhered to, including: • Human rights policy (Group) • Employment equity policy (SA region) • Diversity and inclusion policy (Group) • Harassment policy (SA region) • Transformation policy (SA region) • Employee handbooks (Sandouville, Reldan and Stillwater) Employees have safe platforms, including the anonymous tip-of line, to raise concerns. 16.1, 5.2, 10.3, and 8.8 Gulf Communities Agreement (GCA) Federal Court proceedings In May 2023, various Traditional Owner bodies filed an application in the Federal Court of Australia seeking a share of the annual compensation payments under the GCA. The dispute centred on the validity of the administrative processes used by the Native Title Groups in appointing the Eligible Bodies that receive funding, which Century contended were correctly followed. The applicants argued that Century had improperly disbursed funds by complying with the Native Title Groups’ directions, a claim Century disputed, asserting adherence to the GCA. After mediation in Q3 2024, the matter was settled with no further payments made by Century. The applicants agreed to discontinue the proceedings, and Century, along with other respondents, agreed to this discontinuance on the basis that each party would bear its own costs. Additionally, the applicants agreed to release Century from all historical claims and any future payments, unless a decision is made by the Native Title Groups in the future recognising any of the applicants as Eligible Bodies under the GCA. The Aboriginal Development Benefits Trust (ADBT) partners with Sibanye-Stillwater in accordance with the requirements of the GCA to support sustainable economic development initiatives such as the Normanton Foodworks supermarket. Additionally, the Century operations has been delivering significant community-based training and social development initiatives in accordance with the requirements of Schedule 2 of the GCA. A new tender process for the appointment of a delivery partner in continuing these arrangements will be commenced in 2025. Supply chain Our terms and conditions for suppliers require that they follow human rights legislation and adhere to our policies and codes. Further, we prohibit gift offering from our suppliers to our employees. We have issued a Supplier Code of Conduct during the year regarding ethical sourcing, sustainability and human rights. We offer free online training on our Code of ethics. See, https://www.sibanyestillwater.com/ suppliers/ethics/ We also offer sustainability training through the UNGC provided courses. During the year 277 suppliers have completed the Code of ethics training and there have been 483 entries to the online platform for sustainability training. We also continued with the supplier sustainability awareness session, with 360 participants, and the session covered environmental, social and governance practices. We audit 50 suppliers a year against sustainability criteria, which include carbon management, water management, human rights, and fair labour practices. Since initiating this process, we have completed 162 supplier audits. Since inception of the audit programme the 162 suppliers audited, the coverage is 48% of our 2024 total discretionary spend (SA region). We committed to screen 75 suppliers to establish their scope 3 emissions. See www.sibanyestillwater.com/suppliers/; also see Planet: Minimising our environmental impact, page 193. As part of our due diligence processes and anti-corruption practices, we have blocked 11 suppliers due to unethical practices. Sibanye-Stillwater has a stringent registration process, each supplier is screened and vetted prior to transacting. Our contracts are written such that the rights and responsibilities of each party and made clear, in the interests of reducing reputational and compliance risks as they may relate to sustainability, or other factors. Security and human rights Sibanye-Stillwater’s Protection services (SA region), as well as the security function for our US operations are aligned to the Voluntary Principles on Security and Human Rights (a multi-stakeholder initiative to guide best practice on human rights in mining and other industries). For the SA region, our security service providers must show that they adhere to the Code of Conduct for Security Service Providers (prescribed under South Africa’s Private Security Industry Regulation Act, 2003) and that their employees are trained in human rights. They must also adhere to our Human rights policy statement and our Code of ethics (among other stipulations) which is managed within the terms and conditions agreed to between the parties. Security service providers are audited annually regarding compliance. See Combating illegal mining fact sheet, www.sibanyestillwater.com/news-investors/reports/annual/ In 2024, the Keliber lithium project in Finland completed an internal human rights self-assessment screening, which is a precursor to a HRDD scheduled for 2026. Similarly, our Century operation in Australia, will undertake a human rights self-assessment screening in H2 2025. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 171

Security staff training on human rights 2024 2023 2022 Employees Contractors Employees Contractors Employees Contractors SA PGM 244 118 536 781 699 514 SA gold 82 353 400 799 167 259 US PGM N/A 11 N/A 14 N/A 26 Total 326 482 936 1,594 866 799 Anti-bribery, anti-corruption and whistleblowing We are committed to conducting business with customers, suppliers, distributors, counterparties, and agents involved in legitimate business activity and whose funds are derived from legitimate sources. Our risk assessments include screening suppliers and the investigation of anonymous bribery and corruption tip-offs. We report the outcome of these investigations. See corporate governance, page 21. Performance For 2024, 969 incidents (2023: 723) relating to employee dishonesty (fraud and assisting illegal mining) were reported at Sibanye- Stillwater’s SA gold operations, leading to 1,025 (2023: 764) employees, including contractors, being subject to disciplinary proceedings. At our SA PGM operations, 137 incidents of corruption (2023: 110) were reported, with 36 employees (2023: 27) charged and disciplined in terms of our Code of ethics. A total of 352 anonymous calls (2023: 305) were received during 2024 at the SA and US regions, with most of these relating to fraud and corruption. Many of the calls provided valuable leads, which were investigated. Those concerned were charged and disciplined in terms of our Code of ethics, as well as being subject to criminal investigation if their misdemeanours included law-breaking. Crimes are recorded on the Crime incident and investigation management system and are investigated. 16.3, 16.5 Group: Anonymous calls Area 20241 2023 Fraud 76 66 Breach of company policy 65 73 Procurement fraud 35 29 Corruption 25 27 Illegal mining 43 39 Theft of mine property 17 10 Time and attendance fraud 3 11 Industrial action 0 0 Theft of GBM 7 2 Arson 0 0 Trespassing 1 1 Human resource related issues 36 13 Theft of PGM 3 2 Copper theft 5 1 Other 36 31 Total 352 305 1A total of nine calls were received for the US region, one from Zimbabwe and one from the AUS region. The calls relate to 1 x theft of GBM, 1 x fraud, 5 x breach of company policy related cases, 2 x HR related, 1 x safety issue and 1 call that does not fit into the formal categories and relates to a legal request issue Heritage Our heritage sites on the land we own include grave sites, iron age and stone age sites, historical mine buildings and structures that are over 60 years old. See Planet: Minimising our environmental impact, page 207. Resettlements The Group notes that during the life of its operations there might be a need to resettle communities. To this end, and when resettlement cannot be avoided, the Group undertakes resettlement legally and justly, giving affected parties fair and equitable alternatives. The SA region’s social performance toolkit includes a resettlement framework. In 2024 there were no resettlements of communities; and we currently have no plans to resettle communities. Fair labour practice 8.8 We promote the aims of UN SDG 8.8 (Protect labour rights and promote safe and secure working environments of all workers, including migrant workers, particularly women migrants, and those in precarious employment). All employees are subject to vetting procedures, including the verification of age, criminal record checks, and medical fitness assessments. We support collective bargaining and freedom of association, and any relevant labour legislation in the regions that we operate (noting that these are labour-friendly countries) and as per the International Labour Organisation Protocol on decent work and working conditions. See Our people, page 149. In Europe, both French and Finnish subsidiaries operate according to European labour rules. In France, employees are represented by a labour committee (CSE in the French abbreviation), aimed at optimising working conditions, they also have a dedicated budget allocated to training, leisure and social projects. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 172

FUTURE FOCUS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– GROUP • Completion of a social value calculator on social return on investment, a tool that quantifies the social, economic, and environmental impact • Development of a social capital framework for the group • Group-wide retraining on human rights and an accelerated focus on HRDD and other human rights issues AUS REGION • Continued compliance with the requirements of the Gulf Communities Agreement at Century operations • Secure Queensland Government approval of Century’s Progressive Rehabilitation and Closure Plan • Continue study into the restart of the Mt Lyell Copper Mine in Tasmania and the opportunities for socioeconomic contributions that it can unlock • Conduct study into the potential for phosphate operations at Century to extend the economic life of those assets and operations • Conduct an HRDD for the Australian region EU REGION • Complete the ICMM self-assessment of mining principles and performance expectations • Investigate socioeconomic project opportunity to fund through the Sibanye foundation SA REGION • Ongoing implementation of the socio-economic development (SED), SLP, ESD and other related programmes • Continued engagement with key stakeholders, whilst building purposeful partnerships to achieve superior shared value • Further progression of our social closure plans, and the ongoing implementation and sustaining of projects for a post-mining economy US REGION • Through our curated Community Giving collaborations with local non-profits, our Community Giving Team, and our generous commercial partners we will continue to advance programmes to enhance cultural experiences • Connect employees and workplaces with communities and families through enhanced employee communications and community engagement events OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PEOPLE: SOCIOECONOMIC DEVELOPMENT continued IR – 173 Sandouville nickel refinery, Le Havre, France

INNOVATION, DIGITAL AND TECHNOLOGY Key enablers for our strategy WHAT WE DID IN 2024 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 people- based 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 ALIGNMENT WITH SDGs 9, 16 See www.sibanyestillwater.com/business/innovation- technology/ MATERIAL MATTER M12 Innovation, digital evolution and cyber exposure INNOVATION, DIGITAL, AND TECHNOLOGY DEVELOPMENT AND ADOPTION ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Introduction Innovation is one of our values, and is defined as: “We intentionally find new ways to do things better.” Digital transformation, and technology development and adoption, are core capabilities supporting the delivery of our 3D strategy. Our focus in 2024 was establishing dedicated capacity to support key areas of our broader innovation drive. By fostering a culture of innovation, leveraging digital transformation to streamline processes and unlock data-driven insights, and advancing technology to develop solutions, we have created a dynamic ecosystem that drives continuous improvement, sustainable growth and competitive advantage. Each focus area plays a critical role in this integrated strategy: a culture of innovation encourages creative problem-solving, digital transformation supports scalability and agility, and the adoption of new technologies allows us to continuously improve and create competitive advantage. Such efforts optimise performance and support long-term resilience and value creation, aligning with our overarching purpose To safeguard global sustainability through our metals. In 2024, we spent R73.6 million (US$4.0 million) (2023: R87.8 million/ US$4.8 million) on strategic innovation, digital transformation and technology initiatives. Due to the Group’s restructuring and capital preservation efforts in 2024, no investments were made via the BioniCCube capital allocation mechanism (designed to support the development and scaling of new technologies and applications, particularly those that can create new business opportunities and enhance the Company's portfolio) while R13.3 million/US$0.7 million were invested in 2023). BioniCCube focuses on strategic innovation and technology investments. See www.sibanyestillwater.com/business/innovation-technology/ OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 174 INCLUSIVE, DIVERSE AND BIONIC

Embedding a culture of innovation In Q4 2023, we transitioned from strategic development to implementing our innovation culture strategy. Collaborating with leadership from across the organisation, we developed goals and strategies for our corporate and regional teams that form the foundation of our innovation roadmap through 2025. This programme aligns with the underlying behaviours that support our innovation value, including: • We understand the need to innovate • We invite everyone to innovate • We encourage innovation • We develop innovators • We recognise innovation In 2024, we put our strategy into practice by sharing our goals and objectives broadly across the organisation, and inviting everyone to innovate by responding to challenges set by leadership. The response was encouraging, with a significant number of ideas brought forward by employees, contributing to a growing pipeline of opportunities. In 2025, we will run a series of programmes aimed at encouraging the testing and implementation of these initiatives. In 2024, we built on existing learning and development capabilities, and recognition initiatives, to add innovation as a core Group focus. Two key initiatives emerged as early priorities, and were approved for implementation in 2025: a digital learning platform to promote innovation and digital capability development, and a Group innovation awards initiative. Several external research, development and innovation (RD&I) programmes complement our internal culture. These include academic sponsorships for the University of the Witwatersrand (Wits) and the University of Johannesburg (UJ), funding and participation in the Mandela Mining Precinct, and strategic advisory to the Council for Scientific and Industrial Research (CSIR). We have also remained active in the corporate incubation and development space through startup funding and support for our portfolio companies, and we retain an informal ecosystem of innovative companies and institutions from which we draw strategic insights on innovation in general. To date we have invested R130 million into Wits and UJ during decade-long partnerships; and we remain committed to continuing these partnerships in the near term. Digital In 2024, our digital focus shifted to establishing the foundational building blocks, in particular the Intelligent core and People activation. Intelligent core (IC) The IC allows for the integration of data from across different areas in the Group, better facilitating actionable insights. The IC is a central component of digital infrastructure that leverages AI, machine learning, data analytics, and automation to enhance efficiency. Using the Amazon Web Services (AWS) Industrial Data Platform, we launched the IC into production in 2024, integrating procure-to-pay (P2P) and integrated utilities management (IUM) as the first two use cases. Both received positive feedback from business, demonstrating demand for deeper performance insights and data analysis. Key innovations for the P2P use case include an AI-powered materials classification model and automated spend categorisation, with significantly reduced manual effort. For the IUM use case, we developed an anomaly detection model that identifies unusual water consumption patterns, helping to reduce leakage and theft. Such enhancements show how the IC can drive business value through data-driven insights and practical applications of AI. Value created through these initiatives range from enhanced productivity, reduced manual effort and preparation times by an order of magnitude, increasing on contract spend, reducing water leakage and general improvement of performance measurement and insights. People activation (PA) Digital transformation requires a significant focus on embedding the right culture (of innovation), capability and skills. We refer to this as “activating people”. The key focus areas here are digital awareness (and creating a sense of excitement about the potential thereof), and giving employees mechanisms to identify and enact ideas. Our PA focus gained significant momentum during 2024, with a quarterly cycle of business interactions including “snackable” learning events, digital transformation conversations, newsletters, and showcases. In addition, we ran master classes on topics of interest and key digital innovations, and launched our first digital challenge where participants across the organisation competed in an analytics challenge. We place a particular focus on also applying a data driven approach for our PA initiatives, which allows us to gauge engagement and participation, as well as identify areas requiring specific focus. DIGITAL AWARENESS DIGITAL DESIRE DIGITAL APPLICATION High awareness of Sibanye- Stillwater’s Digital ambition (4.2 out of 5) Respondents have enthusiasm and a willingness to learn new digital skills (4.2 out of 5) Respondents indicated some understanding of digital application and possible opportunities (3.9 out of 5) Digital engagements overview Leadership support and feedback mechanisms People Activation pillars and learning Community of Practice (CoP) Specialised digital skills Number of engagement sessions 9 65% of SVPs and 58% of VPs participated Number of LinkedIn Learning pilot participants 177 Number of Communities of Practice (CoP) established 3 Number of people commenced Amazon Web Services training 32 Number of unique participants 932 Number of people joined the Data2Insights challenge 108 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION INNOVATION, DIGITAL AND TECHNOLOGY continued IR – 175 4.2 4.2 3.9

Technology development and adoption Our technology development and adoption team works with our operations and digital team to pursue practical mining and metals processing technologies. A key priority includes safety of our workforce and other areas such as mobile machinery electrification, automation, technology to enable operational efficiency, and integrated operating systems etc. Innovation, digital and technology initiatives Below are some of our key innovation, digital and technology projects driving improvements across our Group. Safety initiatives The use of machine vision, also known as computer vision, stood out as one of the significant innovations of 2024. This project aimed to determine whether AI could detect unsafe behaviour and identify hazardous situations. We conducted a pilot project at Thembelani shaft (SA PGM operations) and the results indicated great potential for augmenting human capabilities with digital tools to enhance safety performance. Instead of requiring a safety officer to review video footage for hours, the AI can analyse the footage and extract valuable insights. It can process unlimited video, accumulating data and statistics on safety events. This advanced system will provide real insights into operational behaviours, uncovering repetitive patterns and ultimately helping to engineer solutions to mitigate unsafe behaviours. See page115 for more on our Safe production efforts. Battery electric vehicles (BEVs) We are trialling underground battery-electric mobile machinery. Our primary investigation has been on load, haul, and dump (LHD) vehicles at Bathopele (SA PGM operations). In 2023, we deployed our first BEV LHD trial and, after rigorous testing, optimisation and iteration in 2023 and 2024, determined that the unit significantly outperforms its diesel equivalent, delivering nearly 30% more production at full utilisation. As a final iteration, in 2025 we plan to invest in new battery and charging technology to increase capacity and reduce charging time, extending operating hours per shift. These upgrades should allow us to replace diesel equipment with BEVs at a 3:2 ratio, significantly improving BEV unit economics compared to diesel. While our rail-bound mobile machinery is already largely electrified apart from some of our SA gold operations, we are investigating the use of lithium-ion battery technology to replace the conventional lead-acid equivalent. The myriad benefits of this include a 15%–25% increase in round-trip energy efficiency and a 200%–300% increase in cycle life against a 30%–40% reduction in total unit-cost (including capital and operating costs). Technology to improve concentrators During 2024, we started working with our processing businesses to identify opportunities for value realisation through digital transformation. Initially focusing on concentration, we piloted froth flotation cameras and advanced process control to optimise mass pull (mass pull is the amount of material pulled from the feed into the flotation concentrate during the separation process). We also began development of an AI driven virtual expert for enhanced operation of the concentrators. These initiatives continue into 2025, together with exploring various other opportunities. Modernised mining method (drill rigs) In 2024, we completed the initial trial phase of our first modernised long hole drill rig at the Stillwater West mine (activity has subsequently been moved to the Stillwater East mine) at the US PGM operations, drilling 75,685 feet successfully, and increasing our confidence in its operational and commercial aspects. The drill rig has either met or exceeded several performance benchmarks and is now fully operational. This is an important step in the ongoing modernisation process at the US PGM operations, to improve efficiencies and drive down costs at the US PGM operations. Key operational benefits include better drilling accuracy, reduced waste, and improved efficiency, resulting in productivity and recovery improvements. Our first digitally enabled drill rig allows real- time remote monitoring of operations. In 2025, we intend to implement several automation upgrades to further improve the performance of the rig, while considering its widespread implementation across our operations. Integrated Mining Enterprise (IME) We have implemented the IME at the Saffy, Thembelani, K3 and K4 shafts, including MineRP planner (a digital platform that supports IME). Notably, the IME has helped us achieve significant advancements in production stability at Saffy by validating a conversion from down-dip to breast mining, and ensuring our ore reserve development is optimised. The IME has also enabled the identification of fundamental infrastructural issues at Thembelani. The implementation of IME at the Marikana operation’s K3 and K4 shafts is ongoing, with a particular focus on refining the blueprint mine design to ensure sustained continuity and stability of production in the future. As the IME is an enabling system, and there a numerous contributing factors, it is difficult to attribute value to the IME directly, however, we believe the IME has enabled an annualised revenue uplift of approximately R400 million across Saffy, Thembelani, K3 and K4 shafts at a similar unit cost. Digital twin technology for our US PGM operations A major focus is working with the US regional team to restructure operations with an aim to achieve a unit cost of US$1,000 per 2E ounce in the near future. One way of doing so is through digital twinning. A digital twin is a virtual version of our mining operations that allows us to test different strategies to improve productivity and lower costs without having to implement it in real life. It helps us quickly explore multiple scenarios for possible implementation. Significant progress has been made in developing models to identify productivity and cost saving opportunities and improve operational flow. The short-term focus is on reducing costs, while the long-term model will examine mine design and mining methods. Some early findings include: • Opportunities to improve development rates in certain mining methods • Potential benefits from adjusting mining methods at East Boulder and Stillwater • Major improvements will likely require a mix of method changes and better productivity In 2025, we will validate our initial results, refine our models, and continue exploring new improvement scenarios. Group project management framework (PMF) In 2022, we started to standardise project management, evolving from basic requirements to a comprehensive PMF. In 2023, we digitalised this framework through an online platform which includes principles, policies, procedures, and documentation. In 2024 we further developed this solution to include a full project life cycle manager (LCM) and launched the systemised PMF and LCM in Q2 of last year. We have since completed initial training on the digitalised PMF and LCM and have standardised it’s use for company significant capital projects across the Group. In 2025 we intend to further develop this solution to cater for alternative capital processes such as stay in business capital. Innovative, novel technologies In Europe, our two projects, Keliber and GalliCam, both aim to deploy novel technologies for production of battery materials that minimise energy consumption and waste production compared to existing processes. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION INNOVATION, DIGITAL AND TECHNOLOGY continued IR – 176

Future focus In 2025 we will complete innovation challenges for certain functions and regions, and advance those that have concluded their initial challenge into the encouragement phase. In this phase, teams will look for ways to foster and support innovation by providing the right tools and resources and removing barriers to innovation. Our digital learning platform will be rolled out in Q1 2025 and completed by Q3 2025. Initially targeting innovation and digital transformation, this platform will be central to our broader learning strategy. We aim to create a learning community to establish necessary principles and procedures that support the delivery of high-quality content to about 5,000 employees. The proposal for a Group-level innovation awards programme in 2025 has been approved by the C-Suite. This programme will concentrate on the value creation aspect of innovation and, to ensure cohesion and consistency, will be aligned with the Group's values recognition awards. In 2025, we will significantly increase our AI initiatives, focusing on awareness, capability-building, and value-creating projects. We finalised our AI policy in Q1 2025, enabling us to leverage AI capabilities responsibly and ethically. We will also launch the AI Advisory council, including representatives from digital, innovation, ICT, and governance and compliance. External experts will join as needed to guide responsible and ethical AI adoption. Our digital team will provide implementation support, with several learning interventions planned for 2025 to promote hands-on AI exposure. INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– ICT STRATEGY STRATEGIC PLAN Purpose Delivering secure, reliable and agile ICT services to Sibanye-Stillwater Key objectives Customer engagement Business unit delivery Innovation/hyper automation Project delivery Governance/security Ensure on-time/always-on ICT services and be the supplier of choice In support of the Group strategy and delivery, the effective deployment of ICT applications To learn and continuously innovate On-time, within cost and highly governed project delivery Management of a secure and resilient enterprise infrastructure Initiatives • Expand the Service Efficiency Centre (SEC) • Introduce chat bots to our global call centre • Central monitoring of ICT systems and applications • Adopt 24/7 operating model and implement the follow the sun strategy • Establish an agile ICT training function • Continuous optimisation • Reduce application footprint • Reduce cost baseline • Optimise licence structures • Optimise support structures globally • Ensure scalability • Establish global support operating model • ERP S4 upgrade programme • Adopt fit-for-purpose hybrid cloud strategy • Expand datacentre footprint globally • Enable enterprise mobility • Continuously drive automation – hyper automation • Establish support structure for robotic process automation (RPA) • Introduce private 5G LTE services • Compliance to project management framework • Project governance in all initiatives • All business ICT initiatives channelled through ICT project management office (PMO) • Introduce programme management framework • Digitise the ICT PMO function • Ensure ICT policies support strategy • Streamline ICT controls and align to business processes • Ensure high level of security architecture and control • Ensure high level of governance and compliance to regulatory requirements • ISO 27001 certification • Manage efficient data governance Key performance indicators • Customer experience • Increase productivity • Process efficiencies • Time/effort • Governance, risk and compliance • Financial management • Strategic delivery • % Increased efficiencies • % increased quality • Customer engagement • Delivery in scope/time • Financial management • Governance and compliance • Internal audit reports • Management of security control framework IT governance is overseen by the Audit Committee; and the head of ICT reports to this committee quarterly, specifically on matters relating to IT risk and security. Members of the Audit Committee have relevant experience and training in ICT and related matters. The Audit Committee is accountable to the Board for IT governance. While there may be various ICT-related risks facing the Company, we have identified the following priority ICT risks: • ICT infrastructure damage • Cyber threats • Unauthorised software usage We have extensive controls for these risks, and the ICT team reports progress on them to the Audit Committee. For IT governance and risk we use COBIT (Control Objectives for Information and Related Technologies) and ITIL (Information Technology Infrastructure Library), which are widely used in the industry. Further, IT risk, governance and security is managed comprehensively as per our internal audit plan. We restructured our operating model in 2024 by splitting out our governance, risk, and compliance (GRC) function from security, thereby creating a dedicated security function. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION INNOVATION, DIGITAL AND TECHNOLOGY continued IR – 177

Cybersecurity Cyber response strategy Following the cyber-attack, the Group enhanced its cyber response strategy which was presented to the Audit Committee, showcasing the Group’s defences against cyber threats. This strategy reflects a proactive approach to safeguarding our digital infrastructure. Recognising the ever-evolving nature of cybersecurity challenges, our strategy incorporates robust measures to detect, respond to, and where required disclose cyber incidents. The Group’s cybersecurity strategy and approach includes: • Mitigation of risks and vulnerabilities through performance of risk assessments to identify and assess potential cyber risks. The cyber and IT risks is incorporated into the Group’s strategic risk register which forms part of the Group’s risk management process • Ensuring standards and compliance through development and implementation of comprehensive Information Security Management System policies such as the ICT Code of conduct, Information security, Vulnerability, Backup and ICT disaster recovery policies, in alignment to international standards on ICT security • Responding to cybersecurity incidents through Intrusion detection and prevention by implementation of industry best practice technologies to protect our network • Fostering a cyber awareness culture through conducting security awareness training by continuously educating and creating awareness amongst users with an equal responsibility with respect to cybersecurity • Defense-in-depth security through regular backup of critical data and testing restoration • To protect against cyber threats, the Group employs various layers of security protection which includes the human layer, perimeter, network, endpoint, application and data security layers to protect mission critical assets • The Group follows a business impact assessment process (BIA) to ensure that ICT has visibility of business critical systems which are supported by ICT Cybersecurity response plan The Group’s cybersecurity response plan is defined in three steps which includes internal control, external reliance, and increased audit frequency. Cyber breach incident response and process To assist with any cyber breach incidents Sibanye-Stillwater has engaged the services of an external consultant for an on-demand cyber incident response service providing technical support and expertise when required. This external consultant is experienced in incident investigation, response, containment and has access to world-leading incident response support. Sibanye-Stillwater has incorporated terms and conditions around privacy, confidentiality, integrity and availability of information into the agreements of third parties. All third parties are notified of their responsibility to report any security incidents to the Sibanye-Stillwater relationship manager. The relationship manager will then follow the internal incident and response procedure. The cyber breach internal response process: Assess and contain • Triage by performing an internal impact assessment and categorisation. Based on the severity and complexity, the external contracted security company might be contacted • Contacting key individuals including but not limited to the CFO, VP Group ICT and management from the affected business area head of department (HOD) • Core response process triggered through confirmation of alert level and incident categorisation Core response • Incident management team oversee, communicate and engage support • Capture and analyse data using the contracted external security consultant • Assess materially of the of the cyber breach and potential impact with limited stakeholders • If the breach is determined to be material an assessment is then escalated to an extended team • The extended team includes VP Group ICT, Manager ICT: Infrastructure, Unit Manager Security, Manager ICT: Information Management, Senior Manager SOX Ethics and Policies, Compliance Manager, Manager Financial Reporting, Manager Risk and Insurance, VP Protection Services, VP Investor Relations and other relevant party that can add value to the process to be determined on a case by case basis • A disclosure assessment is performed using evaluation criteria in line with Sibanye-Stillwater's regulatory requirements. Relevant disclosures are prepared as required • Review solution and remediation steps considering all potentially impacted areas • Contain/mitigate the threat by remediation through fully removing or closing the incident and confirming successful remediation or recover if required Close out and review • Close out and review the incident logged • For each incident being closed out, we consider whether the cybersecurity incident has materially affected or is reasonably likely to materially affect the business strategy, operations, or financial condition and update the risk assessment and strategic register as required Management oversight of cybersecurity risk and incidents The Sibanye-Stillwater management team responsible for cybersecurity has extensive experience in all areas required to maintain an effective and safe ICT landscape. ICT team members responsible continuously engage in seminars, security forums and security briefs to ensure we remain up to date with industry developments. The VP group ICT reports the Cybersecurity strategy and posture directly to the Audit Committee. Members of the ICT team have undergone formal training and certification of auditor on ISO27001:2013 with the 2022 version transition. Management have created a cybersecurity strategy which involves leveraging several technologies, processes, skill sets, and risk mitigation products to manage the cyber risk holistically. Preventative and detective security measures are in place to reduce the risk of an incident occurring and causing business disruptions. Disaster recovery processes are in place and tested annually to ensure the continuity of business systems. Vulnerability assessments conducted by contracted specialised third parties provide Group ICT management with an independent view of the capabilities to respond to an incident and whether the appropriate controls are in place to mitigate against offensive threats. Following the assessment, the issues identified are tracked and remediated. Management then focuses on remediating the issues raised in the report. The main focus is to ensure continuous improvement and preventing reoccurrence of the same incident in the environment. The results of the independent assessments over the past financial periods have indicated a strong security posture. Management reviews cyber risks in several forums as part of the Group ICT Risk Management process. Whilst the risk of a cybersecurity incident event cannot be fully mitigated, Sibanye- Stillwater has taken further measures to receive technical, legal, and forensic support should a significant incident occur. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION INNOVATION, DIGITAL AND TECHNOLOGY continued IR – 178

Governance The Board and Audit committee oversee the ICT governance in Sibanye-Stillwater. The Board and Audit Committee delegate responsibility for the implementation of an ICT Governance framework to the Vice President Group ICT who is held accountable for the effectiveness of the cybersecurity programme and strategy. The Audit committee is informed quarterly about any change in cybersecurity risks or upon recognition of any material cybersecurity incident which may need to be reported. Training We launched a #CyberSafe platform, designed to instil a culture of cybersecurity awareness throughout the company. We also partnered with a global company called KnowBe4, the world’s largest integrated Security Awareness Training and Simulated Phishing platform. Employee training in cybersecurity is compulsory, and the risk scores of employees is shared with their head of department and team leaders. We have an incident response process in place should an employee notice any cybersecurity related events. Data classification and Leakage prevention The implementation of a content management platform (includes data classification and automated labelling) achieved significant milestones, including configuring the auto-labelling and classification functionalities for documents within our environment. We enlisted third-party experts to scan our environment to gain insights into the various types of data present, evaluate the application of data retention policies to documents, and pinpoint the location of personally identifiable information within the environment. We analysed the findings and considered our options for data loss prevention (DLP). We will enhance our DLP policies to adapt to evolving risks and emerging threats. These ongoing efforts, coupled with the utilisation of a robust content management features and the proactive strategies of data classification and automated labelling, have led to improved content management efficiency, heightened data protection capabilities, and increased adherence to data governance policies. See Corporate governance, page 30; Managing our risks and opportunities within the internal and external environment, page 45. Cyberattack event While there have been no material cybersecurity incidents that have affected Sibanye-Stillwater for the period covered by this annual report, on 8 July 2024, Sibanye-Stillwater experienced a cyberattack targeting its global ICT infrastructure. The attack posed a threat to business continuity and data integrity. While the cybersecurity attack had limited impact on the Group’s core operations, the incident caused temporary system outages, which resulted in the implementation of back-up manual processes on certain systems. As a result, certain operations, including the Columbus metallurgical complex at the US PGM operations, experienced short-term operational delays. As a result of the attack, an unauthorised party gained access to business information and personal information mainly related to current and former employees. The Group provided notice to impacted individuals and to regulatory agencies as required by U.S. federal and state law. Impacted individuals were offered complimentary credit monitoring and identity restoration services. While the Company delayed the publication of its operating and financial results for the first half of fiscal 2024, no material losses were recognised in connection with the incident. Through proactive measures and a timely response by the ICT Security team, with oversight and involvement from Sibanye-Stillwater’s Audit Committee and internal audit function, the Group mitigated the immediate risks and took the opportunity to initiate long-term enhancements in its cybersecurity posture. While the Group continues to monitor the impact of this incident, including other potential liabilities and pending class action litigation, we do not currently believe this incident or the pending litigation will have a material adverse effect on our business, operations, or financial results. In our ongoing efforts to strengthen and enhance our cybersecurity maturity, we maintained our ISO 27001 accreditation for our South Africa region and successfully transitioned to the 2022 version of the standard. Our strategy includes expanding our ISO 27001 accreditation to additional regions. Furthermore we have been proactive in data management, data classification, and preparing for potential threats across all regions. We have procured tools for personal information identification and managed threat hunting, enhancing our ability to detect and mitigate threats. Post-cyberattack, there has been a notable cultural shift within the organisation, with increased awareness of cybersecurity among employees. This focus is reflected in improved metrics on phishing susceptibility, which decreased significantly across our operations. Systems that were unaffected by the cyber event were successfully restored with no data loss. Systems that were impacted were restored from the last accessible and available restore point. Importantly, critical ERP systems were not impacted by any data loss during this event; and their data integrity was maintained throughout the recovery process. In September 2024, we conducted a SAPA (Security Awareness Proficiency Assessment). SAPA is a tool provided by KnowBe4 to measure an organisation's security awareness proficiency. Results revealed a significant improvement across all seven categories when comparing the initial assessment conducted in October 2023. This positive shift highlights the impact of our #CyberSafe programme in raising cyber awareness within the organisation, around threats such as phishing, social engineering, and malware. Post-incident, several strategic interventions were undertaken to further bolster security defences and address vulnerabilities exposed during the attack. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION INNOVATION, DIGITAL AND TECHNOLOGY continued IR – 179

Update on ICT strategic projects for 2024 In 2024, we embarked on several strategic initiatives aimed at advancing our business objectives. The first half of the year saw significant progress, particularly in integrating our acquired businesses. The integration of Century operations in the Australian region is nearing completion, and we have successfully finalised the integration of Keliber into the Group. Additionally, we initiated our plans for 2024, as outlined in the 2023 Integrated report, focusing on introducing new technologies, process optimisation, and streamlining IT services across the region and the Group. In the SA region, our primary focus was the ERP strategy, particularly concerning SAP and the upgrade to ERP SAP S4 by 2027. In the US region, we prioritised cost containment and have successfully reduced ICT costs by cutting down on licensing across various platforms. In the Australian region, 2024 began with challenges, including a flood, followed by a bushfire that damaged significant infrastructure at the Century mine. Despite these hurdles, we focused on integrating Australian operations into the Group’s ICT system, which is now complete. Regarding service delivery, we have launched several initiatives, including the integration of various operations into our IT service management (ITSM) system. Our Windows 11 readiness project (to upgrade all devices to Windows 11 by 2025) is progressing well, and is nearing completion. In Europe, we dispatched an ICT head to integrate operations into the Group system, focusing on reducing redundancy and delivering operational savings. Our ERP/SAP implementation for Keliber operations is critical, and we are ensuring the right systems are in place from the start of production. Keliber has been fully integrated into the Sibanye-Stillwater ICT ecosystem, encompassing critical projects such as the ERP system and HR systems. Service delivery In 2024, our service delivery teams managed 191,949 calls (162,965 in 2023) with a 97% SLA score achieved. In 2024, we upgraded the ITSM software and incorporated the ITSM into other global operations. Driving innovation in our services, we also implemented the cloud base contact centre on demand (CCoD), creating a single platform for all telephone enquiries globally. WeR1 and Ulwazi mobile app WeR1 is Sibanye-Stillwater’s digital employee engagement app. Currently 42,445 employees (60%) are registered on the platform, with 65% accessing WeAreOne via the mobile site; 18% use it through SMS and the remaining 17% use it via the app. In 2024, we sent over 14.8 million (2023: 21 million) SMS messages to keep employees aware of key updates and events across the organisation with a 10% decrease in active users from 2023, due to the shift to permanent employees, excluding contractors. WeR1 also surpassed 800,000 unique interactions. Ulwazi is Sibanye-Stillwater’s community engagement app that has been deployed across all SA communities within Sibanye-Stillwater’s operations. Initially, the platform was developed to deliver public participation process (PPP) requirements to ensure all stakeholders could access information and provide feedback and commentary as needed. The platform has subsequently taken on a broader community focus, bringing awareness to topics such as the Marikana ten-year anniversary, TSF safety, public participation processes, job opportunities and vendor requirements. Members can access information at no cost via the web or USSD. Ulwazi is Sibanye- Stillwater’s community engagement platform, with over 3,000 registered members, 86% accessing it via the mobile site, and the remaining 14% on USSD. See Empowering our workforce, page 134, Engaging with our stakeholders, page 60. SharePoint upgrade We redesigned our SharePoint intranet for enhanced functionality, i.e. improved collaboration, centralised storage, customisation, robust security features, ease of access, and availability on multiple devices. Our EU region now has a new SharePoint intranet site. Microsoft Digital PMO platform In the interests of improving our project management capability we rolled out the Microsoft Digital PMO platform to ICT and to the wider business. This was a success and is proving most useful to the Group. Windows 11 upgrade The objective of the upgrade is to ensure all devices are Windows 11 ready before 2025 (when Microsoft stops supporting Windows 10); and that in the process we include encryption technology for additional security. Wireless network capabilities and backup In 2024 we continued the implementation of a wireless network solution for the SA region, to improve availability on the connectivity between shafts and major back haul routes. Connectivity risks include interruption due to vandalism and damage to property, which is something a wireless solution solves. Digital risk and protection tool protection ICT implemented world class digital risk protection tools for combatting online scammers, be they social media impersonators, counterfeiters, trademark infringers, or online phishers. Ongoing training and development Employee training, development, and growth remain top priorities for our organisation. Providing exposure to new software and systems, along with training that supports certification, is essential to empowering our workforce and sustaining our company's growth Supporting IME (Integrated mining enterprise) ICT, in support of Group technology and innovation’s efforts around IME (See Innovation, digital and technology, page 174) is implementing MineRP’s digital enterprise software. MineRP is a world leader in technical software for mines. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION INNOVATION, DIGITAL AND TECHNOLOGY continued IR – 180 Employees at the Hlanganani shaft (5#), Driefontein operation, SA gold operations

Cost management Our goal is to be the lowest-cost service provider in the mining sector. In 2024, our overall ICT costs for South Africa amounted to R637 million/US$34 million, for the US PGM operations, it was US$7 million (2024: R129 million), and for the Sandouville refinery, it was €1 million/R20 million. In summary, we have rationalised and reduced costs within our multinational footprint while ensuring robust leadership in each region. Our structured approach has allowed us to distribute costs more equitably among operations throughout the Group, yielding ongoing synergies and governance benefits that extend beyond mere financial metrics. The commitment and efforts of our ICT team during challenging times are commendable and have played a crucial role in our recovery and continued progress. Risks Our top three risks are: Damage to ICT infrastructure due to theft/ sabotage or power surge/outage (which we are mitigating with wireless technology); cyber threats (for mitigation see below) and unauthorised software implemented by business (controls are in place to manage the risk). ICT future focus 2025 Cost efficiency (Continuation of project Phoenix Rise) (Group) Continuing our Phoenix Rise programme, aimed at initiating comprehensive cost-saving measures across the ICT landscape in all our operational regions. Amid rapid innovation and growth over the past few years, we've accumulated a complex array of technologies and software applications, often resulting in duplications. During 2024, we ran discovery workshops and identified several initiatives that would positively transform our environment. Strategic projects in the US region In 2025, the US operations will embark on several strategic initiatives aimed at modernising and standardising its ICT systems to support operational excellence and long-term growth. One of the key focus areas will be the exploration of potential replacements for the Laboratory information management system (LIMS) and the Navision system. These systems are critical for operational efficiency, and their modernisation will address future demands. Another significant milestone will be the execution of the Deswik project, which will involve deploying central mine applications across all US operations in Montana. This initiative is designed to standardise mine planning, scheduling, and operational management processes across the region. Australian region In 2025, the Australian operations will focus on several critical initiatives to strengthen and modernise their ICT landscape. A key project will be the migration of the ERP Pronto system to a cloud- based platform, leveraging vendor-managed infrastructure to enhance scalability and efficiency. Additionally, the integration of Mt Lyell into the Group ICT framework will be a top priority, requiring significant hardware renewals and replacements to ensure alignment with group standards. The continuation of the Windows 11 rollout across the region will further modernise the operating environment, improving security and performance. These activities collectively aim to drive operational excellence and technological advancement across the Australian operations. European region In 2025, the European region will focus on several key business initiatives to enhance its ICT infrastructure and support operational growth. The ERP project for Keliber remains a top priority, with a well known 3rd party service provider appointed to lead a pre-study and design of the business requirements. This critical phase will define the future state architecture of the SAP solution, ensuring alignment with Keliber's operational needs. Concurrently, ongoing activities such as network architecture and design will continue to support the Keliber operations' technological requirements. Additionally, preliminary efforts to transition the Sandouville operations to SAP S/4HANA will begin, marking a significant step in modernising the ERP landscape. Beyond these projects, the European region will actively explore opportunities for continuous optimisation and rationalisation, aiming to streamline processes and improve efficiency across its operations. These initiatives underscore a strategic commitment to innovation, scalability, and operational excellence in the region. Integrations The integration project for Reldan continues, with careful consideration is given to all required regulatory requirements throughout the integration process. The strategic goal is to fully integrate Reldan’s operations into the Group ICT operating model, aligning ICT standards, principles, and frameworks with those of the Group. Approved capital projects for 2025 The following capital projects were approved for implementation during 2025: • Control Systems (Engineering) WPL – Server Hardware Refresh / Virtualisation – SA PGM • IOT Networking Equipment – WPL (SA region) • SAP Hana S4 journey – Global • Firewall replacement projects – (SA region) • Brakpan BRM Hardware refresh – (SA region) • Teraco additional media agents – (SA region) • Shift Boss Electronic logbook – (SA region) • Teraco additional media agents (SA region) 16.10 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION INNOVATION, DIGITAL AND TECHNOLOGY continued IR – 181

PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT WHAT WE DID IN 2024 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 change- induced impacts OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION INNOVATION, DIGITAL AND TECHNOLOGY continued IR – 182 SUSTAINABILITY EMBEDDED AS THE WAY WE DO BUSINESS

Our sustainability theme anchoring the chapter: Planet Alignment with UN SDG 1.5,6.1,6.3,6.4,7.2,7.3,9.4,12.2,12.5,13.1,15.3,15.5 See Progressing the UN’s SDGs, www.sibanyestillwater.comnewsinvestors/reports/annual/ MATERIAL MATTERS M4 Licence to operate M14 Energy supply and security M8 Climate transitional risk M9 Climate physical risk M6 Water management OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 183 Beartooth Ranch Nye near the US PGM operations, Montana, United States

TARGETS AND KEY OBJECTIVES Metric Performance Status See Annual targets Group: zero level 4 or 5 environmental incidents Number of incidents 0 (2023:0) Met Page 202 Group: 10% reduction in level 3 environmental incidents year-on-year % reduction 0% (2 incidents in 2024, 2: 2024) Not met Page 202 Targets set for 2025 Group: Limiting GHG emissions to the 2023 normalised threshold of 6.263MtCO2e (scope 1 and 2)1 Scope 1 and 2 emissions 6,345* (2023:6.630) New short term target Page 187 Group: 92GWh saved through demand side energy management GWh reduced 110.74 (2023:196) New short term target Page 190 Group: 0.287TWh of additional strategic energy contracted in 2025 through signed PPAs TWh of renewable energy 0.513 (2023:0.920) New short term target Page 191 Group: 17,455ML total water purchased, an 18% reduction compared to 20232 ML water purchased 19,717 (2023: 21,343) New short term target Page 195 Group: To complete 7 baseline water stewardship assessments Number of assessments 8 New short term target; Page 195 Group: Maintaining GISTM compliance+closed out priority 1 recommendations Compliance 2024: 4/5 facilities upgrades completed (2023:GISTM conformance with a plan) New short term target; Page 205 Group: Strengthening community awareness in relation to TSF risks and emergency response by doing two external mock drills Number of drills 2 (2023:1) New short term target; Page 205 Group: SBTi-approved scope 1 and 2 carbon emissions reduction target of 27.3% by 2025 (2010 baseline, 7,226,717tCO2e)3 % reduction of scope 1 and 2 36% (2023: 30%) Met Page 188 Group: scope 3: Sibanye-Stillwater commits to screening of suppliers to establish the most relevant purchased goods and their emissions. The screening will cover our top 75 suppliers by spend and will be conducted by end 2025 Number of suppliers screened In progress In progress Page 193 Medium and longer-term targets Group: SBTi-aligned scope 1 and 2 carbon emissions reduction target of 42% by 2030 (2021 baseline, (7,406,966 tCO2e)4 Scope 1 and 2 emissions 16% (2023: target set) { In progress Page 188 Achieve carbon neutrality by 2040 (scope 1 and 2 emissions) Scope 1 and 2 emissions ‘000t 6,345 (2023:6,631) In progress Page 189 Achieve net zero by 2050 (scope 1, 2 and 3 emissions) Scope 1, 2 and 3 emissions ‘000t 7,636 (2023: 7,904) Group: to purchase 49% less water by 2030 compared to 2023 baseline Ml water purchased 19,717 (2023:21,343) In progress Page 195 1. Excludes the Reldan operations (<5% of total) which are being integrated into our carbon reporting. Annual target set for the Sustainability scorecard exclude Reldan and AUS and was missed by 0.7% 2. EU region excluded 3 Excludes Marikana, EU region, AUS region and Reldan 4. The 2030 SBTI aligned target excludes AUS region and Reldan. * Sustainability scorecard target met Sustainability scorecard target not met APPROACH –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Under the theme of Planet, Sibanye-Stillwater is dedicated to climate leadership and environmental stewardship. Climate leadership is fostered by mining and producing green metals and reducing the carbon emissions at our operations. It requires investing in decarbonisation projects that reduce our carbon intensity, while building resilience against physical and transitional climate risks at each of our operations. By “environmental stewardship” we are referring to our diverse actions promoting responsible resource management and natural resource protection. Whereas mining often has a reputation of degrading the immediate environment, our approach is to at minimum maintain the environmental integrity of the areas where we operate and, where possible, to even improve them. A key focus area here is water stewardship. In short, our longer term commitment to nature can be described as: achieve a net positive impact across operations and address the environmental impact of mining by restoring sustainable value to disrupted ecosystems. Our environmental and climate commitments appear in the Sustainability scorecard of the LTI programme, see Remuneration report, page 244. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 184

From a material matter perspective, our licence to operate is maintained through environmental legal frameworks and enforcement mechanisms, specific to each region. Sibanye-Stillwater has a zero-tolerance policy with regard to non-compliance with laws, regulations and other requirements. Each region establishes, implements and maintains processes to evaluate and fulfil environmental compliance obligations. Our understanding of the Group’s climate-related risks has been refined with an updated scenario analysis based on TCFD requirements. (See Climate change supplement). Water management has shifted higher in our materiality assessment as water management intensified within all regions and especially in our SA region. Availability of water remains a concern with the national water infrastructure in South Africa deteriorating. Our commitment is to reduce water purchases generally, allowing for increased availability of potable water for household use. Our emphasis is also on recycling as far as practicable, with our recycled percentage being 75% at our SA gold operations, 59% at our SA PGM operations, 12% for the EU region, 63% for the AUS region and 62% for the US region. Our focus in all regions is continuous improvement of effluent water quality through appropriate technologies. Energy supply and security have improved following the implementation of several renewable energy alternatives and an improvement in Eskom generation performance. However, we remain focused on reducing energy costs and carbon emissions, and we remain committed to reducing our risk exposure to Eskom’s coal-intensive supply, with its high GHG emissions. This is to be achieved through the implementation of our energy and decarbonisation strategy. ACCOUNTABILITY, GOVERNANCE AND ASSURANCE GOVERNANCE ACCOUNTABILITY Board • Social, Ethics and Sustainability Committee • Risk Committee • Audit Committee C-suite and senior leadership • Chief Sustainability Officer • The Environmental department reports to the executive technical officers of each region • Vice Presidents (VPs) for tailings storage facilities (TSFs), energy and decarbonisation, and climate change • Group Sustainability Committee, previously known as the ESG Committee Regional Operational • Each region is supported by a dedicated segment-focused compliance team, headed by an environmental manager; the compliance teams are guided by a centralised team of environmental specialists who provide technical guidance across a range of disciplines • The regional environmental teams engage with regulators and other stakeholders to communicate and advocate for sound environmental practices • The US operations have “Operationalising ESG” teams that guide the strategy in each area of sustainability . KEY POLICIES, PROCEDURES AND POSITION STATEMENTS (list not exhaustive, only key policies listed) • Sustainability policy • Tailings stewardship policy statement • Air quality position statement • Biodiversity position statement • Heritage position statement • Climate change position statement • Land management position statement • Water stewardship position statement • Energy and decarbonisation position statement • Mineral and non-mineral waste position statement • Water health management position statement See www.sibanyestillwater.com/about-us/governance/ South Africa • ISO-based heritage resource procedures • Chance find protocol (for archaeological/heritage finds during construction/operation) • Various statutory regulations and permitting conditions United States • Good Neighbor Agreement (adaptive water management plan incorporated in agreement) • Various statutory regulations and permitting conditions Europe • Various statutory regulations and permitting conditions • Environmental code that is inclusive of the EU air quality directives (2008/50/EC) and those relating to arsenic, cadmium, mercury, nickel and polycyclic aromatic hydrocarbons in ambient air (2004/107/EU) Australia • Gulf Communities Agreement inclusive of cultural heritage preservation • Various statutory regulations and permitting conditions ASSURANCE AND REVIEWS (Evaluation) • Sibanye-Stillwater’s environmental compliance evaluations to legal authorisations/permits/licences and obligations is verified by an external service provider • External limited assurance on selected key sustainability performance indicators • Several external agencies across business, such as the DMPR, GNA Council, Department of Forestry, Fisheries and the Environment, and Department of Water and Sanitation conduct inspections and external audits on licences and authorisations • External assurance are also provided against the requirements of ICMM (excluding AUS) and WGC (focused on our gold operations) with IRMA audits at our SA PGM operations • ISO audits to maintain ISO 14001 certification (excluding Century); given the size of the AUS region and that the existing processes are fit for purpose ISO certification will only be considered once future developments of the operations take effect OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 185

ACCREDITATION AND COMPLIANCE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Other than the Century operation in the AUS region, all of our operations are ISO 14001: 2015 (Environmental management systems) certified. ISO requires that we identify legal and regulatory requirements, for which we have environmental registers that link environmental impacts to specific legal requirements. In 2024 we had 11 regulatory inspections (broadly examining compliance against authorisations) in the SA region (2023: 18). Of these, eight (2023: 14) were for the SA gold operations, and three (2023: 4) for the SA PGM operations. Of the 11 inspections conducted, no areas of non-compliance were raised from nine of them. For the other two, concerns were raised regarding dust mitigation and the stockpiling of waste toll material. The concerns raised by regulators pertain to the Rustenburg operations, Platinum Mile and Rand Uranium. Plans have been put in place and implemented to address both concerns and meet compliance standards. For our US PGM operations, we had 17 regulatory inspections in 2024 (2023: 19); which yielded no incidents of environment non- compliance. In 2024, Reldan underwent 4 regulatory inspections with zero non- compliance findings. Reldan also underwent five additional customer and management system compliance audits. Two inspections by French regulators were conducted at Sandouville and five by Finnish environmental authorities at the Keliber lithium project in 2024; none of these inspections resulted in formal notices of non-conformance. In late 2023, the Queensland Department of Environment, Science and Innovation (DESI) (as it was then known) issued a Notice to Conduct or Commission an Environmental Investigation (Environmental investigation) following the March 2023 flooding events at the Century operation. Century has been engaging with DESI in respect of the investigation, including via the provision of an investigation report and in responding to requests for further information. The Century operation is obliged to provide financial provisioning to the Queensland Government in the form of a surety for its rehabilitation obligations. The amount is based on an estimated rehabilitation cost (ERC) calculated in accordance with the Environmental Protection Act 1994 (EP Act). Currently, the surety is A$183 million and is provided by Citibank. Century operation’s latest ERC application was submitted in Q4 2024 and is being assessed by the Department. EMERGENCY PREPAREDNESS MANAGEMENT –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– We manage environmental emergencies, should they occur at our operations, according to the standards of ISO14001: 2015 and the Global Industry Standard on Tailings Management (GISTM). We undertake internal and external emergency mock drills at operations. The external mock drills include the respective Disaster Management Teams, first (EMS, Traffic Department, Fire Brigade etc) and second responders. These drills include scenarios related to significant environmental risks, e.g. for TSF failures. See Safe production on emergency planning, page 116. CLIMATE CHANGE RESILIENCE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– One of our strategic differentiators is to build a Unique global portfolio of green metals and energy solutions that enable reversal of climate change. We give effect to this strategy by investing in critical minerals, battery metals and recycling which are essential for the energy transition, and by reducing our operational GHG emissions in line with the goals of the 2015 Paris Agreement (a legally binding international treaty on climate change). Climate change is further included in our material matters: Climate physical risk and climate transition risk. The Group is committed to reducing GHG emissions (scope 1 and 2) by 42% by 2030 (from a 2021 base, excluding the AUS and Reldan operations), and to achieving carbon neutrality by 2040. These commitments are underpinned by our Group-wide energy and decarbonisation strategy and pathway (further detailed on page 189). Our foremost decarbonisation lever is a more than 600MW portfolio of renewable energy projects in South Africa, where electricity consumption contributes 92% of our Group operational emissions. 407MW of solar and wind projects are currently under construction. Accelerated decarbonisation will enable enhanced sustainability, and shared value creation for our stakeholders. From a climate risks and impacts perspective, we follow the recommendations of the Task-Force on Climate-Related Financial Disclosures (TCFD) where we model both the physical and transition risks associated with climate change. For physical risks, we observe seven risks that can result in property damage and/or business interruption; for transition risk we model six different risks that can increase costs or impact demand and pricing for the commodities that we produce. This is incorporated into our climate risk management plans where we identified appropriate mitigation strategies to address these risks. See Climate change position statement, www.sibanyestillwater.com/ sustainability/reports-policies/ Critical minerals, battery metals and recycling We are dedicated to climate leadership, by which we produce battery metals and green metals to support the transition away from fossil fuels. Battery metals are key to decarbonising road transport and to backing up the intermittent power of renewables. Recognising the increasing future demand for critical metals to enable the energy transition and the increasing strain on natural resources, we are building a global presence in the circular economy through our investments in recycling and tailings reprocessing operations. In March 2024, we concluded the acquisition of the Reldan recycling business, enhancing our footprint in the recycling industry in the US. Recycling at Sibanye-Stillwater Reldan operations The Sibanye-Stillwater Reldan refinery (Reldan), located within an industrial park, extracts precious metals (gold, silver, platinum, palladium, and copper) from various waste streams, such as post- consumer products and industrial waste. Our processes – mechanical reduction, melting, thermal destruction, and chemical processing – help divert over 273 million pounds of materials from landfills and significantly reduce the need for new mining of precious metals. Further, Sibanye-Stillwater Reldan’s environmental programme meets ISO 14001:2015 standards. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 186

Reldan has production facilities in the US with joint venture partnerships in India and Mexico. Reldan plays a crucial role in: keeping diverse manufacturing byproducts and electronic scrap out of landfills, extracting value from end-of-life products, creating sustainable jobs, and managing environmental and data security risks. In India, Reldan invested in a facility alongside KKR-backed Re- Sustainability, where we hold a 29.4% interest. Re-Sustainability is one of Asia's leading environmental waste management providers, processing approximately 7 million tons per annum across more than 85 operational locations in India, Singapore, UAE, Qatar, Saudi Arabia, Kuwait, Oman, Tanzania, and the US. Located outside Hyderabad, the 80,140 square foot facility is LEED Silver-certified and adheres to energy and water efficiency standards, employee safety protocols, and waste reduction practices. Reldan’s role in the circular economy includes: • Keeping a wide variety of manufacturing byproducts and post- consumer electronic scrap out of landfills • Extracting value from end-of-life products; creating sustainable jobs • Reducing the amount of new mining needed for critical precious metals • Offering a consultative approach to problem-solving around industrial precious metal byproducts, with the ability to manage environmental concerns and data security concerns Columbus metallurgical complex The Group’s other recycling businesses includes the Columbus metallurgical complex in Montana, which recycles autocatalysts to recover PGMs. (Autocatalytic converters reduce pollutants from combustion engines.) Compared to mining these minerals, this recycled production emits 5 to 6 times less GHG emissions, uses 65 to 70 times less water, and generates up to 100 times less rock waste. We source spent catalytic converters in accordance with our responsible sourcing framework from third-party suppliers, through outright purchases or toll processing agreements. Third-party aggregators collect materials mainly from automobile repair shops and scrap yards. Despite a volume decline over the last three years, our Columbus operations remain one of the leading global recyclers of PGMs from spent catalytic converters. Sibanye-Stillwater fed 316koz of 3E in 2024 to the furnace (310koz of 3E in 2023). The recycling segment is self-funded and delivers favourable free cash conversion rates. The facility has been operational for 21 years, providing quick turnaround quality assays in an industry-leading 5–7 days. We blend crushed catalyst material with primary concentrate from our Stillwater and East Boulder mines to enhance processing efficiencies for our 200t/d capacity smelters. Nickel and copper in our concentrates streamline PGM extraction while reducing costs. The facility has low SO2 emissions (at 1% of allowable levels) and a carbon footprint for recycled material 95% lower than primary PGMs, appealing to environmentally conscious consumers. Tailings retreatment We have two major interests in tailings retreatment: the Century zinc tailings retreatment in the AUS region and our 50.1% stake in DRDGOLD Limited, which operates surface tailings retreatment on the West Rand (the Far West Gold Recoveries operation) and on the East Rand, through the wholly-owned Ergo Mining subsidiary. The retreatment of tailings recovers metals at a reduced environmental footprint and further by redepositing the mine-waste onto tailings storage facilities that are managed in accordance with good practice standards, enhances tailings management. Further through retreatment it is freeing up land for redevelopment that yields both environmental and social impacts. See Climate change supplement, www.sibanyestillwater.com/news- investors/reports/annual/ CDP In 2024 we once again participated in the CDP (formerly the Carbon Disclosure Project) process which now entails one submission covering climate, water and nature. The CDP questionnaire is aligned with requirements of the TCFD, TNFD and other frameworks with scoring being conducted for the climate and water disciplines and covering all aspects. The 2024 scores achieved were Carbon: A- and Water: B, for the CDP which has transformed its questionnaire with six integrated modules covering climate, forest and water in a new reporting platform. (Carbon 2023: A- and Water: A-). See 2024 Water and climate change CDP disclosure submission, www.sibanyestillwater.com/sustainability/environment/; and www.cdp.net/en and see www.cdp.net/en Task Force on Climate-related Financial Disclosure In 2023, we employed the services of a risk consultancy firm to assist us in finalising a risk analysis to align us with TCFD. Physical and transitional risks were assessed, providing material insights specific to our Group. We have dashboards for management to view climate physical risks and projected financial losses due to climate change, informing our financial planning and risk management processes. This work also serves as a foundation for further IFRS S2 requirements that need to be considered for future reporting and disclosures. Further work is being planned for 2025 to assess physical risks in more detail within the SA region. For a full and detailed discussion of the TCFD and scenario analysis see Climate change supplement, www.sibanyestillwater.com/news- investors/reports/annual/ 13.1, 1.5 South African carbon tax – a transitional risk The Climate Change Act, 2024, has been enacted and we are awaiting the dates to be announced for it to take effect. In accordance with South Africa’s National GHG Emissions Reduction Trajectory, it establishes a process for allocating carbon budgets to companies that emit GHG emissions. The Act also allows for the setting of sectoral emissions targets, including for the mining industry. Industries that exceed their carbon budgets will face a higher carbon tax on excess GHG emissions. Our SA region is proactively addressing these potential obligations through our energy and decarbonisation strategy. It is important to note that the above Act will enable the mitigation of GHG emissions in South Africa, but does not replace or encompass existing Carbon Pricing legislation, namely the Carbon Tax Act which is administered in terms of the Customs and Excise Act. National Treasury further published a discussion paper on the implementation of Phase 2 of the Carbon Tax Act that is planned to take effect in 2026. The paper suggests, amongst several changes, that carbon taxes on electricity will remain cost neutral to consumers through to 2030, mitigating a potentially significant tax liability for our operations. During the year, we paid R1.53 million in carbon tax (R1.91 million in 2023). The carbon tax liability for the 2024 financial year is currently being calculated and verified, and will be payable in July 2025. See Climate change supplement, www.sibanyestillwater.com/news- investors/reports/annual Measuring carbon emissions Our scope 1, scope 2, and scope 3 emissions are externally assured, but the audit scope excludes Reldan, AUS and EU regions for the scope 3 emissions. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 187

For measuring GHG emissions, we adhere to the world’s most widely used protocol, the GHG Protocol, established by the World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD). We track carbon emissions, energy and decarbonisation performance monthly against our annual emission threshold targets, at both Group level and for individual operations. We have an online carbon inventory platform for enhanced monitoring which has embedded controls in place to increase the integrity of our data, with emission factors updated annually. In 2024, 96% of the Group’s emissions stemmed from electricity consumption (scope 2), almost exclusively (92%) attributable to South Africa’s power utility, Eskom, which derives the vast majority of its electricity from coal. In South Africa, Eskom has a legislated monopoly on power generation. However, new electricity regulation in 2021 allowed us to progress renewable energy projects. Our SA operations are extensively electrified, which means our investment in renewables will yield rapid decarbonisation results. Direct emissions (scope 1) made up 3.2% of overall emissions, while indirect emissions related to our electricity consumption (scope 2) contributed 16.9%. In 2024, our scope 1 emissions (including fugitive mine methane) decreased by 40.6%, largely attributable to a decrease in fugitive mine methane from the Beatrix operations, which decreased by 67.8% year-on-year. Diesel consumption for the group is 1,239 TJ (2023: 1,320TJ). Overall, there was an increase in scope 2 emissions ((1.9)%), and increase in scope 3 emissions (1%). Year-on-year for scope 1 and 2 the emissions decreased by (285.2) 000t CO2e. Our scope 1 and 2 emissions for the Group are 6,345 000t CO2e. The Group has 1,403 employees working from home, which reduces transport-related emissions associated with travelling to work. Total CO2e emissions: scope 1, 2 and 3 (000t CO2e) 2024 2023 2022 4Group US region6 EU region AUS region SA region 4Group US region EU region AUS region5 SA region 4Group US region EU region SA region Total PGMs Gold Total PGMs PGMs Gold Total PGMs PGMs Gold Scope 1 (excluding fugitive mine methane)1 180.4 43.4 13.0 8.6 103.2 12.1 208 51 13 Not yet reported 113 31 223 50 5 129 39 Scope 1 (fugitive mine methane)1 67.3 0.0 0.0 0.0 0.0 67.3 209 0 0 Not yet reported 0 209 272 0 0 0 272 Total scope 1 247.6 43.4 13.0 8.6 103.2 79.4 417 51 13 Not yet reported 113 240 495 50 5 129 311 Scope 22 6,097.7 165.2 1.3 86.4 2,937.5 2,907.2 6,214 173 1.5 Not yet reported 2,932 3,107 6,157 201 1 2,994 2,961 Scope 35 1,290.8 59.4 Not yet report ed Not yet report ed 1,005.8 225.6 1,273 53 Not yet reported Not yet reported 942 278 1,137 59 N/A 713 365 Total scope 1, 2 and scope 3 7,636.1 267.9 14.3 95.1 4,046.5 3,212.2 7,904 277 15 0 3,987 3,625 7,823 344 6 3,836 3,637 CO2e intensity (per tonne milled) for scope 1 and 23 0.1 0.17 N/A N/A 0.1 0.3 0.14 0.17 N/A Not yet reported 0.08 0.32 0.13 0.23 N/A 0.08 0.33 1 Scope 1 emissions include fugitive mine methane, but separately shown in this table. We are reporting our fugitive mine methane emissions in the Free State province of South Africa in line with the transparency principle of the ISO 14064 GHG quantification standard 2 In order to obtain the most accurate reflection of scope 2 emissions we are transferring to a market based approach, determined by a hierarchy of available grid and supplier specific emission factors.The following factors in tCO2e/MWh are used in our calculations. SA 1.04, Finland 0.038, France 0.028, US Montana 0.468, US Reldan 0.393, Century 0.44, Karumba 0.71 3 The ore at the US PGM operations is of a higher grade, contributing to a higher intensity rate for milling 4 Group total is inclusive of corporate-related emissions. Keliber lithium project excluded from EU and Group total as the project is still under construction 5 Scope 3 for EU, Reldan and AUS not yet reported. Limited assurance conducted on scope 3 categories 1,2,5,6,7,9 and 13 6 US region data for Reldan for 2024 is from 1 March 2024 – 31 December 2024 and included as part of US region 9.4 Science-based targets The Science Based Targets Initiative (SBTi) is an independent initiative that guides corporations in setting science-based emissions reduction targets. In 2019, the SBTi approved our scope 1 and 2 emissions reduction target of 27.3% by 20251, from a 2010 base year. This target was achieved in 2024, one year ahead of plan, having reduced our emissions by 36% relative to the 2010 baseline, (7,226,717tCO2e), as illustrated below. As this target was set before the acquisition of several operations and projects, in 2023 we formulated an updated science-based aligned scope 1 and 2 emissions reduction target of 42% by 20304, from a 2021 base year (7,406,966tCO2e). In 2024, we achieved a reduction of 16% against the 2021 baseline. Achievement of the 2025 SBTi target Scope 2025 target 2024 emissions 2023 emissions3 Scope 1 N/A 247,616 417,000 Scope 2 N/A 6,097,710 6,213,500 Scope 1 and 2 N/A 6,345,326 6,630,500 Scope 1 and 2 (excluding Marikana)2 5,676,919 4,606,0234 5,050,741 1 Excludes Marikana, EU region, AUS region and Reldan with 2010 baseline being 7,226,717 metric tons of CO2e 2 The only emissions scope with an approved SBTi target (scope1 and 2) 3. The 2023 emissions were overstated, but the updated figures now align with the target scope included in the SBTI target setting 4. Target excludes AUS region and Reldan, being integrated. <5% exclusion from the minimum boundary OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 188

GROUP ENERGY AND DECARBONISATION STRATEGY –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Delivering on our commitment to carbon neutrality by 2040 in an economic and socially responsible manner m TC O ₂e FORECASTED GROUP GHG EMISSIONS AND DECARBONISATION PATHWAY (SCOPE 1 AND 2) Actual 1.5 degree / SBTi-aligned pathway Business-as-usual Planned Sibanye-Stillwater 2030 pathway Sibanye-Stillwater ambition pathway 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 36 20 37 20 38 20 39 20 40 20 41 20 42 0 1 2 3 4 5 6 7 8 IMPLEMENTATION LEVERS Decarbonisation advocacy and just transition Creating an enabling external and internal environment for decarbonisation Demand side energy management (DSEM) Eliminating energy waste and enhancing operational efficiency Strategic energy sourcing Sourcing low-cost, low-carbon reliable energy Technology adoption Leveraging technology including digital, electrification, storage and renewables Scope 3 emissions Addressing upstream and downstream emissions Carbon offsets Securing responsible carbon offsets to neutralise our remnant emissions OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 189 2030 target – 42% reduction from a 2021 base 2040 carbon neutral 1 Indicative based on 2024 life-of-mine production profiles and planned interventions, excluding Century and Reldan operations. Subject to several assumptions and may change. Will be updated for material divestment, acquisitions and/or projects LONG-TERM OBJECTIVE Carbon neutrality by 2040 NEAR-TERM OBJECTIVES 1. Ensure energy security 2. Decrease energy and carbon costs 3. Reduce absolute GHG emissions 4. Improve the carbon footprint of our products 5. Enable value chain decarbonisation 2025 GROUP DECARBONISATION TARGETS Limit absolute GHG emissions (Scope 1 and 2) to 6.263Mt CO2e Save 92GWh of energy through DSEM Contract an additional 0.287TWh of renewable energy LARGEST NEAR-TERM IMPACT

Decarbonisation advocacy and just transition Sibanye-Stillwater supports rapid decarbonisation and a just energy transition. To this end we engage with national and local governments, regulators, utilities and industry bodies, including (in South Africa) the Energy Intensive Users Group of Southern Africa, Business Unity of South Africa, the Energy Council of South Africa, and the Minerals Council of South Africa. Through these associations, we work with government, energy regulators and energy utilities to promote reform and expedite decarbonisation. Our membership in organisations like the WGC and ICMM, which publicly support the Paris Agreement, is aligned to our commitment to a science-aligned decarbonisation pathway. Demand-side energy management All our operations have developed five-year demand-side energy management programmes. Our demand-side energy management interventions use various tools and campaigns: e.g. digital twinning, supervisory control, and data acquisition (SCADA), automation, real- time monitoring, dynamic control initiatives, energy waste reduction, and energy awareness initiatives. Our energy consumption is accounted for through our carbon inventory, in line with the requirements of the GHG Reporting Protocol. In 2024 the Group achieved an energy efficiency improvement of 111GWh, exceeding our 2024 Sustainability scorecard target of 93GWh; resulting in avoided scope 2 emissions of 113,120tCO2e. SA region In 2024 our SA operations achieved an energy efficiency improvement of 107GWh, exceeding the internal target of 81GWh, and equating to abated scope 2 emissions of 111,280tCO2e. Both the SA gold and SA PGM operations contributed positively to this performance. A sizeable portion of the savings were derived from improved efficiency in fissure water pumping and compressed air usage. SA gold operations Demand-side energy management interventions yielded a 2024 energy efficiency improvement of 79GWh, a 2.7% reduction against plan (2023: 165GWh; 4.8% reduction). The 2024 energy intensity improved to 1.07GJ/tonne milled (2023: 1.08GJ/tonne milled; 2022: 1.05GJ/tonne milled). Total energy consumption for 2024 was 10.2 petajoules (2023:11.4PJ), primarily in the form of electricity from Eskom (99%). SA PGM operations Demand-side energy management interventions yielded a 2024 energy efficiency improvement of 28GWh, a 1.0% reduction against plan (2023: 31GWh and 1.1% of budget). 2024 energy intensity increased to 0.33GJ/tonne milled (2023: 0.31GJ/tonne milled; 2022: 0.30GJ/tonne milled), primarily due to reduced tonnes milled year- on-year. Total energy consumption for 2024 was 11.30PJ (2023: 11.6PJ), primarily in the form of electricity from Eskom (90%). US region Demand-side energy management interventions yielded a 2024 energy efficiency improvement of 4GWh, a 1.1% reduction against plan. In 2024, energy demand at our US operations was 1.87PJ (including Reldan) (2023: 1.8PJ excluding Reldan). Year-on-year energy intensity decreased to 1.30GJ/tonne milled (2023: 1.33GJ/tonne milled) following an increase in tonnes milled. Energy consumption was primarily in the form of grid-supplied electricity (68%). EU region In 2024, energy demand at our EU operations was 0.59PJ. A decline in energy consumption will be experienced at Sandouville following the decision to ramp down production. Keliber’s energy consumption will grow with the increase in construction and commissioning activities. AUS region The Australian region, including the Century operation, Karumba Port facility and Mt Lyell, consumed 0.88 PJ (2023:1.00PJ), largely in the form of electricity (87%). Energy consumption was lower year-on-year following operational interruptions due to a bushfire affecting the Century operation in the last quarter of 2024. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 190 SCIENCE-BASED DECARBONISATION PATHWAY • Paris Agreement and GHG pathway required by science • Science-based targets • Nationally determined contributions • 2040 carbon neutrality commitment GROUP AND REGIONAL DECARBONISATION PATHWAY TARGETS • Forward-looking annual scope 1 and 2 emission pathway targets (in mtCO2e) that ensure balanced delivery on our 2030 and 2040 commitments • Process to be run concurrently with operational budgeting and completed in January each year following the finalisation of operational budgets and life of mine (LOM) • The annual scope 1 and 2 emission pathway targets will inform the long-term incentive target on a 5-year rolling basis, adjusted for material influencing factors LIFE OF MINE AND OPERATIONAL BUDGETS • Production profiles and associated energy requirements • Forecasted GHG emissions profile • Required decarbonisation interventions and offsets • New projects and acquisitions MODIFIERS • Grid emission factors • Investor and customer requirements • Industry-body requirements e.g. ICMM • Government-imposed corporate carbon budgets • Technology availability • Carbon market mechanisms

TOTAL ENERGY CONSUMPTION BY OPERATION (PJ) 11.30, 45.5% 10.19, 41.0% 1.87, 7.5% 0.88, 3.6% 0.59, 2.4% SA PGM SA gold US PGM AUS region EU region Total energy consumption: 24.83 PJ, non-renewable energy sources: 19.74 PJ and renewable and nuclear energy sources: 5.09 PJ. Purchased steam was 0.079 PJ. TOTAL ENERGY CONSUMPTION BY SOURCE (PJ) 17.38, 70.0% 4.15, 16.7% 0.91, 3.7% 1.21, 4.9% 0.03, 0.1% 1.15, 4.6% Grid-supplied electricity (Non-renewable) Grid-supplied electricity (Renewable) Grid-supplied electricity (Nuclear) Diesel Biodiesel Other Strategic energy sourcing and renewables Sourcing energy from low-emissions sources is the most impactful opportunity to reduce GHG emissions, particularly for the SA region where Eskom (a coal-intensive utility) is responsible for 92% of Group scope 1 and 2 emissions. SA region renewables We are implementing a major portfolio of renewable energy projects in the SA region. Our goal is for 600MW of renewable capacity to be operational by late 2026, with 407MW of solar and wind projects currently under construction. The total portfolio will have a capital cost of R12 billion to R14 billion, being fully funded by third-parties through varying-tenor power purchase agreements (PPAs) entered between Sibanye-Stillwater and the project companies. We anticipate that once completed this renewable project portfolio will supplement around 30% of our total electrical energy requirements and yield material cost savings. The projects are also expected to contribute to alleviating the South African electricity crisis. In 2024, we concluded our fourth renewable energy PPA, and reached financial close, for an additional 140MW wind energy project, the Umsinde Emoyeni wind farm. Projects currently in construction, totalling 407MW: • 89MW Castle wind farm • 140MW Umsinde Emoyeni wind farm • 103MW Witberg wind farm • 75MW (of 150MW) SOLA Group solar project Castle wind farm The 89MW Castle wind farm marks a significant milestone for the Group and for South Africa's private renewable energy sector. In 2022, we led a procurement process and achieved financial close in May 2023, supported by a groundbreaking 15-year build, own, operate, and transfer PPA. Located near De Aar in the Northern Cape, the Castle wind farm benefits from some of South Africa's best wind resources and direct access to the main transmission corridor connecting the Cape provinces to the industrial north-east. Our early market entry secured vital grid access amid current capacity constraints that limit new wind project development. Having achieved commercial operation in Q1 2025, it has become the largest, operational private-offtake wind farm in the country, surpassing the 69MW Msenge wind farm developed for Sasol. Featuring 16 advanced 6.0MW wind turbines, the facility delivers a total capacity of 96MW, with an 89MW export limit. Key benefits include: • Annual generation of 309GWh (5.5% of our South African demand) • Reduction of 321,000tCO2e annually (5.0% of Group scope 1 and 2 emissions) and mitigation of potentially indirect associated carbon tax liabilities. • Initial unit cost savings in excess of 15% relative to prevailing utility rates, with CPI-linked escalation, generating a significant NPV for our operations. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 191 7.2

Extensive renewable energy programme: 407MW private sector power capacity under construction OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 192 A South African leader in private power procurement

EU region Keliber lithium project (Finland) and Sandouville (France) are in countries with extremely low grid emission factors. For both operations, steam is a major heat vector. Sandouville’s steam is mainly produced with waste heat from neighbouring industrial sites or waste incineration, which is favourable for the Group in that it contributes very little to overall Group emissions. Scope 3 emissions Our scope 3 emissions amounted to1,290,815t in 2024 (2023: 1,273,000t) contributing 17% (2023: 16.1%) to our total emissions. Scope 3 emissions primarily stem from our supply chain, from our investments, and from processing of sold products. By-products of our mining processes are currently not included. During 2025, a comprehensive review of our scope 3 inventory will be finalised to further reduce assumptions made and to ensure that our coverage regarding all categories improves. To better understand our upstream supplier emissions, we are screening our suppliers to identify the most relevant purchased goods and their emissions. By the end of 2025 we will have identified the top 75 suppliers by spend in terms of our scope 3 emissions. Electricity consumption (TWh) 2024 2023 2022 SA region 5.62 5.98 5.73 SA gold 2.80 3.08 2.85 Beatrix 0.27 0.36 0.42 Cooke 0.37 0.37 0.34 Driefontein 1.23 1.22 0.97 Kloof 0.91 1.10 1.10 Burnstone 0.03 0.03 0.02 SA PGMs 2.82 2.90 2.88 Kroondal 0.30 0.33 0.35 Rustenburg 1.02 1.07 1.08 Marikana 1.45 1.43 1.38 Platinum Mile 0.06 0.07 0.07 AUS region 0.21 0.41 Century1 0.20 0.39 Mt Lyell2 0.02 0.02 EU region 0.05 0.04 0.04 Sandouville 0.04 0.04 0.04 Keliber 0.00 0.00 N/A US region 0.35 0.37 0.37 Stillwater 0.27 0.28 0.28 East Boulder 0.08 0.09 0.08 Reldan 3 0.004 Group 6.24 6.80 6.13 1 Century was included in the 2024 calculation, following acquisition on 22 February 2023 2 Mt. Lyell was included in the 2024 calculation, following integration from 1 December 2023 3 Data for Reldan for 2024 is from 1 March 2024 – 31 December 2024 Energy intensity (GJ/tonne milled)1 SA region 0.49 0.45 0.45 SA gold 1.07 1.08 1.05 Beatrix 0.71 0.73 1.47 Cooke 0.25 0.25 0.24 Driefontein 2.12 2.22 2.36 Kloof 4.49 2.90 1.73 SA PGMs 0.33 0.31 0.30 Kroondal 0.29 0.27 0.25 Rustenburg 0.36 0.35 0.35 Marikana 0.53 0.50 0.53 Platinum Mile2 0.03 0.03 0.03 AUS region 0.12 N/A Century 0.12 N/A US region3 1.49 1.33 1.58 Stillwater 1.61 1.38 1.67 East Boulder 0.73 0.69 0.78 2024 2023 2022 1 The energy intensity factor takes into consideration purchased electricity and direct fuels used, which includes petrol, diesel, aviation fuel, liquid petroleum gas, acetylene, coal, paraffin, propane, natural gas, heavy fuel oil and methane. Reldan, Keliber and Sandouville excluded as not applicable 2 Platinum Mile was included in the 2024 calculation, following management integration mid-2021 3 The ore at the US PGM operations is of a higher grade, contributing to a higher energy intensity rate 7.3 Carbon offsets We intend to reduce our absolute scope 1 and 2 emissions in line with the requirements of the Paris Agreement and the latest climate science. Offsets will be used as a last resort to neutralise remnant, hard-to-abate emissions and achieve full carbon neutrality. We envision these offsets would be less than 2% of current scope 1 and 2 emissions. We are actively seeking to link carbon offsets with our local agri-industrial and rehabilitation programmes; and we will leverage advances and innovations in the field of offsets to derive the intended benefits. Reldan invested in 2,000t of Verra approved carbon offset credits in November of 2024, relating to an infrared automatic refrigerant leak detection system. In addition, 3600 RECs were also purchased during 2024 for offsetting purposes. Both the Verra approved credits and CERs were retired in January 2025 and will be included in our 2025 emission disclosures. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 193

AIR QUALITY –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Our approach to ambient air quality is provided in our Air quality position statement, which is supported by strategic initiatives and detailed action plans. See our Position statement www.sibanyestillwater.com/sustainability/reports-policies/ SA region Our SA operations use a standardised procedure, risk management framework and best practices to inform air quality management. We continue to carry out emission compliance sampling to maintain licences to operate. In 2024, SA PGM and SA gold recorded AEL emission compliance of 100% and 81%, respectively. Investigations are underway to find viable solutions to reduce particulate matter emissions from Ezulwini and Beatrix Kiln stacks. We use various emission reduction measures, including operational and technical levers, to manage our air emission footprint. Annual external audits were conducted to determine compliance to our AEL conditions. For 2024, the SA gold operations achieved an AEL compliance audit of 74% (2023: 87%); and the SA PGM operations (including the smelter, assay laboratory, base metal refinery, and precious metals refinery) achieved 99% AEL compliance (2023: 100%). A refined calculation approach has been adopted to improve the accuracy and reliability of the emission inventory reported to authorities in terms of the National Atmospheric Emission Reporting Regulations. We have set a target for our smelter operations to improve SO2 capturing and cleaning efficiency from 80% to 90% by 2027, and to 99% by 2030 which were subject to a pre-feasibility study. The pre- feasibility study results indicated that is not a viable investment project at this point in time and was put on hold and therefore we will not be able to progress the target. A reputable service provider will be appointed to develop air quality management plans consistent with the priority area regulations and the proposed National Dust Control Regulations. Stakeholder engagement The SA region participates in local air quality management forums. These include, among others, air quality forums in the Highveld priority area and the Waterberg-Bojanala priority area; where, among other things, we share air quality data. Ambient monitoring data is also shared via the South African Air Quality Information System (SAAQIS) We also engage with communities to address air quality concerns. Dust remains a prominent stakeholder concern and we follow root cause analysis and high potential investigations to assess controls and mitigation measures of high dust levels. The EU region participate in the joint air quality monitoring programme of the Kokkola Industrial Park. Nitrogen oxide and sulphur dioxide emissions (tonnes and intensity per tonne milled/treated) 2024 Emissions (in gram per tonne milled/ treated) 2024 Emissions in tonnes 2023 Emissions (in gram per tonne milled/ treated) 2023 Emissions in tonnes 2022 Emissions (in gram per tonne milled/ treated) 2022 Emissions in tonnes Nitrogen oxides (NOx) SA region1 29.3 1,284.5 36.0 1,569 31.6 1,529.0 SA PGM operations1 32.8 1,126.7 34.0 1,244 33.6 1,294.0 SA gold operations 16.6 157.9 38.0 397.0 23.7 235.0 AUS region N/A N/A N/A N/A EU region N/A 8.1 N/A 10.7 N/A N/A US region3,5 216.1 263.2 90.0 357.0 331.0 418.0 Group 39.0 1,555.8 34.0 1,926.0 39.1 1,947.0 Sulphur dioxides2 (SO2) SA region 27.1 932.3 44.0 1,642.46 53.2 2,576.0 SA PGM operations 27.1 932.3 44.0 1,642.46 66.9 2,576.0 SA gold operations N/A N/A N/A N/A N/A N/A AUS region N/A N/A N/A N/A US region5 1.0 1.3 0.6 0.8 1.2 1.5 Group 26.0 933.6 44.0 1,643.24 51.9 2,577.5 The SO2 intensity for 2023 was corrected to 44 g/ton milled or treated 1 Nitrogen oxide emissions for the SA region are derived by the multiplication of fuels (diesel, petrol, liquid petroleum gas, coal, helicopter fuel and paraffin) by the corresponding emission factors 2 SA region: Sulphur dioxide emissions are from the Marikana PGM smelters and quantified through a combination of stack measurements and mass balance. The US region also include SO2 emissions from the Columbus metallurgical complex. SO2 emissions from the EU region were not assured 3 The ore at the US region is of a higher grade, contributing to a higher intensity rate using tonnes milled versus ounces output 4 EU region: Keliber lithium project excluded as still in project phase 5 US region includes data for Reldan for 2024 as from 1 March 2024 – 31 December 2024 Year-on-year, there was a decrease of 19.2% in absolute NOx emissions at Group level. In terms of NOx, the SA region showed a year-on-year decrease of 22%. The US region showed a decrease of 26.3% in NOx emissions for 2024. The Group’s overall NOx intensity (grams of NOx emission emitted per tonne milled/treated) increased slightly year-on-year by 14.7%. The SA operations SO2 has significantly decreased (43%) from 2023 to 2024 and it is attributable to the continuous improvement on the advance process control on the plant and other improvements made e.g. scrubber and ducting replacement and redundancy and availability improvements. The Group’s overall SO2 intensity (grams of SO2 emitted per tonne milled/treated) decreased year-on-year by 40%. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 194

US region In 2024, the Columbus metallurgical complex (US PGM operations) emitted 1.24 tonnes of SO2, (2023: 0.78 tonnes), which is less than 2% of the permit limit. The US PGM operations are able to maintain industry-leading low SO2 emissions from the smelter year after year through a strong emphasis on process management and SO2 scrubbing. The scrubber system continues to be effective in capturing and treating more than 98% of the SO2 produced. In addition, the US PGM achieved 100% compliance with air quality permits across all operations. In 2024, the Reldan operations emitted 0.04 tonnes of SO2, (2023: 0.356 tonnes). The primary driver for SO2 at Reldan is from the operation of the Emergency Generator. In 2024 the Reldan operations emitted 5.22 tonnes of NOx, (2023: 5.95 tonnes). NOx is produced during the precious metal recovery process. Reldan employs a variety of air pollution control measures to minimise emissions. Our approach includes the use of afterburners to destroy volatilised organics, baghouses to collect particulate matter, and wet scrubbers to remove acid gases/neutralise chemicals. Additionally, we control fugitive acid gases through a general scrubber system. EU region Our environmental code includes the EU air quality directives, which are respected. At Keliber, we are still in the construction phase and air quality monitoring according to the environmental permit requirements will be in place once operations start. SA region: Dust The SA region uses a dust fallout monitoring system to measure dust. Our control and mitigation measures include ridge ploughing on TSFs, application of chemical dust suppressants, use of netting, and grassing and planting of indigenous eucalyptus trees. In 2024, our dust fallout levels were maintained at a compliance level of 94% for our SA gold operations and 96% for our SA PGM operations. Compliance levels are measured by dust buckets, monitored according to the standards of the American Society for Testing and Materials and in compliance with South Africa’s National Dust Control regulations. Exceedances are investigated and reported to authorities. See Incident management, page 202. WATER MANAGEMENT –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– We use water for primary mining activities, mineral processing, cooling, ore, waste/tailings conveyance, industrial processes and human consumption. We have policies and position statements relating to the correct use and protection of water resources. See our Position statement www.sibanyestillwater.com/sustainability/ reports-policies/ Water stewardship is one of our key priorities under the sustainability theme of Planet. To this end, reducing our reliance on purchased potable water is key. Our Sustainability scorecard goal for 2024, was to reduce purchased water by 7% compared to a 2023 baseline of 21,343ML. In 2024 our total water purchased was 19,717ML1, which bettered our sustainability scorecard target of 19,849ML by 0.6%. Our scorecard goal for 2025 (excluding EU region) is to reduce total purchased water by approximately 18% compared to the 2023 baseline of 21,343ML, a 11% improvement on 2024. The longer-term goal is to reduce purchased water (against the 2023 baseline) by 42% by 2030. The bulk of this planned reduction is for the SA region. In 2024, the SA operations spent R296.6 million (2023: R313.2 million) on potable water purchases from external sources. 1 Excluding AUS region, Reldan and Keliber lithium project Responsible water stewardship In 2024 we completed eight ICMM water stewardship assessments, evaluating operations against a range of requirements: governance and strategy, risks and opportunities, integration into business plans, performance, compliance, reporting transparency. A combined result of 141/160 was achieved, with most of the sites achieving an advanced practice level. A further seven water stewardship assessments are to be completed in 2025. These assessments will be followed up with action plans, to be completed by 2026, which will align to our water stewardship programme. The water stewardship tool is available at, www.icmm.com/en-gb/guidance/environmental-stewardship/ OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 195 Award for emissions reduction In November 2024, Sibanye-Stillwater teams from the SA PGM PMR and from our SA gold operations were honoured at the Gauteng Province Emission Reduction Recognition Awards, held at the Harmony Gold Mine West Wits Village Auditorium in Carletonville. This recognition highlights the Group’s commitment to fostering a sustainable future through responsible mining practices, which is an integral part of our long- term incentive programme. The awards were presented by Ms Sheila Peters, the MEC of Environment, along with Leroy Legabe and Xolile Mkruquli, both MMCs of Environment. This acknowledgment symbolises our dedication to reducing air pollutant emissions and shaping a better tomorrow for our planet and our communities.

It is standard practice for all our operations to recycle water: • Underground operations: once suspended solids have been removed, recycled water feeds underground operations (US PGM operations) • Our tailings facilities are designed so that, where applicable, tailings water is recycled for use in processing plants • Treated sewage effluent: 90% of sewage water at our SA PGM operations is recycled • Recycled water from the western basin: we reuse impacted water at our Cooke surface operations (SA gold operations) • At Sandouville and Keliber lithium project, part of the water is used in closed loop for steam generation and can be considered as recycled • At Century operations (AUS region) recycled water is maintained in a close loop system; the only water leaving the recycling loop is water used in the 300km pipeline carrying our concentrates to the Port of Karumba Percentage water recycled 2024 per region 2024 2023 2022 SA gold 75 % 72 % 70 % SA PGM 59 % 61 % 58 % EU region 12 % 12 % — % AUS region 63 % 80 % — % US region1 62 % 60 % 69 % 1 US region data does not include Reldan The recycling percentages differ across the regions as water management practices differ in relation to the types of operations, process configurations and water availability. Further improvements in this field will further reduce our dependence on purchased water. The average percentage recycling for the SA region in 2024 was 67% (2023: 66.5%). In conjunction with active water treatment plants, the company is expanding the use of impacted water sources at our water-negative operations while enhancing water recycling initiatives across all sites. This approach has proven successful, resulting in a total water savings, in the SA region, of 1,842 ML compared to the total water purchased in 2023. Over the next 24 to 36 months, we will further diversify our water mix by introducing additional impacted regional water sources for mining and processing, reducing reliance on stressed municipal supplies and the limited resources of the integrated Vaal River Network. Our strategic water risks and mitigation Our water risks can be classified into three categories: • Physical risks (quantity), e.g water stress, water security of supply, water pricing, drought, riverine flooding, coastal flooding • Physical risk (quality), e.g. poor water quality (inbound water), poor water quality (discharged water), water pollution • Regulatory and reputational risk, e.g. onerous country or catchment specific legislation, lack of water stewardship, lack of WASH services We manage these risks at Group and operational level. We record various water parameters at regional level, allowing us to set objectives and design action plans. We have also set water related targets and embedded these in our Sustainability scorecard, which links to mitigation measures of these risks. Water management is one of our material matters (sixth on the list) and is given the full attention it deserves. The Group uses the World Resource Institute’s tool Aqueduct to assess water-related risks, see https://www.wri.org/aqueduct/ 6.1, 6.3 SA region: water risk mitigation Water is a scarce and competing resource in South Africa. Water is necessary to all aspects of our business including our growth prospects. We have a dichotomy of water exposures in our platinum and gold sectors. Our SA gold operations in the West Rand have a water positive balance due to the vast amounts of water that we pump out from underground. This is in fact fed to a large extent by the ingress water (fissure/extraneous water) into the workings which needs to be pumped to surface to allow operations to continue and prevent flooding of the workings and allow operations to continue. In the gold sector, we pump this water to surface, use and displace potable water as far as practical and the surplus volumes are discharged under strict monitoring protocols into our watercourses. By contrast, our platinum operations are under severe strain due to minimum availability of water. There is minimal ground water available in the region, and coupled to growth by both the mining sector as well as agricultural and other industrial users, there is a big and competing demand in this region. This is further amplified by water availability and infrastructure constraints in the Rustenburg region. In the platinum sector, our operations had been affected by water constraints for a total of 20 days in 2024. In the gold sector, excess water is sometimes a concern, and we resolve to ensure that we have maximum pumping capacity and holding capacity to address any anomalies in our water balance. This has ensured that we did not have downtime in the gold operations in 2024. The opportunity within our SA business is to optimise the surplus water to service the deficit. Academically, this is very plausible, the regions are however working on technical and engineering viability assessments to assuage the do-ability of a cross-catchment transfer scheme. Any potential opportunity will be a collaborative approach with our key stakeholders. In 2024, SA gold operations reviewed its surface and groundwater impact along the West Wits line. This area recently experienced increasing volumes of underground fissure water. Between 2020 to 2024 the average daily fissure water from the West Wits gold mines has increased from 218 ML/day to 328 ML/day. The difference in pumping volumes is attributable to the cyclical nature of our hydrological system where we do see spikes periodically, but we are also monitoring increases arising from surface run-off where municipal infrastructure has failed and water is coursing through the surface feeding into the underground through percolation and sinkholes which form through this unbridled discharge of water. This increase in the volume of water to be pumped from underground has increased costs of pumping (energy cost) and has increased safety risk. The 2024 pumping cost for the SA gold operations was R1.2 billion. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 196

Our water management interventions focus on our sinkhole mitigation strategy where we actively fill in the sinkholes soonest. We have in addition bolstered the integrity of our pipeline reticulation to carry the water effectively over the dolomites, reducing further ingress and we have increased our own pumping capacity . The water strategy in the SA gold region is largely a closure driven stature looking at stakeholder centric approach to regional closure. In the last 2 years we refined our geohydrological studies firming up our modelling and fine tuning our assumptions. We have a more robust and detailed model that is informing our interventions in the short and medium term. In the last year we have worked with our peer neighbours to understand our interfaces and longer term water programmes so that we can understand and manage our regional context collectively. From an operational perspective, our emphasis was on strengthening and executing our sealing programme which is designed to close the ingress into operational areas. This is an ongoing initiative and we anticipate seeing improvements in our pumping volumes. We therefore developed a fit-for-purpose regional water strategy, as the first phase predominately focused on the SA gold operations, to manage the increase in fissure water, in the short and long-term which required the contributions of several disciplines, with key focal areas: A water balance to visualise where the water originates from and the associated water volumes from the various sources. These sources of water are: • Groundwater – The mine workings are overlain by dolomitic formations that contain large volumes of groundwater. The characteristics of this aquifer and the mechanisms that transmit the water between the dolomite aquifer and the mines was assessed in light of the increased water ingress to effectively manage the groundwater volumes entering the mines • Surface water - The surface water interacts with the underlying groundwater. The Wonderfonteinspruit, which is the major drainage system in the study area, contributes to the recharge of the dolomite aquifer. Surface run-off from various sources into the Wonderfonteinspruit, has severe consequences for the water volumes that needs to be managed by our gold mines The engineering component of this study dealt with: • All aspects necessary to handle the extraneous water in the mines, including all pumping and piping infrastructure, as well as the electrical supply • Land management related to sinkhole formation and rehabilitation strategies • Mine closure timelines mapped against water volumes available post-closure • Visualisation included all water related information into a GIS database and to construct a 3D model of the mines. This is an ongoing process, and the model is updated as new information becomes available Phase two of the regional water strategy will focus on the PGM operations to improve water management within the water stressed area. The work will encompass water security to protect our operations from water related interruptions. This work entails water balance monitoring and optimisation, supplementing current supply with alternative water sources such as grey water, irrigation water, recycling and reuse technologies. Further advancements in water management techniques were implemented in 2024, with a more significant impact on responsible internal water use expected in 2025. By then, real-time visualisation of daily water performance will be more accessible across operations, enhancing efficiency and driving long-term sustainability. Social benefits of water production Collaboration and partnerships with other stakeholders for shared water use will be crucial in the strategy. A key area will be potable water independence with onsite potable water treatment systems and options for storage capacities and community benefits to minimise reliance on use of local resources. While reduction in total water purchased will improve our water use efficiencies through closed circuit water systems, evaporation, increase water recovery from the tailings storage facilities by introducing water recovery technologies. Our SA operations produce their own potable water by processing impacted mine water. In 2024 we had our best water production year to date, where we produced 9,206 ML. This water management initiative reduces our demand on the stressed municipal drinking water network, freeing up water for domestic use by members of the community. At an average daily potable water demand of 237l/ person, and an average household size of five people, our potable water production equates to the potable water demand of 106,417 people or 21,283 households. This speaks to the heart of UN SDG 6. SA gold operations In 2024, the SA gold operations purchased 3,555ML (2023: 5,124ML) from municipal and water boards (mainly Rand Water Board and Sedibeng Water Board) costing R75m. Some municipalities levy exorbitant fees over and above their cost from Rand Water Board for the supply of water (more than 100%), without any further value add, notwithstanding the tariffs for raw water being governed by the provisions of the Water Services Act of 1997, clause 10. The volume of ingress water at the SA gold operations was on average 336 ML/day, which is a 13.8% increase from the 2023 volume. This also significantly exceeds our internal freshwater requirements, which averages 35 ML/day. We have implemented strategies to better utilise the volume of ingress water in order to reduce our reliance on external sources of potable water. All excess water is treated and discharged, which is generally positive for the environment/catchments and for surrounding communities. The water is treated using various water treatment techniques to meet our own operational and environmental discharge standards. Some of the treatment techniques include nutrient removal and disinfection and our more complex systems removes dissolved metals from water bodies to make it safe for the downstream aquatic systems. At the Kloof operation, we have a 4ML/day water treatment facility based on a build-own-operate transfer model. In 2024, the plant met 34% (2023: 28%) of Kloof’s potable water demand. In 2024, the Driefontein water treatment facility with a capacity of 28ML/day met 97.1% of the mine’s 7,969ML demand (2023: 89% of 7,458ML). In 2024, the Ezulwini water treatment facility met 100% of the mine’s operational water demand. In 2023, the Group approved capital expenditure for the construction of a pilot plant for the recycling of ~1.3ML/day from our wastewater treatment works at Kloof. Designs were approved and orders placed for the manufacturing and delivery of equipment for the pilot plant. If successful, this type of technology will be rolled out to other sites in the SA region and elsewhere. The technology has the benefit of displacing potable water with treated impacted water further enhancing our water resource protection measures. It will also lend to bottom line benefits for Kloof. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 197

Meanwhile, onsite improvement initiatives have resulted in significant cost savings at Kloof and Driefontein. Interventions include optimising water usage for our cooling system and incorporating alternative water sources. Similar initiatives are planned for our SA PGM operations in 2025. These efforts also contributed to our overall potable water savings in 2024. To summarise, with Driefontein, Kloof, Burnstone and Ezulwini mine water producing plants (and two acid mine drainage plants) our SA gold operations produced a maximum volume of 37ML/day (2023: 35ML/day) of potable water, saving R200 million in 2024 (2023: R153 million). By using grey water in 2024 we offset our municipal potable water demand by 25ML per day (2023: 22.32ML per day) at the SA gold operations. This meant that more potable water was available to the Integrated Vaal River System, which serves communities in Mpumalanga, Free State, North West and Gauteng. SA PGM operations Our SA PGM operations are in a water-stressed area in the North West province. Here, we rely on Rand Water for 74% of our water needs. The SA PGM operations sourced 12,448ML (2023: 13,024 ML/ day from Rand Water. Further, we purchase 2,562ML/annum of treated effluent from the Rustenburg Local Municipality wastewater treatment works (via the Rustenburg Water Services Trust). Our purchase of this water has socioeconomic benefits, reducing our purchases of potable water, and giving opportunity to local contractors involved in providing the service. For the long-term we are integrating Marikana with the Kroondal- Rustenburg footprint, thus balancing water requirements across the footprint. Integrating Marikana allows us to transfer water from water-richer areas during the wet season to storage and to drier parts, noting that the Pandora pipeline supplies 6ML/day to our Karee operations. The completion of the Hartebeespoort/Pandora storage dam and associated pipeline in 2024 will support the SA PGM operations’ water security initiatives. This water will go into our planned water treatment facilities, which will reduce our Rand Water requirements by 10 ML per day, equating to a ~28% reduction. We also have projects to desilt water storage and containment facilities; and, in a first for the SA PGM operations, we have finalised a contract for a water treatment plant. The water treatment plant will be funded by a third party for an investment of R8.6 million. The third party will be responsible for the facility's operations and quality management for a period of five years, after which ownership will be transferred to Sibanye-Stillwater. Similar models have been successfully implemented at the SA gold operations. The treatment plant will be designed to treat 2.5 ML/day and is expected to come online in Q3 2025. This water treatment plant will translate to a monthly saving of R1.1 million per month. Noting that The SA PGM operations already have 13 wastewater treatment facilities that recycle water for operational use. These facilities currently recycle 78% (2023: 72%) of plant effluent back into the operations. In 2024 we reduced our reliance on water purchased totalling 15,103ML for the year (2023: 15,252ML) at the SA PGM operations. Stakeholder engagement on water management We participate in various external stakeholder forums that include a variety of groups: industry, government, research institutions, and community organisations, including: • Water catchment management forums hosted by the Department of Water and Sanitation (SA region) • Water forums hosted by the Rand Water Board (SA region) • Working groups hosted by the ICMM • SA Minerals Council engagement opportunities • Quarterly NGO sessions hosted by the community engagement department (to provide feedback on water matters) At our US PGM operations, we are part of the GNA, which is involved in water quality monitoring through an adaptive management plan (AMP). In H2 2024, both the US Forest Service and the Montana Department of Environmental Quality granted final approval of a permit to construct the next phase of tailings and waste rock storage at the East Boulder mine, without any public objection. This is rare in the US context. This public agreement was a result of years of collaboration under the GNA, as well as extensive community engagement before and during the permitting process. Additional work continues with the GNA on a similar permitting effort related to the next phase of tailings and waste rock storage at the Stillwater Mine. US region water risk mitigation Water quality is the primary physical risk to water resources in the US  region. The greatest risk is nitrogen in our mine water (from explosive residue), which we treat with a natural biological process, releasing the water back into the environment. The bacteria that propagate in our water treatment facilities also adsorb small concentrations of metals from our mine water. Through a final step of filtration, we remove both nitrogen and metals such that the excess mine water is treated to aquatic life standards (more stringent than drinking water standards) prior to discharge. In 2024, our US PGM operations discharged 2,901ML of treated water to groundwater resources near the operations where it is available for downstream beneficial uses such as aquatic life, recreation, farmland irrigation and drinking water. With respect to water quantity, the Stillwater and East Boulder mines are water independent. The Columbus metallurgical complex began work on a private groundwater well in late 2024. This will reduce the purchased water by more than 50% when commissioned, as planned, in 2025. The US region implemented adaptive management plans (AMP) as part of the GNA. The plans set more stringent requirements than the regulatory ones and trigger responses based on these strict water quality parameters. AMPs are reviewed annually and adjusted to anticipate changing conditions and changing regulation. During 2024, the US PGM operations worked with the GNA councils to develop post-closure water quality criteria (to be incorporated in the AMP) that achieves GNA objectives and is more protective than the regulatory standards. To protect groundwater quality at our US operations, all TSFs are lined to prevent impact on groundwater. In addition, liner and leachate collection systems are installed beneath the waste rock facilities at each operation. The collected water is directed back to the water treatment systems and either recycled for use in the underground mines or discharged to the environment. Reldan is a zero-discharge facility and does not maintain an industrial wastewater permit. Reldan processes its industrial wastewater onsite and recovers any remaining precious metal from this waste water. Reldan is currently focusing on improving this process with newer, more efficient, technology in the near future. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 198

EU region Sandouville nickel refinery Water is used for product washing and cooling. The Sandouville nickel refinery purchases industrial water collected from the Seine River and releases it back to the Seine River at one single point after being purified in the site’s internal wastewater treatment plant. The French Water Agency sets limits in terms of released water quality, especially for nickel. In case of heavy rains, stormwater flow may increase beyond the design capacity of wastewater treatment and when it happens, nickel production is temporarily downscaled to respect limits for water quality. Keliber lithium project During the construction phase the main risks are related to increased content of suspended solids in the waters being discharged. The risk is being mitigated by ongoing monitoring of the water-protection structures and sampling of the discharged waters. Further water risks at the Keliber lithium project were assessed as part of the environmental permitting process. Water management at the mining sites is based on keeping the Syväjärvi mine site waters separated from Rapasaari-Päiväneva and generally keeping clean waters separated from contaminated mine water. All discharged water from the mine and the concentrator process is fed to the receiving water body through the water treatment system and via a site-wise single discharge point, equipped with flow measurement and sampling. AUS region Water, mainly groundwater, is used at Century for hydraulic mining as a method of extraction, coupled with a slurry pipeline to transport the concentrates to market via the Port of Karumba. One of our biggest risks is the failure of our water system assets, which we mitigate with a preventative maintenance strategy which uses real- time monitoring. Group water performance summary Total water withdrawn1 (ML) 158,873 3,188 945 10,930 143,810 22,069 121,740 151,362 2,792 1,015 4,636 142,919 26,609 116,310 130,681 3,001 785 126,895 23,691 103,204 Water discharged2 (ML) 113,295 3,026 792 1,783 107,693 94 107,600 99,160 2,983 977 1,428 93,772 86 93,686 84,102 2,901 36 81,165 229 80,936 Water used3 (ML) 44,487 255 153 9,417 34,662 20,389 14,274 52,076 286 38 3,208 48,545 26,072 22,473 39,441 227 — 39,214 23,462 15,752 Total water purchased4 (ML) 19,787 119 945 65 18,658 15,103 3,555 21,394 114 853 51 20,376 15,252 5,124 21,046 69 785 20,192 14,842 5,350 Water purchased from water services authorities %6 44 47 100 1 54 74 25 41 40 100 2 42 58 23 1 0 0 1 1 0 Tonne treated5 (Mt) 45.94 1.3 — 6.8 37.84 28.34 9.5 41.35 1.28 — — 40.07 29.54 10.53 38.82 1.25 — 37.57 28.22 9.35 Intensity (kl/tonne treated 0.97 0.20 N/A 1.38 0.92 0.72 1.50 1.26 0.22 N/A N/A 1.21 0.88 2.13 1.02 0.18 N/A 1.04 0.83 1.68 2024 2023 2022 Group US region 8 EU region AUS region SA region Group US region EU region AUS region 7 SA region Group US region EU region 8 SA region Total Total Total Total Total PGMs Gold Total PGMs Total Total Total PGMs Gold Total PGMs Total PGMs Gold 1 Total water withdrawn: water abstracted from ground- and surface-water sources and total purchased 2 Water discharged into environment at licensed discharge points (See incident management on page 198) 3 Water used is total water withdrawn minus water discharged; for US operations water added to concentrator plus potable water purchased 4 Total water purchased: all waters purchased from a third-party resource for mining and processing purposes, and includes potable water, industrial water, grey water and other surface water purchases from irrigation board(s) 5 Tonne treated: dry tonnes processed in Sibanye-Stillwater metallurgical plants and concentrators 6 EU region is reflective of Sandouville as Keliber lithium project is still in project phase 7 AUS region excludes Mt Lyell which is under care and maintenance 8 US region data for Reldan for 2024 is from 1 March 2024 – 31 December 2024 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 199 Wastewater treatment Wonderkop, Marikana operation, SA PGM operations

Water use in the context of quality 2024 (by ML) Group US region5 SA PGM operations SA gold operations Source/ destination Water with- drawal Water discharge Water used Water with- drawal Water discharge Water used Water with- drawal Water discharge Water used Water with- drawal Water discharge Water used Ground water Fresh water1 111,362 3,026 9,243 3,069 3,026 166 1,479 1,479 106,814 7,598 Other water2 16,857 7,022 5,487 3,901 11,370 3,121 Total 128,219 3,026 16,265 3,069 3,026 166 6,966 — 5,380 118,184 — 10,719 Purchased water Fresh water 18,685 — 18,561 119 89 415,010 14,916 3,555 3,555 Other water — Total 18,685 18,561 119 — 89 15,010 — 14,916 3,555 — 3,555 Surface water Fresh water 93 97,354 93 93 94 93 97,260 Other water 10,340 10,340 Total 93 107,694 93 — — — 93 94 93 — 107,600 — Total 146,996 110,719 34,918 3,188 3,026 255 22,069 94 20,389 121,740 107,600 14,274 Tonnes treated (Mt)3 39.14 1.3 28.34 9.5 Total fresh water used 27,896 255 16,488 11,153 Fresh water used per (kl)/ton processed 0.71 0.20 0.58 1.17 1 Fresh water is water with a general total dissolved solids content of 1,000mg/l or less 2 Other water is water with a general total dissolved solids content of more than 1,000mg/l 3 Tonne treated: dry tonnes processed in Sibanye-Stillwater metallurgical plants and concentrators 4 Includes wastewater purchased at the Rustenburg operation 5 US region data include Reldan from 1 March 2024 – 31 December 2024 6.4.1, 6.1 The table below represents the proportionate volumes of water we withdraw, use and discharge according to water stress categories. 2024 Water stress (ML) Ground water Extrem ely high 0 0 0 0 0 0 0 0 0 0 0 0 High 130,32 8 1,783 19,829 0 0 0 0 0 0 10,865 1,783 9,417 6,966 5,380 112,497 5,032 Mediu m to high 3,069 3,026 166 3,069 3,026 166 0 0 0 0 0 0 Low 5,687 0 5,687 0 0 0 0 0 0 0 0 0 5,687 5,687 Total 139,08 4 4,809 25,682 3,069 3,026 166 0 0 0 10,865 1,783 9,417 6,966 0 5,380 118,184 0 10,719 Purchased water High 17,242 0 17,083 0 0 0 0 0 0 65 0 0 115,010 14,916 2,167 2,167 Mediu m to high 113 0 83 113 0 83 0 0 0 0 0 0 Low 2,333 792 1,541 0 0 0 945 792 153 0 0 0 1,388 1,388 Total 19,695 792 18,713 119 0 89 945 792 153 65 0 0 1 15,010 0 14,916 3,555 0 3,555 Surface water High 93 72,914 93 0 0 0 0 0 0 0 0 0 93 94 93 72,820 Low to mediu m 0 34,380 0 0 0 0 0 0 0 0 0 0 34,380 Low 0 400 0 0 0 0 0 0 0 0 0 0 400 Total 93 107,69 4 93 0 0 0 0 0 0 0 0 0 93 94 93 0 107,60 0 0 Total 158,87 1 113,29 4 44,488 3,188 3,026 255 945 792 153 10,930 1,783 9,417 22,069 94 20,389 121,739 107,60 0 14,274 Group US region3 EU region AUS region2 SA PGM operations SA gold operations Source/ destination Water stress area Water with- drawal Water discha rge Water used Water with- drawal Water discha rge Water used Water with- drawal Water discha rge Water used Water with- drawal Water discha rge Water used Water with- drawal Water discha rge Water used Water with- drawal Water discha rge Water used 1 Includes wastewater purchased at the Rustenburg operation 2 AUS region data excludes Mt Lyell which is under care and maintenance 3 US region data includes Reldan for the period from 1 March 2024 – 31 December 2024 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 200

Water treatment and quality SA region Our investment in water treatment, reduce pressure on freshwater supplies within the Integrated Vaal River System. The South African water treatment operations operate six dedicated water treatment plants capable of producing 37ML/day of potable water compliant with SANS 241:2015 drinking water standards, from impacted mine water. Additionally, to meet South African environmental discharge standards we manage two environmental compliance mine water treatment facilities that treat approximately 70ML/day of impacted mine water. Our SA region also has 22 active wastewater (sewage) treatment facilities, with a combined capacity of 50.6 ML/day, currently operating at 48% capacity. Our potable water treatment technologies at the various sites: • Driefontein: nanofiltration plant and the Driefontein IX plant zero- liquid discharge closed-circuit ion-exchange system • Kloof Phase 1, Burnstone and Ezulwini 2: reverse osmosis systems • Kloof Phase 2: zero-liquid discharge fluidised bed cold-lime softening plant, combined with a Nickel/Uranium specific Ion exchange system • In 2024, we increased our potable water production from SA gold operations by 13%, equivalent to 1057.59ML (2023: 358.86ML) Further, we have finalised a contract for our first water treatment plant for our SA PGM operations. We also upgraded a treatment facility for acid mine drainage water from our Gauteng based gold mines. Research and development water projects In 2024 various R&D projects, total spending R2,41 million (2023: R3.01 million) contributed to improving water quality, reducing operational water-related costs, and developing sustainable water solutions for post-mining. The work focused on improving our water qualities and improving our water recycling efficiencies. These initiatives will go into the pilot testing phase in 2025. The benefits of the R&D solutions is reflected in the continuous improvement of our mine discharge water qualities and the increase in the water related savings. Potable water purchased (ML) 2024 2023 2022 SA gold operations Beatrix 1,369 1,881 2,090 Cooke 1 156 310 Driefontein 228 805 525 Kloof 1,957 2,282 2,426 Gold – total 3,555 5,124 5,351 SA PGM operations Kroondal 969 882 1,165 Rustenburg 3,498 4,061 3,632 Marikana 7,982 7,750 7,254 PGM – total 12,448 12,693 12,051 SA region 16,004 17,817 17,402 AUS region 65 51 EU region1 2 10 9 US region2 119 114 69 Group total 16,125 17,941 17,480 1 EU region total water withdrawn was in 2022 an estimated potable water in M3 and not in ML – the updated value is the actual purchased water 2 US region data for Reldan for 2024 is from 1 March 2024 – 31 December 2024 Compliance A key focus for the SA region is to improve compliance to water use licences (WULs). In certain instances, some of the licence requirements will have to be amended where the licence conditions are not aligned to the nature of the operation, and we work with our regulator and its processes to resolve these. Beyond these challenges, we also manage down our risks whilst improving compliance through operational controls. There was no non- compliance notices issued to the Group in 2024. This confirms that our actions are yielding better compliance across the group. Our water quality procedure applies to water quality limits as well as discharges to both our SA gold and SA PGM operations. Important to note that our SA PGM operations are zero effluent/discharge operations, except Marikana, that allows for water discharges in compliance with the water use licence limits. Our non-conformance procedure mandates monthly examination of downstream water quality to various limits, keeping water use licence limits as the minimum standard. Water qualities and other water-related matters are presented at catchment management forums, which represent a diversity of stakeholders. In 2024, we achieved 90% (2023: 93%) average compliance to the limits during the year for all operations, excluding Rand Uranium and Ezulwini, and 87% (2023: 90%) compliance including Rand Uranium and Ezulwini. The SA gold operations are associated with sulphide rich rock material which poses a potential risk of acid mine drainage. These risks are actively monitored and mitigated. All the SA gold operations have action plans, including interception systems, amelioration of sediments and soils, as well as removal of sources and treatment as needed. There are no concerns regarding AMD. For our US PGM operations, discharge and water quality compliance is measured against the Montana Pollutant Discharge Elimination System (MPDES), whose standards our operations routinely surpass. The East Boulder mine achieved 100% (2023: 99%) compliance with the MPDES water discharge permit while the Stillwater mine achieved 99% (2023: 100%) compliance. The Reldan operation is a zero-discharge facility and was 100% compliant with the relevant storm water permit during 2024. At the Sandouville refinery, water discharge quality and quantity is continuously monitored and compared to the limits stated in the site’s environmental permit. Main parameters assessed are flow rate, pH, temperature, suspended particles and nickel. All of them are subject to a weekly reporting. Minor non-compliance can be observed and are communicated in due time to the local authorities. The Keliber lithium project is subject to environmental permit requirements and monitoring plans for effluent, and for ground and surface water. All results are reported to the environmental regulatory authorities. During the construction phase of the project, effluent waters (at both Syväjärvi and Päiväneva – Rapasaari sites) are measured monthly for pH, conductivity, suspended solids, nitrogen, phosphorus, 12 metals, as well as some other substances. In addition, effluent water from Syväjärvi is measured once a month as an in-house control. Effluent waters at both sites are monitored online for water flow, pH and conductivity. Water quality and level of groundwaters are monitored four times per year. Surface water is also monitored four times a year. At the Kokkola site, during construction, groundwater level is monitored weekly, while groundwater quality is monitored four times per year. During 2024 average compliance to the limit values was 98 % (2023:80 %) See sustainability content index, www.sibanyestillwater.com/news- investors/reports/annual/ Discharge During 2024, Sibanye-Stillwater discharged 113,294.84ML (2023: 99,160.37ML) into various catchments at our SA operations, as per our licence conditions, for which (in the SA context) we provided frequent reporting to the Department of Water and Sanitation. 6.3 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 201

INCIDENT MANAGEMENT –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– All environmental incidents are evaluated monthly according to our incident and non-conformance management procedure; and reported externally to regulators when required. While we consider all environmental incidents as serious, we are obliged to disclose level 3 (short-term impact), level 4 (medium-term impact), and level 5 (long-term impact) environmental incidents to the regulatory authorities. Our target remains the achievement of zero environmental incidents. In 2024 we had for the group two level 3 environmental incidents. The two level 3 incidents at our SA PGM operations involved the overflow of return water dams. On January 12, 2024, the Klipgat return water dam was overflowing due to excessive rainfall of 68mm, which was compounded by the downtime of three plants that adversely affected recirculation. The overflow subsequently entered the non-perennial Klipgat spruit and the Hex River. Remedial actions have been implemented, including an action plan to desilt the dam, remove reeds, and review the water balance and reticulation systems to assess freeboard levels. The removal of reeds has been completed. Phase 3 and phase 4 of the Paardekraal RWD was completely desilted in 2024 and phase 1 of the Klipgat desilting is underway. On 11 April, 2024, the Western Platinum Limited tailings dam 5 return water dam at Marikana operation was discharging into the environment, with the discharge reaching the Maretlwane spruit. Water quality samples were collected to facilitate the incident investigation. The investigation revealed that the overflow was caused by large volumes of water being pumped from the tailings dam 6 return water dam, combined with heavy rainfall of 90mm. It was found necessary to desilt the dam to ensure it can reach full capacity. Remedial actions included desilting of the dam and diverting of water from it, as well as initiating water balance reticulation. Currently, water has been successfully diverted to the U2 pit to restore control over water levels, and silt and reeds have been partially removed from the tailings dam 5. Following these actions, the dam is now operating at the correct capacity with further desilting in progress. Further desilting of return water dams is planned, which will help prevent overflows from high-risk water/effluent storage facilities. Ezulwini water pumping status In line with the 2023 Supreme Court of Appeal Judgement which required the continuation of pumping activities at Ezulwini Mine (Cooke 4) until closure, we have maintained pumping of underground mine water, water treatment, and discharge to the environment. We are collaborating with Gold Fields through a formal feasibility study to be completed by end of 2025s to determine the best way to manage Ezulwini closure options. Sealing work continue on Cooke 1,2,3 towards Harmony where work is executed towards completion in 2027 This partnered approach is solutions driven and will deliver good practice in water management and mine closure. We will be presenting an integrated closure plan for the region to all stakeholders during 2025, part of this will be closure of underground activities in a phased approach, commencing with the Cooke 1-3 underground operations. Close-out of previously reported incident We reported in 2023 on a level 3 incident, 8 February 2023, at the Rustenburg operations’ Klipgat return water dam (SA PGM operations). Regarding this, we committed to the desilting of return water dams at Paardekraal and Klipgat, which was completed. We also reported on a 12 August, 2023 incident, whereby a storage tank at Stillwater mine (US PGM operations) leaked used compressor oil onto site soils. Soil samples were collected throughout the excavation process to ensure compliance with regulatory standards. The site mitigation actions were completed, and the incident was closed out in April 2024. EU region At Sandouville, following a formal notice following an inspection by local authorities in June 2022, air sanitation and retention systems for hazardous liquids have been fully refurbished and were completed in March 2024, and the formal notice was lifted on 26 November 2024. There were no level 3 or higher environmental incidents at either Sandouville or the Keliber lithium project during 2024. Dust incident in SA region In November 2024, we addressed concerns from neighbouring landowners about dust levels at the Leeudoorn TSF. The root cause analysis indicated that a dry beach area impacted by high wind speeds contributed to high dust levels. The capping and grassing of the dam are underway to mitigate the dust. After seeking legal advice and expert dust assessment, we concluded that dust exceedances did not breach legal limits. The incident is currently rated level 2 and we will continue to manage it carefully and address stakeholder concerns. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 202 Beatrix plant - Free State

RESOURCE UTILISATION ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Primary materials consumption Timber (t) 34,976 215 — N/A 14,329 20,432 40,553 969 — — 15,633 23,951 30,358 1,334 — 21,024 8,000 Cyanide (t)1 960 — N/A N/A N/A 960 1,264 N/A N/A N/A N/A 1,264 1,409 N/A N/A N/A 1,409 Explosives (t) 32,043 3,064 191 26,421 2,367 34,999 3,606 — — 28,647 2,746 35,867 3,792 180 30,115 1,781 Hydrochloric acid (t) 13,116 33 11,396 N/A — 1,688 11,964 5 11,075 — — 884 1,087 4 — — 1,083 Caustic soda (t) 9,473 1,079 6,873 N/A — 1,521 10,900 1,111 8,344 682 — 763 10,210 2,582 6,223 — 1,405 Lime (t) 63,904 5,665 — N/A — 58,239 59,875 5,521 — — — 54,354 74,749 5,975 — — 68,774 Cement (t) 15,412 11,134 — N/A 8,783 4,278 30,750 20,412 — — 10,227 111 39,259 21,527 — 9,959 7,773 Diesel (kl)2 32,939 6,025 1,948 2,449 19,591 2,927 41,993 8,170 472 4,285 21,650 7,416 34,985 8,310 — 22,335 4,340 Lubricating and hydraulic oil (Kl)3 963 12 — N/A 398 552 3,980 692 — 30 2,542 716 8,014 736 — 6,812 466 Grease (t) 102 3 — N/A 2 97 42 17 — 5 2 17 96 17 — 2 78 2024 2023 2022 Group US region 4 EU region AUS region 3 SA region Group US region EU region AUS region 3 SA region Group US region EU region SA region Total PGMs Gold Total PGMs PGM Gold Total PGMs1 PGMs Gold 1 Based on the 2024 Carbon inventory 2 Updated from previous disclosures to be the sum of the operational areas 3 AUS region also uses small volume of recycled fuel oil (1,227kl), copper sulphate (3,777t) 4 US region data for Reldan for 2024 is from 1 March 2024 – 31 December 2024 Our diesel consumption decreased by 22%, mainly due to a reduced need for standby electricity generation and we are continuing to trial battery electric vehicles, covering a range of applications, to further reduce our diesel usage and associated emissions. Cyanide Code In 2023 Sibanye-Stillwater become a Signatory to the International Cyanide Management Code (Cyanide Code) for the manufacture, transport and use of cyanide in the production of gold. Kloof 2 plant, Driefontein 1 plant, and Beatrix 1 plant have been audited and certified against the Cyanide Code. There will be a re-certification audit done in 2026. We had no Cyanide related environmental incidents at our SA gold operations. WASTE MANAGEMENT –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Waste is categorised into several types; general waste includes non- hazardous materials, hazardous waste and tailings. (For our purposes we also include building rubble under general waste.) A mine also creates other types of waste, including overburden (soil and rock excavated to access mineral deposits), slag (a byproduct of smelting) and waste rock. We adhere to circular economy principles, maximising the segregation, recycling, and reuse of general and hazardous waste streams, and reducing non-mineral waste to landfill. Details about the waste and how we dispose of it is captured on a waste data system, for each operation. This database, supported by waste inventories, informs targets and decision-making. Our Waste position statement commits us to being a leader in the area, as we reduce environmental impact and promote local economic growth. See Waste position statement, www.sibanyestillwater.com/ sustainability/reports-policies/ Non-mineral waste (general and hazardous waste) SA region Our SA region complies with the Waste Act (2008), and with the National Waste Management Strategy (2020), which offers detail on waste minimisation, circular economy, waste management hierarchy, compliance, enforcement and awareness. Regulations require that hazardous waste generators and landfill owners register with the South African Waste Information System, managed by the Department of Environmental Affairs. We also conducted third-party waste management audit for our external disposal landfill sites. For the SA region, 80.1% of general waste is recycled, refurbished or reused (2023: 82.2%). Waste minimisation initiatives include: • A windrow facility at the Wonderkop wastewater treatment facility (SA PGM) turns sewage sludge into compost; in 2024, we produced 94.3 tonnes of compost (2023: 86.2t) • For 2024 the SA PGM PMR diverted away from landfill and sewer disposal 20,000kL (2023: 25,965kL) of liquid hazardous waste (effluent); remaining solids are subjected to further tests to determine suitability for disposal to landfill, which is an opportunity to recover PGMs from our effluent • In 2024, under general waste recycled, reused and refurbished, 89,269 tonnes (2023: 46,868 tonnes) of building rubble was reused as backfilling material and diverted away from landfill at the SA PGM operations and 120,009 tonnes (2023: 62,529 tonnes) at the SA gold operations. The following landfill diversion trials were underway in 2024: • CaSOx treatment and reuse: The goal of the CaSOx trial was to establish whether unslaked lime could effectively reduce moisture content and enhance the material's suitability for use in the agricultural sector, particularly as a soil amendment or potential Ca/S-based fertiliser. • Thermal treatment of woodchips: A trial using woodchips from the Marikana operation involved heating the waste in a low-oxygen kiln at 650°C, producing vapours and carbon residue. The vapours were incinerated and rapidly cooled to prevent toxic reformation, and thoroughly cleaned before release. The carbon residue was analysed for reclassification and potential use as an alternative fuel resource. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 203

US region At our US region, the Environmental Protection Agency has designated the Stillwater mine as a small quantity generator, the East Boulder mine as a very small quantity generator, and the Columbus metallurgical complex as a large-quantity generator. This last designation (large-quantity generator) is to account for lead waste generated from the fire-assay analytical lab process. Both mines generate small quantities of hazardous waste from aerosol can contents and small quantities of other waste chemicals. The US PGM operations have a chemical review procedure for all new products, rejecting chemicals with safety and environmental risk, thus keeping hazardous waste generation low. 12.2 Waste minimisation initiatives in the US region include: • General steel waste recycled, reused and refurbished was 2,400 tonnes in 2024 (2023: 2,112 tonnes) • Reldan operations is designated a small quantity generator. Reldan operates as a pseudo transfer, destruction, and storage facility that under a permit-by-rule is allowed to receive precious metal bearing waste for recovery purposes. Through the recovery process of both electronic and industrial scrap Reldan has recycled the following: – metal for recycling: 448.4 tonnes – cardboard IN (baled) 52 tonnes – plastics: 42.2 tonnes – waste to energy: 57 tonnes – compost: 0.9 tonnes EU region Construction related waste remains the main source of waste from the Keliber lithium project. Waste management services are provided to sort and recycle the waste. At the Sandouville nickel refinery the nickel-containing sludge from effluent treatment is collected, gathered in a suitable storage area, and recycled back into the production process when appropriate. By the end of 2024, the quantity of nickel sludge stored on the site reached 6,368 tonnes (end of 2023: 6,250 tonnes that will be eliminated as part of the ceasing of production at the refinery. AUS region The main source of waste at the Century operation is regulated waste, which is disposed of into designated landfills. Steel, copper, high density polyethylene (HDPE), tyres and waste oil are segregated for recycling off-site. Stakeholder engagement In the SA region, we participate in various external stakeholder forums, such as the Rand West City Local Municipality Environmental forum, and the Bojanala Platinum District forum. We leverage waste minimisation opportunities from collaborative partnerships with Merafong Local Municipality, Rustenburg Local Municipality and Matjhabeng Local Municipality. We have participated, through the CSIR, in the Industrial Symbiosis Workshop and have collaborative discussions/initiatives with the National Cleaner Production Centre South Africa (NCPC-SA) on waste minimisation initiatives, and with Impact Catalyst on regional integrated waste minimisation solutions. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 204 Sibanye-Stillwater supports sustainable waste management In 2024, Sibanye-Stillwater SA region donated two roll-on truck containers to the Merafong Municipality's Solid Waste Management Department. This contribution addresses critical waste management challenges in the area and enhances operational efficiency. The roll-on truck containers will facilitate the transportation of waste from the waste transfer centres in Fochville and Welverdiend to the landfill site near Blybank. This initiative will streamline waste collection and disposal processes, ensuring a cleaner and healthier environment for local residents. This effort reflects Sibanye-Stillwater’s commitment to uplifting communities through strategic partnerships and sustainable practices. By providing essential infrastructure, the company actively supports the municipality’s goals of improving service delivery and effective waste management.

Mineral waste (tailings) Sibanye-Stillwater currently has 39 TSFs (24 active and 15 dormant) 34 in South Africa, three in the United States and two in Australia, most of which were inherited through acquisitions. As part of our obligations as a member of the ICMM, we have aligned our group tailings management system with the Global Industry Standard on Tailings Management (GISTM, 2020). In 2024, we undertook an extensive review and upgrade of the Group's tailings management system framework and guidelines to ensure consistent implementation of best engineering practices throughout the organisation. This enhancement incorporates critical insights and lessons learned from the GISTM conformance process, as well as industry best practices disseminated through the ICMM tailings management working group. In July 2024, the SA region’s Independent tailings review board (ITRB) completed its review, finding no priority 1 recommendations or immediate risks, concluding that TSFs are managed to a high standard. GISTM conformance Since 2021, we have spent an additional R300 million, mostly in the SA region, to ensure safe operation and GISTM conformance of all TSFs. In 2024, we allocated R90 million for compliance to the GISTM’s “meets with a plan” proviso, as per objectives we set in 2023. Having retained conformance to the GISTM at our SA and US operations, we are progressing well towards achieving compliance for the two TSFs at our Australian operations by the 5 August 2025 deadline. In 2024, an external assurance provider completed external assurance for GISTM conformance, with no material findings. We perform GISTM self-assessments on a quarterly basis per TSF, via our Pivot software system. See Tailings Management fact sheet and also see www.sibanyestillwater.com/sustainability/environment/tailings- management/ GISTM: Sustainability scorecard The GISTM mandates that senior-management incentives. For 2024, targets for our sustainability scorecard included completing five key tailing facility upgrades. We completed four of the five tailing facilities upgrades. Five upgrades were required as detailed below: 1. Kroondal buttress extension: In May 2024 we completed the 100m buttress extension for Kroondal K2 TSF. 2. Marikana Western Platinum Limb (WPL) TD5 geotechnical investigation: In April 2024 we completed a geotechnical investigation at WPL TD5. The study rendered no material concerns. 3. Beatrix TSF 2 buttress: In December 2024 we completed raising of the existing north west buttress and construction of a new buttress on the west flank. 4. Driefontein TSFs geotechnical Investigation: In October 2024 we completed a geotechnical investigation of the Driefontein TSFs. The study rendered no material concerns. 5. Paardekraal PK4 north and south flank buttresses: Construction was completed at the north flank buttress in November 2024. Due to several reasons, including community unrest and contractor underperformance, the completion of the construction of the south flank buttress was delayed to Q1 2025. The south flank buttress was successfully completed on 24 March 2025. GISTM and stakeholder engagement We completed sixteen vulnerability assessments and four emergency mock drills. The comprehensive vulnerability assessments, including door-to-door censuses to identify at-risk individuals supports our emergency response plans with valuable insights to our emergency preparations. We have site-specific emergency preparedness and response plans (EPRPs) in place. We engage with local emergency preparedness teams and disaster management stakeholders to develop emergency preparedness measures, emergency response simulations, and plans to minimise environmental impact. See, Group impact supplement 2024. We have formalised MOUs with first responders to ensure integrated approach to emergency response and disaster recovery in case of a failure. For our SA PGM operations we have all MOUs signed, whereas for our gold operations we are progressing the MOUs. Decipher: cloud-based tailings management platform Aligned with our focus on GISTM conformance and our drive to enhance surveillance, we implemented Decipher (a cloud-based tailings management platform owned by K2Fly) across all SA and US operations. Decipher includes satellite deformation monitoring and geo-referenced surveillance data; it improves risk identification and mitigation across our footprint and facilitates GISTM. Managing TSF risks We manage tailings risk by rigorous surveillance, following norms of global best practice, with third-party reviews by ITRBs and by respective EoRs. This applies to the SA region, the US region and the AUS region. The main tailings risk is rainfall in excess of design, with the potential to stop operations and to affect surrounding communities. All TSFs are managed to accommodate a 1:10,000 year flood event, as prescribed by the GISTM for extreme consequence TSFs. Our risk mitigation measures include: • Engineer of Record (EoR) conducts dam breach assessments, determines consequence classification, and identifies impacted areas • Warning sirens installed around the dam and in affected communities for activation during failures • Robust internal and external reviews by professional EoRs and an ITRB • Best available technology for monitoring TSFs: K2Fly and Geolytics Groundwork • EPRP for each dam with community emergency contacts • Trigger Action Response Plans detailing responsibilities for catastrophic TSF failures • Identified evacuation routes and assembly points for employees, contractors, and communities • Community engagement and education on TSF awareness and emergency preparedness • Internal and external mock drills with affected communities • Memorandum of Understandings with Gift of Givers for humanitarian aid and local municipalities See Tailings management fact sheet, www.sibanyestillwater.com/ news-investors/reports/annual/; also see www.sibanyestillwater.com/ sustainability/environment/tailings-management/ SA region Our SA operations have 32 upstream TSFs (16 active), of which 26 are classified (according to GISTM) as having either a very high or extreme consequence classification. Upstream facilities do pose a higher risk than downstream, and thus require an increased level of management, as has been practised for decades in South Africa.(Note: due to specific geological or geographic conditions certain countries have banned upstream construction, e.g. Chile due to earthquakes, and Brazil due to high rainfall). OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 205

A new TSF, the Marikana pit TSF, is in the permitting phase with commissioning scheduled for 2030. This TSF will provide sufficient capacity for the remaining life of the current PGM operations. It has been designed as an impoundment, with a centreline embankment constructed initially using overburden, in line with international best practice. US region Our US PGM operations have three downstream TSFs (two active), two classified as extreme consequence and one as very high consequence. Approximately 50% of tailings are re-used for backfilling in underground mining operations; we continue to optimise underground backfill and minimise the volume of tailings stored in TSFs. East Boulder mine continued construction of the stage 6 TSF expansion. This is expected to increase site tailings capacity through to 2031. The proposed Lewis Gulch TSF at the East Boulder Mine received final regulatory approval in September 2024. The approval of Amendment 004 concludes ten years of planning, design, and permitting. Once constructed, the Lewis Gulch TSF will provide the East Boulder mine with an additional 12 to 14 years of tailings storage capacity. In 2023, the NGOs Earthworks and Trout Unlimited participated in reviewing the EIA for the Lewis Gulch TSF and a representative joined the East Boulder tailings review board's annual inspection. Furthermore, the East Boulder mine is committed to further studies of the feasibility of future filtered tailings. At Stillwater mine, design and permitting of a new TSF (Hertzler stage 4/5 TSF) is on track to be completed by 2028. In terms of risks for the US region, the volume of water stored on the Hertzler and East Boulder TSFs exceeds operational target volumes. While this does not alter the dam safety risk of the TSFs, it introduces some mid-range operational risks. Water removal initiatives are underway to reduce the volumes. Without such initiatives, new TSFs may be required sooner than anticipated, potentially increasing costs. AUS region Century operations The Century TSF is an upstream TSF that is being re-mined for reprocessing, essentially rehabilitating for value with the resultant tailings deposited in the original Century open pit. The capacity of the pit is sufficient and there are no requirements for additional TSFs. Once depleted, the footprint of the existing TSF is to be rehabilitated as part of mine closure. Mt Lyell Mt Lyell has one TSF, Princess Creek, a downstream TSF with an engineered earth embankment. It will be used on the re- commissioning of operations. If required, the embankment will be raised in accordance with the original design and permit conditions. Future focus for TSFs In 2025, we will shift our focus to ongoing review and improvement, closing out existing ITRB recommendations, and conducting group- wide dam safety and ITRB reviews. Summary of waste streams 2024 Material (tonnes) Total 2024 US PGM EU region AUS region SA PGMs SA gold Total 2023 Total 2022 General waste to landfill 59,154.3 5,438.1 294.0 27,805.1 11,389.0 8,790.0 29,298.0 41,025.1 Hazardous waste to landfill 35,724.5 81.1 244.3 96.0 35,141.0 81.0 46,764.7 30,426.5 General and hazardous waste incinerated 243.2 23.3 64.0 62.7 22.0 48.0 437.2 25.9 General waste recycled, reused and refurbished 237,944.0 2,999.5 132.0 38.0 106,116.0 125,659.0 135,038.5 122,072.9 Hazardous waste recycled, reused and treated 5,490.9 0.0 208.0 7.9 2,819.0 2,456.0 45,828.7 42,454.4 Percentage general waste recycled, reused and refurbished 80.1 35.5 31.0 0.1 90.3 93.5 82.2 74.8 Percentage hazardous waste recycled, reused and refurbished 13.2 N/A N/A 0.0 7.4 N/A 49.3 58.2 Tailings storage facility deposition (Mt) 39.7 0.8 N/A 0.0 32.6 5.5 41.5 41.3 Tailings deposition into pits (Mt) 10.5 0.0 N/A 6.6 0.0 3.9 10.1 3.9 Waste Rock/DMS deposition (Mt) 2.6 0.4 N/A 0.0 1.8 0.0 3.1 3.4 Total mineral waste 51.5 1.2 0.0 6.6 34.4 9.4 54.7 48.7 Retreated mineral waste from waste-rock 2.0 0.0 N/A 0.0 0.0 2.0 2.5 2.9 Retreated mineral waste from tailings dams 22.4 0.0 N/A 6.8 15.6 0.0 21.8 16.0 Waste intensity (total waste/total mineral waste) 0.007 0.006 N/A 0.0 0.004 0.009 0.005 0.005 Note: Waste figures for Reldan are excluded from the table above 12.5 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 206

BIODIVERSITY –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Sibanye-Stillwater subscribes to the principles of no net loss and net gain. We recognise that biodiversity is a dynamic field, and we note the relevance to the UN 2030 agenda for Sustainable Development. We have continued with our concurrent rehabilitation commitments as the first step to enhance biodiversity around our facilities. SA region In the SA region, the University of Free State's Ecological Engineering team completed a baseline review of all regional biodiversity action plans (BAPs) and environmental management programme report commitments. The ongoing development of BAPs has identified gaps and opportunities for improvement across various regions. We are party to a strategic initiative to address nature loss in the Magaliesberg Biosphere Reserve (which includes the Cradle of Humankind World Heritage Site), near our SA PGM operations. This collaborative effort, which follows global best practices, aims to have a regional impact beyond direct mining operations. The project will proceed in several phases and involve multiple stakeholders. US region For 2024, biodiversity activities included progressive rehabilitation such as topsoil placement and revegetation of the East Boulder TSF embankment slopes. Biomonitoring of aquatic communities in the Stillwater River and East Boulder River occurs annually and continues to demonstrate the US PGM operations’ leading practice of protecting the health and vitality of these headwater streams as demonstrated by no measurable long-term impact to the fish, invertebrate and plant species that inhabit these rivers. Recently, the North American wolverine was listed as threatened under the Endangered Species Act. Critical wolverine habitat occurs near the East Boulder mine on land that the Group manages. The federal regulatory agencies completed a biological assessment in 2024 that concluded future project development at the East Boulder mine is not likely to adversely affect the wolverine population. Other biodiversity activities included invasive weed control and monitoring. EU region Keliber lithium project As per the permit directives, the Keliber lithium project is implementing a biodiversity management plan (BMP) to monitor and protect various species. Biodiversity monitoring programmes of coastal waters, air quality, and noise in the Kokkola industrial area are in place. The programmes also include groundwater monitoring and a five yearly bioindicator survey. AUS region The Mt Lyell feasibility study team commenced with a biodiversity assessment against the requirements under Australia's Environmental Protection and Biodiversity Conservation Act (1999) (EPBC Act). Additionally, the study team will conduct the necessary studies for state-level environmental approvals in Tasmania. See Biodiversity management fact sheet, www.sibanyestillwater.com/news-investors/reports/annual/ Riverine ecology We conduct biomonitoring across all operations to determine our impact on riverine ecology. Biomonitoring includes monitoring of water quality, habitat (vegetation, stones, mud, etc) and aquatic life. Findings are submitted to the relevant authorities. Wetland assessments continued and these assessments involve the integration of several indicators to evaluate the state of the wetland as compared to expected baseline conditions. 15.3.1, 15.5 Integration with stakeholders We participate in catchment management forums and we offer support to the Department of Water and Sanitation. Our site- specific biodiversity action plans are developed in collaboration with local communities. (See Biodiversity management fact sheet for more on integrated catchment initiatives with stakeholders). We promote awareness around biodiversity (internally and externally) through local and international platforms. HERITAGE –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Sibanye-Stillwater has 851 heritage sites across the SA and US regions, including grave sites, iron age and stone age archaeological finds, and historical mine buildings. The frameworks to which we subscribe (e.g. ICMM, the WGC, and the UNGC) further supports the role industry play to protect cultural heritage. SA region Our heritage site inventories for the SA region use location mapping and are integrated with our geographic information system (GIS). See www.sibanyestillwater.com/sustainability/heritage/introduction/ In 2024, we met legal and strategic requirements for heritage resource management by: • monitoring the status of fencing and demarcation of heritage sites • monitoring and maintaining the accessibility of heritage sites • maintenance and cleaning of heritage sites (e.g. vegetation clearance) • finalising our heritage management plans for both the SA gold and PGM operations • finalising the Heritage audit reports • compliance with chance-find protocol Sibanye-Stillwater’s vision to create sustainable post mining economies resulted in a research study that deals with exploring all possibilities related to proactive engagements, initiatives and activities for a sustainable Far West Rand. The study’s primary focus is to determine the heritage and tourism potential with the option to create a centralised Far West Rand mining heritage and educational hub. The outcome of phase 1 was presented to internal and external stakeholders and was well received. Phase 2 of the study is planned for the 2-25/6 period. US region In the US region, known heritage sites were re-evaluated during the environmental and social impact assessment for the East Boulder Mine new tailings and waste rock facilities. Mitigations for potential impact to these sites were developed in collaboration with the regulatory agencies in 2024 and include a commitment to: 1) conduct an ethnographic study for the East Boulder River drainage 2) conduct additional field assessments and documentation of historic cultural heritage sites related to homesteading and mining in the late 1800s and early 1900s. EU region In Finland, protection of heritage sites is part of the EIA, which we completed for the Syväjärvi mine, Kokkola Lithium refinery, Päiväneva concentrator and Rapasaari mine. The only antiquities identified were ancient tar pits located at the Päiväneva concentrator and Syväjärvi mine areas. Our construction and mining development took this into consideration, and these sites are protected. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 207

AUS region Heritage sites at Century are documented and preserved pursuant to legislative requirements and the Gulf Communities Agreement (by which benefits of mining are shared with the traditional owners of the land). We also have a site-specific cultural heritage management plan to ensure compliance to the Gulf Communities Agreement. At Mt Lyell we have 29 heritage sites and management approaches are already in place in accordance with the Copper Mines of Tasmania Agreement. LAND MANAGEMENT Land management has two aspects to it: environmental and socioeconomic. The below deals with the environmental implications of our land management activities. For detail on how these activities relate to local economic development and socioeconomic development more broadly, see People: Socioeconomic Development: Leveraging land for impact, page 161. Managing our footprint and closure liability As legislated for, Sibanye-Stillwater sets aside funds (held in funded trusts and/or in the form of guarantees) for rehabilitation of the operations on closure, providing assurance to authorities that we will fund rehabilitation, according to the closure and rehabilitation plan. Land under Sibanye-Stillwater management (2024) Total AUS US Region EU SA PGMs SA gold Total land disturbed by waste rock and stockpiles (ha) 2,350 1,170 31 N/A 686 463 Total area covered by tailings (ha) 5,258 398 144 N/A 2,799 1,917 Total land area protected (ha) 0 0 0 0 not applic able not applic able Total land rehabilitated (ha)1 389 317 49 0 0 23 1 SA gold operations total land rehabilitated – still in care and maintenance phase SA region As of 2024, Sibanye-Stillwater owned 47,015 hectares of land around our SA gold operations and 16,876 hectares of land around our SA PGM operations. Our footprint-reduction programme to sustainably close mining is a vital component for reducing our total gross closure liability, which as at 31 December 2023 was R12.7 billion (2022: R13.9 billion). Of this, R6.9 billion (2023: R8.5 billion) was for the SA PGM operations, inclusive of the Marikana operations, and R5.8 billion (2023: R5.4 billion) for the SA gold operations. We continued with demolition of surface infrastructure, which includes the demolition of redundant buildings and shafts. The rehabilitation of sites is based on site-specific rehabilitation plans, which are aligned with each operation’s closure and rehabilitation plan. US region Total land under management at our US PGM operations is 1,089 hectares. In 2024, we continued a multi-year project for closure of the Nye TSF. To date, approximately 70% of the 16-hectare impoundment has been capped with waste rock; closure of the Nye TSF is scheduled for completion by 2026. AUS region The Century operations submitted a progressive rehabilitation closure plan in July 2024 to meet its statutory obligations. This plan sets out binding rehabilitation targets that must be achieved and remains under assessment by the regulator. Closure liability3 SA region Gross liability R million Cash funded R million Guarantee Funding R million SA gold operations1 5,848 3,433 2,920 SA PGM operations 6,869 789 5,169 Total SA operations 12,717 4,222 8,089 Closure liability3 US region Gross liability US$ million Cash funded US$ million Guarantee Funding US$ million US PGM operations2 73 0 0 Reldan N/A N/A N/A Total 73 0 0 Closure liability3 EU region Gross liability € million Cash funded € million Guarantee funding € million Sandouville nickel refinery 11 0 0 Keliber lithium project 2 0 0 Total 13 0 0 Closure liability3 AUS region Gross liability A$ million Cash funded A$ million Guarantee Funding A$ million Century 170 0 186 Mt. Lyell 33 0 6 Total 203 0 192 1 Numbers exclude DRDGOLD 2 Our financial assurance for the liability is in the form of surety bonds held by various insurance companies. None of the assured funds are held in cash, trust funds, or other corporate guarantees 3 Represents unscheduled gross closure cost and guarantee funding excludes 2024 top-up guarantees 15.3.1 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 208

FUTURE FOCUS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– GROUP • To continue implementation of the TCFD recommendations and update our financial risk registers with findings • Review Group scope 3 inventory and onboarding acquisitions • Drive long-term water stewardship maturity at Sibanye-Stillwater by completing water stewardship maturity assessments at 8 out of 14 operations in 2024, and complete the remaining 7 operations in 2025 • Decarbonise in line with our 2030 GHG emissions reduction target AUS REGION • Properly made application associated with Century's progressive rehabilitation closure plan • Support Queensland Land Court ERC appeal process and subsequent ERC application to achieve favourable outcome for the business • Complete SED3, SED10 and Page Creek Level flood compliance design improvements and execute associated earthworks by November 2025 • Complete waste rock dump investigation report for the Department of Environment, Tourism, Science and Innovation by end of Q1 2025 • Drive compliance water management rectification earthworks • Drive disturbance footprint reduction programmes that can provide economic and compliance benefits to operation • Complete close-out report for tailings storage facility rehabilitation trial EU REGION • Develop best in class water management at the Keliber mine site • Develop robust decarbonisation plan for all EU region sites SA REGION • 407MW of renewable energy projects in construction • Completion of a surface rock dump rehabilitation strategy • Completion of rehabilitation plans for specific tailings storage facilities, and demolished areas for rehabilitation • Improvement on legal compliance, with a review and update of closure specific legal obligations • Conduct ICMM Water Stewardship assessments for SA region with phased execution of priority action plans • Undertake Biodiversity LEAP (Locate, Evaluate, Assess, Prepare) assessments aligned with TNFD • Review waste management inventory, set regional waste targets and approve waste mitigation strategy • Complete Climate Change Risk Profiling aligned with TCFD work undertaken in 2024 • Develop and approve carbon neutrality roadmap for SA region • Phase 1 of regional water strategy complete, with Phase 2 underway in 2025 US REGION • Long-term strategy for mineral waste: permitting of new tailings and waste rock storage facilities • Reduce purchased water by developing a production groundwater well for the Columbus smelter • Complete capping and closure of the Nye tailings storage facility • Complete all water stewardship assessments for US region • Reldan: Work on scope 3 efforts; Achieving zero landfill milestone by increasing the possible materials that can go to recycling or waste to energy; Continuing decarbonisation efforts; Completing the water stewardship maturity assessment OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION PLANET: MINIMISING OUR ENVIRONMENTAL IMPACT continued IR – 209

GOVERNANCE IN SUSTAINABILITY COMMITMENT TO SUSTAINABILITY –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– According to Section 72(4) of the Companies Act, the Social, Ethics and Sustainability Committee is obliged to oversee social and environmental contributions (or detriments). See Detail on board committees, page 253. Our Chief Sustainability Officer (CSO) reports directly to the CEO and is responsible for the development of the sustainability strategic framework and, among other things, developing the sustainability scorecard, which provides us with an objective measure on our progress on sustainability metrics. The key aspect of the Sustainability scorecard informs the long-term incentive (LTI) plan for senior management. The sustainability component of the LTI plan is 20%. The sustainability scorecard consists of various targets that fall under the sustainability themes of Planet, People, and Prosperity. See Remuneration report, page 244. Achievement across the targets are reported quarterly to the Social, Ethics and Sustainability Committee. Progress is also reported in this report and is periodically reviewed by the regional management committees. The responsibilities and accountabilities for implementation, operationalising, and maintenance of the sustainability programmes and delivery against the sustainability strategic framework are with the chief regional officers, and their sustainability management teams. We use independent third parties to audit and certify our sustainability credentials. Assurance activities, include self- assessment reviews, internal audit processes and third-party assurances. The sustainability standards and codes we subscribe to are fit for purpose in the evolving context. Our sustainability-related policies and position statements are developed in alignment to international standards, and in consultation outside experts where needed. Annual refresher training of our employees includes sustainability- related aspects of environment, safety, health, human rights, and work-related policies. Sustainability training and development programmes and thought leadership sessions are available to the business. The responsibilities and accountabilities for implementation, operationalising, and maintenance of the sustainability programmes to deliver against the sustainability strategic framework are with the chief regional officers, and their sustainability management teams. There are currently no material sustainability compliance issues to highlight at Group level; and there were no material or repeated regulatory penalties, sanctions or fines for contraventions of, or non- compliance with, statutory obligations in 2024. See Policies and position statements, www.sibanyestillwater.com/ sustainability/reports-policies/ and www.sibanyestillwater.com/ about-us/governance/; See Definitions for sustainability/ESG indicators, www.sibanyestillwater.com/news-investors/reports/ annual/ ICMM (International Council on Mining and Metals) The ICMM mandates members (of which we are one) to implement its Mining Principles and Performance Expectations at asset level. It also requires that we use the GRI Sustainability Reporting Standards to publicly report on our sustainability performance and that third party assurance must be obtained. We adhere to these requirements and our asset level disclosure against the ICMM requirements are available in Supplementary disclosure Sibanye- Stillwater’s ICMM self-assessment for 2024; www.sibanyestillwater.com/news-investors/reports/annual and see Sustainability content index, www.sibanyestillwater.com/news- investors/reports/annual/ Extractive Industry Transparency Initiative (EITI) The EITI has found Sibanye-Stillwater to be aligned with its criteria, https://eiti.org/documents/2023-assessment-eiti-supporting- companies. For disclosure against the supporting companies EITI expectations, see Sustainability content index, www.sibanyestillwater.com/news-investors/reports/annual/ UNGC (United Nations Global Compact) We participate in the UNGC, by which we communicate our impact against the UNGC principles and report against the UN SDGs. Due to our participant status with the UNGC, all employees can access its online academy on sustainability matters. We participated in the various available UNGC accelerators and youth innovators programmes. World Gold Council (WGC), Responsible Gold Mining Principles (RGMP) Using the equivalency benchmark between the WGC’s RGMPs and the ICMM’s Mining Principles and Performance Expectations, Sibanye-Stillwater was assessed by an external assurance provider and found compliant to the RGMP. See www.sibanyestillwater.com/about-us/governance/ In accordance with the WGC public disclosure requirement on gold trade transparency, our gold from our SA region’s operating mines is delivered to Rand Refinery (Pty) Limited, with its registered address at Refinery road, Industries west, Germiston, 1400, South Africa. See www.sibanyestillwater.com/about-us/governance/ International Platinum Group Metals Association (IPA) IPA and IRMA The IPA is a non-profit association for companies in the PGM industry. The IPA’s Sustainability committee encourages primary producers to assess themselves against the Initiative for Responsible Mining Assurance (IRMA). IRMA is a multi-stakeholder entity that offers independent, third-party assessments of industrial-scale mines, thus assuring for responsible mining. During 2024, the Rustenburg and Marikana operations (SA PGM) completed a stage 2 audit against the IRMA’s standards. The Rustenburg operations onsite testing, which will include Kroondal following the conclusion of the acquisition is scheduled in 2025. The Marikana operations has opted for the corrective action period, following stage 2 of the IRMA audit. We are on track to complete the IRMA verification process for all our SA PGM operations during 2025. Due to the decline of the PGM basket price and cost reduction programmes required to sustain our business, the East Boulder and Stillwater operations have deferred the IRMA audit. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 210 SUSTAINABILITY EMBEDDED AS THE WAY WE DO BUSINESS

International Organisation for Standardisation (ISO) Our South African, US (including Reldan), and EU operations, are certified as per ISO 14001 (Environmental management) and 45001 (Occupational health and safety). Reldan and Keliber are ISO 9001 certified (Quality). Group ICT achieved full ISO 27001 (information security) certification in 2023. With ISO 27001:2022 released to the market, Group ICT is working on completing the gaps from the 2013 version. Sandouville is compliant with ISO 50001 (Energy management) since 2023. ISO 17025 The PMR laboratory, as well as Reldan, has ISO/IEC 17025:2017 (the international standard for testing and calibration laboratories) accreditation for the analysis of impurities in pure rhodium, ruthenium sponge and PGMs in refinery effluent. The PMR laboratory is one of the few in the world that can analyse 31 impurities in pure PGMs by SAFT (spark analysis for trace elements). It is also one of the few that is ISO/IEC 17025:2017 accredited to analyse impurities in all five PGMs (Pt, Pd, Rh, Ru and Ir). The ability to deliver trusted results in any lab is critical; which is what ISO/IEC 17025:2017 assures for as the global standard for laboratories. Task Force on Climate-related Financial Disclosures (TCFD) In 2023, we conducted a TCFD reporting gap analysis that included scenario modelling climate-related risks (both physical risks and transition risks). The report quantified climate-related risks on free cash-flow forecasts and what the likely financial impacts of these risks would be, giving us a baseline for future disclosures and other frameworks, such as the ISSB’s IFRS S2 climate-related disclosures. See Climate change supplement and the Sustainability content index www.sibanyestillwater.com/news-investors/reports/annual/, see also our CDP disclosure. 13.1 NYSE and JSE The NYSE and the JSE provides best practice guidelines for sustainability reporting; these guidelines encompass the GRI, ISSB S1 and S2, and the SEC’s climate-related disclosure rule, which is based on TCFD guidelines. Our TCFD reporting gap analysis, mentioned above, positions the business to comply with the SEC climate-related disclosure rule, further ensuring our robust climate-related reporting. We note that the SEC withdrawn its legal defence on the SEC climate-related disclosure rule and the implications of this is yet to be determined. GRI In early 2024, the GRI launched its updated mining disclosure standard, effective in 2025. This standard aligns with existing GRI standards but introduces site-specific requirements, which will mean enhanced detail in our integrated reporting data tables and impact report. King IV report The JSE requires Sibanye-Stillwater to disclose and apply the principles of King IV, which sets the standard for corporate governance in South Africa. King IV emphasises sustainability, advocating for a stakeholder-inclusive approach, ethical leadership, and responsible corporate citizenship. Sibanye-Stillwater has aligned itself with King IV and publicly documents its commitment to these requirements. See application of King IV principles in 2023, www.sibanyestillwater.com/news-investors/reports/annual/ Changing standards landscape Sibanye-Stillwater subscribes to multiple voluntary standards, frameworks and codes. Sibanye-Stillwater (and the mining industry in general) welcomes the consolidation of standards, such that they are simpler, serve the needs of stakeholders, and set a high bar for responsible mining. Reporting standards Encouragingly, the International Sustainability Standards Board (ISSB) is promoting a global baseline for sustainability reporting, and has announced its interoperability with the European Sustainability Reporting Standards (ESRS). Meanwhile, the ESRS is endeavouring to avoid double reporting for companies applying IFRS and GRI standards. The Group is part of the South African early-adopters roundtable discussions hosted by IFRS. The Australian Accounting Standards Board has voluntarily adopted ASRS S1 (which aligns to ISSB S1) and mandated the climate-only standard. This will affect Sibanye-Stillwater in the 2025 financial year. Sibanye-Stillwater has adopted the GRI and we will progress towards ISSB S2 as our climate-related disclosure processes mature. Consolidated mining standard initiative The Consolidated Mining Standard Initiative (CMSI) is a collaboration between the Copper Mark, the ICMM, the Mining Association of Canada (MAC) and the WGC to consolidate different mining standards into one global standard. The proposed standard is to be overseen by an independent, multi-stakeholder board and underpinned by a robust assurance and audit process. For Sibanye- Stillwater it will bring cost savings between assurance processes for WGC and ICMM, and also offer a consolidation of leading practices. 16.10, 17.14 Awards and recognition Sibanye-Stillwater was again included in the FTSE4Good Index Series, achieving an 85th percentile ranking in the industry classification benchmark super sector for basic resources, surpassing both industry and sub-sector average scores in the main ESG pillars. We were also included in the S&P sustainability yearbook. In 2024, Sibanye-Stillwater won the SAB/ESG Africa awards by winning the Beyond Large-Scale Champion category. This award celebrates organisations that have successfully embedded sustainability into their business models and practices, with a significant and measurable impact. 12.6, 17.16 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION GOVERNANCE IN SUSTAINABILITY continued IR – 211

DUE DILIGENCE: METAL SOURCING ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Responsible sourcing Sibanye-Stillwater has a comprehensive internal management system for supply chain due diligence in the sourcing of metals; with governance provided by the Responsible sourcing committee. The committee oversees the responsible sourcing of PGMs, nickel and gold. It assesses our supply chain due diligence and approves counterparties. Our Responsible sourcing framework commits Sibanye-Stillwater to not use suppliers if preliminary assessments indicate serious human rights abuses, money laundering, financing armed conflict, or fraudulent misrepresentation of the origin of minerals. Due diligence of metal supplying counterparties are assessed against the framework and presented at Responsible sourcing committee meetings. Our Responsible sourcing of metals policy is aligned to the requirements of the London Metals Exchange (LME), the London Platinum and Palladium Market (LPPM) and conflict free gold standard. We are members of the International Lithium Association’s (ILiA) Responsible Production and Sourcing Subcommittee and contributed to developing the ten principles of their member commitments. Currently, there are no specific compliance requirements expected; if this changes we will update our compliance programme. Note: Century operations does not require responsible sourcing assurance given that they do not use third-party metals. See www.sibanyestillwater.com/about-us/governance/ London Metals Exchange (LME) In June 2024, we submitted our responsible sourcing Red flag self- assessment questionnaire to the LME. In July 2024, they informed us that our nickel brand must comply with a Track A audited submission. This requirement arose due to a red flag in our Red flag assessment regarding the transport of nickel through Zimbabwe, a high-risk country. The GalliCam project in Sandouville and the termination of a key supply contract with our nickel supplier by 31 December 2024, will affect our status as an approved LME listed brand. For now we remain on the approved LME brands list. Nickel cathode production at Sandouville will cease in H1-2025. If the plant conversion at Sandouville to produce pCAM proceeds, we will not need to adopt a recognised standard for the pCAM product. We will comply with the Sibanye-Stillwater responsible sourcing framework for Nickel pCAM. Conflict free gold standards (CFGS) The Group has engaged an external assurer for a limited assurance review regarding the requirements of the Conflict-Free Gold Standard (CFGS) and the Responsible Platinum/Palladium Guidance (RPPG). According to CFGS requirements we have performed due diligence on two potential toll treating counterparties. London Platinum and Palladium Market (LPPM) A reasonable assurance review in terms of the LPPM RPPG (Responsible Platinum/Palladium Guidance) for the period FY2023 was concluded in March 2024 and we remain on the London Good Delivery List of Acceptable refiners for Platinum and Palladium. See www.sibanyestillwater.com/sustainability/ Business relationships Due process is followed with regards to those business relationships where our normal management controls do not apply (e.g. Mimosa). In the case of Mimosa, a technical committee (which includes technical experts from the managing partner, from Sibanye- Stillwater, and board members from both) meets quarterly. The outcome of the technical committee sessions feeds into the quarterly Board meetings through the technical committee chair. These sessions cover safety, health, environmental, climate change, and labour-related matters. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION GOVERNANCE IN SUSTAINABILITY continued IR – 212 Syväjärvi borrow-pit – Keliber lithium project

REWARDING DELIVERY Remuneration report 214 Part 1: Background statement 216 Part 2: Remuneration policy 219 Part 3: Implementation report 231 IR – 213 Industrial sector end-uses for platinum include a wide range of electrical/electronic applications and restorative dentistry. It is widely used in electronic components owing to its properties of high electrical conductivity and durability.

REMUNERATION REPORT REMUNERATION AT A GLANCE Our remuneration philosophy and framework is designed to drive sustainable superior value creation by aligning executive and employee rewards with Sibanye-Stillwater’s strategic objectives and long-term performance. Key principles include: • Pay for performance – rewarding individuals who contribute meaningfully to our purpose, strategic priorities, and financial and operational targets, ensuring that value creation is directly linked to measurable outcomes • Performance differentiation – recognising and rewarding exceptional performance to drive a high-performance culture, while ensuring appropriate pay progression across different levels of responsibility • Market-competitive and equitable pay – maintaining reasonable internal and external parity for comparable roles, ensuring we attract and retain top talent while promoting fair and responsible pay differentiation • Fair and responsible remuneration – upholding principles of fairness in remuneration while considering the complexities of global markets, stakeholder expectations, and practical business realities Remuneration policy changes for 2025 During 2024, in addition to its routine duties, the Remuneration Committee (the Committee) approved the following additions and changes to our Remuneration policy for 2025 • Ongoing deliberate focus on our Safety strategy and performance with a revised set of specific operational safety measures with appropriate weightings per region and operation • Adjusted the respective weightings of the Operational Delivery scorecard relative to the Strategic/Personal scorecard KPIs from 70/30 to 90/10 in the STI assessment to increase leverage towards operational outcomes delivery Summary of Remuneration policy Total guaranteed pay (TGP) Short-term incentives (STI) Long-term incentives (LTI) WHY [ our aim ] Attract and retain talent Drive operational and strategic performance Align rewards to long-term shareholder value WHO [ participates ] All permanent employees All permanent employees Vice Presidents (VPs) and above WHEN [ paid/ performance period ] Monthly Annual, with an eighteen-month deferral of a portion of the total STI Three-year vesting period WHAT [ is measured ] Market aligned (peer benchmarking) Operational and strategic delivery Sustainable shareholder value creation (Performance Conditions) HOW [ paid ] Cash (base salary and benefits) Cash and share-price-linked cash Share-price-linked cash Range and composition of total pay scenarios for the CEO and CFO (Executive directors)* Threshold # On-target Stretch Super stretch R0m R40m R80m R120m Threshold # On-target Stretch Super stretch R0m R20m R40m R60m Pay mix TGP STI (cash component) DSTI (deferred share-price linked component of STI) LTI Percentages in stacked bars may not add up to 100% due to rounding *Share-price linked remuneration (DSTI and LTI) values do not reflect possible gains or losses from share price movement # The threshold is the point at which performance falls short of earning an incentive. All incentive pay depends on achieving certain performance levels OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 214 100% 28% 24% 16% 32% 16% 18% 28% 38% 15% 17% 25% 43% 100% 32% 24% 16% 29% 19% 19% 28% 34% 17% 17% 26% 39% % of TGP CEO CFO Percentage of total votes voted ‘For’ remuneration- related resolutions at the 2024 AGM Remuneration policy Implementation report Non-executive directors’ fees residing in Africa Non-executive directors’ fees residing outside Africa 98.2% 74.9% 96.9% 98.2%

Policy adjustments implemented in 2024 The Remuneration Committee oversaw implementation of the following policy adjustments during 2024, as disclosed in our previous year’s report. • The LTI awards were made in March 2024 without an‘on-award multiple’ being applied to reflect personal performance scores • No new entitlements to receive Matching share unit awards were granted after 1 April 2024 pursuant to the update of the Minimum shareholding requirements (MSR) plan rules • The Remuneration recovery policy, which allows for the clawback of overpaid remuneration due to financial misstatements, came into effect but was not applicable for the year under review as there were no financial misstatements that caused overpayment of remuneration Total remuneration for executive directors and prescribed officers* excluding termination benefits#– aggregated (R000) Salary* Pension scheme total contributions Cash bonus accrued Accrual of forfeitable share award Other cash payment Conditional share proceeds Other benefits Total single figure of remuneration 2024 91,083 10,072 67,446 44,966 3,431 18,605 2,507 238,110 2023 82,223 9,397 47,225 30,416 2,795 57,299 2,303 231,658 Year on year variance 2.8 % * During 2023, there were nine prescribed officers for the full year, while one former prescribed officer was remunerated for fewer than eight months of the year. This compares to 10 prescribed officers for the full year during 2024 # For full disclosure of the Total remuneration, including termination benefits, refer to page 249 of this report STRUCTURE OF THE REMUNERATION REPORT ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– This report is presented in three parts, which accords with King IV specifications PART PART PART BACKGROUND STATEMENT See pages 216 – 218 REMUNERATION POLICY See pages 219 – 230 REMUNERATION IMPLEMENTATION See pages 231 – 251 Background to our activities during 2024 and our approach going forward Details on our current and amended remuneration practices, and the main elements of executive pay for the 2025 cycle, based on our remuneration philosophy Our application of the remuneration policy and practices for executive directors and prescribed officers since the last report, and disclosure of fees paid to non-executive directors OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT continued IR – 215

PART BACKGROUND STATEMENT Dear shareholders Following a marginal missed vote of 25.1% “Against” the Remuneration implementation report by shareholders who voted at last year’s AGM and despite a very supportive vote of almost 97% “For” the Remuneration Policy report, we undertook extensive steps to engage on these matters with dissenting shareholders as well as with major shareholders (representing 45% of shares held) in order to better understand the disconnect between these outcomes, irrespective of how they had voted. Accordingly, following the various comments and concerns raised, the Committee undertook a further review of the Group’s pay structures and considered adjustments to address these concerns. We are optimistic that the changes, including some further improvements to our remuneration-related disclosures, will meet our shareholders’ approval. Aligning pay with shareholder value creation During the year under review, previously approved refinements to the Long-Term Incentive (LTI) policy were implemented. These changes were designed to ensure that award outcomes more accurately reflect the Group’s long-term value drivers and to reduce the potential for short-term market volatility to unduly influence the granting or vesting of share-based awards. Notwithstanding these refinements, no structural remuneration adjustments were made to the policy during the year. The Committee remained confident that the Group’s performance-related pay mix – being more biased towards variable pay with somewhat lower comparable guaranteed pay – continues to support the execution of our long-term strategy. The approach is deliberately structured to deliver greater reward in years of strong performance and more moderate outcomes during commodity downturns, reinforcing the link between executive pay and sustainable stakeholder value creation. In support of this commitment, a detailed benchmarking review was commisioned across the C-Suite. The aim was to ensure that total remuneration remains competitive and fit-for-purpose across the global jurisdictions in which Sibanye-Stillwater operates. As a dual-listed multinational with a growing international footprint, the Group competes for executive talent across diverse labour markets. Using Deloitte’s proprietary ExecEval™ methodology, the benchmarking drew on data from 37 mining sector comparators and was tailored to role-specific and jurisdictional realities. The analysis confirmed that the Group’s executive pay positioning is broadly competitive across relevant markets. While no changes were made in this cycle, the analysis did highlight that the LTI opportunity levels for some roles are below reasonable market benchmarks. These insights will inform a broader review of our variable pay design in 2025. The Committee continues to focus on retaining and rewarding critical skills essential to delivering our strategy. A differentiated and market- informed approach to pay reviews ensures alignment with our long-term objectives and the sustainability of our leadership pipeline. Deductions from variable pay awards The goal of a 20% improvement in the Fatal Injury Frequency Rate (FIFR) when comparing the rate in 2024 to the average FIFR experienced over the previous three years was achieved at Group level and in all regions. This represents an ongoing fulfilment of a challenging trajectory for Sibanye-Stillwater to achieve FIFRs in line with the average ICMM member and to experience safety and injury rates at similar levels that are no worse than those experienced by most other mining operations, many of which have inherently lower levels of danger including mechanised opencast operations. The Group experienced a 2024 FIFR of 0.051, compared to the prior three-year average of 0.077, whereas the ICMM members’ average FIFR has reportedly been around 0.015. At the divisional level, those operational divisions within South Africa that did not achieve a 20% improvement or had a regression year-on-year in their specific FIFR had a proportionate deduction made to their STI scores in accordance with the Fatalities recognition formula. No other deductions for ESG factors were made from variable pay awards at a Group level. Remuneration Committee activities Summary of activities in 2024 Beyond the routine governance and approval items included in the Committee's annual work plan, the following issues were also addressed: • Reviewed alternative remuneration benchmarking methodologies and resolved to apply the approach used by Deloitte’s remuneration unit as the most suitable methodology for the Group • Concluded that no ESG and malus deductions were warranted from deferred STI payments and LTI award vestings pursuant to the cyberattack • Applied the criteria for reviewing fatalities which indicated that, given the 2024 FIFR had improved by 34% over the prior three-year average and that this was in excess of the 20% improvement target, no deductions should be made from STI payments for executives for the 2024 review • Undertook a benchmarking review of non-executive director fees. The results indicated the levels remain appropriate with the exception of the lead independent director (LID) fee • Reviewed the appropriate pay structure for the Chief Technical and Innovation Officer (CTIO) following his relocation to the United States • Determined the pay structure for the CEO Designate with reference to the appropriate benchmark reference point • Determined the termination payments for the mutual separation agreement with the Chief Commercial and Development Officer OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 216

Non-binding advisory votes As in prior years, shareholders will be given the opportunity to vote on two separate non-binding advisory resolutions at the forthcoming AGM on 29 May 2025. Resolution number 11 will be in respect of the Remuneration policy report (Part 2 of this Remuneration report), and Resolution number 12 will be in respect of the Remuneration implementation report (Part 3 of this Remuneration report). In the event that either or both are voted against by more than 25% of entitled voting rights exercised by shareholders, Sibanye-Stillwater commits to engage with dissenting shareholders to understand their objections and concerns, implement measures in an attempt to address legitimate and reasonable objections and concerns, and provide comprehensive disclosures in this regard in next year’s Integrated report. Addressing shareholder concerns on remuneration raised in 2024 Our improved Remuneration policy report garnered significant support at the AGM in 2024 with a voting outcome of 96.8%, although our Remuneration Implementation report narrowly missed the 75% approval threshold. Following this outcome, a structured engagement approach was undertaken to solicit and address concerns. A market/SENS announcement invited shareholder feedback, but responses were minimal. A review of voting registers via Strate provided limited insights, covering only 1% of total shareholding. To ensure meaningful engagement, personalised letters were sent to the top 10 shareholders (representing nearly 50% of total shareholding) and proxy advisors (ISS and Glass Lewis), regardless of their voting stance, requesting an engagement with them. This proactive outreach reflects the Board’s ongoing commitment to transparency, shareholder engagement, and governance best practices. The table below provides an overview of the main points arising from subsequent shareholder engagements as well as points raised by proxy advisors, together with a summary of our responses. Shareholder concerns and feedback 1 A concern was raised about the appropriateness of CEO pay levels and general market competitiveness of some executives We will continue to monitor market positioning closely. In 2025, our focus will be on benchmarking. We have maintained our established policy of awarding TGP increases solely based on cost-of-living adjustments in 2025. The Remuneration Committee will determine an appropriate pay level for the incoming CEO, ensuring it aligns with industry benchmarks. An independent benchmarking review, conducted by Deloitte using both their proprietary ExecEval system as well as role-specific benchmarking, confirmed that the CEO pay is within fair and competitive market ranges, reaffirming competitiveness of TGP for 2024. As a result of the policy adjustments that were effective in 2024, which removed the on-award multiple from LTI awards, the pay mix for on-target performance and the gearing of pay to performance was confirmed to be substantially in-line with market norms. 2 A concern was raised (in particular by ISS) about the alignment of STI outcomes with financial performance of the Group Although the key KPI elements in the STI scorecard remain the same for now, the decision to increase the weighting for the delivery of operational results from 70% to 90% for determining STI performance in 2025 – with the personal/strategic scorecard weighting reducing from 30% to 10% – places a greater emphasis on key operational and business factors that drive the Group’s financial performance. Besides this change, we will be undertaking a further review of the balance between financial and operational KPIs both with the STI as well as between the STI and LTI elements of remuneration. While noting the concern related to awarding of high STIs during periods of weak financial performance, the Group’s philosophy and policy is that STIs should primarily reward management based on factors under their control that deliver value to shareholders. Since earnings are most significantly influenced by cyclical commodity prices and exchange rates, our focus for STI purposes is not on profit or share price performance but rather on safe production and development and managing unit costs which are a direct reflection of management’s operational performance. Performance on these measures underpins the financial performance of the Group by determining the Group’s competitive position on the global cost curve that sets a floor level for commodity prices. These measures feature prominently in the short term incentive performance framework. By contrast, it is the LTI plan which provides more direct exposure to the Group’s financial performance over an extended time frame and – at this level – aligns the interests of management with shareholders. Against that background, the Remuneration Committee has reviewed the arrangements for determining performance for STI purposes in 2025 and will be conducting a broader review of the performance management structure during the course of 2025 to establish whether further refinement of the balance between financial and operational factors needs to be applied with potential implementation to be applied in 2026 as warranted. SHAREHOLDER CONCERNS/QUERIES RESPONSES CONSIDERED IMPLEMENTATION OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 1 – BACKGROUND STATEMENT continued IR – 217 FOCUS AREAS FOR 2025 • Ongoing monitoring of fair and responsible pay principles across comparable cohorts of employees while continuing to promote our remuneration philosophy of competitive and non-discriminatory pay • Further review of market practices related to variable pay-for-performance and its effect on executive pay mix, ensuring alignment with competitive benchmarks • Consideration of the optimal balance between operational and financial factors in structuring the STI scorecards • Review implications of impending legislation for the Group’s approach to remuneration governance

3 A query was made about whether the Personal strategic delivery scorecard performance makes a disproportionate contribution towards STI outcomes The shift to a 90/10 operational/ personal split in 2025 with business delivery dominating the performance outcome addresses this concern. Leading the corporate strategy is a fundamental responsibility for the C-suite, and it is important to adequately recognise this role when determining performance for STI purposes along with the delivery of business results. Nonetheless, in light of some concerns expressed, the Committee has decided to reduce the weighting of the personal scorecard from 30% to 10% for the 2025 cycle. This change will place greater emphasis on achieving business results while still acknowledging executives for their contributions to the broader corporate strategy, which is vital for the long-term sustainability of the business. 4 The appropriateness of some high Safety KPI scores in the STI scorecard despite a continuing incidence of fatalities was raised as a concern A more stringent requirement has been imposed to avoid a deduction on STI, increasing from the previous requirement of 20% improvement over the three-year trailing average FIFR to 25% for 2025. In addition, the weightings for safety-related KPIs in the STI scorecard have now been differentiated by region reflecting the different levels of risk exposure per region. It is important to reward management for their efforts in improving safety risk management in operations, utilising both leading and lagging indicators. Despite the ongoing incidence of fatalities, significant reductions have been achieved in key safety risk indicators to ‘best ever’ levels for the deep level hard rock mining operations, justifying fair and reasonable safety score ratings. While fatalities are not a specific line item in the STI scorecard, it must be remembered that fatalities are accounted for using a modifier approach. If the FIFR for the year under review has not improved by at least 20% over the annual average FIFR from the prior three years then the operational scorecard outcome will be reduced by up to 30%. This was applied to the full extent for 2023, but there has been no deduction in 2024 given that the FIFR experienced was 34% better than the prior three-year average. In consultation with the Health and Safety Committee, the Committee has reviewed the approach to measuring and rewarding safety improvements through the STI scorecard. The aim is to encourage continued progress in our safety enhancement journey and to expedite the reduction of fatalities. Several changes have been adopted, which will be implemented in 2025 including raising the bar even further in terms of the assessment of FIFR experienced during the year. 5 A comment was made about a perceived limitation in the linkage of personal delivery to shareholder value creation (as captured in the Personal delivery scorecards) Further refinement in the evaluation of personal delivery by executives to strengthen the linkage with creation of value for shareholders and to capture those aspects of their leadership roles for which they are assessed and held accountable over and above the joint- accountability for the Group’s outcomes as measured by the Operational delivery scorecard. The corporate strategy endorsed by the Board is designed to optimise the Group’s relevance to future requirements in a dynamic external environment. This informs the choice of KPIs, and their weightings, in executive personal delivery scorecards. While recognising that there is room for continuous improvement in setting personal delivery objectives, the Board regards delivery by executives on their personal objectives as being critical to the positioning of the Group for sustained value creation for shareholders. The chosen KPIs in their scorecards represent the key factors for the top executives to be focused on through the year in their leadership roles in order to drive the success of the business. Over and above the joint-accountability of the Group’s operational KPIs, they are then assessed and held accountable for the delivery on their personal and strategic leadership KPIs. SHAREHOLDER CONCERNS/QUERIES RESPONSES CONSIDERED IMPLEMENTATION Remuneration consultants During the initial part of the year, management made use of consulting services provided by remuneration experts at Remchannel (a subsidiary business of Old Mutual) to provide strategic remuneration advice. However, as the contract for management reward advisory services came up for renewal, a rigorous process of supplier selection was undertaken to ensure alignment with best-in-class reward governance practices. Following a competitive evaluation, Deloitte was appointed as the independent management reward advisory consultant from 1 October 2024 for the next three-year cycle. This appointment reinforces the Company’s commitment to maintaining a transparent, independent, and market-aligned reward framework that supports fair and competitive executive and senior management remuneration. The Remuneration Committee, separate from management, continues to engage with its expert remuneration advisor, Martin Hopkins: Head of Reward Advisory Services at Bowmans for additional advice. We are satisfied that these consultants are independent, objective, well-qualified, and suitably experienced for our purposes. Conclusion Based on thorough reviews conducted on an ongoing basis by the Remuneration Committee together with necessary refinements from time to time, we are confident that Sibanye-Stillwater’s remuneration philosophy and policies are appropriately suited to reward executive management fairly in respect of the value that they deliver to all stakeholders, and shareholders in particular. Appreciation Lastly, I would like to thank my Remuneration Committee colleagues for their assistance in ensuring that we devote proper attention to the key aspects of remuneration in the Group (both the development of policy and practice as well as its implementation) and that we deliver on our mandate appropriately. I also extend my thanks to the members of the management team for their hard work and dedication during another challenging year. We also acknowledge and appreciate those shareholders and proxy advisors who gave us constructive and candid feedback on our policies and practices. Tim Cumming Chairman: Remuneration Committee 25 April 2025 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 1 – BACKGROUND STATEMENT continued IR – 218

PART REMUNERATION POLICY This section includes an overview of the Remuneration policy as approved by the Remuneration Committee for the 2025 financial year. The policy, which was endorsed by almost 97% votes being in favour of the policy at the last AGM, has remained relatively unchanged year on year. Nonetheless, there are a few changes to the policy effective for 2025 which are set out in this section and are highlighted as follows: • Grandfathered the Minimum shareholding requirements (MSR) plan to participation already in effect at 1 April 2024 • Revised the Minimum Shareholding Requirements policy applicable to C-suite members requiring them to hold a specified target minimum shareholding within five years from 1 April 2024, or their date of appointment in a C-suite role • Refinement of the scorecards to be used for determination of STI awards in 2025 in order to better provide for KPIs of specific relevance to each of the regions as well as to provide greater weighting towards the delivery of operating results by increasing the operational component from 70% to 90% relative to the personal component which is reduced from 30% to 10% • Elevated the consequence of fatalities for variable pay by increasing the required improvement in FIFR for the year under review below the average FIFR of the prior three years from 20% to 25% to avoid a deduction from STI payments. Remuneration Governance Function of the Remuneration Committee The Remuneration Committee assists the Board in discharging its responsibilities for setting and administering the remuneration policy in line with the Group’s strategies, objectives and long-term interests. It has a particular focus on the remuneration of executive directors and prescribed officers (CxOs), while also considering the next layers of leadership. Our prescribed officers are members of the C-suite, which serves as the Group’s Executive Committee (Group Exco), constituting what King IV refers to as “executive management”. The Remuneration Committee also exercises oversight over the broader remuneration philosophy and practices, with particular reference to remuneration fairness and internal pay-parity. Composition and operation of the Remuneration Committee • There were two changes to the Committee’s membership during the year following the resignation of Savannah Danson on 11 March 2024 and the retirement of Nkosemntu Nika on 28 May 2024 we then had the appointment of Philippe Boisseau and Dr Elaine Dorward-King to the committee from 24 May 2024. See Detail about Board committees, page 253. • All members were independent non-executive directors in 2024. Non-independent directors can continue on the Committee in 2025, provided the majority of members remain independent. The JSE has granted dispensation for the chair to continue until the 2026 AGM, despite his reclassification to non-independent from 21 February 2025. These measures ensure continuity and effectiveness of the committee while preserving remuneration governance integrity until new succession plans are implemented • The Committee formally meets at least four times a year and reviews many resolutions via round robin, which are recorded at the next meeting. All meetings met quorum requirements, and member attendance is documented. We agree on an annual work plan that guides our agendas and focus areas for the year Attendees and independent consultants • In addition to Committee members, our meetings are typically attended by the CEO, the Chief People and Culture Officer (responsible for leadership development, culture, and talent), the CEO’s Chief of Staff (ensuring incentive remuneration aligns with strategic priorities), and the VP Group Total Reward (from 1 September 2024), with the Company Secretary handling administration. Executive management, who provide significant assistance to the committee, attend the meetings by invitation, but are recused from the meeting when their own remuneration is being discussed • Independent consultants include Martin Hopkins (Head of Reward Advisory Services at Bowmans) – who is appointed as an advisor to the Committee – and remuneration specialists from RemChannel, who were replaced by Deloitte following the change in strategic rewards advisory services provider from 1 October 2024. These advisors attend meetings to provide expert advice Terms of reference We are mandated through, and act on the basis of, the Remuneration Committee’s Terms of reference. (See www.sibanyestillwater.com/about-us/governance/) These Terms of reference are fully compliant with the principles and recommended practices of King IV. The Remuneration Committee is responsible for: • Considering and recommending the remuneration philosophy for all employment levels in the Group, with a particular focus on the remuneration of the Group Exco • Recommending to the Board the remuneration payable and conditions of employment for executive directors, and approving the remuneration payable to prescribed officers The Terms of reference did not change in any substantial manner during the year under review. Remuneration philosophy and strategic alignment Our approach to remuneration We emphasise collaboration and data-driven analysis to ensure our remuneration strategies align with legislative requirements and internal equity considerations. Our work includes engaging with stakeholders to improve pay disclosures, monitoring industry standards for compensation, and ensuring transparency in our reporting practices. Additionally, we will keep evaluating our employee compensation strategies to ensure fairness and competitiveness. These initiatives reflect our commitment to improving compensation fairness, and regulatory compliance. Given the imperative of employee morale, we are committed to not only pay fairly, but to provide evidence outlining our methods for doing so. In this regard, benchmarking and like-for-like comparisons are key. We collaborate with specialist consultants to produce such information, that transparently reveals our pay structures and the rationale behind them. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 219

However, although some mining assets are clearly superior to others (in terms of the potential for extraction of value), the success of a mining business strategically depends on the skills and application of its employees to deliver financial and shared value to all stakeholders. Furthermore, in order to drive and motivate exceptional performance, the financial stakeholders believe in the principle of sharing gains achieved on a basis that is fair and competitive. The consideration of fair and responsible pay is an inherent component of Sibanye-Stillwater’s remuneration philosophy, particularly in light of the diverse demographic of employees within the various jurisdictions in which the Group operates. In applying Sibanye-Stillwater’s remuneration philosophy and principles to our design of incentives, we are cognisant that there is no ‘one size fits all’ approach and that the expected result must be contextualised to ensure that appropriate value is derived for both executives and financial stakeholders. Ensuring the link between strategy and remuneration Sibanye-Stillwater continues to evolve as an enterprise in commodity type, size, reach, jurisdictions and complexity and we regularly assess whether our remuneration scorecards remain properly aligned with the Group’s goals and objectives. We take care to ensure that the scorecards are appropriately structured with a reasonable set of achievable, though challenging, operational and strategic outcomes. Sustainability embedded as the way we do business is one of the Group’s Strategic essentials and we continue to enhance how we target, measure and reward our overall Sustainability performance. Values-based decision-making Values-based decision-making is also at the core of our culture and we want our incentive systems to promote this approach to leadership, management and work. In reviewing our incentive measures we reflect on what behaviours they are most likely to promote and reward and whether these support our business objectives. Safety, production quality and efficiency as well as cost reduction are key drivers. As part of this assessment we not only consider ‘what’ we measure but ‘how’ we measure, to ensure that there is always a strong link between pay and performance. Corporate strategy development and how it relates to operational planning are covered in Our purpose, vision and strategy, page 32; Unpacking our three-dimensional strategy, page 42; Managing our risks and opportunities within the internal and external operating environment, page 45. GUIDING PRINCIPLES INFORM OUR REMUNERATION POLICY The key guiding principles that underpin our remuneration philosophy and which provide the framework for the design of our remuneration policies and practices are: FLEXIBILITY Accommodate diverse employment market practices across a multi-regional group with remuneration reflecting evolving job requirements and, where relevant, embracing global mobility in a digital-first world of work. TRANSPARENCY Provide executives and other employees with clarity on their roles and performance expectations and ensure that they understand how the remuneration practices and structures apply to them. EXTERNAL COMPETITIVENESS Adopt appropriate pay levels and structures for comparable jobs within the employment markets where we operate, while being mindful also to take into account the multi- regional responsibilities of some executives. INTERNAL COMPARABILITY Apply remuneration practice that ensures similar jobs are paid equitably across the Group within relevant employment markets without discrimination on the basis of factors not related to the role performed. RECOGNITION Reward performance through appropriate Total Guaranteed Pay (TGP) progression together with variable pay, comprised of cash and deferred STIs and, where applicable, LTIs. Extraordinary performance and contributions are rewarded at a level that reflects the value of the employee to the organisation and encourages retention and further commitment. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 2 – REMUNERATION POLICY continued IR – 220

Committed to fair and responsible remuneration We remain committed to remuneration fairness across all levels of the organisation. Fairness in remuneration is a complex matter which must be considered from the perspectives of different stakeholders. Different stakeholders often hold conflicting opinions on what constitutes fairness and we welcome feedback as we continually seek to balance these differences and strive to carry out our responsibilities to the Group. The two key criteria in considering what is fair are external parity and internal parity. Specifically, these refer to: • External parity: how Sibanye-Stillwater’s remuneration compares relative to people who undertake a similar role, have similar levels of skill, experience and responsibility in comparable organisations within the applicable country or regions • Internal parity: how remuneration compares relative to other people who are also working at Sibanye-Stillwater, in the same or similar roles in terms of their respective levels of work, skills, experience and responsibilities Accordingly, through application of appropriate policy, we seek to ensure that we are fair and equitable in this regard, with no discrimination that could be attributed to differences in race, gender or any other personal factor that has no bearing on the person’s ability to perform. Sibanye-Stillwater continues to assess income distribution metrics annually, including the Gini coefficient, Palma ratio, internal pay gap, and operator-level pay, as part of its ongoing commitment to fair and responsible pay. These analyses inform efforts to enhance employee wellbeing and monitor remuneration equity across the organisation. The Group is also monitoring potential regulatory developments that may introduce new disclosure requirements related to pay gap reporting and is preparing accordingly. While continuing to pay attention to income disparities – particularly between executives and lower-level workers – the Group remains mindful of the need to offer competitive remuneration to attract and retain critical talent, particularly as it grows its international footprint. Remuneration practices, benchmarking and market comparison Sibanye-Stillwater integrates remuneration policies and practices with organisational development strategies to ensure employee focus is aligned to the purpose and goals of the Group. At a transactional level, this is achieved when employees are provided with meaningful and value-adding work, as well as developmental opportunities, supported by a clear understanding of how their work contributes to business performance. Engaged employees who identify with the culture and strategic goals of the business should, through application of their discretionary efforts, deliver good performance which is a cornerstone of our vision. The Group takes care to design and implement remuneration structures which calibrate realistic performance targets with clear long-term sustainable value creation objectives that will enable earnings deferral for the senior leadership group as necessary. Superior value for our stakeholders is created through the attainment of both short- and long-term operational, financial and sustainability goals, and variable pay plans are specifically designed to avoid one being favoured over the other. Our remuneration practices prioritise the sustainability of the business, development of leaders and the management of emerging talent. Benchmarking approach As outlined in Part 1, the Group is continually evolving and competing for talent across its scope of business activities and operating sites that span multiple jurisdictions. During the past year, we engaged our strategic reward advisory partner to review, enhance and update our benchmarking approach. The comprehensive work undertaken incorporated a dual approach leveraging Deloitte’s proprietary ExecEval™ methodology and benchmarking against thirty-seven mining comparators on an incumbent basis. This provided the Remuneration Committee with an objective analysis with multiple reference points to assess the competitiveness of total remuneration, adjusting for global nuances, cost-of-living differentials, where appropriate, and role specificity. The approach reviewed all elements of remuneration to provide a true picture of total reward split across fixed pay and performance based variable pay delivered through STIs and LTIs as well as a comparison of our pay mix and resultant reward strategy. The approach ensured that it stayed true to Sibanye-Stillwater’s guiding remuneration principles highlighted above as well as accounting for the very real practicalities that the Group: • Is a large multinational competing for talent that can be based in multiple locations. The approach in selecting peers sized Sibanye- Stillwater across multiple financial dimensions to inform a peer set that is fair, robust and large enough to account for the role specificity that is required when doing any sort of benchmarking • Adopts a total remuneration approach to pay • Has a global leadership model with executive employees based across the globe with specific roles • Strives to ensure that it has a competitive remuneration value proposition to continue to retain and attract the calibre of employees that can drive and execute our strategy • Requires a peer group that is large enough to account for varying roles and their specificity and equally is not skewed by a peer set that is too small or irrelevant • Wanted to ensure that remuneration and any comparison to a benchmark is not inflated due to regional differences To ensure all of the above, the following peers were used as an input into the benchmarking analysis, representing a comprehensive peer set comprising 30 mining companies, with local and global exposure, but also importantly with the depth and breadth of roles seen in the industry. African Rainbow Minerals Ltd Eldorado Gold Corp IGO Ltd OceanaGold Corp Agnico Eagle Mines Ltd (Ontario) Endeavour Mining plc Impala Platinum Holdings Ltd Pan American Silver Corp Alcoa Corp Equinox Gold Corp Ivanhoe Mines Ltd Pilbara Minerals Ltd Anglo American Platinum Ltd Exxaro Resources Ltd Kinross Gold Corp Royal Gold Inc. Anglo American PLC Fortuna Mining Corp Lundin Mining Corp South32 Ltd AngloGold Ashanti PLC Franco-Nevada Corp Mineral Resources Ltd Triple Flag Precious Metals Corp Antofagasta PLC Freeport- McMoRan Inc. New Gold Inc. Wheaton Precious Metals Corp Barrick Gold Corp Fresnillo PLC Newmont Corporation Centerra Gold Inc. Gold Fields Ltd Northam Platinum Holdings Ltd Coeur Mining Inc. Harmony Gold Mining Company Ltd Northern Star Resources Ltd The peer group is comprehensive, and significant work went into ensuring that it was broad enough to accommodate our global multinational business with breadth and depth of roles. The chart below demonstrates this and Management and the Committee, was conscious not to cherry pick data points to inform a benchmark, but rather provide a market analysis that allowed the Committee to make informed decisions. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 2 – REMUNERATION POLICY continued IR – 221

Chart plotting size of Sibanye-Stillwater vs. broad peer set The peer set and benchmarks are adjusted to ensure fair comparisons and avoid skewed outcomes. The peer group includes companies from various countries, aiming to retain and attract executives globally. Executives consider purchasing power when choosing roles, as maintaining a similar lifestyle can require different salaries depending on location. Sibanye’s executives live in various places and are paid in specific currencies. Benchmarks are adjusted for location and converted to the same currency using a Purchasing Power Parity (PPP) factor, ensuring accurate comparisons. For example, Sibanye-Stillwater’s Chief Regional Officer: Europe is paid in Euros. Peer role figures are converted to Euros and adjusted with PPP to reflect the European cost of living. Using the above methodology and Deloitte’s ExecEval™ benchmarks, the Committee assessed the competitiveness of total remuneration by role specificity. The analysis showed no major changes were needed for this cycle, affirming Sibanye-Stillwater's policy. Some target LTI opportunities were below market levels, set for review in 2025. The Committee considers this analysis along with other factors to align with the firm's philosophy and talent strategy. Recognition of performance Sibanye-Stillwater’s pay mix Sibanye-Stillwater aims to prioritise "pay for performance" by providing more exposure to variable pay (STI, deferred STI, and LTI) and setting lower total guaranteed packages (TGP). Market practices are considered, with adjustments for jurisdictional and market differences. The company's pay mix design rewards management for achieving outcomes that create sustainable stakeholder value, with incentives increasing for senior roles. CEO and CxO roles have higher LTI weightings, while EVPs balance LTI and STI, and SVP/VP roles focus more on the STI component. Pay structure and mix Components of total remuneration Sibanye-Stillwater’s remuneration structure includes the following components: ALIGNMENT WITH REMUNERATION PHILOSOPHY Total guaranteed pay (TGP): Base salary and allowances including provision for medical and retirement contributions With reference to the relevant market benchmarks, as revealed from time to time in remuneration surveys. This provides the foundational element of the remuneration mix. Short-term incentives (STI): Annual portion of variable pay based on a combination of operational delivery and strategic delivery objectives. This is split between a cash payment and a conditional, cash- settled, share-price-linked deferred portion This performance-based reward provides recognition for performance during the year (with a portion deferred for up to 18 months) relative to the extent by which the scorecard KPIs (operational and personal/strategic) have been met. The KPIs selected are those which are largely within management’s control (i.e. they avoid factors which are totally or largely influenced by factors beyond management’s control, such as commodity prices and exchange rates) and as such are focused on the operational factors of safe production and development as well as the management of costs and quality. Some of these feed into the financial performance of the Group in the long run. The conditional deferred portion of the STI is designed for retention purposes and also incorporates an alignment with the delivery of value to shareholders through medium- term exposure to share price movement. Long-term incentives (LTI): A longer-term portion of variable pay comprised of cash- settled, share-price-linked awards, vesting in equal tranches over three years after being granted, with the value on vesting being determined through the assessment of achievement of leading and lagging indicators of shareholder value delivery (comprised of three performance conditions) The LTI awards serve both purposes of motivation and retention, with a strong shareholder-aligned financial performance component that seeks to incentivise and reward sustained delivery of superior shareholder value over the longer term. This is intended to align the outcomes for management with the outcomes for shareholders – whereas the STI deliberately has a more operational delivery focus. All remuneration elements, including those that are share-price-linked, have been awarded on a cash-settled basis as from the 2020 remuneration cycle. Furthermore, the exposure to fluctuations in Sibanye-Stillwater’s share price is bolstered by share price-related performance conditions on the LTI awards. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 2 – REMUNERATION POLICY continued IR – 222

Composition of total remuneration package – executive directors and prescribed officers The charts alongside indicate the composition of total pay made up of the various elements of pay under four different scenarios for the 2025 year going forward. For the STI-related scorecards, setting the KPI targets involves identifying three progressive levels of achievement: Threshold, On- target, and Stretch. The LTI-related scorecard (containing the performance conditions) used to determine the extent of the vesting of LTI awards has the same three levels of targeting as the STI scorecards but has a further category entitled ‘Super stretch’. Threshold performance relates to when performance falls short of the level required to trigger incentive payments. If this is not achieved for any particular KPI then that KPI carries a zero score for purposes of determining the STI or LTI score. Additionally, if in aggregate the threshold performance levels are not attained for both the STI and the LTI KPIs, then only the TGP would be paid and no STI remuneration is earned, nor would any LTI awards vest. On-target performance relates to where the targets per KPI, as set out in the operational and personal/strategic delivery scorecards, have been met. On-target performance achieved corresponds with paying 100% of the relevant incentive award value. In terms of the Shareholder value delivery LTI scorecard, On-target performance corresponds with a 100% vesting outcome. On our personal scorecard scoring scale of 1 – 5, a score of 3 represents an ‘on target’ score. Maximum performance (or Stretch) relates to where stretch performance outcomes have been achieved on all three performance scorecards. This results in an STI reward that is 200% of the On-target STI. Super stretch performance (only in the case of the LTI scorecard) envisages an outcome at exceptional performance and would result in a maximum score of 250% for that portion of vesting. Notes: In the analysis demonstrated through these charts, the impact of share price appreciation between the date of the award and the vesting date is not taken into account. Range and composition of total pay scenarios per executive Threshold On-target Stretch Super stretch R0m R40m R80m R120m Threshold On-target Stretch Super stretch R0m R20m R40m R60m Threshold On-target Stretch Super stretch R0m R10m R20m R30m R40m R50m Pay mix TGP STI (cash bonus component) STI (deferred share-price-linked component) LTI • Percentages in stacked bars may not add up to 100% due to rounding • Remuneration denominated in currencies other than R is converted at R18.24/USD and R19.80/EUR • The threshold is the point at which performance falls short of earning an incentive. All incentive pay depends on achieving certain performance levels Total guaranteed pay (TGP) TGP levels are reviewed against market benchmarks as and when required. The Group is evolving continually and a holistic in-depth benchmarking exercise was undertaken for the C-Suite. The benchmark for TGP tracks the market median as derived from independent remuneration surveys of peer mining companies, with differentiation by territory. The median is the first point of reference as a benchmark, and other factors taken into consideration include the time spent in the role and the extent to which the executive fulfils all aspects commensurate with the role. At the time of assessment, an executive’s actual remuneration may well be different to the median level, for the reasons mentioned above. As set out above the Group has most recently made use of Deloitte remuneration consulting team in this year’s benchmarking analysis but will supplement its work with data from other credible industry surveys as needs be. Sibanye-Stillwater’s international expansion is mirrored by an increase in responsibilities for the executive director and the CxO roles. Accordingly, our benchmarking methodology as described above has progressively taken into account the executives’ growing international responsibilities, focus of attention, and involvement. Performance-based variable remuneration Sibanye-Stillwater uses two distinct scorecards to guide and measure the success of the organisation and the senior executives in delivering on business plans and on our strategy. These are the primary inputs to determining variable pay. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 2 – REMUNERATION POLICY continued IR – 223 100% 28% 24% 16% 32% 16% 28% 18% 38% 15% 25% 17% 43% 100% 32% 24% 16% 29% 19% 28% 19% 34% 17% 26% 17% 39% 100% 32% 24% 16% 29% 19% 28% 19% 34% 17% 26% 17% 39% % of TGP CEO CFO Average CxO

Applicable performance scorecards 1. OPERATIONAL AND PERSONAL/STRATEGIC DELIVERY These scorecards are used to determine the STI remuneration outcomes (cash and deferred). The operational scorecard is comprised of four key operational Key Performance Areas (KPAs) for the Group and for the different regions namely: Safety, Cost, Production and Readiness for future production (e.g. orebody development). These are described in more detail below. The personal/strategic KPAs comprise a mix of various management and strategic objectives which are specific to the particular executive’s leadership and management roles deemed to be key for the pursuit and fulfilment of the corporate strategy. 2. SUSTAINABLE SHAREHOLDER VALUE DELIVERY This scorecard encapsulates the performance conditions that are applied to determine the extent of vesting of LTI awards. It assesses metrics that are central to achieving value for shareholders over a rolling three-year period. The scorecard comprises three performance conditions that relate to sustainable shareholder value creation, namely: the Group’s Sustainability performance (ESG), representing, in a sense, our social legitimacy to operate, the Group’s return on invested capital (ROIC) representing our financial legitimacy to operate and thirdly, the relative total share-price return (rTSR) that reflects our relative delivery of value to shareholders. Performance-based incentive plans Short-term incentives (STI) design and purpose The focus of the STI is to incentivise management to achieve safe, sustainable, and cost-effective delivery and to progress the Group’s strategic goals. While the STI component of the incentive plan rewards those elements of performance that are mostly within the control and line- of-sight of employees, the LTI is conditional on the achievement of longer-term financial hurdles that are aligned with shareholder value creation. See below for a graphic of how STI is calculated and settled. Cash STI The ‘On-target cash STI incentive’ percentages of TGP per executive level are shown in the following table: Level On target percentage of TGP CEO 85 % CxO 75 % EVP 65 % SVP 60 % VP 50 % The Remuneration Committee determines the appropriate balance of operational and strategic delivery by executives in formulating the overall scorecard for short-term incentive determination. To secure stronger focus on delivery of strong operating results in 2025, a 90% weighting on rewarding operational delivery has been adopted for 2025, which contrasts with the 70% that has been used in previous cycles. Group operational delivery As indicated earlier, the Group’s performance on operational delivery is determined using KPIs that comprise the four main categories of Safety, Production, Cost, and Readiness for future production (e.g. orebody development). For 2025, the scorecard has been refined to reflect key priorities for each region while largely retaining similar measures of safe production and cost to those adopted for 2024. More detail in this regard is provided in the implementation section of this report. Safety and accounting for fatalities The safety measures used in the STI Operational scorecard will continue to track how well leading indicators are being managed as well as monitoring key lagging safety indicators. However, with regard to the extremely important accounting for any fatalities, the Fatal Injury Frequency Rate (FIFR) is purposefully not included in the STI Operational scorecard but is rather addressed more explicitly by making provision to apply sizeable deductions to the STI amounts payable in the event that meaningful reductions in fatal injuries are not achieved when compared to a credible baseline. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 2 – REMUNERATION POLICY continued IR – 224 CALCULATION OF SHORT-TERM INCENTIVE (STI) GUARANTEED REMUNERATION (R) x ON-TARGET STI INCENTIVE BY JOB GRADE (%) x STI PERFORMANCE1 (0-200%) = STI (R) 1 STI performance is a combination of operational delivery and personal/strategic delivery FOR VICE PRESIDENTS AND ABOVE 100% = 60% PAID IN CASH + 40% PAID IN CASH ON A DEFERRED SHARE-PRICE-LINKED BASIS2 2 Settled in two tranches at nine months and eighteen months after payment of cash STI PAYMENT OF SHORT-TERM INCENTIVE

The criterion to determine the deduction to be applied to the operational delivery-related portion of STI continues to be the extent of improvement experienced in the FIFR for the year under review, compared to the average FIFR over the previous three years. However, compared to the approach applied during the past two years, a more stretching improvement will be required in 2025 to avoid a deduction being imposed with a more severe deduction to be applied for improvements below this threshold as illustrated in the chart. The Remuneration Committee believes that this will further stimulate the attention paid to the reduction and elimination of fatalities with the aim of achieving FIFRs that are in-line with or better than the ICMM member median FIFRs within a reasonable time frame. Each operating area has its record assessed individually. For 2025, an improvement of 25% or more in the FIFR comparison (compared to 20% in previous cycles) would result in no deduction to the STI payment. Improvements that are less than the 25% requirement will result in a deduction, using a sliding scale, ranging from a 20% deduction for no improvement down to a 0% deduction for an improvement of up to 25% (compared to 20% in previous cycles). Any deterioration in the past year’s FIFR compared to the FIFR for the previous three years in any region will continue to attract a deduction of 30% off the cash incentive attributable to the Operational scorecard result. These arrangements are subject to the discretion of the Remuneration Committee being able to impose a more severe deduction in the event of the FIFR outcomes being regarded as unacceptable. Target setting in the scorecards The forthcoming year’s targets (as per business plan) are used to set operational delivery targets. The Board pursues an intensive process to review and approve business plan commitments that are a fair statement of what Sibanye-Stillwater’s operations are capable of delivering. In determining the targets, consideration is given to realistically achievable performance, given the levels of operational risk that would normally be experienced, while allowing for an element of further ongoing improvement in safe production. The On-target level of operational delivery, therefore, represents expected performance of diligent and assiduous management. A suitable performance range, spanning from the threshold to maximum/stretch performance levels for the year is selected to evaluate the actual delivery. Maximum performance reflects exemplary management of operational risks to substantially below the historical exposure. It represents the performance that can be achieved through an exceptional management effort, with operating results nearing maximum potential. Bearing in mind that losses from disruptive risks tend to be more substantial than outperformance when risk is controlled, the threshold target is typically positioned further from On-target than is maximum/stretch target. The threshold and stretch targets are set with threshold performance resulting in a 0% rating for each measure, on-target resulting in 100% and a maximum/stretch performance outcome resulting in a 200% rating for each measure. At the start of each performance cycle the Remuneration Committee approves the KPIs, target performance levels and KPI ranges (i.e. threshold to maximum/stretch) for the Group’s operational delivery. Overall Group operational delivery is a weighted aggregate of performance achieved in the Company’s regions. Discretion to determine and adjust performance targets The Remuneration Committee has the discretion to adjust targets during the year in response to: • material and anomalous events and which result from causes that could not reasonably be expected to be under the control of management and fall outside the normal risk envelope allowed for when the targets were set in the original operational plan • conscious decisions to depart from the originally envisaged operational footprint and/or production rates – provided that these are structured in order to enhance the value generated from operations and respond to changes in the external and/or internal environment where they represent a material departure from the planning parameters and/or strategic assumptions at planning time • strategic reasons for adjusting the scorecard framework to reflect changes in strategic focus areas that might arise during the course of the year Examples of such events may be instances of force majeure, such as unavailability of services from national utilities, or extreme weather events. We also consider that it is important to have the ability to fairly reward values-based decisions that are in the best interests of the Group and its shareholders even if these result in shortfalls against the targets that were set. Any discretion that the Committee decides to apply to adjusting scorecard targets will be disclosed in the Remuneration implementation report. Personal and Strategic delivery The Remuneration Committee and the Audit Committee have oversight of the Personal/Strategic delivery scorecards of the CEO and the CFO. At conclusion of each annual cycle, the Remuneration Committee reviews the performance determinations of the executive directors, which are recommended to the Board for approval, and then also reviews the ratings of the rest of the Group Exco. These form the basis for approval of the STI payments. The KPIs in the Personal/Strategic delivery scorecards are largely structured around the strategic focus areas required from their roles in driving the Group’s success as well as assessing their key leadership responsibilities. As mentioned above, the Group uses a rating scale of 1 - 5 where On-target delivery is assigned a 3 rating, corresponding to a 100% performance outcome, with 5 resulting in a 200% outcome. Maximum STI achievable In the unlikely event that the maximum/stretch targets are achieved on both operational and strategic delivery, then the maximum STI payment would be double the On-target STI value. Deferral of a portion of STI into share price-based remuneration All VPs (and above) have 40% of their overall STI awarded to them as a deferred share-linked award, which will be settled in cash in two equal tranches after 9 and 18 months from the award date. The value of the cash received will vary directly according to how much the share price appreciated or depreciated from the date of the award to the date it becomes payable. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 2 – REMUNERATION POLICY continued IR – 225

SUSTAINABLE SHAREHOLDER VALUE DELIVERY SUSTAINABILITY – 20% SOCIAL LEGITIMACY TO OPERATE + ROIC – 30% FINANCIAL LEGITIMACY TO OPERATE + rTSR – 50% AGGREGATE INVESTMENT RETURN Moderation of awards and vestings to reduce impact of short term share price volatility To derive a share price representative of the sustainable value of the Group (without undue influence of short-term fluctuations), the revised methodology introduced in 2023 will continue to be used for determining the applicable share price for both STI and LTI, awards and their vesting, as well as for MSU awards made under the MSR plan. The 30-day VWAP at the award or vesting date as applicable will be the price used to determine the number of share units to be awarded, as well as the cash-settled value to be paid when awards vest. Furthermore, the applicable price will be subject to an assessment as to whether the 30-day VWAP price is above a determined ‘cap’ price or below a determined ‘floor’ price. Should the 30-day VWAP price exceed the cap or fall below the floor price then the applicable price for determining the awards will be limited to the cap or floor prices. This helps moderate any anomalous outcomes on the awards due to unusual spikes or troughs in the share price. The cap and floor prices are determined by calculating the 200-day moving average share price set at one-and-a-half standard deviations of the daily closing prices over the 200-day moving average period. This ‘cap and floor’ technique is applied in the same way as Bollinger bands are used when doing technical analysis (or ‘charting’) in portfolio management. Treatment on leaving the Group In the event of an employee resigning or having their employment contract terminated for cause after the award has been made, the deferred portion of the incentive will be forfeited, with a pro-rata payout applicable in the case of no-fault terminations. In the case of retirement at normal retirement age, the awards will run to the scheduled date for vesting. Long-term incentives (LTI) Plan structure and award process Annual LTI awards follow the current Sibanye-Stillwater senior management incentive plan for VP level and above. Following the removal of the Personal scorecard ‘on award multiple’ effective from the 2024 awards, the value of the award is only determined by multiplying the annual TGP of the executive by a set factor related to their job grade (‘On-target percentage’). These factors are shown in the table below. Level Award percentage of TGP CEO 115 % CxO 90 % EVP 65 % SVP 55 % VP 40 % The LTI awards vest on the third anniversary of the award date, subject to application of the performance conditions. The award is forfeited in the event of resignation of an executive or termination for cause. In the case of no-fault terminations, a pro-rata payout will be applicable, reflecting the time served of the applicable vesting period and measurement of performance except in the case of retirement at normal retirement age when the awards run to the scheduled date for vesting subject to the applicable performance conditions. Performance conditions for vesting The proportion of the LTI awards that vests after the three-year period depends on the extent to which Sibanye-Stillwater has performed relative to the three performance conditions over the applicable performance period. The three conditions that are applicable to determine the extent to which LTI awards made since March 2021 will vest: Relative Total Shareholder Return (rTSR ), Return on Invested Capital (ROIC )and Sustainability – which are weighted 50%, 30% and 20%, respectively. These may be adjusted for future award cycles if deemed appropriate for improved strategic alignment but there are no current plans to do so. For the 2025 awards, the performance condition outcomes will be evaluated using a five year period comprised of the results over the two prior years from the date of the award and the results achieved over the three prospective years from the awards. This approach was initiated on a phased in basis starting with the introduction of a two-year trailing period from the awards made in 2023. Relative TSR, which carries the greatest weighting, represents a ‘lagging indicator of value delivery’ and market sentiment, with ROIC and Sustainability (ESG) providing a counterbalance and representing a set of factors that can be considered as ‘leading indicators’ of market performance. ROIC focuses on the extent to which one ‘sweats’ the assets and on generating cash and quality earnings above the cost of invested capital. Good Sustainability performance is widely recognised as an important leading indicator of sustainable superior returns by many investors, and is now commonly tracked as a performance measure in both LTI as well as some STI schemes. The proportion of the LTI award that will vest at the end of each award cycle ranges from 0% to 250% of the initial award amount, dependent on the evaluation of the performance conditions. Achieving the upper end of that range would be very rare and would depend on stellar outcomes on all fronts. To ensure the use of share prices representative of the Group’s sustainable value on award and on vesting, the same share price moderation mechanism described above in the STI section has been applied from the March 2023 award cycle. More detail and further rationale for each of these performance conditions are set out below. Relative TSR – 50% contribution to the LTI vesting determination One of the important aspects of determining the rTSR comparator group is catering for the fact that we produce gold and PGMs with increasing exposure to ‘battery metals’ while many of the constituents of a comparator group are single-commodity companies. To better reflect Sibanye-Stillwater’s commodity exposure it was decided in 2020 that for future LTI awards the Sibanye-Stillwater’s rTSR will be assessed against a market-cap weighted reference TSR. This is determined with a two-year trailing performance period and a three-year prospective performance period, resulting in a five-year window for assessing this performance condition. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 2 – REMUNERATION POLICY continued IR – 226

A ‘weighted reference TSR’ is constructed – for now – from two comparator groups, a PGM comparator group and a gold comparator group, as reflected in the table below. Each constituent’s associated contribution to the weighted reference TSR is determined with reference to the market cap of the constituent company at award date relative to cumulative market cap of all constituents in the respective platinum and gold peer group, with a cap of 25% on any single company’s contribution to the index. PGMs Gold Anglo American Platinum AngloGold Ashanti Impala Platinum Gold Fields Northam Platinum Harmony Gold Fresnillo Kinross Gold Corporation The performance condition is determined by evaluating how Sibanye-Stillwater’s TSR compares to the reference level as explained below with the function illustrated in the graph. If the Group share price performance (expressed as a CAGR) is at or below the ‘weighted reference TSR’ rate then this results in a 0% vesting score. The On Target return level needed to achieve a 100% vesting score is set at the CAGR of the (’weighted reference TSR’ + 4%). The Stretch level is set at (‘weighted reference TSR’ + 8%) and the Super Stretch hurdle is set at (‘weighted reference TSR‘+10%). If the share price reaches these levels then the vesting score would be 200% and 250%, respectively. Where the TSR lies between any of the indicated levels then the percentage vesting score is determined on a linear proportional basis between the levels. Performance of Sibanye-Stillwater TSR relative to reference TSR (annualised %) (% ) rTSR PERFORMANCE CONDITION OUTCOME (%) -2 0 2 4 6 8 10 12 0 100 200 300 ROIC – 30% contribution to the LTI vesting determination ROIC is a capital efficiency measure which calculates how efficiently a company allocates its capital and the subsequent returns achieved thereon. It, therefore, indicates the quality of earnings and risk categorisation of the Company’s underlying asset portfolio. ROIC measures management’s ability to sweat operational assets and it provides an assessment of the investment success achieved from the capital invested. Annualised ROIC over the performance period, comprising two trailing and three prospective years, is determined by dividing net operating profit after tax (NOPAT), using EBIT x (1 – effective tax rate) by the invested capital in the Group, quantified as [total assets – current liabilities – cash]. The ROIC achieved by the Group over the period is compared to a reference return on capital represented by the SA long bond yield, using the five to 10-year South African Reserve Bank long bond rate, over the performance period to determine the performance condition using the function illustrated in the graph. The Threshold return is the (long bond rate + 2%). If the Group ROIC is at or below this rate then the vesting score for this category is 0%. The On-target level is the (long bond + 4%) and equates to a vesting score of 100%. Stretch and Super-stretch are achieved where the rate of return exceeds the long bond rate by + 6% and +7% with vesting scores of 200% and 250% respectively. Performance of Sibanye-Stillwater ROIC relative to SA long bond yield (annualised %) (% ) ROIC PERFORMANCE CONDITION OUTCOME (%) 0 1 2 3 4 5 6 7 8 9 10 0 100 200 300 Sustainability scorecard – 20% contribution to the LTI vesting determination When the Committee introduced an ESG component as a third LTI performance condition for all LTI awards made from March 2021 onwards, we adopted a phased approach to implementing a scorecard to track progress on our sustainability journey. For the 2025 year, the selection of key performance indicators for the scorecard was informed by our refreshed Group sustainability framework. See Our sustainability strategic framework, page 108. Our scorecard recognises our commitment to planet, people and prosperity, with the indicators focusing on GHG emissions, water, tailings, social investment, safety, and diversity, equity and inclusion(DEI) supported by appropriate key metrics. Each indicator is assessed along a continuum of achievement providing an outcome on a range of 0 to 250%. An outcome at 100% represents achievement of the ‘On-target’ objective (equivalent to a score of 3 on our 1 - 5 scale) and a 250% score represents meeting the ‘super stretch’ performance level (equivalent to a score of 5). The results are aggregated on a weighted basis to determine the overall result for the year. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 2 – REMUNERATION POLICY continued IR – 227

2025 SUSTAINABILITY MEASURES: ELEMENT OF PERFORMANCE CONDITION PLANET (50%) Indicator weight Metric weight Decarbonisation of operations 40 % Reduction in Scope 1 and 2 GHG emissions 40 % GWh saved through demand side management 30 % TWh of additional strategic energy contracted 30 % Water stewardship 40 % Total water purchased 50 % Baseline water stewardship assessments completed 20 % Improvement of performance score of baseline assessments completed in 2024 30 % Tailings storage facility management 20 % Improvement of Tailings Management to further reduce risk to business 80 % Strengthen community resilience in relation to tailings storage facilities risks and emergency response 20 % PEOPLE (30%) Safety 50 % Group total recordable injury frequency rate 50 % Percentage of stoppages of unsafe workplaces by frontline employees 50 % Diversity, equity and inclusion (DEI) 50 % Percentage of historically disadvantaged people in management (SA region) 50 % Percentage of women in Sibanye-Stillwater across the Group 50 % PROSPERITY (20%) Investment in host communities 100 % Cumulative number of new jobs created in alternative economies (SA region) 100 % Minimum shareholding requirements (MSR) The MSR plan was introduced in March 2022 to encourage leadership to take on further exposure to the Sibanye-Stillwater share price, thereby increasing the extent of alignment with shareholder interests. The Remuneration Committee determined in 2023 that there will be no further entitlements to matching share unit awards for new qualifying employees under the MSR Plan with effect from 1 April 2024. Entitlements already granted to qualifying executives by the end of March 2024 still received matching awards as those holdings were built up and holding commitments continued to be honoured. To qualify for awards of matching share units (MSUs), SVPs and above had to achieve the target minimum shareholding, as set out below, within five years from March 2022 (or from their appointment into a designated role). CEO – 200% of TGP CxO – 150% of TGP EVP – 125% of TGP SVP – 100% of TGP MSUs have been awarded on a 1:1 basis once the target minimum shareholding was met, up to a maximum qualifying level of double the target minimum shareholding. The MSUs awarded are subject to the same terms and performance conditions as those applicable to conditional share units (CSUs) awarded under the LTI incentive plan, including the performance conditions applicable in the relevant award cycle, the three-year vesting period and the share price moderation mechanism applicable on award and vesting as from the 2023 incentive cycle. Furthermore, it is an additional vesting condition that the committed shares which formed the basis for the award are retained to at least the target minimum shareholding for the duration of their employment with the Group, and may be subject to clawback provisions should they fail to meet this requirement. The plan was complemented by the introduction of the MSR policy during 2024 that requires members of the C-suite to build up their personal holdings to a target minimum level within five years of 1 April 2024 or their appointment into a C-suite position whichever is later. Holdings that attract awards under the MSR plan will also qualify towards meeting the requirements of the MSR policy. Malus and clawback For LTI and STI awards (both cash and deferred) in the senior management incentive plan, the Remuneration Committee has the discretion to invoke malus and clawback. Malus will be invoked where a trigger event is discovered before payment/ settlement. Clawback can be invoked up to three years after the payment/settlement date of the funds in question (provided the trigger event happened before the payment/settlement). OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 2 – REMUNERATION POLICY continued IR – 228

Trigger events include: • A material misstatement of the financial results resulting in an adjustment or restatement in the audited consolidated accounts of the Group, or the audited accounts of any member of the Group • Erroneous or misleading information used to determine awards • Serious misconduct or gross negligence • Participant’s decision or actions contribute to censure of the Group by a regulatory authority, or to significant reputational damage • For malus only, an ESG event (or fatalities) can be designated as a trigger event after consultation with the Safety and Health Committee and/or the Social, Ethics and Sustainability Committee A Recovery policy was implemented in 2023 in response to the updates to Section 811 “Erroneously Awarded Compensation” of the SEC, and by virtue of the Company’s status as a Foreign Private Issuer under the Securities Exchange Act of 1934, and as a trader of ADS Rights on the New York Stock Exchange • This Recovery policy will apply to all Incentive-based Compensation Received by Executive Officers on or after the Effective Date • This Recovery Policy is intended to facilitate the reasonably prompt recovery of Erroneously Awarded Compensation in the event that the Company is required to prepare an accounting restatement As described in the section above, an additional clawback provision applies to MSUs in respect of a failure to maintain the required holding of shares following the vesting of MSU awards. Non-executive director fees In terms of our Memorandum of incorporation, fees for non- executive directors (NEDs) are determined by the shareholders at AGMs, based on recommendations made by the Remuneration Committee. The appropriate level of fees and fee increases are determined through periodic benchmarking exercises in a similar manner to assessing executive remuneration. To this end a detailed benchmarking exercise was undertaken by Deloitte using an extensive review of comparable companies and allowing for jurisdictional Purchasing Power Parities (PPP) adjustments, it was determined that NED fees remain competitively positioned within the relevant ranges with the exception of the Lead Independent Director (LID), which warranted a slightly higher adjustment above inflation to bring it close to the median for internationally-based LIDs. Accordingly, for 2025, the Board, through the Remuneration Committee, is recommending to shareholders only "cost of living" increases to the current annual retainer fees amounting to 4.5% for African resident non-executive directors (NEDs) and 2.9% for non- African resident NEDs – with the exception of the LID whose increase is recommended to be 12.3% to bring that fee more in line with the international benchmark. In addition to these tabled fees, NEDs also receive "travel fees" of US$3,000 per day for each day that they are away from their home countries while away on Company business. It is proposed that this fee also be increased by the same amount as the international board fees (2.9%), to US$3,080. The following two tables set out the current and proposed annual retainer fees of NEDs according to whether they are resident in Africa or not. These tables and notes will be put to shareholders via the Notice of Meeting document for the shareholders’ consideration and approval at the AGM. The South African fees are exclusive of VAT which will be added where applicable according to the circumstances of the directors involved. VAT in South Africa is currently set at 15%. Annual retainer fees of non-executive directors resident in Africa 2024 Proposed 2025 % year-on- year increase 2025 fees converted to US$ at R18.24/US$ Chair of the Board, who is not eligible to receive fees in respect of committee chairmanship or membership except in the event having to attend additional ad hoc Board or committee meeting for which the relevant fees will apply. R3,662,000 R3,825,000 4.5 % US$209,704 Lead Independent Director, who is not eligible to receive fees in respect of committee chairmanship or membership except in the event of having to attend additional ad hoc Board or committee meeting for which the relevant fees will apply. R2,460,000 R2,570,700 4.5 % US$140,938 Members of the Board R1,212,000 1266480 4.5 % US$69,434 Chair of the Audit Committee R439,000 458760 4.5 % US$25,151 Chair of the Remuneration Committee R309,000 322920 4.5 % US$17,704 Chair of the Investment Committee# R166,000 R173,460 4.5 % US$9,510 Chairs of the Nominating and Governance Committee, Risk Committee, Social, Ethics and Sustainability Committee, and Safety and Health Committee R270,000 R282,120 4.5 % US$15,467 Members of the Audit Committee R228,000 R238,260 4.5 % US$13,063 Members of the Investment Committee# R88,000 R91,920 4.5 % US$5,039 Members of the Nominating and Governance Committee, Risk Committee, Remuneration Committee, Social, Ethics and Sustainability Committee and Safety and Health Committee. R171,000 R178,680 4.5 % US$9,796 Ad hoc meeting attendance - per meeting (Chair) R80,000 R83,600 4.5 % US$4,583 Ad hoc meeting attendance - per meeting (member) R46,420 R48,500 4.5 % US$2,659 #Based on two fixed scheduled meetings per year. 'Ad hoc' fees will apply to additional meetings. In addition to these tabled fees, non-executive directors also receive 'travel fees' of US$3,000 per day for each day that they are away from their home countries while away on company business. It is proposed that this fee also be increased by the same percentage as the US dollar denominated board fees paid to directors resident outside Africa (2.9%) to $3,080. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 2 – REMUNERATION POLICY continued IR – 229

Annual retainer fees of non-executive directors resident outside of Africa 2024 Proposed 2025 Fees % year-on- year increase 2025 fees converted to R at R18.24/ US$ Chair of the Board, who is not eligible to receive fees in respect of committee chairmanship or membership except in the event having to attend additional ad hoc Board or committee meeting for which the relevant fees will apply. US$290,000 US$298,320 2.9 % R5,441,357 Lead independent director, who is not eligible to receive fees in respect of committee chairmanship or membership except in the event having to attend additional ad hoc Board or committee meeting for which the relevant fees will apply. * US$196,000 US$220,200 12.3 % R4,016,448 Members of the Board US$96,600 US$99,360 2.9 % R1,812,326 Chair of the Audit Committee US$35,000 US$36,000 2.9 % R656,640 Chair of the Remuneration Committee US$24,600 US$25,320 2.9 % R461,837 Chair of the Investment Committee# US$13,200 US$13,584 2.9 % R247,772 Chairs of the Nominating and Governance Committee, Risk Committee, Social, Ethics and Sustainability Committee, and Safety and Health Committee. US$21,500 US$22,128 2.9 % R403,615 Members of the Audit Committee US$18,200 US$18,720 2.9 % R341,453 Members of the Investment Committee# US$7,000 US$7,200 2.9 % R131,328 Members of the Nominating and Governance Committee, Risk Committee, Remuneration Committee, Social, Ethics and Sustainability Committee and Safety and Health Committee. US$13,600 US$14,000 2.9 % R255,360 Ad hoc meeting attendance - per meeting (Chair) US$6,400 US$6,580 2.8 % R120,019 Ad hoc meeting attendance - per meeting (Member) US$3,700 US$3,800 2.7 % R69,312 #Based on two fixed scheduled meetings per year. 'Ad hoc' fees will apply to additional meetings. *Following the detailed benchmarking work undertaken by Deloitte using an extensive review of comparable companies and allowing for jurisdictional Purchasing Power Parities (PPP) adjustments, it was determined that NED fees remain competitively positioned within the relevant ranges with the exception of the Lead Independent Director when comparing this role to international benchmark data which warranted a slightly higher adjustment above inflation to bring it close to the median for internationally-based LIDs. In addition to these tabled fees, non-executive directors also receive 'travel fees' of US$3,000 per day for each day that they are away from their home countries while away on company business. It is proposed that this fee also be increased by the same percentage as the US dollar denominated board fees paid to directors resident outside Africa (2.9%) to $3,080. Foreign currency payments of directors’ fees will be converted at the relevant exchange rate at the time of payment. US$ equivalents are shown for illustrative purposes only. Executive director contracts of employment From March 2025, there were three executive directors appointed. Dr Richard Stewart was also appointed as an additional executive director as part of the CEO transition until the current CEO retires at the end of September 2025. The employment contracts of the CEO and CFO provide that their employment will continue until terminated upon (i) 12-months’ notice by either party, or (ii) retirement of the relevant executive director (currently provided for at age 65 in the contract). Sibanye-Stillwater can also terminate an executive director’s employment summarily for any reason recognised by law as justifying summary termination. The CEO designate is still employed on standard CxO terms and conditions that provide for a shorter notice period, though this will be reviewed when an updated employment contract is issued on assumption of the CEO position from 1 October 2025. The long-standing service agreements of the CEO and CFO contain ‘change of control’ conditions, set out below. Change of control is defined as the acquisition by a third party or concerned parties of 30% or more of Sibanye-Stillwater ordinary shares. In the event of the consummation of an acquisition, merger, consolidation, scheme of arrangement or other re-organisation, whether or not there is a change of control, if the executive director’s services are terminated, the ‘change of control’ provisions summarised above also apply. In the event of their employment being terminated as a result of a ‘change of control’, within 12 months of the ‘change of control’, the executive director is entitled to: • Payment of an amount equal to two times TGP • Payment of an amount equal to the average of the incentive bonuses paid to the executive director during the previous two completed financial years • Payment of any annual incentive bonus he has earned during the financial year notwithstanding that the financial year is incomplete • An entitlement to awards, in terms of the Sibanye-Stillwater incentive plan, shall accelerate on the date of termination of employment and settle with the full number of shares previously awarded • Any other payments and/or benefits due under the contracts The employment contracts further provide that payments will cover any compensation or damages the current CEO and CFO may have under any applicable employment legislation. These conditions will be honoured until they terminate. However, any future appointments of executive directors, and specifically including the updated employment contract on the incoming CEO, Dr Richard Stewart, will be made without provision for compensation for severance in their employment contracts because of change of control. We will also not include contractual provisions in future employment or variable pay contracts that allow for accelerated vesting without the testing of performance conditions. Non-binding vote on Remuneration policy The Remuneration policy, as set out here in Part 2 of this report, will be tabled for a separate non-binding advisory vote at the AGM. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 2 – REMUNERATION POLICY continued IR – 230

PART IMPLEMENTATION REPORT The Remuneration Committee is satisfied through its oversight of remuneration implementation in 2024, that Sibanye-Stillwater complied with its Remuneration policy with no material deviations experienced. TGP outcomes Adjustments during 2025 Our remuneration practice makes provision for annual TGP increments in March each year. Annual increases for members of the C-suite are treated as cost-of-living adjustments only, with personal performance not included as a factor, although market adjustments are implemented where pay benchmarking indicates a discrepancy. The relevant base-pay increase parameters in the South African market over the last year ranged between 5.7% and 6.0% with an average expected salary increase of around 6.0% for 2025. For the USA, the corresponding figures indicated increases of around 4.0%, around 2.0% for the United Kingdom and between 2.5% and 4.0% for Europe (Finland). For employees below the Group Executive Committee, we remain mindful of the challenge regarding the wage gap. Generally, TGP increases are, and will be, higher for those lower in the organisation than at the top. Across the Group, the increase in TGP for middle management and supervisory level employees was limited to a cost of living/CPI adjustment only, with the increases in collective bargaining agreements at roughly 1% higher. Executive 2024 cycle guaranteed remuneration (000's) Annual increase 2025 cycle guaranteed remuneration (000's) Neal Froneman R8,069 4.50 % R8,432 US$495 2.90 % US$508 Charl Keyter R8,815 4.50 % R9,211 Charles Carter US$756 2.90 % US$778 Lerato Legong R5,785 4.50 % R6,045 Melanie Naidoo-Vermaak R6,214 4.50 % R6,493 Mika Seitovirta €471 1.80 % €479 Richard Stewart 1 R8,091 36.50 % R11,045 Robert van Niekerk 2 US$545 2.90 % US$561 Themba Nkosi R5,936 4.50 % R6,203 ¹ Richard Stewart received a 36.5% TGP increase inclusive of the cost-of-living adjustment as part of his appointment as CEO designate effective 1 March 2025 2 Robert van Niekerk relocated to the United States effective 1 June 2024 and his remuneration package changed to a US$ denominated package Remuneration fairness In Part 2, we set out our Remuneration policy and the principles for fair and responsible remuneration. Since 2013, we have implemented a programme to address income inequality, while retaining a competitive total reward construct at management levels. This has involved higher salary increases for lower employee levels, as well as job enlargement and job enrichment to stimulate upward mobility and upward job re-grading. All employees across Sibanye-Stillwater have been included in the analysis. As with the 2023 report, a calculation of both the Gini coefficient and Palma ratio was performed on total remuneration paid (including LTIs awarded to senior staff). Prior to 2019, the calculation had been done only with respect to guaranteed base- pay (TGP) so the comparable TGP based outcomes are also presented to preserve the integrity of the trend. Considering the higher proportion of at-risk incentive pay in the remuneration mix for senior staff, it is to be expected that a less equal outcome is attained when computing remuneration disparity indicators based on total remuneration. We note the further potential reporting requirements when the South African Companies Act amendments come into effect regarding pay disclosures and implementation thereof. At present, given our business operations and staffing mix we believe that the Palma and Gini ratios are better ratios to monitor and track over time as discussed below. Palma ratio The Palma ratio is considered one of the better metrics to use in assessing the differences in earnings between the ‘top’ and the ‘bottom’ of a company. It is determined by taking the aggregate amount earned by the top 10% of the group’s employees and dividing that by the aggregate amount earned by the bottom 40%. Continuing our focus on total remuneration rather than guaranteed base-pay (TGP), employees comprising the top 10% of the payroll were earning total remuneration, in aggregate, about 1.49 times that of the bottom 40% in 2024 (this has increased slightly compared to last year due mainly to the group wide inclusion of our international operations in this year’s reporting). OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 231

As our footprint expands internationally, proportionately there will be more employees towards the upper end of our Group payroll compared to the spread in South Africa. This will skew the results with the group wide ratio likely to increase as it will become more impacted by employees earning pay in countries with higher remuneration and associated cost of living in relation to our employees in South Africa. When we look at the ratios at country level where depth of data allows for the analysis to be undertaken, it is evident that these are lower than the overall result for the Group providing a meaningful reflection of pay differentials. We will continue to use these ratios in an appropriate manner to inform our decisions, but are equally pleased that in all instances, we are below benchmarks and available comparators. In terms of an external comparison, Sibanye-Stillwater compares favourably to the recent nationwide salary trends study done by REMchannel® for South Africa where the Palma ratio reflects that the top 10% earn R2.70 for every R1.00 earned by the bottom 40% Based on guaranteed pay, the corresponding result for our South African employees is R0.94. Gini coefficient The Gini coefficient is an internationally accepted measure of the distribution of income within a society or within a group. A value of nil indicates complete equality of incomes and one indicates that one person receives all the income. The data below indicates that the Gini coefficient, based on total remuneration and on a like for like basis (SA and USA combined), decreased slightly from 0.35 in 2022 to 0.34 in 2023 and remained at 0.34 in 2024. By way of comparison, the Gini coefficient for the Group is significantly lower (better) than that determined from World Bank, on a country by country operations basis which we believe is a better indicator of local comparability. While not directly comparable, it is also interesting to note by way of contrast that South Africa’s sovereign Gini coefficient, as reported by the OECD for 2024, is 0.63, one of the most unequal in the world, although it must be borne in mind that this is primarily due to South Africa’s high levels of unemployment. When looking at our Group weighted Gini coefficient, we again compare favourably. As can be seen from the table and graph below, the trend of both the Palma ratio and Gini coefficient, demonstrates meaningful progress in reducing pay disparities over this time frame. Group Palma ratio and Gini coefficient Pay Differential Metric Overall Sibanye- Stillwater Group* South Africa USA France Australia Palma Ratio – TGP 1.39 0.94 0.55 0.78 0.61 Palma Ratio – TR 1.49 1.10 0.59 0.89 0.70 Gini - TGP 0.38 0.25 0.15 0.20 0.18 Gini - TR 0.40 0.28 0.16 0.23 0.19 Country Gini* - World Bank 0.63 0.41 0.32 0.34 * Group for 2024 include SA, the USA, France and Australia Remuneration differential indicators (SA and US only in line with historic reporting) # 2024 and previous years include only SA and the USA OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 232 REMUNERATION DIFFERENTIAL INDICATORS (SA and US only) Palma ratio (left axis) (based on TGP only) based on total remuneration Gini coefficient (right axis) (based on TGP only) based on total remuneration 2017 2018 2019 2020 2021 2022 2023 2024 1.00 1.20 1.40 1.60 1.80 0.30 0.32 0.34 0.36 0.38 0.40

Gender parity analysis As previously reported, a number of pay-parity audits have been performed since 2019. In our large mature markets where there is depth of roles, number of employees and representation across the different genders, the unadjusted or sometimes commonly known as the raw pay gap is negligible (<1%), showing progress in female representation and our conscious commitment to fair pay for roles of equally substantive context or level of work (Median raw gap is R0.359 million vs R0.356 million, females vs males for guaranteed pay). The adjusted pay gap measures the difference in pay between women and men after accounting for factors that can fairly determine pay, such as job role, tenure, experience and or education to name a few factors. In a regression model, we tested multiple factors that we had available in our data sets to ensure comparability, such as job title and grade, tenure, age and education skill level to determine how well these factors when used in a statistical model can predict the pay gap. The result of the statistical model is a coefficient of determination or R-squared (R²) highlighting the largest factors impacting pay. As expected, job title and grade has the highest impact on R² with tenure and education having a marginal impact. When the other factors are tested in the regression model, the resultant increase in the R² is negligible (less that 1 percent) i.e. factors such has gender, ethnicity and age have no statistical effect on the model. This again highlights how we continue to drive practices of fair pay management and that we do not discriminate on unfair practices. Ongoing analysis continues to indicate no material concerns or unfair outcomes. We will continue to focus on ensuring consistent job architecture across operations to ensure comparability of roles and employees occupying those roles. We intend to continue to track our pay parity and gender pay gaps, and are committed to addressing any unfair or unjustified anomalies should they become evident. Compelling benefits for employees at lower levels Our people are our most important asset. We aim to deliver value to our people through a combination of approaches, centred around ‘empowering our workforce’, and constantly reassessing and revisiting our benefits to employees. While offering a competitive take-home pay is the foundation of these efforts, there are many other aspects which contribute to caring for our employees financially. We pride ourselves on the benefits which we offer to our on-site employees, and seek to ensure that these are fair and optimised across our operations. We also aim to assist employees in maximising their take-home pay through financial wellness education. Furthermore, we emphasise the importance of retirement planning and retirement funding as an essential part of our employees’ long-term financial wellbeing. Our retirement schemes provide life staging support options to enable agile investment plans in line with personal preferences. We also encourage our employees to reach their full potential in their careers through our structured career growth model which aligns technical, generic and leadership skills development in line with career paths to support personal growth aspirations as well as business needs. Nonetheless, determining and overseeing ‘fair pay’ remains a complex issue and requires clear rules and principles, aligned to a talent strategy and supported by a policy and governance framework. We believe we have those in place but readily refine them as needs be in pursuit of ensuring equity and fairness in the business. In South Africa, each operational unit is subject to independent wage negotiations at pre-determined and agreed frequencies. At the Operator level (Category 4–8) in South Africa, the average earnings are indicated in the table below, taking into consideration guaranteed and variable pay as well as the average training cost per employee. This amounts to an annual total value of R369,120. (See further details available on page 147, reflecting effort and cost for developing and empowering employees). Average 2024 pay (in rand) at operator level (Cat 4-8)1: 24,341 4,722 1,697 30,760 369,120 Included in the above: Basic pay Shift allowance Avg. Training cost based on all type of training intervention (learnerships, leadership, core training, Care for iMali etc.) Holiday leave allowance Stand by allowance Medical subsidy Skills allowances Living out allowance Transport allowances Retirement fund contribution Bonuses (all) Risk contributions Overtime (all) Base pay plus guaranteed benefits (per month) Variable pay (Allowances, Overtime, Bonus per month) Other benefits (Training per month) Total cost to company per month Annual cost to company STI outcomes As set out in Part 2 of this report, STI payments are based on measuring and rating the performance of executives against delivery on operational measures that are included in the Group’s Operational delivery scorecard combined with the assessment of their personal/strategic objectives which are contained in their individual Personal/Strategic scorecards. At the executive level, the overall result is a combined score applying a weight of 70% and 30% respectively to the scorecard outcomes. The Operational delivery scorecard results, which apply to the C- suite executives are set out in the following tables. The overall group operational delivery performance was evaluated at 86.3%. This is equivalent to a score of 2.7 on the scale of 1 – 5 where 3 represents an ‘On target’ score. For assurance, a ‘factual findings review’ by the auditors is conducted before finalising the performance-linked remuneration outcomes. There was a small moderation of a few performance targets initially agreed to by the Remuneration Committee at the start of the year as is allowed for in our policy (see Part 2 above) in instances where there were circumstances which arose during the year for which management could not reasonably be have been expected to cater for and which would have an negative impact on the ability for continued safe production or when it was agreed that management should pursue an alternative operational plan from the original business plan in order to enable the delivery of superior business outcomes from the original plan as deemed appropriate under the circumstances arising. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 233 1 Category 4 to 8 employees represent entry level to semi-skilled employment. These employees are in Patterson A and B band. Most employees start their career in Category 4 (Patterson A4) as a General Workers, with opportunities for advancement through the categories as their skills improve. Category 8 employees are mostly semi-skilled with the bulk of employees employed as Team Leaders (Patterson B and C-Lower)

These moderations were as follows: South Africa PGMs: It was decided to close down Marikana 4B shaft which had become unprofitable by late 2023 due to depleted reserves and a low-price environment. It had been operating on a contingent month-by- month basis until it was agreed (together with unions) to stop production in March. As a result, no production could be expected from this shaft despite its having been included in the original plan for the year. In addition, despite an initial expectation that there would be substantial development of ventilation circuits to support Bambanani shaft’s production, a later detailed review identified a preferable alternative that would require less development metres and reduced cost combined with a deferral of expenses into 2025. These changes reduced several of the PGM initial KPI targets but very marginally so (between 1% – 2% of the original targets). In any event, despite these changes, the SA PGM operational scorecard still resulted in a score of 0% for both the Production and the Cost KPIs and the scores for the Developed State KPI were unaffected for on-reef development and only fractionally advantaged for off-reef development. Americas region: In the Americas, the US PGM operations underwent a significant restructuring in Q4 in order to mitigate cash outflows amid a very weakened PGM price environment. Given the uncertainty around the restructuring process, revised targets were agreed to which incorporated actual performance data for Q4 instead of the originally planned production which had become irrelevant and was no longer applicable. The impact of these changes on the KPIs ranged from 3% to 14% and management were then assessed against the revised operational plan accordingly as shown in the tables below. Australia region: In Australia the operations at the New Century mine were disrupted by a regional bushfire of extraordinary ferocity and magnitude in October 2024, leading to lost production. However swift response and recovery efforts ensured that full operational capacity was restored by December. Appropriate firebreaks had been in place to the maximum permitted width allowed under environmental protection regulations but this had still proved insufficient to prevent the fire’s progress onto the mine’s property and infrastructure. An independent expert was brought in to assess the adequacy of the operation’s risk mitigation and they confirmed that it had been fit for purpose for reasonably expected fires. As the impact was due to a force of nature beyond reasonable planning parameters, an adjustment to their production metrics was allowed for in their plan. Moderations were made to reflect production losses, cost savings, and budgeted remediation expenses. The impact of these changes on the various KPIs ranged between 3% (for Cost related KPIs) and 11% (for the Production related KPIs). Despite this, the resultant score for Production in the scorecard still came out at 0% and the results for the Cost KPIs were only slightly advantaged. Southern African region (60% contribution to Group) SA gold operations (34% contribution to Southern African region) Safety 30% Serious Injury Frequency Rate (per million hours) 40% 3.00 2.73 2.59 2.78 81.5% Injuries with Potential for Loss of Life (IPLL) per million hours 20% 1.05 0.95 0.89 0.71 200.0% Fatal Risk Focus: GMS process maturity audit conducted and plans implemented to ensure full compliance. Exemptions approved. 20% Assess GMS process maturity utilising the revised audit protocol. Action plans and exemptions approved. Execute 100% of approved actions scheduled for completion during 2024, by year-end. Execute 20% of approved actions scheduled for completion during 2025, by year-end. All approved actions scheduled for 2024 completed with 5.6% of these more than three months after the scheduled completion date; 50% of approved actions scheduled for 2025 completed in 2024. 194.4% Fatal Risk Focus: “I believe that I can do my work safely without getting injured” Survey and improve perceptions. 20% Develop a questionnaire and survey process. Conduct a culture survey. Develop action plans, leadership intervention to change perception/ culture. Action plans approved by SVP. Resurvey and achieve 30% improvement on established base by year-end. Action plans formulated with regression from base in the resurvey after leadership intervention. 100.0% Production 30% Gold produced (kg) 100% 19,278 21,420 21,955 16,872 0.0% Cost 20% Underground operating cost (R/ underground ton milled) (ORD expensed, excluding capex and non- controllables) 50% 5,019 4,563 4,449 5,429 0.0% Total operating cost (R/ kg produced) (Surface and U/G kg's) (ORD expensed, excluding capex and non- controllables) 50% 1,056,970 960,882 936,860 1,286,170 0.0% KPI Weight Parameter Sub- weight Threshold On Target Maximum Performance achieved Rating0% 100% 200% OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 234

Developed state 20% Primary on-reef development (m) 50% 5,083 5,648 5,789 6,151 200.0% Primary off-reef development (including Capex) (m) 50% 16,855 18,728 19,196 18,144 68.8% SA gold operations result 66.3% SA PGM operations (66% contribution to Southern African region) Safety 30% Serious Injury Frequency Rate (per million hours) 40% 2.45 2.23 2.12 1.76 200.0% Injuries with Potential for Loss of Life (IPLL) per million hours 20% 0.73 0.66 0.62 0.50 200.0% Fatal Risk Focus: GMS process maturity audit conducted and plans implemented to ensure full compliance. Exemptions approved. 20% Assess GMS process maturity utilising the revised audit protocol. Action plans and exemptions approved. Execute 100% of approved actions scheduled for completion during 2024, by year-end. Execute 20% of approved actions scheduled for completion during 2025, by year-end. All approved actions scheduled for 2024 completed with 1.4% of these more than three months after the scheduled completion date; 29% of approved actions scheduled for 2025 completed in 2024. 198.6% Fatal Risk Focus: “I believe that I can do my work safely without getting injured” Survey and improve perceptions. 20% Develop a questionnaire and survey process. Conduct a culture survey. Develop action plans, leadership intervention to change perception/ culture. Action plans approved by SVP. Resurvey and achieve 30% improvement on established base by year-end. Action plans formulated with 17.6% improvement from base in the resurvey after leadership intervention. 158.7% Production 30% Ounces produced ('000 4E oz) 90% 1,642 1,824 1,870 1,616 0.0% Chrome produced ('000 tonnes) 10% 2,759 3,066 3,142 2,666 0.0% Cost 20% Underground operating cost (R/ underground reef ton hoisted) (ORD capitalised, excluding capex and non- controllables) 45% 1,980 1,800 1,755 2,039 0.0% Total operating cost (R/4E oz produced) (Surface and U/G oz's) (ORD expensed, excluding capex and non-controllables) 45% 23,806 21,642 21,101 24,143 0.0% Chrome operating costs at managed processing plants (R/t) 10% 349 317 310 375 0.0% Developed state 20% Primary on-reef development (m) 50% 57,880 64,312 65,919 66,544 200.0% Primary off-reef development (including Capex) (m) 50% 36,184 40,204 41,209 40,398 119.3% SA PGM operations result 89.4% Southern African region result 81.5% KPI Weight Parameter Sub- weight Threshold On Target Maximum Performance achieved Rating0% 100% 200% OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 235

American region (25% contribution to Group) PGM mining operations (75% contribution to American region) Safety 30% Serious Injury Frequency Rate (per million hours) 40% 3.91 3.55 3.37 6.43 0.0% Injuries with Potential for Loss of Life (IPLL) per million hours 20% 1.59 1.43 1.35 1.22 200.0% Fatal Risk Focus: GMS process maturity audit conducted and plan implemented to ensure full compliance. Exemptions approved. 20% Assess GMS process maturity utilising the revised audit protocol and exemptions approved. Execute 100% of approved actions scheduled for completion during 2024, by year-end. Execute 20% of approved actions scheduled for completion during 2025, by year-end. Approved plans available for 11 out of 18 applicable GMS by end August 2024; 95.2% of approved actions scheduled for 2024 completed on these plans all within three months of scheduled completion date; no approved actions scheduled for 2025 completed on these plans in 2024. 58.2% Fatal Risk Focus: "I believe that I can do my work safely without getting injured" Survey and improve perceptions. 20% Develop a questionnaire and survey process. Conduct a culture survey. Develop action plans, leadership intervention to change perception/ culture. Action plans approved by SVP. Resurvey and achieve 30% improvement on established base by year-end. Action plans formulated with regression from base in the resurvey after leadership intervention. 100.0% Production 30% Returnable 2E PGM produced ('000 oz) 100% 377.7 419.7 430.2 425.8 158.6% Cost 20% Underground operating cost ($/ underground reef ton milled) (ORD capitalised, excluding capex and non- controllables) 50% 288 262 255 275 50.4% Total operating cost ($/ oz produced excluding recycling)(ORD expensed, excluding capex and non- 50% 1,425 1,295 1,263 1,283 137.1% Developed state 20% Total development advance (equivalent ‘000 ft) 80% 64.6 71.8 73.6 59.1 0.0% Diamond Drilling ('000 drill ft) 20% 621 690 707 708 200.0% PGM mining operations result 95.8% Columbus recycling operations (25% contribution to American region) Production 40% Recycling receipts (tonnes received per day) 33% 9.5 10.6 10.9 10.7 138.9% Total ounces Fed ('000 3E oz) (post 96% recovery factor) 67% 286.2 318.0 326.0 316.5 95.2% Cost 30% Net profit margin (%) 50% 4.8% 5.3% 5.4% 4.2% 0.0% Recycling EBITDA (US$ million) 50% 14.6 16.2 16.6 11.6 0.0% Developed state 30% Working Capital: Days of inventory on hand based on average tpd received during the last quarter 100% 7.00 5.00 4.00 5.03 98.7% Columbus recycling operations result 73.4% American region result 90.2% KPI Weight Parameter Sub- weight Threshold On Target Maximum Performance achieved Rating0% 100% 200% OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 236

European region (10% contribution to Group) Sandouville operations (40% contribution to European region) Safety 30% Total Recordable Injury Frequency Rate (per million hours) 50% 5.35 3.56 1.78 3.98 76.5% Fatal Risk Focus: GMS process maturity audit conducted and plans implemented to ensure full compliance. Exemptions approved. 30% Assess GMS process maturity utilising the revised audit protocol. Action plans and exemptions approved. Execute 100% of approved actions scheduled for completion during 2024, by year-end. Execute 20% of approved actions scheduled for completion during 2025, by year-end. All approved actions scheduled for 2024 completed with 7.1% of these more than three months after the scheduled completion date; 21% of approved actions scheduled for 2025 completed in 2024. 192.9% Fatal Risk Focus: “I believe that I can do my work safely without getting injured” Survey and improve perceptions. 20% Develop a questionnaire and survey process. Conduct a culture survey. Develop action plans, leadership intervention to change perception/ culture. Action plans approved by SVP. Resurvey and achieve 30% improvement on established base by year-end. Action plans formulated with 9.1% improvement from base in the resurvey after leadership intervention. 130.3% Cost 70% Fixed costs (€ million) excluding allocated costs and feasibility project costs 30% 45.9 41.7 39.7 39.5 200.0% Variable costs (€/tonne Ni produced) 30% 2.72 2.47 2.35 1.79 200.0% EBITDA (€ million) based on price received after hedging excluding allocated costs and feasibility project costs 40% -38.8 -35.3 -33.5 -30.8 200.0% Sandouville operations result 176.7% Keliber lithium project (40% contribution to European Region) Safety 30% Total Recordable Injury Frequency Rate (per million hours) 50% 7.12 4.07 3.05 11.91 0.0% Fatal Risk Focus: GMS process maturity audit conducted and plans implemented to ensure full compliance. Exemptions approved. 30% Assess GMS process maturity utilising the revised audit protocol. Action plans and exemptions approved. Execute 100% of approved actions scheduled for completion during 2024, by year-end. Execute 20% of approved actions scheduled for completion during 2025, by year-end. All approved actions scheduled for 2024 completed within 3 months of the scheduled completion date; 25% of approved actions scheduled for 2025 completed in 2024. 200.0% Fatal Risk Focus: “I believe that I can do my work safely without getting injured” Survey and improve perceptions. 20% Develop a questionnaire and survey process. Conduct a culture survey. Develop action plans, leadership intervention to change perception/ culture. Action plans approved by SVP. Resurvey and achieve 30% improvement on established base by year-end. Action plans formulated with regression from base in the resurvey after leadership intervention. 100.0% Production 35% Project Schedule Performance Index (SPI) 100% 0.90 1.00 1.05 0.89 0.0% Cost 35% Project Cost Performance Index (CPI) 100% 0.90 1.00 1.05 0.97 68.7% Keliber lithium project result 48.0% KPI Weight Parameter Sub- weight Threshold On Target Maximum Performance achieved Rating0% 100% 200% OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 237

Strategic projects (20% contribution to European region) Developed state 100% Feasibility work on repurposing Sandouville for pCAM production. 70% Pre-feasibility study work completed enabling decision on advancement to definitive feasibility study. Threshold + one month work conducted on definitive feasibility study. Threshold + two months work conducted on definitive feasibility study. PFS work not completed enabling a decision on advancement to definitive feasibility study. 0.0% Grants to support investment in establishing pCAM operation. 30% Applications submitted to 2 grant schemes (EU Innovation fund and C3IV). 1 firm commitment to provide grant funding secured subject to conditions precedent and finalisation of funding amount. 2 firm commitments secured to provide grant funding subject to conditions precedent and finalisation of funding amount. Firm commitment secured for Innovation Fund; confirmation received that Gallicam project would be eligible for C3IV funding though financial health of applying company could not be improved to enable qualification. 200.0% Strategic projects result 60.0% European region result 101.9% Australian region (5% contribution to Group) Century operations (100% contribution to Australian region) Safety 30% Total Recordable Injury Frequency Rate (per million hours). 50% 4.00 3.33 0.00 7.25 0.0% Fatal Risk Focus: GMS process maturity audit conducted and plans implemented to ensure full compliance. Exemptions approved. 30% Assess GMS process maturity utilising the revised audit protocol. Action plans and exemptions approved. Execute 100% of approved actions scheduled for completion during 2024, by year-end. Execute 20% of approved actions scheduled for completion during 2025, by year-end. All approved actions scheduled for 2024 completed within 3 months of the scheduled completion date; no actions scheduled for 2025 to bring forward into 2024. 200.0% Fatal Risk focus: Fatal elimination plan approved. Implementation of approved fatal elimination plan actions per area. 20% A system implemented to measure compliance to critical controls and life-saving behaviours, on a monthly basis. Fatal elimination plans approved for all areas by end Q3 & ≥90% of employees signed a moral commitment to uphold critical control and behaviours by year- end. 100% of 2024 actions executed of approved fatal elimination plan by year-end. 97% of staff signed up to moral commitment. Fatal elimination plan approved with 100% of 2024 actions executed. 200.0% Production 35% Payable zinc metal tonnes produced (tonnes) 100% 83,873 88,287 92,701 82,338 0.0% Cost 35% Almost All in Sustaining Cost (AAISC, AUD) per payable zinc tonne – produced basis not sold. Equal to AISC less susCAPEX. 50% 3,412 3,249 3,087 3,157 156.6% Cost per tonne of payable zinc metal over ships rail – produced basis not sold (AKA Century1 costs in AUD). 50% 2,246 2,139 2,032 2,010 200.0% Century operations result 92.4% Australian region result 92.4% Overall group result 86.3% KPI Weight Parameter Sub- weight Threshold On Target Maximum Performance achieved Rating0% 100% 200% The performance in terms of personal/strategic delivery of the CEO and CFO is provided in the following summaries of their scorecards. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 238

For both executives, the scores from their Personal/Strategic scorecards carry a 30% weight towards their overall STI score with the Operational scorecard carrying a 70% weight. As indicated in Part 2, the rating scale ranges from 1 to 5 where 3 represents the desired Target or outcome and corresponds with a 100% score on the STI scale with 4 representing a Stretch/Above target outcome and 5 would be at Super Stretch or maximum representing a 200% score. Scores are determined linearly between the range limits. Personal / Strategic delivery – Neal Froneman – CEO Protect and enhance the Balance Sheet 40% Strategies executed to secure sustainable cost profiles through a down cycle Restructuring of the South Africa region operations and Montana mining operations substantially completed conducive to operational sustainability in a challenging economic context 4.2 Further required restructuring steps mapped out to address loss-making operations with the Sandouville nickel matte feedstock contract terminated effective from 31 December 2024 Effectively addressed disruptive factors including the cyber attack and the Appian legal case without distraction of focus from strategic priorities for the future of the business Financial strategy pursued to preserve key financial ratios within covenants Raised non-debt capital of $100 million through the gold pre-pay Further $600-700 million non-debt financing through streams and prepays subject to final approval technicalities Protected the balance sheet through other measures to mitigate financial risk including a temporary covenant uplift, and gold and currency hedging programmes Realisation of value from non-core assets Beisa sale contract concluded with Neo Energy providing immediate cash benefit and assumption of operating liabilities, with ongoing exposure to the commercial potential of the asset Agreed the disposal of Blue Ridge to Mantengu Mining that liberates value from the asset under which the acquirer assumes loans with a total value of R1.1 billion and takes on ongoing care and maintenance in a socially sensitive area Keliber financing strategy with managed debt exposure EUR500 million green loan raised to finalise Keliber financing requirements maintaining strong liquidity Strong lender ratings enabled debt refinancing and upsizing on favourable terms Government measures secured to safeguard profitability of domestic strategic mineral mining Discussions with US treasury to extend 45X tax credits to critical minerals mining and processing resulting in eligibility for a cash inflow of $220 million Discussions with US authorities regarding measures to protect strategic domestic supply of palladium in the US Retain optionality for the corporation’s growth into a geographicall y diversified green metals and energy solutions business 20% Effective and prudent dynamic capital allocation Solid progress on the Keliber capital programme with adaptation to market conditions and unexpectedly strenuous permit conditions 3.8 Optionality maintained through prudent capital allocation on a strong portfolio of organic growth opportunities being advanced through the capital investment pipeline including Rhyolite Ridge, GalliCam, and replacement ounces to sustain the South Africa PGM 10+ year production profile along with the other specific opportunities specifically covered under other strategic focus areas Business model for value realisation from uranium assets Strategic partnership concluded to support development of the uranium business Validated opportunities to realise value from Australia asset base Advanced Mount Lyell into the next phase of feasibility study based on positive results from the class 3 work Initiated the PhosOne feasibility study with North West Phosphate to determine potential for extending the productive life of Century infrastructure Expanded North America recycling footprint delivering value Reldan effectively integrated and delivering well with EBITDA growth to above the transaction rationale Influence SA business leadership to resolving issues affecting business competitiven ess in South Africa 20% Strategic direction and progress on the B4SA crime and corruption workstream Established BACSA as a standalone entity through which to channel the business activities that form part of the B4SA crime and corruption workstream 3.9 Established an agreed scope of the crime and corruption collaborative workstream between business and government in South Africa Instrumental in raising pledges approaching R100 million required to support the budget for business supported activities in the programme to combat crime and corruption Business advocacy influencing government measures to promote private sector competitiveness As part of business leadership in South Africa meaningfully influenced measures taken by the South African government to improve public service delivery and shape a policy environment creating conditions more conducive to business led inclusive economic growth with acceleration secured post formation of the government of national unity Organised business engagement strategy formulated to relate with the post-election national government Significant impact in the South African business leadership contingent that influenced development of the government of national unity's working arrangements and relationships with business Priorities for 2024 Weight Strategic focus areas Performance OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 239

Building an innovative, profitable, future ready and stakeholder centric ethos 20% Structured transformative process translating strategic intent into organisational practice Programme designed and launched to reinvigorate our values as the guide for operating practice 3.5 While continued improvement on key safety indicators reflects reducing safety risk, disregard for values that resulted in eight fatalities in mine accidents is indicative of shortcomings in securing values-based behaviour and the extent of the gap to be bridged Region strategies matured and in execution under high calibre region leadership teams in support of attaining the planned positioning of the corporation Mobilisation arrangements established under C-suite leadership to instil the innovative, profitable, future ready and stakeholder centric ethos into business and operating practices across the group Evidence of progress towards adopting an innovative, profitable, future ready and stakeholder centric ethos Significant advances in applying digital technologies for business and operating effectiveness with digital enablement of the organisation Good progress in instilling a culture of innovation through encouragement of the behaviours and habits that are conducive to innovation Refreshed the group strategic sustainability framework with focus on enhancing delivery of shared stakeholder value Influenced the course of the consolidated mining standards initiative through ICMM and WGC shaping a progressive future for the mining standards landscape Pilot demonstration of value through adoption of pathfinders and strategic differentiators in the regions Implemented new collaborative models of community engagement that are proving effective in enhancing community welfare and securing recognition for the company as an integral partner in the socio-economic ecosystem Advanced a new model in the WGC chair role through the Gold 247 concept that transforms the global gold markets to improve the accessibility, relevance and confidence in gold Glint making headway in shaping new applications for tokenised gold with strategic backing from authorities Overall rating 3.9 Priorities for 2024 Weight Strategic focus areas Performance OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 240 Cooke 1 Water treatment plant, SA gold operations

Personal/Strategic delivery – Charl Keyter – CFO Priorities for 2024 Weight Strategic focus areas Performance Strategic Financial Management 50% Enhance the balance sheet through covenant and non- debt instruments Executed on the following Balance Sheet measures: • Covenant uplift (3.5X for 12 months, 3.0X for 6 months and 2.5X thereafter) • Currency hedging (SRPM and WPL) • ZAR Gold prepay ~US$100 million • Chrome prepay transaction initial US$50 million received in December 2024. In progress: • US$500 million stream agreement signed, SARB approved with funds expected to flow in Q1 2025 4.5 Maintain liquidity within a targeted range Liquidity maintained between 4.5X and 5.0X one month's Opex & Capex throughout the year, given profitability headwinds (Target >2.0X). Structuring of financing on credible terms • Rand Revolving Credit Facility upsized from R5.5 billion to R6.0 billion on similar terms during August 2024. Executed additional R500 million accordion during December 2024 increasing the Rand Revolving Credit Facility to R6.5 billion. • Keliber €500 million financing executed as a Green Loan on eight-year term at estimated average margin of 2.01%. Profitability and margin management • EBITDA – Planned ~R14 billion, with actual achieved of R14.6 billion (pro-forma including 2024 Section 45X Production Tax Credit) • EBITDA positive impact – Section 45X Production Tax Credit of R2.2 billion (2023) and R1.6 billion (2024) • EBITDA negative impact – Gold produced (-17%), SA PGM (-11%), US PGM (-6%), Sandouville (-12%) and Reldan (no budget) • Net Income – Planned minus R5.0 billion with actual achieved of minus R1.6 billion, and normalised for unplanned US impairment of R7.5 billion was positive R5.9 billion Financial systems and structures 15% Improve cash management through appropriate treasury structure • Domestic Treasury Management Company – Decided not to follow the DTMC route due to the R5 billion limit imposed by the SARB which is insufficient for our needs. • Global Treasury Management Company – UK based entity incorporated. The stream proceeds was received on 28 February 2025 in the GTMC. 3.3 Enhance financial reporting, budgeting, forecasting and consolidation system/s SAP S4 roadmap development finalised leading to 2027 end of current version/system support: • SAP Roadmap developed, presented, and signed off at the ICT Group Steering committee. • Project on track to commence early 2025. Budgeting/Reporting and Consolidation project – project tendered, awarded and registered during 2024, with execution started in 2024 for go-live in 2025 • Project Scope signed, and tender process completed. • Vendor adjudication completed. • First steering committee meeting was held. • The SAP Analytics Cloud provisioning by SAP has been completed. Risk Management 25% Improve risk management through implementation and utilisation of an effective platform Continued use of Inclus risk management platform at Group Strategic level and successfully rolled out at Regional level. Reporting to Risk Committee done in line with the use of the platform. 3.5 Continuous improvement and strengthening of the corporation's governance systems Work completed and awaiting external audit sign off on remediating material weaknesses including implementation of new controls and assistance with control execution. Innovation 10% Embed financial innovation culture The Finance, Risk and ICT team exceeded expectations with respect to the innovation culture process. Extensive time committed to progressing the ‘we will understand innovation’, and ‘we will invite everyone to innovate’ steps of the process. The team was the first in the Group to complete their challenge process which resulted in 25 well- constructed initiatives in response to their innovation ambition, strategy, and challenge. The team has discovered a number of cultural enablers to innovation, the institutionalisation of which will be a key focus in 2025. 4.0 Overall rating 4.0 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 241

STI outcomes for executive directors and prescribed officers for 2024 The table below sets out the STI outcomes for 2024 based on the Operational and Personal/Strategic scorecard results for each executive showing the amounts of the cash portion and the deferred share-price-linked portion of the STI awards. The overall outcome was determined by the combined weighted score from the two scorecards applying a 70% weight for the Operational score and a 30% weight for the Personal/Strategic score. In determining the final STI awards, the Remuneration Committee needed also to review and determine the impact of fatality outcomes in 2024 and to decide on any deductions to be made in accordance with the agreed basis of assessing the improvement of the 2024 Fatal Incident Frequency Rate (FIFR) against the prior three-year FIFR average. (See page 224 in Part 2 for details.) The FIFR for 2024 for the Group was 0.051 which represents an improvement of 34% over the prior three year’s average FIFR for the Group of 0.077. Since this is an improvement of more than 20% and noting also the year-on-year reduction in the number of fatalities, the Remuneration Committee determined that no FIFR deduction should be applied in respect of 2024 cash STI payments. The Remuneration Committee also determined that no malus deduction was warranted. STI outcomes for 2024 Executive Operational delivery Personal/ strategic delivery Overall delivery TGP (000’s) Cash incentive (000’s) Value of deferred share-based award (000’s) Neal Froneman RSA 86.3 % 145.0 % 103.9 % R8,068 R7,126 R4,750 USA US$494 US$436 US$291 Charl Keyter 86.3 % 150.0 % 105.4 % R8,814 R6,967 R4,645 Charles Carter 90.2 % 150.0 % 108.1 % US$756 US$613 US$409 Lerato Legong 86.3 % 130.0 % 99.4 % R5,784 R4,312 R2,874 Melanie Naidoo-Vermaak 86.3 % 135.0 % 100.9 % R6,213 R4,702 R3,134 Mika Seitovirta 101.9 % 130.0 % 110.3 % €471 €389 €259 Richard Stewart 81.5 % 145.0 % 100.6 % R8,090 R6,101 R4,067 Robert van Niekerk CTIO 1 ZAR 86.3 % 135.0 % 100.9 % R5,811 R1,832 R1,221 USD US$436 US$193 US$128 Robert van Niekerk CRO Australia ZAR 92.4 % 140.0 % 106.7 % R1,453 R476 R317 USD US$109 US$51 US$34 Themba Nkosi 86.3 % 135.0 % 100.9 % R5,935 R4,491 R2,994 1. Robert van Niekerk has a dual responsibility as Chief Technical and Innovation Officer and Chief Regional Officer Australia and moved to a US$ denominated package effective 1 June 2024. His short term incentive was determined proportionally at 80% and 20% of the full time rate in respect of his performance in these roles with pro rata apportionment to his service based in South Africa and the United States LTI awards and outcomes LTI awards made in March 2024 Details for the determination of the conditional (performance) share-price-linked LTI awards made to executive directors and prescribed officers on 1 March 2024 are shown in the table below. The applicable Sibanye-Stillwater share prices used to determine the number of LTI share-price-linked units for each executive (determined by dividing the share price into the value of the award) was R21.19 per share and US$4.50 per ADR. These are the 30-day VWAP values of the shares immediately prior to the date of the award. In addition, the Remuneration Committee determined the applicable floor and cap share prices at that time using the moderating mechanism introduced in 2023 (and which is described in Part 2 above). These were, respectively, R19.76 and R34.18, respectively for the JSE-listed shares and US$4.26 and US$7.41 for the ADRs. As such, the 30-day VWAP price sat between the floor and cap price levels at this time, so no moderation was required to the 30-day VWAP price used to determine the number of LTI units granted in this instance. These LTI awards are subject to the performance conditions in effect at the time when vesting is due which will result in a portion or multiple of these share unit awards actually vesting, in a range between 0 and 250% of the units awarded. This will be evaluated over the five year performance period that comprises the two trailing years before the date on which the awards were made in 2024 together with the three prospective years from the date of award up until the vesting date on 1 March 2027. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 242

2024 LTI awards Executive % of annual TGP awarded Value of share price linked LTI award (000's) Number of LTI share price linked units awarded Neal Froneman 115.0 % R9,279 437,823 US$569 126,415 Charl Keyter 90.0 % R7,933 374,312 Charles Carter 90.0 % US$680 151,212 Laurent Charbonnier 90.0 % £475 538,086 Lerato Legong 90.0 % R5,206 245,647 Melanie Naidoo-Vermaak 90.0 % R6,475 305,552 Mika Seitovirta 90.0 % €424 409,774 Richard Stewart 90.0 % R7,281 343,568 Robert van Niekerk 90.0 % R6,538 308,486 Themba Nkosi 90.0 % R5,342 252,068 Note: The number of share units for US$ denominated awards refers to ADR’s, while, for other non-South African currencies, the awards are made in terms of Sibanye-Stillwater shares with a R value converted from the relevant foreign currency using a representative exchange rate LTI awards made in March 2025 The details for the determination of share-price-linked, cash-settled LTI awards for executive directors and prescribed officers on 1 March 2025 are shown below. LTIs are awarded in accordance with the on-target percentages as stipulated in the senior management incentive plan approved by the Board as presented in Part 2 of this report. The fair value awards presented in the table below are determined based on annual TGP post the approved March 2025 increases and will be subject to the assessment of the performance conditions, which will determine the actual number of share units vesting in March 2028 (in the range from 0 to 250%). The awards will be cash-settled after three years, taking into account the performance conditions and share price appreciation by the time of settlement. As for the LTI awards made from 2023, the basis on which these share-price-linked awards are determined in March 2025 is explained in Part 2 of this report. The applicable share prices used this year to determine the number of share-price-linked units for each executive (determined by dividing the share price into the rand value of the award) was R15.92 per share for the JSE listed shares and US$3.67 per ADR for the NYSE- listed shares. These are the 30-day VWAP values of the shares immediately prior to the date of the award. In addition, the Remuneration Committee determined the applicable floor and cap share prices at that time using the moderating mechanism introduced last year (and which is described in Part 2 above). These were, respectively, R15.54 and R22.35 for the JSE-listed shares and US$3.43 and US$5.00 for the ADRs. As the 30-day VWAP falls between the floor and cap prices, it was the 30-day VWAP price that was applicable, and no moderation was required to the price used to determine the number of LTI units awarded in this instance. 2025 LTI awards Executive % of annual TGP awarded Value of share price linked LTI award (000's) Number of LTI share price linked units awarded Neal Froneman 115.0 % R9,696 609,021 US$584 159,237 Charl Keyter 90.0 % R8,290 520,676 Charles Carter 90.0 % US$700 190,750 Lerato Legong 90.0 % R5,440 341,700 Melanie Naidoo-Vermaak 90.0 % R5,844 367,044 Mika Seitovirta 90.0 % €431 522,979 Richard Stewart 90.0 % R9,940 624,344 Robert van Niekerk 90.0 % US$505 137,547 Themba Nkosi 90.0 % R5,582 350,632 Note: The number of share units for US$ denominated awards refers to ADRs, while for other non-South African currencies, the awards are made in terms of Sibanye-Stillwater shares with a R value converted from the relevant foreign currency using a representative exchange rate Vesting outcomes for 2021 LTI awards that vested in March 2024 Outcomes for each of the performance conditions rTSR performance condition Over the three-year performance period to March 2024, the rTSR (relative total shareholder return) vesting percentage was evaluated at 0.0%. This was due to the fact that Sibanye-Stillwater’s annualised TSR of -27.04% over the vesting period was lower than the average TSR of the market capitalisation weighted peer group which came in at -12.76% This factor carries a 50% weight in the total LTI vesting determination. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 243

ROIC performance condition The ROIC (return on invested capital) over the 2021, 2022 and 2023 financial years was determined at 27.05% and exceeded the ‘super stretch’ target, thereby attaining a score of 250%. As set out in Part 2 above, the hurdle to attain a ‘super stretch’ score is set at exceeding the (five to 10-year SARB long bond rate + 7%), which, in this instance, amounted to 9.84% + 7% = 16.84%. Since this hurdle is exceeded by over 10% the ROIC element of the vesting determination was evaluated at 250%. This factor carries a 30% weighting in the overall Performance condition. Sustainability/ESG performance condition An ESG element was introduced as a third performance condition for all LTI awards made from March 2021 onwards. It carries a weight of 20% towards the overall vesting score. With the March 2021 awards now vesting, this ESG performance condition has been applied for the first time. ESG performance was determined using the evaluation frameworks presented in our 2020, 2021 and 2022 remuneration reports. Performance was evaluated by comparing the outcomes achieved with targets that had been set objectively. Meeting the target results in a score of 100%, with a shortfall below the target resulting in a 0% outcome. Achieving a ‘stretch’ level of delivery results in a 200% performance rating and if an exceptional ‘super stretch’ target can be achieved it would translate in a 250% score for that factor. This spectrum of targets aligns with the other 0 to 250% ranges applicable for the other two LTI as detailed in Part 2 above. The aggregate ESG score for the three year period came to 119.9%. This was the average of the annual scores for each of the years namely; 147.5% for 2021, 116.4% for 2022 and 95.8% for 2023. The detail for each of the years, per indicator and per target is available in supplemental information, https://www.sibanyestillwater.com/ news-investors/reports/annual/ The outcomes of the scoring for the ESG scorecards are shown for each of the three years in the tables below. 2021 ESG scorecard outcome Environmental (30%) Carbon and climate Energy and fuel efficiency 100% 158.3%Land management and closure Concurrent rehabilitation 133% Tailings management 200% Water conservation and demand management Water intensity 200% Social (40%) Safety and wellness Healthcare strategy 100% 112.5% Community partnerships Social compact/GNA 150% Transformation Community development 100% 100% Diversity and inclusion 100% Human rights No human rights infringements 100% Governance (30%) Ethics Code of conduct 200% 183.3% Corporate governance Management policies, systems and disclosure 250% Compliance IT Governance, cybersecurity and data privacy 100% 100% Approval frameworks 0% Social and labour plans 100% Environmental 200% Overall outcome 147.5% Element Strategic thrust Indicator Performance OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 244

2022 ESG scorecard outcome Developing a climate change-resilient business (40%) Group reduction in GHG emissions 200% 114.5% Water intensity and quality management 125% Responsive, proactive and responsible supply chains 33% Reduction in risk presented by tailings 100% Integrated post-mining economies (30%) Increase in concurrent rehabilitation 175% 91.7%Increase in stakeholder perception matrix 0% Percentage aligned socioeconomic alternatives 100% Human rights inside and outside (25%) Increase in Human rights engagement indicators 50% 163.0% Increase in equity and inclusion indicators – WiM, pay-parity, bursaries and learnerships 150% Increase in awareness of safety as a philosophy and system to reduce fatalities 250% Increase in health resilience indicators of our employees and door-step communities 175% Data driven and considered decision making (5%) Increase in robustness integrity of global Governance framework 50% 50.0% Overall outcome 116.4% Sustainability theme Indicators Performance 2023 ESG scorecard outcome Climate change resilient business (40%) Group reduction in GHG emissions (Scope 1 and 2) 200% 83.3% Water intensity and quality management 0% Responsive, proactive and responsible supply chains 100% Reduction in risk presented by tailings 200% Integrated post-mining economies (30%) Increase in concurrent rehabilitation 175% 137.5% Percentage aligned socioeconomic alternatives 100% Human rights inside and outside (25%) Increase in Human rights engagement indicators 100% 65.0% Increase in equity and inclusion indicators – WiM 0% Increase in awareness of safety as a philosophy and system to reduce fatalities 125% Increase in health resilience indicators of our employees and door-step communities 100% Data driven and considered decision making (5%) Increase in robustness integrity of global Governance framework 100% 100.0% Overall outcome 95.8% Sustainability theme Indicators Performance Combined outcome for LTI awards vesting in March 2024 The overall vesting result for the 2021 LTI awards, following the weighted combination of all three performance condition scores, came to 98.98%. In accordance with the Remuneration Committee’s decision relating to the Wolwepan and Rietpan environmental incident (mentioned above), a 5% malus deduction has then been applied to the vestings for members of the C-suite. The share price at which the vesting took place was R19.70 being the three-day VWAP applicable under the rules in 2021. This represents a 72% depreciation when compared to the share price at the time the award was made in 2021, which was R70.88 at that time. Combining the effect of the performance conditions, the malus deduction and the share price depreciation over the vesting period, only 26.1% of the value awarded vested to the executives in contrast to previous cycles which experienced higher performance condition outcomes and very significant share price appreciation. This is not an uncommon occurrence given the cyclical nature of commodities businesses and aligns the outcomes for management with those of shareholders over the period. Vesting outcomes for 2022 LTI awards that vested in March 2025 Outcomes for each of the performance conditions The vesting of the 2022 LTI awards in March 2025 is based on a four-year performance period comprising one trailing year from the date of the award and three prospective years until the vesting date. rTSR performance condition Over the performance period to 3 March 2025, the rTSR (relative total shareholder return) vesting percentage was again evaluated at 0.0%. This was due to the fact that Sibanye-Stillwater’s annualised TSR of -24.7% over the performance period was lower than the average TSR of the market capitalisation weighted peer group which came in at -2.6%. This factor carries a 50% weight in the total LTI vesting determination. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 245

ROIC performance condition The ROIC (return on invested capital) over the 2021, 2022, 2023 and 2024 financial years was determined at 18.9% and exceeded the ‘super stretch’ target, thereby attaining a score of 250%. As set out in Part 2 above, the hurdle to attain a ‘super stretch’ score is set at exceeding the (five to 10-year SARB long bond rate + 7%) which, in this instance, amounted to 9.8% + 7% = 16.8%. Since this hurdle is exceeded by 2.1% the ROIC element of the vesting determination was evaluated at 250%. This factor carries a 30% weighting in the overall Performance condition. Sustainability / ESG performance condition In contrast to previous years, in line with the basis for setting performance targets for each measuring point, the ESG performance for 2024 was evaluated through linear interpolation of the actual result between the points on the performance scale as compared with the discrete outcomes used in previous years dependent on which performance threshold had been met. Detail of the scoring for the 2024 ESG scorecard is presented below. See, the Sustainability scorecard of LTIs supplement for additional information. 2024 Sustainability scorecard outcome Climate change resilient business (50%) Group reduction in GHG emissions (Scope 1 and 2) 92% 138.1% GWh saved through demand side energy management (% reduction) 140% TWh of additional strategic energy contracted 109% Total water purchased 133% Number of operations completed water stewardship assessments 250% Reduction of risks by upgrading TSFs in accordance with GISTM 92% Human rights inside and outside (30%) Group TRIFR 128% 154.9% % of stoppages of unsafe workplaces by frontline employees 210% % of women in mining across the group 102% % of women in management 180% Integrated post mining economies (20%) New jobs created in alternative economies 125% 162.5% Number of regions in which socioeconomic models completed 200% Overall outcome 148.1% Sustainability theme Indicators Performance The aggregate sustainability score for the four-year period came to 127.0%. This was the average of the annual scores for each of the years namely; 147.5% for 2021, 116.4% for 2022 and 95.8% for 2023 presented above combined with the result for 2024 of 148.1%. See the Sustainability scorecard for the LTIs supplement, available www.sibanyestillwater.com/news-investors/reports/annual/ Combined outcome for LTI awards vesting in March 2025 The overall vesting result for the 2022 LTI awards, following the weighted combination of all three performance condition scores, comes to 100.4%. The Remuneration Committee determined that no malus should be applied to this vesting. The share price at which the vesting took place was R14.24 being the three-day VWAP applicable under the rules in 2022. This represents a 79.4% decline from the share price at the time of the award, which was R69.27. As a result the award value which vested to the executives was 20.6% of the implied value at the time of being awarded in 2022. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 246 K4 shaft, Marikana, SA PGM operations

Summary of share-price-linked cash-settled awards The table below sets out values of those remuneration elements comprised of share-price-linked units per executive. The Face value column reflects the total value of the award on the award date. It is determined by multiplying the number of units awarded by the share price at the date of the award. The two Expected value columns reflect the value that would be realised on vesting of each award as was estimated on the dates specified. These were calculated using a simulation that projects the rTSR performance condition, which is market related, and the share price at the scheduled vesting date using data that was available on the date of estimation. The non-market-related Performance conditions (ROIC and ESG) are set at 100%. The Expected value is determined by multiplying the number of units awarded by the projected performance condition and the share price at vesting. Executive Directors Neal Froneman Conditional Share Unit Awards CSU – 1 March 2021 01-Mar-2021 R0.00 01-Mar-2024 348,463 (20,799) — 327,664 — 6,321,944 24,699,580 28,249,895 — CSU – 1 March 2022 01-Mar-2022 R0.00 03-Mar-2025 459,554 — — — 459,554 — 31,831,054 35,757,897 3,442,059 CSU – 1 March 2023 01-Mar-2023 R0.00 01-Mar-2026 801,943 — — — 801,943 — 34,305,999 22,173,724 6,040,154 CSU – 1 March 2024 01-Mar-2024 R0.00 01-Mar-2027 — 943,483 — — 943,483 — 19,996,273 11,329,533 7,145,752 Matching Share Unit Awards MSU – 1 March 2022 01-Mar-2022 R0.00 01-Mar-2025 934,296 — — — 934,296 — 57,408,659 72,697,572 6,997,877 Forfeitable Share Unit Awards FSU – 1 March 2023 01-Mar-2023 R0.00 01-Sep-2024 97,887 — — 97,887 — 1,737,878 — — — FSU – 1 March 2024 01-Mar-2024 R0.00 02-Dec-2024 — 152,756 — 152,756 — 3,124,615 3,237,526 3,003,183 — FSU – 1 March 2024 01-Mar-2024 R0.00 01-Sep-2025 — 152,760 — — 152,760 — 3,237,611 3,003,262 2,288,345 Total 2,642,143 1,228,200 — 578,307 3,292,036 11,184,437 174,716,701 176,215,065 25,914,187 Charl Keyter Conditional Share Unit Awards CSU – 1 March 2021 01-Mar-2021 R0.00 01-Mar-2024 172,214 (10,280) — 161,934 — 3,190,277 12,206,787 13,961,389 — CSU – 1 March 2022 01-Mar-2022 R0.00 01-Mar-25 198,456 — — — 198,456 — 13,746,075 15,441,861 1,486,435 CSU – 1 March 2023 01-Mar-2023 R0.00 01-Mar-26 301,338 — — — 301,338 — 12,890,818 8,331,996 2,269,648 CSU – 1 March 2024 01-Mar-2024 R0.00 01-Mar-2027 — 374,312 — — 374,312 — 7,933,206 4,494,813 2,834,964 Matching Share Unit Awards MSU – 1 March 2022 01-Mar-2022 R0.00 01-Mar-2025 200,000 — — — 200,000 — 12,289,180 15,562,000 1,498,000 MSU – 1 March 2022 02-Dec-2024 R0.00 02-Dec-2027 — 186,660 — — 186,660 — 11,469,492 1,851,667 1,502,688 Forfeitable Share Unit Awards FSU – 1 March 2023 01-Mar-2023 R0.00 01-Sep-2024 43,186 — — 43,186 — 758,795 — — — FSU – 1 March 2024 01-Mar-2024 R0.00 02-Dec-2024 — 67,805 — 67,805 — 1,360,914 1,437,066 1,333,046 — FSU – 1 March 2024 01-Mar-2024 R0.00 01-Sep-2025 — 67,805 — — 67,805 — 1,437,066 1,333,046 1,015,719 Total 915,194 686,302 — 272,925 1,328,571 5,309,986 73,409,689 62,309,819 10,607,454 Prescribed officers Charles Carter Conditional Share Unit Awards CSU – 1 June 2022 01-Jun-2022 R0.00 01-Jun-2025 148,732 — — — 148,732 — 7,583,384 6,457,943 1,111,816 CSU – 1 March 2023 01-Mar-2023 R0.00 01-Mar-2026 433,544 — — — 433,544 — 18,546,405 11,987,492 3,265,410 CSU – 1 March 2024 01-Mar-2024 R0.00 01-Mar-2027 — 604,848 — — 604,848 — 12,819,209 7,263,136 4,580,998 Matching Share Unit Awards MSU – 1 June 2023 01-Jun-2023 R0.00 01-Jun-2026 440,000 — — — 440,000 — 22,434,236 9,842,800 3,382,808 MSU – 1 September 2023 01-Sep-2023 R0.00 01-Sep-2026 40,000 — — — 40,000 — 2,039,476 828,800 310,536 MSU – 1 December 2023 01-Dec-2023 R0.00 01-Dec-2026 100,000 — — — 100,000 — 5,098,690 2,072,000 811,400 Forfeitable Share Unit Awards FSU – 1 March 2023 01-Mar-2023 R0.00 01-Sep-2024 46,336 — — 46,336 — 830,115 — — — FSU – 1 March 2024 01-Mar-2024 R0.00 02-Dec-2024 — 87,772 — 87,772 — 1,824,136 1,860,249 1,725,598 — FSU – 1 March 2024 01-Mar-2024 R0.00 01-Sep-2025 — 87,776 — — 87,776 — 1,860,333 1,725,676 1,314,884 Total 1,208,612 780,396 — 134,108 1,854,900 2,654,251 72,241,982 41,903,444 14,777,853 Laurent Charbonnier Conditional Share Unit Awards CSU – 1 December 2020 01-Dec-2020 R0.00 01-Dec-2023 20,689 (1,034) — 19,655 — 374,058 1,073,250 599,774 — CSU – 1 March 2021 01-Mar-2021 R0.00 01-Mar-2024 83,251 (4,969) — 78,282 — 1,487,970 5,900,956 6,749,159 — CSU – 1 September 2021 01-Sep-2021 R0.00 01-Sep-2024 26,878 (13,439) — — 13,439 — 1,589,777 1,546,291 100,658 CSU – 1 March 2022 01-Mar-2022 R0.00 01-Mar-2025 249,596 — — — 249,596 — 17,288,292 19,421,065 1,879,932 CSU – 1 March 2023 01-Mar-2023 R0.00 01-Mar-2026 398,482 (4,746) — — 393,736 — 17,046,502 11,018,027 2,982,078 CSU – 1 March 2024 01-Mar-2024 R0.00 01-Mar-2027 — 538,086 — — 538,086 — 11,404,248 6,461,444 4,075,356 Forfeitable Share Unit Awards FSU – 1 March 2023 01-Mar-2023 R0.00 01-Sep-2024 58,913 (702) — 58,211 — 1,027,460 2,520,216 2,289,359 — FSU – 1 March 2024 01-Mar-2024 R0.00 02-Dec-2024 — 102,832 — 102,832 — 2,115,532 2,179,432 2,021,677 — FSU – 1 March 2024 01-Mar-2024 R0.00 01-Sep-2025 — 102,833 — — 102,833 — 2,179,453 2,021,697 1,540,438 Total 837,809 718,861 — 258,980 1,297,690 5,005,020 61,182,126 52,128,493 10,578,462 Award Award date Award price Vesting date Share unit awards at 31 December 2023 Number of share units awarded during 2024 including application of performance conditions Number of share units vesting forfeited during the year Number of share units vested during 2024 Unvested share unit awards at 31 December 2024 Cash Flow Face value at award date Expected value at award date Expected value at 31 December 2024 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 247

Lerato Legong Conditional Share Unit Awards CSU – 1 September 2020 01-Sep-2020 R0.00 01-Sep-2023 5,133 (257) — 4,876 — 95,724 263,257 156,454 — CSU – 1 March 2021 01-Mar-2021 R0.00 01-Mar-2024 53,926 (3,219) — 50,707 — 998,984 — 4,371,781 — CSU – 1 September 2021 01-Sep-2021 R0.00 01-Sep-2024 497 (249) — — 248 — 14,669 28,592 1,858 CSU – 1 March 2022 01-Mar-2022 R0.00 01-Mar-2025 96,474 — — — 96,474 — 6,682,281 7,506,642 726,633 CSU – 1 March 2023 01-Mar-2023 R0.00 01-Mar-2026 150,467 — — — 150,467 — 6,436,768 4,160,413 1,139,607 CSU – 1 March 2024 01-Mar-2024 R0.00 01-Mar-2027 — 245,647 — — 245,647 — 5,206,267 2,949,778 1,860,481 Forfeitable Share Unit Awards FSU – 1 March 2023 01-Mar-2023 R0.00 01-Sep-2024 23,456 — — 23,456 — 412,131 1,003,415 911,500 — FSU – 1 March 2024 01-Mar-2024 R0.00 02-Dec-2024 — 41,733 — 41,733 — 837,623 884,493 820,471 — FSU – 1 March 2024 01-Mar-2024 R0.00 01-Sep-2025 — 41,733 — — 41,733 — 884,493 820,471 625,160 Total 329,953 325,388 — 120,772 534,569 2,344,462 21,375,643 21,726,102 4,353,739 Melanie Naidoo- Vermaak Conditional Share Unit Awards CSU – 1 March 2024 01-Mar-2024 R0.00 01-Mar-2027 — 305,552 — — 305,552 — 6,475,900 3,669,130 2,314,190 Total — 305,552 — — 305,552 — 6,475,900 3,669,130 2,314,190 Mika Seitovirta Conditional Share Unit Awards CSU – 1 September 2022 01-Sep-2022 R0.00 01-Sep-2025 116,231 — — — 116,231 — 4,558,336 3,196,353 868,989 CSU – 1 March 2023 01-Mar-2023 R0.00 01-Mar-2026 356,864 (6,442) — — 350,422 — 15,266,142 9,867,290 2,654,026 CSU – 1 March 2024 01-Mar-2024 R0.00 01-Mar-2027 — 409,774 — — 409,774 — 8,684,791 4,920,648 3,103,546 Forfeitable Share Unit Awards FSU – 1 March 2023 01-Mar-2023 R0.00 01-Sep-2024 31,017 (560) — 30,457 — 540,092 1,326,864 1,205,321 — FSU – 1 March 2024 01-Mar-2024 R0.00 02-Dec-2024 — 106,157 — 106,157 — 2,213,441 2,249,902 2,087,047 — FSU – 1 March 2024 01-Mar-2024 R0.00 01-Sep-2025 — 106,157 — — 106,157 — 2,249,902 2,087,047 1,590,232 Total 504,112 615,086 — 136,614 982,584 2,753,533 34,335,937 23,363,704 8,216,794 Richard Stewart Conditional Share Unit Awards CSU – 1 March 2021 01-Mar-2021 R0.00 01-Mar-2024 131,277 (7,836) — 123,441 — 2,431,923 9,305,111 10,642,626 — CSU – 1 March 2022 01-Mar-2022 R0.00 01-Mar-2025 170,932 — — — 170,932 — 11,839,622 13,300,219 1,280,281 CSU – 1 March 2023 01-Mar-2023 R0.00 01-Mar-2026 286,063 — — — 286,063 — 12,237,375 7,909,642 2,154,598 CSU – 1 March 2024 01-Mar-2024 R0.00 01-Mar-2027 — 343,568 — — 343,568 — 7,281,615 4,125,633 2,602,115 Matching Share Unit Awards MSU – 1 September 2022 01-Sep-2022 R0.00 01-Sep-2025 321,140 — — — 321,140 — 19,732,736 8,831,350 2,400,971 Forfeitable Share Unit Awards FSU – 1 March 2023 01-Mar-2023 R0.00 01-Sep-2024 36,643 — — 36,643 — 643,832 1,567,536 1,423,947 — FSU – 1 March 2024 01-Mar-2024 R0.00 02-Dec-2024 — 66,793 — 66,793 — 1,340,602 1,415,618 1,313,150 — FSU – 1 March 2024 01-Mar-2024 R0.00 01-Sep-2025 — 66,794 — — 66,794 — 1,415,639 1,313,170 1,000,574 Total 946,055 469,319 — 226,877 1,188,497 4,416,358 64,795,251 48,859,738 9,438,539 Robert van Niekerk Conditional Share Unit Awards CSU – 1 March 2021 01-Mar-2021 R0.00 01-Mar-2024 135,230 (8,072) — 127,158 — 2,505,152 9,585,305 10,963,096 — CSU – 1 March 2022 01-Mar-2022 R0.00 01-Mar-2025 157,498 — — — 157,498 — 10,909,115 12,254,919 1,179,660 CSU – 1 March 2023 01-Mar-2023 R0.00 01-Mar-2026 258,692 — — — 258,692 — 11,066,482 7,152,834 1,948,442 CSU – 1 March 2024 01-Mar-2024 R0.00 01-Mar-2027 — 308,486 — — 308,486 — 6,538,083 3,704,362 2,336,411 Matching Share Unit Awards MSU – 1 September 2022 01-Sep-2022 R0.00 01-Sep-2025 200,000 — — — 200,000 — 12,289,180 5,500,000 1,495,280 MSU – 3 June 2024 03-Jun-2024 R0.00 03-Jun-2027 118,660 — — 118,660 — 7,291,170 1,876,323 914,738 Forfeitable Share Unit Awards FSU – 1 March 2023 01-Mar-2023 R0.00 01-Sep-2024 36,164 — — 36,164 — 639,197 1,547,045 1,405,333 — FSU – 1 March 2024 01-Mar-2024 R0.00 02-Dec-2024 — 57,038 — 57,038 — 1,167,087 1,208,869 1,121,367 — FSU – 1 March 2024 01-Mar-2024 R0.00 01-Sep-2025 — 57,038 — — 57,038 — 1,208,869 1,121,367 854,429 Total 787,584 533,150 — 220,360 1,100,374 4,311,437 61,644,119 45,099,601 8,728,961 Themba Nkosi Conditional Share Unit Awards CSU – 1 March 2021 01-Mar-2021 R0.00 01-Mar-2024 64,724 (3,863) — 60,861 — 1,199,029 4,587,734 5,247,175 — CSU – 1 March 2022 01-Mar-2022 R0.00 01-Mar-2025 103,299 — — — 103,299 — 7,155,016 8,037,695 773,710 CSU – 1 March 2023 01-Mar-2023 R0.00 01-Mar-2026 169,104 — — — 169,104 — 7,234,032 4,675,726 1,273,674 CSU – 1 March 2024 01-Mar-2024 R0.00 01-Mar-2027 — 252,068 — — 252,068 — 5,342,354 3,026,883 1,909,113 Matching Share Unit Awards MSU – 1 June 2022 01-Jun-2022 R0.00 01-Jun-2025 131,000 — — — 131,000 — 8,049,413 5,688,020 979,264 MSU – 1 December 2023 01-Dec-2023 R0.00 01-Dec-2026 95,420 — — — 95,420 — 5,863,168 1,378,390 774,238 Forfeitable Share Unit Awards FSU – 1 March 2023 01-Mar-2023 R0.00 01-Sep-2024 24,882 — — 24,882 — 437,187 1,064,417 966,915 — FSU – 1 March 2024 01-Mar-2024 R0.00 02-Dec-2024 — 45,661 — 45,661 — 916,462 967,744 897,695 — FSU – 1 March 2024 01-Mar-2024 R0.00 01-Sep-2025 — 45,661 — — 45,661 — 967,744 897,695 684,002 Total 588,429 339,527 — 131,404 796,552 2,552,677 41,231,622 30,816,193 6,394,001 Award Award date Award price Vesting date Share unit awards at 31 December 2023 Number of share units awarded during 2024 including application of performance conditions Number of share units vesting forfeited during the year Number of share units vested during 2024 Unvested share unit awards at 31 December 2024 Cash Flow Face value at award date Expected value at award date Expected value at 31 December 2024 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 248

Minimum Shareholding requirement The table below provides a summary of progress with implementation of the MSR plan and policy as at 31 December 2024. The target date for all executives to meet the target minimum shareholding requirement under the MSR Policy is 31 March 2029, while the target minimum shareholding must be met by 28 February 2027 to qualify for MSU awards under the MSR plan for those who remain eligible. In cases where the holdings are denominated in ADRs, the equivalent numbers in Sibanye-Stillwater shares listed on the JSE are quoted at the issue ratio of four Sibanye-Stillwater shares per ADR. Executive Target Minimum Shareholding for MSR Plan and MSR Policy Maximum Qualifying Shareholding for MSR Plan Shares committed under the MSR Plan rules MSU's awarded under the MSR Plan rules Shareholding as at 31 December 2024 Neal Froneman 467,148 934,296 934,296 934,296 1,829,452 Charl Keyter 193,330 386,660 386,660 386,660 1,766,181 Charles Carter 316,308 632,616 580,000 580,000 680,000 Laurent Charbonnier 253,708 507,416 — — 151,012 Lerato Legong 110,326 220,652 — — — Melanie Naidoo-Vermaak 423,432 846,864 — — 146,858 Mika Seitovirta 250,142 500,284 — — — Richard Stewart 160,570 321,140 321,140 321,140 788,771 Robert van Niekerk 159,331 318,662 318,662 318,662 490,429 Themba Nkosi 113,210 226,420 226,420 226,420 251,583 Note: Share commitments made in the form of ADRs have been converted to the equivalent Sibanye-Stillwater shares at a ratio of 4:1. MSUs refers to Matching Share Unit awards which were offered at the introduction of the MSR plan. This opportunity will no longer be applicable for new employees from 1 April 2024 Executive directors’ and prescribed officers’ single figure of remuneration The tables below provide an aggregated view of the outcome of all the remuneration elements for the executive directors and prescribed officers for 2024. The outcomes for 2023 are also included for comparison and were shown in the report for 2023. Two perspectives are provided, the first is a single total figure of remuneration that reflects earnings attributable during the relevant cycle; the second, total cash remuneration, reflects earnings received by each executive director and prescribed officer during the cycle. This should be considered in conjunction with the table of unvested awards, which provides a view of the unvested long term incentive share-based awards for each executive during the cycle. In this report, both the cash portion of the STI and the deferred portion of the STI, (which are in proportion to the cash incentive with deferred vesting), are reported on an accrued basis in the single total figure of remuneration. The long term incentive awards (made in conditional share units) are reported at vesting i.e. the actual paid during the financial year which vested during 2024. To determine cash earnings in the cycle, amounts accrued in 2024 but not settled are subtracted, while amounts accrued in previous years which were settled in 2024 are added back in. Finally, adjustments are included to take account of market movements in the share price from the date of accrual to the vesting date, that impact on the amounts settled in 2024. Remuneration paid to Sibanye-Stillwater executive directors and prescribed officers for the year ended 31 December 2024 2024 (R000) Salary Pension scheme total contributions Cash bonus accrued Accrual of forfeitable share award Other cash payment Conditional share proceeds Other benefits Accrued Termination/ Separation benefits Total single figure of remuneration Less: Amount accrued not settled in 2024 Plus: Amount of previous accruals settled in 2024 Adjustments for market movements on accruals settled Total value received Executive directors Neal Froneman 1 Paid in SA 7,199 800 7,126 4,751 — 3,447 248 — 23,571 (11,877) 7,922 (1,233) 18,383 Paid in US 8,998 720 7,995 5,330 931 2,875 436 — 27,285 (13,325) 8,861 (1,117) 21,704 Total 16,197 1,520 15,121 10,081 931 6,322 684 — 50,856 (25,202) 16,783 (2,350) 40,087 Charl Keyter 7,646 1,092 6,968 4,645 — 3,190 — — 23,541 (11,613) 7,596 (1,165) 18,359 Prescribed officers Charles Carter ² 13,812 1,105 11,242 7,495 — — 326 — 33,980 (18,737) 9,114 (1,000) 23,357 Laurent Charbonnier 3 12,275 94 — — — 1,862 — 29,590 43,821 (29,590) 10,670 (1,273) 23,628 Lerato Legong 5,046 688 4,312 2,875 — 1,095 — — 14,016 (7,187) 4,541 (931) 10,439 Melanie Naidoo- Vermaak 4 5,774 385 4,702 3,135 2,500 16,496 (7,837) 6,270 (1,567) 13,362 Mika Seitovirta 5 9,338 3,145 7,726 5,151 — — 1,294 — 26,654 (12,877) 9,939 (614) 23,102 Richard Stewart 7,166 796 6,102 4,068 — 2,432 — — 20,564 (10,170) 7,230 (999) 16,625 Robert van Niekerk 8,496 696 6,781 4,521 — 2,505 203 — 23,202 (11,302) 6,383 (1,736) 16,547 Themba Nkosi 5,333 551 4,492 2,995 — 1,199 — — 14,570 (7,487) 4,935 (678) 11,340 Total 91,083 10,072 67,446 44,966 3,431 18,605 2,507 29,590 267,700 (142,002) 83,461 (12,313) 196,846 1 Dual service contract entered into with effect 1 May 2018. Remuneration paid in US$ was converted at the average exchange rate of R18.32/US$ applicable for the 12-month period ending 31 December 2024 2 Remuneration paid in US$ has been converted in this table using the average exchange rate of R18.32/US$ applicable for the 12-month period ending 31 December 2024. The CCDO exited early in 2025 and the exit payments are in lieu of incentive payments, as per the mutually agreed terms 3 Remuneration paid in GBP was converted at the average exchange rate of R23.40/GBP applicable for the 12-month period ending 31 December 2024 4 Assumed a prescribed officer role on 1 January 2024 5 Remuneration paid in Euro was converted at the average exchange rate of R19.82/€ applicable for the 12-month period ending 31 December 2024 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 249

Remuneration paid to Sibanye-Stillwater executive directors and prescribed officers for the year ended 31 December 2023 2023 (R000) Salary Pension scheme total contributions Cash bonus accrued Accrual of forfeitable share award Other cash payment Conditional share proceeds Other benefits Termination /Separation benefits Total single figure of remuneration Less: Amount accrued not settled in 2023 Plus: Amount of previous accruals settled in 2023 Adjustments for market movements on accruals settled Total value received Executive directors Neal Froneman 1 Paid in SA 6,817 757 4,473 2,982 260 12,503 265 — 28,057 (7,455) 9,465 (1,943) 28,124 Paid in US 8,723 747 5,126 3,417 250 9,625 389 — 28,277 (8,543) 9,221 (1,497) 27,458 Total 15,540 1,504 9,599 6,399 510 22,128 654 — 56,334 (15,998) 18,686 (3,440) 55,582 Charl Keyter 7,248 1,035 4,311 2,874 237 9,797 199 — 25,701 (7,185) 8,791 (1,749) 25,558 Prescribed officers Charles Carter ² 13,594 1,213 5,459 3,640 47 — 369 — 24,322 (9,099) 7,340 (771) 21,792 Dawie Mostert ³ 2,994 676 1,601 — 141 5,438 — 3,663 14,513 (1,601) 5,915 (1,138) 17,689 Laurent Charbonnier 4 11,932 92 6,254 4,169 1,101 — — — 23,548 (10,423) 10,950 (2,072) 22,003 Lerato Legong 4,324 581 2,653 1,769 127 1,306 — — 10,760 (4,422) 4,744 (931) 10,151 Mika Seitovirta 5 9,377 2,452 6,571 4,381 109 — 1,081 — 23,971 (10,952) 4,709 (469) 17,259 Richard Stewart 6,478 720 4,247 2,831 194 5,477 — — 19,947 (7,078) 7,354 (1,420) 18,803 Robert van Niekerk 6,143 683 3,627 2,418 193 8,792 — — 21,856 (6,045) 7,273 (1,411) 21,673 Themba Nkosi 4,593 441 2,903 1,935 136 4,361 — — 14,369 (4,838) 5,050 (999) 13,582 Total 82,223 9,397 47,225 30,416 2,795 57,299 2,303 3,663 235,321 (77,641) 80,812 (14,400) 224,092 1 Dual service contract entered into with effect 1 May 2018. Remuneration paid in US$ was converted at the average exchange rate of R18.42/US$ applicable for the 12-month period ending 31 December 2023 2 Remuneration paid in US$ has been converted in this table using the average exchange rate of R18.42/US$ applicable for the 12-month period ending 31 December 2023 3 Left the company on 4 August 2023. Remuneration settled in connection with Dawie’s separation was in accordance with the terms of a mutual separation agreement 4 Remuneration paid in GBP was converted at the average exchange rate of R22.93/GBP applicable for the 12-month period ending 31 December 2023 5 Remuneration paid in Euro was converted at the average exchange rate of R19.94/€ applicable for the 12-month period ending 31 December 2023 Pay relative to shareholder value creation The analysis below illustrates how the variable remuneration outcomes for the CEO over the past seven years compare to the three-year rolling TSR performance for the Group (measured over a March to February period to best correspond to the LTI award performance period) relative to the JSE All Share index and the JSE Resource index. The variable pay elements are shown in the bar chart in three portions: ‘Cash portion of STI’; ‘Accrual of deferred STI value’ and ‘LTI proceeds’. The graphs below clearly indicate that there is a fundamental and appropriate correlation between Sibanye-Stillwater’s variable pay and shareholder value delivery, and especially with the LTI payments. They also highlight that Sibanye-Stillwater’s three-year rolling TSR performance significantly outpaces the performance of the JSE All Share and JSE Resource indices for the periods ending in 2021 and 2022 (Sibanye-Stillwater’s TSR is c.11.4 times and c.3 times greater than that of the respective indices at the peak of the Group’s performance at 2021). This significant TSR outperformance meant that a substantial component of LTI vesting proceeds were attributable to Sibanye- Stillwater’s share price growth outcomes - which is in line with the intention to align the outcomes for the executives with those of the shareholder via the LTI awards. For the past two years, where Sibanye-Stillwater’s TSR is below the market performance outcomes, a substantial reduction in variable pay is observed sustaining the strong correlation between shareholder value creation (TSR performance) and the CEO pay outcomes. The next graph illustrates the split in the total value of the LTI proceeds for the CEO between the value at the time of the grant adjusted for actual performance outcomes and the value that was added due to share price performance over the three-year period until vesting. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 250 LINKING PAY WITH THE DELIVERY OF LONG-TERM SHAREHOLDER VALUE -14.9% -23.1% 25.0% 86.4% 73.3% 12.1% -29.4% 3.0% 22.4% 14.5% 29.0% 29.9% 22.9% -2.7% 6.1% 7.4% 3.2% 7.6% 14.8% 19.5% 7.5% JSE All Share 3 year CAGR @ March to Feb JSE Basic Materials 3 year CAGR @ March to Feb Sibanye-Stillwater TSR 3 year CAGR @ Feb LTI proceeds Accrual of deferred STI Cash portion of STI 2018 2019 2020 2021 2022 2023 2024 0 100,000 200,000 300,000 -30% 0% 30% 60% 90%

Non-executive director fees Fees and reimbursements paid in respect of non-executive directors’ 2024 Board and committee duties are presented in the table below reflecting the total amount paid to each non-executive director (exclusive of 15% VAT where applicable), as approved by shareholders. R000’s Non-executive director Directors’ fees Committee fees Expenses reimbursed Total Dr Elaine Dorward-King 1,747 1,385 1,069 4,201 Dr Peter Hancock 1,166 1,172 1,113 3,451 Dr Vincent Maphai 3,662 210 — 3,872 Harry Kenyon-Slaney 3,546 834 1,052 5,432 Jeremiah Vilakazi 1,212 989 — 2,201 Keith Rayner 1,212 2,124 — 3,336 Nkosemntu Nika 404 247.00 9 660 Philippe Boisseau 1,283 839 368 2,490 Richard Menell 2,124 528 58 2,710 Savannah Danson 303 185 — 488 Sindiswa Zilwa 1,212 1,142 — 2,354 Susan van der Merwe 505 309 21 835 Terence Nombembe 448 227.00 — 675 Timothy Cumming 1,212 1,275 107 2,594 Total 20,036 11,466 3,797 35,299 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION REMUNERATION REPORT PART 3 – IMPLEMENTATION REPORT continued IR – 251 R '0 00 CSU PROCEEDS SPLIT: GRANT DATE RELATIVE TO SHARE PRICE IMPACT Grant date value of vested shares (performance-adjusted) Change in value due to share price movement 2018 2019 2020 2021 2022 2023 2024 -50,000 0 50,000 100,000 150,000 200,000 250,000 Sunset over Bathopele mine - Rustenburg, SA PGM operations

ANCILLARY INFORMATION Detail on Board committees 253 Four-year statistical review 258 Our material matters – determination, definitions and references 267 Our shared value in numbers 271 Shareholder information 272 Forward-looking statements 275 Administrative and corporate information 276 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SIBANYE-STILLWATER COMBINED INTEGRATED REPORT 2024 252 Gold’s properties have been innovatively applied in a number of technological, industrial and medical applications. Gold is used in catalytic converters and in space travel to protect against radiation and heat. In the medical field, gold nanoparticles have become commonplace in rapid diagnostic testing.

DETAIL ON BOARD COMMITTEES OUR BOARD AND ITS COMMITTEES ON 25 APRIL 2025 BOARD Has ultimate responsibility for providing ethical leadership and strategic guidance, ensuring that the principles of good corporate governance are observed in delivering on our strategy. Chairman: Dr Vincent Maphai Members: seven independent non-executive directors, four non-executive directors and three executive directors Number of meetings annually: four and two strategy sessions Number of meetings in 2024: seven meetings and three training sessions. One training session was a deep dive on TCFD and climate change reporting requirements. Another training session was on Whistle-blowing, ABC and AML-CTF Policies. The last training and deep dive was on cyber incidents. All members attended all meetings in 2024 AUDIT COMMITTEE Ensures financial sustainability of the Group by monitoring and reviewing financial controls and procedures, as well as the effectiveness and integrity of internal audit and control systems. Appoints independent, external auditor. Oversees regulatory and legislative compliance. Chairman: Keith Rayner Members: Timothy Cumming, Richard Menell, Sindiswa Zilwa, Harry Kenyon- Slaney, Dr Peter Hancock and Terence Nombembe Number of meetings annually: six Number of meetings in 2024: ten All members attended all meetings in 2024 except for Harry Kenyon-Slaney, Dr Peter Hancock and Terence Nombembe who were only appointed to the committee on 24 May and 8 November 2024 respectively. INVESTMENT COMMITTEE Established in February 2021 to discharge a pivotal role in guiding and overseeing the allocation of capital and to oversee the Group’s investment activities. Chairman: Keith Rayner Members:Timothy Cumming, Harry Kenyon-Slaney, Philippe Boisseau, Dr Peter Hancock, Jeremiah Vilakazi, Terence Nombembe, and Sindiswa Zilwa Two annual meetings scheduled and three additional ad-hoc Number of meetings in 2024: six All members attended all meetings in 2024 except for Philippe Boisseau,Dr Peter Hancock and Terence Nombembe who were only appointed to the committee on 24 May and 8 November 2024 respectively. NOMINATING AND GOVERNANCE COMMITTEE Develops our approach to corporate governance matters and makes recommendations to the Board on all such matters while keeping abreast of best practice. Monitors and evaluates the effectiveness and composition of the Board and director and senior executive succession planning. Chairman: Dr Vincent Maphai Members: Richard Menell, Keith Rayner, Jeremiah Vilakazi, and Harry Kenyon- Slaney (appointed on 11 March 2024) Number of meetings annually: four Number of meetings in 2024: eight All members attended all meetings in 2024 REMUNERATION COMMITTEE Ensures payment of fair rewards to attract, retain and motivate executive management with the skills and experience necessary to support and sustain the company and its strategy, and evaluates performance in relation to reward. Chairman: Timothy Cumming Members: Harry Kenyon-Slaney, Dr Vincent Maphai, Dr Elaine Dorward-King, Philippe Boisseau and Keith Rayner Number of meetings annually: four Number of meetings in 2024: five All members attended all meetings in 2024, except Dr Vincent Maphai who missed one meeting for the year and except for, Dr Elaine Dorward-King and Philippe Boisseau who were only appointed to the committee on 24 May 2024. RISK COMMITTEE Ensures Group sustainability by evaluating and overseeing implementation of efficient risk management processes and controls to identify, monitor and mitigate risks and to act on opportunities identified. Chairman: Harry Kenyon-Slaney Members: Timothy Cumming, Dr Elaine Dorward-King, Philippe Boisseau, Dr Peter Hancock, Neal Froneman, Sindiswa Zilwa, Harry Kenyon-Slaney, Keith Rayner Richard Menell and Terence Nombembe Number of meetings annually: four Number of meetings in 2024: four All members attended all meetings in 2024 except for Philippe Boisseau, Dr Peter Hancock and Terence Nombembe who were only appointed to the committee on 24 May and 8 November 2024 respectively. SAFETY AND HEALTH COMMITTEE Ensures adherence to occupational health and safety laws, regulations and external standards, reviews relevant policy and monitors performance of related key indicators so as to minimise mining-related accidents and their impacts. The Safety and Health Committee analyses safety incidents to understand the root causes and to evaluate action plans to prevent future occurrences. Chairman: Jeremiah Vilakazi Members: Dr Elaine Dorward-King, Neal Froneman, Dr Vincent Maphai, Harry Kenyon-Slaney, Dr Peter Hancock, Sindiswa Zilwa and Richard Menell Number of meetings annually: eight Number of meetings in 2024: eight All members attended all meetings in 2024, except Rick Menell who missed one meeting for the year, Sindiswa Zilwa who missed two meetings for the year and Dr Peter Hancock who was only appointed to the committee on 24 May 2024. SOCIAL ETHICS AND SUSTAINABILITY COMMITTEE Supports and assists the Board in ensuring compliance with best practice recommendations relating to the ethical conduct of our stakeholder engagement together with transformation and inclusive economy targets. Oversees and monitors anti- corruption policy and performance, the Group’s standing as a responsible corporate citizen, particularly in relation to the Code of ethics. Monitors compliance in terms of the UNGC principles. Chairman: Dr Elaine Dorward-King Members: Timothy Cumming, Dr Elaine Dorward-King, Harry Kenyon- Slaney, Philippe Boisseau, Dr Vincent Maphai, Richard Menell, Jerry Vilakazi, Keith Rayner and Terence Nombembe Number of meetings annually: four Number of meetings in 2024: five All members attended all meetings in 2024, except Dr Vincent Maphai and Tim Cumming, both of whom missed one meeting for the year.Philippe Boisseau and Terence Nombembe were only appointed to the committee on 24 May and 8 November 2024 respectively. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 253

BOARD COMMITTEES ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Audit Committee Member Appointed to committee 2024 Meeting attendance Keith Rayner (Chair) 24 February 2020 10/10 Timothy Cumming 24 February 2020 10/10 Savannah Danson (resigned 11 March 2024) 24 February 2020 1/10 Richard Menell 24 February 2020 10/10 Susan van der Merwe (resigned 28 May 2024) 24 February 2020 1/10 Nkosemntu Nika (resigned 28 May 2024) 24 February 2020 1/10 Sindiswa Zilwa 16 February 2021 10/10 Harry Kenyon-Slaney 2 4 24 May 2024 7/10 since joining Dr Peter Hancock 2 4 24 May 2024 7/10 since joining Terence Nombembe 8 8 November 2024 3/10 since joining 2024: Contribution to value creation 2025: Planned areas of focus Capital allocation • Allocation of funds organically, inorganically and as dividends to be monitored each quarter • Quarterly solvency and liquidity review to support planned capital allocation • Cybersecurity IFRS Accounting Standards • Ensure implementation of new and revised International Financial Reporting Standards Accounting Standards throughout the business Internal controls and SOX • Group internal controls were monitored quarterly from Internal audit and SOX quarterly reports to ensure Group controls are effective See – Annual financial report – Report of the Audit Committee for more detail. Continued monitoring of: • Solvency and liquidity review to be performed quarterly to support planned capital allocation • Internal controls and SOX • ICT governance and cybersecurity • New legislation pertaining to financial reporting • Financial risks • Succession planning for committee composition For the Audit Committee’s Terms of reference, see www.sibanyestillwater.com/about-us/corporate-governance/ ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Risk Committee Member Appointed to the Committee 2024 Meeting attendance Harry Kenyon-Slaney (Chair from 1 January 2024) 24 February 2020 4/4 Richard Menell 24 February 2020 4/4 Neal Froneman 24 February 2020 4/4 Timothy Cumming 24 February 2020 4/4 Keith Rayner 24 February 2020 4/4 Savannah Danson (resigned 11 March 2024) 24 February 2020 0/4 Susan van der Merwe (resigned 28 May 2024) 24 February 2020 1/4 Sindiswa Zilwa 16 February 2021 4/4 Dr Elaine Dorward-King 26 May 2023 4/4 Philippe Boisseau 24 May 2024 3/4 since joining Dr Peter Hancock 24 May 2024 3/4 since joining Terence Nombembe 8 November 2024 1/4 since joining 2024: Contribution to value creation 2025: Planned areas of focus • Annual review of Enterprise risk management (ERM) framework • Annual review of Group risk tolerance and risk appetite statements • Annual review of ERM process assurance • Review of Group and regional strategic risk register (review) • Corporate compliance reports (review) • Insurance renewal • Approval of the Risk-related disclosures for the IR (approval) • Continued monitoring: ERM process assurance and maturity (review) • Annual review of Group risk tolerance and risk appetite statements • Continued review of Group strategic risk register For the Risk Committee’s Terms of reference see www.sibanyestillwater.com/about-us/corporate-governance/ OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION DETAIL ON BOARD COMMITTEES continued IR – 254

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Nominating and Governance Committee Dr Vincent Maphai (Chair) 24 February 2020 8/8 Richard Menell 24 February 2020 8/8 Nkosemntu Nika (resigned 28 May 2024) 24 February 2020 1/8 Jeremiah Vilakazi 24 February 2020 8/8 Susan van der Merwe (resigned 28 May 2024) 24 February 2020 1/8 Keith Rayner 16 February 2021 8/8 Harry Kenyon-Slaney 11 March 2024 7/8 since joining Member Appointed to the Committee 2024 Meeting attendance 2024: Contribution to value creation 2025: Planned areas of focus • Directors’ and officers’ insurance (review and approval) • Implementation of the external board evaluators’ recommendations • Embedding succession planning for Chairman, CEO and the C-suite • Corporate governance and key legislation updates • Embedding Board evolution principles and appointment of new directors with particular attention to gender diversity • Succession planning for committee chairs The Nominating and Governance Committee Terms of reference are available at www.sibanyestillwater.com/about-us/corporate-governance/ ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Remuneration Committee Member Appointed to the Committee 2024 Meeting attendance Timothy Cumming (Chair) 24 February 2020 5/5 Harry Kenyon-Slaney 24 February 2020 5/5 Savannah Danson (resigned 11 March 2024) 24 February 2020 0/5 Dr Vincent Maphai 24 February 2020 4/5 Nkosemntu Nika (resigned 28 May 2024) 24 February 2020 2/5 Keith Rayner 24 February 2020 5/5 Philippe Boisseau 5 4 3 24 May 2024 2/5 since joining Dr Elaine Dorward-King 5 4 3 24 May 2024 2/5 since joining 2024: Contribution to value creation 2025: Planned areas of focus • Remuneration benchmarking in the context of increasing global mobility and the Group’s increased geographic diversification (review) • Continued consideration of appropriate factors to track for Sustainability / ESG for purposes of impacting variable pay outcomes • Refinement of scorecard framework for variable pay determinations taking into regard the different contexts and operating risks and opportunities in the various regions. See Remuneration report for more detail. • Continued attention to benchmarking and appropriate pay mix • Review of best practices in terms of balance between operational and financial metrics in variable pay assessment for mining companies • Continued monitoring for avoidance of gender related pay gaps The Remuneration Committee’s Terms of reference are available at www.sibanyestillwater.com/about-us/corporate-governance/ OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION DETAIL ON BOARD COMMITTEES continued IR – 255

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Safety and Health Committee Member Appointed to the Committee 2024 Meeting attendance Jeremiah Vilakazi (Chair from 1 January 2024) 8 / 8 1 January 2024 8/8 Savannah Danson (resigned 11 March 2024) 24 February 2020 0/8 Neal Froneman 24 February 2020 8/8 Richard Menell 24 February 2020 7/8 Vincent Maphai 24 February 2020 8/8 Susan van der Merwe (resigned on 28 May 2024) 24 February 2020 1/8 Harry Kenyon-Slaney 24 February 2020 8/8 Dr Elaine Dorward-King 27 March 2020 8/8 Sindiswa Zilwa 16 February 2021 6/8 Dr Peter Hancock 24 May 2024 6/8 since joining 2024: Contribution to value creation 2025: Planned areas of focus • Converting cultural and leadership transformation work into improved health and safety outcomes • Establishment of a post-incident review process to ensure actions and lessons from incident investigation are implemented • Overseeing the development and ongoing implementation of the Group's fatal elimination strategy • Continuing to drive the development and implementation of the Group's new set of global safety standards and guidelines • Monitoring the creation of the desired Zero harm safety culture and ensuring its practical conversion into the way all staff think, act and behave in the workplace • Ensuring rigorous investigations are conducted into all serious incidents and that the lessons learned are applied swiftly and universally across the Group • Encouraging the use of technological innovation to reduce risk, to distance people from machinery where possible and to advance the ability to identify areas at high risk of geotechnical failure • Continued implementation of the Noise-induced hearing loss (NIHL) and Diesel particulate matter (DPM) strategy • Continued monitoring of the cultural and leadership transformation work into improved health and safety outcomes • Continued oversight of the fatal elimination strategy • Encouraging the use of technological innovation to reduce risk • Continue to strive to make the safety and health systems and processes as efficient, effective, clear and usable and the implementation of the visualisation of the risk strategy The Safety and Health Committee’s Terms of reference are available at: www.sibanyestillwater.com/about-us/corporate-governance/ ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Social, Ethics and Sustainability Committee Member Appointed to the Committee 2024 Meeting attendance Dr Elaine Dorward-King (Chair from 1 January 2024) 3 9 1 27 March 2020 5/5 Jeremiah Vilakazi 24 February 2020 5/5 Timothy Cumming 24 February 2020 4/5 Harry Kenyon-Slaney 24 February 2020 5/5 Richard Menell 24 February 2020 5/5 Dr Vincent Maphai 24 February 2020 4/5 Nkosemntu Nika (resigned 28 May 2024) 24 February 2020 1/5 Keith Rayner 24 February 2020 5/5 Philippe Boisseau 24 May 2024 3/5 since joining Terence Nombembe 8 November 2024 1/5 since joining OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION DETAIL ON BOARD COMMITTEES continued IR – 256

2024: Contribution to value creation 2025: Planned areas of focus • Continued monitoring of the journey towards carbon neutrality by 2040 and Developing a climate change-resilient business • Embedded regionalised business model reporting • Continued focus on diversity, equity, and inclusion across all regions • Supporting local communities in becoming self-sustaining • Repositioning the business to aim to be nature positive See Social, Ethics and Sustainability Committee: Chairman’s report for more detail • Continued oversight of the four sustainability themes; emphasis on tailings management, TCFD and TNFD progress • Continued promotion of an inclusive economy • Embedding human rights due diligence results The Social, Ethics and Sustainability Committee’s Terms of reference are available at: www.sibanyestillwater.com/about-us/corporate-governance/ ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Investment Committee Members Appointed to Committee 2024 Meeting attendance Keith Rayner (Chair from 1 January 2024) 16 February 2021 6/6 Timothy Cumming 16 February 2021 6/6 Harry Kenyon-Slaney 16 February 2021 6/6 Savannah Danson (resigned 11 March 2024) 16 February 2021 1/6 Richard Menell 16 February 2021 6/6 Jeremiah Vilakazi 16 February 2021 6/6 Sindiswa Zilwa 16 February 2021 6/6 Philippe Boisseau 24 May 2024 2/6 since joining Dr Peter Hancock 24 May 2024 2/6 since joining Terence Nombembe 8 November 2024 1/6 since joining 2024: Contribution to value creation 2025: Planned areas of focus • Post-investment analysis • Review and conclusion of investments Review and approval of the capital allocation framework • Reviewed and approved reports on the strategic planning, forecasting and sources of capital for allocation • Approved capital raising initiatives • Review of investments • Post-investment analysis • Succession planning for committee composition • Review and approval of the capital allocation framework For the Investment Committee’s Terms of reference, see www.sibanyestillwater.com/about-us/corporate-governance/ OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION DETAIL ON BOARD COMMITTEES continued IR – 257 Hlanganani shaft, Driefontein, SA gold operations

FOUR-YEAR STATISTICAL REVIEW SUSTAINABLE DEVELOPMENT STATISTICS 2024 2023 Group US region1 EU region AUS region SA region Group US region EU region AUS region SA region Unit PGM Gold PGM PGM Gold Employment Salaries and wages paid R million 31,380 4,947 350 537 16,691 8,855 30,591 5,108 360 502 15,157 9,463 Employee costs share % of cost of sales before amortisation and depreciation % 37.6 5.2 0.4 0.6 17.3 9.2 34.1 5.7 0.4 0.6 16.9 10.5 No. of employees including contractors – total3 Number 72,423 1,354 446 302 40,860 23,522 82,788 1,975 356 288 47,405 27,934 Women in the workforce/ Women of Sibanye-Stillwater (WoSS)2,4 % 18.0 13.4 20.7 13.1 17.2 16.7 17.2 10.2 19.8 11.4 16.6 16.3 Safety Fatalities4 Number 8 0 0 0 5 3 11 1 0 0 2 8 Lost-time injury frequency rate (LTIFR)5 Rate 3.86 9.49 8.34 1.45 3.36 4.29 4.57 7.03 6.14 1.90 4.37 4.72 Total recordable injury frequency rate (TRIFR)4,5 Rate 4.36 11.02 9.53 7.25 3.78 4.76 5.24 10.66 6.14 5.70 5.01 5.21 Medically treated injury frequency rate (MTIFR)5,6 Rate 0.50 1.53 1.19 5.80 0.42 0.47 0.67 3.63 1.23 3.80 0.64 0.49 Health No. of cases reported Silicosis4,8 Number 48 N/A N/A N/A 5 43 111 N/A N/A N/A 18 93 Noise-induced hearing loss (NIHL)4,8,9 Number 231 6 N/A N/A 75 150 239 3 N/A N/A 83 153 Chronic obstructive pulmonary disease (COPD)4,8 Number 8 N/A N/A N/A 0 8 35 N/A N/A N/A 30 5 Cardiorespiratory tuberculosis (TB) – new and retreatment cases4 Number 226 N/A N/A N/A 102 124 299 N/A N/A N/A 135 164 TB incidence – new and relapse cases4 Number 238 N/A N/A N/A 104 134 339 N/A N/A N/A 149 190 Highly-active antiretroviral treatment (HAART) patients on treatment and in active employment4,10 Number 12,818 N/A N/A N/A 7,978 4,840 13,948 N/A N/A N/A 8,933 5,015 N/A = Not applicable 1 The US region includes the Reldan operations from March 2024 to 31 December 2024 2 Our percentage of women of Sibanye-Stillwater (WoSS)/women in the workforce for the SA region (inclusive of SA regional services) is 18.1% for 2024 3 For a detailed breakdown of employees and contractor numbers, See Our workforce profile on page 140 in the Our people section of this report; Group total is inclusive of corporate office 4 For details on assured numbers in prior years, see prior integrated reports available at www.sibanyestillwater.com/news-investors/reports/annual/, also see our Definitions for sustainability indicators supplementary information, www.sibanyestillwater.com/news-investors/reports/annual/. For the 2024 assured numbers as per a defined scope and boundary, see page 262 5 Rate per million hours worked: total number of injuries x 1,000,000 hours worked 6 Also referred to as treat-and-return injury frequency rate and includes certain minor injuries 7 The SA gold operations recorded a fatal incident on 27 February 2022, this was however restated to the date of accident 21 October 2021, as per the reporting protocol 8 Includes new and resubmission cases reported 9 The NIHL testing method differs at the US and SA regions 10 HAART statistics only include employees on medical aid OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 258

Employment Salaries and wages paid R million 26,544 4,438 257 13,968 7,881 26,214 3,691 13,259 9,264 Employee costs share % of cost of sales before amortisation and depreciation % 28.0 5.0 0.3 15.0 8.0 26.0 4.0 13.0 9.0 No. of employees including contractors – total3 Number 84,481 2,677 235 46,432 30,507 84,981 2,904 46,004 31,142 Women in the workforce/Women of Sibanye- Stillwater (WoSS)4 % 16.2 10.0 20.0 15.6 15.2 14.4 9.8 13.5 13.5 Safety Fatalities 4,7 Number 5 0 0 3 2 21 2 6 13 Lost-time injury frequency rate (LTIFR)5 Rate 4.41 4.03 8.88 4.36 4.48 6.02 6.77 6.21 5.72 Total recordable injury frequency rate (TRIFR)4,5 Rate 5.07 7.61 10.65 4.90 5.10 7.10 10.48 7.09 6.88 Medically treated injury frequency rate (MTIFR)5,6 Rate 0.66 3.58 1.78 0.54 0.62 1.08 3.71 0.88 1.16 Health No. of cases reported Silicosis4,8 Number 88 N/A N/A 29 59 93 N/A 32 61 Noise-induced hearing loss (NIHL)4,8,9 Number 264 N/A N/A 101 163 294 N/A 122 172 Chronic obstructive pulmonary disease4,8 Number 32 N/A N/A 26 6 30 N/A 24 6 Cardiorespiratory tuberculosis (TB) – new and retreatment cases4 Number 376 N/A N/A 193 183 406 N/A 183 223 TB incidence – new and relapse cases4 Number 404 N/A N/A 203 201 446 N/A 197 249 Highly-active antiretroviral treatment (HAART) patients on treatment and in active employment4,10 Number 14,620 N/A N/A 8,796 5,824 15,160 N/A 8,326 6,834 2022 2021 Group US region EU region SA region Group US region SA region Unit PGM PGM Gold PGM PGM Gold OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION FOUR-YEAR STATISTICAL REVIEW continued IR – 259 Employee at the Sandouville nickel refinery in Le Havre,France

Environment Cyanide consumption tonne 960 0.2 N/A N/A N/A 960 1,264 N/A N/A N/A N/A 1,264 Total CO2e emissions: Scope 1 and 22,3 000t 6,345 209 14 95 3,041 2,987 6,631 224 15 Not yet report ed 3,045 3,347 Total CO2e emissions: Scope 32,4 000t 1,291 59 Not yet report ed Not yet report ed 1006 226 1,273 53 Not yet report ed Not yet report ed 942 278 Emissions intensity5 tCO2e/t milled 0.14 0.17 N/A N/A 0.09 0.31 0.14 0.17 N/A Not yet report ed 0.08 0.32 GHG Emissions intensity (Scope 1 and 2)5 tCO2e/oz 2.1 0.3 N/A Not yet report ed 1.8 5.5 2.1 0.3 N/A Not yet report ed 1.7 5.2 SO2 emissions2,6 tonnes 933.6 1.28 N/A N/A 932.3 N/A 1,643.2 0.8 0.1 N/A 1,642.5 N/A Electricity consumed2 TWh 6.24 0.35 0.05 0.21 2.82 2.80 6.80 0.37 0.04 0.41 2.90 3.08 Diesel energy2 TJ 1,239 205 71 105 746 112 1,320 242 0.6 158 802 275 Total water withdrawn2 000ML 158.9 3.19 1 11 22.07 121.74 151.4 2.8 1.0 4.6 26.6 116.3 Water used 000ML 44.49 0.25 0 9 20.39 14.27 52.08 0.29 0.04 3.21 26.07 22.47 Water use intensity7 kl/t treated 0.97 0.20 N/A 1 0.72 1.50 1.26 0.22 N/A N/A 0.88 2.13 Environmental incidents: level 3 and higher2 Number 2 0 0 0 2 0 2 1 0 0 1 0 Gross rehabilitation liabilities R billion 16.71 1.37 0.25 2.37 6.87 5.85 18.15 1.35 0.14 2.78 8.49 5.38 Representation (HDP South Africans)9 Top management (Board)2 % 30.8 N/A N/A N/A 30.8 30.8 46.2 N/A N/A N/A 46.2 46.2 Executive management2 % 38.1 N/A N/A N/A 38.1 38.1 35.9 N/A N/A N/A 35.9 35.9 Senior management2 % 50.0 N/A N/A N/A 52.7 55.6 49.5 N/A N/A N/A 48.1 63.2 Middle management 2 % 64.6 N/A N/A N/A 65.6 59.7 62.9 N/A N/A N/A 64.8 58.1 Junior management2 % 78.9 N/A N/A N/A 82.3 70.2 77.8 N/A N/A N/A 81.2 69.1 Social and procurement spend Total socioeconomic development (SED)2 R million 378.7 3.6 0.4 0.2 274.1 100.4 612.9 6.5 0.9 0.0 473.5 132.0 Social and labour plan (SLP) projects2 R million 2,421 N/A N/A N/A 1,257 1,164 2,202 N/A N/A N/A 984 1,218 Total B-BBEE procurement spend2,8 R million 22,153 N/A N/A N/A 12,039 10,113 25,018 N/A N/A N/A 13,676 11,341 Services8 % 75 N/A N/A N/A 78 70 73 N/A N/A N/A 77 82 Mining goods8 % 80 N/A N/A N/A 79 81 80 N/A N/A N/A 78 66 % of total procurement8 % 77 N/A N/A N/A 78 76 76 N/A N/A N/A 77 75 Other Current tax and royalties10 R million 1,963 146 0 216 1,458 132 4,230 (343) 80 133 3,886 443 Research and development R million 73.6 87.8 2024 2023 Group US region1 EU region AUS region SA region Group US region EU region AUS region SA region Unit PGM Gold PGM PGM Gold 1 The US region includes the Reldan operations from March 2024 to 31 December 2024 2 For details on assured numbers in prior years, see prior integrated reports available at www.sibanyestillwater.com/news-investors/reports/annual/, also see our Definitions for sustainability indicators supplementary information, www.sibanyestillwater.com/news-investors/reports/annual/. For the 2024 assured numbers as per a defined scope and boundary, see page 262 3 Scope 1 and 2 emissions include fugitive mine methane. We have chosen to report our scope 1 and scope 2 emissions separately from our scope 3 emissions as scope 1 and 2 emissions are under our direct control while scope 3 emissions represent the effect of our business activities across the supply chain. Although it is not a mandatory Intergovernmental Panel on Climate Change reporting category, we are also reporting our fugitive mine methane emissions in the Free State province of South Africa in line with the transparency principle of the ISO 14064 greenhouse gas quantification standard. Scope 2 emissions are representative of the location-based method 4 The following scope 3 categories are included, also see supplementary report, Climate change-related disclosure: Category 1: Purchased goods and services; Category 2: Capital goods; Category 3: Fuel- and energy-related activities; Category 4: Upstream transportation and distribution; Category 5: Waste generated in operations; Category 6: Business travel; Category 7: Employee commuting; Category 8: Upstream leased assets; Category 9: Downstream transportation and distribution; Category 10: Processing of sold products; Category 11: Use of sold products; Category 12: End-of-life treatment of sold products; Category 13: Downstream leased assets; Category 14: Franchises; Category 15: Investments 5 Emissions intensity (t CO2e per tonne milled or oz produced) is the intensity ratio of total scope 1 and 2 emissions to tonnes milled or ounces produced at the operations under our operational control. The ore at the US PGM operations is of a higher grade, contributing to a higher intensity rate using tonnes milled versus ounces output 6 SA region: Sulphur dioxide (SO2) emissions are from the Marikana PGM smelters and quantified through a combination of stack measurements and mass balance. The US region also include the emissions from the Columbus metallurgical complex 7 Water use intensity in the US operations is low due to higher grade ores being processed 8 The B-BBEE proportion of total procurement applies to procurement spend in South Africa only. The spend reflected for the SA gold operations includes Shared Service department spend 9 HDP in management includes management classified as designated groups and employed at management levels (excluding foreign nationals and white males) 10 Current tax and royalties for the Group includes current tax on Group Corporate and Reconciling items of R18 million (2023: R34 million, 2022: R4 million, 2021: R70 million and 2020: R45 million) OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION FOUR-YEAR STATISTICAL REVIEW continued IR – 260

Environment Cyanide consumption 000t 1,409 N/A N/A N/A 1,409 2,979 N/A N/A 2,979 Total CO2e emissions Scope 1 and 22,3 000t 6,686 285 6 3,123 3,272 7,302 259 3,023 4,020 Scope 32,4 000t 1,137 59 N/A 713 365 1,506 123 823 560 Emissions intensity2,5 tCO2e/t milled 0.13 0.23 N/A 0.08 0.33 0.16 0.17 0.10 0.27 GHG Emissions intensity (Scope 1 and 2)5 tCO2e/oz 2.0 0.29 N/A 1.7 7.4 1.4 0.08 0.97 4.51 SO2 emissions2,6 tonnes 2,578 1.5 N/A 2,576 N/A 1,747 3.83 1,743 N/A Electricity consumed2 TWh 6.13 0.37 0.04 2.88 2.85 6.59 0.37 2.75 3.47 Diesel2 TJ 1,302 286 0 851 166 1,281 372 775 134 Total water withdrawn2 000ML 130.7 3 0.8 23.7 103.2 124.6 3.4 24.2 97.1 Water used 000ML 39.44 0.23 0 23.46 15.75 47.65 0.20 23.89 23.56 Water use intensity7 kl/t treated 1.02 0.18 N/A 0.83 1.68 1.02 0.13 0.80 1.56 Environmental incidents level 3 and higher2 Number 2 1 0 0 1 5 1 2 2 Gross rehabilitation liabilities R billion 12.42 1.18 0 6.23 5.01 11.15 0.99 5.51 4.65 Representation (HDP South Africans)9 Top management (Board)2 % 46.2 N/A N/A 46.2 46.2 46.2 N/A 46.2 46.2 Executive management2 % 42.4 N/A N/A 42.4 42.4 37.8 N/A 37.8 37.8 Senior management2 % 46.0 N/A N/A 44.3 47.1 40.5 N/A 40.5 40.5 Middle management2 % 60.3 N/A N/A 63.4 53.3 47.2 N/A 49.3 27.8 Junior management2 % 76.5 N/A N/A 79.8 68.8 57.1 N/A 60.1 48.7 Social and procurement spend Total socioeconomic development (SED)2 R million 368.9 6.3 0.2 216.2 146.2 352.4 5.9 200.5 146.0 Social and labour plan (SLP) projects2,8 R million 2,195 N/A N/A 1,098 1,097 2,085 N/A 934 1,151 Total B-BBEE procurement spend2,8 R million 21,415 N/A N/A 12,684 8,731 16,442 N/A 10,637 5,805 Services8 % 73 N/A N/A 75 70 65 N/A 62 71 Consumables8 % 78 N/A N/A 81 77 78 N/A 82 71 % of total procurement8 % 75 N/A N/A 77 74 70 N/A 69 71 Other Current tax and royalties10 R million 11,106 655 0 10,145 302 16,220 1,422 14,291 437 Research and development R million 125.1 55 2022 2021 Group US region EU region SA region Group US region SA region Unit PGM PGM Gold PGM PGM Gold OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION FOUR-YEAR STATISTICAL REVIEW continued IR – 261 Thuthukani shaft, Kloof, SA gold operations

SELECTED KEY SUSTAINABILITY PERFORMANCE INDICATORS, ASSURED, FOR THE 2024 YEAR The table below contains the selected key performance indicators (KPIs) which have been selected for limited assurance (limited assurance in accordance with the International Standards on Assurance Engagements (ISAE) 3000 (revised) and the ISAE 3410, issued by the International Auditing and Assurance Standards Board) for the 2024 year. Selected KPI Boundary Unit of measure Number assured for the 2024 year based on the boundary Environment 1 Total CO2e emissions: Scope 1 and 2 Group excluding Reldan ’000 tCO2e 6,342 2 Total CO2e emissions: Scope 31 Group excluding Reldan, AUS and EU regions ’000 tCO2e 202.6 3 GHG emissions intensity (Scope 1 and 2) Group excluding Reldan tCO2e/oz 2.1 4 Electricity consumed Group excluding Reldan TWh 6.24 5 Diesel energy Group excluding Reldan TJ 1,239 6 Number of environmental incidents: Level 3 and higher Group excluding Reldan Number 2 7 Total water withdrawn Group excluding Reldan ’000 ML 158.8 Health 8 Number of new and resubmitted silicosis cases reported SA region Number of cases 48 9 Number of new and resubmitted noise induced hearing loss (NIHL) cases reported Group excluding Reldan Number of cases 231 10 Number of new and resubmitted chronic obstructive pulmonary diseases (COPD) cases reported SA region Number of cases 8 11 Number of new and retreatment cardiorespiratory tuberculosis (TB) cases reported SA region Number of cases 226 12 Number of new and relapsed tuberculosis (TB) incidence cases reported SA region Number of cases 238 13 Highly-active antiretroviral treatment (HAART) patients on treatment and in active employment2 SA region Number of patients 12,818 Safety 14 Total recordable injury frequency rate (TRIFR)3 Group excluding Reldan Rate 4.34 15 Frontline work stoppages4 Group excluding Reldan % 81 16 Number of fatalities Group excluding Reldan Number 8 Social 17 Total socioeconomic development (SED) spend Group excluding Reldan R million 378.7 18 Total approved social and labour plan (SLP) project spend SA region R million 2,421.3 19 HDP representation in SA region • top management (Board) % 30.8 • executive management % 38.1 • senior management % 50.0 • middle management % 64.6 • junior management % 78.9 20 Total B-BBEE procurement spend SA region R million 22,153 21 Women in the workforce/ Women of Sibanye-Stillwater (WoSS) Group excluding Reldan % 18.0 1 Scope 3 categories included for limited assurance: Category 1 (Purchased Goods and Services), Category 2 (Capital Goods), Category 5 (Waste Generated in Operations), Category 6 (Business Travel), Category 7 (Employee Commuting), Category 9 (Downstream Transportation and Distribution), Category 13 (Downstream Leased Assets) 2 HAART statistics only include employees on medical aid 3 Rate per million hours worked: total number of injuries x 1,000,000 hours worked 4 Frontline work stoppages reported for the month of December 2024 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION FOUR-YEAR STATISTICAL REVIEW continued IR – 262

OPERATING STATISTICS ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 2024 2023 2022 2021 US PGM operations Production Ore milled 000t 1,129 1,174 1,154 1,469 2E PGM production kg 13,245 13,290 13,099 17,741 000oz 426 427 421 570 Price and costs Average PGM basket price R/2Eoz 18,097 22,890 30482.3822041 216 31,021 US$/2Eoz 988 1,243 1,862 2,097 R/3Eoz 23,189 42,981 50,202 51,987 US$/3Eoz 1,266 2,334 3,067 3,515 Operating cost1 R/2Eoz 20,775 21,539 18,671 13,324 US$/2Eoz 1,134 1,170 1,141 901 Revenue Rm 16,781 23,812 46,090 59,053 Adjusted EBITDA2 Rm 215 1,317 7,604 12,256 Adjusted EBITDA margin3 % 1 6 16 21 All-in sustaining cost4 R/2Eoz 25042 34465 25951 14851 US$/2Eoz 1,367 1872 1,586 1,004 Total capital expenditure US$m 154 371 331 309 Rm 2,822 6,841 5,416 4,556 US Reldan operations21 Volume sold: Gold oz 107,680 Silver oz 1,660,299 Platinum oz 15,292 Palladium oz 19,835 Other (Rhodium, Ruthenium, Iridium) oz 63 Copper Lbs 2,590,335 Mixed scrap Lbs 4,690,801 Price and costs Revenue Rm 6,306 Adjusted EBITDA2 Rm 268 Adjusted EBITDA margin3 % 4 Total capital expenditure US$m 1 Rm 10 SA PGM operations (attributable) Production Ore milled 000t 35,842 36,048 36,644 38,307 4E PGM production kg 54,087 52,034 51,864 57,110 000oz 1,739 1,673 1,667 1,836 Price and costs Average PGM basket price R/4Eoz 24,213 28,979 42,914 47,066 US$/4Eoz 1,322 1,574 2,622 3,182 Operating cost1 R/4Eoz 23,933 21,951 19,543 16,780 US$/4Eoz 1,307 1,192 1,194 1,135 Revenue Rm 51,257 55,593 71,665 85,154 Adjusted EBITDA2 Rm 7,399 17,620 38,135 51,608 Adjusted EBITDA margin3 % 14 32 53 61 All-in sustaining cost4,11 R/4Eoz 21,948 20,054 19,313 16,982 US$/4Eoz 1,198 1,089 1,180 1,148 Total capital expenditure Rm 5,846 5,647 5,104 3,799 US$m 319 307 312 257 SA gold operations Production Ore milled 000t 33,522 31,941 36,172 44,402 Gold produced kg 21,915 25,212 19,301 33,372 000oz 705 811 621 1,073 Price and costs Gold price R/kg 1,400,468 1,146,093 946,073 849,703 US$/oz 2,378 1,936 1,798 1,787 2024 2023 2022 2021 SA OPERATIONS OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION FOUR-YEAR STATISTICAL REVIEW continued IR – 263

Operating cost1 R/kg 1,065,070 953,118 1,074,400 669,723 Revenue Rm 31,145 29,143 17,842 28,358 Adjusted EBITDA2 Rm 5,832 3,523 (3,546) 5,113 Adjusted EBITDA margin3 % 19 12 (20) 18 All-in sustaining cost4 R/kg 1,251,810 1,127,138 1,268,360 803,260 US$/oz 2,126 1,904 2,410 1,689 Total capital expenditure Rm 7,253 6,708 4,559 4,380 US$m 396 364 278 296 2024 2023 2022 2021 SA OPERATIONS 2024 2023 2022 EUROPEAN OPERATIONS Sandouville nickel refinery12 Volumes produced Nickel Salts13 tonnes 1,156 1,411 2,003 Nickel Metal tonnes 6,549 5,714 4,839 Total Nickel production tNi 7,705 7,125 6,842 Nickel Cakes14 tonnes 283 320 284 Cobalt Chloride (CoCl2) 15 tonnes 101 127 153 Ferric Chloride (FeCl3) 15 tonnes 1,069 1,214 1,399 Volumes sales Nickel Salts13 tonnes 1,490 1,134 1,860 Nickel Metal tonnes 6,225 5,721 4,987 Total Nickel sold tNi 7,715 6,855 6,847 Nickel Cakes14 tonnes 77 21 — Cobalt Chloride (CoCl2) 15 tonnes 92 116 164 Ferric Chloride (FeCl3) 15 tonnes 1,069 1,214 1,399 Price and costs Nickel equivalent average basket price16 R/tNi 360,855 441,138 458,595 US$/tNi 19,701 23,955 28,019 Revenue Rm 2,784 3,024 3,140 Adjusted EBITDA2 Rm (723) (1,328) (492) Adjusted EBITDA margin3 % (26) (44) (16) Nickel equivalent sustaining cost4 R/tNi 449,644 653,246 527,676 US$/tNi 24,548 35,474 32,239 Total Capital expenditure Rm 173 248 90 US$m 9 13 5 2024 2023 AUSTRALIAN OPERATIONS Century zinc retreatment operation17 Production Ore mined and processed kt 6,807 6,097 Zinc metal produced (payable)18 kt 82 76 Zinc sold (payable)19 kt 82 77 Price and costs Average equivalent zinc concentrate price20 R/tZn 49,046 31,815 US$/tZn 2,678 1,728 Revenue Rm 3,983 2,251 Adjusted EBITDA2 Rm 641 (285) Adjusted EBITDA margin3 % 16 (13) All-in sustaining cost4 R/tZn 42,446 36,361 US$/tZn 2,317 1,975 Total Capital expenditure Rm 192 165 US$m 10 9 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION FOUR-YEAR STATISTICAL REVIEW continued IR – 264

Revenue R million 112,129 113,684 138,288 172,194 (Loss)/profit for the year R million (5,710) (37,430) 18,980 33,796 Earnings per share cents (258) (1,334) 651 1,140 Headline earnings per share cents 64 63 652 1,272 Number of shares in issue at end of period 000 2,830,567 2,830,567 2,830,370 2,808,406 Statement of financial position (extract) Cash and cash equivalents R million 16,049 25,560 26,076 30,292 Total assets R million 137,992 142,941 166,631 152,994 Borrowings5 R million 41,687 36,618 22,728 20,298 Total liabilities R million 89,703 91,334 75,627 71,649 Statement of cash flows (extract) Net (decrease)/increase in cash and cash equivalents R million (9,490) (1,967) (5,328) 9,344 Other financial data Adjusted EBITDA2 R million 13,088 20,556 41,111 68,606 Net debt/(cash)6 R million 23,424 11,918 (5,850) (11,466) Net debt/(cash) to adjusted EBITDA ratio 1.79 0.58 (0.14) (0.17) Net asset value per share R 17.06 18.23 32.15 28.96 Debt to equity7 ratio 1.86 1.77 0.83 0.88 Dividends declared per share ZAR cents — 53 260 479 Dividend yield8 % — 2.1 5.8 9.8 Average exchange rate9 R/US$ 18.32 18.42 16.37 14.79 Closing exchange rate10 R/US$ 18.76 18.57 17.03 15.94 Share data Market capitalisation at year-end R billion 42 70.5 126.6 137.9 US$ billion 2.3 3.8 7.5 8.8 Average daily volume of shares traded ’000 14,664 13,533 12,162 14,175 Ordinary share price – high R/share 27.17 51.68 75.4 74.67 Ordinary share price – low R/share 14.1 18.7 35.74 45.58 Ordinary share price at year end R/share 14.98 24.90 44.72 49.1 GROUP FINANCIAL STATISTICS Income statement (extract) 2024 2023 2022 2021 1 Operating cost is a non-IFRS measure see pages AFR-43 for additional information. Operating cost is the average cost of production, and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled in the same period, and operating cost per ounce and kilogram is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold kilograms produced or platinum group metals (PGM) 2E or 4E ounces produced in the same period 2 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. Adjusted EBITDA is a non-IFRS measure see pages AFR-42 for additional information. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS Accounting Standards and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity. For a reconciliation of profit/(loss) before royalties and tax to adjusted EBITDA, see – Consolidated financial statements – Notes to the consolidated financial statements – Note 28.10 Capital management 3 Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue. Adjusted EBITDA margin is a non-IFRS measure see pages AFR-42 for additional information 4 Sibanye-Stillwater presents the financial measures “All-in sustaining costs”, “All-in costs”, “All-in sustaining cost per kilogram”, “All-in sustaining cost per ounce”, “All-in sustaining cost per tonne”,“All- in cost per kilogram”, “All-in cost per ounce” and “All-in cost per tonne”, which were introduced during the year ended 31 December 2013 by the World Gold Council (the Council). The Council is a non-profit association of the world’s leading gold mining companies established in 1987 to promote the use of gold from industry, consumers and investors and is not a regulatory organisation. The Council has worked with its member companies to develop a metric that expands on IFRS Accounting Standards measures such as cost of goods sold and currently accepted non-IFRS measures to provide relevant information to investors, governments, local communities and other stakeholders in understanding the economics of gold mining operations related to expenditures, operating performance and the ability to generate cash flow from operations. This is especially true with reference to capital expenditure associated with developing and maintaining gold mines, which has increased significantly in recent years and is reflected in this metric All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in sustaining cost per tonne, All-in cost per kilogram, All-in cost per ounce and All-in cost per tonne metrics are intended to provide additional information only, do not have any standardised meaning prescribed by IFRS Accounting Standards and should not be considered in isolation or as alternatives to cost of sales, (loss)/profit before tax, (loss)/profit for the year, cash from operating activities or any other measure of financial performance presented in accordance with IFRS. All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in sustaining cost per tonne, All-in cost per kilogram, All-in cost per ounce and All-in cost per tonne as presented in this document may not be comparable to other similarly titled measures of performance of other companies. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company’s internal policies. All-in costs excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in costs is made up of All-in sustaining costs, being the cost to sustain current operations, given as a sub-total in the All-in costs calculation, together with corporate and major capital expenditure associated with growth. For a reconciliation of cost of sales, before amortisation and depreciation to All-in costs and Nickel equivalent sustaining cost, see – Overview – Management’s discussion and analysis of the financial statements – 2024 financial performance compared with 2023 – Cost of sales – All-in sustaining cost, All-in cost and Nickel equivalent sustaining cost The Nickel equivalent sustaining cost, is the cost to sustain current operations. Nickel equivalent sustaining cost per tonne nickel is calculated by dividing the Nickel equivalent sustaining cost, in a period by the total nickel products sold over the same period. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne are intended to provide additional information only, do not have any standardised meaning prescribed by IFRS and should not be considered in isolation or as alternatives to cost of sales, profit before tax, profit for the year, cash from operating activities or any other measure of financial performance presented in accordance with IFRS. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne as presented in this document may not be comparable to other similarly titled measures of performance of other companies. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining versus development capital activities OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION FOUR-YEAR STATISTICAL REVIEW continued IR – 265

based upon each company’s internal policies. For a reconciliation of cost of sales, before amortisation and depreciation to Nickel equivalent sustaining cost, see – Overview – Management’s discussion and analysis of the financial statements – 2024 financial performance compared with 2023 – Cost of sales – All-in sustaining cost, All-in cost and Nickel equivalent sustaining cost 5 This represents total borrowings as per the consolidated financial statements. See the Consolidated financial statements – Notes to the consolidated financial statements – Note 28: Borrowings and derivative financial instrument 6 Net (cash)/debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater, and, therefore, exclude the Burnstone Debt. Net (cash)/debt excludes cash of Burnstone 7 The debt to equity ratio is a debt ratio used to measure the Group’s financial leverage and is calculated by dividing total liabilities by equity 8 The dividend yield is a financial ratio that indicates how much a company pays out in dividends each year relative to its share price. Dividend yield is represented as a percentage and is calculated by dividing the dividends per share declared in a given year by the ordinary share price at the end of the year 9 The average exchange rate during the relevant period as reported by EquityRT. 10 The closing exchange rate at period end as reported by EquityRT. Fluctuations in the exchange rate between the rand and the US dollar will affect the US dollar equivalent of the price of the ordinary shares on the JSE, which may affect the market price of the American Depositary Shares (ADSs) trading on the NYSE. These fluctuations will also affect the US dollar amounts received by owners of ADSs on the conversion of any dividends paid in rand on the ordinary shares 11 The SA PGM operations excludes the production and costs associated with purchase of concentrate (PoC) from third parties at the Marikana operations from 1 January 2020 12 Amounts included since effective date of the acquisition on 4 February 2022 13 Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution 14 Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process 15 Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis 16 The nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sold 17 The Century operations in Queensland, Australia was acquired by the Group on 22 February 2023 18 Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions 19 Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions 20 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 metal sold 21 The acquisition of the Reldan Group of Companies (Reldan) was concluded on 15 March 2024. The year ended 31 December 2024 include the results since acquisition OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION FOUR-YEAR STATISTICAL REVIEW continued IR – 266 Päiväneva concentrator in Kaustinen, Keliber lithium project, Finland

OUR MATERIAL MATTERS – DETERMINATION, DEFINITIONS AND REFERENCES OUR PROCESS OF DETERMINING MATERIAL ISSUES ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– In support of the disclosure on page 3 about materiality and our material matters for this Integrated report, please see the process followed in determining the material matters, followed by the more detailed description of each element of the process: OUR PROCESS OF DETERMINING MATERIAL ISSUES STRATEGIC FOCUS We considered materiality against our three-dimensional strategy, following the changing context of business, stakeholders’ feedback and emerging trends on the global front. DEFINING MATERIALITY The double materiality lens was adopted during the materiality workshop. Materiality relevance from the Group’s financial materiality level was adopted for the financial materiality considerations, as per the IFRS S1 Practice Statement 2 (see Annual financial report, note 1.2, available at www.sibanyestillwater.com/news-investors/reports/annual). The global macro-economic environment, the sector and the various ecosystems making up the value-chain of economies were discussed. The enterprise value lens was applied in considering the positive and negative impacts of the Group on the economy, society and the environment. STAKEHOLDERS External stakeholder perspectives, gathered through perception surveys, meeting minutes, grievance processes, informal and formal discussions and peer group analysis were used as validation processes to material matters. ESG analysts’ reviews, the external media analysis, analysts’ research notes and investor feedback were also considered. The workshop also considered the inputs of key internal individuals who liaise with stakeholders on a regular basis. RISKS CONSIDERATION The Group and regional risk registers and risk movements from the previous year were discussed in the context of material matters. The Group’s risk management thresholds were considered as part of the review of the material matters. VALUE DRIVER ALIGNMENT AND RANKING The value drivers and the business model were considered as the assessment of the material matters was refined. Relevant internal representatives participated in the workshop and scoring. They include representatives from the Group and the regions in the form of the C-suite, senior executives, and operational and functional specialists. The material matters were listed and scored according to their expected financial impact on Sibanye-Stillwater and also by the expected external impact of Sibanye-Stillwater on the economies of the countries in which we operate, as well as the societal and environmental impacts. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 267

MATERIAL ISSUES – DESCRIPTION AND REFERENCES WITHIN THE REPORT AND SUITE OF REPORTS 1 Profitability Various challenges impact our operational profitability, include inflationary pressures, rising stakeholder expectations, and persistent external macroeconomic challenges. We are assessing our operations to ensure optimal performance and sustainability throughout economic cycles. We recognise that shared value delivery may fall short of desired levels due to pressures on profitability. To address the commercial landscape, we are implementing necessary restructuring and right-sizing on underperforming operations. This strategic approach will help sustain us amid current precious metal prices. See Chief Financial Officer’s report, pages , 75 . Also see the Group Annual Financial report www.sibanyestillwater.co m/news-investors/reports/ annual/ Strategic essential: Maintaining a profitable business and optimising capital allocation 2 Safety and health Underground mining involves managing a hazardous work environment: confined spaces, dynamic movement of rock, large vehicles, heavy machinery, and the like. Additionally, in the interests of meeting global ESG standards, the deep and labour-intensive nature of most South African mines demands ongoing attention to employee safety and wellbeing. Our Zero harm framework involves institutionalising our controls, behaviours and management routines to “block the path to death”. Dealing with this material matter also includes the issue of corporate culture and creating a safe working environment that promotes mental and physical wellbeing. Indicators assured: number of fatalities; total recordable injury frequency rate, work stoppages, number of noise induced hearing loss cases reported, number of new and resubmitted chronic obstructive pulmonary diseases cases reported, number of new and relapse tuberculosis cases reported, highly-active antiretroviral treatment patients on treatment and in active employment page 123. See Safe production, page 111 and Health, wellbeing and occupational hygiene, page 123 Strategic essential: Ensuring safety and wellbeing 3 Capital allocation and balance sheet strength Our capital allocation framework is our guide for growth and diversification of opportunities. Maintaining our capital discipline in weaker market conditions requires us to be prudent with capital investments. Our sound financial decision-making structures and mechanisms ensures that Group manages costs and remains profitable over the long term. See Chief Financial Officer’s report, page 75 and 80 Strategic essential: Maintaining a profitable business and optimising capital allocation 4 Licence to operate Without a licence to operate, we cannot undertake our business activities as a multinational mining Group. This material matter refers to regulatory compliance with frameworks (and other regulatory obligations) as well as our social licence. We operate within complex regulatory environments across geographies, and we must keep abreast of dynamic social concerns and changes in the regulatory landscape. Indicators assured: total approved social and labour plan project spend and socio- economic development spend, total B-BBEE procurement spend. See Corporate governance page 30, see accountability, governance and assurance information on pages 124, 136, and 156 Strategic essential: Prospering in every region in which we operate 5 Tailings storage facilities management Tailings facilities store a mine’s primary waste stream. Without proper management, these facilities can pose a significant risk to local communities and to the natural environment. There is also a circular economy opportunity to unlock value from the retreatment of tailings, with some of our operations dedicated to this. We mitigate risk in tailings by adhering to global standards. See Planet: minimising our environmental impact, page 205 Strategic essential: Ensuring safety and wellbeing 6 Water management Water is a precious shared resource. Climate change is making droughts and floods more severe, impacting water resources. We manage water management at an operational level, where the different water footprints and risks at each region require their own unique approach. Our SA PGM operations are located in a water-stressed region, while our SA gold operations are in a water-rich location. The US and EU operations are also in water-rich locations, with water quality the primary factor. Indicators assured: total water withdrawn, water use, water use intensity. Indicator assured: Total water-withdrawn See Planet: Minimising our environmental impact, page 195 Strategic essential: Sustainability embedded as the way we do business 7 Nature, pollution & mine rehabilitation Recognising that communities are embedded in the natural environment, and are reliant on it for resources such as water, we note the importance of environmental sustainability, ecosystem health and biodiversity. Concurrent rehabilitation and pollution prevention are crucial in addressing environmental challenges. We aim for a net positive impact, whereby our mining operations contribute to the health of ecosystems. Indicators assured: Gross rehabilitation liabilities. Indicator assured: Number of environmental incidents – level 3 and higher See Planet: Minimising our environmental impact, page 207 Strategic essential: Sustainability embedded as the way we do business Material issue For more information Strategic essentials and differentiators OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MATERIAL MATTERS – DETERMINATION, DEFINITIONS AND REFERENCES continued IR – 268

8 Climate transitional risk In 2023, we completed a TCFD reporting gap analysis and scenario modelling of climate related risks, which included quantifying the business impacts associated with the transition to a lower carbon economy. The transition may entail higher borrowing costs, due to Sibanye-Stillwater being seen as belonging to a high-emitting industry. Carbon emissions related costs, e.g. carbon tax, are our most significant transitional costs. See Planet: Minimising our environmental impact, page 189 and Managing our risks and opportunities within the external environment, page 50 Strategic essential: Sustainability embedded as the way we do business 9 Climate physical risk Our TCFD reporting gap analysis and scenario modelling of climate related risks noted seven perils: coastal flood, freeze, riverine flood, temperate windstorm, tropical wind storm, drought and heatwave. All operational assets were assessed against climate scenarios. For the SA gold operations temperate windstorm is the main risk driver of property damage and cost increases. For the SA PGM operations, drought is the main driver of the risk of increases in business interruption, with significant contributions from heatwave and riverine flood. For the US PGM operations, freeze (which is also a precursor to potential floods) is the main risk driver of property and business interruption, although it decreases over time. The impacts of riverine flooding and temperate windstorm increase over time for our European operations. For the Australian operations, drought and heatwaves are the main drivers of business interruption, increasing over time. The Australian and US operations experienced flooding events before which evidences the increasing volatility of unexpected climate change events. Indicators assured: Total carbon equivalent emissions scope 1, 2 and 3 and GHG emissions intensity (scope 1 and 2). See Planet: Minimising our environmental impact, page 186 and Managing our risks and opportunities within the external environment, page 52 Strategic essential: Sustainability embedded as the way we do business 10 Sociopolitical instability With Sibanye-Stillwater’s growing global footprint, we are increasingly exposed to sociopolitical risks, some of which are caused by geopolitical tensions. Low economic growth, joblessness and and poor delivery of government services exacerbate instability in South Africa; while there are also political tensions in the US and France. Sibanye- Stillwater has a positive role to play (articulated in our vision as shared value), whereby we are dedicated to being part of the solution, by contributing to industrial growth and socioeconomic recovery that is fair and just for society and for the environment. But ultimately we rely on a certain measure of sociopolitical stability to conduct our operations, noting the high standards of human rights and other ethical concerns to which we hold ourselves. Indicators assured: total socioeconomic development spend, total approved social and labour plan project spend, total B-BBEE procurement spend. See People: Socioeconomic development, page 156, External environment for our business and operations, page 36, Managing our risks and opportunities within the external environment, page 50 Strategic essential: Prospering in every region in which we operate 11 Macroeconomic and geopolitical volatility We are part of a complex value-chain that spans geographies. We are vulnerable to interruptions in our supply chain, perhaps caused by geopolitical ructions. Demand for PGMs is dependent on industry growth and automotive manufacturing. Therefore, it is important to build resilience across our operations, our communities, and our supply chains; as well as to diversify appropriately when opportunity presents itself. See External environment for our business and operations page 35 Strategic differentiator: Building a pandemic resilient ecosystem 12 Innovation and digital evolution As a digital-first organisation, Sibanye-Stillwater upholds global best practice in digital technology adoption, while mitigating against ICT risks. On 8 July 2024 we experienced a cyberattack targeting ICT infrastructure and affecting over 1,000 servers, posing a threat to business continuity, data integrity and security. This material matter is about the need to stay competitive and to reshape the way we work, it also speaks to the risk of cyber threats, which demand constant vigilance and an adherence to world-class systems and standards for countering the threats. Our strategic differentiator Inclusive, diverse and bionic addresses the need to stay on the cutting edge of technology, and use it to enhance productivity. See Innovation, digital and technology, page 174 Our strategic foundation: Material issue For more information Strategic essentials and differentiators OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MATERIAL MATTERS – DETERMINATION, DEFINITIONS AND REFERENCES continued IR – 269

13 Security, crime and extortion This material matter is of particular concern for our SA region, where illegal mining, crime, community unrest, and extortion are real threats to our operations, as well as to our reputation. They also have potentially fatal consequences; and they affect South Africa’s entire mining industry. Illegal mining is linked to organised crime, with syndicates threatening our employees and community members with violence. Our operations are also sometimes threatened by bogus “business forums” who try to extort tenders and employment opportunities through illegitimate protest action. All of the above can lead to financial losses and reputational harm. At worst, we could be forced to suspend or close down certain operations. We have various measures in place to engage stakeholders, collaborate with authorities, leverage technology and innovation, and mitigate security risks before they get out of hand. See Safe production, Impact of illegal mining and crime on our SA operations, page 117 Strategic essential: Ensuring safety and wellbeing 14 Energy supply and security Our dependence on energy poses a risk to the sustainability of our daily operations. In South Africa our reliance on Eskom and their carbon intensive electricity is a growing risk. In 2024, Sibanye-Stillwater continued to invest in renewable projects in South Africa. We're targeting to have 600MW of renewable projects operational by the end of 2026, with 407MW of solar and wind capacity already nearing completion. Indicators assured: electricity consumed, and diesel energy. See Planet: Minimising our environmental impact, page 190 and Managing our risks and opportunities within an external environment, page 50 Strategic essential: Sustainability embedded as the way we do business 15 Advancing core skills, inclusion and diverse talent The shortage of high-end mining skills hampers efficiency, making talent management essential for value creation. There is a competitive market for technical talent and it can be challenging to attract professionals to remote locations, particularly as younger people are less inclined to pursue mining careers. We foster a values-based work culture, with an emphasis on safety and wellbeing and on meeting ESG standards, including DEI. We recognise that “diversity” should go beyond gender and race to include aptitude and experience. Despite challenges (e.g. the relative under-representation of women at Sibanye-Stillwater) we are dedicated to meeting our inclusivity and diversity goals through specific initiatives, such as our DEIB Council. Indicators assured: HDP representation: top, executive, senior, middle and junior management, and women in the workforce. See Our people, page 138,142 and 146 Strategic differentiator: Prospering in every region in which we operate Material issue For more information Strategic essentials and differentiators Also see Chairman and Chief Executive Officer’s review, page 13; see Social, ethics and sustainability committee: Chairman’s 2024 report, page 104. See also the Sustainability content index on material matters. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION MATERIAL MATTERS – DETERMINATION, DEFINITIONS AND REFERENCES continued IR – 270

OUR SHARED VALUE IN NUMBERS Leaves of the Umdoni tree Fruits of the Umdoni tree Represents all our stakeholders Signifying the shared value to our stakeholders Unit 2013 2023 2024 2024 vs 2023 % change 2024 vs 2013 % change Cumulative (12 years) Employees and organised labour Employees including contractors Number 36,274 82,788 72,423 (13) % 100 % 72,423 Salaries and benefits Rbn 6.2 30.6 31.4 3 % 410 % 220.2 US$bn 0.6 1.7 1.7 3 % 167 % 14.5 Average salaries and benefits per employee R 169,708 369,510 433,288 17 % 155 % US$ 17,678 20,060 23,651 18 % 34 % Communities Invested in socioeconomic development and CSI Rbn 1.0 2.7 2.7 2 % 161 % 19.7 US$bn 0.1 0.1 0.1 2 % 37 % 1.3 Government and regulators Taxes and royalties paid1 Rbn 0.6 4.1 2.2 (46) % 304 % 50.1 US$bn 0.06 0.2 0.1 (46) % 112 % 3.3 Shareholders Dividends and share buybacks Rbn 0.3 5.0 — (100) % (100) % 46.0 US$bn 0.03 0.3 — (100) % (100) % 3.0 Suppliers Total discretionary procurement - specific to SA region Rbn 5.1 32.7 28.7 (12) % 462 % 206.4 US$bn 0.5 1.8 1.6 (12) % 194 % 13.5 Black economic empowerment (BEE) procurement - specific to SA region Rbn 2.9 25.0 22.2 (11) % 675 % 153.5 US$bn 0.3 1.4 1.2 (11) % 306 % 10.0 Customers Green revenue factor % — 68 73 8 % 100 % 73 % Environment Water used (from 2015 to 2024) 000Ml 42.0 52.1 44.5 (15) % 6 % 480.7 Water use intensity (from 2015 to 2024) kl/t treated 2.09 1.26 0.97 (23) % (54) % Company Total capital expenditure/investment Rbn 2.9 22.1 22.5 2 % 677 % 117.4 US$bn 0.3 1.2 1.2 3 % 307 % 7.5 Exchange rate* R/US$ 9.60 18.42 18.32 (1) % 91 % 1 Taxes and royalties paid as per the consolidated statement of cash flows in the Group Annual financial report * Exchange rates for 2013: R9.60/US$, 2014: R10.82/US$, 2015: R12.75/US$, 2016: R14.68/US$, 2017: 13.31/US$, 2018: R13.24/US$, 2019: R14.46/US$, 2020: R16.46/US$, 2021: R14.79/US$, 2022: R16.37/US$, 2023: R18.42/US$, 2024; R18.32/US$ OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 271 36,274 employees incl. contractors R6.16 billion paid in salaries and benefits R1.05 billion invested in socioeconomic development and CSI R554 million taxes and royalties1 R316 million invested in training and development R5.1 billion spent on total discretionary procurement 20242013 72,423 employees incl. contractors R31.4 billion paid in salaries and benefits R2.7 billion invested in socioeconomic development and CSI R2.2 billion taxes and royalties1 R1 billion invested in training and development R28.7 billion spent on total discretionary procurement in South Africa

SHAREHOLDER INFORMATION SHARE INFORMATION Sector Resources Issued share capital at 31 December 2024 2,830,567,264 at 31 December 2023 2,830,567,264 at 31 December 2022 2,830,370,251 JSE Ticker: SSW Market capitalisation at 28 March 2025 R57.4 billion at 31 December 2024 R42.4 billion at 31 December 2023 R70.5 billion at 31 December 2022 R126.6 billion 12-month average daily share trading volumes year ended 31 December 2024 14,085,886 year ended 31 December 2023 14,030,137 year ended 31 December 2022 12,055,276 Share price statistics 12-month low and high for 2024 Low: R14.10 High: R27.17 12-month low and high for 2023 Low: R18.70 High: R51.68 12-month low and high for 2022 Low: R35.74 High: R75.40 closing price as at 31 December 2024 R14.98 closing price as at 31 December 2023 R24.90 closing price as at 31 December 2022 R44.72 NYSE Ticker: SBSW Market capitalisation at 28 March 2025 US$3.1 billion at 31 December 2024 US$2.3 billion at 31 December 2023 US$3.8 billion at 31 December 2022 US$7.5 billion 12-month average daily share trading volumes on the NYSE and other US platforms year ended 31 December 2024 6,046,982 year ended 31 December 2023 4,454,107 year ended 31 December 2022 3,690,141 Share price statistics 12-month low and high for 2024 Low US$3.18 High US$5.69 12-month low and high for 2023 Low US$4.27 High US$12.31 12-month low and high for 2022 Low US$8.16 High US$20.32 closing price as at 31 December 2024 US$3.30 closing price as at 31 December 2023 US$5.43 closing price as at 31 December 2022 US$10.66 Free float1 100% ADS ratio 1 ADS:4 ordinary shares ADSs outstanding 31 December 2024 1,015,072,822 31 December 2023 808,627,726 31 December 2022 529,817,698 1 Excluding directors, prescribed officers and their relations, as well as the employee share trust OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 272

Ownership summary at 31 December 2024 – top 10 shareholders Rank Investor Current combined holding of shares in issue % of shares in issue 1 Public Investment Corporation (PIC)1 393,904,882 13.92 2 Lingotto Investment Management, LLP1 214,319,720 7.57 3 BlackRock Inc1 142,494,663 5.03 4 Allan Gray Proprietary Limited 116,811,664 4.13 5 The Vanguard Group Inc 112,552,369 3.98 6 Global X Management Company LLC 59,753,795 2.11 7 State Street Global Advisors Ltd 52,448,806 1.85 8 Dimensional Fund Advisors 50,968,669 1.80 9 Two Sigma Investments LLC 36,477,904 1.29 10 Polunin Capital Partners Ltd 36,280,576 1.28 1 These are major shareholders in line with the JSE listings requirements 8.63(e) Registered shareholder spread at 31 December 2024 Number of holders % of total shareholders Number of shares2 % of shares in issue1,3 1-1,000 shares 41,412 74.23 7,861,549 0.28 1,001-10,000 shares 11,419 20.47 36,335,999 1.28 10,001-100,000 shares 2,169 3.89 63,806,307 2.25 100,001-1,000,000 shares 618 1.11 196,112,499 6.93 1,000,001 shares and above 166 0.30 2,526,450,910 89.26 Total 55,784 100.00 2,830,567,264 100.00 1 Figures may not add due to rounding 2 As of 28 March 2024, the issued share capital of Sibanye-Stillwater consisted of 2,830,567,264 ordinary shares 3 To our knowledge: (1) Sibanye-Stillwater is not directly or indirectly owned or controlled (a) by another entity or (b) by any foreign government; and (2) there are no arrangements the operation of which may at a subsequent date result in a change in control of Sibanye-Stillwater. To the knowledge of Sibanye-Stillwater’s management, there is no controlling shareholder of Sibanye-Stillwater Public and non-public shareholdings at 31 December 2024 Shareholder type Number of holders % of total shareholders Number of shares % of shares in issue Non-public shareholders 15 0.03 25,704,534 0.91 Directors and associates 8 0.02 3,962,126 0.14 Prescribed Officers and associates 6 0.01 2,508,653 0.09 Share trust1 1 0.00 19,233,755 0.68 Public shareholders 55,769 99.97 2,804,862,730 99.09 Total 55,784 100.00 2,830,567,264 100 1 Included in the number of non-public shareholders for the Share trust are trustees who are beneficiaries of this trust Foreign custodian holdings of 5% or more at 31 December 2024 Number of shares % of shares in issue Bank of New York Mellon (ADSs Sponsor) 1,015,072,822 35.86 State Street Bank & Trust Co. 225,812,765 7.98 JPMorgan Chase & Co. 148,414,154 5.24 OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SHAREHOLDER INFORMATION continued IR – 273

The tables below show the change in the percentage ownership of Sibanye-Stillwater’s major shareholders, to the knowledge of Sibanye- Stillwater’s management, between 2022 and 2024. Investment management shareholdings of 5% or more at 31 December 20241 PIC 393,904,882 13.92 488,960,260 17.27 433,088,187 15.30 Lingotto Investment Management, LLP 214,319,720 7.57 157,104,510 5.55 — 0.00 BlackRock Inc 142,494,663 5.03 132,257,343 4.67 153391012 5.42 Allan Gray 116,811,664 4.13 181,546,600 6.41 195,293,037 6.9 2024 2023 2022 Number of shares % of shares in issue Number of shares % of shares issue Number of shares % of shares issue 1. A list of the investment managers holding, to the knowledge of Sibanye-Stillwater’s management, directly or indirectly, 5% or more of the issued share capital of Sibanye- Stillwater as of 28 March 2025 is set forth below: Number of shares % of shares in issue Government Employees Pension Fund (PIC)2 395,173,969 13.96 Lingotto Investment Management, LLP 219,615,264 7.76 2. This represents funds managed by the PIC as an investment fund manager, which holds the majority of its shares on behalf of the Government Employees Pension Fund Beneficial shareholdings 5% or more at 31 December 20241 2024 2023 2022 Number of shares % Number of shares % Number of shares % Government Employees Pension Fund (PIC)2 390,972,890 13.81 495,015,046 17.49 503,471,582 17.72 1 A list of the individuals and organisations holding, to the knowledge of Sibanye-Stillwater’s management, directly or indirectly, 5% or more of the issued share capital of Sibanye- Stillwater as of 28 March 2024 is set forth below: Number of shares % of shares in issue Government Employees Pension Fund (PIC)2 398,421,794 14.08 2 This is the aggregate shareholding for the Government Employees Pension Fund the majority of which is managed by the Public Investment Corporation (PIC) Sibanye-Stillwater’s ordinary shares are subject to dilution as a result of any non-pre-emptive share issuance, including upon the exercise of Sibanye-Stillwater’s outstanding share options, issues of shares by the Board in compliance with B-BBEE legislation or in connection with acquisitions. The principal non-United States trading market for the ordinary shares of Sibanye-Stillwater is the JSE Limited, on which they trade under the symbol “SSW”. Sibanye-Stillwater’s American depositary shares (ADSs) trade in the United States on the NYSE under the symbol “SBSW”. The ADRs representing the ADSs were issued by The Bank of New York Mellon (BNYM) as depositary under the ADR programme. Each ADS represents four ordinary shares. No public takeover offers by third parties have been made in respect of Sibanye-Stillwater’s shares or by Sibanye-Stillwater in respect of other companies’ shares during the last and current fiscal year, other than Sibanye-Stillwater's public takeover offer for New Century Resources. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION SHAREHOLDER INFORMATION continued IR – 274

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, 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, 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 further downgrade of South Africa’s credit rating; the impact of South Africa's greylisting; 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 outcome of any disputes or litigation; 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; 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 2024 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2024 on Form 20-F filed with the United States Securities and Exchange Commission on 25 April 2025 (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, adjusted EBITDA margin, adjusted free cash flow, AISC, AIC, Nickel equivalent sustaining cost 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. The forecast non-IFRS financial information 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) Mineral Resources and Mineral Reserves Sibanye-Stillwater’s 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 reports its Mineral Resources and Mineral Reserves in accordance with the rules and regulations promulgated by each of the United States Securities and Exchange Commission (SEC) and the JSE at all managed operations, development, and exploration properties. 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. OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 275

ADMINISTRATIVE AND CORPORATE INFORMATION SIBANYE STILLWATER LIMITED (SIBANYE-STILLWATER) Incorporated in the Republic of South Africa Registration number 2014/243852/06 Share code: SSW and SBSW Issuer code: SSW ISIN: ZAE000259701 LISTINGS JSE: SSW NYSE: SBSW WEBSITE www.sibanyestillwater.com REGISTERED AND CORPORATE OFFICE Constantia Office Park Bridgeview House, Building 11, Ground floor Cnr 14th Avenue & Hendrik Potgieter Road Weltevreden Park 1709 South Africa Private Bag X5 Westonaria 1780 South Africa Tel: +27 11 278 9600 Fax: +27 11 278 9863 COMPANY SECRETARY Lerato Matlosa Email: lerato.matlosa@sibanyestillwater.com DIRECTORS Dr Vincent Maphai* (Chairman) Neal Froneman (CEO) Charl Keyter (CFO) Dr Elaine Dorward-King* Harry Kenyon-Slaney* ^ Jeremiah Vilakazi*@ Keith Rayner* @ Dr Peter Hancock*** Philippe Boisseau** Richard Menell*@# Sindiswa Zilwa* Terence Nombembe^^ Timothy Cumming*@ Dr Richard Stewart (CEO designate)+ * Independent non-executive *@ Non-executive ^ Appointed as lead independent director 1 January 2024 # Resigned as lead independent director 1 January 2024 ** Appointed as independent non-executive director 8 April 2024 *** Appointed as independent non-executive director 6 May 2024 ^^ Appointed as independent non-executive director 11 September 2024 + Appointed Executive Director 1 March 2025 INVESTOR ENQUIRIES James Wellsted Executive Vice President: Investor Relations and Corporate Affairs Mobile: +27 83 453 4014 Email: james.wellsted@sibanyestillwater.com or ir@sibanyestillwater.com JSE SPONSOR J.P. Morgan Equities South Africa Proprietary Limited Registration number 1995/011815/07 1 Fricker Road, Illovo Johannesburg 2196 South Africa Private Bag X9936 Sandton 2146 South Africa AUDITORS Ernst & Young Inc (EY)* 102 Rivonia Road Sandton 2196 South Africa Private Bag X14 Sandton 2146 South Africa Tel: +27 11 772 3000 *to resign at the 2025 AGM AMERICAN DEPOSITARY RECEIPTS TRANSFER AGENT BNY Mellon Shareowner Correspondence (ADSs) Mailing address of agent: TMS PO Box 43078 Providence, RI 02940-3078 Overnight/certified/registered delivery: TMS 150 Royal Street, Suite 101 Canton, MA 02021 US toll free: + 1 888 269 2377 Tel: +1 201 680 6825 Email: shrrelations@cpushareownerservices.com Tatyana Vesselovskaya Relationship Manager - BNY Mellon Depositary Receipts Email: tatyana.vesselovskaya@bnymellon.com TRANSFER SECRETARIES SOUTH AFRICA Computershare Investor Services Proprietary Limited Rosebank Towers 15 Biermann Avenue Rosebank 2196 PO Box 61051 Marshalltown 2107 South Africa Tel: +27 11 370 5000 Fax: +27 11 688 5248 Forms of proxy to Meeting Scrutineers The Meeting Specialist Proprietary Limited JSE Building One Exchange Square 2 Gwen Lane Sandown Sandton, 2196 South Africa PO Box 62043 Marshalltown, 2107 South Africa Contact Farhana Adam Tel: +27 84 433 4836 Izzy van Schoor Tel: +27 81 711 4255 Michael Wenner Tel: +27 61 440 0654 e-mail: proxy@tmsmeetings.co.za OUR BUSINESS AND LEADERSHIP WHAT DRIVES US OUR PERFORMANCE REWARDING DELIVERY ANCILLARY INFORMATION IR – 276

Our strategic differentiator, inclusive, diverse, and bionic, is depicted in this image. The small markings signify computer code, highlighting the balance between technology and human individuality. This design emphasises how technology can enhance humanity while preserving our unique identities. We value our employees’ contributions, each leaving their unique ‘fingerprint’ on our business, and honour their commitment to our values, which drive our innovation and shared value.


AFR –	1

CONTENTS



Four-year financial performance	AFR – 2
Management’s discussion and analysis of the financial statements	AFR – 8
Statement of responsibility by the Board of Directors	AFR – 41
Company secretary’s confirmation	AFR – 41
Report of the Audit Committee	AFR – 42
Directors’ report	AFR – 47
Report of independent registered public accounting firm	AFR – 53
Consolidated income statement	AFR – 57
Consolidated statement of other comprehensive income	AFR – 57
Consolidated statement of financial position	AFR – 58
Consolidated statement of changes in equity	AFR – 59
Consolidated statement of cash flows	AFR – 60
Notes to the consolidated financial statements	AFR – 61
Shareholder information	AFR – 171
Administration and corporate information	AFR – 174

The audited consolidated financial statements for the year ended 31 December 2024 have been prepared by Sibanye-Stillwater’s group financial reporting team headed by Henning Opperman CA (SA). This process was supervised by the Group’s CFO, Charl Keyter and authorised for issue by Sibanye-Stillwater’s Board of Directors on 25 April 2025.


AFR –	2

FOUR-YEAR FINANCIAL PERFORMANCE


		2024	2023	2022	2021
Group financial statistics 1
Income statement
Revenue	Rm	112,129	113,684	138,288	172,194
Cost of sales, before amortisation and depreciation	Rm	(96,398)	(89,756)	(94,537)	(101,013)
Amortisation and depreciation	Rm	(8,810)	(10,012)	(7,087)	(8,293)
(Loss)/profit for the year	Rm	(5,710)	(37,430)	18,980	33,796
(Loss)/profit for the year attributable to owners of Sibanye-Stillwater	Rm	(7,297)	(37,772)	18,396	33,054
Basic earnings per share	cents	(258)	(1,334)	651	1,140
Diluted earnings per share	cents	(258)	(1,334)	650	1,129
Headline earnings per share	cents	64	63	652	1,272
Diluted headline earnings per share	cents	64	63	651	1,260
Dividend per share	cents	—	53	260	479
Weighted average number of shares	’000	2,830,567	2,830,528	2,826,085	2,898,804
Diluted weighted average number of shares	’000	2,830,567	2,830,567	2,830,781	2,927,246
Number of shares in issue at end of period	’000	2,830,567	2,830,567	2,830,370	2,808,406
Statement of financial position
Property, plant and equipment	Rm	66,906	61,338	76,909	62,494
Cash and cash equivalents	Rm	16,049	25,560	26,076	30,292
Total assets	Rm	137,992	142,941	166,631	152,994
Net assets	Rm	48,289	51,607	91,004	81,345
Stated share capital	Rm	21,647	21,647	21,647	21,647
Borrowings 2	Rm	41,687	36,618	22,728	20,298
Total liabilities	Rm	89,703	91,334	75,627	71,649
Statement of cash flows
Net cash from operating activities	Rm	10,113	7,095	15,543	32,256
Net cash used in investing activities	Rm	(24,338)	(22,038)	(17,374)	(14,568)
Net cash from/(used in) financing activities	Rm	4,735	12,976	(3,497)	(8,344)
Net (decrease)/increase in cash and cash equivalents	Rm	(9,490)	(1,967)	(5,328)	9,344
Other financial data
Adjusted EBITDA 3	Rm	13,088	20,556	41,111	68,606
Net debt/(cash) 4	Rm	23,424	11,918	(5,850)	(11,466)
Net debt/(cash) to adjusted EBITDA 5	ratio	1.79	0.58	(0.14)	(0.17)
Net asset value per share 6	R	17.06	18.23	32.15	28.96
Average exchange rate 7	R/US$	18.32	18.42	16.37	14.79
Closing exchange rate 8	R/US$	18.76	18.57	17.03	15.94
Share data
Ordinary share price – high	R	27.17	51.68	75.40	74.67
Ordinary share price – low	R	14.10	18.70	35.74	45.58
Ordinary share price at year end	R	14.98	24.90	44.72	49.10
Average daily volume of shares traded	’000	14,664	13,533	12,162	14,175
Market capitalisation at year end	Rbn	42	71	127	138

1 The selected historical consolidated financial data set out above have been derived from Sibanye-Stillwater’s consolidated financial statements for those periods and as at

those dates which have been prepared in accordance with IFRS Accounting Standards taking into account any changes in accounting principles. Headline earnings per

share is calculated in terms of the guidance issued by the South African Institute of Chartered Accountants (SAICA), see – Consolidated financial statements – Notes to the

consolidated financial statements – Note 12.3 Headline earnings per share

2 This represents total borrowings as per the consolidated financial statements, see – Consolidated financial statements – Notes to the consolidated financial statements –

Note 28 Borrowings and derivative financial instrument

3 The adjusted EBITDA is based on the formula included in the facility agreements for compliance with the debt covenant formula. Adjusted EBITDA may not be comparable

to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS Accounting Standards and should be considered in addition to,

and not as a substitute for, other measures of financial performance and liquidity. For a reconciliation of (loss)/profit before royalties and tax to adjusted EBITDA, see –

Consolidated financial statements – Notes to the consolidated financial statements – Note 28.10 Capital management

4 Net debt/(cash) represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye- Stillwater,

and, therefore, exclude the Burnstone Debt and include the derivative financial instrument. Net debt excludes cash of Burnstone. Where cash and cash equivalents exceed

borrowings and bank overdraft this represents a net cash position and the negative amount is shown in brackets

5 Net debt/(cash) to adjusted EBITDA (ratio) is defined as net debt/(cash) as at the end of a reporting period divided by adjusted EBITDA of the last 12 months ending on the

same reporting date. Where a net cash position arises the Net debt/(cash) to adjusted EBITDA (ratio) is negative and the amount is shown in brackets

6 Net asset value per share (ratio) is defined as total assets as at the end of a reporting period minus total liabilities as at the end of a reporting period divided by the total

number of shares in issue on the same reporting date

7 The average exchange rate during the relevant period as reported by Equity RT/IRESS. The average exchange rate for the period through 17 April 2025 was R18.58/US$. The

table below sets forth the high and low exchange rates for each month during the previous six months


AFR –	3

FOUR-YEAR FINANCIAL PERFORMANCE continued

Table of high and low exchange rates for six months from October 2024 to March 2025


Month ended	High	Low
31 October 2024	17.87	17.20
30 November 2024	18.39	17.27
31 December 2024	18.90	17.61
31 January 2025	19.22	18.29
28 February 2025	19.03	18.29
31 March 2025	19.22	18.00
Through 17 April 2025	19.93	18.00

The closing exchange rate at period end. The closing exchange rate on 17 April 2025, as reported by EquityRT, was R18.78/US$. Fluctuations in the exchange rate between the

rand and the US dollar will affect the US dollar equivalent of the price of the ordinary shares on the JSE, which may affect the market price of the American Depositary Shares

(ADSs) trading on the NYSE. These fluctuations will also affect the US dollar amounts received by owners of ADSs on the conversion of any dividends paid in rand on the ordinary


		2024	2023	2022	2021

Group operating statistics
US PGM operations 1
Production
Ore milled	’000t	1,129	1,174	1,154	1,469
Platinum produced	‘000oz	97	98	97	129
Palladium produced	‘000oz	329	330	325	441
PGM produced	‘000 2Eoz	426	427	421	570
PGM sold	‘000 2Eoz	462	425	419	548
PGM recycled	‘000 3Eoz	316	310	599	755
Price and costs
Average basket price	R/2Eoz	18,097	22,890	30,482	31,021
	US$/2Eoz	988	1,243	1,862	2,097
	R/3Eoz	23,189	42,981	50,202	51,987
	US$/3Eoz	1,266	2,334	3,067	3,515
Operating cost 2	R/t	7,839	7,837	6,811	5,174
	US$/t	428	426	416	350
	R/2Eoz	20,775	21,539	18,671	13,324
	US$/2Eoz	1,134	1,170	1,141	901
Revenue	Rm	16,781	23,812	46,090	59,053
Adjusted EBITDA 3	Rm	215	1,317	7,604	12,256
Adjusted EBITDA margin 4	%	1	6	16	21
All-in sustaining cost 5	R/2Eoz	25,042	34,465	25,951	14,851
	US$/2Eoz	1,367	1,872	1,586	1,004
All-in cost 5	R/2Eoz	25,784	36,277	29,145	19,078
	US$/2Eoz	1,408	1,970	1,781	1,290
Capital expenditure
Total capital expenditure	Rm	2,822	6,841	5,416	4,556


AFR –	4

FOUR-YEAR FINANCIAL PERFORMANCE continued


		2024	2023	2022	2021

US RELDAN OPERATIONS 6
Volume sold:
Gold	oz	107,680
Silver	oz	1,660,299
Platinum	oz	15,292
Palladium	oz	19,835
Other (Rhodium, Ruthenium, Iridium)	oz	63
Copper	Lbs	2,590,335
Mixed scrap	Lbs	4,690,801
Revenue	Rm	6,306
Adjusted EBITDA 3	Rm	268
Adjusted EBITDA margin 4	%	4
Capital expenditure
Total capital expenditure	Rm	10

SA PGM operations 7
Production
Ore milled	’000t	35,842	36,048	36,644	38,307
Platinum produced	‘000oz	1,090	1,054	1,028	1,123
Palladium produced	‘000oz	549	526	517	566
PGM produced	‘000 4Eoz	1,739	1,673	1,667	1,836
PGM sold including PoC	‘000 4Eoz	1,807	1,720	1,662	1,886
Price and costs 8
Average basket price	R/4Eoz	24,213	28,979	42,914	47,066
	US$/4Eoz	1,322	1,574	2,622	3,182
Operating cost 2	R/t	1,125	986	860	781
	US$/t	61	54	53	53
	R/4Eoz	23,933	21,951	19,543	16,780
	US$/4Eoz	1,307	1,192	1,194	1,135
Revenue	Rm	51,257	55,593	71,665	85,154
Adjusted EBITDA 3	Rm	7,399	17,620	38,135	51,608
Adjusted EBITDA margin 4	%	14	32	53	61
All-in sustaining cost 5	R/4Eoz	21,948	20,054	19,313	16,982
	US$/4Eoz	1,198	1,089	1,180	1,148
All-in cost 5	R/4Eoz	22,465	20,726	19,916	17,108
	US$/4Eoz	1,226	1,125	1,217	1,157
Capital expenditure
Total capital expenditure	Rm	5,846	5,647	5,104	3,799

SA gold operations
Production
Ore milled	’000t	33,522	31,941	36,172	44,402
Gold produced	kg	21,915	25,212	19,301	33,372
	’000oz	705	811	621	1,073
Gold sold	kg	22,239	25,429	18,859	33,374
	’000oz	715	818	606	1,073

Price and costs
Gold price	R/kg	1,400,468	1,146,093	946,073	849,703
	US$/oz	2,378	1,936	1,798	1,787
Operating cost 2	R/t	696	752	573	503
	US$/t	38	41	35	34
	R/kg	1,065,070	953,118	1,074,400	669,723
	US$/oz	1,809	1,610	2,042	1,408
Revenue	Rm	31,145	29,143	17,842	28,358
Adjusted EBITDA 3	Rm	5,832	3,523	(3,546)	5,113
Adjusted EBITDA margin 4	%	19	12	(20)	18
All-in sustaining cost 5	R/kg	1,251,810	1,127,138	1,268,360	803,260
	US$/oz	2,126	1,904	2,410	1,689
All-in cost 5	R/kg	1,411,619	1,230,328	1,341,588	821,358
	US$/oz	2,397	2,078	2,549	1,727
Capital expenditure
Total capital expenditure	Rm	7,253	6,708	4,559	4,380


AFR –	5

FOUR-YEAR FINANCIAL PERFORMANCE continued


		2024	2023	2022
Sandouville nickel refinery 9
Volumes produced
Nickel Salts 10	tonnes	1,156	1,411	2,003
Nickel Metal	tonnes	6,549	5,714	4,839
Total Nickel production	tNi	7,705	7,125	6,842
Nickel Cakes 11	tonnes	283	320	284
Cobalt Chloride (CoCl 2 ) 12	tonnes	101	127	153
Ferric Chloride (FeCl 3 ) 12	tonnes	1,069	1,214	1,399
Volumes sales
Nickel Salts 10	tonnes	1,490	1,134	1,860
Nickel Metal	tonnes	6,225	5,721	4,987
Total Nickel sold	tNi	7,715	6,855	6,847
Nickel Cakes 11	tonnes	77	21	—
Cobalt Chloride (CoCl 2 ) 12	tonnes	92	116	164
Ferric Chloride (FeCl 3 ) 12	tonnes	1,069	1,214	1,399
Price and costs
Nickel equivalent average basket price 13	R/tNi	360,855	441,138	458,595
	US$/tNi	19,701	23,955	28,019
Revenue	Rm	2,784	3,024	3,140
Adjusted EBITDA 3	Rm	(723)	(1,328)	(492)
Adjusted EBITDA margin 4	%	(26)	(44)	(16)
Nickel equivalent sustaining cost 14	R/tNi	449,644	653,246	527,676
	US$/tNi	24,548	35,474	32,239
Capital expenditure
Total capital expenditure	Rm	173	248	90


		2024	2023
Century zinc retreatment operation 15
Production
Ore mined and processed	kt	6,807	6,097
Zinc metal produced (payable) 16	kt	82	76
Zinc sold (payable) 17	kt	82	77
Price and costs
Average equivalent zinc concentrate price 18	R/tZn	49,046	31,815
	US$/tZn	2,678	1,728
Revenue	Rm	3,983	2,251
Adjusted EBITDA 3	Rm	641	(285)
Adjusted EBITDA margin 4	%	16	(13)
All-in sustaining cost 5	R/tZn	42,446	36,361
	US$/tZn	2,317	1,975
All-in cost 5	R/tZn	42,617	39,359
	US$/tZn	2,327	2,137
Capital expenditure
Total capital expenditure	Rm	192	165


AFR –	6

FOUR-YEAR FINANCIAL PERFORMANCE continued

Figures in tables below may not add as they are rounded independently


Unit operating cost 2 : US underground PGM operations		2024	2023	2022	2021
Cost of sales, before amortisation and depreciation	Rm	9,846	9,680	7,458	7,567
Inventory change	Rm	(999)	(477)	405	33
Total operating cost	Rm	8,847	9,203	7,863	7,600

Tonnes milled/treated	000't	1,129	1,174	1,154	1,469
PGM production	000 2Eoz	426	427	421	570

Operating cost 2	R/t	7,839	7,837	6,811	5,174
	US$/t	428	426	416	350
	R/2Eoz	20,775	21,539	18,671	13,324
	US$/2Eoz	1,134	1,170	1,141	901


Unit operating cost 2 : SA PGM operations (excluding Mimosa and Purchase of Concentrate (PoC))		2024	2023	2022	2021
Cost of sales, before amortisation and depreciation	Rm	42,964	36,699	32,281	31,972
Inventory change	Rm	182	1,938	2,315	1,294
Less: Chrome cost of sales	Rm	(2,056)	(1,715)	(1,528)	(1,286)
Less: Purchase cost of PoC	Rm	(2,407)	(2,753)	(2,738)	(3,170)
Total operating cost excluding third party PoC	Rm	38,683	34,169	30,330	28,810

Tonnes milled/treated	000't	35,842	36,048	36,644	38,307
Less: Mimosa tonnes (equity accounted)	000't	(1,469)	(1,392)	(1,387)	(1,422)
PGM tonnes excluding Mimosa and third party PoC	000't	34,373	34,656	35,257	36,885

PGM production (excluding PoC)	000 4Eoz	1,739	1,673	1,667	1,836
Less: Mimosa production (equity accounted)	000 4Eoz	(123)	(116)	(116)	(119)
PGM production excluding Mimosa and third party PoC	000 4Eoz	1,616	1,557	1,552	1,717

Operating cost 2	R/t	1,125	986	860	781
	US$/t	61	54	53	53
	R/4Eoz	23,933	21,951	19,543	16,780
	US$/4Eoz	1,307	1,192	1,194	1,135


Unit operating cost 2 : SA Gold operations		2024	2023	2022	2021
Cost of sales, before amortisation and depreciation	Rm	23,598	24,080	20,175	22,256
Inventory change (Gold in process)	Rm	(257)	(50)	562	94
Total operating cost	Rm	23,341	24,030	20,737	22,350

Tonnes milled/treated	000't	33,522	31,941	36,172	44,402
Gold Production	kg	21,915	25,212	19,301	33,372
	000'oz	705	811	621	1,073

Operating cost 2	R/t	696	752	573	503
	US$/t	38	41	35	34
	R/kg	1,065,070	953,118	1,074,400	669,723
	US$/oz	1,809	1,610	2,041	1,408

1 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into SA rand. In addition to the US PGM

operations’ underground production, the operation processes recycling material which is excluded from the 2E PGM production, 2E average basket price, operating cost,

total capital expenditure, All-in sustaining cost and All-in cost statistics shown. PGM recycling represents palladium, platinum, and rhodium ounces fed to the furnace

2 Operating cost is a non-IFRS measure see page AFR-39 for additional information. Operating cost is the average cost of production, and operating cost per tonne is

calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled in the same period, and operating

cost per ounce and kilogram is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold kilograms

produced or platinum group metals (PGM) 2E or 4E ounces produced in the same period


AFR –	7

FOUR-YEAR FINANCIAL PERFORMANCE continued

3 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. Adjusted EBITDA is a non-IFRS measure see page AFR-38 for additional information. Adjusted EBITDA may not be comparable to similarly

titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS Accounting Standards and should be considered in addition to, and not as

a substitute for, other measures of financial performance and liquidity. For a reconciliation of profit/(loss) before royalties and tax to adjusted EBITDA, see – Consolidated

financial statements – Notes to the consolidated financial statements – Note 28.10 Capital management

4 Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue. Adjusted EBITDA margin is a non-IFRS measure see page AFR-38 f or additional information

5 Sibanye-Stillwater presents the financial measures “All-in sustaining costs”, “All-in costs”, “All-in sustaining cost per kilog ram”, “All-in sustaining cost per ounce”, “All-in

sustaining cost per tonne”,“All- in cost per kilogram”, “All-in cost per ounce” and “All-in cost per tonne”, which were introduced during the year ended 31 December 2013 by

the World Gold Council (the Council). The Council is a non-profit association of the world’s leading gold mining companies established in 1987 to promote the use of gold

from industry, consumers and investors and is not a regulatory organisation. The Council has worked with its member companies to develop a metric that expands on IFRS

Accounting Standards measures such as cost of goods sold and currently accepted non-IFRS measures to provide relevant information to investors, governments, local

communities and other stakeholders in understanding the economics of gold mining operations related to expenditures, operating performance and the ability to generate

cash flow from operations. This is especially true with reference to capital expenditure associated with developing and maintaining gold mines, which has increased

significantly in recent years and is reflected in this metric

All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in sustaining cost per tonne, All-in cost per kilogram, All-in cost per

ounce and All-in cost per tonne metrics are intended to provide additional information only, do not have any standardised meaning prescribed by IFRS Accounting

Standards and should not be considered in isolation or as alternatives to cost of sales, (loss)/profit before tax, (loss)/profit for the year, cash from operating activities or any

other measure of financial performance presented in accordance with IFRS. All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per

ounce, All-in sustaining cost per tonne, All-in cost per kilogram, All-in cost per ounce and All-in cost per tonne as presented in this document may not be comparable to

other similarly titled measures of performance of other companies. Other companies may calculate these measures differently as a result of differences in the underlying

accounting principles, policies applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining versus

development capital activities based upon each company’s internal policies. All-in costs excludes income tax, costs associated with merger and acquisition activities,

working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in costs is made up of All-in sustaining costs, being

the cost to sustain current operations, given as a sub-total in the All-in costs calculation, together with corporate and major capital expenditure associated with growth. For

a reconciliation of cost of sales, before amortisation and depreciation to All-in costs and Nickel equivalent sustaining cost, see – Overview – Management’s discussion and

analysis of the financial statements – 2024 financial performance compared with 2023 – Cost of sales – All-in sustaining cost, All-in cost and Nickel equivalent sustaining cost

6 The acquisition of the Reldan Group of Companies (Reldan) was concluded on 15 March 2024. The year ended 31 December 2024 include the results since acquisition

7 SA PGM operations excludes the production and costs associated with the purchase of concentrate (PoC) from third parties from 1 January 2020 onwards. During 2024, the

SA PGM operations produced 96,464 4Eoz (2023: 96,403 4Eoz; 2022: 63,344 4Eoz; 2021: 60,532 4Eoz) of PoC at a cost of R2.4 billion (2023: R2.8 billion; 2022: R2.7 billion; 2021:

R3,2 billion)

8 The total SA PGM operations unit cost benchmarks (including capital expenditure) exclude the financial results of Mimosa, which is equity accounted, and excluded from

revenue and cost of sales

9 Amounts included since effective date of the acquisition on 4 February 2022

10 Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution

11 Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process

12 Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis

13 The Nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent

tonnes sold

14 The Nickel equivalent sustaining cost, is the cost to sustain current operations. Nickel equivalent sustaining cost per tonne nickel is calculated by dividing the Nickel

equivalent sustaining cost, in a period by the total nickel products sold over the same period. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per

tonne are intended to provide additional information only, do not have any standardised meaning prescribed by IFRS and should not be considered in isolation or as

alternatives to cost of sales, profit before tax, profit for the year, cash from operating activities or any other measure of financial performance presented in accordance with

IFRS. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne as presented in this document may not be comparable to other similarly titled

measures of performance of other companies. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles,

policies applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining versus development capital

activities based upon each company’s internal policies. For a reconciliation of cost of sales, before amortisation and depreciation to Nickel equivalent sustaining cost, see –

Overview – Management’s discussion and analysis of the financial statements – 2024 financial performance compared with 2023 – Cost of sales – All-in sustaining cost, All-in

cost and Nickel equivalent sustaining cost

15 Century is a leading tailings reprocessing and rehabilitation asset that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia.

Century was acquired by the Group on 22 February 2023

16 Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions

17 Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions

18 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 metal sold


AFR –	8

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF THE FINANCIAL STATEMENTS

The following discussion and analysis should be read together with Sibanye Stillwater Limited's Group (the "Group" or "Sibanye-Stillwater")

consolidated financial statements, including the notes. Certain information contained in the discussion and analysis set forth below includes

forward-looking statements that involve risks and uncertainties. For a discussion of important factors that could cause actual results to differ

materially from the results described in or implied by the forward-looking statements contained in this Annual Financial Report, see –

Disclaimer – Forward-looking statements. The comparison of the Group’s 2023 financial performance to the Group’s 2022 financial

performance can be found on pages AFR-8 to AFR-38 of Sibanye Stillwater Limited’s Annual Report on Form 20-F for the year ended 31

December 2023 that was filed with United States Securities and Exchange Commission on 26 April 2024.

Introduction

Sibanye-Stillwater is a multinational mining and metals processing Group with a diverse portfolio of mining, recycling and processing

operations, projects and investments across five continents. The Group is one of the foremost global recyclers of precious metals including

platinum group metals (PGMs) from spent autocatalysts and has controlling 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 also

a top tier gold producer. It 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. The Group's operations are discussed below and for

information on the nature of the Group's business see – Consolidated Financial Statements – Notes to the consolidated financial statements –

Note 1.1: Reporting entity .

Our operations

Americas

PGMs

Sibanye-Stillwater wholly owns and operates PGM mining, processing and recycling operations located in Montana, US. These assets include

the Stillwater mine (inclusive of the Stillwater west and east mines), the East Boulder mine, two concentrator plants and PGM mining claims

located near the town of Nye. In addition, the Group owns and operates a metallurgical smelter and base metals refinery complex situated

in the town of Columbus, Montana, which also serves as the base for our PGM recycling business that recovers PGMs from used catalytic

converters. The Group also has a 13.85% (2023: 13.90%) equity holding in Generation Mining Ltd, the owners and operator of the Marathon

PGM project in Canada.

At 31 December 2024, the Group also held an effective 48.61%, non-managed interest in the Altar copper-gold porphyry exploration project

in Argentina. This effective interest comprised of the Group's 40% legal interest held at 31 December 2024 in Peregrine Metals Limited

(Peregrine) and the Group's 14.34% equity holding in Aldebaran Resources Inc. (Aldebaran). At 31 December 2024 Aldebaran owned a 60%

legal interest in Peregrine. Subsequent to 31 December 2024, the final earn-in process was completed and additional Peregrine shares were

issued to Aldebaran, resulting in the Group’s remaining shareholding in Peregrine to be 20%, and a 31.47% effective interest in the Altar

project.

Sibanye-Stillwater acquired Reldan Group of Companies (Reldan) on 15 March 2024 by acquiring 100% of the shares and voting interest.

Reldan processes and refines a range of precious metals recovered from scrap jewellery, industrial waste, and electronic scrap. These

materials are transformed into various low- and high-grade precious metal products. High-grade metals are refined to 99.9% purity through

chemical purification, then cast into ingots or bars and supplied to leading refiners worldwide. Lower-grade materials are sent to major

copper smelters for further processing.

Battery metals

The Group holds a 6.19% interest in ioneer Limited, the owner and operator of the Rhyolite Ridge lithium and boron project in Nevada. The

Group had an agreement with ioneer Limited to establish a 50:50 Joint Venture (JV) with respect to the Rhyolite Ridge project in Nevada,

subject to the satisfaction of all conditions precedent. Post 31 December 2024 but prior to the Board approval of these consolidated

financial statements for issue, Sibanye-Stillwater notified ioneer that the Board had made a decision not to proceed with the Rhyolite Ridge

Lithium-Boron Project under the JV agreement.

Southern Africa

During the year, to optimise the SA region for sustained, safe production, the SA gold and SA PGM operations were consolidated into a

single regional operational structure with functional support from a streamlined services structure. The revised operating model and structure

enables operational teams to focus on core operational outputs with services support geared towards operational delivery and an enabling

environment for innovation and sustainability.

PGMs

The SA PGM operations comprise three managed underground operations (Marikana, Rustenburg and Kroondal). In addition, the PGM

segment has a 50% attributable interest in a non-managed, underground operation (Mimosa) in Zimbabwe.

The Rustenburg (74% attributable) and Kroondal (87% attributable) operations produce concentrate which is processed in terms of a toll-

treatment agreement by Rustenburg Platinum Mines Limited, a wholly owned subsidiary of Anglo American Platinum Limited.

The Marikana operation (80.64% attributable) processes its own as well as third-party concentrate via a metallurgical smelter and base

metals refinery situated at the operations, and a precious metals refinery complex located in Brakpan, to the east of Johannesburg.


AFR –	9

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Apart from the primary mining operations, significant tailings treatment operations exist:

• the Platinum Mile tailings retreatment facility (100% owned and managed) recovers PGMs from historic Rustenburg Tailings Storage

Facilities (TSF) as well as live tailings streams from the Rustenburg concentrator plants

• the Western Limb tailings retreatment (WLTR) plant recovers PGMs from historic TSFs at the Rustenburg operation

• the Bulk tailings treatment (BTT) facility recovers chrome and PGMs from the Eastern Platinum Tailings Dam Number 1 TSF at the Marikana

operation

• the Eastern tailings treatment project (ETTP) facility recovers PGMs from live tailings material from the Eastern Platinum Proprietary Limited

concentrator at the Marikana operation. Chrome recovery from EPL live tailings occurs at the EPL Glencore Chrome Recovery Plant

• at the Rustenburg, Kroondal and Marikana operations, chrome concentrate is recovered as a by-product from the UG2 tailings streams

The Akanani exploration project (80.13% attributable) is an exploration asset on the northern limb of the Bushveld Igneous Complex (BIC)

near the town of Mokopane. The Limpopo exploration project, located approximately 50km southeast of Mokopane, consists of the care

and maintenance Baobab operation (80.64% attributable), the Dwaalkop mining right (50:50 JV area with Northam, 40.32% attributable),

and the Doornvlei mining right (80.64% attributable).

Gold

The SA gold operations are made up of four managed, producing, underground and surface operations in South Africa, namely the Kloof

(100% attributable), Driefontein (100% attributable) and Cooke (76% attributable) operations in the West Wits region, and Beatrix (100%

attributable) operation in the Free State province.

Burnstone (100% attributable) is a development project in the Mpumalanga province. In addition, and in support of its gold mining activities,

Sibanye-Stillwater owns and manages five metallurgical processing facilities where gold-bearing ore is processed and gold extracted.

Wholly-owned and managed projects in study phase include Bloemhoek and De Bron Merriespruit, which form part of the Southern Free

State (SOFS) exploration project.

The Group also reports Mineral Resources and Mineral Reserves on an attributable basis for DRDGOLD Limited (DRDGOLD) due to its 50.23%

effective equity interest. DRDGOLD operates the Far West Gold Recoveries (FWGR) and the Ergo Gold Recoveries operations.

Green metals

Significant quantities of uranium are present in the historic TSFs of the Cooke operation, as well as the Beisa project area, a combined gold

and uranium deposit at the Beatrix operation. These are considered exploration projects, even though they occur within existing operational

mining right areas.

The feasibility study (FS) into the exploitation of the Cooke dump is progressing well with the FS expected to be delivered by Q4 2025

and a final investment decision expected in 2026. The Beisa Mineral Resource is reported subject to a pending transaction with

Neo Energy Metals PLC, expected to close in early 2026, for the sale of the Beisa uranium asset in exchange for a consideration of

R250 million in cash and R250 million in equity in Neo (approximately 40%).

Europe

Battery metals

The Group is developing the Keliber lithium project in Finland( 79.82% attributable). During 2024, construction of the lithium-hydroxide refinery

and the concentrator plant near Kaustinen were advanced (Scheduled for completion in 2025). Open pit excavation is scheduled to

commence in Q3 2025, with first lithium hydroxide monohydrate production in H1 2027. Hot commissioning of the Keliber concentrator is

expected to start in Q1 2026 followed by hot commissioning of the lithium refinery in Q2 2026. Significant exploration activities are also

ongoing at the extensive mineral title holdings.

Australia

Green metals

The Group owns 100% of the Century zinc operation in Queensland, which operates the largest tailings retreatment operation in Australia.

The Group is studying and investigating alternative uses for the considerable fixed infrastructure that would extend the life of the operation,

post the TSF depletion. In addition, the feasibility study into reopening the Mt Lyell (under care and maintenance) copper mine in Tasmania

is continuing, with an Association for the Advancement of Cost Engineering (AACE) Class 2 study expected to be delivered in Q4 2025,

followed by a final investment decision in early 2026.

Metals and Production Summary

At our PGM operations in South Africa and Zimbabwe, the primary PGMs produced are platinum, palladium and rhodium, which together

with gold, are referred to as 4E (3 PGM+Au). 4E Production prill split ratio in 2024 was approximately 59% (2023: 59%) platinum (Pt), 30% (2023:

30%) palladium (Pd), 9% (2023: 9%) rhodium (Rh) and gold (Au) 2% (2023: 2%). During 2024 Kroondal transitioned to the Rustenburg operation

toll treatment (Toll) arrangement with Anglo American Platinum Limited (Anglo Plats). Under the Toll arrangement Sibanye-Stillwater uses

Anglo Plats to smelt and refine concentrate from its Rustenburg operation and it retains ownership of the refined 4E metal produced. At our

Marikana operation all concentrate is smelted to produce furnace matte and is further refined by the base metal and precious metal

refineries. The final refined metals are produced as ingots or sponge and comprise platinum, palladium, rhodium, gold, iridium and

ruthenium which together are referred to as the 6E. Platinum Mile operations remain on a PoC agreement with Anglo Plats. The Marikana

operation has agreements in place to purchase PGM concentrate from third parties. The processing of third-party material allows better

utilisation of excess smelting and refining capacity.


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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

The US PGM operations primarily produce 77% (2023: 77%) palladium and 23% (2023: 23%) platinum, referred to as 2E (or 2PGM) from primary

mining and 21% (2023: 20%) platinum, 71% (2023: 71%) palladium and 8% (2023: 9%) rhodium, referred to as 3E (or 3PGM) from the recycling

of spent autocatalytic converters. Ore extraction at its mines takes place within the J-M Reef. A mill at each of the mining operations

upgrades the mined production into a concentrated form. Sibanye-Stillwater operates a smelter and base metal refinery in Columbus,

Montana which further upgrades the mined concentrates into a PGM-rich filter cake. The filter cake is then shipped to a third-party refiner

for final refining before the PGMs are sold to third-parties.

The major sources of demand for PGMs are for use in autocatalysts and jewellery. Combined, these two areas accounted for around 61%

(2023: 59%) of gross platinum demand in 2024. Gross autocatalyst demand alone accounted for 43% (2023: 41%) of platinum demand and

for 84% (2023: 84%) of palladium demand in 2024. Sibanye-Stillwater sells PGM concentrate from its SA PGM operations locally and it also sells

refined PGMs to customers in the USA, UK, EU, Canada and Japan.

Sibanye-Stillwater mines, extracts and processes gold-bearing ore at its SA gold operations to produce a beneficiated product, doré, which

is then refined at Rand Refinery Proprietary Limited (Rand Refinery) to gold bars with a purity of at least 99.9% in accordance with the

London Bullion Market Association’s standards of Good Delivery. Sibanye-Stillwater holds a 44% interest in Rand Refinery, one of the largest

refiners of gold globally and the largest in Africa. Sibanye-Stillwater sells the refined gold to its customers who are international and local

banks based and a residual amount (below 5%) is sold to Rand Refinery. The main sources of demand for gold are as a store of value (such

as central bank holdings), as an investment (exchange traded funds, bars and coins), jewellery and for various industrial purposes.

The majority of the nickel product at Sandouville was sold to a commodity trading company. The balance of the nickel product was sold to

catalyst producers and plating product distributors.

Zinc concentrate was sold either through traders or directly to smelters in Australia, Korea and China for treatment into a refined 99.995% zinc

metal, ready for sale to end users. The main sources of demand for zinc are for use as a coating to protect iron and steel from corrosion

(galvanized metal), as alloying metal to make bronze and brass, as zinc-based die casting alloy and as rolled zinc.

In 2024, Sibanye-Stillwater delivered attributable PGM production of 1.84Moz (4E) (2023: 1.77Moz (4E)) and 0.43Moz (2E) (2023: 0.43Moz (2E)),

and produced 21,915kg (0.70Moz) (2023: 25,212kg or 0.81Moz) of gold, from its SA PGM, US PGM, SA gold operations respectively. Sibanye-

Stillwater also produced 7,705 tonnes of Nickel (tNi) (2023: 7,125 tNi) at Sandouville and 100 kilotonnes (kt) of zinc in a 45.8 % zinc concentrate

for 82 kt of payable zinc metal at its Century zinc retreatment operation (2023: 92 kt of zinc in a 45.2 % zinc concentrate for 76 kt of payable

zinc metal for 10 months)

During the 2024 year, Sibanye-Stillwater incurred a loss of R5,710 million (2023: R37,430 million), of which a R7,297 million loss (2023: R37,772) is

attributable to the owners of Sibanye-Stillwater.

At 31 December 2024, Sibanye-Stillwater had the following attributable mineral reserves

• 2E PGM mineral reserves of 19.0Moz (2023: 26.3Moz)

• 4E PGM mineral reserves of 28.1Moz (2023: 28.1Moz)

• gold mineral reserves of 10.0 Moz (2023: 10.9Moz)

• zinc mineral reserve of 1,218.4 Mlb (2023: 1,726.2Mlb)

• lithium mineral reserve of 248.4 kt (2023: 181.9kt)

Strategy

Strategic review

Chrome value opportunity

On 19 February 2025 a strategic enhancement to the historical Marikana chrome contract (Marikana Contract) and a new Chrome

Management Agreement (CMA) were signed with the Glencore Merafe Venture (GM Venture). The majority of the Chrome Recovery Plants

(CRPs) at Sibanye-Stillwater’s SA PGM operations will be operated by the GM Venture once the CMA is effective, which intends to leverage

its processing expertise to optimise chrome production yields and reduce operational costs across all relevant CRPs.

The enhanced Marikana Contract is expected to accelerate completion of delivery of contracted chrome volumes agreed between

Lonmin and the GM Venture in 2011, by approximately 20 years, through increasing feed and improving recoveries from the Marikana CRPs.

Upon expiry of the Marikana Contract, the Marikana CRPs will become subject to the terms of the CMA, increasing Sibanye-Stillwater's share

of free cash flow from chrome production from the Marikana CRPs. Together, these agreements are expected to allow greater exposure to

chrome prices and incentivise future chrome production growth, realising significant value for Sibanye-Stillwater and enhancing value

creation opportunities for the Marikana operation.

The improved economics of Sibanye-Stillwater's chrome production are expected to enhance the inherent value and commercial viability

of development and extension projects at the SA PGM operations, which are currently being assessed.

Uranium strategy

On 9 December 2024, the Group announced that it had agreed to sell its Beatrix 4 shaft, Beatrix operations in the Free State (which includes

the Beisa uranium project), to Neo Energy Metals Plc. (Neo Energy) for a total Transaction consideration of R500 million, comprising R250

million in cash and R250 million in newly issued shares in Neo Energy (which on signing equated to Sibanye-Stillwater owning a shareholding

of approximately 40% in Neo Energy). Neo Energy is a uranium exploration and development company listed on the main board of the

London Stock Exchange (LSE) and dual-listed in South Africa on the A2X market.

This transaction advances the Group uranium strategy by presenting Neo Energy with an opportunity to develop the Beisa uranium project

to be developed by Neo Energy, while allowing Sibanye-Stillwater to maintain exposure to future uranium production without sole reliance

on Group capital funding.


AFR –	11

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

The Group is also assessing various alternatives to release value from its significant surface uranium resources at Cooke. Further details will be

announced as appropriate.

The following financial review provides stakeholders with greater insight into the financial performance and position of the Group during the

periods indicated.

Factors affecting Sibanye-Stillwater’s performance

Commodity prices

Sibanye-Stillwater’s revenues are primarily from the sale of the PGMs and gold produced from its own mines and its U.S. PGM recycling

facilities, which include the U.S. Reldan operations. At these facilities, the Group generates revenue from the sale of gold, silver, copper, and

PGMs recovered from reclaimed industrial manufacturing scrap, post-consumer electronic scrap, and jewellery, as well as from the sale of

silver and mixed scrap. At the Sandouville nickel refinery Sibanye-Stillwater derives revenues from the sale of nickel metal and nickel salts

which are currently 2% of Group Revenue and at the Century zinc retreatment operation, Sibanye-Stillwater derives revenues from the sale

of zinc and silver in concentrate which is currently 4% of Group revenue. For mined production, Sibanye-Stillwater does not generally enter

into forward sales, commodity derivatives or other hedging arrangements in order to establish a price in advance of the sale of its

production, unless these derivatives are used for risk mitigation and project funding initiatives. As a result, Sibanye-Stillwater is normally fully

exposed to changes in commodity prices for its mined production.

However, Sibanye-Stillwater has policies in areas such as counterparty exposure, hedging practices and prudential limits, which have been

approved by Sibanye-Stillwater’s Board of Directors (Board). Management of financial risk is centralised at Sibanye-Stillwater's treasury

department (Treasury), which acts as the interface between Sibanye-Stillwater’s operations and counterparty banks. Treasury manages

financial risk in accordance with the policies and procedures established by the Board and executive committee. The Board has approved

dealing limits for money market, foreign exchange and commodity transactions, which Treasury is required to adhere to. Among other

restrictions, these limits describe which instruments may be traded and demarcate open position limits for each category as well as

indicating counterparty credit-related limits.

Metals from recycled material, which is produced at the Columbus metallurgical facilities in Montana and Reldan facilities in Pennsylvania,

are sold forward at the time the material is purchased and they are delivered against the forward sales contracts when the ounces are

recovered. This negates commodity price volatility and exposure during the outturn period of approximately sixty to ninety days in the case

of Columbus and thirty to one hundred and twenty days in the case of Reldan.

As detailed previously, PGM, gold, nickel and zinc hedging is normally considered under one or more of the following circumstances: to

protect cash flows at times of significant capital expenditures; financing projects; or to safeguard the viability of higher cost operations. For a

list of commodity price hedges outstanding at 31 December 2024, see – Consolidated financial statements – Notes to the consolidated

financial statements – Note 36.2: Risk management activities.

Historically, platinum, palladium and rhodium prices were subject to wide fluctuations and are affected by numerous factors beyond

Sibanye-Stillwater’s control, including international macroeconomic conditions and outlook, levels of supply and/or demand, any actual or

potential threats to the stability of supply and/or demand, inventory levels maintained by users and producers, liquidity of above ground

excess inventories, actions of participants in the commodities markets and currency exchange rates, particularly the rand to the US dollar.

The platinum price continued to trade broadly sideways in a wide range despite an estimated deficit market in 2024. The price reached a

high of $1,100/oz in May after dipping below $900/oz in the first quarter. The palladium price was relatively subdued in 2024, falling below

$900/oz on a few occasions, with $1,100/oz proving to be the top of its trading range. At the G7 meeting in October the US was reported to

have suggested sanctioning Russian palladium and the palladium price jumped to $1,250/oz, but rapidly gave back those gains. The

rhodium price gradually appreciated during 2024. Stock sales from the glass industry were much more limited than in 2023.

The volatility of the price of platinum is illustrated in the platinum price table below (which shows the annual high, low and average market

price of platinum). Over the period from 2022 to 2024, the platinum price fluctuated between a high price of US$1,181/oz and a low price

US$829/oz.


	US$/oz 1,2
Platinum	High	Low	Average
2022	1,181	829	964
2023	1,132	839	962
2024	1,105	865	956
2025 (through 17 April 2025)	1,052	852	969
1 Rounded to the nearest US dollar
2 Metal price sourced from EquityRT

The market price of platinum was US$894/oz at 31 December 2024 and was US$964/oz on 17 April 2025.


AFR –	12

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

The volatility in the price of palladium is illustrated in the palladium price table below (which shows the annual high, low and average market

price of palladium). Over the period from 2022 to 2024, the palladium price fluctuated between a high price of US$3,433/oz and a low price

US$808/oz.


	US$/oz 1,2
Palladium	High	Low	Average
2022	3,433	1,668	2,117
2023	1,840	920	1,321
2024	1,248	808	975
2025 (through 17 April 2025)	1,070	861	952
1 Rounded to the nearest US dollar
2 Metal price sourced from EquityRT

The market price of palladium was US$889/oz at 31 December 2024 and was US$946/oz on 17 April 2025.

The volatility of the price of rhodium is illustrated in the rhodium price table below (which shows the annual high, low and average market

price of rhodium). Over the period from 2022 to 2024, the rhodium price fluctuated between a high price of US$22,200/oz and a low price

US$4,000/oz.


	US$/oz 1,2
Rhodium	High	Low	Average
2022	22,200	12,250	15,466
2023	12,400	4,000	6,108
2024	4,825	4,325	4,638
2025 (through 17 April 2025)	6,050	4,575	5,013
1 Rounded to the nearest US dollar
2 Metal price sourced from EquityRT

The market price of rhodium was US$4,575/oz at 31 December 2024 and was US$5,400/oz on 17 April 2024.

The gold price rose by nearly a third in 2024 on a confluence of factors including the initiation of central bank rate cutting cycles,

geopolitical tensions, conflicts and the US election. Successive new all-time highs resulted in gold breaching $2,750/oz for the first time ever in

October 2024. Gold broke through the key $3,000 barrier on 14 March 2025 for the first time, as investors piled on to a historic rally in the safe-

haven asset to seek cover from economic uncertainty sparked by U.S. President Donald Trump's tariff wars.

The market price of gold has historically been volatile and is affected by numerous factors over which Sibanye-Stillwater has no control, such

as general supply and demand, speculative trading activity, geopolitical issues and global economic drivers. Further, over the period from

2022 to 2024, the gold price fluctuated between a high price of US$2,790/oz and a low price US$1,618/oz.

The volatility of the price of gold is illustrated in the gold price table below (which shows the annual high, low and average of the London

afternoon fixing price of gold).


	US$/oz 1,2
Gold	High	Low	Average
2022	2,039	1,618	1,800
2023	2,135	1,804	1,943
2024	2,790	1,984	2,390
2025 (through 17 April 2025)	3,358	2,615	2,904
1 Rounded to the nearest US dollar
2 Metal price sourced from EquityRT

The London afternoon fixing price of gold was US$2,624/oz at 31 December 2024 and wa s US$3,326/oz on 17 April 2025.


AFR –	13

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Excluding a week-long period when riots in New Caledonia prompted a rally, the nickel price remained in a trading range between $15,600

and $20,000/t in 2024. The market remains in surplus owing to the rapid growth in supply from Indonesia in 2024.

The volatility of the price of nickel is illustrated in the nickel price table below (which shows the annual high, low and average market price of

nickel). Over the period from 2022 to 2024, the nickel price fluctuated between a high price of US$48,248/t and a low price US$15,065/t.


	US$/t 1,2
Nickel	High	Low	Average
2022	48,248	19,100	26,516
2023	30,958	15,721	21,218
2024	21,650	15,065	17,003
2025 (through 17 April 2025)	16,780	13,865	15,684
1 Rounded to the nearest US dollar
2 Metal price sourced from EquityRT

The market price of nickel was US$15,300/t at 31 December 2024 and was US$15,745/t on17 April 2025.

The zinc price (LME Cash Settlement Price) started relatively low in January 2024, then slowly climbed up to just over US$3,000/tonne in

December 2024. Due to the tightness in the Zinc concentrate market, spot treatment charges declined gradually to all-time lows in

September 2024. In a rare occurrence at the Century operation, it managed to secure a spot sale in September whereby it received US$40/

tonne from a customer in order to treat the product sold to the customer, resulting in no treatment charges being incurred. Global smelter

production dropped by 3.8% in 2024, led by Chinese smelters which comprise approximately 50% of the global smelting capacity. Global

implied stocks also fell from the equivalent of 74 days of global consumption to 63 days. Although the tightness of concentrate supply

started easing after September 2024, all-time low annual benchmark treatment changes are still expected in 2025. Zinc price, together with

other base metal prices, will be supported by interest rates cut in the US and Europe and a return of investors’ confidence in base metals.

However, the uncertainty of US tariffs will still have an impact on global zinc demand.

The volatility of the price of zinc is illustrated in the zinc price table below (which shows the annual high, low and average market price of

zinc). Over the period from 22 February 2023 to 31 December 2024, the zinc price fluctuated between a high price of US$3,296/t and a low

price US$2,045/t.


	US$/t 1,2
Zinc	High	Low	Average
2023	3,116	2,045	2,555
2024	3,296	2,301	2,812
2025 (through 17 April 2025)	2,997	2,518	2,839
1 Rounded to the nearest US dollar
2 Metal price sourced from EquityRT

The market price of zinc was US$2,979/t at 31 December 2024 and was US$2,592/t on17 April 2025.

Silver ended 2024 at $28.94, a 21% gain for the year. Fundamentally silver demand, largely driven by manufacturing and industrial

applications, continues to outpace supply, providing underlying support for prices. Demand for silver in solar photovoltaics remains strong,

even as U.S. environmental policies scale back. Additionally, expansion in the electronics and chemical sectors is expected to keep the

market in deficit.

The volatility of the price of silver is illustrated in the silver price table below (which shows the annual high, low and average market price of

silver). Over the period from 15 March 2024 to 31 December 2024, the silver price fluctuated between a high price of US$34.86 and a low

price US$24.32.


	US$/oz 1,2
Silver	High	Low	Average
2024	34.86	24.32	29.59
2025 (through 17 April 2025)	34.58	28.43	31.76
1 Rounded to the nearest US dollar
2 Metal price sourced from EquityRT

The market price of silver was US$28.94/oz at 31 December 2024 and was US$32.51/t on17 April 2025.


AFR –	14

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Exchange rate

Sibanye-Stillwater’s SA PGM and gold operations (with the exception of Mimosa) are all located in South Africa, and its revenues are equally

sensitive to changes in the US dollar PGM (4E) basket and gold prices, and the rand/US dollar exchange rate (the exchange rate).

Depreciation of the rand against the US dollar results in Sibanye-Stillwater’s revenues and operating margins increasing. Conversely, should

the rand appreciate against the US dollar, revenues and operating margins would decrease. The impact on profitability of any change in

the exchange rate can be substantial. Furthermore, the exchange rates obtained when converting US dollars to rand are set by foreign

exchange markets, over which Sibanye-Stillwater has no control. The relationship between currencies and commodities, which includes the

PGM (4E) basket, gold, nickel, silver and zinc prices, is complex, and changes in exchange rates can influence commodity prices, and vice

versa.

Costs

Sibanye-Stillwater’s cost of sales, before amortisation and depreciation comprise mainly labour and contractor costs, power and water,

processing and smelting and consumable stores which include, inter alia, explosives, timber, processing chemicals, steel and related

products and other consumables. Sibanye-Stillwater expects that its cost of sales, particularly the input costs noted above, are likely to

continue to increase in the near future and will be driven by inflation, general economic trends, market dynamics and other regulatory

changes. In order to restrict these cost inputs, there is a continuous programme driven by operational initiatives throughout the Group to

improve efficiencies and productivity.

During 2023 the supply chain disruptions were overcome amid robust consumer demand. Although inflationary pressures in several of the

world’s major economies appear to be easing, global supply chains may not fully normalise due to geopolitical tensions and conflicts in

2024.

The South African inflation rate or Consumer Price Index (CPI) was 4.4% in 2024 (2023: 6.9%). Inflation in the mining industry has historically

been higher than CPI driven by above inflation wage increases, electricity tariffs, steel and steel related consumables. During 2024, the

average inflation rate for the year decreased to 4,4% (2023: 6.0%), the lowest in four years since the pandemic in 2020 when the average

rate was 3,3%. However, electricity and other fuels maintained their annual growth rate of 11.4% in December 2024. The annual inflation rate

for the US fluctuated between a low of 2.4% and a high of 3.5% in 2024 and ended the 2024 year with an average of 2.9% (2023: 4.1%). The

annual inflation rate for France for 2024 was 2.0% (2023: 4.9%) and the annual inflation rate for Finland for 2024 was 0.7% (2023: 6.3%). The

Australian inflation rate or Consumer Price Index (CPI) was 4.1% over the 12 months to December 2024 (December 2023: 4.1%). The Australian

economy remains robust, with low unemployment continuing against a backdrop of moderating inflation after peaking in December 2022,

with the tightening cycle coming to an end as seen by the first Reserve Bank of Australia interest rate decrease in early 2025. The Australian

mining sector continues to feel the effects of softening commodity prices, without any relief from local cost pressures emanating mainly from

power and labour.

Sibanye-Stillwater’s operations are labour intensive. Labour represented 32% and 34% during 2024 and 2023 respectively, of Group cost of

sales, before amortisation and depreciation.

At the US PGM operations the collective bargaining agreement covering certain employees at the Stillwater mine and the metallurgical

processing facilities were concluded in April 2019. The five-year agreement had similar terms to the prior agreement, with minor revisions. In

terms of the agreement there was a 2.75% increase for all job categories effective from 15 April 2019, followed by annual increases of 2.5%

for 2020, 3.0% in 2021, 2.5% in 2022 and 3.0% in 2023, all of which were effective annually on 1 June. For 2024 the collective bargaining

agreement was concluded in July 2024. The eleven-month agreement has similar terms to the prior agreement, with minor revisions. In terms

of the agreement there was a 3.5% increase for all job categories effective from 7 July 2024.

Negotiations with the United Steel Workers International Union (USW) regarding East Boulder were concluded during February 2022. A new

wage contract was signed that covers the period from 16 February 2022 to 31 July 2024. The agreed wage increases were a 2.5% increase

2022, 3.0% in 2023 and 3.0% in 2024. In addition to the base increase in 2022, an increase to benefits and incentive has been agreed, which

will result in an effective average increase of 5.4% for 2022 if all safety and quality deliverables are fully met. Negotiations were also

concluded during July 2024. A new wage contract was signed that covers the period from 1 August 2024 to 31 July 2025 with an agreed

wage increase of 3.5%. The next wage negotiations are expected to commence in July 2025.

Labour represented approximately 3% of Sibanye-Stillwater’s Reldan operations costs for 2024. Reldan’s workforce is non-unionised and

received an inflationary adjusted wage increase of approximately 4% for the 2024 financial year.

Sibanye-Stillwater concluded a five-year wage agreement for its Kroondal operation on 6 November 2023. The wage agreement was signed

with the National Union of Mineworkers (NUM) and the Association of Mineworkers and Construction Union (AMCU), in respect of wages and

conditions of service for a five-year period from 1 July 2023 to 30 June 2028. The basic wage increase for Category 4-8 employees is 6% per

annum over the five year period. Miners, artisans and officials will also receive 6% per annum over the five-year period.

The SA PGM operations concluded a five-year wage agreement on 28 October 2022, for its Rustenburg and Marikana PGM operations with

the AMCU. This agreement follows previous agreements reached with NUM and UASA (formerly known as United Association of South Africa)

on 30 September 2022. The final agreement with AMCU is consistent with the previous five-year, inflation-linked offer, with the first three years

still comprising fixed, average, annual wage increases of 6% and above for bargaining unit employees, but with increases for year four and

five fixed at R1,300 (or 6%) in year four and R1,400 (or 6%) in year five, compared with the previous offer’s CPI-linked variable increases.

Miners and artisans will receive average annual wage increases of 6% per annum for each of the five years. The increases in other benefits

remain the same as the previous offer. The final agreement was extended to all unionised and non-unionised employees at these

operations.


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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

The SA gold operations, signed a three-year wage agreement on 14 March 2022 with the Solidarity and UASA and on 11 June 2022 with

AMCU and NUM after a lockout of approximately three months in respect of wages and conditions of service for the period from 1 July 2021

to 30 June 2024. The agreement allowed for increases to the basic wage of Category 4-8 surface and underground employees of R1,000 per

month in year one, R900 per month in year two and R750 per month in year three. Miners, artisans and officials received increases of 5.0% in

year one and *5.5% or CPI (or CPI if CPI is between 5% and 5.5%) in year 2; and 5% in year three of the agreement. In addition to category 4

– 8 employees, the once off hardship allowance of R3,000 proposed by the CCMA was extended to Miners, Artisans, and Officials.

The hardship allowance consists of a guaranteed R1,200 cash payment with the balance of up to R1,800 allocated to the reduction of

employee debt or loans owing to the Company, that the Company incurred in ensuring that amongst other medical aid contributions and

risk benefits were covered during the lockout. The final agreement was also extended to all members of UASA and Solidarity.

* If CPI is greater than 5.5%. then the increase will be 5.5%, if CPI less than 5% then increase will be 5%, or if CPI is between 5% and 5.5% then increase will be the same as CPI.

The SA gold operations, signed a one-year wage agreement on 11 November 2024 with the representative unions the Association of

Mineworkers and Construction Union (AMCU), the National Union of Mineworkers (NUM), UASA, and Solidarity, with respect to annual wages

and benefits for employees at its Beatrix, Driefontein and Kloof operations. This agreement, effective from 1 July 2024 to 30 June 2025,

comprises increases of 5.5% or R900 per month (whichever is higher) for both category 4 to 8 employees and miners and artisans for the year

ending 30 June 2025, with officials receiving a 5.5% increase.

Historically, the South African mining industry experienced union unrest. Unions such as AMCU and NUM are dominant in the industry and

engagements remain robust, but could result in disputes and industrial action, with the risk of disrupting Sibanye-Stillwater’s business and

expose Sibanye-Stillwater to liability.

In France, it is mandatory to sit down with the Unions once a year to discuss compensation/ hours of work and this annual negotiation is

called “Négociation Annuelle Obligatoire” (NAO). This annual meeting ends up either with a signed agreement or with a signed

disagreement. At Sandouville, the negotiation period takes place early in the year and the provisions are effective backdated to 1January

of the same year. During the 2024 year as part of NAO, management proposed a zero salary increase, an annual Macron premium

(exempted from tax) of €1,000 paid in three equal instalments, subject to the condition of achieving a monthly saving of €700 thousand on

top of the 2024 annual plan, based on the areas of variable cost, fixed cost and nickel yield. This proposal was endorsed by the unions,

however, did apply for 2024. NAO negotiations have not started yet for 2025. Meanwhile, there is a proposal to find an agreement about

decreasing headcount in the context of the GalliCam project, between the ramp down period (H1 2025) and the ramp up of the new

operation (estimated 2027-2028). A Voluntary Leave program was proposed and is still under negotiation.

The Australian region labour market remains competitive, especially in the mining industry, which has seen steady growth in employment

over the recent years and is expected to grow by 5.9% over the next 1 to 2 years to November 2026. The Mt Lyell Project, which is currently in

care and maintenance, has an existing, but expired, wage agreement which is in the process of being renegotiated and contemporised in

early 2025. For the Century and Karumba operations in far North Queensland and the Australian regional office, no wage agreements are in

place, preferencing a direct engagement with employees and wage increases are based on a paid for performance approach, with the

overall wage increase not exceeding 3% for 2025. Keliber does not have specific wage agreements and have followed the Group plan for

general wage increases.

Despite above inflation increases in electricity tariffs, power and water in total comprised only 12% of Group cost of sales, before

amortisation and depreciation in both 2024 and 2023, respectively.

The purchasing costs of spent catalytic material incurred by the US PGM recycling operation are variable and correlated with the PGM

prices and comprised 7% and 14% of Group Cost of Sales, before amortisation and depreciation in 2024 and 2023, respectively. Similarly, the

purchasing costs of third-party concentrate at the SA PGM operations are variable and correlated with the PGM prices and comprised 6%

and 8% of the total SA PGM cost of Sales, before amortisation and depreciation in 2024 and 2023.

The effect of the above-mentioned increases, especially being above average inflation, adversely affected and, may continue to adversely

affect, the profitability of Sibanye-Stillwater’s SA PGM and gold operations. Further, Sibanye-Stillwater’s SA PGM and gold operations’ costs

are primarily denominated in rand, while revenues from PGM and gold sales are in US dollars. Generally when inflation is high the rand tends

to devalue, thereby increasing rand revenues, and potentially offsetting any increase in costs. However, there can be no guarantee that

any cost saving measures or the effects of any potential devaluation will offset the effects of increased inflation and production costs. At

Sandouville, energy and reagents costs have continued their decrease initiated at the end of 2023 but remained higher than before the

Ukrainian invasion.

Production

Sibanye-Stillwater’s revenues are driven by its production levels and the price it realises from the sale of PGMs, gold, nickel, zinc and

associated co- and by- products, as discussed above. Production can be affected by a number of factors including mining grades, safety

related work stoppages, industrial action and other mining related incidents and any global grey elephant events including climate change

related events such as a flood. These factors could have an impact on production levels in the future.

Mined PGM production from the US PGM operations in 2024 of 425,842 2Eoz was flat when compared to 2023, this was mainly due to

repositioning the US PGM operations for lower PGM prices, by deferring production growth and maintaining lower levels of production . 3E

PGM recycled production for 2024 increased marginally by 2% to 316,470 3Eoz mainly due the global autocatalyst recycling market

remaining depressed. Persistent macroeconomic challenges, including high interest rates, inflationary pressures and elevated prices of used

and new vehicles, continue to dampen consumer demand for new vehicles. The recycling operations fed an average of 10.6 tonnes per

day of spent autocatalyst for 2024, 1% lower than for 2023, which was due to carrying a reduced inventory of spent autocatalysts. Since its

acquisition in March 2024, Reldan has processed over 20 million pounds of mixed scrap and industrial waste and increased its operating

margin by processing higher volumes of higher margin industrial waste and reducing volumes of lower margin electronic waste processed.


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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

The SA PGM operations delivered another consistent operational performance with PGM production of 1,835,410 4Eoz for 2024 (including

attributable ounces from Mimosa and third-party PoC ) 4% higher than 2023. 4E PGM PoC production was flat when compared to 2023 at

96,464 4Eoz for 2024. The increase in production from the SA PGM operations year-on-year reflects the acquisition of Anglo American

Platinum’s 50% share in the Kroondal pool-and-share agreement which added 140,278 4Eoz or 8% to 2024 production (excluding PoC), and

offset lower production from the Rustenburg operation due to the Siphumelele shaft ore collector bin and conveyor system incident, the

impact of illegal industrial action at the Kroondal operation and restructuring of high cost shafts at Rustenburg and Marikana and closure of

the high cost and end of life 4B shaft at Marikana.

Gold production at the managed SA gold operations of 16,896 kg ( 543,219 oz) for 2024 was 16% lower than 2023, mainly due to disruptions at

the Kloof operation and the back-break incident at Beatrix 3 shaft.

The Sandouville refinery produced 6,549 tonnes of nickel (tNi) metal representing an increase of 15% compared to 2023 and 1,156 tonnes of

nickel salts representing a decrease of 18% compared to 2023. P roduction of nickel metal was positively impacted due to improved plant

stability and less maintenance downtime during 2024 and production of nickel salts declined due to low demand for nickel carbonate (one

of the three nickel salts) which led to production stoppages in order to reduce working capital. The overall production of 7,705 tNi was 8%

higher year-on-year. Costs were well controlled with nickel equivalent sustaining cost of R 449,644 /tNi (2023: R 653,246 /tNi) 31% lower year-on-

year, driven by lower feedstock prices linked to the price of nickel, lower variable costs (reagents, energy including electricity and gas) and

30% lower sustaining capital.

The Century zinc tailings retreatment operation produced 82 kt of payable zinc metal for 2024 at an AISC of R 42,446 /tZn (2023: R 36,361 /tZn ).

Production for Q1 2024 was impacted by heavy wet season conditions which caused numerous interruptions to production. After a strong

production recovery during Q2 and Q3 2024, with good operational consistency, production was again impacted in Q4 2024 by a regional

bushfire which engulfed the mine on the 9 October 2024, damaging 23km of polyethylene piping, vital for operating activities. After

replacing all the damaged infrastructure, normalised levels of production were achieved in early December 2024.

Stringent enforcement of relatively new environmental legislation is on the rise in South Africa. Regulators, such as the Department of Mineral

Resources and Energy in South Africa, can and do issue in the ordinary course of operations, instructions, such as Section 54 work stoppages,

after routine visits or following safety incidents or accidents to partially or completely halt operations at affected mines until corrective

measures are agreed and implemented. In 2024, Sibanye-Stillwater’s South African gold operations experienced 24 Section 54 work

stoppages (2023: 40) and 27 Section 54 work stoppages at the South African PGM operations (2023: 39).

In the United States, underground mines, including the Stillwater and East Boulder Operations, are continuously inspected by the Mine Safety

and Health Administration (MSHA) which can lead to notices of violation. Any of Sibanye-Stillwater’s US mines could be subject to a

temporary or extended shut down as a result of a violation alleged by the MSHA, known as “k-orders”. In 2024 the US Region had 6 “k-orders”

issued (2023: 4).

The Sibanye-Stillwater Reldan operations did not have any work stoppages as a result of inspections by the Occupational Safety and Health

Administration (OSHA) and the Environmental Protection Agency (EPA).

At the European region there were no safety related issues at Keliber. At the Sandouville nickel refinery in France, a site classified as high risk

for industrial risk, is subject to several inspections by the French administration. In the event of deviation, the administration could go as far as

requesting withdrawal of the operating permit. At Sandouville, regional authorities have officially lifted the only remaining formal notice

related to retention ponds sealing and to chlorine unloading safety system at the end of 2024.

The Australian region did not have any work stoppages as a result of inspections by the relevant governing bodies, the Department of

Environmental, Science and Innovation (DESI) and Resources Safety & Health Queensland (RSHQ).

Royalties, carbon tax and mining tax

South African mining operations pay a royalty tax to the South African government based on revenue, in terms of the Mineral and Petroleum

Resource Royalty Act 2008 (Royalty Act). The Royalty Act imposes a royalty on refined (mineral resources that have undergone a

comprehensive level of beneficiation such as smelting and refining as defined in Schedule 1 of the Royalty Act) and unrefined (mineral

resources that have undergone limited beneficiation as defined in Schedule 2 of the Royalty Act) minerals payable to the State. The formula

for calculating royalties takes into account whether the mineral is refined or unrefined and the profitability of individual operations. The

maximum royalty payable on refined minerals and unrefined minerals is 5% and 7%, respectively.

Carbon tax is a tax in response to climate change, which is aimed at reducing greenhouse gas emissions in a sustainable, cost effective and

affordable manner. In South Africa the Carbon Tax Act of 2019 came into effect on 1 June 2019. The South African Government introduced

Carbon tax based on a polluter-pays-principle and the aim of which is to help ensure that companies and consumers take the negative

adverse costs (externalities) of climate change into account in their future production, consumption and investment decisions. Phase 1 of

the Carbon Tax was extended by three years to 31 December 2025. The Carbon Tax Rate increased from R159/tonne CO 2 e in 2023 to R190/

tonne CO 2 e from 1 January 2024. Sibanye-Stillwater’s final carbon tax liability is determined by its gross GHG emission output as reported on

in terms of the GHG reporting regulations and the extent to which it is able to make use of the full suite of allowances that are built into the

carbon tax design. Sibanye-Stillwater’s net GHG emissions (gross GHG emissions less applicable allowances) is then multiplied by the

applicable carbon tax rate to determine its carbon tax liability. The South African Treasury is also consulting with respect to the

implementation of a carbon tax penalty of R640 per ton of CO₂ for emissions exceeding carbon budgets and an announcement and

discussion paper are expected.

Under South African tax legislation, gold mining companies and non-gold mining companies are taxed at different rates. Sibanye- Stillwater’s

SA gold operations are subject to the gold tax formula on their respective mining incomes. The formula calculating tax payable, is affected

by the profitability of the applicable gold mining operation. In addition, these gold mining operations are ring fenced from a capital

expenditure perspective. As a result, only taxable losses can be offset between the Beatrix, Kloof and Driefontein operations (as these are

separate mining operations under one legal entity, Sibanye Gold Proprietary Limited) to reduce taxable income from another operation.

Depending on the profitability of the operations, the tax rate can vary significantly from year to year. Sibanye-Stillwater’s SA PGM operations


AFR –	17

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

are subject to the tax at the South African corporate income tax (CIT) rate and the mining operations are also ring fenced from capital

expenditure. For 2024 and subsequent years a CIT rate of 27% applies to Sibanye-Stillwater and its South African subsidiaries, which apply a

CIT rate, but are reassessed by the government on an annual basis.

Under United States tax legislation there are no federal taxes specific to minerals extraction. General federal, state, county and municipal

taxes apply to mining companies, including income taxes, payroll taxes, sales taxes, property taxes and use taxes. Federal tax laws generally

do not distinguish between domestic and foreign mining operators. Sibanye-Stillwater’s US PGM operations are subject to a statutory tax rate

of 21% and are subject to tax in the states of California, Colorado, Florida, Montana, Utah and Pennsylvania. The Inflation Reduction Act

(IRA) of 2022 added a new tax code, Section 45X, which allows for an advanced manufacturing production tax credit for manufacturing of

critical minerals within the US. Under the final rules issued in October 2024, the company is eligible to claim a 10% production tax credit on

costs associated with the production of primary (mined) and secondary (recycled) applicable critical minerals. Under the initial draft

regulation our interpretation was that we were not eligible for a significant credit, but the 2024 revised regulations include extraction and

initial processing cost, as well as the costs of purchasing recycle material so long as that material does not yet meet the final purity metrics.

The final eligibility step requires certification from the company's contract refiner, which is in process. Furthermore, the Section 45X rules are

retrospective with combined credits relating to the 2023 and 2024 financial years estimated at approximately US$120 million (R2.2 billion) and

US$90 million (R1.6 billion), respectively. These credits are expected to be received in 2026 or 2027 when the tax returns will be assessed.

There is no carbon tax in the United States.

The French tax legislation taxes a resident company at a corporate income tax rate of 25%. Carbon tax is calculated based on the amount

of greenhouse gas emissions produced by the use of fossil fuels such as gasoline, diesel, coal and natural gas and is currently taxed at a rate

of €44.60/tonne CO2e for 2024 (2023: €44.60/tonne CO2e) and is not taxed directly but included in the purchase price of fossil fuels. As of

December 31, 2024, Sandouville had no corporate income tax liability. A new scheme for compensating indirect carbon costs is being

implemented, and Sandouville's products qualify for this scheme. Sandouville applied for and received compensation, contingent upon the

execution of an energy performance plan. However, the shutdown of the plant has jeopardised the implementation of this plan. It is

currently unclear whether the compensation will need to be partially or fully reimbursed; therefore, the full amount was provisioned in 2025.

Additionally, there is a scheme in France to support research and development (R&D) known as the "Crédit d'Impôt Recherche" (CIR). This

scheme provides a tax credit of 30% of the resources allocated to R&D. Part of the Gallicam project cost is eligible for the CIR in 2024. There

was no corporate and income tax liability for Sandouville at 31 December 2024.

From 2024, private parties carrying out mining activities in Finland are subject to income taxes and royalty-type taxes on minerals extracted

in Finland. Tax on minerals are applicable to the extraction of metallic and industrial minerals. A tax of 0.6% is levied on the taxable value of

a listed group of mostly metallic minerals, based on international trading prices, that will be limited to a list covering precious minerals such

as platinum, palladium, gold and silver, base metals such as copper, nickel, cobalt, zinc and lead as well as iron, lithium and uranium. Under

Finnish tax legislation resident companies are subject to Finnish corporate income tax on their taxable income at a rate of 20%. In Finland,

carbon tax is calculated based on the amount of CO2e produced by the use of fossil fuels at a rate of €93/tonne for 2024 (2023: €84/tonne).

Keliber is not paying any corporate income tax since it is in the project development phase and is currently incurring losses.

Australian tax legislation levies a 30% tax on corporate income and there is no carbon tax in Australia. There was no corporate income tax

liability for the Australian region at 31 December 2024. Royalty tax is payable on zinc concentrate produced in all states of Australia. All

royalty systems in Australia are value-based, and the rate applied depends on the form in which the mineral is sold and the sales price. For

concentrate material subject to substantial enrichment through a concentration plant, which is produced in Queensland, the royalty rate is

varies between 2.5 and 5.0 per cent of the sales value.

Capital expenditure

Capital allocation falls under one of the Group's strategic essentials, which is maintaining a profitable business and optimising capital

allocation. The disciplined application of our capital allocation framework also relates to our green metals strategy. Sibanye-Stillwater will

invest in value accretive operational sustainability when spending project capital and will continue to invest capital in new and existing

infrastructure and possible growth opportunities. In South Africa only the best projects, inter alia, those with low capital intensity, relatively

short lead time and quick payback currently meet the required investment hurdle rates. Current capital projects include the K4 project at

the SA PGM operations and Keliber lithium project in Finland. The Burnstone project remained on care and maintenance during 2024 and

due to the lower prevailing PGM precious metal prices, the Group decided to continue deferring the capital expenditure at Burnstone

during 2025. Management will consider, on an ongoing basis, the capital expenditure necessary to achieve its sustainable production

objectives against other demands on cash. At Burnstone, due to the high gold price, options are being evaluated to continue

development.

In 2024, Sibanye-Stillwater’s total capital expenditure was R 21,569 million (2023: R22,411 million), an increase of 4% . The increased capital

spend in 2024 was mainly due to the project capital expenditure on the K4 project (SA PGM operations) and Keliber. These investments will

contribute towards the future operational sustainability of the Group and deliver significant economic value to all stakeholders over the long

term.

US PGM operations

Capital expenditure at the US PGM operations for 2024 was 59% lower at R 2,834 million (2023: R 6,843 million) with sustaining capital 71% lower

at R 623 million (2023: R 2,180 million) and ore reserve development (ORD) expenditure 51% lower at R 1,920 million (2023: R 3,889 million). The

ORD and sustaining capital expenditure were lower as per the reduced production plan as part of restructuring the US PGM operations.

Growth or project capital was 62% lower at R 291 million (2023: R 774 million) with with expenditure limited to the East Boulder Stage 5/6 tailings

and waste storage facilities.

US Reldan operations

Capital expenditure at the US PGM operations for 2024 was R 10 million.


AFR –	18

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

SA PGM operations

Capital expenditure at the SA PGM operations increased by 4% from R 5,646 million in 2023 to R 5,845 million in 2024, with ore reserve

development 3% lower at R 2,472 million (2023: R 2,551 million) , sustaining capital 25% higher at R 2,566 million (2023: R 2,057 million) and

project spend decreasing by 22% from R 1,038 million in 2023 to R 807 million in 2024. Sustaining capital was 25% higher due to the

consolidation of 100% of Kroondal sustaining capex (limited ORD at mechanised operations) and 40% higher sustaining capital at

Rustenburg. Project spend declined by 22% mainly due to expenditure of R680 million at Marikana (R652 million relating to K4 and R29 million,

related to project study work)and lower expenditure at Platinum mile following the commissioning of the chrome plant in December 2023.

Project capital at Rustenburg of R101 million for 2024 was spent on the Reflux Classifier plant upgrade and preparation for the Siphumelele

mechanised UG2 project.

SA gold operations

Total capital expenditure at the managed SA gold operations decreased by 28% from R 5,393 million in 2023 to R 3,882 million in 2024,

primarily due to the closure of Kloof 4 shaft. Project capital at the managed SA gold operations decreased by 79% to R 354 million (2023:

R 1,671 million) mainly due to due to the closure of the Kloof 4 shaft and the Burnstone project being placed on care-and-maintenance.

European region

Total capital expenditure from the European region included project expenditure capitalised on the Keliber project of R 6,221 million (EUR 314

million) and sustaining capital expenditure at Sandouville nickel refinery of R 173 million which included spend on revamping of production

units, new bagging line, improvement of waste water treatment facility and anodic boxes for metal production.

Keliber lithium project:

Construction activities at the Keliber lithium refinery in Kokkola, Finland have continued with good progress. The main equipment installations

are being finalised and pre-commissioning activities have started in Q1 2025. The lithium refinery is expected to be completed in Q3 2025,

with cold commissioning commencing thereafter. The construction works on the second phase of the Keliber lithium project comprising the

concentrator in Päiväneva, Kaustinen and the development of the Syväjärvi open pit mine commenced in late 2023 and both are on

schedule. Mining of Syväjärvi ore will commence in Q3 2025 and hot commissioning of the Keliber concentrator will start in Q1 2026 followed

by hot commissioning of the lithium refinery in Q2 2026. For commercial reasons, it was decided not to purchase third party spodumene

concentrate and to postpone the ramp-up of the lithium refinery until a sufficient stockpile of own concentrate is available.

Australian region

Total capital expenditure from the Century operation of R 192 million included R 186 million of sustaining capital expenditure and R 6 million of

growth projects.

Mt Lyell copper project:

The Mt Lyell feasibility study (AACE Class 3 Estimate) was completed in H1 2024. Positive project economics indicated an immediate

transition to the next stage of required study (AACE Class 2 Estimate), scheduled for completion in H2 2025.

Sibanye-Stillwater expects to spend approximately R21.1 billion on capital in 2025, which includes the capital expenditure of DRDGOLD

(R3.4 billion) and Mimosa (R0.3 billion). The actual amount of capital expenditure will depend on a number of factors, such as production

volumes, the commodity prices and general economic conditions and may differ from the amount forecast. Some of these factors are

outside of the control of Sibanye-Stillwater.


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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

2024 financial performance compared with 2023

Group loss for the year decreased from R 37,430 million in 2023 to R 5,710 million in 2024 . The reasons for this decrease are discussed below.

The primary factors explaining the movement are set out in the table below.


Figures in million – SA rand	2024	2023	% Change 2024 / 2023
Revenue	112,129	113,684	(1)
Cost of sales	(105,208)	(99,768)	5
Interest income	1,337	1,369	(2)
Finance expense	(4,571)	(3,299)	39
Share-based payment expenses	(251)	(113)	122
Gain on financial instruments	5,433	235	*
(Loss)/gain on foreign exchange differences	(215)	1,973	(111)
Share of results of equity-accounted investees after tax	212	(1,174)	(118)
Impairments	(9,173)	(47,454)	(81)
Gain on acquisition	—	898	(100)
Occupational healthcare gain	76	365	(79)
Gain on remeasurement of previous interest in Kroondal	—	298	(100)
Insurance proceeds	875	—	N/A
Onerous contract provision utilisation/change in estimate/(provision)	817	(1,865)	(144)
Restructuring costs	(550)	(515)	7
Transaction costs	(851)	(474)	80
Care and maintenance	(1,609)	(1,378)	17
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable	(446)	45	*
Cost incurred on employee and community trusts	(204)	(469)	(57)
Corporate and social investment costs	(405)	(149)	172
Exploration costs	(36)	(183)	(80)
Non-mining royalties	(73)	(84)	(13)
Strike related costs	—	(3)	(100)
Net other costs	(956)	(733)	30
Loss before royalties, carbon tax and tax	(3,669)	(38,794)	(91)
Royalties	(543)	(1,050)	(48)
Carbon tax	(2)	(2)	—
Loss before tax	(4,214)	(39,846)	(89)
Mining and income tax	(1,496)	2,416	(162)
Loss for the year	(5,710)	(37,430)	(85)
* Percentage variance is greater than 1,000%


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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Group financial performance

Group revenue for 2024 decreased by 1 % to R 112,129 million mainly due to continued lower average PGM basket prices realised during

2024, partially offset by increased revenue at both the SA gold operations and the Century zinc retreatment operation due to higher gold

and zinc in concentrate prices, respectively, and the acquisition of the Reldan operations effective March 2024. The acquisition of Reldan

and Anglo American Platinum Limited's (AAPL) 50% share of the Kroondal PSA operations were the primary reasons for the 7 % increase to

R 96,398 million in Group cost of sales, before amortisation and depreciation, partially offset by lower average PGM basket prices affecting

the cost of purchasing recycling material and third-party PoC at the US PGM Recycling and Marikana operations (SA PGM), respectively.

Group loss before royalties, carbon tax and tax decreased by 91% or R 35,125 million to R 3,669 million, which is mainly attributable to the

decrease in impairments recognised of R 38,281 million in 2024. Group adjusted EBITDA for 2024 decreased by 36% or R 7,468 million to R 13,088

million. Group amortisation and depreciation decreased by 12% to R 8,810 million mainly due to the impact of the impairments recognised

during H2 2023 at the US PGM, Century zinc retreatment operations and at the Sandouville nickel refinery, as well as lower progressive

capital expenditure at the US PGM underground operations .

Revenue

Revenue decreased by 1 % to R 112,129 million in 2024 from R 113,684 million in 2023, driven by continued lower average PGM basket prices at

the SA PGM, US PGM and US Recycling operations during 2024, partially offset by higher prices received at the SA gold operations and the

inclusion of sales volumes from the US Reldan operations.


Figures in million – SA rand	2024	2023	% Change 2024 / 2023
Americas
US PGM underground operations	9,207	10,494	(12)
US PGM Recycling	7,574	13,318	(43)
US Reldan operations	6,306	—	—
Southern Africa
SA PGM operations	51,257	55,593	(8)
Managed SA gold operations	24,077	23,327	3
DRDGOLD	7,068	5,816	22
Europe
Sandouville nickel refinery	2,784	3,024	(8)
Australia
Century zinc retreatment operation	3,983	2,251	77
Group Corporate and reconciling items 1	(127)	(139)	(9)
Total revenue	112,129	113,684	(1)

1 Included in Group Corporate and reconciling items is net revenue generated through the streaming arrangement with Wheaton International

Revenue from the US PGM underground operations decreased by 12 % to R 9,207 million (2023: R 10,494 million) in 2024 due to a 21% lower

average 2E basket price of US$ 988 /2Eoz, partially offset by a 9% or 36,655 2Eoz increase in mined ounces sold, which correlates with the

higher production achieved . Revenue from US PGM recycling operation decreased by 43 % to R 7,574 million (2023: R 13,318 million) in 2024,

mainly due to a 46% lower average 3E basket price of US$ 1,266 /3Eoz, partially offset by 5% higher sales volumes

The US Reldan operations contributed R 6,306 million or 6% towards total Group revenue since its acquisition on 15 March 2024.

Revenue from the SA PGM operations decreased by 8% to R 51,257 million in 2024 from R 55,593 million in 2023, due to a 16% lower average 4E

basket price received of R 24,213 /4Eoz, partially offset by a 5% or 79,715 4Eoz increase in PGMs sold.

Revenue from the managed SA gold operations increased by 3% to R 24,077 million (2023: R 23,327 million) in 2024, mainly due to a 20% higher

rand gold price of R 1,373,156 / kg, partially offset by a 15% or 3,125 kg decrease in gold sold due to lower production resulting from disruptions

at the Kloof operation and closure of Kloof 4 shaft during H2 2023. Revenue from DRDGOLD increased by 22% to R 7,068 million (2023: R 5,274

million) mainly due to a 23% higher rand gold price received of R 1,407,688 /kg, partially offset by 1% lower sales volumes.

Revenue from the Sandouville nickel refinery decreased by 8 % to R 2,784 million (2023: R 3,024 million) in 2024, mainly due to a 18% lower

average rand nickel equivalent basket price of R 360,855 /tNi, partially offset by a 13% increase in sales volumes.

Revenue from the Century zinc retreatment operation increased by 77 % to R 3,983 million (2023: R 2,251 million) in 2024, mainly due to a 54%

higher average equivalent zinc concentrate price of R 49,046 /tZn and a 6% increase in sales volumes.


AFR –	21

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Cost of sales

Cost of sales increased by 5 % to R 105,208 million (2023: R 99,768 million) in 2024, mainly due to the lower sales volumes at the US PGM

recycling operation and lower average PGM basket prices which impacts the cost of third-party PoC and recycling material at the SA PGM

and US PGM recycling operations, respectively.

The primary drivers of cost of sales are set out in the table below. The analysis that follows provides a more detailed discussion of cost of

sales, together with the total cash cost, All-in sustaining cost and All-in cost.


Figures in million – SA rand	2024	2023	% Change 2024 / 2023
Salaries and wages	(31,380)	(30,591)	3
Consumable stores	(24,685)	(25,778)	(4)
Utilities	(11,556)	(11,029)	5
Mine contracts	(7,109)	(8,005)	(11)
Recycling 1	(13,280)	(12,711)	4
Other	(15,617)	(10,779)	45
Ore reserve development costs capitalised	7,229	9,137	(21)
Cost of sales, before amortisation and depreciation 2	(96,398)	(89,756)	7
Americas
US PGM underground operations	(9,848)	(9,680)	2
US Reldan operations	(6,032)	—	N/A
US PGM Recycling	(7,248)	(12,711)	(43)
Southern Africa
SA PGM operations	(42,963)	(36,699)	17
Managed SA gold operations	(19,113)	(20,041)	(5)
DRDGOLD	(4,484)	(4,040)	11
Europe
Sandouville nickel refinery	(3,384)	(4,329)	(22)
Australia
Century zinc retreatment operation	(3,326)	(2,256)	47
Amortisation and depreciation	(8,810)	(10,012)	(12)
Americas
US PGM underground operations	(1,929)	(3,386)	(43)
US Reldan operations	(171)	—	N/A
US PGM Recycling	(5)	(4)	25
Southern Africa
SA PGM operations	(3,647)	(2,975)	23
Managed SA gold operations 3	(2,589)	(2,188)	18
DRDGOLD	(312)	(194)	61
Europe
Sandouville nickel refinery 4	(38)	(206)	(82)
Australia
Century zinc retreatment operation	(117)	(1,059)	(89)
Total cost of sales	(105,208)	(99,768)	5
Americas
US PGM underground operations	(11,777)	(13,066)	(10)
US Reldan operations	(6,203)	—	N/A
US PGM Recycling	(7,253)	(12,715)	(43)
Southern Africa
SA PGM operations	(46,610)	(39,674)	17
Managed SA gold operations 3	(21,702)	(22,229)	(2)
DRDGOLD	(4,796)	(4,234)	13
Europe
Sandouville nickel refinery 4	(3,422)	(4,535)	(25)
Australia
Century zinc retreatment operation	(3,443)	(3,315)	4

1 Recycling cost consists of cost relating to the purchasing of spent catalytic material and the cost incurred to convert the spent catalytic material into finished PGMs

2 Included in cost of sales, before amortisation and depreciation for the year ended 31 December 2024 is total write-down of inventory to net realisable value amounting to

R4,794 million (2023: R1,694 million). The write-down mainly relates to PGM in process and PGM finished goods of R3,843 million (2023: R1,179 million) and R844 million

(2023:R423 million), respectively, as a result of the lower commodity price environment

3 Amortisation for the Managed SA gold operations includes amortisation related to corporate and reconciling items of R 25 million (2023: R 48 million)

4 Included in amortisation for the Sandouville nickel refinery is amortisation related to corporate and reconciling items of R 9 million (2023: R 7 million)


AFR –	22

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Cost of sales, before amortisation and depreciation

Cost of sales, before amortisation and depreciation at the US PGM underground operations increased marginally by 2 % to R 9,848

million mainly due to the impact of restructuring undertaken which resulted in reduced production and operating costs as a result of

deferring growth arising from repositioning the US PGM operations for lower PGM prices . An increase of 9% in sales volumes to 461,662

2Eoz also had a limited impact on cost of sales. Cost of sales, before amortisation and depreciation at the US PGM recycling operation

decreased, in line with the decrease in revenue, by 43 % from R 12,711 million to R 7,248 million mainly due to lower average PGM basket

prices .

The US Reldan operations contributed R 6,032 million or 6% towards Group cost of sales since its acquisition on 15 March 2024.

Cost of sales, before amortisation and depreciation at the SA PGM operations increased by 17 % to R 42,963 million due to an increase

of 5% in PGMs sold, the inclusion of the Kroondal operation post the acquisition of Anglo American Platinum Limited's (AAPL) 50% share

of the Kroondal PSA and above inflation increases in costs of electricity and imported spares . Mined underground 4E PGM production

decreased by 5% to 1,463,337 4Eoz and surface production volumes excluding third-party PoC were 7% lower at 152,970 4Eoz. Thi rd-

party concentrate purchased and processed at the Marikana smelting and refining operations was flat at 96,464 4Eoz. Third-party PoC

material is purchased at a higher cost, than own mined ore, due to the direct correlation to the basket price of PGM’s.

Cost of sales, before amortisation and depreciation at the managed SA gold operations decreased by 5 % to R 19,113 million due to a

15% decrease sales volumes, partially offset by above inflationary increases in in electricity, support and consumables costs. Cost of

sales, before amortisation and depreciation from DRDGOLD increased by 11 % to R 4,484 million due to above inflationary cost increases

in electricity due to a delay in the solar project completion and increased security costs in response to risk.

Cost of sales, before amortisation and depreciation at the Sandouville nickel refinery decreased by 22 % to R 3,384 million mainly due to

a combination of lower variable costs correlated with lower production volumes, a decline in chemical prices and lower labour and

maintenance costs, partially offset by a 13 % increase sales volumes .

Cost of sales, before amortisation and depreciation at the Century zinc retreatment operation increased by 47 % to R 3,326 million

mainly due to a 6% increase in sales volumes .

Amortisation and depreciation

Amortisation and depreciation at the US PGM underground operations decreased by 43% to R 1,929 million. The lower progressive capital

expenditure at the US PGM underground operations and the impairments raised during H2 2023 and in H1 2024, resulted in the 43% decrease

in a mortisation and depreciation. For the ten months ended 31 December 2024 amortisation and depreciation at the Reldan operations

was R 171 million. Amortisation and depreciation at the SA PGM operations increased by 23% to R 3,647 million mainly due to additional

depreciation post the acquisition of AAPL's 50% share of the Kroondal PSA and 4% higher production volumes. Amortisation and

depreciation at the managed SA gold operations increased by 18 % to R 2,589 million mainly due to the higher on reef development

capitalised since H2 2023 and the accelerated depreciation for Kloof 2 plant, partially offset by impairments raised during H2 2023, whereas

the amortisation and depreciation of DRDGOLD increased b y 61 % to R 312 million due to the startup of the new reclamation sites at Ergo and

FWGR during H1 2024 and the Solar plant. Amortisation and depreciation at the Sandouville nickel refinery decreased by 82 % to R 38 million

mainly due to impairments recognised during H2 2023 and 8% lower production . Amortisation at the Century zinc retreatment operation

decreased by 89 % to R 117 million mainly due to impairments recognised during H2 2023, partially offset by 9% higher production .

All-in sustaining cost, All-in cost and Nickel equivalent sustaining cost

All-in cost per ounce, was introduced in 2013 by the members of the World Gold Council. Sibanye-Stillwater has adopted the principle

prescribed by the Council. This non-IFRS measure provides transparency into the total costs associated with mining and reporting this metric

allows for a meaningful comparison across our operations and different mining companies. The All-in cost per ounce metric provides

relevant information to investors, governments, local communities and other stakeholders in understanding the economics of mining.

This is especially true with reference to capital expenditure associated with developing and maintaining mines, which has increased

significantly in recent years and is reflected in this metric. All-in cost excludes income tax, costs associated with merger and acquisition

activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is

made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with

corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram, ounce and tonne and All-in cost per

kilogram, ounce and tonne are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total PGM

produced/gold sold over the same period. In addition, the Group presents the Nickel equivalent sustaining cost, being the cost to sustain

current operations. Nickel equivalent sustaining cost per tonne of nickel is calculated by dividing the Nickel equivalent sustaining cost, in a

period by the total nickel products sold over the same period.

All-in sustaining cost, All-in cost and Nickel equivalent sustaining cost are non-IFRS measures see pages AFR-38 and AFR-39 for additional

information.


AFR –	23

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

The below tables set out a reconciliation of All-in-sustaining cost, All-in-cost and Nickel equivalent sustaining cost to cost of sales before amortisation and depreciation.


Figures in million - SA rand		US PGM operations 1	Total SA PGM operations 2	Rustenburg operations	Marikana operation 2	Kroondal 3	Platinum Mile	Mimosa	Corporate and re- conciling items	Total SA gold operations	Driefontein	Kloof	Beatrix	Cooke	DRDGOLD	Group Corporate and reconciling items
2024
Cost of sales, before amortisation and depreciation 4		9,846	42,964	16,602	20,912	4,624	826	2,483	(2,483)	23,598	6,949	6,326	4,260	1,579	4,484	—
Plus:
Community costs 5		—	338	54	232	52	—	—	—	13	—	—	—	—	13	—
Inventory change		(999)	182	(401)	(1,439)	2,022	—	8	(8)
Share-based payments 6		89	204	65	95	38	2	—	—	121	39	33	18	—	27	4
Royalties 7		—	212	82	117	12	—	131	(130)	115	49	34	56	6	—	(30)
Carbon tax 8		—	1	—	1	—	—	—	—	—	—	—	—	—	—	—
Rehabilitation 9		45	93	(6)	18	81	—	6	(6)	226	(2)	25	104	105	(12)	6
Leases 10		4	63	20	38	4	2	—	(1)	33	—	9	6	—	18	—
ORD 11		1,920	2,472	699	1,773	—	—	—	—	2,837	1,663	932	242	—	—	—
Sustaining capital expenditure 12		611	2,567	903	1,118	504	42	548	(548)	931	380	247	64	—	240	—
Less:
By-product credit 13		(852)	(11,676)	(5,012)	(5,005)	(1,233)	(426)	(588)	588	(35)	(10)	(4)	(4)	—	(17)	—
All-in sustaining cost 14		10,664	37,420	13,006	17,860	6,104	446	2,588	(2,588)	27,839	9,068	7,602	4,746	1,690	4,753	(20)
Plus:
Corporate cost, growth and other capital expenditure		316	835	101	708	—	18	—	8	3,554	—	—	—	—	3,131	423
All-in cost 14		10,980	38,255	13,107	18,568	6,104	464	2,588	(2,580)	31,393	9,068	7,602	4,746	1,690	7,884	403
Gold sold/4E PGM produced/2E PGM produced	kg	13,245	57,088	18,986	24,127	8,726	1,434	3,815	—	22,239	7,176	4,952	3,873	1,217	5,021	—
	‘000oz	426	1,835	610	776	281	46	123	—	715	231	159	125	39	161	—
All-in sustaining cost 14	R/kg									1,251,810	1,263,657	1,535,137	1,225,407	1,388,661	946,624	—
	R/oz	25,042	21,848	21,307	23,024	21,757	9,674	21,103	—
	US$/oz	1,367	1,193	1,163	1,257	1,188	528	1,152	—	2,126	2,146	2,607	2,081	2,358	1,607	—
All-in cost 14	R/kg
	R/oz	25,784	22,335	21,473	23,937	21,757	10,065	21,103	—	1,411,619	1,263,657	1,535,137	1,225,407	1,388,661	1,570,205	—
	US$/oz	1,408	1,219	1,172	1,307	1,188	549	1,152	—	2,397	2,146	2,607	2,081	2,358	2,666	—


AFR –	24

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued


Figures in million - SA rand		Sandouville nickel refinery	Figures in million - SA rand		Century zinc retreatment operation 17
2024			2024
Nickel equivalent sustaining cost			Cost of sales, before amortisation and depreciation 4		3,326
Cost of sales, before amortisation and depreciation 4		3,384	Royalties 7		216
Share-based payments 6		30	Community costs 5		54
Rehabilitation interest and amortisation 9		3	Inventory change		(348)
Leases 10		20	Share-based payments 6		7
Sustaining capital expenditure 12		173	Rehabilitation interest and amortisation 9		156
Less: By-product credit 15		(141)	Leases 10		116
Nickel equivalent sustaining cost 16		3,469	Sustaining capital expenditure 12		186
Nickel products sold	tNi	7,715	Less: By-product credit 13		(218)
Nickel equivalent sustaining cost 16	R/tNi	449,644	Total All-in-sustaining costs 14		3,495
Nickel equivalent sustaining cost 16	US$/tNi	24,548	Plus: Corporate cost, growth and capital expenditure		14
			Total All-in-costs 14		3,509
			Zinc metal produced (payable)	kt	82
			All-in-sustaining cost 14	R/tZn	42,446
				US$/tZn	2,317
			All-in-cost 14	R/tZn	42,617
				US$/tZn	2,327


AFR –	25

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued


Figures in million - SA rand		US PGM operations 1	Total SA PGM operations 2	Rustenburg operations	Marikana operation 2	Kroondal 3	Platinum Mile	Mimosa	Corporate and re- conciling items	Total SA gold operations	Driefontein	Kloof	Beatrix	Cooke	DRDGOLD	Group Corporate and reconciling items
2023
Cost of sales, before amortisation and depreciation 4		9,680	36,699	15,147	16,961	3,950	641	2,409	(2,409)	24,080	6,566	8,150	4,058	1,266	4,040	—
Plus:
Community costs 5		—	99	16	80	2	—	—	—	4	—	—	(7)	—	11	—
Inventory change		(477)	1,938	54	1,890	(6)	—	(10)	10
Share-based payments 6		122	86	33	49	2	1	—	—	84	23	19	10	—	25	7
Royalties 7		—	803	355	440	8	—	133	(133)	115	41	44	24	6	—	—
Carbon tax 8		—	2	—	2	—	—	—	—	1	—	—	—	—	1	—
Rehabilitation 9		84	128	(5)	59	74	—	5	(5)	186	1	22	74	89	(5)	5
Leases 10		8	67	23	39	5	—	—	—	59	1	16	20	1	21	—
ORD 11		3,889	2,551	669	1,882	—	—	—	—	2,697	1,461	912	324	—	—	—
Sustaining capital expenditure 12		2,178	2,058	644	1,097	287	30	1,057	(1,057)	1,457	490	421	114	—	432	—
Less:
By-product credit 13		(758)	(10,897)	(4,950)	(5,169)	(701)	(77)	(773)	773	(21)	(6)	(5)	(3)	—	(7)	—
All-in sustaining cost 14		14,726	33,534	11,986	17,330	3,621	595	2,821	(2,821)	28,662	8,577	9,579	4,614	1,362	4,518	12
Plus:
Corporate cost, growth and other capital expenditure		774	1,045	—	900	20	125	—	—	2,624	—	117	—	—	882	1,625
All-in cost 14		15,500	34,579	11,986	18,230	3,641	720	2,821	(2,821)	31,286	8,577	9,696	4,614	1,362	5,400	1,637
Gold sold/4E PGM produced/2E PGM produced	kg	13,290	55,032	20,479	23,531	5,793	1,611	3,618	—	25,429	7,224	7,708	4,192	1,219	5,086	—
	‘000oz	427	1,769	658	757	186	52	116	—	818	232	248	135	39	164	—
All-in sustaining cost 14	R/kg									1,127,138	1,187,292	1,242,735	1,100,668	1,117,309	888,321	—
	R/oz	34,465	20,286	18,204	22,907	19,441	11,486	24,255	—
	US$/oz	1,872	1,102	989	1,244	1,056	624	1,317	—	1,904	2,005	2,099	1,859	1,887	1,500	—
All-in cost 14	R/kg									1,230,328	1,187,292	1,257,914	1,100,668	1,117,309	1,061,738	—
	R/oz	36,277	20,919	18,204	24,096	19,549	13,899	24,255	—
	US$/oz	1,970	1,136	989	1,309	1,062	755	1,317	—	2,078	2,005	2,125	1,859	1,887	1,793	—


AFR –	26

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued


Figures in million - SA rand		Sandouville nickel refinery
2023
Nickel equivalent sustaining cost
Cost of sales, before amortisation and depreciation 4		4,329
Share-based payments 6		21
Rehabilitation interest and amortisation 9		9
Leases 10		20
Sustaining capital expenditure 11		248
Less: By-product credit 15		(149)
Nickel equivalent sustaining cost 16		4,478
Nickel products sold	tNi	6,855
Nickel equivalent sustaining cost 16	R/tNi	653,246
Nickel equivalent sustaining cost 16	US$/tNi	35,474


Figures in million - SA rand		Century zinc retreatment operation 17
2023
Cost of sales, before amortisation and depreciation 4		2,257
Royalties 7		131
Community costs 5		47
Inventory change		216
Share-based payments 6		—
Rehabilitation interest and amortisation 9		14
Leases 10		99
Sustaining capital expenditure 12		114
Less: By-product credit 13		(125)
Total All-in-sustaining costs 14		2,753
Plus: Corporate cost, growth and capital expenditure		227
Total All-in-costs 14		2,980
Zinc metal produced (payable)	kt	76
All-in-sustaining cost 14	R/tZn	36,361
	US$/tZn	1,975
All-in-cost 14	R/tZn	39,359
	US$/tZn	2,137


AFR –	27

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

The average exchange rate for the year ended 31 December 2024 was R 18.32 /US$ (2023: R 18.42 /US$)

1 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation processes various recycling material which

is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown

2 The total SA PGM and Marikana includes the production and costs associated with the third party PoC

3 Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA

4 Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs and permitting costs

5 Community costs includes costs related to community development

6 Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value

7 Royalties are the current royalty on refined and unrefined minerals payable to the South African government

8 In South Africa the Carbon Tax Act of 2019 came into effect on 1 June 2019. The South African Government introduced Carbon tax based on a polluter-pays-principle and the aim of which is to help ensure that companies and consumers take the negative

adverse costs (externalities) of climate change into account in their future production, consumption and investment decisions. The first phase of the Carbon Tax Act applies to the so-called “Scope 1” emissions from 1 June 2019 to 31 December 2022. Under

the first phase, the introduction of the carbon tax is not expected to have an immediate impact on the price of electricity. Accordingly, although the statutory rate of carbon tax in 2024 was R190 per tonne (2023: R159 per tonne) of carbon dioxide equivalent

(CO 2 e) emissions, allowances under the Carbon Tax Act resulted in an effective carbon tax rate of R10 to R65 per tonne of CO 2 e emissions (2023: R8 to R64). The carbon tax liability for 2024 will be determined payable by half year June 2025. Phase 1 of the

Carbon Tax has been extended to 31 December 2025

9 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs recorded as an asset. The interest charge related to the environmental rehabilitation

obligation and the amortisation of the capitalised rehabilitation costs do not reflect annual cash outflows and are calculated in accordance with IFRS Accounting Standards. The interest charge and amortisation reflect the periodic costs of rehabilitation

associated with current production and are, therefore, included in the measure

10 Leases represent the lease payment costs for the year

11 ORD are those capital expenditures that allow access to reserves that are economically recoverable in the future, including, but not limited to, crosscuts, footwalls, return airways and box holes which will avail production or reserves

12 Sustaining capital expenditure are those capital expenditures that are necessary to maintain current production and execute the current mine plan. Sustaining capital costs are relevant to the All-in sustaining cost metric as these are needed to maintain

Sibanye-Stillwater’s current operations and provide improved transparency related to Sibanye-Stillwater’s ability to finance these expenditures

13 By-product credit - The All-in cost metric is focused on the cost associated with producing and selling a kilogram of gold or an ounce of 4E/2E PGMs, and therefore the metric captures the benefit of mining other metals when gold and 4E/2E PGMs are

produced and sold. In determining the All-in cost, the costs associated with producing and selling a kilogram of gold or an ounce of 4E/2E PGMs are reduced by the benefit received from the sale of co-products and by-products, recognised as product sales,

which is extracted and processed along with the gold and 4E/2E PGMs produced. At the SA gold operations, the sale of silver is recognised as product sales, and at the PGM operations in both regions, the minor PGMs – iridium and ruthenium – are produced

as co-products, which together with the three primary PGMs, are referred to as 6E (5PGM+Au). In addition, nickel, copper and chrome, among other minerals, are by-products at these operations. This is relevant to the All-in cost metric as it aids in the investor’s

analysis of the profitability of producing a kilogram of gold or an ounce of 4E/2E PGMs, without the need to consider multiple metal prices

14 For information on how Sibanye-Stillwater has calculated All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in sustaining cost per tonne, All-in cost per kilogram, All-in cost per ounce and All-in cost per tonne,

see – Management’s discussion and analysis of the financial statements - 2023 financial perform ance compared with 2022. All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in sustaining cost per tonne, All-

in cost per kilogram, All-in cost per ounce and All-in cost per tonne are non-IFRS measures see page AFR-42 for additional information

15 By-product credit - The Nickel equivalent sustaining cost is associated with the cost of refining and selling a tonne of nickel, and therefore the metric captures the benefit of other metals when nickel is refined and sold. In determining the Nickel equivalent

sustaining cost, the costs associated with producing and selling a tonne of nickel are reduced by the benefit received from the sale of co-products, recognised as product sales, which are extracted at the beginning of the nickel refining process. At

Sandouville, the sale of cobalt chloride and ferric chloride are recognised as by-product sales

16 The Nickel equivalent sustaining cost, being the cost to sustain current operations. Nickel equivalent sustaining cost per tonne nickel is calculated by dividing the Nickel equivalent sustaining cost, in a period by the total nickel products sold over the same

period ( non-IFRS measures see page AFR-43 for additional information)

17 Century is a leading tailings reprocessing and rehabilitation asset that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia. Century was acquired by the Group on 22 February 20 23


AFR –	28

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Cost of production

The All-in sustaining cost (AISC) at the US PGM operations decreased by 27% to US$ 1,367 /2Eoz in 2024 primarily due to reduced ore reserve

development (ORD) and reduced sustaining capital expenditure arising from repositioning the US PGM operations for lower PGM prices, by

deferring production growth and maintaining lower levels of production. Despite disciplined cost containment measures, the AISC at the SA

PGM operations of R 21,848 /4Eoz (including third-party PoC) increased by 8% from R 20,286 /4Eoz due to above inflation increases in costs of

electricity and imported spares and 4% higher production volumes . The AISC at the SA gold operations increased by 11% to R 1,251,810 /kg in

2024 and was mainly due to 13% lower production volumes arising from the disruptions at the Kloof operation and the break-back incident

at the Beatrix 3 shaft and above average inflationary increases in electricity, support and consumables costs. At Sandouville, production

costs were well controlled with nickel equivalent AISC for 2024 of R 449,644 /tNi, 31% lower year-on-year. This was driven by lower feedstock

prices linked to the price of nickel, lower variable costs (reagents, energy including electricity and gas) and 30% lower sustaining capital to

R0.2 billion (US$ 9 million) as a result of lower replacement costs due to the closure of current production lines in H1 2025. The the Century zinc

retreatment operation, AISC of US$ 42,446 /tZn for 2024 was 17% higher than 2023 levels as a result of 66% higher royalties and sustaining

capital which was 64% higher at R 0.2 billion (US$ 10 million) of which R0.1 billion (US$4 million) related to the bushfire recovery costs, partially

offset by by-product credits which increased by 75% to R 0.2 billion (US$ 12 million) as a result of the higher prices of silver and increased sales.

Loss for year

As a result of the factors discussed above and matters discussed later in the management's discussion and analysis of the financial

statements, the loss for 2024 was R 5,710 million compared with the loss in 2023 of R 37,430 million. The following table depicts contributions

from various segments to the loss for the year.


Figures in million – SA rand	2024	2023
Americas	(10,515)	(36,497)
US PGM operations	(10,562)	(36,497)
US Reldan operations	47	—
Southern Africa	6,381	10,039
SA PGM operations	3,868	12,346
Rustenburg operation 1	9,853	5,410
Marikana	1,998	8,773
Kroondal	(282)	1,053
Platinum Mile	124	96
Mimosa	(97)	(1,900)
Corporate and reconciling items 1,2	(7,728)	(1,086)
SA gold operations	2,513	(2,307)
Driefontein	659	(246)
Kloof	(1,361)	(2,744)
Beatrix	112	(220)
Cooke	(1,186)	(847)
DRDGOLD	1,755	1,373
Corporate and reconciling items 2	2,534	377
Europe	4	(5,277)
Sandouville	(531)	(4,900)
Corporate and reconciling items 2	535	(377)
Australia	(395)	(4,767)
Century zinc retreatment operation	(139)	(4,706)
Corporate and reconciling items 2	(256)	(61)
Group Corporate and reconciling items	(1,185)	(928)
Total (Loss)/profit for the year	(5,710)	(37,430)

1 The net profit on the Rustenburg operation in 2024 was impacted by the fair value gain on the obligation for future dividends payable to its shareholders of R11,435 million

(2023: R5,060 million fair value gain) and the l oss on revised cash flow of Rnil (2023: R 4 million) on the deferred payment to Rustenburg Platinum Mines Limited. R8,522 million of

the fair value loss (2023: R4,714 million) on the future dividend obligation eliminates in the corporate and reconciling items at a SA PGM operations level

2 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of

results of equity-accounted investees after tax. Also included is impairment recognised related to the Burnstone project (SA gold operations) for 2023 year only and the

equity-accounted investment in Mimosa (SA PGM operations). Included in Europe is the Keliber project as well other general corporate expenses and included in Australia is

other general corporate expenses. This does not represent a separate segment as it does not generate revenue

Adjusted EBITDA

Group Adjusted EBITDA of R 13,088 million in 2024 decreased by 36% from R 20,556 million in 2023. Adjusted EBITDA from the US PGM

underground operations decreased by 116% to an Adjusted EBITDA loss of R 111 million mainly due to continued lower 2E PGM basket prices.

For the US PGM recycling operations Adjusted EBITDA decreased by 46% to R 326 million mainly due to lower 3E PGM basket prices. The US

Reldan operations generated adjusted EBITDA of R 268 million. Adjusted EBITDA for the SA PGM operations decreased by 58% to R 7,399

million due to continued lower 4E PGM basket prices. Adjusted EBITDA at the SA gold operations increased by 66% to R 5,832 million in 2024,

mainly due to a 22% increase in the rand gold price. Negative adjusted EBITDA from the Sandouville nickel refinery decreased by 46% to

negative R 723 million, mainly due to 13% higher volumes. Adjusted EBITDA at the Century zinc retreatment operation increased by 325% to

R 641 million due to a 54% higher average equivalent zinc concentrate price. The US Reldan operations generated adjusted EBITDA of R 268

million.


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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Adjusted EBITDA includes other cash costs, strike costs, care and maintenance costs, corporate and social investment costs and non-mining

royalties expenditures. The care and maintenance costs were R 1,609 million in 2024 compared with R 1,378 million in 2023. Corporate and

social investment costs (CSI) were R 405 million in 2024 compared with R 149 million in 2023. Non-mining royalties relating to royalties payable

to the Bafokeng nation were R 73 million in 2024 compared with R84 million in 2023.

Non-IFRS measures such as Adjusted EBITDA is considered as pro forma financial information as per the JSE Listings Requirements. The pro

forma financial information is the responsibility of the Group’s Board of Directors and is presented for illustration purposes only, and because

of its nature, Adjusted EBITDA should not be considered as a representation of financial performance see – Consolidated financial

statements – Notes to the consolidated financial statements – Note 28.10: Capital managemen t

The below table illustrates the reconciliation of (loss)/profit before royalties, carbon tax and tax to adjusted EBITDA:


2024
Figures in million – SA rand	Group 1	Total US PGM	Underground	Recycling	Reldan operations	Total SA PGM	Total SA gold	Total EU operations	Sandouville nickel refinery	Total AUS operations	Century zinc retreatment operation
(Loss)/profit before royalties, carbon tax and tax	(3,669)	(10,474)	(10,795)	321	20	5,177	2,954	—	(531)	(179)	77
Adjusted for:
Amortisation and depreciation	8,810	1,934	1,929	5	171	3,647	2,900	38	29	118	117
Interest income	(1,337)	(305)	(305)	—	(8)	(468)	(498)	(53)	(1)	(2)	(1)
Finance expense	4,571	1,761	1,761	—	30	611	1,337	204	70	302	288
Share-based payments	251	35	35	—	—	99	79	13	7	5	5
(Gain)/loss on financial instruments	(5,433)	(1,733)	(1,733)	—	(136)	(2,341)	(787)	(772)	(7)	269	269
Loss/(gain) on foreign exchange movements	215	5	5	—	(2)	53	21	97	110	(12)	(10)
Share of results of equity-accounted investees after tax	(212)	—	—	—	7	97	(327)	—	—	—	—
Change in estimate of environmental rehabilitation obligation, and right of recovery liability and asset	447	—	—	—	—	206	244	23	23	(26)	(22)
(Gain)/loss on disposal of property, plant and equipment	(55)	40	40	—	—	(33)	(62)	—	—	—	—
Impairments	9,173	8,824	8,824	—	—	124	(107)	221	221	111	4
Gain on acquisition	—	—	—	—	—	—	—	—	—	—	—
Occupational healthcare gain	(76)	—	—	—	—	—	(76)	—	—	—	—
Restructuring costs	550	126	126	—	—	271	153	—	—	—	—
Transaction and project costs	851	26	26	—	187	—	—	193	193	21	—
Lease payments	(244)	(5)	(5)	—	(1)	(62)	(35)	(25)	(20)	(116)	(116)
Onerous contract provision	(817)	—	—	—	—	—	—	(817)	(817)	—	—
Provision for community costs post closure	24	—	—	—	—	—	—	—	—	24	24
Cyber security costs	67	7	7	—	—	18	36	—	—	6	6
Compensation for losses incurred	(26)	(26)	(26)	—	—	—	—	—	—	—	—
Gain on increase in equity- accounted investment	(2)	—	—	—	—	—	—	—	—	—	—
Gain on remeasurement of previous interest in Kroondal	—	—	—	—	—	—	—	—	—	—	—
Adjusted EBITDA	13,088	215	(111)	326	268	7,399	5,832	(878)	(723)	521	641

1 The SA rand amounts can be translated to US dollar at an average exchange rate of R18.32/US$

2 Included in total Group is Group corporate which comprises mainly the Wheaton Stream transaction, corporate tax, interest and transaction costs

3 Adjusted EBITDA is a non-IFRS measure see page AFR-42 for additional information on this non-IFRS measure.


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MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:


2023
Figures in million – SA rand	Group 1	Total US PGM	Underground	Recycling	Total SA PGM	Total SA gold	Total EU operations	Sandouville nickel refinery	Total AUS operations	Century zinc retreatment operation
(Loss)/profit before royalties, carbon tax and tax	(38,794)	(44,109)	(44,712)	603	17,303	(1,227)	(5,233)	(4,900)	(4,634)	(4,575)
Adjusted for:
Amortisation and depreciation	10,012	3,390	3,386	4	2,975	2,382	206	199	1,059	1,059
Interest income	(1,369)	(213)	(213)	—	(478)	(611)	(53)	—	(10)	(6)
Finance expense	3,299	1,134	1,134	—	706	897	67	13	184	158
Share-based payments	113	39	39	—	18	53	(6)	8	—	—
(Gain)/loss on financial instruments	(235)	2,064	2,064	—	(1,957)	19	168	(44)	(515)	(515)
(Gain)/loss on foreign exchange movements	(1,973)	(12)	(12)	—	(1,894)	(26)	(55)	(55)	39	4
Share of results of equity-accounted investees after tax	1,174	—	—	—	1,471	(315)	—	—	—	—
Change in estimate of environmental rehabilitation obligation, and right of recovery liability and asset	(45)	—	—	—	(45)	—	—	—	—	—
(Gain)/loss on disposal of property, plant and equipment	(105)	45	45	—	(79)	(71)	—	—	—	—
Impairments	47,454	38,919	38,919	—	506	2,733	1,607	1,607	3,689	3,689
Gain on acquisition	(898)	—	—	—	(898)	—	—	—	—	—
Occupational healthcare gain	(365)	—	—	—	—	(365)	—	—	—	—
Restructuring costs	515	41	41	—	351	123	—	—	—	—
Transaction and project costs	474	27	27	—	—	—	—	—	2	—
Lease payments	(263)	(8)	(8)	—	(61)	(69)	(25)	(21)	(100)	(99)
Onerous contract provision	1,865	—	—	—	—	—	1,865	1,865	—	—
Gain/increase in equity-accounted investment	(5)	—	—	—	—	—	—	—	—	—
Gain on remeasurement of previous interest in Kroondal	(298)	—	—	—	(298)	—	—	—	—	—
Adjusted EBITDA	20,556	1,317	710	607	17,620	3,523	(1,459)	(1,328)	(286)	(285)

1 The SA rand amounts can be translated to US dollar at an average exchange rate of R18.42/US$

2 Included in total Group is Group corporate which comprises mainly the Wheaton Stream transaction, corporate tax, interest and transaction costs

3 Adjusted EBITDA is a non-IFRS measure see page AFR-42 for additional information on this non-IFRS measure.


AFR –	31

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Interest income

Interest income for 2024 decreased by R 32 million to R 1,337 million (2023: R 1,369 million) which was mainly due to interest received on lower

cash balances, partially offset by higher interest on rehabilitation obligation funds invested. Interest income mainly includes interest received

on cash deposits amounting to R 882 million (2023: R 998 million), interest received on rehabilitation obligation funds of R 404 million (2023: R 339

million), interest earned on right of recovery asset of Rnil (2023: R 25 million) and other interest earned of R 51 million (2023: R 7 million).

For additional information on finance income see – Consolidated financial statements – Notes to the consolidated financial statements –

Note 5.1: Finance income.

Finance expense

Finance expense for 2024 increased by R 1,272 million to R 4,571 million (2023: R 3,299 million) which was mainly due to a R 754 million increase

in interest on borrowings and a R 329 million increase in the unwinding of amortised cost on borrowings following an increase in average

outstanding borrowings for 2024, R 208 million increase in unwinding of the environmental rehabilitation obligation, R 44 million increase in the

unwinding of the finance costs on the deferred revenue transactions and an increase of R 114 million in sundry interest, all partially offset by a

R 85 million decrease in Rustenburg deferred payment, R 48 million decrease in the unwinding of the Marikana dividend obligation, R 9 million

decrease in interest on lease liabilities, R 3 million decrease in the Pandora deferred payment and a R 32 million decrease in interest on the

occupational healthcare obligation. Borrowings increased due to funding capital expenditure on the Keliber lithium project and the SA RCF

borrowings were used to fund expenditure in the SA region. For additional information on finance expense see – Consolidated financial

statements – Notes to the consolidated financial statements – Note 5.2: Finance expense.

Finance expense for 2023 increased by R459 million mainly due to a R146 million increase in interest on borrowings and a R143 million

increase in the unwinding of amortised cost on borrowings following an increase in average outstanding borrowings for 2023, R147 million

increase in unwinding of the environmental rehabilitation obligation, R71 million increase in the unwinding of the Marikana dividend

obligation, R12 million increase in interest on lease liabilities, R1 million increase in the unwinding of the finance costs on the deferred revenue

transactions and an increase of R150 million in sundry interest, all partially offset by a R181 million decrease in Rustenburg deferred payment,

R15 million decrease in the Pandora deferred payment and a R15 million decrease in interest on the occupational healthcare obligation.

Sibanye-Stillwater’s gross debt outstanding, excluding the Burnstone Debt and including the derivative financial instrument was R 39,426

million as at 31 December 2024 compared with approximately R 37,437 million at 31 December 2023.

Share-based payments

The share-based payments expense increased by 122 % to R 251 million (2023: R 113 million) in 2024. The share-based payments expense

includes R 27 million (2023: R 25 million) relating to the DRDGOLD equity-settled share options and R 224 million (2023: R 88 million) relating to the

cash-settled Sibanye-Stillwater Share Plan. For additional information on share-based payments see – Consolidated financial statements –

Notes to the consolidated financial statements – Note 6: Share-based payments.

Gain on financial instruments

The gain on financial instruments increased from R 235 million to R 5,433 million for 2024, representing a year-on-year of increase R 5,198 million.

The net gain for 2024 is mainly attributable to a combined fair value gain of R 1,860 million on the Rustenburg (R 649 million) and Marikana

(R 165 million) B-BBEE cash-settled share-based payment obligations and the Marikana dividend obligation (R 1,046 million), all due to lower

forecast cash flows over the respective life-of-mines. In addition, fair value gains on the Keliber dividend obligation of R 811 million, SRPM

contingent consideration (Kroondal acquisition) of R 396 million, derivative financial instrument relating to US$ Convertible Bond of R 1,733

million and revised cash flow of the Burnstone Debt of R 1,053 million also contributed to the net gain on financial instruments and arose due

to a decrease in these liabilities which resulted primarily from lower consensus commodity prices. These gains were partially offset by the fair

value losses on the gold hedge contract of R 448 million and zinc hedge contracts of R 234 million, respectively. For additional information on

the gain on financial instruments see – Consolidated financial statements – Notes to the consolidated financial statements – Note 7: Gain/

(loss)Loss on financial instruments.

The 2022 net loss on financial instruments of R4,279 million reversed into a net gain of R235 million for 2023, representing a year-on-year

positive movement of R4,514 million. The net gain for 2023 is mainly attributable to a combined fair value gain of R2,137 million on the

Rustenburg (R346 million) and Marikana (R1,243 million) operations B-BBEE cash-settled share-based payment obligations and the Marikana

dividend obligation (R548 million), all due to lower forecast cash flows over the respective life-of-mines. In addition, fair value gains on the

zinc and palladium hedge contracts of R491 million and R72 million respectively also contributed to the net gain on financial instruments.

These gains were partially offset by the fair value loss on the derivative financial instrument relating to US$ Convertible Bond which was issued

during November 2023 of R2,136 million, fair value losses on the gold hedge contract of R140 million, Keliber dividend obligation of

R287 million and SRPM contingent consideration (Kroondal acquisition) of R137 million.

Loss/(g ain) on foreign exchange differences

The loss on foreign exchange differences of R 215 million in 2024 compared with a gain of R 1,973 million in 2023. The gain on foreign

exchange differences in 2024 was mainly due to a net foreign currency translation loss reclassified to profit or loss with the deregistration of

foreign subsidiaries of R 55 million, R 38 million loss on the Burnstone debt due to a stronger rand, foreign exchange losses of R 125 million on

intra-group loans with a real foreign exchange exposure, partially offset by foreign exchange gains of R 47 million on receivables and

payables.

The gain on foreign exchange differences of R1,973 million in 2023 compared with a gain of R616 million in 2022. The gain on foreign

exchange differences in 2023 was mainly due to a net foreign currency translation gain reclassified to profit or loss with the deregistration

of foreign subsidiaries of R1,663 million, foreign exchange gains of R173 million on intra-group loans with a real foreign exchange exposure,

foreign exchange gains of R214 million on receivables and payables, partially offset by a R231 million loss on the Burnstone debt due to a

weaker rand.


AFR –	32

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Share of results of equity-accounted investees after tax

The profit from share of results of equity-accounted investees of R 212 million in 2024 (2023: R 1,174 million loss) was primarily due to profit of

R 327 million (2023: R 315 million) relating to Sibanye-Stillwater’s 44% interest in Rand Refinery, partially offset by share of losses of R 97 million

(2023: R 1,479 million) relating to Sibanye-Stillwater’s 50% attributable share in Mimosa. In 2023, a lower estimated value in use for Mimosa led

to an after tax equity accounted impairment of property, plant and equipment amounting to R1,384 million and was the main reason for the

loss on Sibanye-Stillwater’s 50% attributable share in Mimosa of R 1,479 million in 2023. For additional information on the share of results of

equity-accounted investees after tax, see – Consolidated financial statements – Notes to the consolidated financial statements – Note 18:

Equity-accounted investments.

Impairments

During 2024 the Group recognised impairment losses of R 9,173 million compared to impairment losses recognised in 2023 of R 47,454 million.

The impairments raised of R 9,173 million at 31 December 2024 mainly related to:

• The carrying value of the US PGM operations (Stillwater CGU) was impaired by R1,292 million at 31 December 2024, in addition to the

R7,499 million recognised at 30 June 2024. The impairment is due to the resulting recoverable amount determined from the updated life-

of-mine plan which incorporates the restructure of the US PGM operations announced after 30 June 2024, and includes suspending the

operations at the Stillwater West Mine and reducing mining at East Boulder Mine. Many of the actions relating to the restructure were

implemented towards the end of the financial year. There was also a further decrease in the expected long-term palladium and

platinum prices which resulted in a decrease in the expected future net cash flows from the Stillwater CGU, and contributed to the

reduced value in use at 31 December 2024. The impairment recognised at 30 June 2024 was due to the decrease in medium to long-

term forecast palladium and platinum prices which also resulted in a decrease in the expected future net cash flows from the Stillwater

CGU

• Specific asset impairment for the year ended 31 December 2024 relates to the Sandouville nickel refinery which was impaired by

R221 million resulting from the settlement agreement concluded during the six months ended 31 December 2024, in terms of which the

last nickel matte was delivered early January 2025 and the remaining inventory is scheduled to be processed by the end of March 2025.

The Sandouville nickel refining operation will wind-down during H1 2025. The outcome of the pre-feasibility study to assess the potential

conversion of the Sandouville plant to produce pCAM is expected by the end of 2025. A further R34 million specific asset impairment was

recognised at Stillwater related to assets classified as held for sale and written down to fair value. Further specific asset impairments

recognised related to shaft 4B at Marikana which was impaired by R112 million due to closure and the Klipfontein open cast assets by

R11 million due to the mining area not being economically viable.

The impairments raised of R 47,454 million at 31 December 2023 mainly related to:

• A 5.3% decrease of Mimosa's expected life of mine average recovered grade due to plant recoveries being affected by a change in the

mineralogy of the ore, combined with above inflationary increases in working costs, resulted in a decrease in the expected future net

cash flows from Mimosa. The lower value in use led to an after tax equity accounted impairment of property, plant and equipment

amounting to R1,384 million and the further impairment of the investment in the equity-accounted investee of R 423 million

• Various operational constraints, as previously reported, in the ramp-up of the Blitz project, coupled with higher than inflation increases in

operating costs and a decrease in medium to long-term forecast palladium prices, resulted in a decrease in the expected future net

cash flows from the US PGM operation. The higher weighted average cost of capital, driven by a higher beta, in combination with the

aforementioned factors, contributed to the reduced value in use at year end, which led to an impairment of property, plant and

equipment and goodwill amounting to R 38,900 million. In addition, goodwill allocated to the US PGM operation amounting to R 60 million

pertaining to the acquisition of SFA (Oxford) was impaired

• An onerous supply contract, higher fixed and variable costs, significantly reduced expected sustainable production volumes and higher

than initially expected sustaining capital expenditure, resulted in the decrease in expected future net cash flows from the Sandouville

nickel refinery. This, together with lower nickel prices, reduced the value in use at year end and led to an impairment of property, plant

and equipment, intangible assets and goodwill amounting to R 1,606 million. Further studies are currently ongoing to determine the future

optimal usage of infrastructure at the Sandouville nickel refinery

• Lower than expected production volumes, above inflationary increases in operating costs, higher sustaining capital, the relative short life-

of- mine and the diminishing window of opportunity to develop and operate the expansion projects concurrent with the ongoing

operation, resulted in a decrease in the expected future net cash flows from the Century zinc retreatment operation (Century). The lower

value in use led to an impairment of property, plant and equipment amounting to R 3,689 million

• Consistent with the requirements of the Group’s capital allocation framework, the Burnstone project (included in the SA Gold corporate

and reconciling items reportable segment) will be delayed and is expected to ramp-up again during 2025. The additional costs during

the delay, the deferral of mine ramp-up and higher weighted average cost of capital due to an increase in the beta, risk free rate and

cost of debt, has resulted in a decrease in the expected future net cash flows from Burnstone. The lower value in use led to an

impairment of property, plant and equipment amounting to R 1,115 million

• Operational constraints, including seismicity and cooling, at the Kloof 4 shaft, compounded by the shaft incident during H2 2023 that

damaged the shaft infrastructure, resulted in a severe deterioration in productivity that negatively impacted the financial viability of the

Kloof 4 shaft. Consequently, during 2023, following a consultative process, the Group announced the closure of Kloof 4 shaft, which led to

the specific impairment of property, plant and equipment amounting to R 1,616 million

For additional information on the impairments see – Consolidated financial statements – Notes to the consolidated financial statements –

Note 10: (Impairments)/reversal of impairments.

Gain on acquisition

During 2023 Sibanye-Stillwater through its subsidiary Sibanye Rustenburg Platinum Mines Limited (SRPM) entered into an agreement with

Rustenburg Platinum Mines Limited (RPM) a subsidiary of Anglo American Platinum Limited, whereby the Group assumed full ownership of

the Kroondal operation with SRPM acquiring RPM's 50% ownership in the pool and share agreement (Kroondal PSA) between Kroondal

Operations Proprietary Limited (wholly-owned subsidiary of the Group) and RPM. On 1 November 2023, Sibanye-Stillwater announced that

the transaction had been brought forward and all conditions precedent had either been met or waived in order for SRPM to acquire RPM's

50% share in the Kroondal PSA effective 1 November 2023 (acquisition date). The consideration at the effective date is based on the

remaining Kroondal agreed PSA ounces payable to RPM. Historically, and up to delivering the last agreed PSA ounce to RPM (expected


AFR –	33

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

June 2024), the delivered agreed PSA ounces included SRPM ounces mined outside of the Kroondal PSA area, resulting in reduced ounces

being mined from the PSA area. The remaining PSA reserves are included in the valuation of the business combination and is the primary

reason for the gain on acquisition of R 898 million. For additional information on the gain on acquisition see – Consolidated financial

statements – Notes to the consolidated financial statements – Note 19: Interests in joint operations.

Occupational healthcare gain

At 31 December 2024 Sibanye-Stillwater provided R 336 million (2023: R 400 million) for its share of the settlement cost. The estimated costs at

31 December 2024 and 2023 was determined by an actuarial specialist and as a result, a change in estimate of R 76 million gain was

recognised in profit or loss for the year (2023: R 365 million). For additional information on the occupational healthcare expense, see –

Consolidated financial statements – Notes to the consolidated financial statements – Note 31: Occupational healthcare obligation.

Gain on remeasurement of previous interest in Kroondal

During 2023 the Group recorded a gain on remeasurement of the previous interest in Kroondal of R 298 million, following SRPM's acquisition of

RPM's 50% interest in the Kroondal PSA. In accordance with the requirements of IFRS 3, the Group remeasured its previously held 50% interest

in Kroondal PSA to fair value at the effective date of the acquisition. For additional information on the Gain on remeasurement of previous

interest in Kroondal, see – Consolidated financial statements – Notes to the consolidated financial statements – Note 19: Interests in joint

operations.

Restructuring costs

Maintaining loss-making operations is not sustainable over an extended period. Cross-subsidising loss making operations erodes value, is a

drain on cash flows and, as a result, threatens the sustainability and economic viability of other operations. The Group, therefore, continually

reviews and assesses the operating and financial performance of its assets. Restructuring costs of R 550 million (2023: R 515 million) were

incurred during 2024 which mainly related to the SA gold operations (R 144 million (2023: R114 million)), SA PGM operations (R 269 million

(2023: R351 million)), Protection Services ( R 11 million (2023: Rnil)) and US PGM operations (R 126 million (2023: R41 million)). Restructuring costs

for 2023 included a provision and actual costs amounting to R303 million for voluntary separation packages, voluntary early retirement

packages and involuntary retrenchments mainly relating to the S189 process at the SA gold operations (Beatrix R6 million and Kloof

R100 million) and SA PGM operations (Marikana R211 million, Rustenburg of R86 million and Kroondal of R46 million).

Transaction costs

Transaction costs were R 851 million in 2024 compared with R 474 million in 2023. The transaction costs in 2024 mainly included project cost of

the GalliCam pre-feasibility study R 193 million (2023: Rnil), l egal and advisory fees on merger and acquisition activities relating to Reldan R 187

million (2023: R74 million), Appian R 115 million (2023: R17 million), acquisition related advisory and legal fees of R 55 million (2023: R112 million)

and other transaction related general legal and advisory fees of R 301 million (2023: R242 million) and convertible bond fees of Rnil

(2023: R29 million).

Care and maintenance costs

Care and maintenance costs were R 1,609 million in 2024 compared with R 1,378 million in 2023. The care and maintenance costs included

R 970 million (2023: R883 million) at Cooke, R 14 million (2023: R261 million) at Beatrix, R 340 million (2023: R117 million) at Kloof, R 69 million (2023:

R103 million) at Marikana, R 10 million (2023: R2 million) at Rustenburg, R 10 million (2023: R11 million) at Kroondal and Rnil (2023: R1 million) at

DRDGOLD.

Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable

Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable was an income of R 40 million

in 2024(2023: R 45 million). The decrease in the income is mainly due to changes in gross closure cost estimates, changes in discount rates

and changes in expected timing of rehabilitation for operations on care and maintenance and operations that are being rehabilitated

(recognised through profit or loss).

Cost incurred on employee and community trusts

Cost incurred on employee and community trusts were R 204 million in 2024 compared with R 469 million in 2023. These costs were incurred on

the Marikana R 288 million (2023: R103 million) and SRPM employee Trusts R 84 million (2023: R364 million).

Corporate and social investment costs

Corporate and social investment costs (CSI) were R 405 million in 2024 compared with R 149 million in 2023. CSI costs mainly related to the SA

gold operations (R 13 million (2023: R4 million)), SA PGM operations (R 337 million (2023: R98 million)) and Century operation (R 54 million

(2023: R47 million)).

Onerous contract provision utilisation/change in estimate/(provision)

The onerous contract provision in 2024 of R 200 million compared with R 1,865 million in 2023. In 2023, a provision was recognised for an

onerous supply contract at the Sandouville nickel refinery. Sustained losses incurred at the Sandouville nickel refinery resulted in the Group's

assessment and conclusion that the supply contract is onerous, as the unavoidable costs of meeting the obligations under the contract

exceed the expected economic benefits. During 2024, the Group agreed with the supplier to terminate this supply contract with final

delivery made in January 2025. During the year, additional provisions were raised for onerous contracts amounting to R200 million in respect

of the Sandouville nickel refinery's production process, s ee – Consolidated financial statements – Notes to the consolidated financial

statements – Note 30.2: Other provisions.

Exploration costs

Exploration costs were R 36 million in 2024 compared with R 183 million in 2023. The exploration costs in 2023 mainly related to the SA PGM

operations (R 28 million (2023: R7 million)) and Century operation (R 8 million (2023: R176 million)).


AFR –	34

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Non-mining royalties

Non-mining royalties relating to royalties payable to the Bafokeng nation were R 73 million in 2024 compared with R84 million in 2023 and

decreased mainly due to lower PGM prices and lower volumes at the Marikana and Kroondal operations. The non-mining royalties were

incurred at the Marikana (R 17 million (2023: R17 million)), Kroondal (Rnil (2023: R18 million)) and Rustenburg (R 56 million (2023: R49 million))

operations.

Strike related costs

Strike related costs of R 3 million in 2023 were incurred at the SA PGM operations as a preventative measure to protect property during a

contractor employee strike.

Royalties

Royalties decreased by 48% to R 543 million in 2024 from R 1,050 million in 2023. The decrease in 2024 was mainly due to the decreased

revenue and profitability at the SA PGM operations as a result of continued lower PGM basket prices in 2024, partially offset by the increase

in royalties payable by New Century due to higher zinc concentrate prices in 2024. The decrease in 2023 was mainly due to the decreased

revenue and profitability at the SA PGM operations as a result of the lower PGM prices in 2023, partially offset by the increase in royalties

payable by New Century which was acquired during 2023.

Mining and income tax

Mining and income tax charge increased to R 1,496 million in 2024 compared to a net credit of R 2,416 million in 2023 which is mainly

attributable to unrecognised or derecognised deferred tax assets in 2024 compared to a loss before tax in 2023. The table below indicates

Sibanye-Stillwater’s effective tax expense rate in 2024 and 2023.


		2024	2023
Mining and income tax	Rm	1,496	(2,416)
Effective tax rate	%	(36)	6

I n 2024, the tax charge on the loss before tax at the South African statutory company tax rate of 27%, or R 1,138 million, compared with tax

charge of R 1,496 million is mainly due to the impact on the statutory tax rate of the following

• R 3,929 million unrecognised or derecognised deferred tax assets

• R 320 million non-deductible finance expense

• R 210 million net other non-taxable income and non-deductible expenditure

• R 81 million tax adjustment in respect of prior periods

• R 62 million non-deductible transaction costs

• R 40 million US statutory tax rate adjustment

• R 10 million non-taxable gain on foreign exchange differences

• R 7 million non-deductible share-based payments

The above was partially offset by the following

• R 1,196 million non-deductible loss on fair value of financial instruments

• R 365 million US state tax adjustment

• R 364 million change in estimated deferred tax rate

• R 59 million non-taxable share of results of equity-accounted investee

• R 41 million SA gold mining tax formula rate adjustment

In 2023, the tax credit on the loss before tax at the South African statutory company tax rate of 27%, or R10,758 million, compared with a tax

credit of R2,416 million is mainly due to the impact on the statutory tax rate of the following

• R 4,085 million u nrecognised or derecognised deferred tax assets

• R 2,392 million non-deductible impairments

• R 2,176 million US statutory tax rate adjustment

• R 726 million change in estimated deferred tax rate

• R 317 million non-taxable share of results of equity-accounted investee

• R 272 million net other non-taxable income and non-deductible expenditure

• R 180 million non-deductible finance expense

• R 158 million non-deductible transaction costs

• R 101 million non-deductible loss on fair value of financial instruments

• R 7 million non-deductible share-based payments

• R 2 million non-deductible amortisation and depreciation


AFR –	35

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

The above was partially offset by the following

• R1,121 million US state tax adjustment

• R 463 million non-taxable gain on foreign exchange differences

• R 236 million SA gold mining tax formula rate adjustment

• R243 million n on-taxable gain on acquisition

• R 10 million tax adjustment in respect of prior periods

• R 1 million non-taxable dividend received

Liquidity and capital resources

Cash flow analysis

Net decrease in cash and cash equivalents in 2024 was R 9,490 million compared with a net decrease in cash and cash equivalents in 2023

of R 1,967 million. The principal factors explaining the changes in net cash flow for the year are set out in the table below.


Figures in million - SA rand	2024	2023	% Change 2024 / 2023
Net cash from operating activities	10,113	7,095	43
Adjusted for:
Dividends paid	173	5,318	(97)
Net interest paid	1,219	306	298
Deferred revenue advance received	(3,307)	(935)	254
Less:
Additions to property, plant and equipment	(21,569)	(22,411)	(4)
Adjusted free cash flow 1	(13,371)	(10,627)	26
Acquisition of subsidiaries, net of cash acquired	(2,690)	471	(671)
Acquisition of non-controlling interests	—	(1,009)	(100)
Proceeds from NCI on rights issue	—	1,096	(100)
Payment of Deferred Payment	(292)	—	N/A
Net borrowings repaid	4,943	13,108	(62)

1 One of the drivers to sustain and increase shareholder value is adjusted free cash flow generation as that determines the cash available for dividends and other investing

activities. Adjusted free cash flow is defined as net cash from operating activities before dividends paid, net interest paid, deferred revenue advance received less additions

to property, plant and equipment

Net cash from operating activities

Net cash from operating activities increased by R 3,018 million to R 10,113 million in 2024 from R 7,095 million in 2023. The items contributing to

the increase in 2024 and decrease in 2023 are indicated in the table below.


Figures in million - SA rand	2024	2023
Decrease in cash generated by operations¹	(14,312)	(22,020)
Increase in deferred revenue advance received²	2,372	911
Increase in cash-settled share-based payments paid	(114)	(365)
Decrease in change in working capital	5,103	1,364
Increase in interest paid	(797)	(186)
Decrease in royalties and tax paid³	1,894	6,551
Decrease in dividends paid 4	5,145	4,135
Decrease in additional deferred payments relating to acquisition of a business 5	3,689	812
Other	37	350
Increase/(decrease) in net cash from operating activities	3,018	(8,448)

1 The decrease in cash generated by operations in 2024 was mainly due to continued lower average realised PGM basket prices at the SA PGM, US PGM and US Recycling

operations partially offset by additional increases in the gold price for 2024. The decrease in cash generated by operations in 2023 was mainly due to lower average realised

PGM basket prices at the SA PGM, US PGM and US Recycling operations partially offset by an increase in the gold price for 2023.

2 The amount received for the year ended 31 December 2024 of R 3,307 million relates to income received in advance from customers of Century of R366 million, Reldan

deferred proceeds of R243 million and cash prepayments received in respect of the gold prepay and chrome prepay amounting to R1,793 million and R905 million,

respectively. The amount received of R935 million the year ended 31 December 2023 relates to income received in advance from customers of Century.

3 The decrease in royalties and tax paid in 2024 was due to the decrease in revenue and taxable mining income as a result of lower average realised PGM basket prices at

the SA PGM, US PGM and US Recycling operations, partially offset by an increase in the gold price for 2024 and the decrease in royalties and tax paid in 2023 was due to the

decrease in revenue and taxable mining income as a result of lower average realised PGM basket prices at the SA PGM, US PGM and US Recycling operations, partially

offset by an increase in the gold price for 2023

4 There were no dividends paid by the Group during 2024 and dividends paid by subsidiary companies to their non-controlling shareholders was R173 million and for 2023 a

final dividend for 2022 and interim dividend for 2023 of R3,452 million and R1,501 million, respectively paid by the Group and dividends paid by subsidiary companies to their

non-controlling shareholders of R365 million

5 The acquisition date fair value of deferred payments and contingent consideration relating to business combinations is part of the aggregate consideration for obtaining

control of the underlying net assets. Therefore, unless the obligations are clearly part of the borrowing structure of the group, repayments of the acquisition date fair value

are classified as investing activities. Additional deferred/contingent payments in excess of the grant date fair value are considered to be operating activity cash flows by

nature and amounted to Rnil in 2024 and R3,733 million in 2023 mainly relating to the acquisition of the Sibanye Rustenburg Platinum Mines Proprietary Limited


AFR –	36

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Cash flows from investing activities

Net cash used in investing activities increased to R 24,338 million in 2024 from R 22,038 million in 2023. The increase in cash used in investing

activities was mainly due to additions to property, plant and equipment of R 21,569 million in 2024 compared to R 22,411 million in 2023.

Net cash used in investing activities increased to R 22,038 million in 2023 from R 17,374 million in 2022. The increase in the 2023 net cash used

in investing activities was mainly due to additions to property, plant and equipment of R 22,411 million, compared to R 15,899 million in 2022.

Cash additions to property, plant and equipment at the individual mines is shown in the table below.


Figures in million – SA rand	2024	2023
Americas	(2,998)	(6,877)
US PGM underground operations	(2,988)	(6,875)
US PGM Recycling	—	(2)
US Reldan operations	(10)	—
Southern Africa	(12,451)	(12,924)
SA PGM operations	(5,683)	(5,663)
Rustenburg operation	(1,678)	(1,379)
Marikana	(3,464)	(3,823)
Kroondal	(477)	(310)
Platinum Mile	(56)	(151)
Corporate and reconciling items 1	(8)	—
SA gold operations	(6,768)	(7,261)
Driefontein	(2,050)	(1,941)
Kloof	(1,182)	(1,445)
Beatrix	(312)	(441)
Cooke	—	—
DRDGOLD	(2,870)	(1,880)
Corporate and reconciling items 1	(354)	(1,554)
Europe	(5,905)	(2,460)
Sandouville	(173)	(248)
Corporate and reconciling items 1	(5,732)	(2,212)
Australia	(217)	(150)
Century zinc retreatment operation	(207)	(150)
Corporate and reconciling items 1	(10)	—
Group Corporate and reconciling items	2	—
Total Capital Expenditure	(21,569)	(22,411)

1 Corporate and reconciling items does not represent a separate segment as it does not generate revenue. Corporate and reconciling items for SA gold operations include

the Burnstone project, total EU operations include the Keliber project and the Australian operations include the Mt Lyell project

Cash additions to capital expenditure

Cash additions to capital expenditure decreased to R 21,569 million in 2024 from R 22,411 million in 2023. Capital expenditure at the US PGM

operations for 2024 was R 2,988 million compared to R 6,877 million for 2023, at the SA PGM operations for 2024 was R 5,683 million compared

to R 5,663 in 2023, at the managed SA gold operations for 2024 was R 3,899 million compared to R5,381 million in 2023. At the Sandouville

refinery capital expenditure for 2024 was R 173 million compared to R 248 million in 2023 and on the Keliber lithium project capital expenditure

was R 5,732 million compared to R 2,212 million in 2023. Capital expenditure at the Century zinc tailings retreatment facility for 2024 was R 207

million compared to R 150 million in 2023. In 2024 capital expenditure at the Reldan operations was R 10 million.

Cash flows from financing activities

Net cash from financing activities of R 4,735 million in 2024 compared with R 12,976 million in 2023. Net cash from financing activities

comprised loans raised of R 8,278 million (2023: R 14,431 million) and proceeds from non-controlling interests on rights issue of R nil (2023: R 1,096

million ), partially offset by lease payments of R 208 million (2023: R 219 million), loans repaid of R 3,335 million (2023: R 1,323 million) and

acquisition of non-controlling interests (NCI) of R nil (2023: R 1,009 million).

Sibanye-Stillwater executed a EUR500 million green loan financing facility (Green loan) for the Keliber lithium project, through the Group's

subsidiary, Keliber Technology Oy. The Green loan secures capital expenditure funding required for the construction and development

Keliber's lithium mining, processing and refining facilities. The Green loan is a distinctive credit facility, comprising a bank financed EUR250

million export credit agency (ECA) guaranteed tranche, a EUR150 million tranche provided by the European Investment Bank (EIB) and a

EUR100 million syndicated commercial bank tranche, see – Consolidated financial statements – Notes to the consolidated financial

statements – Note 28.7: Keliber loan facilities .

Sibanye-Stillwater (through its wholly-owned subsidiary Stillwater) launched an offering of US$500 million senior, unsecured, guaranteed

bonds, due in November 2028 and after the receipt of the requisite approval by the general meeting of the shareholders of Sibanye-

Stillwater, are convertible into new and/or existing Sibanye-Stillwater ordinary shares (Convertible Bonds) at the option of the convertible

bond holders, see – Consolidated financial statements – Notes to the consolidated financial statements – Note 28.5: US$ Convertible Bond .


AFR –	37

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

The acquisition of NCI during 2023 relates to the cash consideration paid with the voluntary offer to the NCI of Keliber for R103 million and

acquisition of the remaining 49.85% interest in Century after control was obtained for R906 million, see – Consolidated financial statements –

Notes to the consolidated financial statements – Note 27.1: Subsequent NCI transactions .

On 25 April 2023 the Finnish Minerals Group increased its holding in Keliber from 14% to 20% by subscribing for EUR53.9 million (R1,096 million)

of a EUR104 million rights issue. The Group's portion of the subscription (through wholly-owned subsidiary, Keliber Lithium Proprietary Limited)

amounted to EUR50.2 million (R1,009 million), which is eliminated on a Sibanye-Stillwater Group level, see – Consolidated financial statements

– Notes to the consolidated financial statements – Note 27.1: Subsequent NCI Transactions.

Net (decrease)/increase in cash and cash equivalents

As a result of the above, net cash and cash equivalents (excluding the effect of exchange rate fluctuations on cash held) decreased by

R 9,490 million in 2023 compared with a decrease of R 1,967 million in 2022.

Total Group cash and cash equivalents amounted to R 16,049 million at 31 December 2024 (2023: R 25,560 million).

Statement of financial position

Borrowings

Total borrowings (short- and long-term) excluding R 2,260 million (2023: R 2,991 million) attributable to Burnstone, which has no recourse to

Sibanye-Stillwater’s balance sheet, and including the derivative financial instrument increased to R 39,426 million at 31 December 2024 from

R 37,437 million at 31 December 2023. Total debt increased by R 5,069 million to R 41,687 million (2023: R 36,618 million) at 31 December 2024

and was mainly attributable to R1,000 million drawn down on the R6.5 billion RCF (2023: R5,000 million drawn down on R5.5 billion RCF) of

which R2,000 million was repaid by 31 December 2024 (2023: R1,000 million repaid on R5.5 billion RCF), the issue of the US$ Convertible Bond

of R nil (2023: R7,455nil) and foreign exchange movements on foreign denominated debt (mainly Burnstone, 2026 and 2029 Notes and the

US$ Convertible Bond) of R 344 million (2023: R 2,105 million) . The derivative financial instrument was initially recognised at R 1,653 million in

2023 and at the 2024 year end a fair value loss on derivative instrument was recognised amounting to R1,733 million (2023: R2,136 million

gain) and f ollowing the shareholder approval in 2024, the derivative element of R2,009 million (2023: Rnil) was transferred to equity on 26

June 2024 as a result of the removal of the cash conversion option bringing the fair value of the US$ Convertible Bond derivative component

to Rnil (2023: Rnil) at 31 December 2024.

At 31 December 2024, Sibanye-Stillwater had committed undrawn facilities of 26,743 million (31 December 2023: 20,755 million ) available

under the US$1 billion RCF, the R6.5 billion RCF and on other short-term borrowing facilities.

For a description of borrowings, see – Consolidated financial statements – Notes to the consolidated financial statements – Note 28:

Borrowings and derivative financial instrument.

Working capital and going concern assessment

For the year ended 31 December 2024 , the Group incurred a loss of R5,710 million ( 2023 : loss of R37,430 million and 2022 : profit of

R18,980 million ). As at 31 December 2024 , the Group’s current assets exceeded its current liabilities by R27,554 million ( 2023 : R25,415 million

and 2022 : R40,545 million ) and the Group’s total assets exceeded its total liabilities by R48,289 million ( 2023 : R51,607 million and 2022 :

R91,004 million ). During the year ended 31 December 2024 the Group generated net cash from operating activities of R10,113 million ( 2023 :

R7,095 million and 2022 : R15,543 million ).

The Group has committed undrawn debt facilities of R26,743 million at 31 December 2024 ( 2023 : R20,755 million and 2022 : R16,403 million )

and cash balances of R16,049 million ( 2023 : R25,560 million and 2022 : R26,076 million ). The Group concluded the financing of the Keliber

project on 20 August 2024 and the refinancing of its R5.5 billion RCF on 16 August 2024. The R5.5 billion RCF was upsized to a R6 billion facility

with a R1 billion accordion, of which R0.5 billion was executed in December 2024. This R6.5 billion RCF matures in August 2027 with two

optional one-year extensions. During August 2024 and December 2024 respectively, the Group entered into two prepay transactions where

the Group received a R1.8 billion prepayment from a financial institution in exchange for delivering gold in equal monthly deliveries and the

Group received R905 million ( US$50 million ) in exchange for delivering chrome concentrate (see note 32). The Group’s leverage ratio (net

debt/(cash) to adjusted EBITDA) as at 31 December 2024 was 1.79 :1 ( 2023 was 0.58 :1 and 2022 was (0.14) :1) and its interest coverage ratio

(adjusted EBITDA to net finance charges/(income)) was 11 :1 ( 2023 was 66 :1 and 2022 was 93 :1). Both considerably better than the uplifted

maximum permitted leverage ratio of at most 3.5:1 and minimum required interest coverage ratio of 3.0:1, calculated on a quarterly basis,

required under the US$1 billion RCF, the R6.5 billion RCF and the Keliber Facility. The maximum permitted leverage ratio up to 30 June 2025 is

3.5:1, up to 31 December 2025 3.0:1 and thereafter 2.5:1. The maximum required interest coverage ratio up to 30 June 2025 is 3.0:1, up to

31 December 2025 3.5:1 and 4.0:1 thereafter. At the date of approving these consolidated financial statements for issue, the US$1 billion RCF

is undrawn and R3 billion of the R6.5 billion RCF was undrawn. On 28 Febaruary 2025 the Group also completed the US$500 million streaming

agreement with Franco-Nevada (Barbados) Corporation, a wholly-owned subsidiary of Franco-Nevada Corporation (Franco-Nevada) in

exchange for the sale of gold and platinum streams with reference to the Marikana, Kroondal, and Rustenburg operations. Had the US$500

million stream proceeds received in February 2025 been received by 31 Dec 2024, net debt to adjusted EBITDA would have reduced to

1.08x.

Notwithstanding the exceptionally strong liquidity position, severe unforeseen events could negatively impact the production outlook and

deteriorate the Group’s forecasted liquidity position and may require the Group to further increase operational flexibility by adjusting mine

plans and reducing capital expenditure. The Group may also consider options to further increase funding flexibility through streaming

facilities and prepayment facilities. If other options are not deemed preferable or achievable by the Board, the Group may consider an

equity capital raise. During past adversity, management has successfully implemented similar actions.


AFR –	38

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Management believes that the cash forecasted to be generated by operations, cash on hand, the committed unutilised debt facilities as

well as additional funding opportunities will enable the Group to continue to meet its obligations as they fall due for a period of at least

eighteen months after the reporting date. The consolidated financial statements for the year ended 31 December 2024 have therefore

been prepared on a going concern basis.

Ability to generate and obtain adequate cash to meet its funding requirements

The various companies in the Group generate cash from the products they sell. The Group through its holding company is funded in general

through the receipt of dividends paid by operating subsidiaries from profits generated by those subsidiaries. Sibanye Stillwater Limited is also

a participant in the Group’s US Dollar and Rand RCF’s and has access to those facilities and it also has access and the ability to borrow

funds from subsidiaries with cash holdings, such as Stillwater Mining Company. Sibanye Stillwater Limited also has access to all products and

sources as noted above in the working capital and going concern assessment. Group Treasury prepares a cash forecast for periods longer

than 12 months and considers the projected cash required compared to the cash reserves and all available treasury products it intends to

use to meet its long term funding requirements and if additional funding is likely to be required then Group Treasury will proceed with a plan

to access the cash that will be required.

Off balance sheet arrangements and contractual commitments

At 31 December 2024 , Sibanye-Stillwater had no off balance sheet items. For a description of Sibanye-Stillwater’s contractual commitments,

see the following notes to the consolidated financial statements:


Contractual commitments	Note to the consolidated financial statements
Environmental rehabilitation obligation and other provisions	30 - Environmental rehabilitation obligation and other provisions
Occupational healthcare obligation	31 - Occupational healthcare obligation
Commercial commitments	37 - Commitments
Contingent liabilities	38 - Contingent liabilities/assets
Other receivables and other payables	22 - Other receivables and other payables
Debt
- capital	28 - Borrowings and derivative financial instrument
- interest	28 - Borrowings and derivative financial instrument
Leases	29 - Lease liabilities

These contractual commitments for expenditure will be met from internal cash flow and, to the extent necessary, from the existing facilities.

Critical accounting policies and estimates

Sibanye-Stillwater’s material accounting policies are fully described in the various notes to its consolidated financial statements. Some of the

Group’s accounting policies require the application of significant judgements and estimates by management that can affect the amounts

reported in the consolidated financial statements.

These judgements and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to

previous experience, but actual results may differ from the amounts included in the consolidated financial statements.

For Sibanye-Stillwater’s material accounting policies that are subject to significant judgements, estimates and assumptions, see the following

notes to the consolidated financial statements:


Accounting policy	Note to the consolidated financial statements
Unconsolidated structured entities	1 - Consolidation
Revenue	3 - Revenue
Cash-settled share-based payment obligation	6 - Share-based payments
Royalties, mining and income tax, and deferred tax	11 - Royalties, mining and income tax, and deferred tax
Property, plant and equipment	14 - Property, plant and equipment
Business combinations	16 - Acquisitions
Goodwill	17 - Goodwill and other intangibles
Equity-accounted investments	18 - Equity-accounted investments
Other investments	20 - Other investments
Other receivables and other payables	22 - Other receivables and other payables
Inventories	23 - Inventories
Borrowings and derivative financial instrument	28 - Borrowings and derivative financial instrument
Environmental rehabilitation obligation	30 - Environmental rehabilitation obligation and other provisions
Occupational healthcare obligation	31 - Occupational healthcare obligation
Deferred revenue	32 - Deferred revenue
Contingent liabilities	38 - Contingent liabilities/assets


AFR –	39

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued

Non-IFRS measures

Sibanye-Stillwater presents certain non-IFRS figures to provide readers with additional financial information that is regularly reviewed by

management to assess the operational performance of the Group and is the responsibility of the Group's Board of Directors. These non-IFRS

measures should not be considered as alternatives to IFRS Accounting Standards measures, including cost of sales, net operating profit,

profit before taxation, cash from operating activities or any other measure of financial performance presented in accordance with IFRS

Accounting Standards, and may not be comparable to similarly titled measures of other companies.

The non-IFRS financial measures discussed in this document are listed below:


Non-IFRS measure	Definition	Purpose why these non-IFRS measures are reported	Reconciled on page

Adjusted EBITDA	Adjusted earnings before interest, tax, depreciation and amortisation, and is reported based on the formula included in Sibanye- Stillwater’s facility agreements for compliance with the debt covenant formula and involves eliminating the effects of various one-time, irregular, and non-recurring items from the standard EBITDA calculation	Used in the calculation of the debt covenant ratio: net debt/(cash) to adjusted EBITDA	AFR 29,30
Adjusted EBITDA margin	Adjusted EBITDA divided by revenue	Report, relative to revenue, the contribution by our operations to adjusted EBITDA and thus the covenant ratio: net debt/(cash) to adjusted EBITDA	AFR 3,4,5
Adjusted free cash flow (FCF)	Net cash from operating activities before dividends paid, net interest paid and deferred revenue advance received, less additions to property, plant and equipment	Report one of the drivers considered by management to illustrate cash available for dividends and other investing activities	AFR 35
All-in sustaining costs (AISC)	Cost of sales before amortisation and depreciation plus additional costs which include community costs, inventory change (PGM operations only), share-based payments, royalties, carbon tax, rehabilitation, leases, ore reserve development (ORD), sustaining capital expenditure and deducting the by-product credit	Developed by the World Gold council for the purpose of the gold mining industry, AISC provides metrics and aims to reflect the full cost to sustain the production and sale of our commodities, and reporting this metric allows for a meaningful comparisons across our operations and different mining companies	AFR 22,23,24,25
All-in costs (AIC)	AISC plus additional costs relating to corporate and major capital expenditure associated with growth	Developed by the World Gold council for the purpose of the gold mining industry, AIC provides metrics and aims to reflect the full cost to sustain the production and sale of our commodities, after including growth capital, and reporting this metric allows for a meaningful comparisons across our operations and different mining companies	AFR 22,23,24,25
AISC/AIC per unit	AISC/AIC divided by the total PGM produced/ gold sold/zinc produced (payable)	Developed by the World Gold council for the purpose of the gold mining industry, AISC/AIC per unit provides a metric that aims to reflect the full cost to sustain the production and sale, after including growth capital (AIC), of an ounce/ kilogram/tonne of commodity and reporting this metric allows for a meaningful comparisons across our operations and different mining companies	AFR 22,23,24,25
Headline earnings	Calculated based on the requirements set out in SAICA Circular 1/2023	Reported in compliance with the Johannesburg Stock Exchange (JSE) Listings Requirements	AFR 105
Headline earnings per share (HEPS)	Headline earnings divided by the weighted average number of ordinary shares in issue during the year	Reported in compliance with the JSE Listings Requirements	AFR 105
Diluted headline earnings per share	Headline earnings divided by the diluted weighted average number of ordinary shares in issue during the year	Reported in compliance with the JSE Listings Requirements	AFR 105
Interest coverage ratio	Adjusted EBITDA divided by net contractual finance charges/(income) settled in cash during the period	Report compliance with the debt covenant: interest coverage ratio	AFR 167
Net debt/(cash)	Borrowings and bank overdraft less cash and cash equivalents, excluding Burnstone debt, bank overdraft and cash	Used in the calculation of the debt covenant ratio: net debt/(cash) to adjusted EBITDA	AFR 150
Net debt/(cash) to adjusted EBITDA (ratio)	Net debt/(cash) as of the end of a reporting period divided by adjusted EBITDA of the last 12 months ended on the same reporting date	Report compliance with the debt covenant: net debt/(cash) to adjusted EBITDA ratio	AFR 150


AFR –	40

MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS continued


Non-IFRS measure	Definition	Purpose why these non-IFRS measures are reported	Reconciled on page
Nickel equivalent sustaining cost	Cost of sales before amortisation and depreciation plus additional costs which include community costs, share-based payments, carbon tax, rehabilitation interest and amortisation, leases and sustaining capital expenditure and deducting by-product credit	We have adapted the AISC measure developed by the World Gold Council, nickel equivalent sustaining cost metric aims to reflect the full cost of sustaining production and sale of nickel and allows for meaningful comparisons across different companies	AFR 24,26
Nickel equivalent sustaining cost per tonne	Nickel equivalent sustaining cost divided by the total volume of nickel products sold	We have adapted this measure developed by the World Gold Council, nickel equivalent sustaining cost per tonne provides a metric that aims to reflect the full cost to sustain the production and sale of a tonne of nickel and reporting this metric allows for a meaningful comparisons across different companies	AFR 24,26
Normalised earnings	Earnings attributable to the owners of Sibanye- Stillwater excluding gains and losses on financial instruments and foreign exchange differences, impairments, gain/loss on disposal of PPE, occupational healthcare expense, restructuring costs, transactions costs, share-based payment on BEE transactions, gain on acquisition, net other business development costs, share of results of equity-accounted investees, all after tax and the impact of NCI, and changes in estimated deferred tax rate	Report the measure used by the Group to determine dividend payments in line with our dividend policy	AFR 107
Operating costs	The average cost of production, and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per ounce (and kilograms) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold kilograms produced or PGM 2E and 4E ounces produced in the same period	Report a measure that aims to reflect the operating cost to produce our commodities, and reporting this metric allows for a meaningful comparisons across our operations and different mining companies	AFR 6


AFR –	41

STATEMENT OF RESPONSIBILITY BY THE BOARD OF DIRECTORS

The directors are responsible for the preparation and fair presentation of the consolidated annual financial statements of Sibanye-Stillwater,

comprising the consolidated statement of financial position as at 31 December 2024, consolidated income statement and consolidated

statements of other comprehensive income, changes in equity and cash flows for the year then ended, and the notes to the consolidated

financial statements, which include a summary of material accounting policies, and other explanatory notes. The consolidated financial

statements have been prepared on a going concern basis in accordance with International Financial Reporting Standards Accounting

Standards (IFRS Accounting Standards), as issued by the International Accounting Standards Board (IASB), the South African Institute of

Chartered Accountants Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements

issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act and JSE Listings

Requirements. The consolidated financial statements have been prepared under the historical cost convention, except for certain financial

assets and financial liabilities (including derivative instruments) which are measured at fair value through profit or loss or other comprehensive

income.

In addition, the directors are responsible for preparing the directors’ report.

The directors consider that, in preparing the consolidated financial statements, they have used the most appropriate accounting policies,

consistently applied and supported by reasonable and prudent judgements and estimates, and that all IFRS Accounting Standards that they

consider to be applicable have been complied with for the financial year ended 31 December 2024. The directors are satisfied that the

information contained in the consolidated financial statements fairly presents the results of operations for the year and the financial position of

the Group at year end. The directors are responsible for the information included in the Annual financial report, and are responsible for both its

accuracy and its consistency with the consolidated annual financial statements.

The directors have a responsibility for ensuring that accounting records are kept. The accounting records should disclose with reasonable

accuracy the financial position of the Group to enable the directors to ensure that the consolidated annual financial statements comply with the

relevant legislation.

The Group operated in a well-established control environment, which is well documented and regularly reviewed. This incorporates risk

management and internal control procedures, which are designed to provide reasonable assurance that assets are safeguarded and that the

material risks facing the business are being controlled.

The directors have made an assessment of the ability of the Company and its subsidiaries to continue as going concerns and based on this

assessment concluded that the basis for preparation of the consolidated annual financial statements is appropriate to that of a going concern.

The Group’s external auditors, Ernst & Young Inc. audited the consolidated annual financial statements. For their report, see – Independent

Auditor’s Report .

The consolidated annual financial statements were approved by the Board of Directors and are signed on its behalf by:



Neal Froneman		Charl Keyter
Chief Executive Officer		Chief Financial Officer

25 April 2025

COMPANY SECRETARY’S CONFIRMATION

In terms of section 88(2)(e) of the Companies Act, as amended, I certify that to the best of my knowledge, the Company has lodged with the

Companies and Intellectual Property Commission all such returns as are required to be lodged by a public company in terms of the Companies

Act, and that all such returns are true, correct and up to date .

Lerato Matlosa

Company Secretary

25 April 2025


AFR –	42

REPORT OF THE AUDIT COMMITTEE

Introduction

The Audit Committee has formal terms of reference which are updated on an annual basis. The Board is satisfied that the Audit Committee has

complied with these terms, and with its legal and regulatory responsibilities as set out in the South African Companies Act (Companies Act), King

IV TM , the JSE Listings Requirements (JSE LR) and the requirements of the Securities and Exchange Commission (SEC).

There were some resignations, retirements and appointments of independent non-executive directors during the 2024 year which affected the

Audit Committee membership. However, the Audit Committee maintained a minimum of six independent non-executive directors for the period

from 1 January 2024 to 31 December 2024. For membership, see – Integrated report - Our business and leadership - Board and executive

leadership.

The Board believes that the members collectively possess the knowledge and experience to supervise Sibanye-Stillwater’s financial

management, internal and external auditors, the quality of Sibanye-Stillwater’s financial controls, the preparation and evaluation of Sibanye-

Stillwater’s audited consolidated financial statements and Sibanye-Stillwater’s periodic financial reporting.

The Board has established and maintains internal controls and procedures, which are reviewed on a regular basis. These are designed to

manage the risk of business failures and to provide reasonable assurance against such failures. However, despite having these measures, there is

no guarantee that the controls and procedures will be effective.

Responsibility

It is the duty of the Audit Committee, inter alia, to monitor and review on a Company and Group (Company, Group or Company and Group)

basis

• the effectiveness of the internal audit function and by extension, the effectiveness of Group internal controls, see – Internal Audit (below)

• external auditor suitability and recommendation for appointment, see – External Auditor suitability review (below)

• external auditor independence and fees, see – Auditor independence and fees (below)

• reports of both internal and external auditors

• evaluation of the expertise and experience of the Chief Financial Officer (CFO)

• financial reporting systems and ensure that Group reporting procedures are functioning properly

• the governance of information technology (IT) and the effectiveness of the Group’s information systems

• interim results and report (Interim Report), quarterly operating reports, company and consolidated financial statements and all other widely

distributed financial documents

• the Form 20-F filing with the SEC

• accounting policies of the Company and Group and proposed revisions

• compliance with applicable legislation, requirements of appropriate regulatory authorities and Sibanye-Stillwater’s Code of Ethics

• policies and procedures for preventing and detecting fraud

• the integrity of the content of the Interim Report, consolidated financial statements and the integrated report and associated reports

(Integrated report) and then recommending same to the Board for approval

Access and meetings

Internal and external auditors have unrestricted access to the Audit Committee, the Audit Committee Chairman and the Chairman of the Board,

ensuring that both internal and external auditors are able to maintain their independence. Both the internal and external auditors report at Audit

Committee meetings. The Audit Committee meets with internal audit and the SOX departments on a quarterly basis, without other invitees being

present, and the Audit committee Chairman meets with the external auditors on a quarterly basis without other invitees being present.

Management attend Audit Committee meetings by invitation.

Annual financial statements

The Committee has reviewed and is satisfied that the consolidated financial statements (this term includes reference to "annual report", a term

newly defined in the JSE LR which includes consolidated and company separate financial statements), including accounting policies, are

appropriate and comply with International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards), as issued by the

International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides issued

by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well

as the requirements of the Companies Act, JSE LR and the requirements of the SEC.

The significant audit and accounting matters in respect of the Group considered by the Committee during the financial year were:

• the physical quantities of Western Platinum Proprietary Limited's (WPL) platinum group metals (PGM) in process

• the impairment assessment of property, plant and equipment, right-of-use assets, goodwill arising from business combinations, other

intangible assets and equity-accounted investments

• the Reldan business combination and related purchase price accounting

In addition, the Audit Committee also assessed the impact of the Cyberattack event, which occurred during July 2024. This is discussed later in

this report


AFR –	43

REPORT OF THE AUDIT COMMITTEE continued

The above m atters were addressed by management and by the Audit Committee on a review basis as follows:


The physical quantities of WPL's PGM in process	For the year ended 31 December 2024, management determined the physical quantities of PGMs in process at WPL as follows: • performed physical inventory counts at the metal processing areas, attended by management and a management appointed third party metallurgical specialist • determined an allowance for estimation uncertainty depending on the degree to which the nature and state of material allows for accurate measurement and sampling • reconciled quantities per the physical inventory count to theoretical inventory quantities and adjust to physical inventory quantities • performed a mass balance reconciliation of inventory from the beginning of the year to the closing balance of inventory After recording a positive inventory variance to adjust theoretical inventory quantities to physical, management concluded that the PGMs in process are accurate and exist at 31 December 2024. Significant accounting judgements and estimates are appropriately disclosed in note 23 to the consolidated financial statements.
The impairment assessment of property, plant and equipment, right-of-use assets, goodwill arising from business combinations, other intangible assets and equity- accounted investments	For the year ended 31 December 2024, management performed an impairment assessment over the property, plant and equipment, right-of-use assets, goodwill, other intangible assets and equity-accounted investments as follows: • assessed whether there is an indication, based on either internal or external sources of information, that an asset or cash-generating unit (CGU) may be impaired • where indications of impairment were identified and where the CGU has allocated goodwill, calculated the recoverable amount of the CGU, based on expected discounted net forecast cash flows arising from the expected mining of the ore reserves • considered the excess of recoverable amount over the carrying value for each CGU Management concluded that the carrying value of property, plant and equipment and right-of-use assets included in the US PGM operation and Sandouville nickel refinery CGUs exceed their estimated recoverable amounts. As disclosed in notes 10 and 15 to the consolidated financial statements, impairment losses were recognised relating to the US PGM operation (R8,791 million), Sandouville nickel refinery(R221 million). A specific asset impairment which related to assets classified as held for sale at Stillwater and written down to fair value of R34 million was also recognised. The planned closure of the Marikana 4B shaft (Marikana CGU) led to the specific impairment of property, plant and equipment amounting to R112 million and the Klipfontein open cast assets were impaired by R11 million due to the mining area not being economically viable.
The Reldan business combination and related purchase price accounting	For the year ended 31 December 2024, management prepared a provisional purchase price allocation of the Reldan business combination as follows: • engaged an external valuation expert to determine the fair value of the property, plant and equipment based on the expected discounted net cash flows • determined the fair value of the remaining assets acquired and liabilities assumed using appropriate valuation techniques • during the 12 month remeasurement period management continued to assess whether there were any changes required to the provisional accounting previously reported. This will continue until the 12 months remeasurement period allowed by IFRS Accounting Standards are completed. Management recognised goodwill on acquisition of R283 million, attributable to human capital and the premium paid for the synergies and benefits expected to be derived from enhancing the Group's recycling business across t he US, Mexico and India

External Auditor suitability review

In terms of section 90(1) of the Companies Act, each year at its annual general meeting (AGM), the Company must appoint an external audit

firm and designated individual partner in compliance with the requirements of the Companies Act and the JSE LR, respectively.

In terms of the JSE LR, the Audit Committee has the responsibility to review the Company’s appointed audit firm and designated individual

partner for appointment. After such review, the Audit Committee makes a recommendation to the Board, and the Board in turn considers same

and then makes a recommendation to shareholders in the notice of AGM.

Following a formal tender process initiated by Sibanye-Stillwater for commercial reasons in 2024, and a recommendation from the Audit

Committee to the Board of Directors, BDO South Africa Inc. was appointed as the Group auditor from the 2025 financial year onwards.

Accordingly, in compliance with paragraph 3.84(g)(iii) of the JSE LR, the Audit Committee assessed the suitability of BDO South Africa Inc. for

appointment as external auditors of the Group, and appointment of Servaas Kranhold as the designated individual partner (Auditor Suitability

Review).


AFR –	44

REPORT OF THE AUDIT COMMITTEE continued

The Auditor Suitability Review performed by the Audit Committee included an examination and review of

• the results of the most recent Independent Regulatory Board for Auditors (IRBA) inspections of BDO South Africa Inc., including the responses

of the firm on observations/findings on the firm and on selected audit files raised by IRBA

• the results of the most recent IRBA inspection of the designated individual audit partner

• a summary of the audit firms ISQM 1 internal inspection process and the process to analyse and conclude on the results of the internal

inspection (Internal Quality Review)

• a summary of the outcome of the designated individual partner’s latest Internal Quality Review

• the results of the most recent Public Company Accounting Oversight Board (PCAOB) inspection review of BDO South Africa Inc.

• a summary and results of all legal and disciplinary proceedings, completed or pending, within the past five years, which were instituted in

terms of any legislation or by any professional body of which the audit firm and/or designated individual partner are a member or regulator

to whom they are accountable, including where the matter is settled by consent order or payment of a fine

Based on the results of the Auditor Suitability Review and a review of the independence of BDO South Africa Inc. and the designated individual

partner, the Audit Committee has satisfied itself in terms of paragraph 3.84(g)(iii) of the JSE LR and recommended to the Board that BDO South

Africa Inc. be appointed as the auditors of the Company and that Servaas Kranhold be appointed as the designated individual partner. The

Board concurred with the recommendation. BDO South Africa Inc.'s appointment as external auditors will be effective immediately after Ernst

and Young Inc.’s appointment ends, subject to receiving the requisite shareholder approval at the next annual general meeting.

Auditor independence and fees

The Audit Committee is also responsible for determining that the external audit firm and designated individual partner have the necessary

independence, experience, qualifications and skills, and that audit and other fees are reviewed and approved.

The Audit Committee has reviewed and assessed the independence of the external auditor, that has confirmed in writing that the criteria for

independence, as set out in the companies Act, the rules of IRBA, the PCAOB, and other relevant international bodies, have been followed. The

Audit Committee is satisfied that Ernst & Young Inc. and BDO South Africa Inc. are independent of the Company and Group. The following

aggregate audit fees, audit-related fees, tax fees and all other fees were approved by the Audit Committee and billed by the Ernst & Young Inc.

for 2024, 2023 and 2022 as follows


Figures in million - SA rand	2024	2023	2022
Audit fees 1	100.0	89.3	69.8
Audit-related fees 2	2.1	2.9	1.2
Tax fees 3	0.1	1.2	0.3
Total 4	102.2	93.4	71.3

1 Audit fees consist of the aggregate fees billed for the annual audit of Sibanye-Stillwater’s respective Company and Group consolidated financial statements, audit of the Group’s

internal control over financial reporting in accordance with section 404 of the Sarbanes-Oxley Act (SOX Act) and the audit of statutory financial statements of the Company’s

subsidiaries, including fees billed for assurance and related services that are reasonably related to the performance of the audit or reviews of the Company’s financial statements

that are services that only an external auditor can reasonably provide. The 2024 audit fees include an inflationary increase and fees for the review of the audit of the Reldan

Group of Companies and additional statutory audits

2 Audit-related fees consist of the aggregate fees billed in each fiscal year for factual findings reports and the review of documents filed with regulatory authorities

3 Tax fees include the aggregate fees billed in each fiscal year for tax compliance, tax advice, tax planning and other tax-related services

4 All fees quoted are exclusive of VAT

The Audit Committee determines the nature and extent of non-audit services that the auditor can provide and pre-approves all permitted non-

audit assignments by the Group’s external auditor. In accordance with the SEC rules regarding auditor independence, the Audit Committee has

established policies and procedures for audit and non-audit services provided by the Group’s external auditor. The rules apply to Sibanye-

Stillwater and it’s legally controlled unlisted subsidiaries engaging any accounting firms for audit services and the auditor who audits the

accounts filed with the SEC (the Group’s independent external auditor) for permissible non-audit services. When engaging the Group’s external

auditor for permissible non-audit services (audit related services, tax services, and all other services), pre-approval is obtained prior to the

commencement of the services.

The Audit Committee approves the respective annual audit plans presented by both the internal and external auditors and monitors progress

against the plans. These audit plans provide the Audit Committee with the necessary assurance on risk management, internal control

environments and IT governance.

Internal Audit

The internal control systems of the Group are monitored by Internal Audit, which reports findings and recommendations to the Audit Committee

and to senior management. The Audit Committee determines the purpose, authority and responsibility of the Internal Audit function in an Internal

Audit Charter. The Internal Audit function is headed by the Vice President: Internal Audit, who may be appointed or dismissed by the Audit

Committee. The Audit Committee is satisfied that the incumbent Vice President: Internal Audit has the requisite skills and experience and is

supported by a sufficient staff complement with appropriate skills and training.

Sibanye-Stillwater’s Internal Audit operates in accordance with the International Standards for the Professional Practice of Internal Auditing as

prescribed by the Institute of Internal Auditors. Internal Audit activities carried out during the year were identified and planned through a

combination of the Sibanye-Stillwater Risk Management framework and the risk-based methodologies adopted by Internal Audit. The Audit

Committee approves the annual internal audit assurance plan presented by Internal Audit and monitors progress against the plan.


AFR –	45

REPORT OF THE AUDIT COMMITTEE continued

Internal Audit reports deficiencies to the Audit Committee every quarter together with recommended remedial actions, which are then followed

up. Internal Audit provided the Audit Committee with a written report, which assessed the governance, risk management and control processes,

including internal controls over financial reporting, as generally adequate and effective during 2024.

The Audit Committee is responsible for IT governance on behalf of the Board and reviews the report of the Vice President: Group ICT at each

Audit Committee meeting.

JSE LR

In accordance with the JSE LR, the Audit Committee reports and confirms that it has:

• evaluated the expertise, experience and performance of the Group CFO during 2024 and is satisfied that he has the appropriate expertise

and experience to carry out his duties, and is supported by qualified and competent senior staff

• ensured that the Group has established appropriate financial reporting procedures and that those procedures are operating, this included

consideration of all entities consolidated into the group financial statements, ensuring that management had access to all the required

financial information to allow the effective preparation and report on consolidated financial statements

• has performed the Auditor Suitability Review of both the appointed external audit firm and designated individual audit partner as detailed

above

• notwithstanding the provisions of Section 90(6) of the Companies Act, ensured that the proposed appointment of the audit firm and

designated individual partner is presented and included as a resolution in the notice of annual general meeting pursuant to Section 61(8) of

the Companies Act

• ensured that the Chief Executive Officer and Chief Financial Officer have complied with the requirements of the attestation statement as per

paragraph 3.84(k) of the JSE LR

Cyberattack event

IT governance is overseen by the Audit Committee; and the head of ICT reports to this committee quarterly, specifically on matters relating to IT

risk and security including progress related to the top 3 ICT risks which includes cyber threats. In line with the proposed U.S. Securities and

Exchange Commission (SEC) regulations, the Board, through the Nominating and Governance Committee, appointed Sindiswa Zilwa as the

Board of Directors’ cybersecurity expert .

On 8 July 2024, Sibanye-Stillwater experienced a cyberattack targeting its ICT infrastructure. The attack posed a threat to business continuity and

data integrity. As soon as Sibanye-Stillwater became aware of the incident, immediate containment measures were implemented in line with the

Group’s Incident Response plan, to proactively isolate IT systems and safeguard data.

Systems that were unaffected by the cyberattack were successfully restored with no data loss while impacted systems were restored from the last

accessible and available restore point. Importantly, critical ERP systems were not impacted by any data loss during this event and their data

integrity was maintained throughout the recovery process. Although the cyberattack had limited impact on core operations, it caused

temporary system outages which resulted in the implementation of back-up manual processes on certain systems at the operations and this

resulted in the Group rescheduling the publication of its operating and financial results for the period ended 30 June 2024.

This incident was voluntarily reported to the appropriate regulators. However, through proactive measures and a timely response, the Group was

able to mitigate the immediate risks and took the opportunity to initiate long-term enhancements in its cybersecurity posture.

Audit Committee statement

Based on information from, and discussions with, management and external auditors, the Audit Committee is of the opinion that the financial

records may be relied upon as the basis for preparation of the consolidated financial statements.

Management, as of 31 December 2023, has identified a material weakness in internal control over financial reporting which impacted cash and

cash equivalents in the South African region, platinum group metals (“PGM”) inventory at Stillwater Mining Company, and certain inventory in

process at Western Platinum Proprietary Limited. During 2024, management finalised the remediation plan and began implementation thereof.

As a result of the remediation efforts, management have concluded that the aspect of the material weakness impacting cash and cash

equivalents was remediated as of 31 December 2024. Management has also concluded that, whilst progress was made on remediation efforts

related to PGM inventory at Stillwater Mining Company and the inventory in process at Western Platinum Proprietary Limited, further remediation

is still required.

Management further identified control deficiencies in the South African region relating to the management of user access in the company’s

Information Technology General Controls (“ITGC”) environment, which in the aggregate, constituted a material weakness as of 31 December

2024.

The material weaknesses did not result in any misstatement in respect of the consolidated financial statements for the years ended 31 December

2024 and 31 December 2023. Notwithstanding such material weaknesses in internal control over financial reporting, management has concluded

that the consolidated financial statements present fairly, in all material respects, the financial position, results of our operations and cash flows for

the periods presented in this Annual Financial Report, in conformity with International Financial Reporting Standards Accounting Standards (IFRS

Accounting Standards) as issued by the International Accounting Standards Board (IASB).


AFR –	46

REPORT OF THE AUDIT COMMITTEE continued

The Audit Committee has considered and discussed the consolidated financial statements and associated reports with both management and

the external auditors. During this process, the Audit Committee

• evaluated significant judgements and reporting decisions

• determined that the going-concern basis of reporting is appropriate

• evaluated the material factors and risks that could impact on the consolidated financial statements

• evaluated the completeness of the financial and sustainability discussion and disclosures

• discussed the treatment of significant and unusual transactions with management and the external auditors

The Audit Committee considers that the Integrated report and consolidated financial statements comply in all material respects with all

compliance requirements detailed earlier in this report. In addition, the Audit Committee considers whether the company separate financial

statements comply in all material respects with all compliance requirements relevant to those financial statements (refer to the company

financial statements which include the Report of the Audit Committee dealing with the responsibilities of the Audit Committee relevant to the

Company financial statements). The Audit Committee recommended to the Board that the Integrated report and consolidated financial

statements be adopted and approved by the Board. The Board subsequently adopted and approved the Integrated report and consolidated

financial statements.

Keith Rayner CA(SA)

Chairman: Audit Committee

25 April 2025


AFR –	47

DIRECTORS’ REPORT

The directors have pleasure in submitting this report and the consolidated annual financial statements of Sibanye-Stillwater for the year ended 31

December 2024.

Group profile and location of our operations

S ibanye-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 a foremost global recycler and has controlling interests in leading mine tailings retreatment operations.

Sibanye-Stillwater is 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 begun to diversify its asset portfolio into battery

metals and increase its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally. Domiciled in South

Africa, Sibanye-Stillwater currently owns and operates a portfolio of high-quality operations and projects, which are grouped into four regions,

namely, Southern Africa (SA region), Americas, Europe and Australian. The portfolio consists of:

Southern Africa Region

• PGM operations in South Africa (SA) and Zimbabwe

• gold operations

• Burnstone gold project

• gold, PGM and uranium exploration projects in SA

Americas Region

• PGM operations in the United States (US)

• PGM recycling operations in US

• industrial and e-scrap recycling operations in US

• copper and PGM exploration properties in North and South America

European Region

• Keliber lithium project in Finland

• nickel operations at the Sandouville refinery in France

Australian Region

• zinc operations in Australia

• Mt Lyell copper exploration project

For information on the nature of the Group's business see – Consolidated Financial Statements – Notes to the consolidated financial statements –

Note 1.1: Reporting entity .

Financial affairs

Results for the year

The Group loss for the year decreased from R 37,430 million in 2023 to a loss of R 5,710 million in 2024. The SA PGM operations recorded a profit for

the year of R 3,868 million (2023: R 12,346 million) which was significantly lower due to the continued lower average PGM basket prices received.

The major source of earnings for 2024 was the SA PGM operations, which accounted for approximately 57% (2023: 86% ) of Group adjusted

EBITDA, which was followed by the SA gold operations contribution of 45% (2023: 17% ), the Century zinc retreatment operation of 5% (2023: 1%

negative adjusted EBITDA), the US PGM operations contribution of 2% (2023: 6% ) and the US Reldan operations contribution of 2% (2023: nil) ,

partially offset by negative contributions to Group adjusted EBITDA by the Sandouville nickel refinery 6% (2023: 6% negative adjusted EBITDA).

Notwithstanding the highest contribution of adjusted EBITDA to the Group by the SA PGM operations, its adjusted EBITDA decreased to R 7,399

million (2023: R 17,620 million) mainly due to a 16% lower average 4E PGM basket price received of R 24,213 /4Eoz at the managed SA PGM

operations. The adjusted EBITDA contribution from the US PGM operations decreased by 84% to R 215 million (2023: R 1,317 million), mainly due to a

21% lower average 2E PGM basket price received of R 18,097 /2Eoz. The US Reldan operations contributed R 268 million to adjusted EBITDA in 2024

(2023: Rnil). The adjusted EBITDA contribution from the SA gold operations increased to R 5,832 million (2023: R 3,523 million) and was mainly due to

a 22% higher average rand gold price of R 1,400,468 /kg. The negative adjusted EBITDA contribution from Sandouville of R 723 million in 2024 (2023:

R 1,328 million negative adjusted EBITDA) was mainly due to an 18% lower rand nickel equivalent average basket price of R 360,855 /tNi (2023:

R 441,138 /tNi). The adjusted EBITDA contribution of Century increased to R 641 million in 2024 (2023: R 285 million negative adjusted EBITDA) and was

mainly due to a 54% higher average equivalent zinc concentrate price of R 49,046 /zinc tonne. For a review of Sibanye-Stillwater’s financial

performance for 2024, see – Overview – Management’s discussion and analysis of the financial statements.

Dividends

Sibanye-Stillwater’s dividend policy is to return between 25% to 35% of normalised earnings to shareholders and after due consideration of future

requirements the dividend may be increased beyond these levels. Normalised earnings is defined earnings attributable to the owners of Sibanye-

Stillwater excluding gains and losses on financial instruments and foreign exchange differences, impairments and related compensation, gain/

loss on disposal of property, plant and equipment, occupational healthcare expenses, restructuring costs, transactions costs, share-based

payment expenses on B-BBEE transactions, gain on acquisitions, net other business development costs, share of results of equity-accounted

investees, all after tax and the impact of NCI, and changes in estimated deferred tax rate. Normalised earnings constitutes pro forma financial


AFR –	48

DIRECTORS’ REPORT continued

information in terms of the JSE Listings Requirements and is the responsibility of the Board of Directors (Board), see – Consolidated financial

statements – Notes to the consolidated financial statements – Note 13: Dividends

In line with Sibanye-Stillwater’s Capital Allocation Framework, the Board of Directors resolved not to declare a final dividend for the year ended

31 December 2024 (2023: 0 SA cents per share) and with no interim dividend declared during 2024 (2023: 53 SA cents per share), there was no

total dividend for the year ended 31 December 2024 (2023: 53 SA cents per share).

Borrowing powers

In terms of Clause 4 of the Company’s Memorandum of Incorporation, the borrowing powers of the Sibanye Stillwater Limited (the Company) are

unlimited. As at 31 December 2024, the borrowings of the Group, excluding the Burnstone Debt and including the derivative financial instrument,

was R 39,426 million (2023: R 37,437 million), see – Consolidated financial statements – Notes to the consolidated financial statements – Note 28:

Borrowings and derivative financial instrument .

Sibanye-Stillwater is subject to financial and other covenants and restrictions under its credit facilities from time to time. Such covenants may

include restrictions on Sibanye-Stillwater incurring additional financial indebtedness and obligations to maintain certain financial covenant ratios

for as long as any amount is outstanding under such facilities.

Events after reporting date

The events that occurred after 31 December 2024 up to the date on which the consolidated financial statements for the year ended 31

December 2024 were authorised for issue, are disclosed in the consolidated financial statements, see – Consolidated financial statements – Notes

to the consolidated financial statements – Note 41: Events after reporting date.

Working capital and going concern assessment

The consolidated financial statements have been prepared using appropriate accounting policies, supported by reasonable judgements and

estimates. The directors believe that the Group has adequate resources to continue as a going concern, and therefore realise its assets and

settle its liabilities in the ordinary course of business for the foreseeable future.

The directors believe that the cash generated by its operations, cash on hand, the committed unutilised debt facilities as well as additional

funding opportunities will enable the Group to continue to meet its obligations as they fall due in the ordinary course of business for a period of at

least eighteen months after the reporting date. The consolidated financial statements for the year ended 31 December 2024, therefore, have

been prepared on a going concern basis, see – Consolidated financial statements – Notes to the consolidated financial statements – Note 36.2:

Risk management activities – Working capital and going concern assessmen t.

Significant announcements

Certain announcements during the financial year, after last filing date of 26 April 2024

Sibanye-Stillwater reports a cyber security attack

On 11 July 2024, Sibanye-Stillwater advised stakeholders that it had experienced a cyber-attack which affected its IT systems globally.

As soon as the Company became aware of the incident, immediate containment measures were implemented in line with our Incident

Response plan, to proactively isolate IT systems and safeguard data. While the investigation into the incident is ongoing, there has been limited

disruption to the Group’s operations globally.

Sibanye-Stillwater takes this incident seriously and is committed to addressing the cyber-attack. Our efforts remain focused on working towards

the full remediation of the effects of this attack. We are voluntarily reporting this incident to the appropriate regulators and will provide further

updates as necessary.

On 25 July 2024, Sibanye-Stillwater updated stakeholders regarding the cyber-attack which affected its IT systems globally.

Due to the cyber-attack, which remains under investigation, we further enhanced our IT security and implemented a phased system start-up

approach to ensure the protection of our environment, enabling mining and extraction operations to continue globally with minimal disruption.

The Columbus metallurgical complex at the US PGM operations however experienced some short-term operational delays, due to IT outages

affecting the smelting of underground concentrate and the recycling of spent autocatalysts, but was able to quickly resume full operations.

Although the cyber-attack has had limited impact on our core operations, it caused temporary system outages which resulted in the

implementation of back-up manual processes on certain systems at the operations. The Group's systems are largely now restored, however, the

publication of Group operating and financial results for the period ended 30 June 2024 (H1 2024), were delayed, and the announcement and

presentation had to be rescheduled to Thursday, 12 September 2024.

Sibanye-Stillwater refinances and upsizes its rand Revolving Credit Facility to R6 billion and concludes an

R1.8 billion gold prepay arrangement

On 21 August 2024, Sibanye-Stillwater announced that it has refinanced and upsized its rand Revolving Credit Facility (rand RCF), from R5.5 billion

to R6 billion with the refinanced facility maturing in August 2027 and concluded an R1.8 billion gold prepayment arrangement strengthening and

enhancing balance sheet flexibility.


AFR –	49

DIRECTORS’ REPORT continued

More information: Refinancing and upsizing of the rand RCF

Sibanye-Stillwater has refinanced and upsized its rand RCF, which was due to mature on 11 November 2024, from R5.5 billion to R6 billion, with the

refinanced facility maturing in August 2027.

More information: gold prepayment arrangement

Sibanye-Stillwater, through its wholly owned subsidiary, Sibanye Gold Proprietary Limited (the SA gold operations), has concluded a prepayment

arrangement for an amount of R1.8 billion in exchange for delivery of 1,497 kilograms of gold in equal monthly tranches from October 2024 to

November 2026. The gold delivered will be subject to a floor price of R1,350,000 per kilogram and a cap price of R1,736,000 per kilogram.

The funding will be applied toward partially repaying the Group’s rand revolving credit facility.

Sibanye-Stillwater secures up to €500 million Green financing package for its Keliber lithium project

On 21 August 2024, Sibanye-Stillwater announced that it has executed a €500 million green loan financing facility (Green loan) for its Keliber

lithium project in Finland, through its subsidiary Keliber Technology Oy. The Green loan secures capital expenditure funding required for the

construction and development of its lithium mining, processing and refining facilities in Kaustinen, Kronoby and Kokkola, Finland respectively. The

Green loan not only completes the financing requirement for the Keliber lithium project, but also represents a significant injection of capital for

Sibanye-Stillwater, improving Group financial flexibility and liquidity and ensuring that available Group cash and debt facilities are ring-fenced for

operational and corporate requirements.

The Green loan is a distinctive credit facility, comprising a bank financed €250 million Export Credit Agency (ECA) guaranteed tranche, a €150

million tranche provided by the European Investment Bank (EIB) and a €100 million syndicated commercial bank tranche.

The Green loan facilities are governed by a “Green Financing Framework” (available for download at www.sibanyestillwater.com/green-

financing-framework) and its green credentials have been confirmed by an independent second party, achieving a "Medium Green"

classification from S&P Global ratings. The Green Financing Framework has been prepared in alignment with the Loan Market Association’s 2023

Green Loan Principles and contains the following sections: (1) Use of Proceeds; (2) Process for Evaluation and Selection; (3) Management of

Proceeds; and (4) Reporting. This Green loan underscores Sibanye-Stillwater's commitment to the green energy transition in partnership with

supportive lenders and confirms the transparency, robust disclosure, and integrity of the Keliber lithium project’s green financing efforts.

Finnvera, the Finnish state owned ECA, has provided a guarantee covering 80% of the €250 million ECA tranche. This funding is aligned with

Finnvera’s strategic aim of strengthening the operating potential and competitiveness of Finnish enterprises by providing loans, domestic

guarantees, export credit guarantees, and other services associated with the financing of exports.

The EIB financing of €150 million is consistent with EIB’s intent to accelerate the green transition in Europe, boost technological innovation, and

support regional development. This marks the first EIB financing support for mining critical raw materials in the European Union (EU) and is an

important step towards the EU’s strategic autonomy.

Sibanye-Stillwater welcomes positive amendments to section 45X of the US IRA regulations

On 25 October 2024, Sibanye-Stillwater announced that it welcomed the US Department of the Treasury's publication of the final regulations for

Section 45X of the Inflation Reduction Act (IRA). It anticipated that these regulations would benefit our US PGM operations in Montana.

See – Consolidated financial statements – Notes to the consolidated financial statements – Note 4: Cost of sales

Sibanye-Stillwater advances its uranium strategy, unlocking value through the sale of its Beatrix

4 shaft, which includes the Beisa uranium project

On 9 December 2024, Sibanye-Stillwater announced that it had agreed to sell its Beatrix 4 shaft, which includes the Beisa uranium project (the

Transaction), to Neo Energy Metals Plc. (Neo Energy), in a transaction that will allow the Beisa uranium project to be developed by Neo Energy,

while Sibanye-Stillwater will retain exposure to future uranium production. Neo Energy is a uranium exploration and development company listed

on the main board of the London Stock Exchange and dual-listed in South Africa on the A2X market. The Beisa uranium project, located at the

Beatrix 4 shaft in the Free State Province of South Africa, accesses the Beisa uranium reef through the upper sections of the Beatrix 4 shaft

infrastructure.

Through the Transaction, Sibanye-Stillwater will retain exposure to both the Beisa uranium project, and a listed junior uranium company. In

addition, the Transaction immediately crystalises value for Sibanye-Stillwater shareholders and fast-tracks the possible development of the Beisa

uranium project, without extending the Group balance sheet.

See – Consolidated financial statements – Notes to the consolidated financial statements – Note 1.6: Assets and associated liabilities classified as

held for sale

Sibanye-Stillwater secures US$500m (R8.8bn) streaming agreement with Franco-Nevada

On 19 December 2024, Sibanye-Stillwater announced that it had entered into a US$500 million streaming agreement with Franco-Nevada

(Barbados) Corporation, a wholly-owned subsidiary of Franco-Nevada Corporation (Franco-Nevada) (the Stream agreement) in exchange for

the sale of gold and platinum streams (Stream) with reference to its Marikana, Kroondal, and Rustenburg operations (the Stream Area).

See – Consolidated financial statements – Notes to the consolidated financial statements – Note 41.1: Franco-Nevada stream


AFR –	50

DIRECTORS’ REPORT continued

Announcements after the financial year end of 31 December 2024

Sibanye-Stillwater to unlock significant shared value from enhanced and new chrome agreements with the

Glencore Merafe Venture

On 19 February 2025, Sibanye-Stillwater announced that, a strategic, mutually beneficial enhancement to the historical Marikana Contract

(Marikana Contract) and a new Chrome Management Agreement (CMA) had been signed with the Glencore Merafe Venture (GM Venture),

which is expected to optimise value from future chrome production for all parties (the Transaction).

Chrome is an important by-product of PGM production, and the SA PGM operations are collectively, a significant global chrome ore producer.

The enhanced Marikana Contract provides for the accelerated completion of delivery of the required chrome volumes which will expedite the

close out of the legacy agreement previously concluded between Lonmin and the GM Venture. Together with the CMA, this will allow greater

exposure to chrome prices and incentivise future chrome production growth, realising significant value for Sibanye-Stillwater and enhance value

creation opportunities for the Marikana operation. The majority of the Chrome Recovery Plants at Sibanye-Stillwater’s SA PGM operations, will be

operated by the GM Venture once the CMA is effective, enabling both parties to leverage synergies and increase chrome output.

Update on Sibanye-Stillwater’s participation in the Rhyolite Ridge project

On 26 February 2025, Sibanye-Stillwater advised stakeholders that the Board of directors of Sibanye-Stillwater had made a decision not to

proceed with the Rhyolite Ridge Lithium-Boron Project (Rhyolite Ridge) under the joint venture agreement with ioneer Ltd.

In October 2024, Sibanye-Stillwater received updated project and technical information from ioneer in the form of a technical report summary

and other updated technical reports. Management, with the assistance of external specialists and advisors, carefully reviewed and conducted

due diligence on that information, and based on the results of this work, the Board resolved not to proceed with Rhyolite Ridge as, among other

things, the Project did not meet the Sibanye-Stillwater investment hurdle rates at prudent pricing assumptions.

Directorate


Name	Position	Date appointed	Date resigned
Vincent Maphai	Chairman and independent non-executive director	24 February 2020
Neal Froneman	Chief Executive Officer	24 February 2020
Charl Keyter	Chief Financial Officer	24 February 2020
Elaine Dorward-King	Independent non-executive director	27 March 2020
Harry Kenyon-Slaney	Lead Independent and non-executive director	24 February 2020
Jeremiah Vilakazi	Non-executive director*	24 February 2020
Keith Rayner	Non-executive director*	24 February 2020
Nkosemntu Nika	Independent non-executive director	24 February 2020	28 May 2024
Peter Hancock	Independent non-executive director	06 May 2024
Philippe Boisseau	Independent non-executive director	08 April 2024
Richard Menell	Non-executive director*	24 February 2020
Richard Stewart	Executive director	01 March 2025
Savannah Danson	Independent non-executive director	24 February 2020	11 March 2024
Sindiswa Zilwa	Independent non-executive director	01 January 2021
Susan van der Merwe	Independent non-executive director	24 February 2020	28 May 2024
Terence Nombembe	Independent non-executive director	11 September 2024
Timothy Cumming	Non-executive director*	24 February 2020

* Achieved 12-year tenures and with effect from 24 March 2025 no longer regarded as independent and classified as non-executive directors

Rotation of directors

In accordance with Sibanye-Stillwater’s Memorandum of Incorporation (MOI), one third of the directors shall retire from office at each AGM. The

first to retire are those directors appointed as additional members of the Board, followed by the longest-serving members. The Board, assisted by

the Nominating and Governance Committee, can recommend the eligibility of retiring directors (subject to availability and their contribution to

the business) for re-appointment. Retiring directors can be immediately re-elected by the shareholders at the AGM. The directors retiring in terms

of the Company’s MOI are Keith Rayner, Neal Froneman and Peter Hancock. Terence Nombembe and Richard Stewart were appointed to the

Board on 11 September 2024 and 1 March 2025, respectively and are eligible and available for election at the AGM.

Director changes

The following director appointment and retirement have been announced since 31 December 2024:

• Neal Froneman will retire as Chief Executive Officer (CEO) and as executive director from the Board effective 30 September 2025

• Richard Stewart current Chief Regional Officer Southern Africa region will succeed Neal as CEO and was appointed as CEO designate and

executive director to the Board on 1 March 2025

We thank Neal for his service, inspirational and values based leadership and unwavering commitment.


AFR –	51

DIRECTORS’ REPORT continued

Directors’ and officers’ disclosure of interest in contracts

As of the date of this report, none of the directors, officers or major shareholders of Sibanye-Stillwater or, to the knowledge of Sibanye-Stillwater’s

management, their families, had any interest, direct or indirect, in any transaction during the last fiscal year or in any proposed transaction which

has or will materially affect Sibanye-Stillwater or its investment interests or subsidiaries.

None of the directors or officers of Sibanye-Stillwater or any associate of such director or officer is currently or has been at any time during the

past fiscal year materially indebted to Sibanye-Stillwater.

For related party information, see – Consolidated financial statements – Notes to the consolidated financial statements – Note 39: Related-party

transactions.

Subsidiary companies

For details of major subsidiary companies in which the Company has a direct or indirect interest, see – Consolidated financial statements – Notes

to the consolidated financial statements – Note 1.3: Consolidation .

Special resolutions passed by subsidiary companies

The following special resolutions were passed by subsidiary companies during the year ended 31 December 2024.

Special resolutions passed by the shareholders and sole shareholder of the subsidiary companies listed below, approving that the directors of the

company may at any time and from time to time during the two years from the passing hereof authorise the company, in terms of and subject to

the provisions of section 45(3)(b) of the Companies Act, to provide any type of direct or indirect financial assistance as defined in section 45(1) of

the Companies Act, to any company or corporation that is related or inter-related to the company, on such terms and conditions and for such

amounts as the directors may determine.

• Akanani Mining Proprietary Limited*

• Akanani Share Warehousing Co RF Proprietary Limited*

• Ezulwini Mining Company Proprietary Limited

• K2013164354 Proprietary Limited

• M Janse van Rensburg Proprietary Limited

• Milen Mining Proprietary Limited

• Newshelf 1114 Proprietary Limited*

• Newshelf 1335 Proprietary Limited*

• Puma Gold Proprietary Limited

• Rand Uranium Proprietary Limited

• Sibanye Gold Academy Proprietary Limited

• Sibanye Gold Eastern Operations Proprietary Limited

• Sibanye Gold Proprietary Limited

• Sibanye Gold Protection Services Limited

• Sibanye Gold Shared Services Proprietary Limited

• Witwatersrand Consolidated Gold Resources Proprietary Limited

* Refers to subsidiary companies in which Sibanye-Stillwater is not the sole shareholder

Litigation

Notice from Appian Capital to commence legal proceedings

On 26 October 2021, Sibanye-Stillwater entered into share purchase agreements to acquire the Santa Rita nickel mine and Serrote copper mine

(the Atlantic Nickel SPA and the MVV SPA, respectively) from affiliates of Appian Capital Advisory LLP (Appian). Subsequent to signing the

agreements, Appian informed Sibanye-Stillwater that a geotechnical event occurred at the Santa Rita open pit operation. After becoming

aware of the geotechnical event, Sibanye-Stillwater assessed the event and its effect and concluded that the event was and was reasonably

expected to be material and adverse to the business, financial condition, results of operations, the properties, assets, liabilities or operations of

Santa Rita. Accordingly, pursuant to the terms of the Atlantic Nickel SPA, on 24 January 2022, Sibanye-Stillwater gave notice of termination of the

Atlantic Nickel SPA. As the MVV SPA was conditional on the closing of the Atlantic Nickel SPA, which had become impossible to satisfy, on the

same date Sibanye-Stillwater also gave notice of termination of the MVV SPA. On 27 May 2022, Appian initiated legal proceedings before the

High Court of England and Wales against Sibanye-Stillwater.

The first phase of the proceedings related to whether the geotechnical event was, or could reasonably be expected to be, material and

adverse (the Liability Trial). In a judgment handed down on 10 October 2024, the Court ruled that the geotechnical event was not, and was not

reasonably expected to be, material and adverse, such that Sibanye-Stillwater was not entitled to terminate the SPAs. However, the Court

dismissed Appian's claim of wilful misconduct, ruling that the management of Sibanye-Stillwater genuinely believed that it was entitled to

terminate the SPAs in what they perceived as the best interests of Sibanye-Stillwater.


AFR –	52

DIRECTORS’ REPORT continued

The proceedings now progress to a second phase through a trial listed for November 2025 (the Quantum Trial), at which the Court will determine

if there are any potential recoverable damages. Sibanye-Stillwater may be required to pay to Appian. Judgment on the Quantum Trial is

expected to follow in Q1 2026.

See – Consolidated financial statements – Notes to the consolidated financial statements – Note 38: Contingent liabiliti es/assets.

Company Secretary

Lerato Matlosa was appointed Company Secretary of Sibanye-Stillwater with effect from 1 June 2018.

Auditors

A change of external auditors following a formal tender process was initiated by Sibanye-Stillwater for commercial reasons and following a

recommendation from the Audit Committee to the Board of Directors, BDO South Africa Inc. (BDO) was appointed as the Company’s external

auditors. Servaas Kranhold will be the designated audit partner for the financial year ending 31 December 2025.

The appointment of Ernst and Young Inc. as external auditors will end on conclusion of its responsibilities relating to the audit for the financial year

ending 31 December 2024, which is expected to be concluded during the first half of 2025. BDO’s appointment as external auditors will be

effective immediately after Ernst and Young Inc.’s appointment ends and they have resigned, subject to receiving the requisite shareholder

approval at the next annual general meeting which is expected to be held during May 2025.

For additional information see – Accountability – Report of the Audit Committee – External Auditor suitability review .

AFR - 53

REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

To the Shareholders and the Board of Directors of Sibanye Stillwater Limited

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of Sibanye Stillwater Limited (the Company) as of 31

December 2024, 2023, and 2022, the related consolidated income statements, consolidated statements of other comprehensive income,

changes in equity and cash flows for each of the three years in the period ended 31 December 2024, and the related notes (collectively referred

to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the

financial position of the Company at 31 December 2024, 2023 and 2022, and the results of its operations and its cash flows for each of the three

years in the period ended 31 December 2024, in conformity with International Financial Reporting Standards as issued by the International

Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the

Company's internal control over financial reporting as of 31 December 2024, based on criteria established in Internal Control-Integrated

Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated 25 April

2025 expressed an adverse opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s

financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with

respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and

Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to

obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits

included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and

performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by

management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis

for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were

communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the

financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters

does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical

audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.


	Impairment assessment of Cash Generating Units (CGUs)
Description of the Matter	As described in Notes 10, 14 and 17 to the consolidated financial statements, significant accounting judgments and estimates are made in relation to the impairment assessment of CGUs. Management performs an impairment assessment for CGUs, whenever events or changes in circumstances indicate that such carrying value may not be recoverable. Impairment indicators were identified in the current year for certain CGUs and an impairment loss of R8,791m was recognized for the year ended 31 December 2024 relating to the Stillwater CGU. In determining the recoverable amount of the CGUs with impairment indicators, management used a value in use calculation. Auditing management’s CGU impairment assessments was complex, due to the significant judgement required by management to determine the recoverable amounts of the CGUs, in particular, the significant assumptions used to calculate the estimated future cash flows. The estimated future cash flows are sensitive to changes in significant assumptions, such as expected commodity prices, discount rates, life-of-mine plans and foreign exchange rates. The life-of-mine plans include projected operating cash flows, sustaining capital expenditures and developmental capital expenditure, where applicable, based on reserves and estimates of future production. For the Stillwater CGU, a significant portion of the recoverable amount is based on the estimated income expected from Section 45X Advanced Manufacturing Production Tax Credit (S45X credit) for critical minerals in the US. In addition, significant judgment and specialized industry knowledge was required to assess management's estimate of the reserves used in the life-of-mine plans. These significant assumptions, described above, are forward-looking and could be affected by future economic, operating and market conditions.

AFR - 54

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM continued


	Impairment assessment of Cash Generating Units (CGUs)
How We Addressed the Matter In Our Audit	We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s CGU impairment assessment process. For example, we tested the controls over management’s review of the significant assumptions used in determining the recoverable amount. To test the recoverable amounts in the impairment assessments of the CGUs, our audit procedures included, among others, an evaluation of the methodologies applied in the cash flow models against the requirements of IAS 36 and testing of the significant assumptions used. We involved our valuation specialists to assist in our evaluation of significant assumptions, such as the discount rates, by calculating an independent range using available market information and comparing it against management’s discount rates and performing independent sensitivity analyses thereon. In addition, with the assistance of our valuation specialists, we compared management’s projected future commodity price assumptions and foreign currency exchange rates to observable market data and current industry and economic forecasts. We compared the projected operating cash flows and sustaining and developmental capital expenditures movements included in the life-of-mine plans, against historical trends. We also performed trend analyses to evaluate the correlation of future production against both projected operating costs and sustaining capital expenditures. For the S45X credit, with the assistance of our tax professionals, we evaluated management’s assessment that the Company was eligible for the S45X credit, as well as management’s assessment of the allowable costs to be claimed per mineral, based on the critical mineral criteria requirements contained in the Section 45X Advanced Manufacturing Production Credit regulations. We involved our mining technical specialists for the Stillwater CGU and certain other CGUs to assist in evaluating management’s reserve estimation procedures and the application of their methodology and primary inputs into the quantification of reserves, against industry practices and the regulatory reserves reporting requirements. We assessed the adequacy of the Company’s disclosures in the consolidated financial statements over impairment assessments, including the description of the estimates and judgements used in the assessments, against the requirements of IAS 36.
	Physical quantities of Marikana’s Platinum Group Metals (PGM) inventory in process
Description of the Matter	As described in Note 23 to the consolidated financial statements, the quantity of PGM inventory in process is determined by both metal content and physical quantities (collectively “quantities”). PGM inventory in process is sampled and assayed by management, to determine the metal content and how this is split by metal. Management determines the quantities by various methods, such as weighing or recording tank readings, depending on the type of carrier material and then applying engineering estimates. This determination is complex and requires estimation by the Company’s metallurgical specialists. The accuracy of the determination of quantities can vary significantly depending on the nature of the vessel in which the materials are contained, the state of the conversion of material and the recoverability levels, which could materially impact the value of PGM inventory in process at year end. Only the Marikana operations process their own refined metal inventory, and Marikana’s PGM inventory in process amounted to R5,724m as of 31 December 2024. The audit of the quantities of Marikana’s PGM inventory in process is complex, due to the technical nature of the process, the estimation uncertainty and the specialised knowledge required in performing our audit procedures.
How We Addressed the Matter in Our Audit	To test the Company’s quantity of PGM inventory in process at the Marikana operations, our audit procedures included, among others, an evaluation, against industry standards and practices, of the Company’s estimation process and the data used by the Company from the weighing, tank readings and assaying results to estimate the total amount of PGM inventory in process. With the assistance of our metallurgical specialists, we observed inventory counts held at an interim date at the metal inventory processing areas, including management’s sampling and assaying of the carrier material and quantity readings. To assess the information gathered from the inventory counts, we also involved our metallurgical specialists to assist us in evaluating the reasonability of the measurements performed by management and the engineering estimates applied, by comparing the methodologies used by management in determining the PGM inventory in process quantity, to industry practice and standards. We performed roll-forward procedures from the inventory count date to 31 December 2024, which included testing a sample of movements of inputs received, and quantities produced and dispatched. We involved our metallurgical specialists to perform an analysis on assay results during the period to assess if the results are within industry standards and industry standard deviation ranges. We tested the mass balance reconciliation of inventory, by agreeing the opening balance of inventory adjusted for movements during the year to the closing balance of inventory as determined by the inventory count procedures. We assessed the adequacy of the Company’s disclosures in respect to the PGM inventory in process, including the description of the estimates and judgements in estimating the quantity of PGM inventory in process.

AFR - 55

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM continued


	Business combination of Reldan – Valuation of intangible assets
Description of the Matter	As described in Note 16 to the consolidated financial statements, the Company completed a business combination during 2024. The Reldan acquisition was completed on 15 March 2024 for a total consideration of R3,052m. The fair value of identifiable net assets acquired amounted to R2,769m, which included intangible assets of R1,397m. Auditing the Company’s accounting for the business combination was complex, due to the significant judgement and estimation required by management to determine the fair value of the identified assets acquired and liabilities assumed. In particular, the valuation of the intangible assets is sensitive to changes in significant assumptions, primarily the discount rate and revenue growth rates included in the future net cash flows, which are forward looking and could be affected by future economic, operating and market conditions.
How We Addressed the Matter In Our Audit	We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s accounting for business combinations. For example, we tested controls over the identification and valuation of the net assets acquired for the acquisition, including management’s review of the valuation models and underlying assumptions used to develop such estimates. To test the estimated fair value of the intangible assets, we performed audit procedures with the assistance of our valuation specialists that included among others, evaluating the Company’s selection of valuation methodologies against industry practice and calculating an independent discount rate and comparing it to management’s discount rate. We compared the assumptions used by management to determine the revenue growth rates to observable market pricing data and historical production trends of the acquired business. We assessed the adequacy of the Company’s disclosures in respect to the business combination, including the description of the estimates and judgements in estimating the fair value of the net assets acquired and liabilities assumed, against the requirements of IFRS 3.

/s/ Ernst & Young Incorporated

We have served as the Company’s auditor since 2019.

Johannesburg, Republic of South Africa

25 April 2025

AFR - 56

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM continued

To the Shareholders and the Board of Directors of Sibanye Stillwater Limited

Opinion on Internal Control Over Financial Reporting

We have audited Sibanye Stillwater Limited’s internal control over financial reporting as of 31 December 2024, based on criteria established in

Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework)

(the COSO criteria). In our opinion, because of the effect of the material weaknesses described below on the achievement of the objectives of

the control criteria, Sibanye Stillwater Limited (the Company) has not maintained effective internal control over financial reporting as of 31

December 2024, based on the COSO criteria.

As indicated in the accompanying Management’s Report on Internal Control over Financial Reporting, management’s assessment of and

conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Reldan Group of Companies

(Reldan), which is included in the 2024 consolidated financial statements of the Company and constituted 1.1% of total assets as of 31 December

2024 and 5.6% and 0.9% of revenues and loss for the year, respectively, for the year then ended. Our audit of internal control over financial

reporting of the Company also did not include an evaluation of the internal control over financial reporting of Reldan.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable

possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely

basis. The following material weaknesses have been identified and included in management’s assessment. Management has identified material

weaknesses in controls related to deficiencies in inventory: in-process platinum group metals at Stillwater Mining Company and certain inventory

processes at Western Platinum Proprietary Limited; and deficiencies in the management of user access in the Company’s ITGC environment, and

controls relying on these related systems, in the South African region.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the

consolidated statement of financial position as of 31 December 2024, 2023 and 2022, the related consolidated income statements, consolidated

statements of other comprehensive income, changes in equity and cash flows for each of the three years in the period ended 31 December

2024, and the related notes. These material weaknesses were considered in determining the nature, timing and extent of audit tests applied in

our audit of the 2024 consolidated financial statements, and this report does not affect our report dated 25 April 2025, which expressed an

unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the

effectiveness of internal control over financial reporting included in the accompanying “Management’s Report on Internal Control over Financial

Reporting”. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a

public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the

U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,

testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other

procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A

company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in

reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance

that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting

principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and

directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any

evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or

that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young Incorporated

Johannesburg, Republic of South Africa

25 April 2025

AFR – 57

CONSOLIDATED INCOME STATEMENT

For the year ended 31 December 2024


Figures in million – SA rand	Notes	2024	2023	2022
Revenue	3	112,129	113,684	138,288
Cost of sales	4	( 105,208 )	( 99,768 )	( 101,624 )
Interest income	5.1	1,337	1,369	1,203
Finance expense	5.2	( 4,571 )	( 3,299 )	( 2,840 )
Share-based payment expenses	6.7	( 251 )	( 113 )	( 218 )
Gain/(loss) on financial instruments	7	5,433	235	( 4,279 )
(Loss)/gain on foreign exchange differences		( 215 )	1,973	616
Share of results of equity-accounted investees after tax		212	( 1,174 )	1,287
Other costs	8.1	( 4,722 )	( 5,858 )	( 3,679 )
Other income	8.2	2,630	1,232	1,110
Gain on disposal of property, plant and equipment		55	105	162
(Impairments)/reversal of impairments	10	( 9,173 )	( 47,454 )	6
Gain on acquisition		—	898	—
Occupational healthcare gain	31	76	365	211
Restructuring costs	9	( 550 )	( 515 )	( 363 )
Transaction costs		( 851 )	( 474 )	( 152 )
(Loss)/profit before royalties, carbon tax and tax		( 3,669 )	( 38,794 )	29,728
Royalties	11.1	( 543 )	( 1,050 )	( 1,834 )
Carbon tax		( 2 )	( 2 )	10
(Loss)/profit before tax		( 4,214 )	( 39,846 )	27,904
Mining and income tax	11.2	( 1,496 )	2,416	( 8,924 )
(Loss)/profit for the year		( 5,710 )	( 37,430 )	18,980
Attributable to:
Owners of Sibanye-Stillwater		( 7,297 )	( 37,772 )	18,396
Non-controlling interests (NCI)		1,587	342	584
Earnings per share attributable to owners of Sibanye-Stillwater
Basic earnings per share — cents	12.1	( 258 )	( 1,334 )	651
Diluted earnings per share — cents	12.2	( 258 )	( 1,334 )	650

The accompanying notes form an integral part of these consolidated financial statements

CONSOLIDATED STATEMENT OF OTHER

COMPREHENSIVE INCOME

For the year ended 31 December 2024


Figures in million – SA rand	2024	2023 (restated)	2022 (restated)
(Loss)/profit for the year	( 5,710 )	( 37,430 )	18,980
Other comprehensive income (OCI), net of tax	538	2,985	2,355
Foreign currency translation adjustments 1	255	3,569	3,826
Fair value adjustment on other investments 2	283	( 582 )	( 1,467 )
Re-measurement of defined benefit plan 2	—	( 2 )	( 4 )
Total comprehensive income	( 5,172 )	( 34,445 )	21,335
Attributable to:
Owners of Sibanye-Stillwater	( 6,769 )	( 34,847 )	20,657
Non-controlling interests	1,597	402	678

1 These gains and losses will be reclassified to profit or loss in accordance with the accounting policy in note 1.4. See note 1.5 for restatement disclosure

2 These gains and losses will never be reclassified to profit or loss

The accompanying notes form an integral part of these consolidated financial statements

AFR – 58

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2024


Figures in million – SA rand	Notes	2024	2023	2022
Assets
Non-current assets		89,583	81,119	105,867
Property, plant and equipment	14	66,906	61,338	76,909
Right-of-use assets	15	156	560	279
Goodwill and other intangibles	17	2,058	502	8,322
Equity-accounted investments	18	7,323	7,148	8,471
Other investments	20	3,507	3,179	3,340
Environmental rehabilitation obligation funds	21	6,691	5,927	5,306
Other receivables	22.1	491	523	798
Deferred tax assets	11.3	2,451	1,942	2,442
Current assets		48,409	61,822	60,764
Inventories	23	25,549	26,363	26,384
Trade and other receivables	24	5,722	8,900	7,500
Other receivables	22.1	156	26	81
Tax receivable	11.4	863	973	723
Assets held for sale	1.6	70	—	—
Cash and cash equivalents	25	16,049	25,560	26,076
Total assets		137,992	142,941	166,631
Equity and liabilities
Equity attributable to owners of Sibanye-Stillwater		43,979	48,730	88,101
Stated share capital	26	21,647	21,647	21,647
Other reserves		36,149	35,553	32,673
Accumulated (loss)/profit		( 13,817 )	( 8,470 )	33,781
Non-controlling interests	27	4,310	2,877	2,903
Total equity		48,289	51,607	91,004
Non-current liabilities		68,848	54,927	55,408
Borrowings and derivative financial instrument	28	41,135	24,946	22,606
Lease liabilities	29	203	384	208
Environmental rehabilitation obligation and other provisions	30	11,922	12,505	8,552
Occupational healthcare obligation	31	334	400	781
Cash-settled share-based payment obligations	6.6	1,686	2,718	4,991
Other payables	22.2	1,815	3,407	2,500
Deferred revenue	32	6,983	6,327	6,399
Tax, carbon tax and royalties payable	11.4	13	64	11
Deferred tax liabilities	11.3	4,757	4,176	9,360
Current liabilities		20,855	36,407	20,219
Borrowings and derivative financial instrument	28	552	15,482	122
Lease liabilities	29	175	198	111
Environmental rehabilitation obligation and other provisions	30	327	832	—
Occupational healthcare obligation	31	2	—	44
Cash-settled share-based payment obligations	6.6	121	432	284
Trade and other payables	33	15,604	16,464	15,653
Other payables	22.2	1,634	2,015	3,891
Deferred revenue	32	1,660	305	21
Liabilities associated with assets held for sale	1.6	451	—	—
Tax, carbon tax and royalties payable	11.4	329	679	93
Total equity and liabilities		137,992	142,941	166,631

The accompanying notes form an integral part of these consolidated financial statements

AFR – 59

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2024


Figures in million – SA rand	Notes	Stated share capital	Re- organisation reserve	Share-based payment reserve	Mark-to- market reserve	Foreign currency translation reserve	Accumulated profit/(loss)	Equity attributable to owners of Sibanye- Stillwater	Non- controlling interests	Total equity
Balance at 31 December 2021		21,647	23,001	4,170	1,221	1,940	27,414	79,393	1,952	81,345
Total comprehensive income for the year (restated)	1.5	—	—	—	( 1,519 )	3,784	18,392	20,657	678	21,335
Profit for the year		—	—	—	—	—	18,396	18,396	584	18,980
Other comprehensive income, net of tax (restated)	1.5	—	—	—	( 1,519 )	3,784	( 4 )	2,261	94	2,355
Equity-settled share-based payments	6.7	—	—	14	—	—	—	14	10	24
Dividends	13	—	—	—	—	—	( 9,197 )	( 9,197 )	( 256 )	( 9,453 )
Keliber asset acquisition		—	—	—	—	—	—	—	1,219	1,219
Transaction with Keliber Oy (Keliber) shareholders	27.1	—	—	—	—	62	( 2,828 )	( 2,766 )	( 686 )	( 3,452 )
Sale of Lonmin Canada Incorporated (Lonmin Canada)	8.2	—	—	—	—	—	—	—	( 14 )	( 14 )
Balance at 31 December 2022		21,647	23,001	4,184	( 298 )	5,786	33,781	88,101	2,903	91,004
Total comprehensive income for the year (restated)	1.5	—	—	—	( 642 )	3,569	( 37,774 )	( 34,847 )	402	( 34,445 )
Profit for the year		—	—	—	—	—	( 37,772 )	( 37,772 )	342	( 37,430 )
Other comprehensive income, net of tax (restated)	1.5	—	—	—	( 642 )	3,569	( 2 )	2,925	60	2,985
Equity-settled share-based payments		—	—	24	—	—	—	24	24	48
Dividends	13	—	—	—	—	—	( 4,953 )	( 4,953 )	( 365 )	( 5,318 )
Century business combination		—	—	—	—	—	—	—	919	919
Transaction with Keliber shareholders	27.1	—	—	—	—	( 66 )	463	397	700	1,097
Keliber dividend obligation	22.2	—	—	—	—	—	—	—	( 792 )	( 792 )
Transaction with Century shareholders	27.1	—	—	—	—	( 5 )	13	8	( 914 )	( 906 )
Balance at 31 December 2023		21,647	23,001	4,208	( 940 )	9,284	( 8,470 )	48,730	2,877	51,607
Total comprehensive income for the year		—	—	—	273	255	( 7,297 )	( 6,769 )	1,597	( 5,172 )
Loss for the year		—	—	—	—	—	( 7,297 )	( 7,297 )	1,587	( 5,710 )
Other comprehensive income, net of tax		—	—	—	273	255	—	528	10	538
Equity-settled share-based payments		—	—	9	—	—	—	9	9	18
Dividends	13	—	—	—	—	—	—	—	( 173 )	( 173 )
Recognition of derivative financial instrument in equity 1	28.5	—	—	—	—	—	2,009	2,009	—	2,009
Transfer between reserves		—	—	—	59	—	( 59 )	—	—	—
Balance at 31 December 2024		21,647	23,001	4,217	( 608 )	9,539	( 13,817 )	43,979	4,310	48,289

1 The derivative financial instrument to equity upon derecognition (see note 28.5) amounted to R 2,009 million on 26 June 2024, which was the last day that cash conversion could have been

requested

The accompanying notes form an integral part of these consolidated financial statements

AFR – 60

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 December 2024


Figures in million – SA rand	Notes	2024	2023	2022
Cash flows from operating activities
Cash generated by operations	34	4,414	18,726	40,746
Deferred revenue advance received	32	3,307	935	24
Post-retirement health care payments		—	—	( 1 )
Cash-settled share-based payments paid	6.6	( 751 )	( 637 )	( 272 )
Payment of Marikana dividend obligation	22.2	( 38 )	( 191 )	( 225 )
Additional deferred/contingent payments relating to acquisition of a business	22.2	( 44 )	( 3,733 )	( 4,545 )
Change in working capital	35	6,853	1,750	386
		13,741	16,850	36,113
Interest received	5.2	882	998	682
Interest paid	5.2	( 2,101 )	( 1,304 )	( 1,118 )
Royalties and carbon tax paid	11.4	( 784 )	( 922 )	( 1,815 )
Tax paid	11.4	( 1,452 )	( 3,209 )	( 8,866 )
Dividends paid	13	( 173 )	( 5,318 )	( 9,453 )
Net cash from operating activities		10,113	7,095	15,543
Cash flow from investing activities
Additions to property, plant and equipment		( 21,569 )	( 22,411 )	( 15,899 )
Proceeds on disposal of property, plant and equipment		129	168	191
Acquisition of subsidiaries, net of cash acquired	16.1	( 2,690 )	471	( 1,132 )
Dividends received		402	449	564
Additions to other investments		( 465 )	( 658 )	( 772 )
Disposals of other investments		457	202	—
Loans advanced to investee		( 26 )	—	—
Acquisition of equity-accounted investment	18.4	( 35 )	( 396 )	( 92 )
Contributions to environmental rehabilitation funds	21	( 273 )	( 185 )	( 86 )
Payment of deferred/contingent payment	22.2	( 292 )	—	( 185 )
Contributions to enterprise development fund		—	—	( 10 )
Cash outflow on loss of control of subsidiaries		—	—	( 58 )
Proceeds on disposal of Lonmin Canada		—	—	72
Proceeds from environmental rehabilitation funds	21	24	322	33
Net cash used in investing activities		( 24,338 )	( 22,038 )	( 17,374 )
Cash flow from financing activities
Loans raised	28	8,278	14,431	8,000
Loans repaid	28	( 3,335 )	( 1,323 )	( 8,003 )
Lease payments		( 208 )	( 219 )	( 131 )
Acquisition of NCI	27.1	—	( 1,009 )	( 3,363 )
Proceeds from NCI on rights issue	27.1	—	1,096	—
Net cash from/(used in) financing activities		4,735	12,976	( 3,497 )
Net decrease in cash and cash equivalents		( 9,490 )	( 1,967 )	( 5,328 )
Effect of exchange rate fluctuations on cash held		( 21 )	1,451	1,112
Cash and cash equivalents at beginning of the year		25,560	26,076	30,292
Cash and cash equivalents at end of the year	25	16,049	25,560	26,076

The accompanying notes form an integral part of these consolidated financial statements

AFR – 61

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 31 December 2024

1. Accounting policies

The material accounting policies applied in the preparation of these consolidated financial statements are set out below. Where an

accounting policy is specific to a note, the policy is described in the note to which it relates. These policies have been consistently applied

to all the periods presented.

1.1 Reporting entity

Sibanye Stillwater Limited (the Company) and its subsidiaries (together referred to as the Group or Sibanye-Stillwater) is a multinational

mining and metals processing Group with a diverse portfolio of mining and processing 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 also a top tier gold producer. It also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The

Group also built and diversified its asset portfolio into battery metals and green metals mining and processing, and increased its presence in

the circular economy by growing and diversifying its recycling and tailings reprocessing operations globally. Domiciled in South Africa,

Sibanye-Stillwater currently owns and operates a portfolio of high-quality operations and projects, which are grouped into four regions,

namely, Southern Africa (SA region), Americas, Europe and Australia.

The SA region houses the gold and PGM operations and projects located in South Africa and Zimbabwe. The underground and surface

gold mining operations in South Africa are the Driefontein, Kloof and Cooke operations in the West Witwatersrand (West Wits) region,

DRDGOLD Limited (DRDGOLD) with a surface tailings treatment plant in the East of Johannesburg in Gauteng and in the West Wits, and the

Beatrix operation in the southern Free State. Sibanye-Stillwater also owns and manages significant gold extraction and processing facilities

where ore is treated and beneficiated to produce gold doré. In addition, several organic projects currently underway are aimed at

sustaining these gold mining operations into the long term. Burnstone is a shallow developmental stage gold mine and processing

operation located in the South Rand Goldfield of the Witwatersrand Basin in the Mpumalanga province, and comprises two established

shaft complexes, a carbon-in-leach gold processing plant, tailings storage facility and related surface infrastructure and mining rights.

Although development at Burnstone progressed well during 2023, in line with the Group's capital allocation framework, it was decided to

delay the Burnstone project. The Southern Free State project is an advanced exploration stage project that includes the Bloemhoek, De

Bron-Merriespruit, Robijn and Hakkies areas. It is located adjacent to the Beatrix operation in the Free State province .

Beatrix, a conventional mining operation, comprises two operating vertical shafts and one metallurgical plant mining the Beatrix/VS5 reef,

the Aandenk/Kalkoenkrans reef as well as some historical surface rock dump material. During 2024, the Group agreed to sell the Beatrix 4

shaft which includes the Beisa uranium project (see note 30.1). Driefontein is an established mine consisting of four operating vertical shaft

complexes and one metallurgical plant mining three different reefs as well as some historical surface rock dump material. Kloof is also an

ongoing mine with three operating vertical shaft complexes and one metallurgical plant. Four reefs are extracted at Kloof, together with

the mining of some historical surface rock dump material. The Cooke underground operations consist of four vertical shafts, which currently

are under care-and-maintenance. The surface mining section, known as Randfontein Surface Operations, mines historical surface tailings

facilities and surface rock dumps, processing them at the Cooke and Ezulwini metallurgical plants.

The PGM assets in the SA region are the Kroondal operation , the Rustenburg operation (SRPM), the Marikana operation (Marikana) and the

tailings retreatment entity, Platinum Mile in the North West Province, and Mimosa ( 50 % ) in Zimbabwe. Marikana currently has five

contributing shafts namely K3, K4 (commenced production in 2023), Rowland, Saffy and E3 and the ore mined at the Marikana operations

is processed through four of the eight concentrators on site. The PGM concentrate produced is dispatched to the smelter where a sulphide-

rich matte is produced for further processing at the base metal refinery (BMR). At the BMR, base metals are removed and the resulting

PGM-rich product is sent to the precious metal refinery (PMR) for final treatment. Marikana therefore sells refined metals to customers. In

addition to underground operations, there is one tailings retreatment operation (Bulk Tailings Treatment (BTT) plant), which transitioned from

hydraulic remining to mechanical remining of a dormant tailings storage facility during the period and the tailings are retreated at the BTT

plant for the recovery of coarse chrome and PGMs.

The Rustenburg operation comprise of three operating vertical shafts (Siphumelele 1, Khuseleka 1 and Thembelani 1), two declines at

Bathopele, two concentrating plants (the Waterval UG2 concentrator and the Waterval retrofit concentrator), a chrome recovery plant,

the Western Limb tailings retreatment plant and related surface infrastructure and assets. In addition, remining operations are carried out

on one dormant tailings storage facility (Waterval West dam). Ore is processed through the Waterval UG2 concentrator and Waterval

retrofit concentrator. Tailings are treated at the Western Limb Tailings Retreatment Plant, Platinum Mile and at the Chrome retreatment

plant where a saleable chromite concentrate is recovered. Tailings from the Rustenburg operation are piped to Platinum Mile for further

beneficiation and recovery of chrome and PGMs. The tailings from Platinum Mile are pumped to an active tailings storage facility for final

disposal. The Rustenburg operation has a tolling agreement with a third party and currently sells refined metals as well as PGM concentrate

to customers. In addition, Platinum Mile successfully commissioned a coarse chrome recovery plant in 2023.

Kroondal comprises of four operating decline shafts. Ore is processed at Kroondal through two concentrator plants (K1 and K2). Tailings

from the K1 and K2 plants are piped to three adjacent tailings storage facilities and at a fourth tailings storage facility at Marikana. The

Group obtained a 100 % shareholding in the Kroondal pool and share agreement (Kroondal PSA) during 2023 through the Rustenburg

operation, which acquired Rustenburg Platinum Mines Limited's (a subsidiary of Anglo American Platinum Limited) 50 % share in the Kroondal

PSA. Platinum Mile is a tailings retreatment facility located on the Rustenburg lease area adjacent to our Kroondal operations. This facility

recovers PGMs and chrome from the live tailings at our Rustenburg operations. Kroondal and Platinum Mile currently only sells PGM

concentrate and chrome to customers.

AFR – 62

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

The US region houses the PGM operations located in the US and exploration-stage projects located in Canada and Argentina. The US PGM

operations include the East Boulder and Stillwater mining operations (including the Blitz project) in Montana. The assets in Montana also

include the Metallurgical complex in Columbus, Montana. This complex houses the smelter, BMR and an analytical laboratory which

produces a PGM-rich filter cake that is further refined by a third-party precious metal refinery. These processing and metallurgical facilities

are also used to process recycled material such as spent autocatalytic convertors and petroleum refinery catalysts. The US region also

includes the newly acquired Reldan Group of Companies (Reldan) (see note 16.1) which is a precious metals recycling group with facilities

in Pennsylvania, USA, as well as Mexico and India, processing primarily e-scrap to produce both green precious and base metals.

Keliber, a Finnish mining and battery chemical company, owns the Keliber project, an advanced lithium hydroxide project located in the

Kaustinen region of Finland. Since the Sibanye-Stillwater Board of Directors approved the Keliber project and the immediate construction of

the Keliber Lithium Refinery in 2022, construction activities thereof have continued successfully after commencing in March 2023. Similarly,

the earthworks and selected infrastructure works commenced at the Päiväneva concentrator site in late 2023. Once developed, the

Keliber project will sustainably produce battery-grade lithium hydroxide, with first production expected in 2025. The Group holds a 79.82 %

shareholding interest in Keliber . In 2022, the Group also acquired French mining group Eramet SA's Sandouville hydrometallurgical nickel

processing facilities near Le Havre, France's second largest industrial port. The Sandouville facilities currently include a hydrometallurgical

nickel refinery whose production was severely hampered by plant availability in 2023. The nickel refining operation will wind down over the

first six months of 2025, and the outcome of a pre-feasibility study to assess the potential conversion of the Sandouville plant to produce

pCAM is expected by the end of 2025.

The Group's green metals investments also include the acquisition of a 100 % stake in the Australian based entity, New Century Resources

Limited (Century), which owns a zinc tailings retreatment operation . The Group has also exercised an option to acquire a 100 %

shareholding in Copper Mines of Tasmania Proprietary Limited, who owns the Mt Lyell Copper Mine in Australia .

The Group also owns a strategic 6.19 % investment in ioneer Limited (ioneer), an ASX-listed mining development company and the Group

announced in 2021 that it had reached an agreement with ioneer to establish a 50 % joint venture to develop the Rhyolite Ridge lithium-

boron project in the US following the satisfaction of certain conditions precedent, one of which included a final investment decision by the

Board affirming its commitment to proceed with the project. In 2025, the Group decided not to proceed with the joint venture with ioneer

after receiving updated project and technical information from ioneer in the form of a technical report summary and other updated

technical reports.

1.2 Basis of preparation

The consolidated financial statements for the year ended 31 December 2024 have been prepared on a going concern basis in

accordance with International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards), as issued by the

International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants Financial Reporting Guides issued by

the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as

well as the requirements of the South African Companies Act and JSE Listings Requirements. The consolidated financial statements have

been prepared under the historical cost convention, except for certain financial assets and financial liabilities (including derivative

instruments) which are measured at fair value through profit or loss or other comprehensive income.

AFR – 63

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Standards, interpretations and amendments to published standards effective for the year ended 31 December 2024

During the financial year, the following amendments to standards applicable to the Group became effective and had no material impact

on the Group’s consolidated financial statements:


Pronouncement	Details of amendments	Effective date 1
Classification of Liabilities as Current or Non-current (Amendments to IAS 1)	To promote consistency in application and clarify the requirements on determining if a liability is current or non-current, the IASB amended IAS 1 Presentation of Financial Statements (IAS 1) to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the “settlement” of a liability.	1 January 2024
Non-current Liabilities with Covenants (Amendments to IAS 1)	The amendment confirms that only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or non-current. Covenants with which a company must comply after the reporting date do not affect the classification at that date. However, when non- current liabilities are subject to future covenants, companies will now need to disclose information to help users understand the risk that those liabilities may become repayable within twelve months. The amendments also clarify how a company classifies a liability that can be settled in its own shares and indicate that when assessing if the host liability should be classified as current or non-current, an entity can ignore conversion options that are recognised as equity. The amendments are applicable to the Group's US$ Convertible Bond (see note 28.5), which will be converted to ordinary shares of Sibanye-Stillwater. The host instrument is classified as non-current after approval was obtained from Sibanye- Stillwater shareholders.	1 January 2024
International Financial Reporting Standards Sustainability Disclosure Standards (IFRS Sustainability Disclosure Standards) S1 General requirements for disclosure of sustainability-related financial information (IFRS S1) and IFRS Sustainability Disclosure Standards S2 climate-related disclosures (IFRS S2)	The International Sustainability Standards Board’s first two standards are designed to be applied together, supporting entities to identify and report information that investors need for informed decision-making. The general standard provides a framework for entities to report on all relevant sustainability-related topics across the areas of governance, strategy, risk management, metrics and targets. Adopting the standards is dependent on local jurisdictions, which will result in a different date of first application for different countries across the world. Voluntary adoption is permitted. The effective date for application in South Africa has not been announced, therefore the Group will not apply IFRS S1 and IFRS S2 from 1 January 2024. The Group is in process of assessing the potential future impact of IFRS S1 and IFRS S2.	1 January 2024 2

1 Effective date refers to annual period beginning on or after the effective date

2 Not yet adopted by the Group since the implementation date for South Africa has not yet been determined

AFR – 64

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Standards, interpretations and amendments to published standards which are not yet effective

Certain new standards, amendments and interpretations to existing standards have been published that apply to the accounting periods

beginning on or after 1 January 2025 but have not been early adopted by the Group. The standards, amendments and interpretations that

are applicable to the Group are:


Pronouncement	Details of amendments	Effective date 1
Lack of Exchangeability (Amendments to IAS 21) 2	Under IAS 21 The Effects of Changes in Foreign Exchange Rates (IAS 21), a spot exchange rate is used when translating a foreign currency transaction. In some rare circumstances, it is possible that one currency cannot be exchanged into another. Consequently, market participants are unable to buy and sell currency to meet their needs at the official exchange rate and turn instead to unofficial, parallel markets. The IASB amended IAS 21 to clarify when a currency is exchangeable to another currency and how a spot rate can be estimated when a currency lacks exchangeability. This amendment is applicable to the Group's investment in Mimosa (domiciled in Zimbabwe), however the Group's initial assessment indicates that no material impact is expected in respect of the amendment. The Group will continue to assess the amendment for potential impacts as the effective date gets closer.	1 January 2025
Amendments to the classification and measurement of financial instruments (Amendments to IFRS 9 Financial Instruments (IFRS 9) and IFRS 7 Financial Instruments: Disclosures (IFRS 7)) 2	The amendments provide guidance on the classification of financial assets with contingent features. Under IFRS 9, it was unclear whether the contractual cash flows of some financial assets with ESG-linked features represented the solely payments of principal and interest (SPPI) criterion, which is a condition for measurement at amortised cost. The amendments apply to all contingent features, not just ESG-linked features and introduce an additional SPPI test for financial assets with contingent features that are not related directly to a change in basic lending risks or costs. The amendments also include additional disclosures for all financial assets and financial liabilities that have certain contingent features that are not related directly to a change in basic lending risks or costs, and are not measured at fair value through profit or loss. The amendments to IFRS 9 also clarifies when a financial asset and financial liability is recognised and derecognised and provides an exception for certain financial liabilities settled using an electronic payment system. The exception allows for financial liabilities to be derecognised before the settlement date if certain criteria are met.	1 January 2026
Annual improvements to IFRS Accounting Standards (Amendments to IFRS 7, IFRS 9, IFRS 10 C onsolidated Financial Statements , and IAS 7 Statement of Cash Flows ) 2	The IASB published annual improvements to IFRS Accounting Standards relating to various standards applied by the Group in the consolidated financial statements. The amendments are primarily clarifications, internal referencing updates and editorial changes to IFRS Accounting Standards.	1 January 2026
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) 2	The amendments address challenges in contracts referencing nature-dependent electricity, referred to as renewable power purchase agreements (PPAs). The amendments include the own-use exemption for purchasers in PPAs and hedge accounting requirements for purchasers and sellers in PPAs. To apply the own-use exemption to a PPA, IFRS 9 currently requires the contract to be for receipt of electricity in line with the entity’s expected purchase or usage requirements. The amendments allow an entity to apply the own-use exemption to PPAs if the entity is, and expects to be, a net-purchaser of electricity for the contract period.	1 January 2026
IFRS 18 Presentation and Disclosure in Financial Statements (IFRS 18)	IFRS 18 was issued to address the need for more relevant information in financial statements. IFRS 18 will have no impact on net profit, however it will change how the Group's results are presented on the consolidated income statement and information disclosed in the notes to the consolidated financial statements. This also includes disclosure of certain non-GAAP measures, which will form part of the audited consolidated financial statements. IFRS 18 introduces a more structured income statement such as a newly defined subtotal for operating profit and a requirement for entities to allocate all income and expenses between three new distinct categories based on the entity’s main business activities (operating, investing, and financing activities). IFRS 18 also requires entities to analyse their operating expenses directly on the income statement, which is either by nature, by function or using a mixed presentation. IFRS 18 also requires entities to report some of their non-GAAP measures in the financial statements. It introduces a narrow definition for management performance measures (MPM) and requires MPMs to be a subtotal of income and expenses that is used in public communications outside of the financial statements and reflective of management’s view of financial performance of an entity as a whole. Management is in the process of assessing the potential impact on the Group's consolidated financial statements.	1 January 2027

1 Effective date refers to annual period beginning on or after said date

2 No material impact expected

AFR – 65

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Significant accounting judgements and estimates

The preparation of the consolidated financial statements requires the Group’s management to make estimates and assumptions that

affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated

financial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates

requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected

economic conditions, and in some cases valuation techniques. Actual results could differ from those estimates .

For material accounting policies that are subject to significant judgement, estimates and assumptions, see the following notes to the

consolidated financial statements:


Accounting policy	Note to the consolidated financial statements
Unconsolidated structured entities	1 - Consolidation
Revenue	3 - Revenue
Cash-settled share-based payment obligation	6 - Share-based payments
Royalties, mining and income tax, and deferred tax	11 - Royalties, mining and income tax, and deferred tax
Property, plant and equipment	14 - Property, plant and equipment
Business combinations	16 - Acquisitions
Goodwill	17 - Goodwill and other intangibles
Equity-accounted investments	18 - Equity-accounted investments
Other investments	20 - Other investments
Other receivables and other payables	22 - Other receivables and other payables
Inventories	23 - Inventories
Borrowings and derivative financial instrument	28 - Borrowings and derivative financial instrument
Environmental rehabilitation obligation	30 - Environmental rehabilitation obligation and other provisions
Occupational healthcare obligation	31 - Occupational healthcare obligation
Deferred revenue	32 - Deferred revenue
Contingent liabilities	38 - Contingent liabilities/assets

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of

future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities

within the financial period are discussed under the relevant note of the item affected .

AFR – 66

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

1.3 Consolidation

AFR – 67

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

1 The NCI in the statement of changes in equity at 31 December 2024, relates to the attributable share of accumulated profits of DRDGOLD, Group Technical Security

Management Proprietary Limited (GTSM) and Keliber OY (see note 27 )

2 Witwatersrand Consolidated Gold Resources Proprietary Limited (Wits Gold) has ceded and pledged its shares in K2013164354 Proprietary Limited (K2013) (a dormant

entity) and K2013 has ceded and pledged it shares in Sibanye Gold Eastern Operations Proprietary Limited (SGEO) in favour of the lenders of the Burnstone Debt (see note

28.6 )

3 Rand Uranium Proprietary Limited (Rand Uranium) and Ezulwini Mining Company Proprietary Limited (Ezulwini) together own a number of underground and surface mining

operations. These operations report to the Group’s chief operating decision maker (the executive management team) as a separate segment, namely Cooke

4 In terms of the Rustenburg operation transaction, a 26 % stake in Sibanye Rustenburg Platinum Mines Proprietary Limited (SRPM) was acquired through Newshelf 1335

Proprietary Limited (B-BBEE SPV). The shareholders of B-BBEE SPV are Rustenburg Mine Employees Trust ( 30.4 % ), Rustenburg Mine Community Development Trust ( 24.8 % ),

Bakgatla-Ba-Kgafela Investment Holdings ( 24.8 % ) and Siyanda Resources Proprietary Limited ( 20.0 % ). The Rustenburg Mine Employees Trust and the Rustenburg Mine

Community Development Trust are controlled and consolidated by Sibanye-Stillwater and cash-settled share-based payment obligations amounting to R 864 million and

R 705 million , respectively, are eliminated upon consolidation

5 The Group has no current or contractual obligation to provide financial support to any of its structured entities

6 Sibanye-Stillwater recognises no NCI in Akanani on a similar basis as described for Western Platinum Proprietary Limited (WPL) and Eastern Platinum Proprietary Limited

(EPL) below (see footnote 7 below), since a revised shareholders' agreement replaced the equity interests with a right to receive dividends

7 Sibanye-Stillwater recognises no NCI in WPL and EPL. The shareholding of Lonplats Employee Share Ownership Trust (Employee Trust) ( 3.8 % ,) the Bapo Ba Mogale Local

Economic Development Trust (Bapo Trust) ( 0.9 % ) and Lonplats Marikana Community Development Trust (Community Trust) ( 0.9 % ) (together Marikana Trusts) is not

considered since these trusts are controlled and consolidated by Sibanye-Stillwater. Cash-settled share-based payment obligations amounting to R 631 million relating to

the Marikana Trusts are eliminated upon consolidation. In addition, as a result of the Marikana broad-based black economic empowerment (B-BBEE) transaction (see

note 6.5 ), the equity interests of shareholders in WPL and EPL, including all non-controlling shareholders, were replaced with the right to receive dividends. As a result, the

effective shareholding interests were replaced by a share-based payment obligation and dividend obligation for entities not forming part of the Group (see note 6.5 and

22.2 )

8 Effective 10 January 2020, the Group exercised its option to acquire an additional 12.05 % in DRDGOLD. The consideration amounted to R 1,086 million for the subscription

of 168,158,944 additional new ordinary shares resulting in a 50.1 % shareholding in DRDGOLD. The effective shareholding at 31 December 2024 was 50.23 % (2023: 50.28 %

and 2022: 50.33 % ) after considering treasury shares held by DRDGOLD (see note 27.1 )

9 At 31 December 2024 , the Group had a 40 % legal interest in Peregrine Metals Limited (Peregrine), as a result of completion of the Initial Earn-in arrangement of 60 % by

Aldebaran Resources Inc. (Aldebaran) during August 2023 (see note 18.3 )

10 The Group has a 76 % legal interest in the Newshelf 1114 Proprietary Limited (Newshelf 1114) group and the NCI can acquire a further 2 % legal shareholding once they

have implemented the necessary funding structure. However, no accounting NCI is recognised, since the NCI’s vendor loan financing exceeds their proportionate

interest in Newshelf 1114 and therefore no effective shareholding exists

11 The Group has an effective shareholding of 79.82 % (2023: 79.82 % , 2022: 85.90 % ) in Keliber OY at 31 December 2024. Keliber Oy is incorporated in Finland. The Group's

effective shareholding in Keliber OY at 31 December 2022 of 85.90 % compared to a legal interest of 84.96 % was due to put options held by shareholders holding

approximately 1 % in the share capital of Keliber and that could be exercised at fair value less 10 % (see note 27.1 )

12 The Group acquired a 100 % shareholding in the Century on 10 May 2023 and also exercised its option to acquire a 100 % shareholding in Copper Mines of Tasmania

Proprietary Limited which owns the Mt Lyell copper mine

13 The Group, through Sibanye Reldan Holdco Inc., acquired a 100 % shareholding in the Reldan Group of Companies (Reldan) on 15 March 2024 (see note 16.1)

AFR – 68

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Subsidiaries

Subsidiaries are all entities over which the Group exercises control. The Group controls an entity when it is exposed to, or has rights to,

variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries

are consolidated from the date on which control is obtained by the Group until the date on which control ceases. Control is reassessed if

facts and circumstances indicate that there are changes to one or more of the elements of control.

Inter-company transactions, balances and unrealised gains or losses on transactions between Group companies are eliminated on

consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by

the Group.

Unconsolidated structured entities

In assessing whether the Group controls a special purpose vehicle (SPV), significant judgements include the extent of the Group's

involvement in the setup and design of the power purchase agreement (PPA) including decisions related to the underlying infrastructure,

whether there is any financial recourse to the Group in relation to financing the SPV or any project-related risk, as well as terms and

conditions of any options to acquire the underlying power generating infrastructure.

During 2023, the Group entered into two substantially similar wind energy power purchase agreements. The PPA is a 89-megawatt (MW)

project entered into by Sibanye Energy Proprietary Limited (Sibanye Energy). This clean energy will be generated by the Castle Wind Farm

(Castle), located near the town of De Aar in the Northern Cape province of South Africa, and will supply the SA operations via a wheeling

agreement with Eskom. Under the terms of the 15 -year PPA, Castle is funded, built, and operated by a project consortium. The Group has

an option to acquire the project company or plant at the end of the 15 -year PPA in exchange for an additional payment incorporated into

the energy tariff as well as a nominal exercise price. Alternatively, the PPA can be extended for an additional period of five years ,

whereafter it can be further extended for a period agreed between the parties. Other than in the event of default on electricity payments

to be made by the Group, there is no recourse to the Group for funding or project-related risk. Castle became operational during Q1 2025.

The Group will pay for all electricity produced based on a pre-determined tariff, adjusted for inflation over the term of the PPA. The

arrangement does not contain any fixed or minimum payments.

The second PPA is the Witberg wind energy project, located near Matjiesfontein in the Western Cape province with a contracted capacity

of 103MW (Witberg), also entered into by Sibanye Energy. The terms of the Witberg PPA are similar to Castle. Witberg will also supply the SA

operations via a wheeling agreement with Eskom. The project cost will be fully funded by Red Rocket, a South African Independent Power

Producer developing the project, together with its lenders. Similar to the Castle project, the Group committed to a 15 -year PPA and also

has a purchase option on the same terms as the Castle project. There is also no recourse to the Group, except in the event of electricity

payment default. Witberg is expected to become operational in Q4 2025 and the Group will also pay a pre-determined tariff for electricity

produced, adjusted for inflation over the term of the PPA. Similar to Castle, there are no fixed or minimum payments.

During 2024, Sibanye-Stillwater concluded an additional 140MW wind energy project, the Umsinde Emoyeni Wind Farm, located on the

border between the Northern Cape Province and the Western Cape Province near Murraysburg, South Africa. Commercial operation is

scheduled for Q4 2026. The project will supply Sibanye-Stillwater’s SA operations utilising the national grid through a secured wheeling

agreement with Eskom. Under the terms of a 20 -year PPA with Sibanye-Stillwater, the project will be fully funded by a project consortium

which will build, own and operate the project. The arrangement does not contain any fixed or minimum payments and the Group does not

have an option to purchase the wind farm.

The Group holds no shareholding or voting interest in the project companies and did not provide a guarantee for any of the obligations of

these companies towards their shareholders or funders. Management concluded that the Group does not control the project companies

under IFRS 10 Consolidated Financial Statements (IFRS 10) since it does not have power over the relevant activities as contemplated in IFRS

10. At the reporting date, there were no assets or liabilities recognised by the Group relating to the project companies and no financial or

other support had been provided. There is also no intention to provide financial or other support to the project companies, other than

payment of the electricity tariff in future periods when electricity is produced

Transactions with shareholders

Transactions with owners in the capacity as equity participants are not recognised in profit or loss, but instead are recognised in equity with

a corresponding change in assets or liabilities. Changes in a parent’s ownership interest in a subsidiary that does not result in the parent

losing control of the subsidiary are equity transactions.

1.4 Foreign currencies

Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic

environment in which the entity operates (the functional currency). The consolidated financial statements are presented in South African

rand (SA rand), which is the Group’s presentation currency.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the

transactions. Monetary assets and liabilities are translated into the functional currency at each reporting date. Foreign exchange gains and

losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign

currencies, are recognised in profit or loss.

AFR – 69

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Foreign operations

The results and financial position of all the Group entities that have a functional currency different from the presentation currency are

translated into the presentation currency as follows :

• Assets and liabilities are translated at the exchange rate ruling at the reporting date. Equity items are translated at historical rates. The

income and expenses are translated at the average exchange rate for the year, unless this average is not a reasonable approximation

of the rates prevailing on the transaction dates, in which case these items are translated at the rate prevailing on the date of the

transaction. Exchange differences on translation are accounted for in other comprehensive income. These differences are recognised in

profit or loss upon realisation of the underlying operation

• Exchange differences arising from the translation of the net investment in foreign operations, which includes certain long-term

borrowings (i.e. the reporting entity’s interest in the net assets of that operation), are taken to other comprehensive income. When a

foreign operation is sold, exchange differences that were recorded in other comprehensive income are recognised in profit or loss as

part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant

proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while

retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. If a

company in the Group repays a portion of long-term borrowings forming part of a net investment in foreign operations, amounts

previously recorded in other comprehensive income are only recognised in profit or loss upon disposal of the relevant operation. These

amounts are reclassified to profit or loss through OCI, consistent with where the amounts were previously included.

• Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign

operation and are translated at each reporting date at the closing rate

1.5 Comparatives

Restatement of other comprehensive income, net of tax

The Group restated its OCI for the years ended 31 December 2022 and 31 December 2023 as presented on the consolidated statement of

other comprehensive income and consolidated statement of changes in equity, to include the amount of the foreign currency translation

reserve (FCTR) reclassified to profit or loss. The reclassified FCTR amount related to the deregistration of dormant subsidiaries in the Group,

which was accounted for as reclassifications of the related FCTR balances from OCI to profit or loss in accordance with the Group's policy

disclosed in note 1.4. Management identified that they incorrectly presented and disclosed the reclassification of FCTR as a separate line

item in the consolidated statement of changes in equity, rather than to include the reclassification of the FCTR balances in the applicable

line item disclosed in the consolidated statement of other comprehensive income in accordance with IAS 1 paragraph 93, which requires

reclassification adjustments to be presented and disclosed with the related component of OCI in the period that the adjustment is

reclassified to profit or loss.

The impact of the previous presentation and disclosure resulted in the OCI and total comprehensive income, net of tax, disclosed in the

consolidated statement of other comprehensive income to be overstated by R 14 million (2022) and R 1,663 million (2023). This does not have

an impact on the closing balances of reserves disclosed in the consolidated statement of changes in equity, the consolidated statement of

financial position, the consolidated income statement and the consolidated statement of cash flows.

The impact of the restatement on the consolidated financial statements is illustrated in the table below:


	31 December 2023			31 December 2022
Figures in million – SA rand	As previously presented	Adjustment	As restated	As previously presented	Adjustment	As restated
Consolidated statement of other comprehensive income
Other comprehensive income, net of tax	4,648	( 1,663 )	2,985	2,369	( 14 )	2,355
Foreign currency translation adjustments	5,232	( 1,663 )	3,569	3,840	( 14 )	3,826
Total comprehensive income	( 32,782 )	( 1,663 )	( 34,445 )	21,349	( 14 )	21,335
Attributable to:
Owners of Sibanye-Stillwater	( 33,184 )	( 1,663 )	( 34,847 )	20,671	( 14 )	20,657
Non-controlling interests	402	—	402	678	—	678

Consolidated statement of changes in equity
Foreign currency translation reserve 1
Balance at the beginning of the year	5,786	—	5,786	1,940	—	1,940
Total comprehensive income for the year	5,232	( 1,663 )	3,569	3,798	( 14 )	3,784
Other comprehensive income, net of tax	5,232	( 1,663 )	3,569	3,798	( 14 )	3,784
Foreign exchange movement recycled through profit or loss	( 1,663 )	1,663	—	( 14 )	14	—
Balance at the end of the year 2	9,284	—	9,284	5,786	—	5,786

1 The restatement only impacts the foreign currency translation reserve in the consolidated statement of changes in equity. It has no impact on non-controlling interests

2 The restatement has no impact on the consolidated statement of financial position, consolidated income statement and consolidated statement of cash flows, as well as

no impact on earnings per share or headline earnings per share

AFR – 70

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

1.6 Assets and associated liabilities classified as held for sale

During the six months ended 31 December 2024, the Group agreed to sell the Beatrix 4 shaft which forms part of the Beatrix gold operations

and includes the Beisa uranium project, to Neo Energy Metals Plc. (Neo Energy). The transaction will allow the Beisa project to be

developed by Neo Energy, while Sibanye-Stillwater will retain exposure to future uranium production. The Beatrix 4 shaft was placed on

care and maintenance by Sibanye-Stillwater in 2023 primarily due to declining gold reserves and a depressed uranium price, which has

subsequently recovered. The transaction includes total consideration of R 500 million , comprising R 250 million cash and R 250 million in newly

issued shares in Neo Energy (equalling approximately 40 % shareholding in Neo Energy at the time of signing the sale agreement). The

transaction was subject to certain outstanding conditions precedent at the reporting date, however the assets and liabilities associated

with the transaction were classified as held for sale in accordance with the requirements of IFRS 5 Non-current Assets Held for Sale and

Discontinued Operations . Neo Energy will assume responsibility for all Beatrix 4 shaft rehabilitation and environmental liabilities, which

amounts to a carrying value of R 451 million at 31 December 2024. Property, plant and equipment of

R 30 million relating to the Beatrix 4 shaft disposal, which is measured at the lower of its carrying value and fair value less cost to sell, is

included in assets held for sale at 31 December 2024. At 31 December 2024, other assets classified as assets held for sale amount to

R 40 million .

AFR – 71

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

2. Segment reporting

Accounting Policy

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker and is based on individual mining operations (operating segments) per geographic

area. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive management team that makes

strategic decisions.

The table below summarises the segmental information disclosed in note 2.1 and 2.2:


		31 December 2024								31 December 2023								31 December 2022
		Group	America s	Southern Africa			Europe	Australia	Group	Group	Americas	Southern Africa			Europe	Australia	Group	Group	Americas	Southern Africa			Europe	Group
Figures in million – SA rand	Notes	Total	Total US operatio ns	Total SA operatio ns	Total SA PGM	Total SA gold	Total EU operatio ns	Total AUS operatio ns	Group Corpor ate and reconci ling items 1	Total	Total US PGM operatio ns	Total SA operatio ns	Total SA PGM	Total SA gold	Total EU operati ons	Total AUS operatio ns	Group Corpor ate and reconci ling items 1	Total	Total US PGM operatio ns	Total SA operatio ns	Total SA PGM	Total SA gold	Total EU operati ons	Group Corpor ate and reconci ling items 1
Revenue		112,129	23,087	82,402	51,257	31,145	2,784	3,983	( 127 )	113,684	23,812	84,736	55,593	29,143	3,024	2,251	( 139 )	138,288	46,090	89,507	71,665	17,842	3,140	( 449 )
Underground		78,867	9,207	69,787	48,314	21,473	—	—	( 127 )	83,612	10,494	73,257	52,375	20,882	—	—	( 139 )	92,325	13,823	78,951	68,182	10,769	—	( 449 )
Surface		16,598	—	12,615	2,943	9,672	—	3,983	—	13,730	—	11,479	3,218	8,261	—	2,251	—	10,556	—	10,556	3,483	7,073	—	—
Recycling/processing		16,664	13,880	—	—	—	2,784	—	—	16,342	13,318	—	—	—	3,024	—	—	35,407	32,267	—	—	—	3,140	—
Cost of sales, before amortisation and depreciation		( 96,398 )	( 23,128 )	( 66,560 )	( 42,963 )	( 23,597 )	( 3,384 )	( 3,326 )	—	( 89,756 )	( 22,391 )	( 60,780 )	( 36,699 )	( 24,081 )	( 4,329 )	( 2,256 )	—	( 94,537 )	( 38,452 )	( 52,454 )	( 32,280 )	( 20,174 )	( 3,631 )	—
Underground		( 67,784 )	( 9,848 )	( 57,936 )	( 40,994 )	( 16,942 )	—	—	—	( 62,482 )	( 9,680 )	( 52,802 )	( 34,819 )	( 17,983 )	—	—	—	( 52,734 )	( 7,459 )	( 45,275 )	( 30,528 )	( 14,747 )	—	—
Surface		( 11,950 )	—	( 8,624 )	( 1,969 )	( 6,655 )	—	( 3,326 )	—	( 10,234 )	—	( 7,978 )	( 1,880 )	( 6,098 )	—	( 2,256 )	—	( 7,179 )	—	( 7,179 )	( 1,752 )	( 5,427 )	—	—
Recycling/processing		( 16,664 )	( 13,280 )	—	—	—	( 3,384 )	—	—	( 17,040 )	( 12,711 )	—	—	—	( 4,329 )	—	—	( 34,624 )	( 30,993 )	—	—	—	( 3,631 )	—
Amortisation and depreciation		( 8,810 )	( 2,105 )	( 6,547 )	( 3,647 )	( 2,900 )	( 38 )	( 118 )	( 2 )	( 10,012 )	( 3,390 )	( 5,357 )	( 2,975 )	( 2,382 )	( 206 )	( 1,059 )	—	( 7,087 )	( 2,803 )	( 4,126 )	( 2,418 )	( 1,708 )	( 158 )	—
Interest income		1,337	313	966	468	498	53	2	3	1,369	213	1,089	478	611	53	10	4	1,203	309	893	402	491	—	1
Finance expense		( 4,571 )	( 1,791 )	( 1,948 )	( 611 )	( 1,337 )	( 204 )	( 302 )	( 326 )	( 3,299 )	( 1,134 )	( 1,603 )	( 706 )	( 897 )	( 67 )	( 184 )	( 311 )	( 2,840 )	( 952 )	( 1,547 )	( 831 )	( 716 )	( 15 )	( 326 )
Share-based payments		( 251 )	( 35 )	( 178 )	( 99 )	( 79 )	( 13 )	( 5 )	( 20 )	( 113 )	( 39 )	( 71 )	( 18 )	( 53 )	6	—	( 9 )	( 218 )	( 47 )	( 169 )	( 73 )	( 96 )	—	( 2 )
Gain/(loss)on financial instruments	7	5,433	1,869	3,128	2,341	787	772	( 269 )	( 67 )	235	( 2,064 )	1,938	1,957	( 19 )	( 168 )	515	14	( 4,279 )	( 242 )	( 4,188 )	( 3,477 )	( 711 )	144	7
Gain/(loss) on foreign exchange differences		( 215 )	( 3 )	( 74 )	( 53 )	( 21 )	( 97 )	12	( 53 )	1,973	12	1,920	1,894	26	55	( 39 )	25	616	( 8 )	623	208	415	( 49 )	50
Share of results of equity- accounted investees after tax		212	( 7 )	230	( 97 )	327	—	—	( 11 )	( 1,174 )	—	( 1,156 )	( 1,471 )	315	—	—	( 18 )	1,287	—	1,298	1,062	236	—	( 11 )
Other costs	8.1	( 4,722 )	( 314 )	( 3,470 )	( 1,259 )	( 2,211 )	( 489 )	( 237 )	( 212 )	( 5,858 )	( 108 )	( 3,411 )	( 1,441 )	( 1,970 )	( 2,096 )	( 223 )	( 20 )	( 3,679 )	( 129 )	( 3,379 )	( 1,616 )	( 1,763 )	( 116 )	( 55 )
Other income	8.2	2,630	863	452	202	250	1,030	213	72	1,232	12	1,071	571	500	102	42	5	1,110	102	963	385	578	45	—
Gain/(loss) on disposal of property, plant and equipment		55	( 40 )	95	33	62	—	—	—	105	( 45 )	150	79	71	—	—	—	162	5	157	54	103	—	—
(Impairments)/reversal of impairments	10	( 9,173 )	( 8,824 )	( 17 )	( 124 )	107	( 221 )	( 111 )	—	( 47,454 )	( 38,919 )	( 3,239 )	( 506 )	( 2,733 )	( 1,607 )	( 3,689 )	—	6	—	6	6	—	—	—
Gain on acquisition		—	—	—	—	—	—	—	—	898	—	898	898	—	—	—	—	—	—	—	—	—	—	—
Occupational healthcare gain		76	—	76	—	76	—	—	—	365	—	365	—	365	—	—	—	211	—	211	—	211	—	—
Restructuring costs		( 550 )	( 126 )	( 424 )	( 271 )	( 153 )	—	—	—	( 515 )	( 41 )	( 474 )	( 351 )	( 123 )	—	—	—	( 363 )	( 2 )	( 361 )	( 26 )	( 335 )	—	—
Transaction costs		( 851 )	( 213 )	—	—	—	( 193 )	( 21 )	( 424 )	( 474 )	( 27 )	—	—	—	—	( 2 )	( 445 )	( 152 )	( 8 )	( 2 )	( 3 )	1	—	( 142 )
Royalties and carbon tax		( 545 )	—	( 329 )	( 212 )	( 117 )	—	( 216 )	—	( 1,052 )	—	( 921 )	( 805 )	( 116 )	—	( 131 )	—	( 1,824 )	—	( 1,824 )	( 1,772 )	( 52 )	—	—
Mining and income tax		( 1,496 )	( 61 )	( 1,421 )	( 1,097 )	( 324 )	4	—	( 18 )	2,416	7,612	( 5,116 )	( 4,152 )	( 964 )	( 44 )	( 2 )	( 34 )	( 8,924 )	( 340 )	( 8,541 )	( 9,705 )	1,164	( 39 )	( 4 )
Current taxation		( 1,418 )	( 146 )	( 1,261 )	( 1,246 )	( 15 )	—	—	( 11 )	( 3,178 )	343	( 3,408 )	( 3,081 )	( 327 )	( 80 )	( 2 )	( 31 )	( 9,282 )	( 655 )	( 8,623 )	( 8,373 )	( 250 )	—	( 4 )
Deferred taxation		( 78 )	85	( 160 )	149	( 309 )	4	—	( 7 )	5,594	7,269	( 1,708 )	( 1,071 )	( 637 )	36	—	( 3 )	358	315	82	( 1,332 )	1,414	( 39 )	—
(Loss)/profit for the year		( 5,710 )	( 10,515 )	6,381	3,868	2,513	4	( 395 )	( 1,185 )	( 37,430 )	( 36,497 )	10,039	12,346	( 2,307 )	( 5,277 )	( 4,767 )	( 928 )	18,980	3,523	17,067	21,581	( 4,514 )	( 679 )	( 931 )
Sustaining capital expenditure		( 4,489 )	( 633 )	( 3,497 )	( 2,566 )	( 931 )	( 173 )	( 186 )	—	( 6,056 )	( 2,180 )	( 3,514 )	( 2,057 )	( 1,457 )	( 248 )	( 114 )	—	( 4,946 )	( 1,185 )	( 3,671 )	( 2,056 )	( 1,615 )	( 90 )	—
Ore reserve development		( 7,229 )	( 1,920 )	( 5,309 )	( 2,472 )	( 2,837 )	—	—	—	( 9,137 )	( 3,889 )	( 5,248 )	( 2,551 )	( 2,697 )	—	—	—	( 6,640 )	( 2,887 )	( 3,753 )	( 2,123 )	( 1,630 )	—	—
Growth projects		( 10,822 )	( 291 )	( 4,292 )	( 807 )	( 3,485 )	( 6,221 )	( 16 )	( 2 )	( 6,886 )	( 774 )	( 3,591 )	( 1,038 )	( 2,553 )	( 2,470 )	( 51 )	—	( 4,313 )	( 1,345 )	( 2,239 )	( 925 )	( 1,314 )	( 729 )	—
Total capital expenditure		( 22,540 )	( 2,844 )	( 13,098 )	( 5,845 )	( 7,253 )	( 6,394 )	( 202 )	( 2 )	( 22,079 )	( 6,843 )	( 12,353 )	( 5,646 )	( 6,707 )	( 2,718 )	( 165 )	—	( 15,899 )	( 5,417 )	( 9,663 )	( 5,104 )	( 4,559 )	( 819 )	—
			note 2.1				note 2.2				note 2.1				note 2.2				note 2.1				note 2.2

1 Group corporate includes the Wheaton Stream transaction and mainly includes, corporate tax, interest and transaction costs

AFR – 72

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

2.1 US PGM and total SA operations


Figures in million – SA rand	Total US operations	Total US PGM	Undergro und	Recycling	Reldan operations 1	Total SA operations	Total SA PGM	Rustenbur g	Marikana	Kroondal	Platinum Mile	Mimosa	Corporate and reconciling items 2	Total SA gold	Driefontein	Kloof	Beatrix	Cooke	DRDGOLD	Corporate and reconciling items 2
2024
Revenue	23,087	16,781	9,207	7,574	6,306	82,402	51,257	19,515	25,311	5,182	1,249	3,104	( 3,104 )	31,145	9,848	6,769	5,329	1,697	7,068	434
Underground	9,207	9,207	9,207	—	—	69,787	48,314	17,469	25,311	5,182	352	3,104	( 3,104 )	21,473	9,759	5,970	5,310	—	—	434
Surface	—	—	—	—	—	12,615	2,943	2,046	—	—	897	—	—	9,672	89	799	19	1,697	7,068	—
Recycling/processing	13,880	7,574	—	7,574	6,306	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Cost of sales, before amortisation and depreciation 3,4	( 23,128 )	( 17,096 )	( 9,848 )	( 7,248 )	( 6,032 )	( 66,560 )	( 42,963 )	( 16,601 )	( 20,912 )	( 4,624 )	( 826 )	( 2,483 )	2,483	( 23,597 )	( 6,948 )	( 6,326 )	( 4,260 )	( 1,579 )	( 4,484 )	—
Underground	( 9,848 )	( 9,848 )	( 9,848 )	—	—	( 57,936 )	( 40,994 )	( 15,292 )	( 20,912 )	( 4,624 )	( 166 )	( 2,483 )	2,483	( 16,942 )	( 6,933 )	( 5,774 )	( 4,235 )	—	—	—
Surface	—	—	—	—	—	( 8,624 )	( 1,969 )	( 1,309 )	—	—	( 660 )	—	—	( 6,655 )	( 15 )	( 552 )	( 25 )	( 1,579 )	( 4,484 )	—
Recycling/processing	( 13,280 )	( 7,248 )	—	( 7,248 )	( 6,032 )	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Amortisation and depreciation	( 2,105 )	( 1,934 )	( 1,929 )	( 5 )	( 171 )	( 6,547 )	( 3,647 )	( 1,162 )	( 1,884 )	( 487 )	( 43 )	( 334 )	263	( 2,900 )	( 1,380 )	( 788 )	( 395 )	—	( 312 )	( 25 )
Interest income	313	305	305	—	8	966	468	86	224	135	23	6	( 6 )	498	81	82	46	27	230	32
Finance expense	( 1,791 )	( 1,761 )	( 1,761 )	—	( 30 )	( 1,948 )	( 611 )	( 3,240 )	( 392 )	( 131 )	—	( 45 )	3,197	( 1,337 )	( 260 )	( 294 )	( 193 )	( 132 )	( 78 )	( 380 )
Share-based payments	( 35 )	( 35 )	( 35 )	—	—	( 178 )	( 99 )	( 31 )	( 47 )	( 18 )	( 1 )	—	( 2 )	( 79 )	( 17 )	( 12 )	( 7 )	—	( 27 )	( 16 )
Gain/(loss) on financial instruments	1,869	1,733	1,733	—	136	3,128	2,341	11,878	1,249	( 2 )	—	—	( 10,784 )	787	19	18	11	39	19	681
(Loss)/gain on foreign exchange differences	( 3 )	( 5 )	( 5 )	—	2	( 74 )	( 53 )	66	( 31 )	( 73 )	3	( 129 )	111	( 21 )	—	—	—	—	11	( 32 )
Share of results of equity-accounted investees after tax	( 7 )	—	—	—	( 7 )	230	( 97 )	—	—	—	—	—	( 97 )	327	—	—	—	—	—	327
Other costs 5	( 314 )	( 309 )	( 309 )	—	( 5 )	( 3,470 )	( 1,259 )	( 2 )	( 789 )	( 259 )	( 235 )	( 5 )	31	( 2,211 )	( 66 )	( 369 )	( 39 )	( 1,232 )	( 24 )	( 481 )
Other income	863	863	863	—	—	452	202	1	158	1	—	3	39	250	3	—	13	—	1	233
(Loss)/gain on disposal of property, plant and equipment	( 40 )	( 40 )	( 40 )	—	—	95	33	17	15	1	—	( 1 )	1	62	18	17	24	—	1	2
(Impairments)/reversal of impairments	( 8,824 )	( 8,824 )	( 8,824 )	—	—	( 17 )	( 124 )	—	( 112 )	9	—	( 26 )	5	107	—	—	—	—	—	107
Gain on acquisition	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Occupational healthcare gain	—	—	—	—	—	76	—	—	—	—	—	—	—	76	—	—	—	—	—	76
Restructuring costs	( 126 )	( 126 )	( 126 )	—	—	( 424 )	( 271 )	( 47 )	( 218 )	( 4 )	—	—	( 2 )	( 153 )	( 14 )	( 3 )	( 10 )	—	—	( 126 )
Transaction costs	( 213 )	( 26 )	( 26 )	—	( 187 )	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Royalties and carbon tax	—	—	—	—	—	( 329 )	( 212 )	( 82 )	( 118 )	( 12 )	—	( 131 )	131	( 117 )	( 49 )	( 34 )	( 56 )	( 6 )	—	28
Mining and income tax	( 61 )	( 88 )			27	( 1,421 )	( 1,097 )	( 545 )	( 456 )	—	( 46 )	( 56 )	6	( 324 )	( 576 )	( 421 )	( 351 )	—	( 650 )	1,674
Current taxation	( 146 )	( 21 )			( 125 )	( 1,261 )	( 1,246 )	( 673 )	( 437 )	( 17 )	( 39 )	—	( 80 )	( 15 )	( 3 )	( 2 )	( 1 )	—	3	( 12 )
Deferred taxation	85	( 67 )			152	( 160 )	149	128	( 19 )	17	( 7 )	( 56 )	86	( 309 )	( 573 )	( 419 )	( 350 )	—	( 653 )	1,686
(Loss)/profit for the year	( 10,515 )	( 10,562 )			47	6,381	3,868	9,853	1,998	( 282 )	124	( 97 )	( 7,728 )	2,513	659	( 1,361 )	112	( 1,186 )	1,755	2,534

Cost of sales before amortisation and depreciation consists of the following 4 :
Salaries and wages	( 4,947 )	( 4,687 )	( 4,687 )	—	( 260 )	( 25,546 )	( 16,691 )	( 5,806 )	( 8,533 )	( 2,301 )	( 51 )	( 45 )	45	( 8,855 )	( 3,388 )	( 2,438 )	( 2,002 )	( 262 )	( 765 )	—
Consumable stores	( 2,852 )	( 2,808 )	( 2,808 )	—	( 44 )	( 18,789 )	( 13,232 )	( 3,617 )	( 7,653 )	( 1,776 )	( 186 )	—	—	( 5,557 )	( 1,338 )	( 1,239 )	( 938 )	( 687 )	( 1,355 )	—
Utilities	( 624 )	( 613 )	( 613 )	—	( 11 )	( 10,362 )	( 4,658 )	( 1,975 )	( 1,937 )	( 744 )	( 2 )	( 259 )	259	( 5,704 )	( 2,228 )	( 1,679 )	( 497 )	( 683 )	( 617 )	—
Mine contracts	( 920 )	( 920 )	( 920 )	—	—	( 5,529 )	( 2,368 )	( 693 )	( 379 )	( 1,092 )	( 204 )	—	—	( 3,161 )	( 700 )	( 654 )	( 429 )	( 511 )	( 867 )	—
Recycling	( 13,280 )	( 7,248 )	—	( 7,248 )	( 6,032 )	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other	( 505 )	( 820 )	( 820 )	—	315	( 6,334 )	( 6,014 )	( 4,510 )	( 2,410 )	1,289	( 383 )	( 2,179 )	2,179	( 320 )	706	( 316 )	( 394 )	564	( 880 )	—
Total cost of sales before amortisation and depreciation	( 23,128 )	( 17,096 )	( 9,848 )	( 7,248 )	( 6,032 )	( 66,560 )	( 42,963 )	( 16,601 )	( 20,912 )	( 4,624 )	( 826 )	( 2,483 )	2,483	( 23,597 )	( 6,948 )	( 6,326 )	( 4,260 )	( 1,579 )	( 4,484 )	—

Capital expenditure
Sustaining capital expenditure	( 633 )	( 623 )	( 611 )	( 12 )	( 10 )	( 3,497 )	( 2,566 )	( 903 )	( 1,118 )	( 503 )	( 42 )	( 548 )	548	( 931 )	( 380 )	( 247 )	( 64 )	—	( 240 )	—
Ore reserve development	( 1,920 )	( 1,920 )	( 1,920 )	—	—	( 5,309 )	( 2,472 )	( 699 )	( 1,773 )	—	—	—	—	( 2,837 )	( 1,663 )	( 932 )	( 242 )	—	—	—
Growth projects	( 291 )	( 291 )	( 291 )	—	—	( 4,292 )	( 807 )	( 101 )	( 680 )	—	( 18 )	—	( 8 )	( 3,485 )	—	—	—	—	( 3,131 )	( 354 )
Total capital expenditure	( 2,844 )	( 2,834 )	( 2,822 )	( 12 )	( 10 )	( 13,098 )	( 5,845 )	( 1,703 )	( 3,571 )	( 503 )	( 60 )	( 548 )	540	( 7,253 )	( 2,043 )	( 1,179 )	( 306 )	—	( 3,371 )	( 354 )

1 Reldan's results are included for the nine and a half months ended 31 December 2024 since the effective date of acquisition (see note 16.1)

2 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does

not generate revenue

3 Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R 4,784 million . This write-down mainly relates to PGM in process and PGM finished goods of R 3,843 million and R 844 million , respectively, of

which R 3,774 million , R 588 million , R 264 million and R 61 million , relates to Stillwater, SRPM, Kroondal and Marikana, respectively, as a result of the lower commodity price environment

AFR – 73

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

4 The Group disaggregated the cost of sales before amortisation and depreciation amount (see note 4) to conform with the IFRS Accounting Standards requirement to disclose, separately, material items of income or expense for 2024, 2023 and 2022

5 Other costs includes care and maintenance costs which were mainly incurred at Cooke ( R 970 million ), Kloof ( R 340 million ), Burnstone ( R 194 million ) and Marikana ( R 69 million )

AFR – 74

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024


Figures in million – SA rand	Total US PGM operations	Undergroun d	Recycling	Total SA operations	Total SA PGM	Rustenburg	Marikana	Kroondal	Platinum Mile	Mimosa	Corporate and reconciling items 1	Total SA gold	Driefontein	Kloof	Beatrix	Cooke	DRDGOLD	Corporate and reconciling items 1
2023
Revenue	23,812	10,494	13,318	84,736	55,593	22,722	27,282	4,563	1,026	3,217	( 3,217 )	29,143	8,292	8,833	4,804	1,398	5,816	—
Underground	10,494	10,494	—	73,257	52,375	20,530	27,282	4,563	—	3,217	( 3,217 )	20,882	8,106	8,062	4,714	—	—	—
Surface	—	—	—	11,479	3,218	2,192	—	—	1,026	—	—	8,261	186	771	90	1,398	5,816	—
Recycling	13,318	—	13,318	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Cost of sales, before amortisation and depreciation 2	( 22,391 )	( 9,680 )	( 12,711 )	( 60,780 )	( 36,699 )	( 15,147 )	( 16,961 )	( 3,950 )	( 641 )	( 2,409 )	2,409	( 24,081 )	( 6,567 )	( 8,149 )	( 4,059 )	( 1,266 )	( 4,040 )	—
Underground	( 9,680 )	( 9,680 )	—	( 52,802 )	( 34,819 )	( 13,908 )	( 16,961 )	( 3,950 )	—	( 2,409 )	2,409	( 17,983 )	( 6,468 )	( 7,552 )	( 3,963 )	—	—	—
Surface	—	—	—	( 7,978 )	( 1,880 )	( 1,239 )		—	( 641 )	—	—	( 6,098 )	( 99 )	( 597 )	( 96 )	( 1,266 )	( 4,040 )	—
Recycling	( 12,711 )	—	( 12,711 )	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Amortisation and depreciation	( 3,390 )	( 3,386 )	( 4 )	( 5,357 )	( 2,975 )	( 1,135 )	( 1,537 )	( 234 )	( 47 )	( 475 )	453	( 2,382 )	( 1,015 )	( 796 )	( 328 )	( 1 )	( 194 )	( 48 )
Interest income	213	213	—	1,089	478	50	248	126	42	32	( 20 )	611	75	73	41	24	311	87
Finance expense	( 1,134 )	( 1,134 )	—	( 1,603 )	( 706 )	( 4,066 )	( 413 )	( 122 )	—	( 28 )	3,923	( 897 )	( 116 )	( 126 )	( 113 )	( 113 )	( 72 )	( 357 )
Share-based payments	( 39 )	( 39 )	—	( 71 )	( 18 )	( 9 )	( 13 )	5	—	—	( 1 )	( 53 )	( 3 )	( 2 )	—	—	( 25 )	( 23 )
(Loss)/gain on financial instruments	( 2,064 )	( 2,064 )	—	1,938	1,957	5,067	1,753	( 148 )	—	—	( 4,715 )	( 19 )	23	18	13	28	14	( 115 )
Gain/(loss) on foreign exchange differences	12	12	—	1,920	1,894	( 5 )	1,703	165	33	( 233 )	231	26	—	—	—	—	5	21
Share of results of equity-accounted investees after tax	—	—	—	( 1,156 )	( 1,471 )	—	8	—	—	—	( 1,479 )	315	—	—	—	—	—	315
Other costs 3	( 108 )	( 108 )	—	( 3,411 )	( 1,441 )	83	( 696 )	( 124 )	( 282 )	( 30 )	( 392 )	( 1,970 )	( 79 )	( 147 )	( 267 )	( 887 )	( 20 )	( 570 )
Other income	12	12	—	1,071	571	2	164	50	—	37	318	500	3	—	19	( 19 )	1	496
(Loss)/gain on disposal of property, plant and equipment	( 45 )	( 45 )	—	150	79	33	44	3	—	( 1 )	—	71	23	15	16	—	10	7
Reversal of impairments/(impairments)	( 38,919 )	( 38,919 )	—	( 3,239 )	( 506 )	( 2 )	—	( 21 )	—	( 2,287 )	1,804	( 2,733 )	( 2 )	( 1,616 )	—	—	—	( 1,115 )
Gain on acquisition	—	—	—	898	898	—	—	898	—	—	—	—	—	—	—	—	—	—
Occupational healthcare gain	—	—	—	365	—	—	—	—	—	—	—	365	—	—	—	—	—	365
Restructuring costs	( 41 )	( 41 )	—	( 474 )	( 351 )	( 94 )	( 206 )	( 50 )	—	—	( 1 )	( 123 )	( 25 )	( 232 )	147	( 4 )	—	( 9 )
Transaction costs	( 27 )	( 27 )	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Royalties and carbon tax	—	—	—	( 921 )	( 805 )	( 355 )	( 442 )	( 9 )	—	( 133 )	134	( 116 )	( 41 )	( 44 )	( 24 )	( 6 )	( 1 )	—
Mining and income tax	7,612			( 5,116 )	( 4,152 )	( 1,734 )	( 2,161 )	( 99 )	( 35 )	410	( 533 )	( 964 )	( 814 )	( 571 )	( 469 )	( 1 )	( 432 )	1,323
Current taxation	343			( 3,408 )	( 3,081 )	( 1,195 )	( 1,621 )	( 124 )	( 11 )	( 38 )	( 92 )	( 327 )	( 2 )	—	1	( 1 )	( 305 )	( 20 )
Deferred taxation	7,269			( 1,708 )	( 1,071 )	( 539 )	( 540 )	25	( 24 )	448	( 441 )	( 637 )	( 812 )	( 571 )	( 470 )	—	( 127 )	1,343
(Loss)/profit for the year	( 36,497 )			10,039	12,346	5,410	8,773	1,053	96	( 1,900 )	( 1,086 )	( 2,307 )	( 246 )	( 2,744 )	( 220 )	( 847 )	1,373	377

Cost of sales before amortisation and depreciation consists of the following:
Salaries and wages	( 5,108 )	( 5,108 )	—	( 24,621 )	( 15,157 )	( 5,628 )	( 8,036 )	( 1,446 )	( 47 )	( 25 )	25	( 9,464 )	( 3,229 )	( 3,235 )	( 2,049 )	( 245 )	( 706 )	—
Consumable stores	( 3,467 )	( 3,467 )	—	( 18,551 )	( 12,569 )	( 3,359 )	( 7,962 )	( 1,069 )	( 179 )	—	—	( 5,982 )	( 1,395 )	( 1,728 )	( 979 )	( 668 )	( 1,212 )	—
Utilities	( 647 )	( 647 )	—	( 9,454 )	( 3,943 )	( 1,835 )	( 1,715 )	( 391 )	( 2 )	( 242 )	242	( 5,511 )	( 1,973 )	( 1,740 )	( 584 )	( 594 )	( 620 )	—
Mine contracts	( 2,076 )	( 2,076 )	—	( 5,400 )	( 2,346 )	( 1,234 )	( 227 )	( 668 )	( 217 )	—	—	( 3,054 )	( 708 )	( 696 )	( 518 )	( 391 )	( 741 )	—
Recycling	( 12,711 )	—	( 12,711 )	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other	1,618	1,618	—	( 2,754 )	( 2,684 )	( 3,091 )	979	( 376 )	( 196 )	( 2,142 )	2,142	( 70 )	738	( 750 )	71	632	( 761 )	—
Total cost of sales before amortisation and depreciation	( 22,391 )	( 9,680 )	( 12,711 )	( 60,780 )	( 36,699 )	( 15,147 )	( 16,961 )	( 3,950 )	( 641 )	( 2,409 )	2,409	( 24,081 )	( 6,567 )	( 8,149 )	( 4,059 )	( 1,266 )	( 4,040 )	—

Capital expenditure
Sustaining capital expenditure	( 2,180 )	( 2,178 )	( 2 )	( 3,514 )	( 2,057 )	( 644 )	( 1,097 )	( 286 )	( 30 )	( 1,057 )	1,057	( 1,457 )	( 490 )	( 421 )	( 114 )	—	( 432 )	—
Ore reserve development	( 3,889 )	( 3,889 )	—	( 5,248 )	( 2,551 )	( 669 )	( 1,882 )	—	—	—	—	( 2,697 )	( 1,461 )	( 912 )	( 324 )	—	—	—
Growth projects	( 774 )	( 774 )	—	( 3,591 )	( 1,038 )	—	( 893 )	( 20 )	( 125 )	—	—	( 2,553 )	—	( 117 )	—	—	( 882 )	( 1,554 )
Total capital expenditure	( 6,843 )	( 6,841 )	( 2 )	( 12,353 )	( 5,646 )	( 1,313 )	( 3,872 )	( 306 )	( 155 )	( 1,057 )	1,057	( 6,707 )	( 1,951 )	( 1,450 )	( 438 )	—	( 1,314 )	( 1,554 )

1 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a

separate segment as it does not generate revenue

2 Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R 1,694 million . This write-down mainly relates to PGM in process and PGM finished goods of R 1,179 million and

R 423 million , respectively, of which R 1,374 million relates to Stillwater as a result of the lower commodity price environment

3 Other costs includes care and maintenance costs which were mainly incurred at Cooke ( R 883 million ), Kloof ( R 117 million ), Beatrix ( R 261 million ) and Marikana ( R 103 million )

AFR – 75

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024


Figures in million – SA rand	Total US PGM operations	Undergroun d	Recycling	Total SA operations	Total SA PGM	Rustenburg	Marikana	Kroondal	Platinum Mile	Mimosa	Corporate and reconciling items 1	Total SA gold	Driefontein	Kloof	Beatrix	Cooke	DRDGOLD	Corporate and reconciling items 1
2022
Revenue	46,090	13,823	32,267	89,507	71,665	29,104	32,753	8,371	1,437	4,267	( 4,267 )	17,842	4,486	4,486	2,681	915	5,274	—
Underground	13,823	13,823	—	78,951	68,182	27,058	32,753	8,371	—	4,267	( 4,267 )	10,769	4,213	3,924	2,632	—	—	—
Surface	—	—	—	10,556	3,483	2,046	—	—	1,437	—	—	7,073	273	562	49	915	5,274	—
Recycling	32,267	—	32,267	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Cost of sales, before amortisation and depreciation	( 38,452 )	( 7,459 )	( 30,993 )	( 52,454 )	( 32,280 )	( 13,546 )	( 14,603 )	( 3,548 )	( 583 )	( 1,936 )	1,936	( 20,174 )	( 5,281 )	( 6,381 )	( 3,910 )	( 822 )	( 3,780 )	—
Underground	( 7,459 )	( 7,459 )	—	( 45,275 )	( 30,528 )	( 12,377 )	( 14,603 )	( 3,548 )	—	( 1,936 )	1,936	( 14,747 )	( 5,085 )	( 5,821 )	( 3,841 )	—	—	—
Surface	—	—	—	( 7,179 )	( 1,752 )	( 1,169 )	—	—	( 583 )	—	—	( 5,427 )	( 196 )	( 560 )	( 69 )	( 822 )	( 3,780 )	—
Recycling	( 30,993 )	—	( 30,993 )	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Amortisation and depreciation	( 2,803 )	( 2,799 )	( 4 )	( 4,126 )	( 2,418 )	( 981 )	( 1,205 )	( 180 )	( 40 )	( 342 )	330	( 1,708 )	( 721 )	( 469 )	( 305 )	( 3 )	( 176 )	( 34 )
Interest income	309	81	228	893	402	43	214	109	30	102	( 96 )	491	68	57	35	35	265	31
Finance expense	( 952 )	( 952 )	—	( 1,547 )	( 831 )	( 4,618 )	( 320 )	( 111 )	—	( 36 )	4,254	( 716 )	( 100 )	( 95 )	( 95 )	( 86 )	( 78 )	( 262 )
Share-based payments	( 47 )	( 47 )	—	( 169 )	( 73 )	( 27 )	( 36 )	( 9 )	( 1 )	—	—	( 96 )	( 20 )	( 15 )	( 10 )	—	( 19 )	( 32 )
(Loss)/gain on financial instruments	( 242 )	( 242 )	—	( 4,188 )	( 3,477 )	( 9,520 )	( 1,502 )	—	—	( 16 )	7,561	( 711 )	7	8	6	—	—	( 732 )
(Loss)/gain on foreign exchange differences	( 8 )	( 8 )	—	623	208	155	( 127 )	165	5	( 482 )	492	415	—	—	—	—	4	411
Share of results of equity-accounted investees after tax	—	—	—	1,298	1,062	—	—	—	—	—	1,062	236	—	—	—	—	—	236
Other costs	( 129 )	( 129 )	—	( 3,379 )	( 1,616 )	161	( 1,040 )	( 123 )	( 407 )	( 22 )	( 185 )	( 1,763 )	( 169 )	( 149 )	( 95 )	( 713 )	( 21 )	( 616 )
Other income	102	102	—	963	385	2	220	133	—	1	29	578	2	—	—	( 54 )	85	545
Gain/(loss) on disposal of property, plant and equipment	5	5	—	157	54	20	35	—	—	( 2 )	1	103	16	19	9	—	10	49
Impairments	—	—	—	6	6	—	7	( 1 )	—	—	—	—	—	—	—	—	—	—
Gain on acquisition	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Occupational healthcare gain	—	—	—	211	—	—	—	—	—	—	—	211	—	—	—	—	—	211
Restructuring costs	( 2 )	( 2 )	—	( 361 )	( 26 )	( 10 )	( 13 )	( 3 )	—	—	—	( 335 )	( 6 )	( 33 )	( 290 )	( 2 )	—	( 4 )
Transaction costs	( 8 )	( 8 )	—	( 2 )	( 3 )	—	( 3 )	—	—	—	—	1	—	—	—	—	—	1
Royalties and carbon tax	—	—	—	( 1,824 )	( 1,772 )	( 1,023 )	( 735 )	( 13 )	—	( 127 )	126	( 52 )	( 22 )	( 22 )	( 3 )	( 5 )	—	—
Mining and income tax	( 340 )	—	—	( 8,541 )	( 9,705 )	( 3,759 )	( 4,459 )	( 1,348 )	( 122 )	( 346 )	329	1,164	78	( 187 )	154	—	( 351 )	1,470
Current taxation	( 655 )			( 8,623 )	( 8,373 )	( 3,169 )	( 3,766 )	( 1,288 )	( 130 )	( 208 )	188	( 250 )	( 6 )	( 3 )	—	—	( 226 )	( 15 )
Deferred taxation	315			82	( 1,332 )	( 590 )	( 693 )	( 60 )	8	( 138 )	141	1,414	84	( 184 )	154	—	( 125 )	1,485
Profit/(loss) for the year	3,523			17,067	21,581	( 3,999 )	9,186	3,442	319	1,061	11,572	( 4,514 )	( 1,662 )	( 2,781 )	( 1,823 )	( 735 )	1,213	1,274

Cost of sales before amortisation and depreciation consists of the following:
Salaries and wages	( 4,439 )	( 4,439 )	—	( 21,848 )	( 13,968 )	( 5,305 )	( 7,368 )	( 1,261 )	( 34 )	( 22 )	22	( 7,880 )	( 2,543 )	( 2,551 )	( 1,897 )	( 220 )	( 669 )	—
Consumable stores	( 2,743 )	( 2,743 )	—	( 15,855 )	( 11,165 )	( 2,937 )	( 7,070 )	( 980 )	( 178 )	—	—	( 4,690 )	( 1,014 )	( 1,328 )	( 749 )	( 493 )	( 1,106 )	—
Utilities	( 433 )	( 433 )	—	( 7,844 )	( 3,335 )	( 1,573 )	( 1,437 )	( 323 )	( 2 )	( 145 )	145	( 4,509 )	( 1,341 )	( 1,507 )	( 588 )	( 467 )	( 606 )	—
Mine contracts	( 1,293 )	( 1,293 )	—	( 4,875 )	( 2,060 )	( 1,318 )	( 2 )	( 540 )	( 200 )	—	—	( 2,815 )	( 515 )	( 634 )	( 465 )	( 563 )	( 638 )	—
Recycling	( 30,993 )	—	( 30,993 )	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other	1,449	1,449	—	( 2,032 )	( 1,752 )	( 2,413 )	1,274	( 444 )	( 169 )	( 1,769 )	1,769	( 280 )	132	( 361 )	( 211 )	921	( 761 )	—
Total cost of sales before amortisation and depreciation	( 38,452 )	( 7,459 )	( 30,993 )	( 52,454 )	( 32,280 )	( 13,546 )	( 14,603 )	( 3,548 )	( 583 )	( 1,936 )	1,936	( 20,174 )	( 5,281 )	( 6,381 )	( 3,910 )	( 822 )	( 3,780 )	—

Capital expenditure
Sustaining capital expenditure	( 1,185 )	( 1,184 )	( 1 )	( 3,671 )	( 2,056 )	( 690 )	( 1,072 )	( 273 )	( 21 )	( 864 )	864	( 1,615 )	( 358 )	( 455 )	( 155 )	—	( 647 )	—
Ore reserve development	( 2,887 )	( 2,887 )	—	( 3,753 )	( 2,123 )	( 687 )	( 1,436 )	—	—	—	—	( 1,630 )	( 794 )	( 620 )	( 216 )	—	—	—
Growth projects	( 1,345 )	( 1,345 )	—	( 2,239 )	( 925 )	—	( 924 )	—	—	—	( 1 )	( 1,314 )	—	( 210 )	( 4 )	—	( 124 )	( 976 )
Total capital expenditure	( 5,417 )	( 5,416 )	( 1 )	( 9,663 )	( 5,104 )	( 1,377 )	( 3,432 )	( 273 )	( 21 )	( 864 )	863	( 4,559 )	( 1,152 )	( 1,285 )	( 375 )	—	( 771 )	( 976 )

separate segment as it does not generate revenue

AFR – 76

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

2.2 Sandouville nickel refinery and Century zinc retreatment operation


	31 December 2024						31 December 2023						31 December 2022
Figures in million – SA rand	Total EU operations	Sandouville nickel refinery	Corporate and reconciling items 1	Total AUS operations	Century zinc retreatment operation	Corporate and reconciling items 1	Total EU operations	Sandouville nickel refinery	Corporate and reconciling items 1	Total AUS operations	Century zinc retreatment operation 2	Corporate and reconciling items 1	Total EU operations	Sandouville nickel refinery 3	Corporate and reconciling items 1
Revenue	2,784	2,784	—	3,983	3,983	—	3,024	3,024	—	2,251	2,251	—	3,140	3,140	—
Underground	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Surface	—	—	—	3,983	3,983	—	—	—	—	2,251	2,251	—	—	—	—
Recycling/processing	2,784	2,784	—	—	—	—	3,024	3,024	—	—	—	—	3,140	3,140	—
Cost of sales, before amortisation and depreciation	( 3,384 )	( 3,384 )	—	( 3,326 )	( 3,326 )	—	( 4,329 )	( 4,329 )	—	( 2,256 )	( 2,256 )	—	( 3,631 )	( 3,631 )	—
Underground	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Surface	—	—	—	( 3,326 )	( 3,326 )	—	—	—	—	( 2,256 )	( 2,256 )	—	—	—	—
Recycling/processing	( 3,384 )	( 3,384 )	—	—	—	—	( 4,329 )	( 4,329 )	—	—	—	—	( 3,631 )	( 3,631 )	—
Amortisation and depreciation	( 38 )	( 29 )	( 9 )	( 118 )	( 117 )	( 1 )	( 206 )	( 199 )	( 7 )	( 1,059 )	( 1,059 )	—	( 158 )	( 153 )	( 5 )
Interest income	53	1	52	2	1	1	53	—	53	10	6	4	—	—	—
Finance expense	( 204 )	( 70 )	( 134 )	( 302 )	( 288 )	( 14 )	( 67 )	( 13 )	( 54 )	( 184 )	( 158 )	( 26 )	( 15 )	( 13 )	( 2 )
Share-based payments	( 13 )	( 7 )	( 6 )	( 5 )	( 5 )	—	6	( 8 )	14	—	—	—	—	—	—
Gain/(loss) on financial instruments	772	7	765	( 269 )	( 269 )	—	( 168 )	44	( 212 )	515	515	—	144	—	144
(Loss)/gain on foreign exchange differences	( 97 )	( 110 )	13	12	10	2	55	55	—	( 39 )	( 4 )	( 35 )	( 49 )	9	( 58 )
Share of results of equity-accounted investees after tax	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other costs	( 489 )	( 328 )	( 161 )	( 237 )	( 108 )	( 129 )	( 2,096 )	( 1,962 )	( 134 )	( 223 )	( 223 )	—	( 116 )	( 31 )	( 85 )
Other income	1,030	1,019	11	213	200	13	102	95	7	42	42	—	45	44	1
Gain/(loss) on disposal of property, plant and equipment	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Impairments	( 221 )	( 221 )	—	( 111 )	( 4 )	( 107 )	( 1,607 )	( 1,607 )	—	( 3,689 )	( 3,689 )	—	—	—	—
Occupational healthcare gain	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Restructuring costs	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Transaction costs	( 193 )	( 193 )	—	( 21 )	—	( 21 )	—	—	—	( 2 )	—	( 2 )	—	—	—
Royalties and carbon tax	—	—	—	( 216 )	( 216 )	—	—	—	—	( 131 )	( 131 )	—	—	—	—
Mining and income tax	4	—	4	—	—	—	( 44 )	—	( 44 )	( 2 )	—	( 2 )	( 39 )	—	( 39 )
Current taxation	—	—	—	—	—	—	( 80 )	—	( 80 )	( 2 )	—	( 2 )	—	—	—
Deferred taxation	4	—	4	—	—	—	36	—	36	—	—	—	( 39 )	—	( 39 )
Profit/(loss) for the year	4	( 531 )	535	( 395 )	( 139 )	( 256 )	( 5,277 )	( 4,900 )	( 377 )	( 4,767 )	( 4,706 )	( 61 )	( 679 )	( 635 )	( 44 )

Cost of sales before amortisation and depreciation consists of the following 4 :
Salaries and wages	( 350 )	( 350 )	—	( 537 )	( 537 )	—	( 360 )	( 360 )	—	( 502 )	( 502 )	—	( 257 )	( 257 )	—
Consumable stores	( 2,276 )	( 2,276 )	—	( 769 )	( 769 )	—	( 3,015 )	( 3,015 )	—	( 745 )	( 745 )	—	( 3,331 )	( 3,331 )	—
Utilities	( 8 )	( 8 )	—	( 561 )	( 561 )	—	( 424 )	( 424 )	—	( 504 )	( 504 )	—	( 188 )	( 188 )	—
Mine contracts	( 331 )	( 331 )	—	( 328 )	( 328 )	—	( 374 )	( 374 )	—	( 155 )	( 155 )	—	( 334 )	( 334 )	—
Recycling	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other	( 419 )	( 419 )	—	( 1,131 )	( 1,131 )	—	( 156 )	( 156 )	—	( 350 )	( 350 )	—	479	479	—
Total cost of sales before amortisation and depreciation	( 3,384 )	( 3,384 )	—	( 3,326 )	( 3,326 )	—	( 4,329 )	( 4,329 )	—	( 2,256 )	( 2,256 )	—	( 3,631 )	( 3,631 )	—

Capital expenditure
Sustaining capital expenditure	( 173 )	( 173 )	—	( 186 )	( 186 )	—	( 248 )	( 248 )	—	( 114 )	( 114 )	—	( 90 )	( 90 )	—
Ore reserve development	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Growth projects	( 6,221 )	—	( 6,221 )	( 16 )	( 6 )	( 10 )	( 2,470 )	—	( 2,470 )	( 51 )	( 51 )	—	( 729 )	—	( 729 )
Total capital expenditure	( 6,394 )	( 173 )	( 6,221 )	( 202 )	( 192 )	( 10 )	( 2,718 )	( 248 )	( 2,470 )	( 165 )	( 165 )	—	( 819 )	( 90 )	( 729 )

1 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate revenue. Corporate and reconciling items for total EU

operations includes Keliber

2 Century's results are included for the 10 months ended 31 December 2023 since the effective date of acquisition

3 Sandouville nickel refinery's results are included for the eleven months ended 31 December 2022 since the effective date of acquisition

4 The Group disaggregated the cost of sales before amortisation and depreciation (see note 4) to conform with the IFRS Accounting Standards requirement to disclose, separately, material items of income or expense

AFR – 77

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

3. Revenue

Significant accounting judgements and estimates

Revenue from PGM and zinc retreatment mining activities

The determination of PGM and zinc concentrate sales revenue from the time of initial recognition of the sale on a provisional basis

through to final pricing requires management to continuously re-estimate the fair value of the price adjustment features. Management

determines this with reference to estimated forward prices using consensus forecasts. These adjustments are included in revenue as

adjustments to sale of PGM and zinc concentrate.

Streaming and other forward sale and prepayment transactions

Upon entering into a streaming or other forward sale/prepayment transaction, management applies judgement to determine the most

appropriate IFRS Accounting Standard applicable to the transaction. This includes an assessment of whether the transaction is revenue,

debt, a lease or the disposal of a portion of an operation. In performing this assessment, management also considers whether the

transaction will be settled through physical delivery of metals, including metal credits, and whether there are any embedded derivative

features to be accounted for separately.

Accounting policy

Revenue from mining activities

Revenue from gold sales is measured and recognised based on the consideration specified in a contract with a customer. The Group

recognises revenue from gold sales when the customer obtains control of the gold. These criteria are typically met when the gold is

credited to the customer’s bullion account by Rand Refinery Proprietary Limited (Rand Refinery) and in the case of DRDGOLD, when the

gold is transferred to the bullion bank and the sales price is fixed per deal confirmation. The transaction price is determined based on the

agreed upon market price and number of ounces delivered.

Revenue from PGM concentrate and metal sales is recognised when the buyer, pursuant to a sales contract, obtains control of the

mined product, which is typically upon delivery. The sales price is determined on a provisional basis at the date of delivery (related to

sale of concentrate). Adjustments to the selling price occur based on changes in the metal content quantities and penalties, which

represents variable transaction price components, as well as changes in the metal market price up to the date of final pricing. Final

pricing is based on the monthly average market price in the month of settlement. For PGM metal sales, pricing is finalised within the

month of sale. For PGM concentrate sales, the period between provisional invoicing and final pricing is typically between one and four

months . Revenue on provisionally priced sales is initially recognised at the amount of consideration that the Group expects to be

entitled to.

Revenue from zinc concentrate sales is recognised when the buyer, pursuant to a sales contract, obtains control of the mined product

which is typically upon receipt of the bill of lading when the goods are loaded for shipment under Cost, Insurance and Freight (CIF)

Incoterms. The sales price is determined on a provisional basis at the date of loading. Adjustments to the selling price occur based on

changes in the metal market price up to the date of final pricing. Final pricing is based on the monthly average market price in the

month of settlement. For zinc concentrate sales, the period between provisional invoicing and final pricing is typically between one and

four months . Revenue on provisionally priced sales is initially recognised at the amount of consideration that the Group expects to be

entitled to.

The revenue adjustment mechanism relating to changes in metal market prices, embedded within provisionally priced PGM and zinc

concentrate sale arrangements, has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price

adjustment is re- estimated continuously and changes in fair value are recognised as an adjustment to revenue in profit or loss and trade

receivables in the statement of financial position. In all cases, fair value is determined with reference to estimated forward prices using

consensus forecasts. Revenue arising from these price adjustments is disclosed separately from revenue from contracts with customers.

Revenue from PGM recycling consists of the sales of recycled palladium, platinum and rhodium derived from spent catalytic material

and is recognised when control is transferred, which is when metal is transferred from the Group’s metal account to the third party’s

metal account. Revenue from PGM recycling also includes revenue from toll processing, which is recognised at the time the returnable

metals are returned to the supplier at a third-party refinery.

Revenue from e-scrap recycling consists primarily of the sale of precious metals to refiners in the form of bullion, and is recognised when

control is transferred. These sales include shipping of low-grade and high-grade precious metals from the Group's refining facility to

downstream refiners on which the Group is compensated for the precious metals by either returnable metal and/or cash. For low-grade

metals, revenue is recognised upon mutual acceptance of the metals assay profile and/or settlement and invoicing of customer. In

some instances, the Group receives cash advances for low-grade metals that have been received and weighed by the downstream

refiner, however not yet processed (see note 32). For high-grade metals, payments consist of provisional payments and final payments

made by customers and revenue is recognised when control transfers. which is typically at the time of payment. The transaction price is

determined based on market prices of the precious metals contained in the shipment.

AFR – 78

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Revenue from sale of other metals produced in Europe , USA and Australia is measured and recognised based on the consideration

specified in a contract with a customer. The Group recognises revenue from these metal sales when the customer obtains control of the

product, which is typically upon delivery.

Streaming revenue

The Group enters into long-term metal streaming transactions whereby it receives advance payments as well as additional cash

payments for delivery of future ounces to streaming entities, typically over the entire life-of-mine of the operations subject to the stream.

The se contract s are typically settled by the Group transferring metal credits , representing underlying refined metals, to the streaming

entity's metal account . These transactions provide for settlement in physical commodity ounces or metal credits. Each ounce is identified

as a separate performance obligation.

The transaction price under IFRS 15 Revenue from Contracts with Customers (IFRS 15) , being the advance payment (see note 32) and

future cash payments to be received, is recognised as revenue each month when the commodity ounces or metal credit s are

transferred to the streaming entity's account. It is from this date that the streaming entity has effectively accepted the metal, has physical

control of the related metal and has the risk and reward of the respective metal (i.e. control has transferred).

Revenue is recognised over the life-of-mine of the relevant operations in line with the timing of control transfer discussed above. To the

extent that the life-of-mine changes or other key inputs are changed (see note 32), these changes are recognised prospectively as a

cumulative catch-up in revenue in the year that the change occurs.

Other forward sale and prepayment transactions

The Group also enters into other forward sale or prepayment transactions with counterparties in which a cash payment is received in

advance for future delivery of metals to the relevant counterparty. Each metal unit is identified as a separate performance obligation.

The transaction price under IFRS 15, being the advance payment and further cash payments received, is recognised as revenue when

the metals are delivered or credited to the customer’s account and Sibanye-Stillwater no longer has physical control of the metal, which

is also when the risk and rewards are transferred (i.e. control has transferred).

The Group’s sources of revenue are:


Figures in million – SA rand	2024	2023	2022
Primary mining:
Gold mining activities	24,077	23,327	12,568
PGM mining activities 1	59,682	66,275	84,359
Nickel refining activities	2,784	3,024	3,140
Secondary mining:
Zinc retreatment operation 2	4,220	2,580	—
Gold tailings retreatment 3	7,068	5,816	5,274
Recycling:
E-scrap recycling activities 4	6,306	—	—
US PGM recycling activities	7,574	13,318	32,267
Other:
Stream 1	581	509	338
Toll treatment arrangement (SA PGM) 5	—	—	105
Total revenue from contracts with customers	112,292	114,849	138,051
Adjustments relating to sales of PGM concentrate provisional pricing 6	74	( 836 )	237
Adjustments relating to Zinc operation provisional pricing 6	( 237 )	( 329 )	—
Total revenue	112,129	113,684	138,288

1 The difference between revenue from PGM mining activities above and total revenue from PGM mining activities per the segment report relates to the separate

disclosure of revenue from the gold and palladium streaming arrangement with Wheaton Precious Metals International (Wheaton International) (Wheaton Stream) in the

above. Revenue relating to the Wheaton Stream is incorporated in the Group corporate segment as described in the segment report (see note 2)

2 The difference between revenue from the zinc retreatment operation above and total revenue from zinc retreatment operation per the segment report relates to the

separate disclosure of revenue related to adjustments on the provisional pricing on zinc sales

3 Gold tailings retreatment (previously included in "Gold mining activities") relates to DRDGOLD, which is included in the SA gold segment

4 Includes revenue from Reldan since the date of acquisition (see note 16.1)

5 This relates to revenue recognised in respect of a toll treatment arrangement entered into by Marikana during 2021. This arrangement concluded on 31 December 2021

and toll treatment revenue recognised for the year ended 31 December 2022 represents revenue earned for the processing of material received before 31 December

2021

6 These adjustments relate to provisional pricing arrangements resulting in subsequent changes to the amount of revenue recognised

AFR – 79

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Revenue per geographical region of the relevant operations:


Figures in million – SA rand	2024	2023	2022
Southern Africa (SA)	82,402	84,736	89,507
United States (US) 1	22,960	23,673	45,641
Europe (EU)	2,784	3,024	3,140
Australia (AUS)	3,983	2,251	—
Total revenue	112,129	113,684	138,288

1 The difference between revenue generated by operations in the US and the revenue in the total US operations per segment disclosures relates to the Wheaton Stream

Percentage of revenue per segment based on the geographical location of customers purchasing from the Group

SA Gol d

US and SA PGM

AFR – 80

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Nickel refining (Europe)

Zinc retreatment (Australia)

E-scrap recycling (US)

AFR – 81

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Revenue generated per product:


Figures in million – SA rand	2024	2023	2022
Gold	37,138	30,257	18,812
PGMs	59,547	71,090	111,070
Platinum	20,573	19,775	17,826
Palladium	19,919	25,271	42,275
Rhodium	14,747	21,991	47,166
Iridium	2,824	2,883	2,480
Ruthenium	1,484	1,170	1,323
Chrome	6,069	5,165	3,481
Nickel	3,626	4,334	4,305
Zinc	3,765	2,126	—
Silver	1,008	152	20
Other 1	976	560	600
Total revenue	112,129	113,684	138,288

1 Other primarily includes revenue from cobalt and copper sales. For the year ended 31 December 2022, revenue from the Marikana toll treatment arrangement of

R 105 million is included (see note 32 )

Major customers

The ta ble below illustrates the Group's major customers for the year ended:


Figures in million – SA rand	2024			2023			2022
	Customers			Customers			Customers
Operating segments	A	B	C	A	B	C	A	B	C
US PGM, SA PGM and Reldan	24,719	—	—	—	—	—	—	—	—
US PGM and SA PGM	—	12,332	—	28,764	13,804		42,555	—	23,492
SA gold	—	—	12,183	—	—	14,405	—	—	—
US PGM, SA PGM and Sandouville nickel refinery	—	—	—	—	—	—	—	18,140	—

Market risk

Foreign currency sensitivity

The US, European and Australian regions' revenue (and expenses) are translated from their functional currencies (US dollars, Euros and

Australian dollars, respectively) to the Group’s presentation currency (SA rand) and, therefore, the Group’s “presentation currency”

earnings are sensitive to changes in the exchange rate. A one percentage point change in the SA rand average exchange rate for the

year ended 31 December 2024 of R 18.32 /US$, R 19.82 /EUR and R 12.09 /AUD would have changed profit or loss by approximately

R 109 million .

AFR – 82

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

4. Cost of sales

Accounting policy

Cost of sales include all costs generally associated with the production of inventory whereas other costs are disclosed separately or

included in other costs. The carrying amount of metal inventory is recognised in cost of sales when the related sale is recognised. The cost

of consumable stores is included in cost of sales when consumed. The accounting policy relating to inventory is included in

note 23 and amortisation and depreciation in note 14 and note 15.

The following accounting policies relate to employee costs that are included in cost of sales:

Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be

paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee

and the obligation can be reliably estimated.

Pension and provident funds

The Group operates a defined contribution retirement plan and contributes to a number of industry-based defined contribution

retirement plans. The retirement plans are funded by payments from employees and Group companies.

Contributions to defined contribution funds are expensed as incurred.

Government grants

Government grants are recognised once there is reasonable assurance that the Group will comply with the conditions attached to them

and the grant will be received. For government grants compensating for expenditure incurred by the Group, the related expense is

presented net of the grant income.


Figures in million – SA rand	Notes	2024	2023	2022
Salaries and wages		( 31,380 )	( 30,591 )	( 26,544 )
Consumable stores	23	( 24,685 )	( 25,778 )	( 21,929 )
Utilities		( 11,556 )	( 11,029 )	( 8,465 )
Mine contracts		( 7,109 )	( 8,005 )	( 6,502 )
Recycling 1		( 13,280 )	( 12,711 )	( 30,993 )
Other		( 15,617 )	( 10,779 )	( 6,745 )
Ore reserve development costs capitalised		7,229	9,137	6,641
Cost of sales, before amortisation and depreciation 2		( 96,398 )	( 89,756 )	( 94,537 )
Amortisation and depreciation	14,15,17	( 8,810 )	( 10,012 )	( 7,087 )
Total cost of sales		( 105,208 )	( 99,768 )	( 101,624 )

1 Recycling cost consists of cost relating to the purchasing of spent catalytic material and the cost incurred to convert the spent catalytic material into finished PGMs

2 Included in cost of sales, before amortisation and depreciation for the year ended 31 December 2024 is total write-down of inventory to net realisable value amounting to

R 4,784 million (2023: R 1,694 million and 2022: R 111 million . The write-down for mainly relates to PGM in process and PGM finished goods of R 3,843 million (2023:

R 1,179 million ) and R 844 million (2023: R 423 million ) , respectively, as a result of the lower commodity price environment. The write-down in 2022 related to consumable

stores

The SA and European region employees are members of various defined contribution retirement plans. The cost of providing retirement

benefits for the year amounted to R 1,774 million ( 2023 : R 1,752 million and 2022 : R 1,506 million ) .

Section 45X Advance Manufacturing Production Credit

The Inflation Reduction Act (IRA) in the US is a comprehensive legislative package aimed at addressing various economic challenges,

primarily focusing on reducing inflation, enhancing economic stability, and providing financial relief to households and businesses. The IRA

includes several tax credits to encourage the production and sale of energy components within the US, with one such credit being S45X

Advanced Manufacturing Production (“AMP”) credit.

To claim the Section 45X credit, eligible components must be produced within the US or a US territory. Section 45X(c)(6) includes four critical

minerals applicable to the Stillwater operations, being platinum, palladium, rhodium, and nickel. The final IRA and S45X regulations

published during October 2024 allow for the inclusion of extraction costs so long as the entity performing the extraction is the same entity

purifying the eligible critical minerals. Platinum, palladium and rhodium are refined by Stillwater and purified by an external third party.

Stillwater evaluated the impact of the above in respect of platinum, palladium and rhodium, with the assistance of external advisors, and

concluded that the Stillwater operations is eligible for the Section 45X Advanced Manufacturing Production Credit for critical minerals

produced in the US and sold to unrelated third parties. Due to the fact that Stillwater outsources the purification of platinum, palladium and

rhodium to an unrelated third party, the contract manufacturing rules apply, which requires that, in order to claim the credit utilising the

final regulations issued in October 2024, Stillwater must enter into an agreement with the third party that identifies Stillwater as the sole party

that may claim the credit and both the third party and Stillwater signs a certification statement reflecting this agreement.

AFR – 83

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

For any applicable critical mineral, the credit amount is equal to 10 percent of the costs incurred by the taxpayer with respect to

production of such mineral. The estimated credits relating to the 31 December 2023 and 31 December 2024 financial years amounts to

approximately US$ 120 million and US$ 90 million , respectively. Stillwater is at an advance stage of agreeing the required agreement with the

third party and therefore the estimated credits were not recognised.

Other provisions of section 45X generally expires through credit phaseouts, however, critical mineral production is specifically exempted

from those rules. As such the Section 45X credit for critical minerals can be considered permanent until any changes in legislation occur.

5. Interest income and finance expense

Accounting policy

Interest income comprises interest income on cash deposits, rehabilitation obligation funds, the right of recovery asset and other assets.

Interest income is recognised using the effective interest method. Interest income on funds specifically borrowed for the purpose of

constructing a qualifying asset is offset against the related interest expense capitalised to the relevant item.

Finance expense comprises interest on borrowings, lease liabilities, environmental rehabilitation obligation, occupational healthcare

obligation, deferred payment, deferred revenue, deferred consideration, Marikana dividend obligation and other interest and is offset by

borrowing costs capitalised on qualifying assets where applicable.

Interest payable on borrowings is recognised in profit or loss over the term of the borrowings using the effective interest method. Cash

flows from interest paid are classified under operating activities in the statement of cash flows.

The difference between interest income and finance expense in this note and the statement of cash flows is due to the exclusion of the

non-cash items.

5.1 Interest income


Figures in million – SA rand	Note	2024	2023	2022
Interest received on cash deposits		882	998	910
Interest received on rehabilitation obligation funds	21	404	339	235
Interest on right of recovery asset		—	25	31
Other		51	7	27
Total interest income		1,337	1,369	1,203

5.2 Finance expense


Figures in million – SA rand	Notes	2024	2023	2022
Interest charge on:
Borrowings (interest)	28	( 1,946 )	( 1,192 )	( 1,046 )
Borrowings (unwinding of amortised cost)	28	( 688 )	( 359 )	( 216 )
Lease liabilities	29	( 34 )	( 43 )	( 31 )
Environmental rehabilitation obligation	30.1	( 966 )	( 758 )	( 611 )
Occupational healthcare obligation	31	( 38 )	( 70 )	( 85 )
Deferred payment (related to the Rustenburg operation acquisition)	22.2	—	( 85 )	( 266 )
Deferred revenue 1	32	( 371 )	( 327 )	( 326 )
Deferred consideration (related to Pandora acquisition)	22.2	—	( 3 )	( 18 )
Marikana dividend obligation	22.2	( 188 )	( 236 )	( 165 )
Other		( 340 )	( 226 )	( 76 )
Total finance expense		( 4,571 )	( 3,299 )	( 2,840 )

1 For the year ended 31 December 2024 , interest expense includes non-cash interest of R 291 million ( 2023 : R 299 million , 2022 : R 326 million ) relating to the Wheaton Stream .

Although there is no cash financing cost related to this arrangement, IFRS 15 requires the Group to recognise a notional financing charge due to the significant time delay

between receiving the upfront streaming payment and satisfying the related performance obligations

Net interest paid

The table below provides a summary of the cash interest paid and received:


Figures in million – SA rand	2024	2023	2022
Interest paid 1	( 2,101 )	( 1,304 )	( 1,118 )
Interest received 2	882	998	682
Net interest paid	( 1,219 )	( 306 )	( 436 )

1 Interest paid primarily consist of accrued interest paid on borrowed funds (see note 28) and lease liabilities

2 Interest received primarily consists of interest on cash deposits

AFR – 84

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

6. Share-based payments

Significant accounting judgements and estimates

For cash-settled share-based payment instruments issued to B-BBEE shareholders, the measurement of the share-based payment

obligations depend on various key inputs. These include estimates of future cash flows, which depend on inputs such as production

profiles, future metal prices, exchange rates, loan repayments as well as estimates of appropriate discount rates. The valuations relating

to the Group's cash-settled compensation plans make use of inputs such as the Sibanye-Stillwater share price and volatility estimates, risk

free interest rates and dividend yields. Changes in key inputs may result in changes in the recognised share-based payment obligations

and are therefore regarded as significant judgements and estimates.

Accounting policy

Equity-settled share-based payments

In prior periods, the Group operated equity-settled compensation plans in which certain employees of the Group participated (see note

6.2 for DRDGOLD equity-settled scheme). The fair value of the equity-settled instruments is measured by reference to the fair value of the

relevant equity instruments granted, taking into account the terms and conditions upon which those equity-settled instruments were

granted. The fair value of equity-settled instruments granted is estimated using appropriate valuation models and appropriate

assumptions at the grant date. Service and non-market performance conditions are not taken into account when estimating the fair

value of the equity-settled instruments at grant date. Market conditions are taken into account in determining the fair value at grant

date.

The grant date fair value of the equity-settled instruments is recognised as share-based payment expenses over the vesting period based

on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment

reserve. Vesting assumptions for service and non-market performance conditions are reviewed at each reporting date until vesting to

ensure they reflect current expectations.

Cash-settled share-based payments

The Group also operates cash-settled compensation plans in which certain employees of the Group participate. These awards entitle the

participants to cash payments based on a relevant share price. The fair value of the cash-settled instruments is measured by reference to

the fair value of the underlying shares using appropriate valuation models and assumptions, taking into account the terms and conditions

upon which the instruments were granted.

The grant date fair value of the cash-settled instruments is recognised as share-based payment expenses over the vesting period based

on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment

obligation. At each reporting date, the obligation is remeasured to the fair value of the instruments, to reflect the potential outflow of

cash resources to settle the liability, with a corresponding adjustment to the share-based payment expense. Vesting assumptions for

service and non-market performance conditions are reviewed at each reporting date to ensure they reflect current expectations.

The Group also issued cash-settled instruments to B-BBEE shareholders in terms of the Rustenburg operation B-BBEE transaction (see note

6.4) and the Marikana B-BBEE transaction (see note 6.5). The fair value of these instruments are determined using appropriate valuation

models and assumptions, taking into account the terms and conditions upon which the instruments were granted. At each reporting

date, the obligation is remeasured to the fair value of the instruments, to reflect the potential outflow of cash resources to settle the

liability. There are no vesting conditions and fair value changes are recognised as part of gains or losses on financial instruments in profit

or loss.

Modifications to share-based payment schemes

Where the terms of an equity-settled or a cash-settled award are modified, the originally determined expense is recognised as if the terms

had not been modified. In addition, an expense is recognised for any modification, which increases the total fair value of the share-

based payment arrangement, or is otherwise beneficial to the participant as measured at the date of the modification.

6.1 Equity-settled share-based payments — Sibanye-Stillwater

On 21 November 2012, the shareholders of Sibanye-Stillwater approved the adoption of the Sibanye Gold Proprietary Limited (previously

Sibanye Gold Limited) (SGL) 2013 share plan (2013 Share Plan) with effect from the date of the listing of SGL. The 2013 Share Plan provided

for two methods of participation, namely Bonus Shares and Performance Shares. This plan sought to attract, retain, motivate and reward

participating employees on a basis which seeks to align the interest of such employees with those of the shareholders. On 23 May 2017, the

shareholders of Sibanye-Stillwater approved the adoption of the Sibanye-Stillwater 2017 share plan (2017 Share Plan) on essentially similar

terms to the previous 2013 Share Plan. From the implementation of a scheme of arrangement in 2020 , any awards vesting under the equity-

settled share plans were settled in the Company’s shares. The 2017 Share Plan was replaced by the 2020 cash-settled plan (2020 Share

Plan) as well as subsequent cash-settled plans for all awards issued from March 2020 (see note 6.3 ).

AFR – 85

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Bonus Shares — as part of the short-term incentive

The Remuneration Committee made an annual award of Bonus Shares to eligible participants as a share-based component of the short-

term incentive scheme, with the last awards granted in 2019.

The total annual bonus was determined by reference to the actual performance ratings of individuals against predetermined targets for

the preceding cycle and comprised of cash plus the face value of restricted Bonus Shares in the ratio of 60 : 40 .

In other words, 40 % of the annual bonus was awarded using the Company’s shares as the “currency”, as opposed to cash, access to which

is deferred. As such, the Bonus Shares vested in two equal tranches, nine months and 18 months after the award date. Except for the right

to dispose of the shares, participants had full shareholder rights in the unvested Bonus Shares during the restricted period, including the right

to receive dividends. The number of shares awarded was determined by dividing the face value of the Bonus Shares portion of the annual

bonus by the volume-weighted average price (VWAP) of the Company’s shares over the three days immediately prior to the award date.

Performance Shares — for the long-term incentive

The Remuneration Committee also made an annual award of Performance Shares to eligible participants as part of its long-term incentive

scheme. The last of these awards were granted in 2019. The number of Performance Shares awarded to an employee was based on the

employee’s annual guaranteed pay and job grade combined with a factor related to the employee’s assessed performance rating for the

prior year and using the relevant share price calculation (as for the Bonus Shares) at the award date, with ultimate vesting of those awards

subject to performance conditions as approved by the Remuneration Committee.

Essentially, the number of shares that vested depended on the extent to which Sibanye-Stillwater had performed over the intervening three

year period relative to two performance criteria, Total Shareholder Return (TSR) and Return on Capital Employed (ROCE). In addition, at

the sole discretion of the Remuneration Committee, up to 20 % of the determined number of vested shares using the two performance

criteria was liable to forfeiture in the event of any extreme environmental, social, and governance (ESG) incidents occurring during the

vesting period.

The details of these two performance conditions are provided below.

Total Shareholder Return (TSR) — 70 % We ighti ng

The TSR element was measured against a benchmark of eight peer group mining and resource companies that can be deemed to

collectively represent an alternative investment portfolio for Sibanye-Stillwater’s shareholders (Peer Group). The Peer Group comprises

similar market capitalisation companies that are reflective of the expected positioning of Sibanye-Stillwater over the medium term as a

value driven multi-commodity resources company with a specific focus on gold and platinum.

The Peer Group for the equity-settled share-based payments is set out in the table below.

Peer group companies for TSR comparison

AngloGold Ashanti Limited

Anglo American Platinum Limited

Gold Fields Limited

Impala Platinum Holdings Limited

Northam Platinum Limited

Exxaro Resources Limited

Harmony Gold Mining Company Limited

African Rainbow Minerals Limited

Sibanye-Stillwater’s TSR over the vesting period was compared with the Peer Group TSR curve constructed on a market capitalisation

weighted basis. The annualised TSR over the vesting period (TSR ANN ) was determined for each of the companies in the Peer Group. The Peer

Group companies were sorted from lowest to highest TSR ANN . The average market capitalisation based on daily closing price was

determined for each company, and each peer company was assigned its proportion of the overall average market capitalisation of the

Peer Group. The peer company TSR curve was plotted at the midpoint of each company’s percentage of Peer Group market

capitalisation on a cumulative basis above the worse performing companies in the Peer Group. In the event that one or more of the peer

companies become ineligible for comparison, a peer company curve based on the companies remaining in the Peer Group was utilised.

The cumulative position of Sibanye-Stillwater’s TSR ANN was then mapped onto the TSR curve for the Peer Group to determine the percentile

at which Sibanye-Stillwater performed over the vesting period. The performance curve that governed vesting is set out in the table below

with linear interpolation applied between the indicated levels.

AFR – 86

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024


TSR element of performance conditions Percentile on peer group TSR curve	% vesting
0%	0 %
10%	0 %
20%	0 %
30%	5 %
40%	20 %
50%	35 %
60%	55 %
70%	75 %
80%	90 %
90%	100 %
100%	100 %

Return On Capital Employed (ROCE) — 30 % Weighting

ROCE is a profitability metric that measures how efficiently a company generated profits from its capital employed. For Sibanye-Stillwater,

ROCE was evaluated against the company’s cost of equity (Ke). A minimum threshold on the performance scale for ROCE is set as

equalling the cost of equity, Ke, which would lead to the ROCE element contributing 0 % towards the performance condition. Delivering a

return that exceeds Ke by 6 % or more would be regarded as a superior return representing the maximum 100 % on the performance scale

and full vesting in respect of the ROCE element. The performance curve that governed vesting is set out in the table below, with linear

interpolation between the indicated levels.


ROCE element of performance condition Annual ROCE	% vesting
≤Ke	0 %
Ke + 1%	16.7 %
Ke + 2%	33.3 %
Ke + 3%	50.0 %
Ke + 4%	66.7 %
Ke + 5%	83.3 %
Ke + 6%	100.0 %

The overall vesting was determined by applying the TSR performance condition to 70 % of awarded shares element and the ROCE

performance condition to 30 % of awarded shares – plus any further discretionary reduction in the award based on the Remuneration

Committee’s judgement regarding ESG issues mentioned above.

Valuation model and inputs

A Monte Carlo Simulation model was used to value equity-settled share-based payment awards in the past. Since the last equity-settled

awards were made in 2019, there are no new valuation inputs to disclose.

Share awards granted, exercised and forfeited under the 2017 Share Plan


Performance shares				Bonus shares
2022	2023	2024	Number of instruments	2024	2023	2022
25,199,516	410,357	—	Outstanding at beginning of the year	—	—	—
			Movement during the year:
—	—	—	Granted during the year	—	—	—
( 21,823,219 )	( 197,017 )	—	Vested	—	—	—
( 2,965,940 )	( 213,340 )	—	Forfeited	—	—	—
410,357	—	—	Outstanding at end of the year 1	—	—	—

1 The balance at 31 December 2022 was subject to the ROCE performance condition that was measured in Q1 2023 when the 2022 financial results were finalised

AFR – 87

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

6.2 Equity-settled share-based payments - DRDGOLD

On 2 December 2019, the shareholders of DRDGOLD approved a new equity-settled long-term incentive scheme (DRDGOLD LTI Scheme)

to replace the cash-settled long-term incentive scheme established in November 2015. Under the DRDGOLD LTI Scheme, qualifying

employees are awarded conditional shares on an annual basis, comprising performance shares ( 80 % of the total conditional shares

awarded) and retention shares ( 20 % of the total conditional shares awarded). Conditional shares will vest three years after grant date and

will be settled in the form of DRDGOLD shares at a zero-exercise price.

The key conditions are as follows:

• Retention shares: 100 % of the retention shares will vest if the employee remains in the employ of DRDGOLD at vesting date, is not under

notice period and individual performance criteria are met.

• Performance shares: 50 % of the performance shares vests based on the total shareholder return measured against a hurdle rate of 15 %

referencing DRDGOLD's weighted average cost of capital and 50 % vests based on total shareholder return measured against peer

group companies.

6.3 Cash-settled share-based payments — Sibanye-Stillwater

2020 to 2024 Share Plans

From the March 2020 remuneration cycle, long-term incentive awards are made on a cash-settled basis rather than equity-settled. This

includes awards of both Forfeitable Share Units (FSUs) and Conditional Share Units (CSUs) (previously referred to as Bonus Shares and

Performance Shares awards under the equity-settled schemes).

Apart from the change in manner of settlement to cash, the terms and conditions of 2020 Share Plan are the same as the 2017 Share Plan.

The FSUs have the same terms as the previous Bonus Shares and CSUs have the same terms as the previous Performance Shares. The value

of the cash settlement is therefore the same as the value of the shares that would have vested according to the rules in previous

arrangements. The equity-settled awards were not impacted by the cash-settled share plans.

Revisions were introduced to cash-settled awards from the March 2021 remuneration cycle for new awards granted. The 2021 Share Plan is

similar to the 2020 Share Plan as it remains cash-settled, consists of FSU and CSU awards and contain the same service conditions as the

2020 Share Plan. However, key revisions included updated peer companies, changes in the assessment of the total shareholders’ return

(TSR) performance condition, introduction of an ESG performance condition and a change from return on capital employed (ROCE) to a

return on invested capital (ROIC) performance condition. The weighting of the performance conditions for the TSR, ESG and ROIC

measures are 50 % , 20 % and 30 % , respectively. The performance conditions also have super-stretch targets that could result in vesting of up

to 250 % of the relevant weighting if the target is achieved.

The key terms of each performance condition relating to the 2021 Share Plan are as follows:

• TSR: The performance condition is similar to the 2020 Share Plan, except that it is measured on a weighted average basis following an

index-like approach. Both platinum and gold companies are included in the peer group and performance is measured over the three

year measurement period. In selecting the appropriate peer companies, factors such as market capitalisation, geographical exposure,

listing on multiple exchanges as well as gold and platinum commodity exposure were taken into account.

• ROIC: Like ROCE, ROIC is a capital efficiency measure which calculates how efficiently the Group allocates its controllable capital to

profitable investments. It provides an indication of the Group’s quality of earnings with reference to the risk categorisation of its

underlying asset portfolio. ROIC is calculated on an annualised basis over the three year vesting period as net operating profit after tax

divided by invested capital, which is defined as total assets less current liabilities less cash.

• ESG: Performance is assessed over the three year performance period using an ESG scorecard, applicable to each year of the

performance period. The performance condition on vesting will be determined as the average performance over the three years .

Further revisions were introduced to cash-settled awards from the March 2022 remuneration cycle for new awards granted (2022 Share

Plan). The 2022 Share Plan is similar to the 2021 Share Plan as it remains cash-settled, consists of FSU and CSU awards, contains the same

service conditions, performance conditions, performance condition weightings and peer companies. Key revisions included the

replacement of the ESG override with additional malus and clawback triggers and the deferral of the settlement of FSU dividend

equivalents until vesting. In addition, for CSU awards, trailing years are being phased into the performance period with awards in 2022

having one trailing year for measurement purposes, which increases to two trailing years from the 2023 award cycle. For example,

performance conditions relating to the 2022 award cycle include 2021, 2022, 2023 and 2024 as the performance period to measure the

value of the awards upon vesting.

The 2023 and 2024 Share Plans are similar to the 2022 Share Plan, with key revisions such as FSU dividend equivalents no longer being

deferred and the introduction of a volatility adjustment to the VWAP used for making awards and determining the settlement value of

awards. The volatility adjustment incorporates a cap and floor price, which is to be applied to the relevant VWAP and is calculated as 1.5

standard deviations in the average closing share prices over a trailing 200 -day period.

AFR – 88

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Minimum Shareholding Requirement Plan

The Minimum Shareholding Requirement Plan (MSR Plan) is aimed at encouraging executive leadership and senior management (Senior

Vice President level or above) to have personal exposure to the Group’s share price through the holding of Shares and/or American

Depositary Shares (ADSs) in the Group, thus reinforcing the alignment to shareholder interests. The MSR Plan will reward commitment of

personal shares through the award of Matching Share Units (MSUs).

To qualify for the award of MSUs, participants must achieve the target minimum shareholding of between 100 % and 200 % of their deemed

guaranteed remuneration expressed in shares and/or ADSs. The target minimum shareholding must be satisfied through committed shares.

Each committed share qualifies for one MSU once the target minimum shareholding is reached (1:1 ratio). Other than the requirement to

hold committed shares for the vesting period, the MSR Plan has the same terms as the 2022, 2023 and 2024 Share Plans.

Total Shareholder Return (TSR) — 50 % Weighting

The peer companies under the 2021, 2022, 2023 and 2024 Share Plans and MSR Plan relating to the TSR performance condition are as

follows:

Peer group companies for TSR comparison

AngloGold Ashanti Limited

Anglo American Platinum Limited

Gold Fields Limited

Impala Platinum Holdings Limited

Northam Platinum Limited

Fresnilo Plc

Harmony Gold Mining Company Limited

Kinross Gold Corporation

Awards granted, exercised and forfeited under the 2020 Share Plan


Conditional Share Units				Forfeitable Share Units
2022	2023	2024	Number of units	2024	2023	2022
13,754,209	12,578,174	83,646	Outstanding at beginning of the year	—	17,955	53,868
			Movement during the year:
( 206,462 )	( 4,765,694 )	( 80,651 )	Vested	—	( 17,955 )	( 35,913 )
( 969,573 )	( 7,728,834 )	( 2,995 )	Forfeited	—	—	—
12,578,174	83,646	—	Outstanding at end of the year	—	—	17,955

Awards granted, exercised and forfeited under the 2021 Share Plan


Conditional Share Units				Forfeitable Share Units
2022	2023	2024	Number of units	2024	2023	2022
3,445,487	3,281,578	2,940,337	Outstanding at beginning of the year	—	—	696,314
			Movement during the year:
32,618	618	—	Granted during the year	—	—	—
( 52,356 )	( 45,104 )	( 2,722,274 )	Vested	—	—	( 673,849 )
( 144,171 )	( 296,755 )	( 149,490 )	Forfeited	—	—	( 22,465 )
3,281,578	2,940,337	68,573	Outstanding at end of the year	—	—	—

AFR – 89

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Awards granted, exercised and forfeited under the 2022 Share Plan and the MSR plan


Conditional and matching Share Units 1				Forfeitable Share Units
2022	2023	2024	Number of units	2024	2023	2022
—	7,196,744	6,897,210	Outstanding at beginning of the year	—	670,522	—
			Movement during the year:
7,401,740	301,388	—	Granted during the year	—	9,783	1,410,614
( 5,967 )	( 21,485 )	( 84,635 )	Vested	—	( 626,241 )	( 678,252 )
( 199,029 )	( 579,437 )	( 62,120 )	Forfeited	—	( 54,064 )	( 61,840 )
7,196,744	6,897,210	6,750,455	Outstanding at end of the year	—	—	670,522

1 Includes matching share units under the MSR plan with effect from the March 2022 remuneration cycle

Awards granted, exercised and forfeited under the 2023 Share Plan and the MSR plan


Conditional and matching Share Units 1				Forfeitable Share Units
2022	2023	2024	Number of units	2024	2023	2022
—	—	8,934,250	Outstanding at beginning of the year	1,232,760	—	—
			Movement during the year:
—	9,598,092	257,534	Granted during the year	—	2,722,393	—
—	( 8,024 )	( 63,791 )	Vested	( 1,196,886 )	( 1,269,811 )	—
—	( 655,818 )	( 281,980 )	Forfeited	( 35,874 )	( 219,822 )	—
—	8,934,250	8,846,013	Outstanding at end of the year	—	1,232,760	—

1 Includes matching share units under the MSR plan with effect from the March 2023 remuneration cycle

Awards granted, exercised and forfeited under the 2024 Share Plan and the MSR plan


Conditional and Matching Share Units 1				Forfeitable Share Units
2022	2023	2024	Number of units	2024	2023	2022
—	—	—	Outstanding at beginning of the year	—	—	—
			Movement during the year:
—	—	13,817,578	Granted during the year	9,736,035	—	—
—	—	—	Vested	( 4,770,248 )	—	—
—	—	( 210,776 )	Forfeited	( 280,119 )	—	—
—	—	13,606,802	Outstanding at end of the year	4,685,668	—	—

1 Includes matching share units under the MSR plan with effect from the March 2024 remuneration cycle

Valuation model and inputs

At each reporting date, vesting date and settlement date, the liability for the cash payment relating to the FSUs, CSUs and MSUs awarded is

measured/remeasured at fair value. A Monte Carlo Simulation model is used to value cash-settled share-based payment awards. The

inputs to the valuation model for share awards granted were as follows:


Conditional and Matching Share Units				Forfeitable Share Units
2022	2023	2024	MONTE CARLO SIMULATION	2024	2023	2022
48.29 - 52.15	49.47 - 60.64	52.57 - 59.87	Weighted average historical volatility 1 %	n/a	n/a	n/a
2 - 35	2 - 35	2 - 35	Expected term (months)	8	8	8
7.45 - 17.83	0 - 4.44	0 - 3.24	Expected dividend yield (US/SA) %	5.95 / 0.29	2.98 / 2.81	54.24 / 11.14
7.16 - 7.82	7.67 - 8.30	7.30 - 7.68	Risk-free interest rate (US/SA) %	4.15 / 7.44	2.22 / 8.17	2.48 / 7.55
R 44.72	R 24.90	R 14.98	Weighted average share price (ADSs/JSE)	US$ 3.30 / R 14.98	US$ 5.43 / R 24.9	US$ 10.66 / R 44.72
23.69	15.45	8.60	Weighted average fair value (SA rand)	16.00	29.51	49.95

1 Based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option

AFR – 90

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Directors' and prescribed officers’ cash-settled instruments

The directors and prescribed officers of Sibanye-Stillwater held the following cash-settled instruments as at 31 December 2024 :


	2023	Instruments granted	Cash-settled instruments vested during the year			Instruments forfeited	2024
	Number of instruments	Number of instruments	Number of instruments	Average price	Cash proceeds (rand)¹	Number of instruments	Number of instruments
Executive directors
Neal Froneman 2	2,642,143	1,228,200	578,307	19.34	11,184,437	—	3,292,036
Charl Keyter	915,194	686,302	272,925	19.46	5,309,986	—	1,328,571
Prescribed officers
Charles Carter	1,208,612	780,396	134,108	19.79	2,654,251	—	1,854,900
Mika Seitovirta	504,112	615,086	136,614	20.16	2,753,533	—	982,584
Themba Nkosi	588,429	339,527	131,404	19.43	2,552,677	—	796,552
Richard Stewart	946,055	469,319	226,877	19.47	4,416,358	—	1,188,497
Laurent Charbonnier	837,809	732,300	258,980	19.33	5,005,020	—	1,311,129
Lerato Legong	329,953	325,388	120,772	19.41	2,344,462	—	534,569
Robert van Niekerk	787,584	533,150	220,360	19.57	4,311,437	—	1,100,374

1 Amounts represents pre-tax earnings paid to participants. For South African participants, these amounts were calculated by taking the Company’s VWAP share price on

vesting date multiplied by the number of vested units

2 Numbers include ADSs and JSE listed shares as a result of the dual service contract

6.4 Cash-settled share-based payments — Rustenburg B-BBEE transaction

In terms of the Rustenburg operation transaction, a 26 % equity stake in SRPM was acquired by B-BBEE SPV (the Rustenburg B-BBEE

Transaction) by a vendor financed facility from Sibanye Platinum Proprietary Limited (Sibanye Platinum), on the following terms:

• Interest at up to 0.2 % above Sibanye-Stillwater’s highest cost of debt. Once the capped amount is reached, interest ceases to accrue

so that the capped amount is not exceeded. However, once the facility reduces below R 3.5 bn , interest starts to accrue again

• Post payment of the annual deferred payment to Rustenburg Platinum Mines Limited (RPM) and in respect of any repayment by SRPM

of shareholder loans or the distribution of dividends, 74 % will be paid to Sibanye Platinum and 26 % to B-BBEE SPV

• Of the 26 % payment to B-BBEE SPV, 85 % will be used to service the facility owing by B-BBEE SPV to Sibanye Platinum

• The remaining 15 % of any such payment or 100 % , once the facility owing by B-BBEE SPV to Sibanye Platinum is repaid, will be declared

by B-BBEE SPV as a dividend to the B-BBEE SPV shareholders

• The facility will be capped at R 3,500 million (fully settled by the dividend payment made by SRPM in H1 2023)

The IFRS 2 expense is based on 44.8 % of the 26 % interest relating to Bakgatla-Ba-Kgafela Investment Holdings and Siyanda Resources

Proprietary Limited, as the Rustenburg Mine Community Trust and Rustenburg Mine Employees Trust are controlled and consolidated by

Sibanye-Stillwater. Cash-settled share-based payment obligations to the Rustenburg Mine Community Trust and Rustenburg Mine

Employees Trust amounting to R 705 million (2023: R 1,365 million and 2022: R 1,723 million ) and R 864 million (2023: R 1,673 million and 2022:

R 2,112 million ), respectively, are eliminated upon consolidation. The calculation of the expense and obligation relating to 44.8 % of the 26 %

interest is based on the expected discounted future cash flows of the expected PGM reserves and costs to extract the PGM s.

6.5 Cash-settled share-based payments — Marikana B-BBEE transaction

Effective 13 April 2021, the Group restructured the previously highly indebted Lonmin Limited (changed to Sibanye UK Limited on 25 March

2021) B-BBEE structure in relation to WPL and EPL (collectively referred to as “Marikana”), so as to ensure the sustainability of the B-BBEE

shareholding in Marikana and facilitate the realisation of value to the B-BBEE shareholders (Restructuring Transaction).

The Restructuring Transaction resulted in the cancellation of the previous preference share funding provided to a special purpose vehicle

(Phembani SPV) held by the Phembani Group Proprietary Limited group (Phembani Group). As replacement, the Group subscribed for new

preference shares at a nominal amount in Phembani SPV. These preference shares will earn dividends capped to R 2.6 billion and will be

funded through 90 % of the dividends attributable to the Phembani Group as and when paid by Marikana. In addition, while the Sibanye UK

Limited (Sibanye UK) loans to WPL are still outstanding, REO will subscribe for additional preference shares as an additional funding

mechanism to ensure Phembani SPV receives a minimum level of cash flows (as determined in terms of a formula).

The new arrangement provides the Marikana shareholders with access to distributable Marikana profits in the short and medium term

through the introduction of a 10 % trickle dividend while any Marikana shareholder loans or loans from Sibanye UK to WPL are outstanding.

Once the loans from Sibanye UK have been settled and while there are no Marikana shareholder loans outstanding, the Marikana

shareholders will have a right to participate fully in their attributable portion of Marikana’s dividends over the remaining life-of-mine.

However, a 90 % portion of the Phembani Group’s attributable dividends will continue to be applied against the preference dividends until

the preference shares have been redeemed.

AFR – 91

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

The obligations to pay dividends to entities controlled by the Group, being REO and the Marikana Trusts, eliminate on consolidation.

Cash-settled share-based payment obligations amounting to R 631 million (2023: R 1,481 million and 2022: R 1,821 million ) relating to the

Marikana Trusts are eliminated upon consolidation.

Marikana’s obligation to pay dividends to the Phembani Group through an intermediate company holding structure, is recognised as a

cash-settled share-based payment liability measured at fair value. Changes in fair value is recognised in profit or loss.

The following assumptions were applied in the 31 December 2024 calculation:


		2024	2023	2022
Long-term PGM (4E) basket price	R/4Eoz	26,380	28,656	26,397
Real discount rate — South Africa	%	15.7	15.7 - 15.8	15.0 % - 15.2 %
Inflation rate — South Africa	%	5.0	6.0	6.5
Life-of-mine	years	17 - 45	17 - 47	19 - 49

6.6 Cash-settled share-based payment obligations

The following table shows a reconciliation of the total cash-settled share-based payment obligation of the Group for the year ended 31

December 2024 :


Figures in million – SA rand	Notes	2024	2023	2022
Reconciliation of the cash-settled share-based payment obligations
Balance at beginning of the year		3,150	5,275	2,887
Share-based payment obligation on acquisition of subsidiary		—	31	14
Derecognition with deemed disposal of interest in joint operation	19	—	( 15 )	—
Cash-settled share-based payments expense 1		224	77	233
Recognised on deconsolidation of subsidiary		—	—	251
Fair value (gain)/loss on obligations 2	7	( 814 )	( 1,589 )	2,155
Cash-settled share-based payments paid 3		( 751 )	( 637 )	( 272 )
Foreign currency translation		( 2 )	8	7
Balance at end of the year		1,807	3,150	5,275
Reconciliation of the cash-settled share-based payment obligations in the Group
Cash-settled share-based payment — Rustenburg B-BBEE transaction		1,286	2,466	3,112
Cash-settled share-based payment — Marikana B-BBEE transaction		241	415	1,732
Cash-settled share-based payment — Employee incentive schemes		280	269	431
Balance at end of the year		1,807	3,150	5,275
Current portion of cash-settled share-based payment obligations		( 121 )	( 432 )	( 284 )
Non-current portion of cash-settled share-based payment obligations		1,686	2,718	4,991

1 Included in the amount is a cash-settled share-based payment expense for the year ended 31 December 2024 relating to the 2020 to 2024 and MSR Share Plans

amounting to R 224 million (2023: R 88 million relating to the 2020 to 2023 and MSR Share Plans, 2022: R 194 million relating to the 2020 to 2022 and MSR Share Plans).

Also included in the cash-settled share-based payment obligation for the year ended 31 December 2023 is a reversal of R 11 million related to Keliber ( 2022: expense

capitalised of R 39 million )

2 The fair value gain relates to the Rustenburg and Marikana B-BBEE transactions amounting to a gain of R 649 million (2023: gain of R 346 million , 2022: loss of R 1,190 million )

and gain of R 165 million (2023: gain of R 1,243 million , 2022: loss of R 965 million ), respectively, and is included in the loss/gain on financial instruments in profit or loss

3 Payments made during the year relate to vesting of cash-settled awards to employees and payments made on the Rustenburg and Marikana B-BBEE transactions

AFR – 92

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

6.7 Share-based payment expenses

Share based payment expenses for the year consisted of the following:


Figures in million – SA rand	Notes	2024	2023	2022
Sibanye-Stillwater 2020 to 2024 Share Plans (cash-settled scheme)	6.3	( 224 )	( 88 )	( 194 )
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme)	6.1	—	—	( 5 )
DRDGOLD (equity-settled scheme)	6.2	( 27 )	( 25 )	( 19 )
Total share-based payment expense		( 251 )	( 113 )	( 218 )
Reconciliation of the cash-settled and equity-settled share-based payment expense:
Cash-settled share-based payment expense 1		( 224 )	( 88 )	( 194 )
Equity-settled share-based payment expense		( 27 )	( 25 )	( 24 )
Total share-based payment expense		( 251 )	( 113 )	( 218 )

1 Included in the cash-settled share-based payment expense for the year ended 31 December 2024 is the grant date fair value portion of the expense amounting to

R 558 million ( 2023 : R 372 million , 2022: R 507 million ) and fair value gains after grant date of R 341 million ( 2023 : R 293 million , 2022: R 313 million ) relating to the 2020 to 2024

Share Plans and MSR Share Plans

7. Gain/(loss) on financial instruments


Figures in million – SA rand	Notes	2024	2023	2022
Fair value loss on gold hedge contracts 1		( 448 )	( 140 )	—
Fair value gain/(loss) on palladium hedge contract 2		—	72	( 241 )
Fair value (loss)/gain on zinc hedge contracts 3		( 234 )	491	—
Fair value gain/(loss) on cash-settled share-based payment obligations (Rustenburg and Marikana B-BBEE transactions)	6.6	814	1,589	( 2,155 )
Loss on the revised cash flow of the Rustenburg operation deferred payment	22.2	—	( 4 )	( 773 )
Fair value gain/(loss) on derivative instrument	28.5	1,733	( 2,136 )	—
Gain/(loss) on the revised cash flow of the Burnstone Debt	28.6	1,053	32	( 776 )
Gain/(loss) on the revised cash flow of the Marikana dividend obligation	22.2	1,046	548	( 650 )
Fair value gain/(loss) on contingent consideration (Kroondal acquisition)	22.2	396	( 137 )	—
Fair value gain/(loss) on Keliber dividend obligation	22.2	811	( 287 )	—
Fair value (loss)/gain on other investments		( 24 )	116	152
Other		286	91	164
Total gain/(loss) on financial instruments 4		5,433	235	( 4,279 )

1 On 3 May 2023, Sibanye Gold Proprietary Limited (SGL) concluded a gold hedge agreement which commenced on 4 May 2023. The agreement is structured at monthly

average prices, comprising the delivery of 154,320 ounces of gold over 12 months ( 12,860 ounces per month) with a zero cost collar which establishes a floor and cap of

R 34,214 and R 46,050 per ounce, respectively. The hedge agreement concluded in April 2024. On 17 November 2023, SGL concluded two additional gold hedge

agreements which commenced on 17 November 2023. The agreements are structured at monthly average prices, comprising the delivery of 120,000 and 240,000 ounces

of gold over 12 months , respectively. The agreements have a zero cost collar which establishes a floor of R 34,214 per ounce for both agreements and cap of R 43,545 and

R 43,800 per ounce, respectively. On 4 November 2024, SGL concluded a new gold hedge agreement which commenced on 2 December 2024. The agreement is

structured at monthly average prices, comprising the delivery of 182,000 ounces of gold over 13 months ( 14,000 ounces per month) with a zero cost collar which

establishes a floor and cap of R 45,000 and R 58,500 per ounce, respectively. On 9 December 2024, SGL concluded an additional gold hedge agreement, which

commenced on 2 January 2025. The agreement is structured at monthly average prices, comprising the delivery of 168,000 ounces of gold over 12 months ( 14,000 ounces

per month) with a zero cost collar which establishes a floor and cap of R 45,000 and R 54,400 per ounce, respectively. As hedge accounting is not applied, resulting gains

or losses are accounted for as gains or losses on financial instruments in profit or loss

2 On 17 January 2020, Stillwater Mining Company (Stillwater) concluded a palladium hedge agreement which commenced on 28 February 2020, comprising the delivery of

240,000 ounces of palladium over two years ( 10,000 ounces per month) with a zero cost collar which establishes a minimum and a maximum cap of US$ 1,500 and

US$ 3,400 per ounce, respectively. On 24 March 2021, Stillwater concluded an additional palladium hedge agreement commencing on 28 February 2022, comprising the

delivery of 140,000 ounces of palladium over a 14 -month period ( 10,000 ounces per month) with a zero cost collar which establishes a minimum floor and a maximum cap

of US$ 1,800 and US$ 3,300 per ounce, respectively. The hedge agreement concluded in March 2023. As hedge accounting is not applied, resulting gains or losses are

accounted for as gains or losses on financial instruments in profit or loss

3 Century mine concluded a hedge agreement on 15 June 2021 for 90,000 tonnes of payable zinc over three years which commenced July 2021 to June 2024 in equal

monthly deliveries ( 2,500 tonnes per month) at a fixed monthly price of A$ 3,717 /t net of all fees and costs. In November 2021, Century mine concluded an additional

hedge agreement for 90,000 tonnes of payable zinc for two years ( 3,750 tonnes per month) which commenced January 2022 to December 2023 at a fixed price of

A$ 3,938 /t net of all fees and costs. During June 2024, Century concluded two additional zinc hedge agreements, which both commenced on 1 July 2024. The first

agreement is structured at monthly average prices, comprising the delivery of 5,940 tonnes of zinc over 18 months ( 330 tonnes per month) with a zero cost collar which

establishes a floor and cap of A$ 4,300 and A$ 4,830 per tonne, respectively. The second zinc hedge agreement is structured at monthly average prices, comprising the

delivery of 30,060 tonnes of zinc over 18 months ( 1,670 tonnes per month) with a zero cost collar which establishes a floor and cap of A$ 4,100 and A$ 4,340 per tonne,

respectively. During November 2024, Century concluded two additional zinc hedge agreements, which both commenced in January 2025. The first agreement

comprises the delivery of 6,000 tonnes of zinc in January 2025 with a zero cost collar which establishes a floor and cap of A$ 4,150 and A$ 4,500 per tonne, respectively. The

second zinc hedge agreement is structured at monthly average prices, comprising the delivery of 12,000 tonnes of zinc over 12 months ( 1,000 tonnes per month) with a

zero cost collar which establishes a floor and cap of A$ 4,200 and A$ 4,780 per tonne, respectively. As hedge accounting is not applied, resulting gains or losses are

accounted for as gains or losses on financial instruments in profit or loss

4 The unrealised loss for the purpose of the statement of cash flows amounted to R 5,574 million (2023: gain of R 101 million and 2022: loss of R 4,279 million )

AFR – 93

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

8. Other costs and other income

8.1 Other costs


Figures in million – SA rand	Note	2024	2023	2022
Care and maintenance		( 1,609 )	( 1,378 )	( 794 )
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable		( 486 )	—	—
Corporate and social investment costs		( 405 )	( 149 )	( 237 )
Cost incurred on employee and community trusts		( 204 )	( 469 )	( 429 )
Onerous contract provision	30.2	( 200 )	( 1,865 )	—
Exploration costs		( 36 )	( 183 )	( 12 )
Non-mining royalties		( 73 )	( 84 )	( 235 )
Strike related costs		—	( 3 )	( 258 )
Service entity costs		( 466 )	( 366 )	( 569 )
Loss on deconsolidation of a subsidiary		—	—	( 309 )
Other		( 1,243 )	( 1,361 )	( 836 )
Total other costs		( 4,722 )	( 5,858 )	( 3,679 )

8.2 Other income


Figures in million – SA rand	Notes	2024	2023	2022
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable		40	45	71
Service entity income		307	497	464
Gain on remeasurement of previous interest in Kroondal	19	—	298	—
Sundry income		389	387	429
Insurance proceeds 1		875	—	—
Onerous contract provision utilisation/change in estimate	30.2	1,017	—	—
Profit on sale of Lonmin Canada		—	—	145
Gain on increase in equity-accounted investment		2	5	—
Gain on deregistration of a subsidiary		—	—	1
Total other income		2,630	1,232	1,110

1 Relates mainly to the business interruption insurance claim lodged by the Group at its US PGM operations resulting from the flood event which occurred during June 2022

amounting to R 838 million , also includes R 26 million received as compensation for losses incurred in respect of a property damage claim lodged by the Group at is

Australian operations

9. Restructuring costs

Restructuring costs of R 550 million ( 2023 : R 515 million , 2022 : R 363 million ) were incurred in 2024 and included voluntary separation packages.

The restructuring costs mainly related to the SA gold operations and the SA PGM operations, which amounted to R 43 million ( 2023 :

R 113 million , 2022 : R 330 million ) and R 269 million ( 2023 : R 351 million , 2022 : R 26 million ), respectively. Also included in the restructuring costs for

the year ended 31 December 2024 was restructuring costs incurred at Stillwater and Burnstone amounting to R 126 million and R 77 million ,

respectively.

AFR – 94

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

10. (Impairments)/reversal of impairments


Figures in million – SA rand	Notes	2024	2023	2022
Impairment of mining assets	14	( 9,113 )	( 38,492 )	( 1 )
Impairment of right-of-use assets — mining assets	15	( 60 )	—	—
Impairment of intangible assets	17	—	( 86 )	—
Impairment of goodwill	17	—	( 8,435 )	—
Impairment of investment in equity-accounted investee 1	18.2	—	( 423 )	—
Impairment of loan to equity-accounted investee	18.3	—	( 18 )	—
Other reversal of impairment		—	—	7
Total (impairments)/reversal of impairments		( 9,173 )	( 47,454 )	6

1 A 5.3 % decrease in the expected life-of-mine average recovered grade due to plant recoveries being affected by a change in the mineralogy of the ore, combined with

above inflationary increases in working costs, resulted in a decrease in the expected future net cash flows from Mimosa. The lower value in use at 31 December 2023 led

to an after tax equity accounted impairment of property, plant and equipment amounting to R 1,384 million (see note 12.3 ) and the further impairment of the investment

in the equity-accounted investee of R 423 million (included in SA PGM in the segment report — see note 2). The weighted average PGM (4E) basket price, nominal

discount rate and life-of-mine used in the 31 December 2023 Mimosa impairment assessment was R 26,632 /4Eoz , 31.2 % and 11 years , respectively. The recoverable amount

at 31 December 2023 was determined as R 2,757 million

31 December 2024

The carrying value of the US PGM operations (Stillwater CGU) was impaired by R 1,292 million at 31 December 2024, in addition to the

R 7,499 million recognised at 30 June 2024. The impairment is due to the resulting recoverable amount determined from the updated life-of-

mine plan which incorporates the restructure of the US PGM operations announced after 30 June 2024, and includes suspending the

operations at the Stillwater West Mine for a period of time and reducing mining at East Boulder Mine. Many of the actions relating to the

restructure were implemented towards the end of the financial year. There was also a further decrease in the expected long-term

palladium and platinum prices which resulted in a decrease in the expected future net cash flows from the Stillwater CGU, and contributed

to the reduced value in use at 31 December 2024. The impairment recognised at 30 June 2024 was due to the decrease in medium to

long-term forecast palladium and platinum prices which also resulted in a decrease in the expected future net cash flows from the

Stillwater CGU.

Specific asset impairment for the year ended 31 December 2024 relates to the Sandouville nickel refinery which was impaired by

R 221 million resulting from the settlement agreement concluded during the six months ended 31 December 2024, in terms of which the last

nickel matte was delivered early January 2025 and the remaining inventory is scheduled to be processed by the end of March 2025. The

Sandouville nickel refining operation will wind-down during H1 2025. The outcome of the pre-feasibility study to assess the potential

conversion of the Sandouville plant to produce pCAM is expected by the end of 2025. A further R 34 million specific asset impairment was

recognised at Stillwater related to assets classified as held for sale and written down to fair value. Specific asset impairments recognised for

the six months ended 30 June 2024 related to shaft 4B at Marikana which was impaired by R 112 million due to closure and the Klipfontein

open cast assets by R 11 million due to the mining area not being economically viable.

The impairment of mining assets for the year ended 31 December 2024 related to the following classes of assets:


Figures in million – SA rand	Stillwater	Other	Total
Mine development, infrastructure and other	8,825	288	9,113
Right-of-use assets	—	60	60
Total impairment	8,825	348	9,173

The assumptions applied in the 30 June 2024 and 31 December 2024 value in use impairment calculation as well as the recoverable

amount for each of the cash-generating units (CGU) impacted by the impairments are set out below:


		Stillwater
		30 June 2024	31 Dec 2024
Weighted average PGM (2E) basket price 1	US$/2Eoz	1,206	1,120
Inflation rate 2	%	2.5	2.1
Nominal discount rate 3	%	11.5	13.0
Life-of-mine 4	years	45.5	35
Recoverable amount	R' million	15,224	13,682

1 The weighted average commodity prices and exchange rate were derived by considering various bank and commodity broker consensus forecasts

2 The inflation rate is based on the expected forecast inflation rate for the geographic region which most affects the CGU's cash flows

3 The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs

4 Periods longer than five years are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash

flows over the life of each mine based on the available reserves

AFR – 95

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

31 December 2023

The impairment of mining assets and goodwill for the year ended 31 December 2023 related to the following classes of assets:


Figures in million – SA rand	Stillwater 1	Sandouville nickel refinery 2	Century retreatment operation 3	Burnstone 4	Kloof 5	Other 1	Total
Mine development, infrastructure and other	10,222	1,430	2,434	1,115	1,616	27	16,844
Land, mineral rights and rehabilitation	20,326	67	843	—	—	—	21,236
Exploration and evaluation assets	—	—	412	—	—	—	412
Intangible assets	—	86	—	—	—	—	86
Goodwill	8,352	23	—	—	—	60	8,435
Total impairment	38,900	1,606	3,689	1,115	1,616	87	47,013

1 Various operational constraints, as previously reported, in the ramp-up of the Blitz project, coupled with higher than inflation increases in operating costs and a decrease

in medium to long-term forecast palladium prices, resulted in a decrease in the expected future net cash flows from the US PGM operation. The higher weighted average

cost of capital, driven by a higher beta, in combination with the aforementioned factors, contributed to the reduced value in use at 31 December 2023, which led to an

impairment of property, plant and equipment and goodwill amounting to R 38,900 million . In addition, goodwill allocated to the US PGM operation amounting to

R 60 million pertaining to the acquisition of SFA (Oxford) was impaired

2 An onerous supply contract (see note 30.2 ), higher fixed and variable costs, significantly reduced expected sustainable production volumes and higher than initially

expected sustaining capital expenditure, resulted in the decrease in expected future net cash flows from the Sandouville nickel refinery. This, together with lower nickel

prices, reduced the value in use at 31 December 2023 and led to an impairment of property, plant and equipment, intangible assets and goodwill amounting to

R 1,606 million

3 Lower than expected production volumes, above inflationary increases in operating costs, higher sustaining capital, the approaching end of life-of-mine and the

diminishing window of opportunity to develop and operate the expansion projects concurrent with the ongoing operation, resulted in a decrease in the expected future

net cash flows from the Century zinc retreatment operation. The lower value in use at 31 December 2023 led to an impairment of property, plant and equipment

amounting to R 3,689 million

4 Consistent with the requirements of the Group’s capital allocation framework, the Burnstone project (included in the SA Gold corporate and reconciling items reportable

segment) was delayed and was expected to ramp-up again during 2025. The additional costs during the delay, the deferral of mine ramp-up and higher weighted

average cost of capital due to an increase in the beta, risk free rate and cost of debt, resulted in a decrease in the expected future net cash flows from Burnstone. The

lower value in use at 31 December 2023 led to an impairment of property, plant and equipment amounting to R 1,115 million

5 Operational constraints, including seismicity and cooling, at the Kloof 4 shaft, compounded by the shaft incident during H2 2023 that damaged the shaft infrastructure,

resulted in a severe deterioration in productivity that negatively impacted the financial viability of the Kloof 4 shaft. Consequently, during 2023, following a consultative

process, the Group announced the closure of Kloof 4 shaft, which led to the specific impairment of property, plant and equipment amounting to R 1,616 million

The assumptions applied in the 31 December 2023 value in use impairment calculation as well as the recoverable amount for each of the

cash-generating units (CGU) impacted by the impairments are set out below:


		Stillwater	Sandouville nickel refinery	Century zinc retreatment operation	Burnstone
Weighted average PGM (2E) basket price 1	US$/2Eoz	1,281
Weighted average nickel price 1	US$/lbs		8.9
Weighted average cobalt price 1	US$/lbs		15.8
Weighted average zinc price 1	A$/t			3,873
Weighted average gold price 1	R/kg				1,012,625
Inflation rate 2	%	2.5	1.6	2.9	6.0
Nominal discount rate 3	%	12.0	7.4	9.3	18.9
Life-of-mine 4 (life-of-refinery)	years	46	23	4	25
Recoverable amount	R' million	22,246	—	—	3,799

1 The weighted average commodity prices and exchange rate were derived by considering various bank and commodity broker consensus forecasts

2 The inflation rate is based on the expected forecast inflation rate for the geographic region which most affects the CGU's cash flows

3 The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs

4 Periods longer than five years are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash

flows over the life of each mine based on the available reserves

AFR – 96

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

11. Royalties, mining and income tax, and deferred tax

Significant accounting judgements and estimates

The Group, directly and indirectly, is subject to income tax in South Africa, Zimbabwe, the United Kingdom (UK), France, Finland,

Australia, India, Mexico and the US. Significant judgement is required in determining the liability for income tax due to the complexity of

legislation. During the ordinary course of business, transactions and calculations may occur for which the ultimate tax determination is

uncertain. The Group recognises liabilities for anticipated tax audit issues based on the best estimates of whether additional taxes will be

due. The Group reassesses its judgements and estimates if facts and circumstances change. To the extent required, these transactions

are disclosed in accordance with management's probability assessment. Where the facts and circumstances change or when the final

tax outcome of these matters are different from the amounts that were initially recorded, such differences will impact the income tax

and deferred tax provisions in the period in which such determination is made.

The Group recognises the net future tax benefit related to deferred tax assets to the extent that it is probable that the deductible

temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred tax assets requires the Group to

make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast

cash flows from operations and the application of existing tax laws. To the extent that future cash flows and taxable income differ

significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be

impacted.

The Group’s gold mining operations are taxed on a variable rate that increases as the profitability of the operation increases. The

deferred tax rate used to calculate deferred tax is based on the current estimate of future profitability when the temporary differences

will reverse based on tax rates and laws that have been enacted or substantively enacted at the reporting date. Depending on the

profitability of the operations, the deferred tax rate can consequently be significantly different from year to year. Calculating the future

profitability of the operations is inherently uncertain and could materially change over time.

Additionally, future changes in tax laws in South Africa, Zimbabwe, the UK, France, Finland, Australia, India, Mexico and the US could limit

the ability of the Group to obtain tax deductions in future periods.

Accounting policy

Income tax comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it

relates to a business combination, or items recognised directly in equity or in other comprehensive income.

Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date and

is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any.

Deferred tax is provided on temporary differences existing at each reporting date between the tax values of assets and liabilities and

their carrying amounts and reflects uncertainty related to income taxes, if any. Enacted and substantively enacted tax rates are used to

determine future anticipated effective tax rates which in turn are used in the determination of deferred tax.

These temporary differences are expected to result in taxable or deductible amounts in determining taxable profits for future periods

when the carrying amount of the asset is recovered or the liability is settled. The principal temporary differences arise from depreciation

of property, plant and equipment, provisions, unutilised capital allowances and tax losses carried forward.

Deferred tax is not recognised for:

• temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination, that affects

neither accounting nor taxable profit or loss and at the time of the transaction does not give rise to equal taxable and deductible

temporary differences

• temporary differences related to investments in subsidiaries, and interests in associates and joint ventures to the extent that the

Group is able to control the timing of the reversal of the temporary differences and it is probable that these will not reverse in the

foreseeable future

• taxable temporary differences arising on the initial recognition of goodwill

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and relate to

taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but intend to settle current tax liabilities

and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

Deferred tax assets relating to the carry forward of unutilised tax losses and/or unutilised capital allowances are recognised to the extent

it is probable that future taxable profit will be available against which the unutilised tax losses and/or unutilised capital allowances can

be recovered. Deferred tax assets are reviewed at each reporting date and are adjusted if recovery is no longer probable.

Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that

future taxable profits will be available against which they can be utilised.

AFR – 97

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

11.1 Royalties

Revenue from mineral resources in South Africa are subject to the Mineral and Petroleum Resource Royalty Act 2008 (Royalty Act).

The Royalty Act imposes a minimum 0.5% royalty on refined (mineral resources that have undergone a comprehensive level of

beneficiation such as smelting and refining as defined in Schedule 1 of the Royalty Act) and unrefined (mineral resources that have

undergone limited beneficiation as defined in Schedule 2 of the Royalty Act) minerals payable to the State. The royalty in respect of refined

and unrefined minerals (which includes gold refined to 99.5 % and above, and PGMs refined to 99.9 % ) is calculated by dividing earnings

before interest and taxes (EBIT) by the product of 12.5 times, in respect of refined, and 9 times, in respect of unrefined, gross revenue

calculated as a percentage, plus an additional 0.5 % . EBIT refers to taxable mining income (with certain exceptions such as no deduction

for interest payable and foreign exchange gains or losses not relating to the sale of the mineral) before assessed losses but after capital

expenditure. A maximum royalty of 5 % of mining revenue has been introduced on refined minerals and 7 % on unrefined minerals. The

Group is also exposed to a royalty tax in Queensland, Australia on sales of Zinc from the Century mine depending on average metal prices.

The Group is not exposed to royalty taxes in the US, France and Finland, however the Finnish government has introduced a mineral royalty

tax which became effective in 2024. Since the Group does not yet produce minerals from the Keliber operations, no royalties were paid for

the year ended 31 December 2024.


Figures in million – SA rand	2024	2023	2022
Current charge	( 543 )	( 1,050 )	( 1,834 )
SA gold royalties	( 115 )	( 115 )	( 64 )
SA PGM royalties	( 212 )	( 804 )	( 1,770 )
Australian royalties	( 216 )	( 131 )	—
Total royalties	( 543 )	( 1,050 )	( 1,834 )

11.2 Mining and income tax

South African statutory tax rates

Gold mining, mining and non-mining tax

Gold mining tax is determined according to a formula which takes into account the profit and revenue attributable to gold mining

operations. Mining taxable income (SA PGM and SA gold) is determined after the deduction of all mining capital expenditure, with the

provision that this cannot result in an assessed loss. Capital expenditure amounts not deducted are carried forward as unredeemed capital

expenditure to be deducted from future mining income. Accounting depreciation is disregarded for the purpose of calculating mining tax.

In the gold mining tax formula, the percentage rate of tax payable and the ratio of gold mining profit, after the deduction of redeemable

capital expenditure, to gold mining revenue is expressed as a percentage.

Non-mining income consists primarily of interest income, third party gold processing and rental income and was taxed at the South African

company tax rate of 27% .

Company tax rate

Companies, other than gold mining companies, are subject to the maximum South African company tax rate of 27% .

US statutory tax rates

The US PGM operations are subject to tax at the statutory tax rate in the states of Montana (6.75%), Pennsylvania (8.49%) and Florida (5.5%)

as well as the federal statutory rate (21%). Effective 1 January 2025, all apportionable income in Montana will be apportioned using a single

sales factor formula, while it currently uses a three-factor apportionment formula. The estimated impact of this change was incorporated in

the Group's mining and income tax provision to the extent appropriate, which includes any related deferred tax impacts. The Reldan

operations are subject to tax at the statutory tax rate in the state of Pennsylvania (8.49%) as well as the federal statutory tax rate (21%).

France, Finland and Australia statutory tax rates

Sandouville, Keliber and Century mine are subject to tax at a corporate income tax rate of 25% , 20% and 30% , respectively.

International tax reform - Pillar Two Model Rules exposure

The Organisation for Economic Co-operation and Development (OECD) published the Pillar Two model rules designed to address the tax

challenges arising from the digitalisation of the global economy. It is unclear if the Pillar Two model rules will create additional temporary

differences, whether it will result in the remeasurement of deferred taxes and which tax rate should be used to measure deferred taxes. The

Group applied the temporary exception issued as part of the amendments to IAS 12 Income Taxes to not recognise or disclose information

about deferred tax assets and liabilities related to the proposed Pillar Two model rules.

Pillar Two legislation is enacted or substantively enacted in certain jurisdictions where the Group operates, namely, South Africa, Australia,

Barbados, France, Finland, Canada, the United Kingdom and Zimbabwe and was effective in these jurisdictions for the Group’s financial

year beginning 1 January 2024 for purposes of the Income Inclusion Rule (IIR) and Qualified Domestic Minimum Top-up Tax (QDMTT). The

Group performed an assessment of the potential exposure arising from Pillar Two legislation for jurisdictions where Pillar Two requirements

are effective for the year ended 31 December 2024. Based on the assessment performed by the Group and application of the available

transitional safe harbours, there is no impact on mining and income tax for jurisdictions where Pillar Two legislation is effective.

AFR – 98

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

In the remaining jurisdictions where the Group operates, Pillar Two legislation is not yet effective for the year ended 31 December 2024. In

Gibraltar (where the Group owns an insurance cell investment), legislation was prepared and enacted, however, the legislation will only be

effective for the Group’s 2025 financial year. The Group performed an assessment of the potential exposure to Pillar Two income taxes

based on the most recent financial information for 2024. Based on the assessment performed, the Pillar Two effective tax rates in all

jurisdictions in which the Group operates are above 15 % , being the minimum proposed tax rate, or the jurisdiction will meet one of the

transitional safe harbours and management is not currently aware of any circumstances under which this might change. Therefore, the

Group does not expect a potential significant exposure to Pillar Two top-up taxes for the remaining jurisdictions where the Group operates,

based on the latest information for the year ended 31 December 2024.

Mining and income tax

The components of mining and income tax are as follows:


Figures in million – SA rand	Note	2024	2023	2022
Current tax		( 1,418 )	( 3,178 )	( 9,282 )
Mining tax		( 752 )	( 2,960 )	( 8,225 )
Non-mining tax		( 427 )	( 370 )	( 310 )
Company and withholding tax		( 239 )	152	( 747 )
Deferred tax	11.3	( 78 )	5,594	358
Deferred tax charge		( 333 )	6,277	305
Prior year adjustment		( 109 )	43	—
Deferred tax rate adjustment 1		364	( 726 )	53
Total mining and income tax		( 1,496 )	2,416	( 8,924 )

1 The deferred tax rate adjustment in South Africa and the US was:


Figures in million – SA rand	2024	2023	2022
South Africa	570	( 731 )	( 150 )
United States	( 206 )	5	203
Deferred tax rate adjustment	364	( 726 )	53

The change in the estimated long-term deferred tax rate at which the temporary differences are expected to reverse as a result of applying the mining tax formula at the

SA gold operations amounted to a deferred tax benefit of R 570 million for the year ended 31 December 2024 ( 2023 : charge of R 731 million , 2022: charge of R 150 million ,

which included a partial offset resulting from the change in the South African corporate tax rate from 28% to 27% from 1 January 2023)

AFR – 99

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Reconciliation of the Group’s mining and income tax to the South African statutory company tax rate of 27% (2023: 27% , 2022: 28% ):


Figures in million – SA rand	2024	2023	2022
Tax on loss/(profit) before tax at maximum South African statutory company tax rate (27% (2023: 27%, 2022: 28%))	1,138	10,758	( 7,813 )
South African gold mining tax formula rate adjustment	41	236	19
US state tax adjustment	365	1,121	( 168 )
US statutory tax rate adjustment	( 40 )	( 2,176 )	181
Deferred tax rate differentials	—	—	16
Non-deductible amortisation and depreciation	—	( 2 )	( 2 )
Non-taxable dividend received	—	1	4
Non-deductible finance expense	( 320 )	( 180 )	( 196 )
Non-deductible share-based payments	( 7 )	( 7 )	( 7 )
Non taxable gain/(non-deductible loss) on fair value of financial instruments	1,196	( 101 )	( 976 )
Non-taxable gain on acquisition	—	243	—
(Non-deductible loss)/non-taxable gain on foreign exchange differences	( 10 )	463	22
Non-taxable share of results of equity-accounted investees	59	( 317 )	360
(Non-deductible impairments)/non-taxable reversal of impairments	—	( 2,392 )	1
Non-deductible transaction costs	( 62 )	( 158 )	( 76 )
Tax adjustment in respect of prior periods	( 81 )	10	( 35 )
Net other non-taxable income and non-deductible expenditure	( 210 )	( 272 )	324
Change in estimated deferred tax rate	364	( 726 )	53
Unrecognised or derecognised deferred tax assets 1	( 3,929 )	( 4,085 )	( 631 )
Mining and income tax	( 1,496 )	2,416	( 8,924 )
Effective tax rate	( 36 %)	6 %	32 %

1 The amount for the year ended 31 December 2024 relates mainly to unrecognised deferred tax assets at the US PGM operations of R 3,503 million and Cooke of

R 344 million . The amount for the year ended 31 December 2023 relates mainly to unrecognised deferred tax assets at Sandouville nickel refinery of R 1,358 million , Century

of R 1,319 million , Burnstone of R 436 million , Cooke of R 278 million and SGL of R 384 million . The amount for the year ended 31 December 2022 mainly consist of deferred tax

assets not recognised of R 86 million at SGL, R 227 million at Cooke and R 287 million at Burnstone

11.3 Deferred tax


Figures in million – SA rand	Notes	2024	2023	2022
Included in the statement of financial position as follows:
Deferred tax assets		( 2,451 )	( 1,942 )	( 2,442 )
Deferred tax liabilities		4,757	4,176	9,360
Net deferred tax liabilities		2,306	2,234	6,918
Reconciliation of the deferred tax balance:
Balance at beginning of the year		2,234	6,918	6,912
Deferred tax on acquisition of subsidiaries		—	348	—
Loss on remeasurement of previous interest in joint operation		—	21	—
Derecognition with deemed disposal of interest in joint operation	19	—	( 142 )	—
Deferred tax recognised in profit or loss	11.2	78	( 5,594 )	( 358 )
Deferred tax recognised in other comprehensive income		7	58	( 81 )
Foreign currency translation		( 13 )	625	445
Balance at end of the year		2,306	2,234	6,918

The detailed components of the net deferred tax liabilities which result from the differences between the amounts of assets and liabilities

recognised for financial reporting and tax purposes are:

AFR – 100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024


Figures in million – SA rand	2024	2023	2022
Deferred tax liabilities
Mining assets	12,821	9,387	13,001
Environmental rehabilitation obligation funds	888	973	713
US$ Convertible bond	—	349	—
Other	692	939	294
Gross deferred tax liabilities 1	14,401	11,648	14,008
Deferred tax assets
Environmental rehabilitation obligation	( 1,724 )	( 1,583 )	( 1,404 )
Occupational healthcare obligation	( 86 )	( 91 )	( 121 )
Other payables and provisions 2	( 2,432 )	( 2,047 )	( 1,385 )
Derivative financial instrument	—	( 349 )	—
Financial instruments	( 307 )	( 416 )	—
Tax losses and unredeemed capital expenditure	( 7,473 )	( 4,857 )	( 4,097 )
Share-based payment obligation	( 73 )	( 71 )	( 83 )
Gross deferred tax assets 3	( 12,095 )	( 9,414 )	( 7,090 )
Net deferred tax liabilities	2,306	2,234	6,918

1 The aggregate amount of temporary differences associated with investments in subsidiaries, for which no deferred tax liabilities have been recognised under the IAS 12.39

exemption at 31 December 2024 , amounts to R 956 million ( 2023 : R 811 million and 2022 : R 13,659 million )

2 This includes other payables such as lease liabilities as well as employee-related liabilities. No deferred tax asset was recognised at 31 December 2024 and 31 December

2023 for the onerous contract provision due to the low probability of future taxable profits for the Sandouville nickel refinery

3 The amount of deductible temporary differences, unused tax losses as well as unredeemed capital expenditure for which no deferred tax asset is recognised, amounted

to R 87,331 million ( 2023 : R 68,868 million and 2022 : R 48,648 million ). The amount of capital losses for which no deferred tax asset was recognised amounted to R 5,686 million

(2023: R 6,157 million , 2022: R 5,613 million ). Tax losses are available to be utilised against income generated by the relevant tax entity and do not expire unless the tax entity

concerned ceases to operate for a period of longer than one year for the South African operations. Under South African mining tax ring-fencing legislation, each tax

entity is treated separately and as such these deductions can only be utilised by the tax entities in which the deductions have been generated. Tax losses are also

available to be utilised against income generated by the relevant tax entity in France and Australia and do not expire. In Canada, tax losses expire after 20 years

11.4 Net tax, carbon tax and royalties (receivable)/payable


Figures in million – SA rand	Note	2024	2023	2022
Included in the statement of financial position as follows:
Tax, carbon tax and royalties receivable		( 863 )	( 973 )	( 723 )
Tax, carbon tax and royalties payable		342	743	104
Non-current portion of tax, carbon tax and royalties payable		13	64	11
Current portion of tax, carbon tax and royalties payable		329	679	93
Net tax, carbon tax and royalties receivable		( 521 )	( 230 )	( 619 )

Reconciliation of the net tax, carbon tax and royalties receivable balance:
Balance at beginning of the year		( 230 )	( 619 )	( 1,046 )
Royalties, carbon tax and current tax 1		1,963	4,230	11,106
Royalties, carbon tax and tax paid		( 2,236 )	( 4,131 )	( 10,681 )
Royalties and carbon tax paid		( 784 )	( 922 )	( 1,815 )
Tax paid		( 1,452 )	( 3,209 )	( 8,866 )
Tax payable/(receivable) on acquisition of subsidiaries	16.1	—	285	( 3 )
Other		—	10	( 8 )
Foreign currency translation		( 18 )	( 5 )	13
Balance at end of the year		( 521 )	( 230 )	( 619 )

1 The amount is made up of royalties tax charge of R 543 million (2023: R 1,050 million and 2022: R 1,834 million ) (see note 11.1), carbon tax charge of R 2 million (2023: tax

charge of R 2 million and 2022: tax income of R 10 million ) and current tax charge of R 1,418 million (2023: R 3,178 million and 2022: R 9,282 million ) (see note 11.2)

AFR – 101

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

12. Earnings per share

Accounting policy

Headline earnings is presented as an additional earnings number allowed by IAS 33 Earnings per Share (IAS 33) and is calculated based

on the requirements set out in SAICA Circular 1/2023. Earnings, as determined in IAS 33, is the starting point and certain remeasurements

net of related tax (current and deferred) and NCI are excluded. A remeasurement is an amount recognised in profit or loss relating to

any change (whether realised or unrealised) in the carrying amount of an asset or liability that arose after the initial recognition of such

asset or liability.

12.1 Basic earnings per share

Basic earnings per share (EPS) is calculated by dividing the profit or loss attributable to owners of Sibanye-Stillwater by the weighted

average number of ordinary shares in issue during the year.


	2024	2023	2022
Weighted average number of shares
Ordinary shares in issue (’000)	2,830,567	2,830,567	2,830,370
Adjustment for weighting of ordinary shares in issue (’000)	—	( 39 )	( 4,285 )
Weighted average number of shares (’000)	2,830,567	2,830,528	2,826,085
(Loss)/profit attributable to owners of Sibanye-Stillwater (SA rand million)	( 7,297 )	( 37,772 )	18,396
Basic EPS (cents)	( 258 )	( 1,334 )	651

12.2 Diluted earnings per share

Diluted EPS is calculated by dividing the profit attributable to owners of Sibanye-Stillwater by the diluted number of ordinary shares in issue

during the year.

Dilutive shares are the number of potentially dilutive ordinary shares that could be issued as a result of share awards granted to employees

under the equity-settled share-based payment schemes (see note 6.1 ). The assumed conversion of the US$ Convertible Bond could

potentially dilute basic earnings per share in future, however the bonds were anti-dilutive for the year ended 31 December 2023 and 31

December 2024.


	2024	2023	2022
Diluted weighted average number of shares
Weighted average number of shares (’000)	2,830,567	2,830,528	2,826,085
Potential ordinary shares (’000)	—	39	4,696
Diluted weighted average number of shares (’000)	2,830,567	2,830,567	2,830,781
Diluted basic EPS (cents)	( 258 )	( 1,334 )	650

AFR – 102

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

12.3 Headline earnings per share

Headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the weighted average number

of ordinary shares in issue during the year.

Reconciliation of profit attributable to owners of Sibanye-Stillwater to headline earnings:


Figures in million – SA rand unless otherwise stated	Notes	Gross	Net of tax
2024
Loss attributable to owners of Sibanye-Stillwater			( 7,297 )
Gain on disposal of property, plant and equipment		( 55 )	( 38 )
Impairments	10	9,173	9,098
Impairment recognised by equity-accounted investee, net of tax		19	19
Compensation for losses incurred		( 26 )	( 20 )
Foreign exchange movement recycled through profit or loss		55	55
Re-measurement items, attributable to NCI			—
Headline earnings			1,817
Weighted average number of shares (’000)			2,830,567
Headline EPS (cents)			64
2023
Loss attributable to owners of Sibanye-Stillwater			( 37,772 )
Gain on disposal of property, plant and equipment		( 105 )	( 79 )
Impairments	10	47,454	41,106
Gain on acquisition		( 898 )	( 898 )
Gain on remeasurement of previous interest in Kroondal	19	( 298 )	( 298 )
Impairment recognised by equity-accounted investee, net of tax	10	1,384	1,384
Foreign exchange movement recycled through profit or loss		( 1,663 )	( 1,663 )
Re-measurement items, attributable to NCI			4
Headline earnings			1,784
Weighted average number of shares (’000)			2,830,528
Headline EPS (cents)			63
2022
Profit attributable to owners of Sibanye-Stillwater			18,396
Gain on disposal of property, plant and equipment		( 162 )	( 128 )
Reversal of impairments	10	( 6 )	( 4 )
Loss on deconsolidation of subsidiaries		308	308
Profit on sale of Lonmin Canada		( 145 )	( 145 )
Foreign exchange movement recycled through profit or loss		( 14 )	( 14 )
Re-measurement items, attributable to NCI			9
Headline earnings			18,422
Weighted average number of shares (’000)			2,826,085
Headline EPS (cents)			652

12.4 Diluted headline earnings per share

Diluted headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the diluted weighted

average number of ordinary shares in issue during the year.


	2024	2023	2022
Diluted headline earnings (R' million)	1,817	1,784	18,422
Diluted weighted average number of shares (’000)	2,830,567	2,830,567	2,830,781
Diluted headline EPS (cents)	64	63	651

AFR – 103

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

13. Dividends

Accounting policy

Dividends are recognised as a liability on the date on which such dividends are declared.

Dividend withholding tax is a tax on shareholders receiving dividends and is applicable to all dividends paid which are subject to dividend

withholding tax based on the relevant tax requirements. The Group withholds dividend tax on behalf of its shareholders at a rate of 20% on

dividends paid. Amounts withheld are not recognised as part of the Group’s tax charge but rather as part of the dividend paid, recognised

in equity.

Cash flows from dividends paid are classified under operating activities in the statement of cash flows.

The table below illustrates the dividends declared and paid:


Figures in million – SA rand unless stated otherwise	2024	2023	2022
Dividend declared and paid (interim)	—	1,501	3,905
Dividend declared after 31 December (final)	—	—	3,452
Total dividends declared for the year	—	1,501	7,357
Dividend per share (interim) — cents	—	53	138
Dividend per share (final) — cents	—	—	122
Dividends paid during the financial year	—	4,953	9,197
Dividends paid to NCI of subsidiaries during the financial year	173	365	256
Total dividends paid for the year 1	173	5,318	9,453

1 The dividends paid is impacted by the number of shares in issue at the time of payment

Dividend policy

Sibanye-Stillwater’s dividend policy is to return at least 25 % to 35 % of normalised earnings to shareholders and after due consideration of

future requirements the dividend may be increased beyond these levels. The Board, therefore, considers normalised earnings in

determining what value will be distributed to shareholders. The Board believes normalised earnings provides useful information to investors

regarding the extent to which results of operations may affect shareholder returns.

Normalised earnings is defined as earnings attributable to the owners of Sibanye-Stillwater excluding gains and losses on financial

instruments and foreign exchange differences, impairments and related compensation, gain/loss on disposal of property, plant and

equipment, occupational healthcare expenses, restructuring costs, transactions costs, share-based payment expenses on B-BBEE

transactions, gain on acquisitions, net other business development costs, share of results of equity-accounted investees, all after tax and

the impact of NCI, and changes in estimated deferred tax rate .

Consistent with Sibanye-Stillwater’s dividend policy and Capital Allocation Framework, the Board of Directors resolved no t to declare a final

dividend ( 2023 : zero and 2022 : 122 SA cents per share) as well as no interim dividend ( 2023 : 53 and 2022 : 138 SA cents per share).The total

dividend for the year ended 31 December 2023 and 31 December 2022 was 53 and 260 SA cents per share, respectively.

AFR – 104

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Reconciliation of profit attributable to the owners of Sibanye-Stillwater to normalised earnings


Figures in million – SA rand	2024	2023	2022
(Loss)/profit attributable to the owners of Sibanye-Stillwater	( 7,297 )	( 37,772 )	18,396
Adjusted for:
(Gain)/loss on financial instruments	( 5,433 )	( 235 )	4,279
Gain on foreign exchange differences	215	( 1,973 )	( 616 )
Gain on disposal of property, plant and equipment	( 55 )	( 105 )	( 162 )
Impairments/(reversal of impairments)	9,173	47,454	( 6 )
Gain on acquisition	—	( 898 )	—
Restructuring costs	550	515	363
Transaction costs	851	474	152
Occupational healthcare gain	( 76 )	( 365 )	( 211 )
Gain on remeasurement of previous interest in Kroondal	—	( 298 )	—
Gain on increase in equity-accounted investment	( 2 )	( 5 )	—
Change in estimated deferred tax rate	( 364 )	726	( 53 )
Share of results of equity-accounted investees after tax	( 212 )	1,174	( 1,287 )
Provision for community costs post closure	24	—	—
Cyber security costs	67	—	—
Compensation for losses incurred	( 26 )	—	—
Loss on deconsolidation of subsidiaries	—	—	308
Profit on sale of Lonmin Canada	—	—	( 145 )
Tax effect of the items adjusted above	332	( 6,664 )	( 33 )
NCI effect of the items listed above	793	( 276 )	36
Normalised earnings 1	( 1,460 )	1,752	21,021

1. Non-IFRS measures such as normalised earnings is the responsibility of the Group’s Board of Directors and presented for illustration purposes only, and because of its

nature, normalised earnings should not be considered as a representation of financial performance under IFRS Accounting Standards

AFR – 105

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

14. Property, plant and equipment

Significant accounting judgements and estimates

Carrying value of property, plant and equipment

All mining assets are amortised using the units-of-production method where the mine operating plan calls for production from proved and

probable mineral reserves.

Mobile and other equipment are depreciated over the shorter of the estimated useful life of the asset or the estimate of mine life based on

proved and probable mineral reserves.

The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is

different from current forecast production based on proved and probable mineral reserves. This would generally result from the extent that

there are significant changes in any of the factors or assumptions used in estimating mineral reserves.

These factors could include:

• changes in proved and probable mineral reserves

• differences between actual commodity prices and commodity price assumptions

• unforeseen operational issues at mine sites

• conversion of resources into proven and probable mineral reserves

• changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates

• changes in mineral reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, where those lives are

limited to the life of the mine

The recoverable amounts of cash generating units (CGUs) and individual assets are determined based on the higher of value in use

calculations and fair value less cost to sell. These calculations require the use of estimates and assumptions. It is reasonably possible that the

gold, PGM, nickel, zinc and cobalt price assumptions may change which may then impact the Group estimated life-of-mine determinant

and may then require a material adjustment to the carrying value of property, plant and equipment.

The Group reviews and tests the carrying value of assets when events or changes in circumstances suggest that the carrying amount may

not be recoverable by comparing expected future cash flows to these carrying values. Assets are grouped at the lowest level for which

identifiable cash flows are largely independent of cash flows of other assets and liabilities. If there are indications that impairment may

have occurred, estimates are prepared of expected future cash flows of each group of assets. Expected future cash flows used to

determine the value in use and fair value less costs to sell of property, plant and equipment are inherently uncertain and could materially

change over time. They are significantly affected by a number of factors including reserves and production estimates, together with

economic factors such as spot and future gold, PGM, nickel, zinc and cobalt prices, discount rates, foreign currency exchange rates,

estimates of costs to produce reserves and future capital expenditure (see note 10).

Pre-production

The Group assesses the stage of each mine construction project to determine when a mine moves into the production stage. The criteria

used to assess the start date are determined based on the unique nature of each mine construction project. The Group considers various

relevant criteria to assess when the mine is substantially complete, ready for its intended use and moves into the production stage. Some of

the criteria would include, but are not limited to the following:

• the level of capital expenditure compared to the construction cost estimates

• ability to produce metal in saleable form (within specifications)

• ability to sustain commercial levels of production of metal

When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs

are expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development or ore

reserve development.

Mineral reserves estimates

Mineral reserves are estimates of the amount of product that can be economically and legally extracted from the Group’s properties. In

order to calculate the reserves, estimates and assumptions are required about a range of geological, technical and economic factors,

including but not limited to quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity

demand, commodity prices and exchange rates.

Estimating the quantity and grade of the mineral reserves requires the size, shape and depth of ore bodies to be determined by analysing

geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements

and calculations to interpret the data.

The Group is required to determine and report, inter alia, on the mineral reserves in accordance with the South African Code for Reporting

of Exploration Results, mineral resources and mineral reserves (SAMREC Code).

AFR – 106

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Estimates of mineral reserves may change from period to period due to the change in economic assumptions used to estimate mineral

reserves and due to additional geological data becoming available during the course of operations. Changes in reported proven and

probable reserves may affect the Group’s financial results and position in a number of ways, including the following:

• asset carrying values may be affected due to changes in estimated cash flows

• depreciation and amortisation charges to profit or loss may change where these are calculated on the units-of production method, or

where the useful lives of assets change

• decommissioning site restoration and environmental provisions may change where changes in ore reserves affect expectations about

the timing or cost of these activities

• the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits

Accounting policy

Mineral and surface rights

Mineral and surface rights are recorded at cost less accumulated amortisation and accumulated impairment losses. When there is little

likelihood of a mineral right being exploited, or the carrying amount has exceeded its recoverable amount, impairment is recognised in

profit or loss in the year that such determination is made.

Mine development and infrastructure

Mining assets, including mine development and infrastructure costs and mine plant facilities, are recorded at cost, which includes

capitalised borrowing costs for qualifying assets, less accumulated depreciation and accumulated impairment losses.

Costs include the purchase price of assets used in the construction of the mine, expenditure incurred to evaluate and develop new ore

bodies, as well as expenditure to define mineralisation in existing ore bodies and to establish or expand productive capacity. These costs

are capitalised until commercial levels of production are achieved, at which times the costs are amortised as set out below.

Development of ore bodies includes the development of shaft systems and waste rock removal that allows access to reserves that are

economically recoverable in the future. Subsequent to this, costs are capitalised if the criteria for recognition as an asset are met. Access

to individual ore bodies exploited by the Group is limited to the time span of the respective mining leases.

Land

Land is shown at cost and is not depreciated.

Other assets

Non-mining assets are recorded at cost less accumulated depreciation and accumulated impairment losses. These assets include the

assets of the mining operations that are not included in mine development and infrastructure. It also includes borrowing costs for qualifying

assets, mineral and surface rights, land and all the assets of the non-mining operations.

Amortisation and depreciation of mining assets

Amortisation and depreciation is determined to give a fair and systematic charge in profit or loss taking into account the nature

of a particular ore body and the method of mining that ore body. To achieve this, the following calculation methods are used:

• Mining assets, including mine development and infrastructure costs, mine plant facilities and evaluation costs, are amortised over the

life of the mine using the units-of-production method, based on estimated proved and probable mineral reserves

• Proved and probable mineral reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in

future from known mineral deposits

• Certain mining plant and equipment included in mine development and infrastructure is depreciated on a straight-line basis over their

estimated useful lives

• For certain shafts, which have a short life and/or are marginal, the depreciation is accelerated based on an adjustment to the reserves

for accounting purposes

AFR – 107

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Depreciation of non-mining assets

Non-mining assets are recorded at cost and depreciated on a straight-line basis over their current expected useful lives to their residual

values as follows:

• Vehicles: 5 years

• Computers: 3 - 5 years

• Furniture and equipment: 1 - 10 years

• Buildings and improvements: 5 - 39 years

The assets’ useful lives, depreciation methods and residual values are reassessed at each reporting date and adjusted if appropriate.

Impairment

Recoverability of the carrying values of long-term assets or CGUs of the Group are reviewed whenever events or changes in circumstances

indicate that such carrying value may not be recoverable. To determine whether a long-term asset or CGU may be impaired, the higher of

value in use (defined as: the present value of future cash flows expected to be derived from an asset or CGU) or fair value less costs to sell

(defined as: the price that would be received to sell an asset in an orderly transaction between market participants at the measured rate,

less the costs of disposal) is compared to the carrying value of the CGU.

A CGU is defined by the Group as the smallest identifiable group of assets that generates cash inflows that are largely independent of the

cash inflows from other assets or groups of assets. Generally for the Group this represents an individual operating mine, including mines

which are part of a larger mine complex. The costs attributable to individual shafts of a mine are impaired if the shaft is closed.

Impairment losses are recognised in profit or loss. Impairment recognised in respect of a CGU is allocated first to goodwill allocated/

attributable to that particular CGU and thereafter to the individual assets in the CGU.

When any infrastructure is closed down or placed on care and maintenance during the year, any carrying value attributable to that

infrastructure is tested for impairment and any impairment loss attributable to infrastructure is recognised. Expenditure incurred on care and

maintenance is recognised in profit or loss.

When the review of the events or changes in circumstances of an asset or CGU that was previously impaired indicate that such historical

carrying value is recoverable, the impairment is reversed. The reversal is limited so that the carrying value of the asset does not exceed its

recoverable amount, nor exceed what the historical carrying amount would have been should the asset not have been impaired. Reversal

of impairment losses are recognised in profit or loss. Reversal of impairment recognised in respect of a CGU is allocated to the individual

assets in the CGU.

Derecognition of property, plant and equipment

Property, plant and equipment is derecognised on disposal or closure of a shaft when no future economic benefits are expected from its

use or disposal. Any gain or loss on derecognition of an item of property, plant and equipment (calculated as the net proceeds from

disposal and the carrying amount of the item) is recognised in profit or loss.

Exploration and evaluation expenditure

All exploration and evaluation expenditure, prior to obtaining the legal rights to explore a specific area, is recognised in profit or loss. After

the legal rights to explore are obtained, exploration and evaluation expenditure, comprising the costs of acquiring prospecting rights and

directly attributable exploration expenditure, is capitalised as a separate class of property, plant and equipment or intangible assets, on a

project-by-project basis, pending determination of the technical feasibility and commercial viability.

The technical feasibility and commercial viability of extracting a mineral resource is generally considered to be determinable through a

feasibility study and when proven reserves are determinable to exist. Upon determination of proven reserves, exploration and evaluation

assets attributable to those reserves are first tested for impairment and then reclassified from exploration and evaluation assets to another

appropriate class of property, plant and equipment. Subsequently, all cost directly incurred to prepare an identified mineral asset for

production is capitalised to mine development assets. Amortisation of these assets commences once these assets are available for use,

which is expected to be when the mine is in commercial production. These assets will be measured at cost less accumulated amortisation

and impairment losses.

AFR – 108

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024


Figures in million – SA rand	Notes	Total	Mine development, infrastructure and other	Land, mineral rights and rehabilitation	Exploration and evaluation assets
2024
Cost
Balance at beginning of the year		177,016	144,102	30,145	2,769
Additions		22,471	22,378	72	21
Borrowings costs capitalised		64	64	—	—
Change in estimates of rehabilitation assets		220	35	185	—
Disposals		( 573 )	( 570 )	( 3 )	—
Derecognition of property, plant and equipment 1		( 4,355 )	( 4,345 )	( 10 )	—
Transfers to/from right-of-use assets	15	241	123	118	—
Transfers between classes of property, plant and equipment		—	( 347 )	114	233
Transfer to assets held for sale		( 169 )	( 169 )	—	—
Assets acquired on acquisition of subsidiaries	16	542	489	53	—
Foreign currency translation		4	( 108 )	153	( 41 )
Balance at end of the year		195,461	161,652	30,827	2,982
Accumulated depreciation, amortisation and impairment
Balance at beginning of the year		115,678	84,832	28,728	2,118
Amortisation and depreciation	4	8,575	8,432	143	—
Impairment	10	9,113	9,113	—	—
Disposals		( 500 )	( 497 )	( 3 )	—
Derecognition of property, plant and equipment 1		( 4,355 )	( 4,345 )	( 10 )	—
Transfer to asset held for sale		( 130 )	( 130 )	—	—
Depreciation capitalised to inventory		( 60 )	( 60 )	—	—
Foreign currency translation		234	93	171	( 30 )
Balance at end of the year		128,555	97,438	29,029	2,088
Carrying value at end of the year		66,906	64,214	1,798	894

1 Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2021 and fully depreciated by 2023, and

was derecognised, as well as other items of property, plant and equipment as no future economic benefits are expected from its use

AFR – 109

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024


Figures in million – SA rand	Notes	Total	Mine development, infrastructure and other	Land, mineral rights and rehabilitation	Exploration and evaluation assets
2023
Cost
Balance at beginning of the year		148,893	119,545	27,563	1,785
Additions		22,092	21,849	190	53
Change in estimates of rehabilitation assets 1		( 415 )	27	( 441 )	( 1 )
Disposals		( 688 )	( 676 )	( 12 )	—
Derecognition of property, plant and equipment 2		( 3,156 )	( 2,552 )	( 511 )	( 93 )
Transfers between classes of property, plant and equipment		—	( 703 )	56	647
Transfers to right-of-use assets	15	( 15 )	( 15 )	—	—
Gain on remeasurement of previous interest in joint operation		320	320	—	—
Derecognition with deemed disposal of interest in joint operation 3		( 3,465 )	( 3,465 )	—	—
Assets acquired on acquisition of subsidiaries		7,259	5,760	1,144	355
Foreign currency translation		6,191	4,012	2,156	23
Balance at end of the year		177,016	144,102	30,145	2,769
Accumulated depreciation, amortisation and impairment
Balance at beginning of the year		71,984	63,446	6,753	1,785
Amortisation and depreciation	4	9,798	8,894	904	—
Impairment	10	38,492	16,844	21,236	412
Disposals		( 630 )	( 618 )	( 12 )	—
Derecognition of property, plant and equipment 2		( 3,151 )	( 2,547 )	( 511 )	( 93 )
Derecognition with deemed disposal of interest in joint operation 3		( 2,438 )	( 2,438 )	—	—
Depreciation capitalised to inventory		96	96	—	—
Foreign currency translation		1,527	1,155	358	14
Balance at end of the year		115,678	84,832	28,728	2,118
Carrying value at end of the year		61,338	59,270	1,417	651

1 Includes a decrease to the environmental rehabilitation obligation of R 419 million (see note 30 ), decrease to the right of recoverability liability of R 6 million and a

decrease to the right of recoverability asset of R 10 million

2 Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2021 and fully depreciated by 2023, and

was derecognised, as well as other items of property, plant and equipment as no future economic benefits are expected from its use

3 The carrying value of property, plant and equipment derecognised with disposal of interest in a joint operation amounts to R 1,027 million (see note 19)

AFR – 110

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024


Figures in million – SA rand	Notes	Total	Mine development, infrastructure and other	Land, mineral rights and rehabilitation	Exploration and evaluation assets
2022
Cost
Balance at beginning of the year		129,946	103,216	24,955	1,775
Additions 1		15,944	15,862	22	60
Change in estimates of rehabilitation assets 2		( 94 )	( 54 )	( 27 )	( 13 )
Disposals		( 246 )	( 225 )	( 21 )	—
Derecognition of property, plant and equipment 3		( 3,340 )	( 3,339 )	—	( 1 )
Transfers between classes of property, plant and equipment		—	275	38	( 313 )
Assets acquired on acquisition of subsidiaries		2,738	1,450	1,086	202
Foreign currency translation		3,945	2,360	1,510	75
Balance at end of the year		148,893	119,545	27,563	1,785
Accumulated depreciation, amortisation and impairment
Balance at beginning of the year		67,452	59,718	5,959	1,775
Amortisation and depreciation	4	6,981	6,402	579	—
Impairment	10	1	1	—	—
Disposals		( 234 )	( 217 )	( 17 )	—
Derecognition of property, plant and equipment 3		( 3,323 )	( 3,323 )	—	—
Depreciation capitalised to inventory		132	132	—	—
Foreign currency translation		975	733	232	10
Balance at end of the year		71,984	63,446	6,753	1,785
Carrying value at end of the year		76,909	56,099	20,810	—

1 During the year, amortisation and depreciation on assets used in the development of the Blitz project was capitalised. As a result, additions include non-cash additions (or

amortisation and depreciation capitalised) of R 45 million

2 Includes a decrease to the environmental rehabilitation obligation of R 85 million (see note 30) , decrease to the right of recoverability liability of R 7 million and an increase

to the right of recoverability asset of R 2 million

3 Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2020 and fully depreciated by 2022, and

was derecognised as no future economic benefits are expected from its use

AFR – 111

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

15. Right-of-use assets

Accounting policy

Right-of-use assets comprise land and related infrastructure, mining equipment, vehicles and office rentals (included in the mine

development, infrastructure and other asset class) of which none meet the definition of investment property. These right-of-use assets

comprise the initial measurement of the corresponding lease liability, any initial direct costs incurred by the lessee, and an estimate of costs

to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the

underlying asset.

Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses if applicable. The assets are

depreciated over the shorter period of the lease term and useful life of the underlying asset.

If a lease transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects that the Group expects to exercise a

purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the

commencement date of the lease.

See note 29 for additional detail.


Figures in million – SA rand	Notes	2024	2023	2022
Balance at beginning of the year		560	279	222
Additions and modifications		10	164	45
Right-of-use assets acquired on acquisition of subsidiaries	16	3	297	109
Assets derecognised with deemed disposal of interest in joint operation	19	—	( 2 )	—
Impairment of mining assets	10	( 60 )	—	—
Depreciation		( 109 )	( 210 )	( 101 )
Transfers and other movements		( 244 )	15	( 2 )
Foreign currency translation		( 4 )	17	6
Balance at end of the year		156	560	279

AFR – 112

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

16. Acquisitions

Significant accounting judgements and estimates

Expected future cash flows used to determine the fair value of, inter alia, property, plant and equipment and contingent consideration are

inherently uncertain and could materially change over time. The fair value is significantly affected by a number of factors including

reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange

rates, and estimates of production costs, future capital expenditure and discount rates.

Acquisitions are assessed to determine if they qualify as business combinations or asset acquisitions in terms of the requirements of IFRS 3

Business Combinations (IFRS 3) where the Group obtains control over an entity. In order to apply IFRS 3, the assets acquired and liabilities

assumed, should constitute a business as defined in IFRS 3. Accordingly, management assesses whether the activities consist of inputs and

processes applied to those inputs that have the ability to contribute to the creation of outputs. If a transaction is not deemed to be a

business combination, it is accounted for as an asset acquisition outside of the scope of IFRS 3. The IFRS 3 scope assessment could

significantly impact the accounting treatment applied.

Accounting policy

Business combinations

The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the

acquisition of a business is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The

consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Any

contingent consideration is measured at fair value at the date of acquisition. Acquisition-related costs are expensed as incurred.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair

values at the acquisition date.

If a business combination is achieved in stages, any previously held equity interest is re-measured at its acquisition-date fair value, and any

resulting gain or loss is recognised in profit or loss or other comprehensive income, as appropriate. The fair value of the previously held

interest is then considered in the determination of goodwill. The same approach is applied where the previous interest was held in a joint

operation.

On an acquisition-by-acquisition basis, the Group recognises any NCI in the acquiree either at fair value or at the NCI’s proportionate share

of the acquiree’s net assets. Subsequently, the carrying amount of NCI is the amount of the interest at initial recognition plus the NCI’s share

of the subsequent changes in equity, plus or minus changes in the portion of interest of the equity of the subsidiary not attributable, directly

or indirectly, to Sibanye-Stillwater shareholders.

The excess of the consideration transferred, the amount of any NCI in the acquiree and the acquisition-date fair value of any previous

equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair

value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is a gain recognised directly in profit or

loss.

Asset acquisitions

For acquisitions outside the scope of IFRS 3, the purchase consideration is allocated to identifiable assets and liabilities based on their

relative fair values. Assets and liabilities that are initially measured at an amount other than cost are recognised at their respective carrying

amounts as specified in the applicable accounting standards. To the extent that contingent consideration is payable in an asset

acquisition based on future production, such variable payments are only recognised as expenses as and when incurred.

AFR – 113

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

16.1 Reldan business combination (revised)

Sibanye-Stillwater successfully concluded the acquisition of the Reldan on 15 March 2024 by acquiring 100 % of the shares and voting

interest. Reldan is a recycling group which reprocesses various waste streams to recycle precious metals and is based in Pennsylvania, USA.

In addition to Reldan's US operations, it has also established a presence in Mexico and India where it has forged strategic joint ventures with

local partners. The acquisition complements the Group's US PGM recycling business in Montana and enhances its exposure to the circular

economy.

Reldan's financial results were consolidated from the effective date. For the nine and a half months ended 31 December 2024,

Reldan contributed revenue of R 6,306 million ( US$ 344 million ) and a net profit of R 47 million ( US$ 2 million ) to the Group's results. Reldan's pro

forma revenue and net profit would have been R 7,353 million ( US$ 423 million ) and R 24 million ( US$ 1 million ), respectively, had the

acquisition been effective from 1 January 2024. Total revenue and total net loss of the Group for the year ended 31 December 2024 would

have been R 113,176 million and R 5,733 million had the acquisition been effective from 1 January 2024. In determining these amounts,

management assumed that the fair value adjustments that arose on the date of acquisition would be the same if the acquisition occurred

on 1 January 2024. The functional currency of Reldan's US operations is the US dollar.

The purchase price allocation on the effective date was allocated on a provisional basis in accordance with IFRS 3 for, amongst others,

property, plant and equipment, investments, contingent liabilities, provisions, as well as any deferred tax implications. During the 12 month

measurement period commencing on the acquisition date and ending 15 March 2025, management provisionally revised the initial

purchase price allocation due to new information obtained in accordance with IFRS 3.

Consideration

The fair value of the consideration, including previous interest held is as follows:


Figures in million – SA rand		2024
Consideration paid 1		2,943
Fair value of NCI put liability 2		109
Total consideration		3,052

1 Includes transaction-related cost of US$ 1 million ( R 23 million ) paid by Reldan on behalf of the previous owners. Cash consideration amounted to US$ 155.9 million

( R 2,920 million )

2 Relates to an NCI put option in respect of an intermediate Reldan holding company which owns an interest in the Indian joint venture operations, and may require the

Group to purchase shares from the non-controlling shareholders of Reldan if exercised by the NCI. The put option can be exercised by the NCI between three and five

years at a market price

Reldan acquisition related costs

The Group incurred total acquisition related costs of R 111 million for the year ended 31 December 2024 (2023: R 75 million ) on advisory and

legal fees. These costs are recognised as transaction costs in profit or loss during the period in which incurred.

AFR – 114

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Identified assets acquired and liabilities assumed

The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date:


Figures in million – SA rand	Notes	2024
Property, plant and equipment 2	14	542
Intangible assets 2	17	1,397
Right-of-use assets	15	3
Equity-accounted investments 2		269
Inventories 2		1,503
Trade and other receivables		163
Cash and cash equivalents 3,4		230
Lease liabilities	29	( 3 )
Other payables 3	22	( 956 )
Borrowings 2	28.8	( 84 )
Deferred revenue	32	( 120 )
Trade and other payables 3		( 175 )
Fair value of identifiable net assets acquired 1		2,769

1 Carrying value approximate fair value, except as detailed in footnote 2 below

2 Fair value of assets and liabilities for which the carrying value does not approximate fair value, excluding those not within the IFRS 3 measurement scope, were

determined as follows:

• The fair value of property, plant and equipment was determined based on market prices for similar items and where relevant, the fair value was determined using the

depreciated replacement cost method

• The fair value of intangible assets was determined based on the relief-from-royalty method which considers the discounted estimated royalty payments that are

avoided as a result of ownership as well as an income approach (multi-period excess earnings method) which considers the present value of future net cash flows to

value the vendor relationships

• The fair value of equity-accounted investments was determined based on an income approach which considers the discounted expected future cash flows of the

investment

• The fair value of inventories was based on an assessment of net realisable value

• The fair value of borrowings was determined based on a market-related discount rate

3 Cash and cash equivalents , other payables and trade and other payables, previously amounting to R 71 million , R 733 million and R 104 million at 30 June 2024,

respectively, were revised based on new information obtained in accordance with IFRS 3

4 The transaction results in net cash paid of R 2,690 million based on cash and cash equivalents acquired of R 230 million and cash consideration paid of R 2,920 million

Goodwill

Goodwill arising from the business combination is as follows:


Figures in million – SA rand		2024
Consideration paid		3,052
Fair value of identifiable net assets acquired		( 2,769 )
Goodwill 1,2,3		283

1 The goodwill is attributable to the human capital and the premium paid for the synergies and benefits expected to be derived from enhancing the Group's recycling

business across the US, Mexico and India

2 US tax legislation requires the purchase consideration to be allocated in order to determine future tax deduction. An amount of R 1,092 million ( US$ 58 million ) is estimated

to be deductible for tax purposes in the future

3 Goodwill, previously amounting to R 148 million at 30 June 2024, was revised based on new information obtained in accordance with IFRS 3. The net adjustments based on

the new information obtained resulted in additional goodwill

The table below provides a summary of the net cash paid on the acquisition of Reldan during the year ended 31 December 2024:


Figures in million – SA rand		2024
Reldan acquisition, net of cash acquired		( 2,690 )
Cash consideration paid		( 2,920 )
Cash and cash equivalents acquired		230

AFR – 115

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

17. Goodwill and other intangibles

Significant accounting judgements and estimates

Goodwill is tested for impairment on an annual basis and whenever impairment indicators are identified. Expected future cash flows used

to determine the recoverable amount of property, plant and equipment and goodwill are inherently uncertain and could materially

change over time. The recoverable amount is significantly affected by a number of factors including reserves and production estimates,

together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production

costs, future capital expenditure and discount rates (see note 10).

An individual operating mine does not have an indefinite life because of the finite life of its reserves. The allocation of goodwill to an

individual mine will result in an eventual goodwill impairment due to the depleting nature of the mine.

Accounting policy

Goodwill is stated at cost less accumulated impairment losses. Goodwill is not amortised. In accordance with the requirements of IAS 36

Impairment of Assets , the Group performs its annual impairment review of goodwill at each financial year end or whenever there are

impairment indicators to establish whether there is any indication of impairment to goodwill. Goodwill is allocated to CGUs for the purpose

of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination

in which the goodwill arose. An impairment is made if the carrying amount exceeds the recoverable amount. The recoverable amount is

determined as the higher of “value in use” and “fair value less cost to sell”, based on the cash flows over the life of the CGUs and

discounted to a present value at an appropriate discount rate. Impairment losses on goodwill are not reversed. Gains and losses on the

disposal of an entity include the carrying amount of goodwill allocated to the entity sold. Other intangible assets, including customer

relationships, software, patents and trademarks that are acquired by the Group and have finite useful lives, are measured at cost less

accumulated amortisation and any accumulated impairment losses.

Amortisation on intangible assets is calculated on a straight-line method over the estimated useful lives, and is generally recognised in profit

or loss. The estimated useful lives for intangible assets are as follows:

• Vend or relationships - Aggregators: 5 years

• Vendor relationships - Manufacturers: 10 years

• Brand: 5 years


Figures in million – SA rand	Notes	2024	2023	2022
Goodwill
Balance at beginning of the year		499	8,241	7,727
Goodwill on acquisition of subsidiaries	16.1	283	—	23
Impairment	10	—	( 8,435 )	—
Foreign currency translation		—	693	491
Carrying value at end of the year 1		782	499	8,241
Other intangibles
Cost
Balance at beginning of the year		98	86	—
Intangible assets acquired on acquisition of subsidiaries	16.1	1,397	—	83
Additions		4	—	—
Foreign currency translation		( 3 )	12	3
Balance at end of the year		1,496	98	86

Accumulated amortisation and impairment
Balance at beginning of the year		95	5	—
Impairment	10	—	86	—
Foreign currency translation		( 1 )	—	—
Charge for the year		126	4	5
Balance at end of the year		220	95	5
Carrying value at end of the year2		1,276	3	81
Total goodwill and other intangibles		2,058	502	8,322

1 The goodwill arose on the acquisition of the below subsidiaries:

• SFA (Oxford), amounting to R 123 million allocated to the Stillwater ( R 60 million ), Rustenburg ( R 44 million ) and Kroondal ( R 18 million ) CGUs, where it is tested for

impairment. During 2023, the R 60 million goodwill allocated to Stillwater was impaired (see note 10 ). The remaining carrying value of goodwill related to the SFA (Oxford)

acquisition amounts to R 63 million at 31 December 2023

• Qinisele Resources, amounting to R 54 million and fully impaired by 31 December 2020

• Cooke, amounting to R 737 million which was fully impaired by 31 December 2020

• Aquarius Platinum (South Africa) Proprietary Limited (Aquarius), amounting to R 401 million allocated to the Kroondal ( R 134 million ) and the Rustenburg operation ( R 267

million ) CGUs, where it is tested for impairment. No impairment has been recognised

AFR – 116

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

• Stillwater, amounting to US$ 450 million ( R 5,874 million ), at the exchange rate on the acquisition effective date) allocated to the Stillwater CGU. During 2023, the entire

goodwill amount allocated to the Stillwater CGU with a carrying value of R 8,352 million was impaired (see note 10 )

• DRDGOLD, amounting to R 35 million allocated to the DRDGOLD CGU, where it is tested for impairment. No impairment has been recognised

• Sandouville, amounting to R 23 million allocated to the Sandouville CGU. During 2023, the entire goodwill amount allocated to the Sandouville CGU was impaired (see

note 10 )

• Reldan, amounting to R 283 million allocated to the Reldan CGU, where it is tested for impairment. No impairment has been recognised

2 Included in the balance at 31 December 2024, is an intangible asset in respect of vendor relationships - manufacturers amounting to R 1,146 million with a remaining

amortisation period of approximately nine years

The recoverable amount of goodwill was calculated based on the value in use of the CGUs to which to goodwill was allocated.

Goodwill amounting to R 1,092 million ( US$ 58 million ) is deductible for tax purposes in respect of the Reldan acquisition (see note 16.1).

The Group’s estimates and assumptions used in the 31 December 2024 impairment testing include:


		Gold operations 1			PGM operations			Europe (Sandouville nickel refinery) 2		AUS operations	*	Reldan
		2024	2023	2022	2024	2023	2022	2023	2022	2023		2024
Average gold price 3,5	R/kg	1,324,530	1,072,364	869,035
Average PGM (4E) basket price 4,5	R/4Eoz				26,963	29,124	27,566
Average PGM (2E) basket price 5	US$/2Eoz				1,120	1,281	1,334
Average nickel price 5	US$/lbs							8.9	8.3
Average cobalt price 5	US$/lbs							15.8	22.1
Average zinc price 5	A$/t									3,873
Average gold price 5	US$/oz											2,329
Average silver price 5	US$/oz											29
Nominal discount rate — South Africa 6,7	%	14.3 - 15.7	13.7 - 15.8	13.9 - 15.8	21.3 - 21.5	22.5 - 22.7	22.5 - 22.6
Nominal discount rate — US 7	%				13.0	12.0	12.9					15.3
Nominal discount rate — Europe 7	%							7.4	9.8
Nominal discount rate — Australia 7	%									9.3
Inflation rate — South Africa 3,8	%	5.0	6.0	6.5	5.0	6.0	6.5
Inflation rate — US 8	%				2.1	2.5	4.0					2.1
Inflation rate — Europe 8	%							1.6	2.5
Inflation rate — Australia 8	%									2.9
Life-of-mine 3,9	years	4 - 10	4 - 11	4 - 10	13 - 45	14 - 47	15 - 49	23	24	4		N/A

* No impairment assessment performed at 31 December 2024 as carrying values reduced to nil due to change in the rehabilitation provision

1 Include the operating gold mines Driefontein, Kloof and Beatrix

2 The Keliber impairment assessment at 31 December 2024 applied an average lithium hydroxide price of US$ 18,640 /t (2023: US$ 22,933 /t), nominal discount rate of 9.9 %

(2023: 10.1 % ), inflation rate of 2 % (2023: 2 % ) and a life-of-mine of 23 years (2023: 24 years )

3 The estimates and assumptions used in the impairment assessment of the Burnstone project include an average gold price of R 1,189,493 /kg (2023: R 1,012,625 /kg, 2022:

R 793,473 /kg), inflation rate of 5.0 % (2023: 6.0 % , 2022: 6.5 % ) and life-of-mine of 25 years (2023: 25 years, 2022: 22 years)

4 The average PGM basket price used on the Mimosa equity-accounted joint venture was R 25,433 /4Eoz (2023: R 26,632 /4Eoz, 2022: R 25,420 /4Eoz)

5 The average prices and the exchange rate were derived by considering various bank and commodity broker consensus forecasts

6 Nominal discount rate for the Burnstone project is 17.5 % ( 2023 : 18.9 % , 2022 : 17.4 % ) and for the equity-accounted joint venture Mimosa, 22.7 % ( 2023 : 31.2 % , 2022 : 30.7 % )

7 The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs

8 The inflation rate is based on the expected forecast inflation rate in the geographical region which most affects the CGU's cash flows

9 Periods longer than five years are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash

flows over the life of each mine based on the available reserves

AFR – 117

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

The cash flows are based on the annual life-of-mine plans that takes into account the following:

• Proved and probable ore reserves of the CGUs

• Revenue based on the consensus forecast commodity prices and operating costs

• Sustaining capital expenditure estimates over the life-of-mine plan

• Developmental capital expenditure, where applicable

Results of impairment assessments for the Group's CGUs and goodwill allocated to CGUs

Other than the impairment recognised in note 10, no further impairment was recognised at 31 December 2024 for the Group's CGUs, or any

CGUs with allocated goodwill. However, holding all other assumptions constant, the table below illustrates possible changes in certain key

assumptions used in the Group's impairment assessments that could result in impairment. There was low to minimal headroom in the

recoverable amounts for the CGUs listed below.


CGU	Key assumption	Value of key assumption	Change to key assumption resulting in impairment
Marikana	Average 4E PGM basket price	R 26,380 /4Eoz	4.3 %
Keliber	Average lithium hydroxide price	US$ 18,640 /t	0.1 %
Mimosa	Average 4E PGM basket price	R 25,433 /4Eoz	0.1 %

In addition, a significant portion of the recoverable amount of the Stillwater CGU is based on the income expected from Section 45X

Advanced Manufacturing Production Tax Credit for critical minerals in the US. Negative legislative changes could have a significant impact

on the recoverable amount of the Stillwater CGU. A 1 % change in the value of the credit has a 12 % impact on the recoverable amount of

this CGU.

AFR – 118

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

18. Equity-accounted investments

Significant accounting judgements and estimates

Joint arrangements

Judgement is required to determine when the Group has joint control, which requires an assessment of the relevant activities and when the

decisions in relation to those activities require unanimous consent. The Group has determined that the relevant activities for its joint

arrangements are those relating to the operating and capital decisions of the arrangement, such as the approval of the budget and the

capital expenditure programme for each year, and appointing, remunerating and terminating the key management personnel or service

providers of the joint arrangement. The considerations made in determining joint control are similar to those necessary to determine control

over subsidiaries.

Judgement is also required to classify a joint arrangement as either a joint operation or a joint venture. Classifying the arrangement requires

the Group to assess their rights and obligations arising from the arrangement. Specifically, it considers:

• The structure of the joint arrangement – whether it is structured through a separate vehicle

• When the arrangement is structured through a separate vehicle, the Group also considers the rights and obligations arising from:

– the legal form of the separate vehicle

– the terms of the contractual arrangement

This assessment often requires significant judgement, and a different conclusion on joint control and also whether the arrangement is a joint

operation or a joint venture may materially impact the accounting.

Carrying value of Mimosa and related mineral reserves and mineral resources estimates

The Group reviews and tests the carrying value when events or changes in circumstances suggest that the carrying amount may not be

recoverable by comparing expected future cash flows to the carrying value. Expected future cash flows used to determine the value in

use and fair value less costs to sell of Mimosa are inherently uncertain and could materially change over time. These are significantly

affected by a number of factors including reserves and production estimates, together with economic factors such as spot and future

PGM prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure.

Mimosa functional currency

The functional currency of Mimosa, which is domiciled in Zimbabwe, has been determined as US dollar. During 2024, the Zimbabwean

government introduced a new gold-backed currency replacing the Zimbabwean dollar, referred to as the Zimbabwe Gold (ZiG). As a

result of this change, management reassessed whether there is a change in the functional currency of Mimosa. This assessment depends

on the primary economic environment in which the company operates, which is considered to be the environment in which it generates

and expends cash. These considerations include the currency primarily influencing sales prices, the country whose competitive forces and

regulations mainly determine sales prices and the currency that influences labour, material and other costs of production. Judgements and

assumptions made in determining the functional currency may have a significant impact on the results presented for the Group.

The determining factors in the above assessment were:

• The currency that mainly influences sales prices: Sales are invoiced and settled in US dollar

• The currency of the country whose competitive forces and regulations mainly determine the sales prices: The competitive forces and

regulations of the US primarily influences sales prices

• The currency that mainly influences labour, material and other costs: The majority of operating costs are settled in US dollar

Accounting policy

The Group’s interest in equity-accounted investees comprise interests in associates and joint ventures.

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating

policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the

arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in associates and joint ventures are accounted for using the equity method. The interests are initially recognised at cost using the

same principles as with business combinations. Subsequent to initial recognition, the consolidated financial statements include the Group’s

share of profit or loss and other comprehensive income of equity-accounted investees until the date on which significant influence or joint

control ceases. For so-called farm-in/farm-out arrangements where another party is earning into a joint venture, the Group does not

recognise any expenses incurred by the other participant to the arrangement and no equity accounted earnings are recognised until the

farm-in/farm-out arrangement is completed.

AFR – 119

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Results of associates and joint ventures are equity-accounted using the results of their most recent audited annual financial statements or

unaudited management accounts. Any losses from associates are brought to account in the consolidated financial statements until the

interest in such associates is written down to zero. The interest includes any long-term interests that in substance form part of the entity’s net

investment in the equity-accounted investee, for example long-term receivables for which settlement is neither planned nor likely to occur

in the foreseeable future. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such

associates.

The carryin g value of an equity-accounted investment represents the cost of the investment, including goodwill, the proportionate share of the post-

acquisition retained earnings and losses, any other movements in reserves, any impairment losses and loans to or from the equity-accounted

investee. The carrying value together with any long-term interests that in substance form part of the net investment in the equity-accounted investee

is assessed annually for existence of indicators of impairment and if such exist, the carrying amount is compared to the recoverable amount, being

the higher of value in use or fair value less costs to sell. If an impairment in value has occurred, it is recognised in the period in which the impairment

arose. Indicators of impairment include a significant or prolonged decline in the investments fair value below its carrying value.

The Group holds the following equity-accounted investments:


Figures in million – SA rand	Notes	2024	2023	2022
Rand Refinery 1	18.1	766	660	578
Mimosa 2	18.2	4,920	5,146	6,650
Peregrine 2	18.3	1,260	1,247	1,160
Other equity-accounted investments 3		377	95	83
Total equity-accounted investments		7,323	7,148	8,471

1 Associate

2 Joint venture

3 Includes the Group's investment in Glint Incorporated (associate) acquired during 2022 . The investment has a carrying value of R 118 million (2023: R 92 million , 2022:

R 81 million ) at 31 December 202 4. The balance also includes the Group's equity-accounted investments in Mexico and India, acquired through the Reldan business

combination (see note 16.1) which has a combined carrying value of R 258 million at 31 December 2024

18.1 Rand Refinery

Sibanye-Stillwater has a 44.4 % interest in Rand Refinery Proprietary Limited (Rand Refinery), a company incorporated in South Africa, which

is involved in the refining of bullion and by-products sourced from, inter alia, South African and foreign gold producing mining companies.

Rand Refinery is accounted for using the equity method.

The movement in the equity-accounted investment in Rand Refinery for the year is as follows:


Figures in million – SA rand	2024	2023	2022
Balance at beginning of the year	660	578	649
Share of results of equity-accounted investee after tax 1	327	315	236
Dividends received	( 221 )	( 233 )	( 307 )
Balance at end of the year	766	660	578

1 Since Rand Refinery has a 31 August year end, it is equity-accounted based on its latest management accounts for the period ended 30 November

AFR – 120

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

The Group’s interest in the summarised financial statements of Rand Refinery is as follows:


Figures in million – SA rand	2024	2023	2022
Revenue	2,129	1,738	1,189
Total comprehensive income	735	708	532
Non-current assets	803	761	556
Current assets	2,238	1,890	1,955
Non-current liabilities	( 117 )	( 44 )	( 50 )
Current liabilities	( 529 )	( 688 )	( 565 )
Net assets ( 100% )	2,395	1,919	1,896
Reconciliation of the total investment in Rand Refinery with attributable net assets:
Net assets ( 44.4 % )	1,065	853	843
Dividend received 1	( 221 )	( 116 )	( 188 )
Fair value adjustment 2	( 36 )	( 36 )	( 36 )
Reconciling items 3	( 42 )	( 41 )	( 41 )
Total investment in Rand Refinery	766	660	578

1 The dividend received relates to the dividend received from Rand Refinery after 30 November. The total dividend received for 2024 amounted to R 221 million (2023:

R 233 million , 2022: R 307 million )

2 The investment in equity-accounted investee was fair valued at 1 July 2002, the date when significant influence was obtained

3 Reconciling items relate to adjustments on consolidation of DRDGOLD’s interest in Rand Refinery

18.2 Mimosa

Sibanye-Stillwater has a 50 % interest in Mimosa Investments Limited (Mimosa), which owns and operates the Mimosa mine. The mine

produces platinum and is situated in Zimbabwe.

The movement in the equity-accounted investment in Mimosa for the year is as follows:


Figures in million – SA rand	Note	2024	2023	2022
Balance at the beginning of the year		5,146	6,650	5,413
Share of results of equity-accounted investee after tax		( 97 )	( 1,479 )	1,061
Impairment	10	—	( 423 )	—
Dividends received		( 180 )	( 208 )	( 243 )
Foreign currency translation		51	606	419
Balance at end of the year		4,920	5,146	6,650

AFR – 121

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

The Group’s interest in the summarised financial statements of Mimosa is as follows:


Figures in million – SA rand	2024	2023	2022
Revenue	6,207	6,433	8,535
Amortisation and depreciation	( 667 )	( 951 )	( 685 )
Interest income	12	64	203
Finance expense	( 89 )	( 56 )	( 71 )
Income and royalty tax	( 374 )	554	( 946 )
Income tax	( 112 )	820	( 692 )
Royalty tax	( 262 )	( 266 )	( 254 )
Profit or loss	( 194 )	( 2,957 )	2,123
Other comprehensive income	101	1,213	838
Total comprehensive income	( 93 )	( 1,744 )	2,961
Non-current assets	6,062	5,675	7,560
Property, plant and equipment 1	6,062	5,675	7,560
Right-of-use assets	—	—	—
Current assets	6,406	6,997	8,124
Cash and cash equivalents	274	770	1,545
Other current assets	6,132	6,227	6,579
Non-current liabilities	( 1,216 )	( 1,037 )	( 1,840 )
Non-current financial liabilities 2	—	—	—
Other non-current liabilities	( 1,216 )	( 1,037 )	( 1,840 )
Current liabilities	( 573 )	( 403 )	( 453 )
Current financial liabilities 2	( 573 )	( 403 )	( 453 )
Other current liabilities	—	—	—
Net assets ( 100% )	10,679	11,232	13,391
Reconciliation of the total investment in Mimosa with attributable net assets:
Net assets ( 50 % )	5,340	5,616	6,696
Impairment of investment in Mimosa	—	( 423 )	—
Reconciling items 3	( 420 )	( 47 )	( 46 )
Total investment in Mimosa	4,920	5,146	6,650

1 The Group impaired the property, plant and equipment of Mimosa at 31 December 2023 (see note 10 ) amounted to R 3,728 million of which the Group's 50 % share

amounted to R 1,864 million ( R 1,384 million net of tax (see note 12.3 )).

2 Non-current and current financial liabilities (excluding trade and other payables and provisions) were zero for all periods presented, except for 2022, when the current

financial liabilities (excluding trade and other payables and provisions) amounted to R 35 million

3 The reconciling items include the difference between the carrying amount and fair value of the Mimosa’s identifiable assets and liabilities on acquisition less accumulated

amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign joint venture

Repatriation of funds from Zimbabwe is subject to regulatory approval in Zimbabwe.

18.3 Peregrine

On 29 June 2018, Sibanye-Stillwater announced that it had entered into an agreement with Regulus Resources Inc. (Regulus) and a newly

formed subsidiary of Regulus, Aldebaran, creating a strategic partnership in order to unlock value at its Altar copper-gold project in San

Juan Province, Argentina (Altar Project), currently held in the US PGM operations. Under the terms of the agreement, Stillwater Canada LLC,

an indirect, wholly-owned subsidiary of Sibanye-Stillwater (Stillwater Canada), entered into an option and joint venture agreement with

Aldebaran, whereby Aldebaran has the option to earn into a maximum 80 % interest in a wholly-owned subsidiary of Stillwater Canada,

Peregrine Metals Limited (Peregrine) which owns the Altar Project (Arrangement Agreement).

The consideration for Aldebaran to acquire up to an 80 % interest in the Altar Project, included:

• An upfront cash payment of US$ 15 million to Sibanye-Stillwater on closing of the Arrangement Agreement

• 19.9 % of the shares of Aldebaran

• A commitment from Aldebaran to carry the next US$ 30 million of exploration spend at the Altar Project over a maximum of five

years (inclusive of 2018 drilling that was conducted between February and May of 2018) as an initial earn-in of a 60 % interest in the Altar

Project (the Initial Earn-in)

Pursuant to the Arrangement Agreement, Aldebaran also received the right to elect to earn-in an additional 20 % interest in the Altar

Project by spending an additional US$ 25 million exploration expenditure over a three -year period following the Initial Earn-in.

AFR – 122

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Peregrine was a subsidiary of Stillwater Canada. On 25 October 2018, Aldebaran issued an aggregate of 15,449,555 Aldebaran shares to

Sibanye-Stillwater, representing 19.9 % of the current 77,635,957 issued and outstanding Aldebaran shares, and made an upfront cash

payment of US$ 15 million to Sibanye-Stillwater in accordance with the Arrangement Agreement. From this date, Stillwater Canada and

Aldebaran act together to direct the relevant activities of and, therefore, collectively control Peregrine. As a result of the loss of control,

Peregrine was derecognised as a subsidiary and accounted for as an equity-accounted investment. On 14 August 2023, Aldebaran

successfully completed the Initial Earn-in and elected to earn-in an additional 20 % in Peregrine over a three -year period for an additional

exploration expenditure of US$ 25 million . Subsequent to 31 December 2024, the additional earn-in process was completed. On 7

November 2024, Aldebaran announced that they have entered into a joint venture agreement with Nuton Holdings Limited (Nuton),

whereby Nuton can acquire a 20 % indirect interest in the Altar Project by making staged payments totalling US$ 250 million . Final payment

in terms of the agreement is expected to be made in 2026 if Nuton agrees to proceed. The Group will retain a 20 % interest in Peregrine

upon conclusion of the additional earn-in by Aldebaran as well as the conclusion of the JV agreement with Nuton.

At 31 December 2024 , the Group had a 40 % ( 2023 : 40 % , 2022 : 100 % ) legal interest in Peregrine, which is subject to an additional earn-in

arrangement of 20 % as described above . At 31 December 2024 , Aldebaran was not in breach of the earn-in requirements.

The equity-accounted investment in Peregrine movement for the year is as follows:


Figures in million – SA rand	Note	2024	2023	2022
Balance at the beginning of the year		1,247	1,160	1,086
Impairment of loan to Peregrine	10	—	( 18 )	—
Foreign currency translation		13	105	74
Balance at end of the year		1,260	1,247	1,160

The Group’s interest in the summarised financial statements of Peregrine is as follows:


Figures in million – SA rand	2024	2023	2022
Non-current assets	2,859	2,830	3,004
Current assets	—	—	—
Non-current liabilities	( 10 )	( 9 )	( 426 )
Current liabilities	—	—	( 16 )
Net assets ( 100% )	2,849	2,821	2,562
Reconciliation of the total investment in Peregrine with attributable net assets:
Net assets ( 20 % (2023: 20 % and 2022: 40 % )) 1	570	564	1,025
Reconciling items 2	690	683	135
Total investment in Peregrine	1,260	1,247	1,160

1 Disclosed on the basis that Aldebaran will successfully complete their earn-in obligation in terms of the agreement as described above

2 The reconciling items include the difference between the carrying amount and fair value of the Peregrine’s identifiable assets and liabilities on acquisition less

accumulated amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign equity-accounted investment. This also includes the

dilution in the interest resulting from the earn-in requirements

18.4 Cash additions to equity-accounted investments

The table below summarises the cash paid during the year for investments in equity-accounted investees:


Figures in million – SA rand	2024	2023	2022
Century	—	( 373 )	—
Glint	( 35 )	( 23 )	( 92 )
Total cash paid	( 35 )	( 396 )	( 92 )

AFR – 123

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

19. Interests in joint operations

Accounting policy

A joint operation is a joint arrangement in which the parties that share joint control have rights to the assets, and obligations for the

liabilities, relating to the arrangement.

The following are recognised in the consolidated financial statements in relation to the Group’s interests in joint operations:

• the Group’s share of the jointly controlled assets, classified according to the nature of the assets

• any liabilities that the Group has incurred

• the Group’s share of any liabilities incurred jointly with the other venturers in relation to the joint operation

• any income from the sale or use of the Group’s share of the output of the joint operation, together with the Group’s share of

any expenses incurred by the joint operation

• any expenses that the Group has incurred in respect of its interest in the joint operation

Kroondal Mine

The Group’s interests in joint operations included a 50 % interest in the Kroondal PSA . On 31 January 2022, Sibanye-Stillwater announced it

had entered into an agreement with RPM, through its subsidiary SRPM, which resulted in SRPM assuming full ownership of the Kroondal

operation. On 1 November 2023, the sale transaction became effective and the Group assumed full ownership of Kroondal . In accordance

with the requirements of IFRS 3, the Group remeasured its interest in Kroondal to fair value at the effective date of the acquisition. This

resulted in a gain on remeasurement of R 298 million , which was included in other income (see note 8.2). The fair value of the existing

interest in the Kroondal joint operation at the date of acquisition was included in calculating the gain on acquisition of R 898 million and

formed part of the total assets and liabilities acquired in the business combination.

The table below summarises the assets and liabilities after remeasurement to fair value, which were held by the Group through its interest in

the Kroondal joint operation, and deemed to be disposed of, at the effective date of the acquisition:


Figures in million – SA rand	Notes	2023
Property, plant and equipment	14	1,027
Right-of-use asset	15	2
Environmental rehabilitation obligation funds	21	260
Other receivables		255
Inventories		97
Trade and other receivables		1,731
Cash and cash equivalents		489
Environmental rehabilitation obligation and other provisions	30.1	( 818 )
Deferred tax liabilities	11.3	( 142 )
Other payables		( 23 )
Cash-settled share-based payment obligations	6.6	( 15 )
Trade and other payables		( 509 )
Total fair value of previously held interest		2,354

AFR – 124

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

20. Other investments

Significant accounting judgements

Where the Group holds less than 20% interest in a company, the assessment of whether there is significant influence and hence an equity-

accounted investment may involve judgement. These judgements typically include the extent of representation on the board of directors,

other involvement in the company such as technical committee, any other contractual arrangements as well as the effective influence

that the particular shareholding interest provides. A different conclusion could have a significant impact on the measurement,

presentation and disclosure of the particular investment.

Accounting policy

On initial recognition of an equity investment that is not held for trading, the Group may make an irrevocable election to present

subsequent changes in the investment’s fair value in other comprehensive income (FVTOCI). This election is made on an investment-by-

investment basis. These investments are subsequently measured at fair value, with dividends recognised in profit or loss unless the dividend

clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI (in the mark-to-market

reserve) and are never reclassified to profit or loss.

Investments, other than investments in equity instruments, are measured at amortised cost if not measured at fair value through profit or loss

(FVTPL), and is held with the objective to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows

that are solely payments of principal or interest on the principal amount outstanding.

All investments not classified as measured at amortised cost or at FVTOCI as described above are measured at FVTPL, with subsequent

changes in the investment's fair value recognised in profit or loss. In addition, on initial recognition, the Group may irrevocably designate an

investment that otherwise meets the requirements to be measured at amortised cost as measured at FVTPL if doing so eliminates or

significantly reduces an accounting mismatch that would otherwise arise.

The Group holds the following investments:


Figures in million – SA rand	2024	2023	2022
Designated at FVTOCI investments:
Rand Mutual Assurance Company Limited	197	166	149
Furuya Metal Company Limited 1	515	500	455
Aldebaran 2	608	304	238
Generation Mining Limited 3	64	106	322
ioneer Limited 4	272	277	643
Century 5	—	—	258
Other	8	22	98
Mandatorily measured at FVTPL investments:
Verkor S.A. (Verkor) 6	904	951	554
EnHyWhere	41	107	78
Other	562	452	380
Amortised cost investments	336	294	165
Total other investments	3,507	3,179	3,340

1 The Group holds approximately 4.89 % in Furuya Metal Company Limited which is incorporated in Japan and listed on the Tokyo Stock Exchange. Its main business is the

manufacture/sale of industrial-use precious metals

2 The Group holds 14.34 % in Aldebaran which is incorporated in Canada and listed on the Toronto Stock Exchange (TSX). Aldebaran is a mineral exploration company

3 The Group holds 13.85 % in Generation Mining Limited which is incorporated in Canada and listed on the TSX. Generation Mining Limited is in the process of developing the

Marathon copper-palladium project

4 The Group holds 6.19 % in ioneer Limited (ioneer) which is incorporated in Australia. ioneer is an emerging lithium-boron producer listed on the Australian Securities

Exchange (ASX) and currently owns 100 % of the Rhyolite Ridge lithium-boron project (Rhyolite Ridge) in Nevada in the US. The fair value of the investment is based on the

listed share price of ioneer at 31 December 2024 (see note 36.2)

5 On 27 October 2021, Sibanye-Stillwater entered into a subscription agreement with Century Resources Limited incorporated in Australia (and listed on the ASX), where the

Group agreed to purchase ordinary shares as part of a capital raising by Century. The aggregate investment represented a 19.9 % ownership interest at 31 December

2022. The Group acquired a 100 % shareholding in Century during 2023

6 On 22 March 2022, the Group, through its wholly-owned subsidiary, Sibanye Battery Metals Proprietary Limited, invested in Verkor by subscribing for a € 25 million

( R 409 million ) convertible bond. Verkor is a French Gigafactory project aiming to enter the European battery materials market as a manufacturer of low-carbon footprint

batteries for application in electric vehicles and large-scale stationary storage markets. The convertible bond was converted into preference shares during September

2023. The convertible bond was recognised as an investment measured at fair value, with net gains and losses recognised in profit or loss. Subsequent to conversion, the

preference shares continue to be measured at fair value through profit or loss. During September 2023, the Group also subscribed for a further € 15 million ( R 303 million )

preference share investment, which is measured at fair value through profit or loss. The fair value of the total investment in Verkor amounted to R 904 million at 31

December 2024 (2023: R 951 million , 2022: R 554 million ) , with R 46 million (2023: R 93 million gain, 2022: R 145 million gain ) recognised as a fair value loss for the year ended 31

December 2024

Fair value of other investments

Other investments consists primarily of listed investments and other short-term investment products, which are measured at fair value or

have carrying amounts that approximates fair value. The fair values of non-listed investments included in other investments are determined

through valuation techniques that include inputs that are not based on observable market data. Fair value measurements of listed

investments are categorised as level 1 and 2 under the fair value hierarchy and non-listed investments as level 3 (see note 36.1 ) .

AFR – 125

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

21. Environmental rehabilitation obligation funds

In order to offset the environmental effects of the Group's mining activities, the Group sets aside funds for rehabilitation of the

environmental impacts of its operations, in order to fund rehabilitation according to the expected closure and rehabilitation plans.

Accounting policy

The Group’s rehabilitation obligation funds consist of investments measured at FVTPL and those measured at amortised cost. Rehabilitation

obligation funds measured at fair value include a fixed income portfolio of bonds, rehabilitation policies and cell captive investments.

These funds are measured at fair value at each reporting date. The fair value is determined with reference to underlying bond prices using

industry valuation techniques and appropriate models. Rehabilitation obligation funds measured at amortised cost mainly comprise term

and notice deposits. These financial instruments are measured at amortised cost, using the effective interest method.

Contributions are made to dedicated environmental rehabilitation obligation funds to fund the estimated cost of rehabilitation during and

at the end of the life of the relevant mine. The amounts contributed to these funds are included under non-current assets and are

measured at fair value through profit or loss. Interest earned on monies paid to rehabilitation funds is accrued on a time proportion basis

and is recorded as interest income where relevant.

In addition, funds are set aside to serve as collateral against the guarantees made to regulatory authorities for environmental rehabilitation

obligations.


Figures in million – SA rand	Notes	2024	2023	2022
Balance at beginning of the year		5,927	5,306	5,202
Assets acquired on acquisition of subsidiary	16	—	616	—
Assets derecognised with deemed disposal of interest in joint operation	19	—	( 260 )	—
Contributions made		273	185	86
Payments received		( 24 )	( 322 )	( 33 )
Interest income	5.1	404	339	235
Transfer to other financial assets		—	( 22 )	( 264 )
Fair value gain 1		112	80	80
Foreign currency translation		( 1 )	5	—
Balance at end of the year		6,691	5,927	5,306

Environmental rehabilitation obligation funds are measured as follows:
FVTPL		3,750	3,212	2,801
Amortised cost		2,941	2,715	2,505

Environmental rehabilitation obligation funds comprise of the following:
Restricted funds 2		2,134	1,850	1,616
Other funds		4,557	4,077	3,690

1 The environmental rehabilitation trust fund includes a fixed income portfolio of bonds that are fair valued at each reporting date

2 The funds are set aside to serve as collateral against the guarantees made to the Department of Minerals, Resources and Energy for environmental rehabilitation

obligations

Fair value of environmental rehabilitation obligation funds

Environmental rehabilitation obligation funds comprise fixed income portfolio of bonds, rehabilitation policies, investment in a cell captive

as well as fixed and notice deposits. A portion of the environmental rehabilitation obligation funds are measured at FVTPL as stated above,

while the carrying values of those measured at amortised cost, approximate fair value based on the nature and terms of the investments

(see note 36.1 ).

Credit risk

The Group is exposed to credit risk on the total carrying value of the investments held in the environmental rehabilitation obligation funds.

The Group has reduced its exposure to credit risk by investing in funds with a limited number of major financial institutions.

AFR – 126

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

22. Other receivables and other payables

Significant accounting judgements and estimates

Expected future cash flows used to determine the carrying value of the other payables (namely the Rustenburg operation deferred

payment, right of recovery payable, Marikana dividend obligation and contingent consideration), the right of recovery receivable and the

fair value of hedge instruments are inherently uncertain and could materially change over time. The expected future cash flows are

significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the

expected commodity price, currency exchange rates, and estimates of production costs, future capital expenditure and discount rates.

Accounting policy

Financial instruments included in other receivables are categorised as financial assets measured at amortised cost and those included in

other payables are categorised as other financial liabilities as applicable. These assets and liabilities are initially recognised at fair value.

Subsequent to initial recognition, financial instruments included in other receivables and other payables are measured at amortised cost,

except where fair value through profit or loss measurement is appropriate. Contingent consideration, the metals borrowings liability and

derivative financial instruments are measured at fair value through profit or loss.

Reimbursements, such as rehabilitation reimbursements from other parties are not financial instruments, and are recognised as a separate

asset where recovery is virtually certain. The amount recognised is limited to the amount of the relevant rehabilitation provision. If the party

that will make the reimbursement cannot be identified, then the reimbursement is generally not virtually certain and cannot be recognised.

If the only uncertainty regarding the recovery relates to the amount of the recovery, the reimbursement amount often qualifies to be

recognised as an asset.

Other receivables and payables that do not arise from contractual rights and obligations, such as receivables on rates and taxes, are

recognised and measured at the amount expected to be received or paid.

22.1 Other receivables


Figures in million – SA rand	2024	2023	2022
Right of recovery receivable	—	—	275
Rates and taxes receivable	94	74	93
Pre-paid royalties	296	310	322
Palladium hedge derivative asset	—	—	50
Other	257	165	139
Total other receivables	647	549	879
Reconciliation of the non-current and current portion of the other receivables:
Other receivables	647	549	879
Current portion of other receivables	( 156 )	( 26 )	( 81 )
Non-current portion of other receivables	491	523	798

22.2 Other payables


Figures in million – SA rand	2024	2023	2022
Deferred payment (Rustenburg operation acquisition)	—	—	3,518
Contingent consideration (Kroondal acquisition)	—	1,570	—
Right of recovery payable	—	—	34
Deferred/contingent consideration (Pandora acquisition)	—	44	128
Marikana dividend obligation	730	1,626	2,129
Keliber dividend obligation	388	1,147	—
Metals borrowings liability	855	—	—
NCI put liability	109	—	—
Gold and zinc hedge derivative liability	494	173	—
Other	873	862	582
Total other payables	3,449	5,422	6,391
Reconciliation of the non-current and current portion of the other receivables:
Other payables	3,449	5,422	6,391
Current portion of other payables	( 1,634 )	( 2,015 )	( 3,891 )
Non-current portion of other payables	1,815	3,407	2,500

AFR – 127

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Right of recovery receivable and payable

Based on the Kroondal PSA with Anglo American Platinum Limited, Kroondal held a contractual right to recover 50 % of the rehabilitation

obligation relating to environmental rehabilitation resulting from PSA operations from RPM, where this rehabilitation relates to property

owned by the Kroondal operation. Likewise RPM held a contractual right to recover 50 % of the rehabilitation obligation relating to

environmental rehabilitation resulting from the PSA operations from Kroondal Operations, where the rehabilitation relates to property

owned by RPM. On 1 November 2023, the Group (through SRPM) acquired RPM's 50 % of the PSA (see note 19 ), which included RPM's

respective right of recovery receivable and payable. As a result, the right of recovery receivable and payable eliminates on consolidation

following the Kroondal acquisition.

Deferred payment (Rustenburg operation acquisition)

The purchase consideration in the Rustenburg operation transaction included a deferred payment, calculated as being equal to 35 % of

the distributable free cash flow generated by the Rustenburg operation over a six year (1 January 2017 to 31 December 2022) period from

inception (latest of the transaction closing or 1 January 2017), subject to a minimum payment of R 3.0 billion . The deferred payment liability

at 31 December 2022 was calculated based on the actual distributable free cash flow of the Rustenburg operation for the year ended 31

December 2022. For prior periods, the deferred payment liability was calculated using estimated cash flow models that used several key

assumptions, including estimates of future sales volumes, PGM prices, operating costs and capital expenditure. The liability was settled on

30 March 2023.

The deferred payment movement for the year is as follows:


Figures in million – SA rand	Notes	2024	2023	2022
Balance at the beginning of the year		—	3,518	6,920
Interest charge	5.2	—	85	266
Payment of deferred payment		—	( 3,607 )	( 4,441 )
Loss on revised estimated cash flows	7	—	4	773
Balance at end of the year		—	—	3,518

Contingent consideration (Kroondal acquisition)

The Group (through SRPM) assumed full ownership of Kroondal on 1 November 2023 (effective date) by acquiring RPM's 50 % in the

Kroondal PSA. The Group agreed to pay RPM a contingent consideration based on a percentage of the cumulative pre-tax cash flows of

the Kroondal PSA until a total of 1,350,000 4E ounces (on a 100% basis) was delivered to RPM (agreed PSA ounces). At the effective date,

approximately 204,517 4E ounces were still outstanding in terms of the Kroondal PSA and continued to be delivered under the terms of the

PoC arrangement. The percentage was determined based on a sliding scale/specific ranges of the PGM basket price included in the sale

agreement. The Group would not make any payment to RPM if the cumulative pre-tax cash flows of the Kroondal PSA was negative. The

remaining ounces were delivered during 2024 and resulted in the Group settling this portion of the contingent consideration amounting to

cash payments of R 292 million . The Group also agreed to pay RPM an amount equal to 50 % of the amount receivable from RPM at the end

of the final measurement period in respect of the agreed PSA ounces (agreed PSA ounces receivable). The Group determined the

contingent consideration at the effective date as 50 % of the agreed PSA ounces receivable. RPM withheld 50 % of each payment of the

agreed PSA ounces receivable until the payment of R 882 million was paid in full. This payment is a non-cash transaction for the Group, as

the contingent consideration was offset with the 50 % of the PSA ounces.

The Kroondal contingent consideration movement for the year is as follows:


Figures in million – SA rand	Note	2024	2023	2022
Balance at the beginning of the year		1,570	—	—
Contingent consideration on acquisition of subsidiary		—	1,433	—
Payment made		( 1,174 )	—	—
(Gain)/loss on revised estimated cash flows 1	7	( 396 )	137	—
Balance at end of the year		—	1,570	—

1 The total net (gain)/loss is made up of the fair value movement recognised on the contingent consideration in respect of the delivery of the agreed PSA ounces (gain of

R 8 million (2023: R 33 million )) and the agreed PSA ounces receivable (gain of R 388 million (2023: loss of R 170 million ) )

Deferred/contingent consideration (Pandora acquisition)

The Lonmin group acquired the remaining 50 % stake in Pandora Joint Venture in 2017. The purchase price included a deferred and

contingent consideration element. The deferred payment element represented a minimum consideration of R 400 million , which was settled

through a cash payment based on 20 % of the distributable free cash flows generated from the Pandora E3 operations on an annual basis

for a period of 6 years , ended on 30 November 2023. The fair value of the deferred consideration at acquisition of Lonmin by the Group

was determined using the present value of the future cash flows at a discount rate of 12.5 % . The contingent consideration element was

based on the extent to which 20 % of the distributable free cash flows exceeded R 400 million . This element was valued at R 44 million at 31

December 2023 (2022: R 13 million ) . The distributable free cash flow was derived from forecast cash flow models. These models used several

key assumptions, including estimates of future sales volumes, PGM prices, operating costs and capital expenditure. The Group settled the

remaining R 44 million liability on 1 February 2024.

AFR – 128

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

The Pandora deferred consideration movement for the year is as follows:


Figures in million – SA rand	Note	2024	2023	2022
Balance at the beginning of the year		44	128	400
Interest charge	5.2	—	3	18
Loss/(gain) on revised estimated cash flows		—	39	( 112 )
Payment made		( 44 )	( 126 )	( 178 )
Balance at end of the year		—	44	128

Marikana dividend obligation

The Marikana dividend obligation relates to amounts payable to external shareholders through an intermediate company holding

structure. The obligation is classified as a financial liability measured at amortised cost. At year end, the dividend obligation was measured

applying the same assumptions as set out in note 6.5 , except for the discount rates of 11.64 % (EPL) and 11.71 % (WPL), which remains

consistent over the life of the obligation ( see note 6.5 for additional detail regarding the Marikana B-BBEE transaction).

The following table summarises the changes in the Marikana dividend obligation:


Figures in million – SA rand	Notes	2024	2023	2022
Balance at the beginning of the year		1,626	2,129	1,539
Interest — unwinding of amortised cost	5.2	188	236	165
(Gain)/loss on revised estimated cash flows 1	7	( 1,046 )	( 548 )	650
Payments made		( 38 )	( 191 )	( 225 )
Balance at end of the year		730	1,626	2,129

1 The gain on revised estimated cash flow in 2024 is primarily as a result of a decrease in the estimated future net cash flows over the life-of-mine as a result of the decrease

in the long term 4E PGM basket price

Keliber dividend obligation

During April 2023, Sibanye-Stillwater (through its wholly-owned subsidiary, Keliber Lithium Proprietary Limited) signed a revised shareholders'

agreement with the Finnish Minerals Group, which resulted in a contractual obligation to declare dividends amounting to 40 % of the free

cash flow of Keliber. A dividend obligation was recognised for the NCI of Keliber on the effective date of the agreement (25 April 2023) at

R 792 million , with a corresponding reduction in NCI (see note 27.1 for other NCI changes). The Group's attributable portion of the dividend

obligation eliminates on consolidation. The dividend obligation is a financial liability and was initially measured at fair value less any directly

attributable costs, and subsequently measured at amortised cost.

At 31 December 2024 the following assumptions were applied in measuring the Keliber dividend obligation:


		2024	2023	2022
Average lithium hydroxide price	US$/t	18,640	22,933	—
Real discount rate	%	9.83	9.83	—
Inflation rate	%	2.5	2.5	—
Life-of-mine	years	23	24	0

The following table summarises the changes in the Keliber dividend obligation:


Figures in million – SA rand	Note	2024	2023	2022
Balance at the beginning of the year		1,147	—	—
Initial recognition of the Keliber dividend obligation		—	792	—
(Gain)/loss on revised estimated cash flows 1	7	( 811 )	287	—
Interest — unwinding of amortised cost		109	52	—
Foreign currency translation reserve		( 57 )	16	—
Balance at end of the year		388	1,147	—

1 The gain on revised estimated cash flow for the year ended 31 December 2024 is primarily as a result of a decrease in the long term lithium hydroxide price

AFR – 129

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Metals borrowings liability

The metals borrowings liability relates to precious metals that are borrowed and repaid under a consignment arrangement with a financial

institution for working capital cash management purposes, and was acquired by the Group as part of the acquisition of Reldan (see note

16.1). The precious metal traded are gold, silver, platinum and palladium, and transactions with the lender are recorded at the daily market

prices on the day the metals are traded. Settlement of transactions is usually within two to three business days after the trade date. The

liability is measured at fair value according to the market borrowing position, with fair value movements recognised in profit or loss.

The following table summarises the changes in the metals borrowings liability:


Figures in million – SA rand	Note	2024	2023	2022
Balance at the beginning of the year		—	—	—
Initial recognition on acquisition of subsidiary	16.1	956	—	—
Cash advances received		4,337	—	—
Settlements through delivery of metals		( 4,308 )	—	—
Gain on commodity price movements		( 136 )	—	—
Foreign currency translation reserve		6	—	—
Balance at end of the year		855	—	—

Deferred/contingent payments made

The table below summarises the cash deferred/contingent payments made during the year on the obligations set out above:


Figures in million – SA rand	2024	2023	2022
Deferred payment (Rustenburg operation)	—	3,607	4,441
Deferred/contingent consideration (Pandora acquisition)	44	126	178
Contingent consideration (Kroondal acquisition)	292	—	—
Contingent consideration (SFA (Oxford) acquisition)	—	—	111
Total cash payments made	336	3,733	4,730
Payments in excess of the original fair value (operating cash flows)	44	3,733	4,545
Payments up to initial fair value (investing cash flows)	292	—	185

Fair value of other receivables and other payables

Due to the approaches applied in calculating the carrying values as described above, the fair values approximate the respective carrying

values, except for the Marikana dividend obligation and the Keliber dividend obligation. At 31 December 2024, the fair values (level 3) of

the Marikana dividend obligation and the Keliber dividend obligation amounted to R 559 million (2023: R 1,257 million ) and R 532 million

(2023: R 1,434 million ) , respectively. The fair values at 31 December 2024 were calculated by applying a market-related discount rate to

expected future cash flows available for dividends. At 31 December 2022, the Marikana dividend obligation's carrying value approximated

fair value (see note 36.1 ).

Market risk

The deferred/contingent consideration relating to Pandora (up to 31 December 2023), Kroondal contingent consideration (up to 31

December 2023) and the Marikana dividend obligation are sensitive to changes in the 4E basket price . A one percentage point increase in

the 4E basket price would have impacted profit/loss before tax by R 34 million ( 2023 : R 70 million , 2022: R 52 million ). The Keliber dividend

obligation is sensitive to changes in the lithium hydroxide price. A one percentage point increase in the lithium hydroxide price would have

impacted profit/loss before tax by R 26 million (2023: R 27 million ).

Credit risk

The carrying value of the other receivables represents the maximum credit risk exposure of the Group in relation to these receivables. The

Group has reduced its exposure to credit risk by dealing with a limited number of approved counterparties (see note 36.2 ).

AFR – 130

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

23. Inventories

Significant accounting judgements and estimates

Inventory is held in a wide variety of forms across the value chain reflecting the stage of refinement. Prior to production as final metal, the

inventory is always contained within a carrier material. As such, inventory is typically sampled and assays taken to determine the metal

content and how this is split by metal. Measurement and sampling accuracy can vary quite significantly depending on the nature of the

vessels and the state of the material. An allowance for estimation uncertainty is applied to the various categories of inventory and is

dependent on the degree to which the nature and state of material allows for accurate measurement and sampling. The range used for

the estimation allowance varies based on the stage of refinement. The range is based on independent metallurgists’ level of confidence

obtained from the outcome of the stocktake. Those results are applied in arriving at the appropriate quantities of inventory.

Metals in process quantities

Recoverable metal quantities are reconciled to ore input and actual metal recoveries. Due to inherent limitations on precise monitoring of

recoverability levels, the process of metallurgically balancing inputs and outputs is regularly monitored and metallurgical estimates are

refined through reference to actual results. Periodic inventory counts are conducted at refineries to assess the accuracy of inventory

quantities. Where required, changes in metallurgical estimates are factored into the measurement of metal inventory. Due to expected

levels of estimation uncertainty, reasonable tolerances of total metals are accepted in the measurement of PGM in process quantities.

Accounting policy

Inventory is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course

of business, less estimated costs of completion and the estimated costs necessary to make the sale. Prior to physical separation and while

metals are still in the production process, the combined net realisable value of the metals in process is compared to the combined costs of

the metals in process for purposes of measuring "in process" inventory at the lower of cost and net realisable value.

The Group values ore stockpiles and metal-in-process when it can be reliably measured. Co st is determined on the following basis:

• Gold reef ore stockpiles and gold-in-process are valued using weighted average cost. Cost includes production, amortisation,

depreciation and related administration costs

• PGM and battery metals inventory is valued using weighted average cost by allocating cost, based on the joint cost of production,

apportioned according to the relative sales value of each of the PGMs and battery metals produced. The group recognises the metal

produced in each development phase in inventory with an appropriate proportion of cost. Cost includes production, amortisation,

depreciation and related administration costs

• By-product metals are identified based on the relative importance and materiality of the relevant metals in relation to the basket of

metals mined or produced at each operation. By-product metals are generally valued at the incremental cost of production from the

point of split-off from the joint products in the relevant processing stream, considering the nature and objective of the operation

• Consumable stores are valued at weighted average cost after appropriate provision for surplus and slow-moving items


Figures in million – SA rand	2024	2023	2022
Consumable stores 1	3,420	3,317	2,066
PGM ore and mill inventory	134	276	535
PGM in process 2	14,241	13,292	13,673
PGM finished goods	6,160	6,948	7,856
Gold in process	371	320	233
Gold bullion	665	959	1,096
Sandouville metals in process	244	327	357
Sandouville raw materials	140	168	307
Sandouville finished goods	94	292	187
Zinc concentrate inventory	19	345	—
Other	61	119	74
Total inventories	25,549	26,363	26,384

1 The cost of consumable stores consumed during the year and included in operating cost amounted to R 24,685 million ( 2023 : R 25,778 million and 2022 : R 21,929 million )

2 Included in PGM in process, is R 5,724 million ( 2023 : R 6,771 million , 2022: R 5,882 million ) relating to the Marikana operations

Inventories were reduced during 2024 by R 4,784 million (2023: R 1,694 million and 2022: R 111 million ) due to write-down to net realisable

value. The write-downs mainly relate to PGM in process and PGM finished goods of R 3,843 million (2023: R 1,179 million ) and R 844 million

(2023: R 423 million ) , respectively, as a result of the lower commodity price environment. The write-down in 2022 related to consumable

stores. The write-downs are included in cost of sales (see note 4 ).

AFR – 131

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

24. Trade and other receivables

Accounting policy

Trade and other receivables, excluding trade receivables for PGM and zinc concentrate sales, prepayments and value added tax, are

non-derivative financial assets categorised as financial assets measured at amortised cost.

The above non-derivative financial assets are initially recognised at fair value and subsequently carried at amortised cost less allowance

for impairment. Estimates made for impairment are based on a review of all outstanding amounts at year end in line with the impairment

policy described in note 36. Irrecoverable amounts are written off during the period in which they are identified based on the write-off

policy included in note 36.

In addition to other types of PGM sales, trade receivables include actual invoiced sales of PGM concentrate, as well as sales not

yet invoiced for which deliveries have been made and the control has transferred. This is similar for sales of zinc concentrate also included

in trade receivables. The PGM and zinc concentrate receivables are financial assets measured at fair value through profit or loss, as the

solely payments of principle and interest criteria is not met. The receivable amount calculated for the PGM and zinc concentrate delivered

but not yet invoiced is recorded at the fair value of the consideration receivable at the date of delivery. At each subsequent reporting

date the receivable is remeasured to reflect the fair value movements in the pricing mechanism which are recognised in revenue. Foreign

exchange movements on foreign currency denominated receivables are recognised as a foreign exchange gain or loss in profit or loss

subsequent to the recognition of a sale.


Figures in million – SA rand	2024	2023	2022
Trade receivables — gold operations	56	—	—
Trade receivables — PGM operations	2,099	5,353	4,304
PGM sales concentrate	965	3,407	3,564
PGM sales other	1,134	1,946	740
Trade receivables — zinc concentrate sales	356	108	—
Trade receivables — Sandouville metals sales	122	261	135
Trade receivables — e-scrap recycling	249	—	—
Other trade and non-trade receivables 1	783	947	1,389
Payroll debtors	192	273	361
Interest receivable	42	90	90
Financial assets	3,899	7,032	6,279
Prepayments 2	793	1,219	433
Value added tax	1,030	649	788
Total trade and other receivables	5,722	8,900	7,500

1 These receivables arise from the Group's non-core activities such as services rendered by service entities to third parties, scrap metal and diesel sales, recovery of water

and electricity and other miscellaneous items, and therefore do not include the Group's proceeds from the sale of products

2 Prepayments include prepayments of DRDGOLD made towards capital projects amounting to R 113 million at 31 December 2024 (2023: R 610 million )

Fair value of trade and other receivables

The fair value of trade receivables for PGM concentrate sales are determined based on ruling market prices, volatilities and interest rates,

and constitutes level 2 on the fair value hierarchy (see note 36.1 ).

The fair value of trade and other receivables measured at amortised cost approximate the carrying value due to the short maturity.

Credit risk

The Group is exposed to credit risk on the total carrying value of trade and other receivables (see note 36.2).

Trade receivables measured at amortised cost are reviewed on a regular basis and an allowance for impairment is raised when they are

not considered recoverable based on an expected credit loss assessment. The Group transacts exclusively with a limited number of large

international institutions and other organisations with strong credit ratings and the negligible historical level of customer default. Trade

receivables, including trade receivables from metal sales such as chrome, silver, cobalt, zinc and copper, are currently in a sound financial

position and no impairment allowance has been recognised.

AFR – 132

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

The table below summarises the impairment allowance raised on other non-trade receivables that are considered to be impaired:


Figures in million – SA rand	2024	2023	2022
Balance at beginning of the year	101	214	201
Impairment allowance recognised in profit or loss for the year	161	21	28
Financial assets written off	( 6 )	( 132 )	—
Impaired financial assets recovered during the year	( 3 )	( 2 )	( 15 )
Balance at end of the year 1	253	101	214

1 The impairment allowance mainly relates to payroll receivables, property rentals and certain supplier loans. During 2024, an impairment allowance related to a receivable

balance from Blue Ridge Platinum Proprietary Limited (Blue Ridge) was recognised amounting to R 118 million . The remaining impairment allowance recognised for 2024

also relates to non-core activity receivables of the Group

Commodity price risk

The Group is exposed to commodity price risk on PGM concentrate receivables that are still subject to provisional pricing adjustments after

the reporting date. A change in the 4E basket price of one percent would impact revenue and the related PGM concentrate receivables

by R 8 million .

Foreign currency sensitivity

Certain of the Group’s components with SA rand as their functional currency have trade and other receivables which are settled in

US dollars. The balances are sensitive to changes in the rand/US dollar exchange rate. A one percentage point change in the SA rand

closing exchange rate of R 18.76 /US$ would have impacted profit/loss before tax by R 12 million .

25. Cash and cash equivalents

Accounting policy

Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments readily convertible to

known amounts of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held to meet short-term

cash commitments. Cash and cash equivalents are measured at amortised cost, which is deemed to be fair value due to its short maturity.

Statement of cash flows

The acquisition date fair value of deferred payments and contingent consideration relating to business combinations is part of

the aggregate consideration for obtaining control of the underlying net assets. Therefore, unless the obligations are clearly part of the

borrowing structure of the group, repayments of the acquisition date fair value are classified as investing activities. Additional deferred/

contingent payments in excess of the acquisition date fair value are considered to be operating activity cash flows by nature.


Figures in million – SA rand	2024	2023	2022
Cash at the bank, on hand and cash equivalents	16,049	25,560	26,076
Total cash and cash equivalents	16,049	25,560	26,076

Fair value of cash and cash equivalents

The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of the balances.

Credit risk

The Group is exposed to credit risk on the total carrying value of cash and cash equivalents. The Group has reduced its exposure to credit

risk by dealing and investing with a number of major financial institutions (see note 36.2).

AFR – 133

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

26. Stated share capital

Accounting policy

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction

from equity, net of any tax effects.

Authorised and issued

The roll forward below shows the movement of the legally issued shares of the Company for the periods indicated.


Figures in thousand	2024	2023	2022
Authorised number of shares	10,000,000	10,000,000	10,000,000

Reconciliation of issued number of shares:
Number of shares in issue at beginning of the year	2,830,567	2,830,370	2,808,406
Shares issued under Sibanye-Stillwater/SGL Share Plan	—	197	21,964
Number of shares in issue at end of the year	2,830,567	2,830,567	2,830,370

The Company’s ordinary no par value shares rank pari passu in all respects, there being no conversion or exchange rights attached

thereto, and all of the ordinary shares will have equal rights to participate in capital, dividend and profit distributions by the Company.

27. Non-controlling interests

Accounting policy

Non-controlling interests

The Group recognises any NCI in an acquiree either at fair value or at the NCI's proportionate share of the acquiree’s net assets on an

acquisition-by-acquisition basis. Subsequently, the carrying amount of NCI is the amount of the interest at initial recognition plus the NCI’s

subsequent share of changes in equity.

Transactions with non-controlling interests

The Group treats transactions with NCI as transactions with equity owners of the Group. For purchases from NCI, the difference between

any consideration paid and the relevant share of the carrying value of the net assets acquired, is recognised in equity. Gains or losses on

disposals of NCI where control is not lost are also recognised in equity. Where control over a subsidiary is lost, the gains or losses are

recognised in profit or loss.

The Group’s NCI relates to the following subsidiaries :


Figures in million – SA rand	Notes	2024	2023	2022
NCI of DRDGOLD	27.1	3,396	2,634	2,283
NCI of Keliber	27.1	908	237	616
NCI of Group Technical Security Management		6	6	6
NCI of Marikana	27.1	—	—	( 2 )
Total NCI		4,310	2,877	2,903

The summarised financial information of DRDGOLD and Keliber is provided below. This information is based on amounts before

intercompany eliminations.

AFR – 134

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024


Figures in million – SA rand	2024	2023	2022
DRDGOLD Limited
Revenue	7,068	5,816	5,274
Profit for the year	1,713	1,333	1,157
Total comprehensive income	1,707	1,348	1,156
Profit attributable to NCI	852	662	573
Net (decrease)/increase in cash and cash equivalents	( 868 )	( 863 )	153
Dividends paid	171	363	255
Non-current assets	8,673	5,523	4,303
Current Assets	1,620	2,751	2,985
Non-current liabilities	( 2,021 )	( 1,329 )	( 1,183 )
Current liabilities	( 672 )	( 730 )	( 552 )
Net assets	7,600	6,215	5,553


Figures in million – SA rand	2024	2023	2022
Keliber Oy
Revenue	—	—	—
Profit/(loss) for the year	552	( 429 )	( 93 )
Total comprehensive income	329	3	154
Profit/(loss) attributable to NCI	672	( 352 )	( 14 )
Net (decrease)/increase in cash and cash equivalents	( 116 )	145	1,819
Dividends paid	—	—	—
Non-current assets	10,995	5,000	2,314
Current Assets	2,782	2,511	2,304
Non-current liabilities	( 6,152 )	( 1,219 )	( 81 )
Current liabilities	( 1,586 )	( 582 )	( 248 )
Net assets	6,039	5,710	4,289

AFR – 135

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

27.1 Subsequent NCI transactions

DRDGOLD transaction

DRDGOLD is a company incorporated in South Africa with its head office in Johannesburg. DRDGOLD’s primary listing is on the JSE Limited

and its secondary listing is on the New York Stock Exchange. DRDGOLD's production is derived from retreatment of surface tailings in South

Africa. Following Sibanye-Stillwater’s exercise of its option to acquire an additional 12.05 % in DRDGOLD effective 10 January 2020, NCI held

a 49.90 % at 31 December 2024 (2023: 49.90 % and 2022 : 49.90 % ) with an effective holding of 49.77 % at 31 December 2024 (2023: 49.72 % and

2022 : 49.67 % ) after considering the impact of treasury shares held by DRDGOLD. In calculating the reattribution to NCI, the Group used the

net asset value of DRDGOLD at the effective date of the option exercise, including the consideration paid for the subscription, and

determined a reattribution between NCI and the Group.

Keliber transactions

2023

On 25 April 2023 the Finnish Minerals Group increased its holding in Keliber from 14 % to 20 % by subscribing for EUR 53.9 million ( R 1,096 million )

of a EUR 104 million rights issue. The Group's portion of the subscription (through wholly-owned subsidiary, Keliber Lithium Proprietary Limited)

amounted to EUR 50.2 million ( R 1,009 million ), which is eliminated on a Sibanye-Stillwater Group level. In addition to the rights issue, other

minority shareholders in Keliber (which held 0.79 % of the total Keliber shareholding) for which the Group previously recognised an

accelerated put option liability at 31 December 2022, received and accepted voluntary offers at the same share price ( EUR 157.28 per

share) as the voluntary offer that concluded in 2022. A total payment of EUR 5.2 million ( R 103 million ) was made by the Group to all the

shareholders who accepted the voluntary offers during June 2023. Following these transactions, the Finnish Minerals Group holds 20 % in

Keliber, the Group retained 79.82 % , while other minority shareholders hold the balance of the shares in Keliber.

The table below summarises the above transactions that occurred during 2023 and the impact thereof on the equity attributable to the

owners of Sibanye-Stillwater:


Figures in million – SA rand		2023

Rights issue and voluntary offers
Cash consideration paid on rights issue subscription by the Group		( 1,009 )
Payment eliminated on consolidation		1,009
Cash consideration received from rights issue subscription by NCI		1,096
Cash consideration paid by the Group to NCI on voluntary offer		( 103 )
Net cash received by the Group		993
Net reattribution of equity (accumulated profit and foreign currency translation reserve)		( 596 )
Net increase in equity attributable to the owners of Sibanye-Stillwater as a result of the transactions with Keliber shareholders		397
Increase in accumulated profit		463
Decrease in foreign currency translation reserve		( 66 )
Increase in NCI		700
Net increase in total equity as a result of the transactions with Keliber shareholders		1,097

Effective 25 April 2023, the Group also recognised a dividend obligation of R 792 million with a corresponding reduction of the NCI of Keliber

as a result of the revised shareholders agreement (see note 22.2). This transaction did not result in a cash flow.

2022

On 30 June 2022, Sibanye-Stillwater announced its intention to exercise the pre-emptive right to obtain a majority shareholding and majority

board representation in Keliber, and subsequently exercised this right on 29 July 2022 for a cash consideration of € 146 million (Pre-emptive

Offer). On 30 June 2022, the Group also made a voluntary cash offer to minority shareholders of Keliber, other than the Finnish Minerals

Group, to increase its shareholding in Keliber to over 80 % (Voluntary Offer). The Voluntary Offer was subject to certain conditions and only

considered to be accepted if the relevant shareholder completes a share transfer form. The Voluntary Offer was completed on 3 October

2022 at a total cost of € 192 million (including transfer tax of € 2 million ).

AFR – 136

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

The table below illustrates the impact of the reattribution of the NCI on accumulated profit of the Group as a result of the subsequent

transactions with Keliber shareholders in 2022:


Figures in million – SA rand		2022

Pre-emptive Offer
Cash consideration paid to Keliber for share subscription1		( 2,476 )
Cash attributed to NCI 2		1,238
Reattribution of equity 3		349
Adjustment to accumulated profit		( 889 )

Voluntary Offer
Cash consideration paid to NCI shareholders		( 3,363 )
Reattribution of equity 3		1,530
Adjustment to accumulated profit		( 1,833 )

Net decrease in equity attributable to owners of Sibanye-Stillwater as a result of transactions with Keliber shareholders		( 2,766 )
Decrease in accumulated profit — Pre-emptive Offer		( 889 )
Decrease in accumulated profit — Voluntary Offer		( 1,833 )
Decrease in accumulated profit due to foreign currency translation, share subscription costs and put options 4		( 106 )
Increase in foreign currency translation reserve		62
Decrease in NCI		( 686 )
Net decrease in total equity as a result of the subsequent NCI transactions 5		( 3,452 )

1 The cash consideration paid for the Pre-emptive Offer is consolidated in the Group. The full reattribution is recognised in equity and is a non-cash transaction for the

Group

2 Since the NCI shares in a proportionate interest of the net assets of Keliber, the cash consideration paid for the Pre-emptive Offer is proportionally allocated to the NCI

3 This is the reattribution of the net asset value of Keliber as a result of the change in shareholding

4 The put options relate to rights held by shareholders holding approximately 1 % in the share capital of Keliber to sell their shareholding to the Group at fair value less 10 %

5 The Group's effective shareholding in Keliber following the Pre-emptive Offer, Voluntary Offer and impact of the put options was 85.90 % at 31 December 2022

Century transactions

Sibanye-Stillwater acquired additional shares in Century through its original take-over offer subsequent to the effective date of the

acquisition. On 10 May 2023, Sibanye-Stillwater, through on-and off-market trades, obtained a 100 % interest in Century through cash

consideration paid of A$ 74 million ( R 906 million ) for the additional 49.85 % interest in Century.

The table below illustrates the effect of the remaining interest acquired in Century on equity attributable to the owners of Sibanye-Stillwater

for the year ended 31 December 2023:


Figures in million – SA rand		2023

Consideration paid for acquiring the remaining 49.85 % interest in Century		( 906 )
Carrying value of NCI		914
Total impact on equity attributable to owners of Sibanye-Stillwater 1		8

1 The amount includes R 13 million increase on accumulated profit and R 5 million decrease on other reserves in respect of foreign currency translation reserve

AFR – 137

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

28. Borrowings and derivative financial instrument

Significant accounting judgements and estimates

Borrowings

Expected future cash flows used to determine the carrying amount of the Burnstone Debt are inherently uncertain and could materially

change over time. They are significantly affected by a number of factors including reserves and production estimates, together with

economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future

capital expenditure and discount rates, and ultimately the timing and amount of capital and interest that are expected to be repaid, as

well as the timing and repayment on Sibanye-Stillwater funding provided to date.

Derivative financial instrument

Gains and losses on the derivative financial instrument are attributable to changes in various valuation inputs, including the movement in

the Company's share price, change in US dollar/rand exchange rate, the volatility of the Company's shares, the Company's credit risk

spreads, and the market value of the US$ Convertible Bond. Although many inputs into the valuation are observable, the valuation method

separates the fair value of the derivative from the quoted fair value of the US$ Convertible Bond by adjusting certain observable inputs.

These adjustments require the application of judgement and certain estimates. Changes in the relevant inputs impact the fair value gains

and losses recognised.

Accounting policy

Borrowings

Borrowings are non-derivative financial liabilities categorised as other financial liabilities. Borrowings are recognised initially at fair value, net

of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12

months after the reporting date. For borrowings that can be settled in shares, the Group disregards conversion options that are recognised

as equity when assessing the host liability's classification as current or non-current.

Derivative financial instruments

Derivatives are initially recognised at fair value that is determined by using appropriate option pricing methodologies. Any directly

attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair

value, and changes are recognised in profit or loss.

For assets and liabilities that are recognised at fair value in the financial statements on a recurring basis, the Group determines whether

transfers have occurred between levels in the fair value hierarchy by re-assessing categorisation (based on the lowest level input that is

significant to the fair value measurement as a whole) at the end of each reporting period.


Figures in million – SA rand	Note	2024	2023	2022
Borrowings		41,687	36,618	22,728
Derivative financial instrument	28.5	—	3,810	—
Balance at end of the year		41,687	40,428	22,728
Current portion of borrowings and derivative financial instrument		( 552 )	( 15,482 )	( 122 )
Non-current portion of borrowings and derivative financial instrument		41,135	24,946	22,606

AFR – 138

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Borrowings


Figures in million – SA rand	Notes	2024	2023	2022
US$ 1 billion RCF	28.1	—	—	—
R 5.5 billion RCF	28.2	—	4,000	—
R 6.5 billion RCF	28.3	3,000	—	—
2026 and 2029 Notes	28.4	22,354	22,042	20,140
US$ Convertible Bond	28.5	7,921	7,538	—
Burnstone Debt	28.6	2,260	2,991	2,540
Keliber loan facilities	28.7	5,724	—	—
Other borrowings	28.8	424	40	42
Franco-Nevada liability		4	3	2
Stillwater Convertible Debentures		—	4	4
Total borrowings		41,687	36,618	22,728
Reconciliation of the non-current and current portion of the borrowings:
Borrowings		41,687	36,618	22,728
Current portion of borrowings		( 552 )	( 11,672 )	( 122 )
Non-current portion of borrowings		41,135	24,946	22,606

The current portion of borrowings will be repaid out of operational cash flows or it will be refinanced by utilising available Group facilities.

Included in the current portion of borrowings at 31 December 2023 is the US$ Convertible Bond, which was subject to approval by a

general meeting of Sibanye-Stillwater shareholders to be convertible into ordinary shares of Sibanye-Stillwater. Following the shareholder

approval in 2024, the bond component of the US$ Convertible Bond was reclassified to non-current and the derivative component

derecognised (see note 28.5) .

The roll forward of borrowings in the current year is as follows:


Figures in million - SA rand	Notes	2024	2023	2022
Balance at beginning of the year		36,618	22,728	20,298
Borrowings acquired on acquisition of subsidiary	16	84	6	39
Loans raised 1		8,278	12,758	8,000
Loans repaid		( 3,335 )	( 1,323 )	( 8,003 )
Unwinding of loans recognised at amortised cost	5.2	688	359	216
Accrued interest 2	5.2	1,946	1,192	1,046
Accrued interest paid		( 1,947 )	( 1,175 )	( 1,061 )
Borrowing costs capitalised		64	—	—
(Gain)/loss on the revised cash flow of the Burnstone Debt	28.6	( 1,053 )	( 32 )	776
Loss on foreign exchange differences and foreign currency translation		344	2,105	1,417
Balance at end of the year		41,687	36,618	22,728

1 Total loans raised per the statement of cash flows for the year ended 31 December 2023 included the initial recognition of the derivative element of the US$ Convertible

Bond of R 1,673 million (see note 28.5)

2 Relates to the 2022 and 2025 Notes, 2026 and 2029 Notes, US$ Convertible Bond and the RCFs

AFR – 139

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

28.1 US$ 1 billion RCF

Sibanye-Stillwater concluded the refinancing of its undrawn US$ 600 million RCF on 6 April 2023. The facility will be used in financing of the

Group's ongoing capital expenditure, working capital and general corporate expenditure requirements, which may include the financing

of future acquisitions or business combinations. The RCF is linked to a Secured Overnight Financing Rate (SOFR), which is a recently effective

interest rate published as part of the interbank offered rate (IBOR) reform initiative.

Terms of the US$ 1 billion RCF


Facility:	US$ 1 billion
Interest rate:	Linked term SOFR
Interest rate margin:	1.60 % if net debt to adjusted EBITDA is equal to or less than 1.0 x
	1.80 % if net debt to adjusted EBITDA is greater than 1.0 x and less than or equal to 2.0 x
	2.00 % if net debt to adjusted EBITDA is greater than 2.0 x and less than or equal to 3.0 x
	2.20 % if net debt to adjusted EBITDA is greater than 3.0 x
Term of facility:	Three years , subject to two optional one -year extensions depending on lenders' approval. During April 2025, all facility lenders approved the second extension with the facility now maturing on 6 April 2028
Borrowers:	The Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL and Sandouville
Security and/or guarantors:	The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Sandouville, Keliber Technology Oy and Keliber


Figures in million – SA rand	2024	2023	2022
Balance at beginning of the year	—	—	—
Loans raised	—	—	—
Loans repaid	—	—	—
Accrued interest 1	185	73	—
Accrued interest paid	( 185 )	( 73 )	—
Loss on foreign exchange differences	—	—	—
Balance at end of the year	—	—	—
Current portion of balance	—	—	—
Non-current portion of balance	—	—	—

1 Includes commitment fees

28.2 R 5.5 billion RCF

Sibanye-Stillwater refinanced its R 6.0 billion RCF, which matured on 15 November 2019, by entering into a new R 5.5 billion RCF on 25

October 2019 and drawing under the new RCF on 11 November 2019. The purpose of the facility was to refinance facilities, finance

ongoing capital expenditure and general corporate expenditure requirements. This facility was refinanced by the Group through a new

R 6 billion RCF (see note 28.3).


Terms of the R 5.5 billion RCF
Facility:	R 5.5 billion
Interest rate:	JIBAR
Interest rate margin:	2.4 % if net debt to adjusted EBITDA is equal to or less than 2.0 x
	2.6 % if net debt to adjusted EBITDA is greater than 2.0 x
Term of facility:	Three years , subject to two optional one -year extensions depending on lenders' approval. All facility lenders have approved the first and second extension with the loan facility matured on 11 November 2024.
Borrowers:	The Company, SGL, Kroondal, SRPM, EPL and WPL
Security and/or guarantors:	The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL and WPL

AFR – 140

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024


Figures in million –SA rand	Note	2024	2023	2022
Balance at beginning of the year		4,000	—	—
Loans raised		—	5,000	8,000
Loans repaid		—	( 1,000 )	( 8,000 )
Accrued interest 1		319	125	155
Accrued interest paid		( 319 )	( 125 )	( 155 )
Inter bank transfer	28.3	( 4,000 )	—	—
Balance at end of the year		—	4,000	—
Current portion of balance		—	( 4,000 )	—
Non-current portion of balance		—	—	—

1 Includes commitment fees

28.3 R 6.5 billion RCF

Sibanye-Stillwater refinanced its R 5.5 billion RCF on 16 August 2024, which was to mature on 11 November 2024, by entering into a new

R 6 billion RCF including an option for Sibanye-Stillwater to increase the RCF by a further R 1 billion during the term through inclusion of

additional lenders. The Group executed a R 500 million increase in the facility on 6 December 2024. The purpose of the facility is to refinance

facilities, finance ongoing capital expenditure and general corporate expenditure requirements.

Terms of the R 6.5 billion RCF


Facility:	R 6.5 billion
Interest rate:	JIBAR 1
Interest rate margin:	2.2 % if net debt to adjusted EBITDA is equal to or less than 1.0 x
	2.4 % if net debt to adjusted EBITDA is greater than 1.0 x but less than or equal to 2.0 x
	2.6 % if net debt to adjusted EBITDA is greater than 2.0 x but less than or equal to 3.0 x
	2.8 % if net debt to adjusted EBITDA is greater than 3.0 x
Term of facility:	Three years , subject to two optional one -year extensions depending on lenders' approval
Borrowers:	The Company, SGL, Kroondal, SRPM, EPL and WPL
Security and/or guarantors:	The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Keliber and Keliber Technology Oy

1 The facility will transfer to a newly published interest rate in accordance with IBOR reform amendments prior to the date on which the JIBAR will no longer be available for

use


Figures in million – SA rand	Note	2024	2023	2022
Balance at beginning of the year		—	—	—
Inter bank transfer	28.2	4,000	—	—
Loans raised		1,000	—	—
Loans repaid		( 2,000 )	—	—
Accrued interest 1		97	—	—
Accrued interest paid		( 97 )	—	—
Balance at end of the year		3,000	—	—
Current portion of balance		—	—	—
Non-current portion of balance		3,000	—	—

1 Includes commitment fees

AFR – 141

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

28.4 2026 and 2029 Notes

On 16 November 2021 the Group completed a two-tranche corporate bond offering 4.0 % Notes ( US$ 675 million ) due 16 November 2026

(the 2026 Notes) and 4.5 % Notes ( US$ 525 million ) due 16 November 2029 (the 2029 Notes) (together the 2026 and 2029 Notes). The

proceeds were applied towards the redemption of the 2025 Notes and will also be applied for general corporate purposes, including

advancing the Group’s green metals strategy through investments and accretive acquisitions. The bonds were issued through the Group's

wholly-owned subsidiary Stillwater.

Terms of the 2026 and 2029 Notes


Facility:	US$ 675 million 4.0 % Senior Notes due 2026
	US$ 525 million 4.5 % Senior Notes due 2029
Interest rate:	2026 Notes: 4.0 %
	2029 Notes: 4.5 %
Term of the Notes:	2026 Notes: Five years
	2029 Notes: Eight years
Issuer:	Stillwater
Guarantors:	Each of the Notes are fully and unconditionally guaranteed, jointly and severally by the Guarantors (the Company, SGL, Kroondal, SRPM, EPL, WPL, Sandouville, Keliber Technology Oy and Keliber). The guarantees rank equally in right of payment to all existing and future senior debt of the Guarantors.


Figures in million – SA rand	2024	2023	2022
Balance at beginning of the year	22,042	20,140	18,785
Interest charge	928	932	829
Unwinding of amortised cost	98	80	68
Accrued interest paid	( 932 )	( 951 )	( 844 )
Loss on foreign exchange differences	218	1,841	1,302
Balance at end of the year	22,354	22,042	20,140
Current portion of balance	( 118 )	( 116 )	( 107 )
Non-current portion of balance	22,236	21,926	20,033

28.5 US$ Convertible Bond

Sibanye-Stillwater (through its wholly-owned subsidiary Stillwater) launched an offering of US$ 500 million senior, unsecured, guaranteed

bonds, due in November 2028 and subject to the receipt of the requisite approval by a general meeting of the shareholders of Sibanye-

Stillwater, will be convertible into new and/or existing Sibanye-Stillwater ordinary shares (Convertible Bonds). Prior to, and/or absent of such

approval, holders of the Convertible Bonds would, on conversion, receive a cash amount equal to the value of the underlying ordinary

shares. The proceeds of the bonds will be applied to the advancement of the Group's growth strategy including the funding of future

acquisitions, whilst preserving the current balance sheet for funding existing operations and projects through a lower commodity price

environment.

Terms of the US$ 500 million Convertible Bond


Issue size:	US$ 500 million
Coupon:	4.25 %
Maturity date:	28 November 2028 ( five years )
Conversion premium:	32.5 %
Reference share price:	US$ 1.0088 ( R 18.55 ), being the volume weighted average price of Sibanye-Stillwater's shares listed on the JSE Limited between opening of trading and close of trading on 21 November 2023, converted into US$ at R 18.388 /US$
Initial conversion price:	US$ 1.3367
Issuer:	Stillwater
Guarantors:	The Company, SGL, Kroondal, SRPM, EPL, WPL

The US$ Convertible Bond consisted of two components. The option component was recognised as a derivative financial instrument

(financial liability), measured at fair value, with changes in fair value recognised in profit or loss. The non-derivative host instrument (i.e.

bond component) was recognised as a financial liability measured at amortised cost using the effective interest method. On 28 May 2024,

Sibanye-Stillwater shareholder approval was obtained for the US$ Convertible Bond to be convertible into ordinary shares of the Company

at the option of the holders. The share conversion start date was 28 June 2024, with the last day that cash conversion could be requested

being 26 June 2024. The derivative element was transferred to equity on 26 June 2024 as a result of the removal of the cash conversion

option. At 31 December 2023, the bond component and derivative financial instrument was fully classified as current liabilities while

shareholder approval for the conversion option remained outstanding. Upon removal of the cash conversion option, the bond component

was reclassified as a non-current liability.

AFR – 142

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Convertible bond at amortised cost


Figures in million – SA rand	2024	2023	2022
Balance at beginning of the year	7,538	—	—
Loans raised	—	7,455	—
Interest charge	389	36	—
Interest paid	( 385 )	—	—
Unwinding of amortised cost	298	27	—
Loss on foreign exchange differences	81	20	—
Balance at end of the year	7,921	7,538	—
Current portion of balance	( 37 )	( 7,538 )	—
Non-current portion of balance	7,884	—	—

Derivative financial instrument


Figures in million – SA rand	Note	2024	2023	2022
Balance at beginning of the year		3,810	—	—
Initial recognition of derivative instrument		—	1,673	—
Transfer to equity		( 2,009 )	—	—
(Gain)/loss on financial instruments 1	7	( 1,733 )	2,136	—
Loss on foreign exchange differences		( 68 )	1	—
Balance at end of the year		—	3,810	—
Current portion of balance		—	( 3,810 )	—
Non-current portion of balance		—	—	—

1 The fair value gain for 2024 on the derivative financial instrument is mainly due to a decrease in the Sibanye-Stillwater share price since the previous reporting date

28.6 Burnstone Debt

Sibanye Gold Eastern Operations (SGEO) has bank debt of US$ 178 million (the Burnstone Debt) outstanding as part of the net assets

acquired on 1 July 2014.

Terms of the Burnstone Debt


Facility:	A1: US$ 0.2 million
	A2: US$ 7.8 million
	A3: US$ 51.0 million
	A4: US$ 119.1 million
Interest rate:	A1 and A2: Interest free
	A3 and A4: Interest free until 1 July 2017, then at term Secured Overnight Financing Rate (SOFR)
Interest rate margin:	A3 and A4: 4 % from 1 July 2017
Term of loan:	No fixed term
Repayment period:	A1: Repaid on 1 July 2014
	A2: From 1 July 2017 the first 50 % of Burnstone’s free cash flow (as defined in the settlement agreement) will be used to repay the intercompany Wits Gold Shareholder Loan and the balance of 50 % to repay A2.
	A3 and A4: On settlement of A2, 90 % of Burnstone’s free cash flow will be used to repay the intercompany Wits Gold Shareholder Loan and the balance of 10 % to repay the Burnstone Debt. On settlement of the intercompany Wits Gold Shareholder Loan and interest, 30 % of Burnstone’s free cash flow will be used to repay the Burnstone Debt and the balance will be distributed to Wits Gold.
	The Bank Lenders will continue to participate in 10 % of Burnstone’s free cash flow after the Burnstone Debt has been repaid in full to a maximum amount of US$ 63.0 million under a revenue participation agreement.
Security:	The Burnstone Debt is fully secured against the assets of Burnstone (of R 2.0 billion ) and there is no recourse to the Group. The security package includes a cession over the bank accounts, insurance policies’ proceeds, special and general notarial bonds over movable assets and mortgage bonds over property. Wits Gold has ceded and pledged its shares in K2013 (a dormant entity) and K2013 has ceded and pledged it shares in SGEO in favour of the lenders of the Burnstone Debt.

AFR – 143

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024


Figures in million – SA rand	Note	2024	2023	2022
Balance at beginning of the year		2,991	2,540	1,507
Unwinding of amortised cost		284	252	148
(Gain)/loss on revised estimated cash flows 1	7	( 1,053 )	( 32 )	776
Loss on foreign exchange differences		38	231	109
Balance at end of the year		2,260	2,991	2,540
Current portion of balance		—	—	—
Non-current portion of balance		2,260	2,991	2,540

1. At 31 December 2024 , the expected free cash flows expected to repay the loan as detailed above were revised as a result of revised cash flows over the life-of-mine plan

due to a change in the allocation between SGL and the financial institutions in terms of the shareholder loan agreement and the term loan agreement. The cash flows

over the life of mine were also revised due to:

• Revised forecast costs and capital expenditure, and

• Revised weighted average gold prices 2024 : R 1,189,493 /kg ( 2023 : R 1,012,625 /kg and 2022 : R 793,473 /kg) and long term exchange rates 2024 : R 18.00 /US$ ( 2023 : R 18.50 /

US$ and 2022 : R 15.50 /US$) based on a LOM of 25 years . A2 is discounted using a 5.9 % discount rate and A3 and A4 is discounted at 9.5 %

• In line with the Group's Capital Allocation Framework, the Burnstone project is delayed and is expected to ramp-up again during 2025. The additional costs during the

delay and the deferral of mine ramp-up has resulted in a decrease in the expected future net cash flows from Burnstone, offsetting the impact of the increase in the

weighted average gold price

28.7 Keliber loan facilities

Sibanye-Stillwater executed a EUR 500 million green loan financing facility (Green loan) for the Keliber lithium project, through the Group's

subsidiary, Keliber Technology Oy. The Green loan secures capital expenditure funding required for the construction and development

Keliber's lithium mining, processing and refining facilities. The Green loan is a distinctive credit facility, comprising a bank financed

EUR 250 million export credit agency (ECA) guaranteed tranche, a EUR 150 million tranche provided by the European Investment Bank (EIB)

and a EUR 100 million syndicated commercial bank tranche.

Terms of the EUR 250 million ECA facility


Facility:	EUR 250 million
Interest rate:	EURIBOR
Interest rate margin:	1.30 %
Term of facility:	Seven years , with final payment on 20 August 2031
Borrowers:	Keliber Technology Oy
Security and/or guarantors:	The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Keliber and Sandouville

Terms of the EUR 150 million EIB facility


Facility:	EUR 150 million
Interest rate:	EURIBOR
Interest rate margin:	2.05 %
Term of facility:	Eight years , with final payment on 20 August 2032
Borrowers:	Keliber Technology Oy
Security and/or guarantors:	The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Keliber and Sandouville

Terms of the EUR 100 million commercial bank facility


Facility:	EUR 100 million
Interest rate:	EURIBOR
Interest rate margin:	2.1 % if net debt to adjusted EBITDA is less than 2.5 x
	2.3 % if net debt to adjusted EBITDA is greater than 2.5 x but less than or equal to 3.0 x
	2.5 % if net debt to adjusted EBITDA is greater than 3.0 x
Term of facility:	Seven years , with final payment on 20 August 2031
Borrowers:	Keliber Technology Oy
Security and/or guarantors:	The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Keliber and Sandouville

AFR – 144

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024


Figures in million – SA rand	2024	2023	2022
Balance at beginning of the year	—	—	—
Loans raised 1	5,618	—	—
Unwinding of amortised cost	8	—	—
Accrued interest	64	—	—
Loss on foreign exchange differences	34	—	—
Balance at end of the year	5,724	—	—
Current portion of balance	( 66 )	—	—
Non-current portion of balance	5,658	—	—

1 The loans raised during the year is made up of EUR 142 million , EUR 89 million and EUR 59 million drawn on the EUR 250 million ECA facility, EUR 150 million EIB facility and the

EUR 100 million commercial bank facility, respectively

28.8 Other borrowings

Short-term credit facilities and other borrowings

Sibanye-Stillwater has committed and uncommitted short term loan facilities with various banks to fund capital expenditure, general

corporate expenses as well as provide financing flexibility at its operations. These facilities have no fixed terms, are short-term in nature and

interest rates are market related. Other borrowings also include borrowings acquired on and after acquisition of Sandouville, Keliber,

Century and Reldan.


Figures in million – SA rand	Note	2024	2023	2022
Balance at beginning of the year		40	42	—
Loans raised		1,660	303	—
Loans repaid		( 1,335 )	( 323 )	( 3 )
Accrued interest		28	6	—
Accrued interest paid		( 29 )	( 6 )	—
Borrowings acquired on acquisition of subsidiary	16.1	84	6	39
Loss/(gain) on foreign exchange differences		( 24 )	12	6
Balance at end of the year		424	40	42
Current portion of balance		( 328 )	( 11 )	( 8 )
Non-current portion of balance		96	29	34

AFR – 145

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

28.9 Fair value of financial instruments and risk management

Fair value of borrowings

The carrying amounts of variable interest rate borrowings approximates fair value as the interest rates charged are considered market

related. The fair value of fixed interest rate borrowings was determined through reference to ruling market prices and interest rates.

The table below shows the fair value and carrying amount of financial instruments where the carrying amount does not approximate fair

value:


	Carrying value	Fair value
Figures in million - SA rand		Level 1	Level 2	Level 3
31 December 2024
2026 and 2029 Notes 1	22,354	20,327	—	—
Burnstone Debt 2	2,260	—	—	2,235
US$ Convertible Bond 3	7,921	8,734	—	—
Total	32,535	29,061	—	2,235
31 December 2023
2026 and 2029 Notes 1	22,042	18,949	—	—
Burnstone Debt 2	2,991	—	—	2,509
US$ Convertible Bond 3	7,538	—	7,471	—
Total	32,571	18,949	7,471	2,509
31 December 2022
2022 and 2025 Notes 1	20,140	17,379	—	—
Burnstone Debt 2	2,540	—	—	2,245
Total	22,680	17,379	—	2,245

1 The fair value is based on the quoted market prices of the notes

2 The fair value of the Burnstone Debt is derived from discounted cash flow models. These models use several key assumptions, including estimates of future sales volumes,

gold prices, operating costs, capital expenditure and discount rate. See note 28.6 for the key assumptions used, except for the discount rate applied in the fair value

disclosure above of 9.55 % (2023: 10.74 % , 2022: 10.52 % ), which was adjusted to a market-related rate. The fair value estimate is sensitive to changes in the key assumptions,

for example, increases in the market related discount rate would decrease the fair value if all other inputs remain unchanged. The extent of the fair value changes would

depend on how inputs change in relation to each other

3 The fair value at 31 December 2024 represents the quoted price of the US$ Convertible Bond. The fair value of the amortised cost component amounts to R 8,231 million

(level 2) at 31 December 2024 and is calculated by deducting the fair value of the share conversion option from the quoted price. Following the transfer of the derivative

component to equity (see note 28.5), it is no longer remeasured to fair value through profit or loss. The fair value at 31 December 2023 represents the fair value of the

amortised cost component of the US$ Convertible Bond, which was calculated based on the quoted price of the instrument after separating the fair value of the

derivative component

Liquidity risk

The Group's liquidity risk management and maturity analysis of financial liabilities are disclosed in note 36.2 .

Market risk

Foreign currency sensitivity

Certain of the Group’s foreign currency borrowing facilities are repayable by companies with SA rand as their functional currency,

therefore some of the Group’s borrowings are sensitive to changes in the rand/US dollar exchange rate. The Group is also exposed to

foreign currency risk on intercompany loans denominated in USD, EUR and AUD to the extent that foreign exchange differences are

recognised in profit or loss. A one percentage point change in the SA rand closing exchange rate of R 18.76 /US$ ( 2023 : R 18.57 /US$ and

2022 : R 17.03 /US$), R 19.53 /€ (2023: R 20.53 /€, 2022: R 18.22 /€) and R 11.67 /A$ (2023: R 12.66 /A$) would have changed the profit/loss before tax

by R 13 million ( 2023 : R 25 million and 2022 : R 31 million ).

Interest rate sensitivity

As at 31 December 2024 , the Group’s total borrowings amounted to R 41,687 million ( 2023 : R 36,618 million and 2022 : R 22,728 million ). The

Group generally does not undertake any specific action to cover its exposure to interest rate risk, although it may do so in specific

circumstances.

The portion of Sibanye-Stillwater’s interest-bearing borrowings at period end that is exposed to interest rate fluctuations is R 10,898 million

( 2023 : R 6,873 million and 2022 : R 2,424 million ). This debt is normally rolled for periods between one and three months and is therefore

exposed to the rate changes in this period. See the Group's exposure to interest rate changes presented further in this note.

AFR – 146

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

The Burnstone debt and the R 6.5 billion RCF are affected by the amendments to IFRS 9 relating to interest rate benchmark reform, in

particular the replacement of IBORs, which came into effect on 1 January 2021. However, the R 6.5 billion RCF is linked to JIBAR and is only

expected to be impacted by the IBOR reform at a later stage. Any impact thereof can only be considered when this occurs since it is

unknown if the RCF will be drawn down at that stage. The Burnstone debt was linked to a US LIBOR at 31 December 2023 and on 1 March

2024, the Group transitioned the Burnstone debt to a term SOFR (consistent with the US$ 1 billion RCF). Management performed an

assessment on the transition of the Burnstone debt to the new interest rate and there was no material impact on the Group.

The table below summarises the effect of a change in finance expense on the Group’s profit/loss before tax had JIBAR, term SOFR, EURIBOR

or LIBOR (up to 2023) differed as indicated. The analysis is based on the assumption that the applicable interest rate increased/decreased

with all other variables remaining constant. All financial instruments with fixed interest rates that are carried at amortised cost are not

subject to the interest rate sensitivity analysis.

Interest rate sensitivity analysis


	Change in interest expenses for a change in interest rate 1
Figures in million - SA rand	(1.5) %	(1.0) %	(0.5) %	0.5 %	1.0 %	1.5 %
31 December 2024
- JIBAR	( 45 )	( 30 )	( 15 )	15	30	45
- Term SOFR	( 33 )	( 22 )	( 11 )	11	22	33
- EURIBOR	( 86 )	( 57 )	( 29 )	29	57	86
Change in finance expense	( 164 )	( 109 )	( 55 )	55	109	164
31 December 2023
- JIBAR	( 60 )	( 40 )	( 20 )	20	40	60
- LIBOR	( 43 )	( 29 )	( 14 )	14	29	43
Change in finance expense	( 103 )	( 69 )	( 34 )	34	69	103
31 December 2022
- JIBAR	—	—	—	—	—	—
- LIBOR	36	24	12	( 12 )	( 24 )	( 36 )
Change in finance expense	36	24	12	( 12 )	( 24 )	( 36 )

1 Interest rate sensitivity analysis is performed on the borrowings balance at 31 December

The exposure to interest rate changes and the contractual repricing dates

The exposure of the Group’s borrowings to interest rate changes and the contractual repricing dates at the reporting dates is as follows :


Figures in million - SA rand	2024	2023	2022
Floating rate with exposure to change in JIBAR	3,000	4,000	—
Floating rate with exposure to change in term SOFR	2,174	—	—
Floating rate with exposure to change in LIBOR	—	2,873	2,424
Floating rate with exposure to change in EURIBOR	5,724	—	—
Non-current borrowings exposed to interest rate changes	10,898	6,873	2,424
The Group has the following undrawn borrowing facilities:
Committed	26,743	20,755	16,403
Uncommitted	2,933	3,274	2,427
Total undrawn facilities	29,676	24,029	18,830
All of the above facilities have floating rates. The undrawn committed facilities have the following expiry dates:
- within one year	685	2,185	10,903
- later than one year and not later than two years	—	—	5,500
- later than two years and not later than three years	22,260	18,570	—
- later than three years	3,798	—	—
Total undrawn committed facilities	26,743	20,755	16,403

AFR – 147

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

28.10 Capital management

The Group’s primary objective with regards to managing its capital is to ensure that there is sufficient capital available to support the

funding requirements of the Group, including capital expenditure, in a way that: optimises the cost of capital; maximises shareholders’

returns; and ensures that the Group remains in a sound financial position.

The Group manages and makes adjustments to the capital structure as and when borrowings mature or as and when funding is required.

This may take the form of raising equity, market or bank debt or hybrids thereof. Opportunities in the market are also monitored closely to

ensure that the most efficient funding solutions are implemented.

The Group monitors capital using the ratio of net debt/(cash) to adjusted earnings before interest, taxes, depreciation and amortisation

(EBITDA), but does not set absolute limits for this ratio.


Figures in million - SA rand	2024	2023	2022
Adjusted borrowings 1	39,426	37,437	20,188
Adjusted cash and cash equivalents 2	16,002	25,519	26,038
Net debt/(cash) 3	23,424	11,918	( 5,850 )
Adjusted EBITDA 4	13,088	20,556	41,111
Net debt/(cash) to adjusted EBITDA (ratio) 5	1.79	0.58	( 0.14 )

1 Adjusted borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Adjusted borrowings, therefore, exclude the Burnstone Debt and include the

derivative financial instrument relating to the US$ Convertible Bond, until it was derecognised on 26 June 2024

2 Adjusted cash and cash equivalents exclude cash of Burnstone

3 Net debt/(cash) represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater

and, therefore, exclude the Burnstone Debt and include the derivative financial instrument relating to the US$ Convertible Bond, until it was derecognised on 26 June

2024. Net debt/(cash) excludes cash of Burnstone

4 The adjusted EBITDA calculation is based on the definitions included in the facility agreements for compliance with the debt covenant formula, except for impact of new

accounting standards and acquisitions, where the facility agreements allow the results from the acquired operations to be annualised. Adjusted EBITDA may not be

comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS Accounting Standards and should be

considered in addition to, and not as a substitute for, other measures of financial performance and liquidity

5 Net debt/(cash) to adjusted EBITDA ratio is defined as net debt/(cash) as of the end of a reporting period divided by adjusted EBITDA of the 12 months ended on the

same reporting date. Non-IFRS measures such as net debt/(cash) to adjusted EBITDA is presented for illustration purposes only, and because of its nature, net debt/(cash)

to adjusted EBITDA should not be considered as a representation of financial performance under IFRS Accounting Standards and should be considered in addition to,

and not as a substitute for, other measures of financial performance and liquidity

AFR – 148

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Reconciliation of (loss)/profit before royalties, carbon tax and tax to adjusted EBITDA:


Figures in million - SA rand	2024	2023	2022
(Loss)/profit before royalties, carbon tax and tax	( 3,669 )	( 38,794 )	29,728
Adjusted for:
Amortisation and depreciation	8,810	10,012	7,087
Interest income	( 1,337 )	( 1,369 )	( 1,203 )
Finance expense	4,571	3,299	2,840
Share-based payments	251	113	218
(Gain)/loss on financial instruments	( 5,433 )	( 235 )	4,279
Loss/(gain) on foreign exchange differences	215	( 1,973 )	( 616 )
Share of results of equity-accounted investees after tax	( 212 )	1,174	( 1,287 )
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable	447	( 45 )	( 71 )
Gain on disposal of property, plant and equipment	( 55 )	( 105 )	( 162 )
Impairments/(reversal of impairments)	9,173	47,454	( 6 )
Onerous contract provision	( 817 )	1,865	—
Gain on acquisition	—	( 898 )	—
Cyber security costs	67	—	—
Provision for community costs post closure	24	—	—
Loss on deconsolidation of subsidiaries	—	—	308
Gain on remeasurement of previous interest in Kroondal	—	( 298 )	—
Gain on increase in equity-accounted investment	( 2 )	( 5 )	—
Restructuring costs	550	515	363
Transaction costs	851	474	152
IFRS 16 lease payments	( 244 )	( 263 )	( 163 )
Profit on sale of Lonmin Canada	—	—	( 145 )
Compensation for losses incurred	( 26 )	—	—
Occupational healthcare gain	( 76 )	( 365 )	( 211 )
Adjusted EBITDA	13,088	20,556	41,111

AFR – 149

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

29. Lease liabilities

Accounting policy

At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the

contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Lease liabilities are initially measured at the present value of the future lease payments at the commencement date, discounted using the

interest rate implicit in the lease or, if that rate cannot be readily determined, the relevant incremental borrowing rate.

Subsequently, lease liabilities are measured at amortised cost using the effective interest method. Lease liabilities are remeasured when

there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the

amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a

purchase, extension or termination option.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is

recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The Group also elected to apply the recognition exemptions for lease contracts that, at the commencement date, have a lease term of

12 months or less and do not contain a purchase option, and lease contracts for which the underlying asset is of low value. The Group

recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term to the extent

applicable.

In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed as incurred.


Figures in million - SA rand	Notes	2024	2023	2022
Balance at beginning of the year		582	319	281
New leases and modifications		25	144	45
Lease liabilities on acquisition of subsidiaries	16.1	3	315	120
Repayment of lease liabilities		( 244 )	( 263 )	( 163 )
Interest charge	5.2	34	43	31
Foreign currency translation		( 22 )	24	5
Balance at end of the year		378	582	319
Current portion of lease liabilities		( 175 )	( 198 )	( 111 )
Non-current lease liabilities		203	384	208

Lease payments not recognised as a liability but expensed during the year


Figures in million - SA rand	2024	2023	2022
Short-term leases	179	69	41
Leases of low value assets	55	48	56
Variable lease payments	235	248	301
Total	469	365	398

Maturity Analysis

The lease liabilities are secured by the related underlying assets. The undiscounted maturity analysis of lease liabilities at 31 December is as

follows:


Figures in million - SA rand	Total	Within one year	Between one and five years	After five years
Contractual undiscounted cash flows — 2024	422	190	149	83
Contractual undiscounted cash flows — 2023	625	221	330	74
Contractual undiscounted cash flows — 2022	351	121	161	69

AFR – 150

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

30. Environmental rehabilitation obligation and other provisions

Significant accounting judgements and estimates

Environmental rehabilitation obligation

The Group’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The

Group recognises a provision for management’s best estimate for asset retirement and environmental obligations in the period in which

they are incurred. Actual costs incurred in future periods could differ materially from the estimates. Additionally, future changes to

environmental laws and regulations, life-of-mine estimates and discount rates could affect the carrying amounts of these provisions.


These provisions are calculated using the following assumptions:
	Inflation rate	Discount rate	Discount period
2024
SA gold operations	7.0 %	8.3 % – 11.1 %	1 – 25 years
SA PGM operations	7.0 %	8.3 % – 11.1 %	1 – 45 years
US PGM operations	3.5 %	4.8 %	25 – 35 years
European operations	2.5 %	2.3 % – 3.0 %	2 – 23 years
Australian operations	2.5 %	3.9 %	5 – 19 years
2023
SA gold operations	7.0 %	8.9 % – 12.3 %	1 – 25 years
SA PGM operations	7.0 %	8.9 % – 12.3 %	1 – 48 years
US PGM operations	3.5 %	4.0 %	31 – 46 years
European operations	2.1 %	3.1 %	23 years
Australian operations	2.8 %	3.7 %	40 months
2022
SA gold operations	6.5 %	7.8 % – 11.5 %	1 – 22 years
SA PGM operations	6.5 %	7.8 % – 11.6 %	1 – 49 years
US PGM operations	4.0 %	4.0 %	31 – 43 years
European operations	2.5 %	3.3 %	24 years

Onerous contract The measurement of the onerous contract provision is subject to various inputs such as estimated revenue to be generated from the contract, which is impacted by pricing and volume assumptions, as well as estimated costs to be incurred such as production costs, which include overheads, labour and manufacturing input cost. Changes to these inputs could materially impact the cash flows included in the measurement of the onerous contract provision.

AFR – 151

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Accounting Policy

Provisions are recognised when the Group has a present obligation, legal or constructive, resulting from past events and it is probable that

an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the

amount of the obligation. Provisions are measured by discounting the expected future cash flows at a pre-tax rate that reflects current

market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance

cost.

Environmental rehabilitation obligation

Long-term environmental obligations are based on the Group’s environmental management plans, in compliance with applicable

environmental and regulatory requirements. The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for

changes in legislation, technology or other circumstances. Cost estimates are not reduced by the potential proceeds from the sale of

assets or from plant clean up at closure. Based on disturbances to date, the net present value of expected rehabilitation cost estimates is

recognised and provided for in full in the financial statements. The estimates are reviewed annually and are discounted using a risk-free

rate that is adjusted to reflect the current market assessments of the time value of money.

Annual changes in the provision consist of notional finance costs relating to the change in the present value of the provision and

inflationary increases in the provision estimate, as well as changes in estimated cost of rehabilitation, remediation and decommissioning.

Changes in estimates are capitalised or reversed against the related asset to the extent that it meets the definition of dismantling and

removing the item and restoring the site on which it is located. Costs that relate to an existing condition caused by past operations and do

not have a future economic benefit are recognised in profit or loss. If a decrease in the liability exceeds the carrying amount of the asset,

the excess is recognised immediately in profit or loss. The present value of environmental disturbances created are capitalised to mining

assets against an increase in the environmental rehabilitation obligation. Rehabilitation projects undertaken, included in the estimates, are

charged to the provision as incurred. The cost of ongoing current programmes to prevent and control environmental disturbances is

recognised in profit or loss as incurred. The unwinding of the discount due to the passage of time is recognised as finance cost, and the

capitalised cost is amortised over the remaining lives of the mines.

Onerous contract provision

Onerous contract provisions are measured at the present value of the lower of the expected cost of terminating the contract and the

expected net cost of continuing with the contract, which is determined based on the incremental cost of fulfilling the obligation under the

contract and an allocation of other cost directly related to fulfilling the contract. Before a provision is established, the Group recognises

any impairment loss on the assets associated with the contract.


Figures in million – SA rand	Notes	2024	2023	2022
Environmental rehabilitation obligation	30.1	11,805	11,355	8,435
Other provisions	30.2	444	1,982	117
Balance at end of the year		12,249	13,337	8,552
Current portion of environmental rehabilitation obligation and other provisions		( 327 )	( 832 )	—
Non-current portion of environmental rehabilitation obligation and other provisions		11,922	12,505	8,552

30.1 Environmental rehabilitation obligation


Figures in million - SA rand	Notes	2024	2023	2022
Balance at beginning of the year		11,355	8,435	8,146
Interest charge	5.2	966	758	611
Utilisation of environmental rehabilitation obligation 1		( 488 )	( 274 )	( 236 )
Change in estimates charged to profit or loss 2		433	( 82 )	( 183 )
Change in estimates capitalised 2		204	( 419 )	( 85 )
Environmental rehabilitation obligation on acquisition of subsidiaries		—	3,576	97
Derecognition with deemed disposal of interest in joint operation	19	—	( 818 )	—
Liabilities associated with assets held for sale		( 451 )	—	—
Foreign currency translation		( 214 )	179	85
Balance at end of the year		11,805	11,355	8,435
Reconciliation of the non-current and current portion of the environmental rehabilitation obligation:
Environmental rehabilitation obligation		11,805	11,355	8,435
Current portion of environmental rehabilitation obligation		—	—	—
Non-current portion of environmental rehabilitation obligation		11,805	11,355	8,435

1 The cost of ongoing current programmes to prevent and control environmental disturbances, including reclamation activities, is charged to cost of sales as incurred

2 Changes in estimates result from changes in reserves and corresponding changes in life-of-mine, changes in discount rates, changes in closure cost estimates and

changes in laws and regulations governing environmental matters

The Group’s mining operations are required by law to undertake rehabilitation works as part of their ongoing operations. The Group makes

contributions into environmental rehabilitation obligation funds (see note 21 ) and holds guarantees to fund the estimated costs.

AFR – 152

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

The Group's environmental rehabilitation obligation is sensitive to changes in certain assumptions applied in the calculation of the balance

of the obligation at 31 December 2024. The table below illustrates the impact of certain changes to the assumptions on the balance of the

obligation at 31 December 2024, holding all other assumptions constant:


Key assumption	Change to key assumption	Impact on the environmental rehabilitation obligation (SA rand millions)
Discount rate	1 %	R 987 million
Inflation rate	1 %	R 1,238 million
Discount period	1 year	R 311 million

30.2 Other provisions


Figures in million - SA rand	Notes	2024	2023	2022
Balance at beginning of the year		1,982	117	117
Onerous contract provision recognised 1	8.1	200	1,865	—
Finance expense		58	—	—
Change in onerous contract provision recognised through profit or loss 2	8.2	( 1,017 )	—	—
Payments made - cash 3		( 665 )	—	—
Foreign currency translation		( 114 )	—	—
Balance at end of the year		444	1,982	117
Other provisions consists of:
Onerous contract provisions 4		327	1,865	—
Other		117	117	117
Other provisions		444	1,982	117
Reconciliation of the non-current and current portion of other provisions:
Other provisions		444	1,982	117
Current portion of other provisions 5		( 327 )	( 832 )	—
Non-current portion of other provisions		117	1,150	117

1 This is an onerous supply contract provision relating to the raw material used in the Sandouville nickel refinery's production process, which is purchased under a single

supply contract previously maturing on 31 December 2027. Due to sustained losses incurred at the operation, the Group assessed whether the supply contract is onerous

at 31 December 2023. Consequently, the Group determined whether the unavoidable costs of meeting the obligations under the contract exceed the economic

benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of

fulfilling it and any compensation or penalties arising from failure to fulfil it. Based on this assessment, the Group recognised an onerous contract provision amounting to

R 1,865 million , which represents the present value at 31 December 2023 of the penalty payable on early exiting the supply contract and the unavoidable losses to be

incurred in meeting Sandouville's obligations under the contract during the notice period. Before the separate provision for the onerous contract was established, the

Group recognised an impairment loss on assets, partially dedicated to the contract (see note 10 ). The onerous contract provision was calculated based on an

expectation of terminating the contract in line with the required notice period and discounted at a pre-tax rate of 5.75 % , reflecting the risks specific to the provision.

During 2024, the Group agreed with the supplier to terminate this supply contract with final delivery made in January 2025. During the year, additional provisions were

raised for onerous contracts amounting to R 200 million in respect of the Sandouville nickel refinery's production process

2 The provision, included in Sandouville segment, decreased due to the realisation of onerous contract losses provided for at 31 December 2023

3 The payment was made in respect of a penalty resulting from early exiting the supply contract

4 Included in the balance is the onerous contract provision relating to the raw material used in the Sandouville nickel refinery's production amounting to R 121 million and

the balance relates to additional provisions raised for onerous contracts in respect of the Sandouville nickel refinery's production process

5 The current portion at 31 December 2024 and 31 December 2023 relates to the onerous contract provisions

Post closure water management liability

The Sibanye-Stillwater SA Region continues to monitor the potential risk of long-term acid and non-acidic mine impacted water and other

groundwater pollution challenges also experienced by peer mining groups operating in similar geological settings. Acid mine drainage

(AMD) specifically relates to the acidification and contamination of naturally occurring water resources by pyrite-bearing rock/ore

contained in underground mines, rock dumps, tailings facilities and pits on surface. The SA Region has made significant progress in reliably

determining the financial impact that AMD and groundwater pollution may have on the Group. The quantification of any post-closure

latent environmental impacts is deemed to become a requirement once the proposed amended Financial Provisioning Regulations comes

into effect (this date is yet to be announced). All water-related risks, whether operational or post-closure, are dealt with as part of our

enterprise risk management framework.

As at 31 December 2024, closure liability assessments make financial provision of R 3,536 million (undiscounted) for what it specifically

termed “Post Closure Aspects”. This includes but is not limited to amongst others, post-closure water management aspects such as initial

and post-decant surface and groundwater monitoring, wetlands, biomonitoring and aquatics monitoring and care-and-maintenance

monitoring. This value includes a revised post closure water treatment scenario for the Marikana operations. During the operational life-of-

mine, pre-closure, the Group aims at investigating and implementing practical, sustainable and cost-effective solutions that, where

possible, reduces post-closure impacts as effectively as possible, whilst also promoting the establishment and implementation of self-

sustaining ecosystems and processes, respectively, that would require very limited or no ongoing active management by the operation, in

a post-closure scenario. This is directly aligned to the Group’s long-term vision of full water stewardship maturity by 2033.

AFR – 153

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

31. Occupational healthcare obligation

Significant accounting judgements and estimates

The Group recognises management’s best estimates to settle any occupational healthcare claims against the Group’s operations. The

ultimate outcome of the number, timing and amount of successful claims to be paid out remains uncertain. The provision is consequently

subject to adjustment in the future and actual costs incurred in future periods could differ materially from the estimates.

Estimates that were used in the assessment include value of benefits per claimant, disease progression rates, required contributions,

timing of payments, tracing pattern, period discount rates, period inflation rates and a 60 % take-up rate (2023: 66 % and 2022: 70 % ). These

estimates were informed by a professional opinion. Management discounted the possible cash outflows using a discount rate of 10.31 %

(2023: 9.44 % and 2022: 8.76 % ).

In assessing whether the Group has control, joint control or significant influence over the trust that administers the claim settlement

process (see below), judgement was applied in determining whether voting rights are relevant to determine power over the key activities

of the trust, as well as analysing the influence of the various parties. No control, joint control or significant influence was identified,

however should any key considerations change in future periods, these conclusions will be reassessed.

Accounting policy

Provisions are recognised when the Group has a present obligation, legal or constructive resulting from past events and it is probable that

an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of

the amount of the obligation.

The estimated costs of settlement claims are reviewed at least annually and adjusted as appropriate for changes in cash flow predictions

or other circumstances.

Based on estimates to date, the net present value of expected settlement claims is recognised and provided for in full in the financial

statements. The estimated cash flows are discounted using a risk-free rate with similar terms to the obligation to reflect the current market

assessments of the time value of money.

Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and changes in

estimates.

On 3 May 2018, the Occupational Lung Disease Working Group (the Working Group), including Sibanye-Stillwater, agreed to an

approximately R 5 billion class action settlement with the claimants (Settlement Agreement). On 26 July 2019 the Gauteng High Court in

Johannesburg approved the R 5 billion Settlement Agreement in the silicosis class action suit. This Settlement Agreement provides

compensation to all eligible workers suffering from silicosis and/or tuberculosis who worked in the Occupational Lung Disease Working

Group companies’ mines from 12 March 1965 to the date of the Settlement Agreement.

The Settlement Agreement required the formation of the Tshiamiso Trust (the Trust) to administer the claim settlement process, which

includes tracing claimants, assessing and processing submitted claims and paying benefits to eligible claimants. The Trust will be funded by

the participants to the Working Group through contributions determined in accordance with the Settlement Agreement. In addition, a

special purpose vehicle was created with the objective of performing certain functions on behalf of the Working Group as set out in the

deed of the Trust and Settlement Agreement. The special purpose vehicle and Trust are not controlled by the Group.

On 19 December 2019 Sibanye-Stillwater provided a guarantee for an amount not exceeding R 1,372 million in respect of administration

contributions, initial benefit contributions and benefit contributions to the Trust as required by the trust deed. At 31 December 2024, the

value of the guarantee amounted to R 958 million (2023: R 992 million , 2022: R 1,372 million ) .

AFR – 154

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Sibanye-Stillwater's current provision for its share of the settlement cost amounts to R 336 million . The provision is subject to adjustment in the

future based on the number of eligible workers and changes in other assumptions.


Figures in million - SA rand	Note	2024	2023	2022
Balance at beginning of the year		400	825	1,017
Interest charge	5.2	38	70	85
Change in estimate recognised in profit or loss 1		( 76 )	( 365 )	( 211 )
Payments made		( 26 )	( 130 )	( 66 )
Balance at the end of the year		336	400	825
Reconciliation of the non-current and current portion of the occupational healthcare obligation:
Occupational healthcare obligation		336	400	825
Current portion of occupational healthcare obligation		( 2 )	—	( 44 )
Non-current portion of occupational healthcare obligation		334	400	781

1 The gain is mainly due to the decrease in the take-up rate and an increase in the discount rate

DRDGOLD is not a party to the Working Group’s mediated settlement agreement and DRDGOLD maintains the view that it is too early to

consider settlement of the matter, mainly for the following reasons:

• the applicants have as yet not issued and served a summons (claim) in the matter to DRDGOLD

• there is no indication of the number of potential claimants that may join the class action against the DRDGOLD respondents

• many principles upon which legal responsibility may be founded, are required to be substantially developed by the trial court (and

possibly subsequent courts of appeal) to establish liability on the bases alleged by the applicants

In light of the above there is inadequate information for DRDGOLD to determine if a sufficient legal and factual basis exists to establish

liability, and to quantify such potential liability.

AFR – 155

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

32. Deferred revenue

Significant accounting judgements and estimates

Upfront cash deposits received for streaming transactions have been accounted for as contract liabilities (deferred revenue) in the

scope of IFRS 15. These contracts are not financial instruments because they will be satisfied through the delivery of non-financial items

(i.e. delivering of metal ounces) as part of the Group’s expected sale requirements, rather than cash or financial assets. It is the intention

to satisfy the performance obligations under these streaming arrangements through the Group’s production, and revenue will be

recognised over duration of the contracts as the Group satisfies its obligation to deliver metal ounces. Where these contracts are of a

long-term nature and the Group received a portion of the consideration at the inception, these contracts contain a significant financing

component under IFRS 15. In these instances, the Group therefore makes a critical estimate of the discount rate that should be applied to

the contract liabilities over the life of contracts where applicable.

Inputs to the model to unwind the Wheaton International advance received to revenue

The advance received has been recognised on the statement of financial position as deferred revenue. The deferred revenue will be

recognised as revenue in profit or loss based on the metal ounces/credits in relation to the expected total amount of metal credits to be

delivered over the term of the arrangement.


Each period management estimates the cumulative amount of the deferred revenue obligation that has been satisfied and, therefore, recognised as revenue. Key inputs into the model are:
Key input	Estimate at year end	Further information
Estimated financing rate over life of arrangement	4.6 % - 5.2 %	Rate applied to discount the palladium and gold stream
Remaining life of stream	Approximately 83 years	The life of the stream is based on the approved life-of-mine for the US PGM operations, plus 50 % of inferred resources, resulting in approximately 83 years of remaining life of the stream.
Palladium entitlement percentage	4.5 %	The palladium entitlement percentage will be either 4.5 % , 2.25 % or 1 % over the life of the mine, depending on whether or not the advance has been fully reduced, and a certain number of contractual ounces have been delivered ( 375,000 ounces for the first trigger drop down to 2.25 % and 550,000 ounces for the second trigger drop down rate to 1 % ).
Gold entitlement percentage	100 %	The gold entitlement percentage will be 100 % over the life of the mine.
Monthly cash percentage	18 %	The monthly cash payment to be received is 18 % , 16 % , 14 % or 10 % of the market price of the metal credit delivery to Wheaton International while the advance is not fully reduced. After the advance has been fully reduced, the cash percentage is 22 % , 20 % , 18 % or 14 % . The percentage applicable depends on the investment grade of the Group and its leverage ratio. As long as Sibanye-Stillwater’s current investment grade condition as stipulated in the contract remains, the monthly cash percentage decreases if the Group’s leverage ratio increases above 3.5 : 1 . The balance of the ounces in the monthly delivery (i.e. 100% - 18 % = 82 % ) is then used to determine the utilisation of the deferred revenue balance.
Commodity prices	Five day simple average calculated the day before delivery	The value of each metal credit delivery is determined in terms of the contract.

Any changes to the above key inputs could significantly change the quantum of the cumulative revenue amount recognised in profit or

loss. Any changes in the life-of-mine are accounted for prospectively as a cumulative catch-up in the year that the life-of-mine estimate

above changes, or the inclusion of resources changes.

Accounting policy

Consideration received in advance is recognised as a contract liability (deferred revenue) under IFRS 15 as control has not yet transferred.

Where a significant financing component is identified as a result of the difference in the timing of advance consideration received and

when control of the metal promised transfers, interest expenses on the deferred revenue balance are recognised in finance costs.

Where a contract has a period of a year or less between receiving advance consideration and when control of the metal promised

transfers, the Group may elect on a contract-by-contract basis to apply the IFRS 15 practical expedient not to adjust for the effects of a

significant financing component.

AFR – 156

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Wheaton Stream

In July 2018, the Group entered into a gold and palladium supply arrangement with Wheaton International in exchange for an upfront

advance payment of R 6,555 million ( US$ 500 million ) (Wheaton Stream). 100 % of refined mined gold and currently 4.5 % of refined mined

palladium from the Stillwater operations will be delivered to Wheaton International over the life-of-mine of the US PGM operations. In

addition to the advance payment, Wheaton International currently pays the Group 18 % cash based on the value of gold and palladium

deliveries each month. The arrangement has been accounted for as a contract in the scope of IFRS 15 whereby the advance payment

has been recorded as deferred revenue. The revenue from the advance payment is recognised as the gold and palladium is allocated to

the appropriate Wheaton International account. An interest cost, representing the significant financing component of the upfront deposit

on the deferred revenue balance, is also recognised as part of finance costs. This finance cost increases the deferred revenue balance,

ultimately resulting in revenue when the deferred revenue is recognised over the life-of-mine.

Gold prepay

On 21 August 2024, Sibanye-Stillwater, through its subsidiary SGL, concluded a gold prepayment arrangement whereby the Group received

a cash prepayment of R 1,793 million in exchange for delivery of 1,497 kilograms of gold in equal monthly tranches ( 1,851 ounces per

month) from October 2024 to November 2026. The revenue from the prepayment will be recognised in equal parts on delivery of the gold.

The gold price delivered under the prepayment is hedged with a cap price of R 1,736,000 per kilogram and a floor price of R 1,350,000 per

kilogram. Sibanye-Stillwater receives, and recognises, the difference between the floor price and the spot price (subject to a maximum of

the cap price) on delivery of the gold.

Chrome prepay

On 1 December 2024, Sibanye-Stillwater, through its subsidiary SRPM, commenced a chrome prepayment arrangement whereby the

Group received a cash prepayment of US$ 50 million ( R 905 million ) for delivery of chrome concentrate. The delivery will be made monthly of

minimum 40,000 tonnes (up to a maximum of 70,000 tonnes) of chrome concentrate until the prepaid amount (including interest) is settled

in full. The prepayment is amortised over an estimated period of six months in accordance with the chrome price per tonne stipulated in

the agreement.

The following table summarises the changes in deferred revenue:


Figures in million - SA rand	Notes	2024	2023	2022
Balance at beginning of the year		6,632	6,420	6,360
Deferred revenue recognised on acquisition of subsidiary	16.1	120	198	—
Deferred revenue advance received 1		3,307	935	24
Deferred revenue recognised during the period 2		( 1,768 )	( 1,252 )	( 290 )
Interest charge	5.2	371	327	326
Foreign currency translation		( 19 )	4	—
Balance at the end of the year		8,643	6,632	6,420
Reconciliation of the deferred revenue transactions balance at year end:
Wheaton Stream		6,164	6,327	6,420
Gold prepay		1,626	—	—
Chrome prepay		733	—	—
Century deferred proceeds 3		—	305	—
Reldan deferred proceeds 3		120	—	—
Balance at the end of the year		8,643	6,632	6,420

Reconciliation of the non-current and current portion of the deferred revenue:
Deferred revenue		8,643	6,632	6,420
Current portion of deferred revenue		( 1,660 )	( 305 )	( 21 )
Non-current portion of deferred revenue		6,983	6,327	6,399

1 The amount received for the year ended 31 December 2024 relates to Century deferred proceeds, amounting to cash receipts of R 366 million (2023: R 935 million ) and

Reldan deferred proceeds amounting R 243 million . The amount received also includes the cash prepayments received in respect of the gold prepay and chrome prepay

amounting to R 1,793 million and R 905 million , respectively . The amount received for 31 December 2022 relates to the toll treatment arrangement entered into by

Marikana, representing cash receipts of R 24 million

2 Revenue recognised during the year of R 1,768 million relates to R 455 million recognised on the Wheaton Stream ( 2023 : R 392 million , 2022 : R 198 million ), R 662 million (2023:

R 860 million ) recognised in respect of Century deferred proceeds, R 245 million recognised in respect of Reldan deferred proceeds, R 234 million recognised on the gold

prepay and R 172 million recognised on the chrome prepay. The remaining revenue recognised relates to R 92 million recognised for the year ended 31 December 2022 on

material received during 2021 with respect to the toll treatment arrangement entered into by Marikana during 2021

3 The deferred proceeds relate to agreements with limited customers of Century and Reldan where proceeds for products are received in advance. Delivery of sold

product to customers is made between one and two months after receipt of the proceeds

AFR – 157

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

33. Trade and other payables

Accounting policy

Trade and other payables, excluding payroll creditors, leave pay accruals and VAT payable are non-derivative financial liabilities

categorised as other financial liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at

amortised cost using the effective interest method.

Provision is made for employee entitlement benefits accumulated as a result of employees rendering services up to the reporting date.

Liabilities arising in respect of wages and salaries, annual leave and other benefits due to be settled within 12 months of the reporting date

are measured at rates which are expected to be paid when the liability is settled. Termination benefits are expensed and an accrual

raised at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a

restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, they are discounted.

All other employee entitlement liabilities are measured at the present value of estimated payments to be made in respect of services

rendered up to reporting date.


Figures in million - SA rand	2024	2023	2022
Trade creditors	3,983	4,278	4,147
Accruals and other creditors	5,524	6,609	5,470
Other	867	791	1,276
Financial liabilities	10,374	11,678	10,893
Payroll creditors	2,640	3,014	2,496
Leave pay accrual	2,516	1,686	2,123
VAT payable	74	86	141
Total trade and other payables	15,604	16,464	15,653

Fair value of trade and other payables

The carrying value of trade and other payables approximate the fair value due to the short maturity of the amounts payable.

Liquidity risk

Trade and other creditors are expected to be settled within 12 months from the reporting date (see note 36.2).

AFR – 158

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

34. Cash generated by operations


Figures in million - SA rand	Notes	2024	2023	2022
(Loss)/profit for the year		( 5,710 )	( 37,430 )	18,980
Royalties	11.1	543	1,050	1,834
Carbon tax		2	2	( 10 )
Mining and income tax	11.2	1,496	( 2,416 )	8,924
Interest income	5.1	( 1,337 )	( 1,369 )	( 1,203 )
Finance expense	5.2	4,571	3,299	2,840
Profit before interest, royalties, carbon tax and tax		( 435 )	( 36,864 )	31,365
Non-cash adjusting items:
Amortisation and depreciation	4	8,810	10,012	7,087
Share-based payments	6.7	251	113	218
(Gain)/loss on financial instruments	7	( 5,574 )	( 101 )	4,279
Foreign currency exchange adjustment		168	( 1,647 )	82
Share of results of equity-accounted investees after tax		( 212 )	1,174	( 1,287 )
Impairments/(reversal of impairments)	10	9,173	47,454	( 6 )
Gain on acquisition		—	( 898 )	—
Gain on remeasurement of previous interest in Kroondal	8.2	—	( 298 )	—
Onerous contract provision	30.2	( 817 )	1,865	—
Occupational healthcare gain	31	( 76 )	( 365 )	( 211 )
Loss on deconsolidation of subsidiary	8.1	—	—	309
Profit on sale of Lonmin Canada	8.2	—	—	( 145 )
Change in estimate of environmental rehabilitation obligation		433	( 56 )	( 99 )
Settlement of metals borrowings liability	22.2	( 4,308 )	—	—
Deferred revenue recognised	32	( 1,768 )	( 1,252 )	( 290 )
Cash adjusting items:
Early termination penalty relating to onerous contract provision	30.2	( 665 )	—	—
Payment of occupational healthcare liability	31	( 26 )	( 130 )	( 66 )
Other non-cash and cash adjusting items		( 540 )	( 281 )	( 490 )
Total cash generated by operations		4,414	18,726	40,746

35. Change in working capital


Figures in million - SA rand	2024	2023	2022
Inventories	2,153	1,513	605
Trade and other receivables	1,767	1,328	116
Trade and other payables	2,933	( 1,091 )	( 335 )
Total change in working capital	6,853	1,750	386

AFR – 159

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

36. Financial instruments and risk management

Accounting policy

On initial recognition, a financial asset is classified as measured at either amortised cost, fair value through other comprehensive income,

or fair value through profit or loss.

The Group initially recognises debt instruments issued and trade and other receivables, on the date these are originated. All other

financial assets and financial liabilities are recognised initially when the Group becomes a party to the contractual provisions of the

instrument.

The classification of financial assets at initial recognition that are debt instruments depends on the financial asset’s contractual cash flow

characteristics and the Group’s business model for managing them. In order for a financial asset to be classified and measured at

amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount

outstanding. This assessment is performed at an instrument level. Financial assets that are debt instruments with cash flows that are not

SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

The Group’s business model for managing financial assets that are debt instruments refers to how it manages its financial assets in order to

generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the

financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to

hold financial assets in order to collect contractual cash flows.

The Group recognises an allowance for expected credit losses (ECLs) on all debt instruments not held at fair value through profit or loss to

the extent applicable. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and

all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial

recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month

ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is

required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

For trade and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted

by IFRS 9. The Group considers customers with balances 60 days past due an appropriate indicator of default. These balances are

investigated to establish the probability that the funds will be received. The Group Legal Department determines whether to proceed

with a collection process through external attorneys and where considered appropriate, a collection process is initiated to secure

payment. Following this process, trade and other receivables are written off when there is no reasonable expectation of recovering the

contractual cash flows. Impairment losses are recognised through profit or loss.

The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the

rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of the ownership of the financial

asset are transferred. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of

recovering a financial asset in its entirety or a portion thereof. The Group derecognises a financial liability when its contractual obligations

are discharged, cancelled or expired.

Any interest in such transferred financial asset that is created or retained by the Group is recognised as a separate asset or liability. The

particular recognition and measurement methods adopted are disclosed in the individual policy statements associated with each item.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid is

recognised in profit or loss.

AFR – 160

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

36.1 Accounting classifications and measurement of fair values

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments:

• Level 1: unadjusted quoted prices in active markets for identical asset or liabilities

• Level 2: inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly

(derived from prices)

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs )

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

• Other receivables and other payables

Due to the methods applied in calculating the carrying values as described in note 22 , the carrying values approximate fair value,

except for the Marikana dividend obligation and the Keliber dividend obligation (see note 22). The fair value at 31 December 2023 of

the contingent consideration relating to the Kroondal acquisition was derived from discounted cash flow models. The models used

several key assumptions, including estimates of future production volumes, PGM basket prices, operating costs, capital expenditure

and market related discount rate (see note 22). The extent of the fair value changes would depend on how inputs change in relation

to each other. The fair value of the metals borrowing liability was calculated based on spot prices of the relevant metals owed to the

financial institution .

• Trade and other receivables/payables, and cash and cash equivalents

The carrying amounts approximate fair values due to the short maturity and/or the method applied in calculating the carrying value of

these instruments for financial instruments measured at amortised cost. The fair value for trade receivables measured at fair value

through profit or loss (PGM concentrate sales and zinc provisional price sales) are determined based on ruling market prices, volatilities

and interest rates.

• Environmental rehabilitation obligation funds

Environmental rehabilitation obligation funds comprise a fixed income portfolio of bonds, rehabilitation policies, investment in a cell

captive as well as fixed and notice deposits. The environmental rehabilitation obligation funds, not measured at amortised cost, are

stated at fair value based on the nature of the fund’s investments. For investments measured at fair value classified as level 2, the fair

value is determined through valuation techniques that include inputs other than quoted prices in level 1 that are observable for the

asset, either directly or indirectly. The valuation techniques applied make reference to the net asset value of the underlying assets in

the relevant policy or cell captive, adjusted for any entity-specific risk. These underlying assets comprise predominantly money-market

and similar highly liquid investments for which the carrying values approximate fair value.

Based on the observability of the inputs used in valuing the investments relating to the Group's environmental rehabilitation obligation

funds, management identified in the current year that classification as level 2 is more appropriate, since investments held do not have

unadjusted quoted prices. Of these investments, R 2,365 million and R 2,023 million at 31 December 2023 and 31 December 2022,

respectively, previously classified as level 1 are now classified as level 2. In addition, the table below previously included investments

categorised as level 1 of R 2,715 million and R 2,505 million at 31 December 2023 and 31 December 2022, respectively, which are

measured at amortised cost and have carrying values approximating fair values. These investments have now been excluded since fair

value hierarchy disclosure is not required for investments measured at amortised cost.

• Other investments

The fair values of listed investments are based on the quoted prices available from the relevant stock exchanges. The carrying amounts

of other short-term investment products with short maturity dates approximate fair value. The fair values of non-listed investments are

determined through valuation techniques that include inputs that are not based on observable market data. These inputs include

price/book ratios as well as marketability and minority shareholding discounts which are impacted by the size of the shareholding. The

level 3 balance consists primarily of an investment in Verkor, which is valued based on a share subscription price determined by market

participants at acquisition and since Verkor is a pre-revenue operation still in development, the subscription price is considered a

reasonable approximation of fair value. An expert valuation was performed in the current year to confirm the reasonability of the fair

value. The difference between other investments in the statement of financial position and note 20, relates to investments measured at

amortised cost, with carrying amounts that approximate fair value.

Based on the observability of the inputs used in valuing other investments, management identified in the current year that classification

as level 2 is more appropriate for certain investments amounting to R 411 million and R 345 million at 31 December 2023 and 31

December 2022, respectively, since some investments held do not have unadjusted quoted prices, although reference is made to

observable inputs in the valuations. These investments were previously classified as level 1.

• Borrowings

The carrying value of variable interest rate borrowings approximates fair value as the interest rates charged are considered marked

related. However, since there are also fixed interest rate borrowings, fair values are disclosed in note 28 .

AFR – 161

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

• Derivative financial instruments

The fair value of derivative financial instruments is estimated based on ruling market prices, volatilities and interest rates, and option

pricing methodologies based on observable quoted inputs. All derivatives are carried on the statement of financial position at fair

value. The fair value of the gold and palladium hedge is determined using a Monte Carlo simulation model based on market forward

prices, volatilities and interest rates. The fair value of the zinc hedge is determined by using a Monte Carlo simulation model based on

historical zinc market spot and forward prices, volatilities and interest rates and the relevant foreign exchange forward curve data

The following table sets out the Group’s significant financial instruments measured at fair value by level within the fair value hierarchy:


Figures in million - SA rand	2024			2023 (restated)			2022 (restated)
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets measured at fair value
Environmental rehabilitation obligation funds	—	3,750	—	—	3,212	—	—	2,801	—
Trade receivables — PGM concentrate sales	—	965	—	—	3,407	—	—	3,564	—
Trade receivables — Zinc provisional price sales	—	356	—	—	108	—	—	—	—
Other investments	1,517	504	1,151	1,241	411	1,233	1,975	345	855
Palladium hedge contract	—	—	—	—	—	—	—	50	—
Financial liabilities measured at fair value
Derivative financial instrument	—	—	—	—	3,810	—	—	—	—
Gold hedge contracts	—	282	—	—	140	—	—	—	—
Zinc hedge contracts	—	208	—	—	33	—	—	—	—
Metals borrowing liability	855	—	—	—	—	—	—	—	—
Contingent consideration	—	—	—	—	—	1,570	—	—	—

The table below summarises the movement in financial assets and financial liabilities classified as level 3 in the table above:


Figures in million - SA rand	2024	2023	2022
Financial assets measured at fair value
Balance at beginning of the year	1,233	855	224
Fair value movement recognised in profit or loss	( 113 )	108	152
Fair value movement recognised in other comprehensive income	31	( 59 )	( 8 )
Additions	—	323	483
Foreign currency translation	—	6	4
Balance at end of the year	1,151	1,233	855

Financial liabilities measured at fair value
Balance at beginning of the year	1,570	—	—
Initial recognition	—	1,433	—
Fair value movement recognised in profit or loss	( 396 )	137	—
Payment made	( 1,174 )	—	—
Balance at end of the year	—	1,570	—

36.2 Risk management activities

Controlling and managing risk in the Group

In the normal course of its operations, the Group is exposed to market risks, including commodity price, foreign currency, interest rate,

liquidity and credit risk associated with underlying assets, liabilities and anticipated transactions. In order to manage these risks, the Group

has developed a comprehensive risk management process to facilitate the control and monitoring of these risks.

Sibanye-Stillwater has policies in areas such as counterparty exposure, hedging practices and prudential limits, which are approved by

Sibanye-Stillwater’s Board of Directors (the Board) on an annual basis, or more frequent if changes are required. Management of financial

risk is centralised at Sibanye-Stillwater's treasury department (Treasury). Treasury manages financial risk in accordance with the policies and

procedures established by the Board and the Audit Committee.

The Board has approved dealing limits for money market, foreign exchange and commodity transactions, which Treasury is required to

adhere to. Among other restrictions, these limits describe which instruments may be traded and demarcate open position limits for each

category as well as indicating counterparty credit-related limits. The dealing exposure and limits are checked and controlled each day

and any breaches of these limits and exposures are reported to the CFO.

AFR – 162

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

The objective of Treasury is to manage all significant financial risks arising from the Group’s business activities in order to protect profit and

cash flows. Treasury activities of Sibanye-Stillwater and its subsidiaries are guided by the Treasury Policy, the Treasury Framework as well as

domestic and international financial market regulations. Treasury activities are currently performed within the Treasury Framework with

appropriate resolutions from the Board, which are reviewed and approved annually by the Audit Committee.

The financial risk management objectives of the Group are defined as follows:

• Counterparty exposure: the objective is to only deal with a limited number of approved counterparts that are of a sound financial

standing and who have an official credit rating. The Group is limited to a maximum investment of 2.5 % of the financial institutions’

equity, which is dependent on the institutions’ credit rating. Credit ratings from reputable credit rating agencies are used for financial

institutions.

• Liquidity risk management: the objective is to ensure that the Group is able to meet its short-term commitments through the effective

and efficient management of cash and usage of credit facilities.

• Funding risk management: the objective is to meet funding requirements timeously and at competitive rates by adopting reliable

liquidity management procedures.

• Currency risk management: the objective is to maximise the Group’s profits by minimising currency fluctuations.

• Commodity price risk management: commodity risk management takes place within limits and with counterparts as approved in the

Treasury Framework.

• Interest rate risk management: the objective is to identify opportunities to prudently manage interest rate exposures.

• Investment risk management: the objective is to achieve optimal returns on surplus funds at acceptable risk.

Credit risk

Credit risk represents risk that an entity will suffer a financial loss due to the other party of a financial instrument not discharging its

obligations.

The Group manages its exposure to credit risk by dealing with a limited number of approved counterparties. The Group approves these

counterparties according to its risk management policy and ensures that they are of good credit quality.

The carrying value of the financial assets represents the combined maximum credit risk exposure of the Group. Concentration of credit risk

on cash and cash equivalents and non-current assets is considered minimal due to the above mentioned investment risk management

and counterparty exposure risk management policies (see notes 21 , 22 , 24 and 25 ).

The credit risk exposure on the Group’s financial assets is further expressed through the credit ratings of the Group's counterparties (source

– Fitch ratings, S&P Global and Global Credit Ratings):

• Cash and cash equivalents: the Group's cash and cash equivalents are held with a small number of financial institutions and banks

which are rated between B and AA+ (long term issuer default ratings) . The high credit ratings support a low probability of default and

indicates that the Group's exposure to credit risk is minimal

• Environmental rehabilitation funds: these funds are invested with financial institutions and banks that are rated between B and AA+

(long term issuer default ratings) and therefore do not expose the Group to material credit risk

• Trade receivables: the Group's trade and other receivables consist largely of gold, PGM, chrome, silver, cobalt, nickel and zinc metals

sales. The Gro up's exposure to credit risk on these sales is limited due to payment terms of the agreements as well as dealings with a

small number of reputable customers. External credit ratings on these customers range between BBB- and AA- , therefore exposure to

credit risk is minimal. The risk of default on other receivables is low due to the Group's approval process followed when entering into

these transactions.

There has been no significant increase in credit risk on the Group's financial assets since initial recognition.

Liquidity risk

In the ordinary course of business, the Group receives cash proceeds from its operations and is required to fund working capital and capital

expenditure requirements. The cash is managed to ensure surplus funds are invested to maximise returns whilst ensuring that capital is

safeguarded to the maximum extent possible by investing only with top financial institutions.

Uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group’s normal and contingency

funding requirements (see note 22.2 , 28.9 and 33 ).

AFR – 163

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

The following are contractually due, undiscounted cash flows resulting from maturities of financial liabilities including interest payments:


Figures in million – SA rand	Total	Within one year	Between one and two years	Between two and three years	Between three and five years	After five years
31 December 2024
Other payables	6,758	1,644	94	175	245	4,600
Trade and other payables	10,374	10,374	—	—	—	—
Borrowings
- Capital
R 6.5 billion RCF	3,000	—	—	3,000	—	—
US$ Convertible Bond	9,380	—	—	—	9,380	—
2026 and 2029 Notes	22,512	—	12,663	—	9,849	—
Burnstone Debt	146	—	—	—	—	146
Keliber loan facilities	5,858	—	—	422	2,314	3,122
Other borrowings	438	331	12	13	28	54
Franco-Nevada liability	4	4	—	—	—	—
- Interest	17,407	1,930	1,880	1,317	1,680	10,600
Total	75,877	14,283	14,649	4,927	23,496	18,522
31 December 2023
Other payables	12,757	2,203	188	277	477	9,612
Trade and other payables	11,678	11,678	—	—	—	—
Borrowings
- Capital
R 5.5 billion RCF	4,000	4,000	—	—	—	—
US$ Convertible Bond	9,285	9,285	—	—	—	—
2026 and 2029 Notes	22,284	—	—	12,535	—	9,749
Burnstone Debt	145	—	—	—	145	—
Other borrowings	40	11	5	5	10	9
Franco-Nevada liability	3	3	—	—	—	—
Stillwater Convertible Debentures	4	4	—	—	—	—
- Interest	17,328	1,339	941	876	1,049	13,123
Total	77,524	28,523	1,134	13,693	1,681	32,493
31 December 2022
Other payables	11,201	4,050	201	467	986	5,497
Trade and other payables	10,893	10,893	—	—	—	—
Borrowings
- Capital
2026 and 2029 Notes	20,436	—	—	—	11,495	8,941
Burnstone Debt	132	—	25	107	—	—
Other borrowings	41	9	7	4	8	13
Franco-Nevada liability	2	2	—	—	—	—
Stillwater Convertible Debentures	4	4	—	—	—	—
- Interest	13,412	862	865	868	1,344	9,473
Total	56,121	15,820	1,098	1,446	13,833	23,924

AFR – 164

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2024

Working capital and going concern assessment

For the year ended 31 December 2024 , the Group incurred a loss of R 5,710 million ( 2023 : loss of R 37,430 million and 2022 : profit of

R 18,980 million ). As at 31 December 2024 , the Group’s current assets exceeded its current liabilities by R 27,554 million ( 2023 : R 25,415 million

and 2022 : R 40,545 million ) and the Group’s total assets exceeded its total liabilities by R 48,289 million ( 2023 : R 51,607 million and 2022 :

R 91,004 million ). During the year ended 31 December 2024 the Group generated net cash from operating activities of R 10,113 million ( 2023 :

R 7,095 million and 2022 : R 15,543 million ).

The Group has committed undrawn debt facilities of R 26,743 million at 31 December 2024 ( 2023 : R 20,755 million and 2022 : R 16,403 million )

and cash balances of R 16,049 million ( 2023 : R 25,560 million and 2022 : R 26,076 million ). The Group concluded the financing of the Keliber

project on 20 August 2024 and the refinancing of its R 5.5 billion RCF on 16 August 2024. The R 5.5 billion RCF was upsized to a R 6 billion facility

with a R 1 billion accordion, of which R 0.5 billion was executed in December 2024. This R 6.5 billion RCF matures in August 2027 with two

optional one -year extensions. During August 2024 and December 2024 respectively, the Group entered into two prepay transactions where

the Group received a R 1.8 billion prepayment from a financial institution in exchange for delivering gold in equal monthly deliveries and the

Group received R 905 million ( US$ 50 million ) in exchange for delivering chrome concentrate (see note 32). The Group’s leverage ratio (net

debt/(cash) to adjusted EBITDA) as at 31 December 2024 was 1.79 :1 ( 2023 was 0.58 :1 and 2022 was ( 0.14 ) :1) and its interest coverage ratio

(adjusted EBITDA to net finance charges/(income)) was 11 :1 ( 2023 was 66 :1 and 2022 was 93 :1). Both considerably better than the uplifted

maximum permitted leverage ratio of at most 3.5 :1 and minimum required interest coverage ratio of 3.0 :1, calculated on a quarterly basis,

required under the US$ 1 billion RCF, the R 6.5 billion RCF and the Keliber Facility. The maximum permitted leverage ratio up to 30 June 2025 is

3.5 :1, up to 31 December 2025 3.0 :1 and thereafter 2.5 :1. The maximum required interest coverage ratio up to 30 June 2025 is 3.0 :1, up to 31

December 2025 3.5 :1 and 4.0 :1 thereafter. At the date of approving these consolidated financial statements for issue, the US$ 1 billion RCF is

undrawn and R 3 billion of the R 6.5 billion RCF was undrawn. On 28 February 2025 the Group also completed the US$ 500 million streaming

agreement with Franco-Nevada (Barbados) Corporation, a wholly-owned subsidiary of Franco-Nevada Corporation (Franco-Nevada) in

exchange for the sale of gold and platinum streams with reference to the Marikana, Kroondal, and Rustenburg operations.