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September 2026 From strategic refresh to disciplined execution Investor meeting presentation
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1www.sibanyestillwater.com Disclaimer FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation may be forward-looking statements. Forward-looking statements may be identified by the use of words such as “will”, “would”, “expect”, “forecast”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “intend”, “target”, “estimate” and words of similar meaning. These forward-looking statements, including among others, those relating to Sibanye Stillwater Limited’s (Sibanye-Stillwater or the Group) future financial position, business strategies and other strategic initiatives, business prospects, industry forecasts, production and operational guidance, climate and ESG-related targets and metrics, and plans and objectives for future operations, project finance and the completion or successful integration of acquisitions, are necessarily estimates reflecting the best judgement of Sibanye-Stillwater’s senior management. Readers are cautioned not to place undue reliance on such statements. Forward-looking statements involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Sibanye-Stillwater that could cause its actual results and outcomes to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. As a consequence, these forward- looking statements should be considered in light of various important factors, including those set forth in Sibanye-Stillwater’s 2025 Integrated Report and annual report on Form 20- F filed with the Securities and Exchange Commission (SEC) on 24 April 2026 (SEC File no. 333-234096). These forward-looking statements speak only as of the date of this presentation. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required). NON-IFRS MEASURES The information contained in this presentation contains certain non-IFRS measures, among others adjusted EBITDA, AISC, AIC, 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. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For definitions and reconciliation of relevant non-IFRS measures, see Non-IFRS measures section in the operating and financial results booklet and notes to consolidated financial statements for six months and year ended 31 December 2025. 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 SEC and the JSE at all managed operations, development, and exploration properties. Not all Mineral Resources and Mineral Reserves information contained in this presentation has been prepared in accordance with Subpart 1300 of Regulation S-K. WEBSITES References in this presentation 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 presentation.
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2www.sibanyestillwater.com Sibanye-Stillwater overview • Global mining and metals processing company • Diverse portfolio of operations, projects and investments across five continents • One of the world’s largest primary producers of platinum, palladium, and rhodium • Top-tier gold producer • Iridium, ruthenium, nickel, chrome, copper, and cobalt producer and refiner • Battery metals mining and processing diversification • Exposure to the circular economy through recycling and tailings reprocessing A global mining and metals processing group with a diverse portfolio of operations, projects and investments 46% 29% 16% 6% 3% SA PGM SA gold Recycling US PGM Other 53%37% 4%3%3% PGMs Gold Chrome Zinc Other 44% 33% 12% 11% 0% SA PGM SA gold US PGM Recyling Other 72% 11% 16% 1% Primary mining Secondary mining Recycling Other 2025 Revenue by commodity 2025 Revenue by source 2025 Revenue by segment 2025 Adjusted EBITDA by segment 1. Other includes nickel, silver, cobalt, and copper 2. Other includes adjustments relating to streaming agreements with Wheaton Precious Metals International and Franco-Nevada, as well as adjustments for provisional pricing 3. Other includes Sandouville nickel refinery, Century zinc retreatment operations and corporate adjustments 4. Market cap as at 8 September 2026 1 33 R129.7bn US$7.3bn R37.8bn US$2.1bn R129.7bn US$7.3bn R129.7bn US$7.3bn 2 Listings JSE Limited share ticker: SSW NYSE ADR ticker: SBSW Market cap R149.5bn / US$9.3bn4 Workforce (end Dec 2025) 57,053 employees 15,620 contractors 72,673 Total
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3www.sibanyestillwater.com Global geographical footprint US PGMs SA PGMs Battery metals Secondary mining SA gold Recycling/Urban mining 3,3 24,215,7 80,9 3,8 177,3 51,5 2025 356.7Moz 2,9 3,8 2,7 19,4 29,4 2025 58.2Moz Mineral Reserves# Mineral Resources# 1 * Non-managed # Precious metals 1.Mineral Resources are inclusive of Mineral Reserves. LOM years modelled in terms of commodity prices applied to Mineral Resource and Mineral Reserve declaration. For the full declaration please refer to https://www.sibanyestillwater.com/news-investors/news/news-releases/
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4www.sibanyestillwater.com Established an operating base with optionality to deliver critical metals responsibly Implementing operating expertise to realise value in mature gold operations Geographically diversifying PGM business Embracing resource stewardship to responsibly deliver metals Leveraging operating model to consolidate PGMs Leveraging market knowledge to diversify into battery metals and deliver into Western supply chains Secondary mining Recycling Primary mining Today Future-focused metals Stillwater (‘17) Century (‘21) Reldan (‘24) DRDGOLD (‘18) Cooke, Wits Gold (‘13) Lonmin (‘19)Aquarius, Rustenburg (‘16) Metallix (‘25) Gold Gold PGMs PGMs Zinc Au, Ag, PGMs + Cu++ Battery metals Keliber (Li, ‘21) Sandouville (Ni, ‘22)
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5www.sibanyestillwater.com 5www.sibanyestillwater.com Creating a better future for people and planet through our metals Unlocking value beyond the mine 70,392 employees incl. contractors R26 billion paid in salaries and benefits R368.9 million invested in socio-economic development and CSI R3.1 billion paid in taxes and royalties R1 billion invested in training and development ~22% of discretionary spend (R6.4bn) paid to local community suppliers • 4% (292) is from host black women-owned suppliers • 2% (194) is from host black youth-owned suppliers • 2,177 jobs created through supply chain fund 2025
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6www.sibanyestillwater.com Our vision is to be a leader in creating shared value for all stakeholders | Our purpose is to create a better future for people and planet through our metals Stakeholder primacy at the core of our Company Our business ethos is represented by our symbolic 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
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7www.sibanyestillwater.com Creating a high-performing, future-focused metals business A disciplined strategy focused on execution, resilience and long-term value We will strengthen our fundamentals... Optimisingprofitability and disciplined capitalallocation Solidify business essentials Simplify our portfolio towards highest- return assets Disciplined capital allocation framework to improve cash conversion, drive shareholder returns, strengthen balance sheet and ensure sustainability Improve cost efficiency through simplified operating model Increase operating margins through operational excellence Underpinned by enabling systems and our performance culture of care Performance excellence ... to deliver flexibility for growth Geographies in which we have a competitive advantage Build on our resource stewardship across primary mining, secondary mining and recycling Sustain a precious metals underpin with growth in commodities enabling the energy transition Deliveringlong-term value through organic andexternalgrowth Delivering value-accretive growth Unlock inherent resource value through organic growth projects
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8www.sibanyestillwater.com 8www.sibanyestillwater.com Four strategic priorities 1 of operating model and asset portfolio to enhance accountability, agility and management focusSimplification 2 through holistic improvement to drive higher marginsPerformance excellence 3 focused on value creation that is anchored in returns and unlocking organic value as a priorityGrowth 4 through a disciplined framework prioritising returns and securing sustainabilityCapital allocation Pillars Focused priorities driving strategic execution * Performance excellence: Holistic improvement across safety, output, cost, and effectiveness driven by a strong culture and systems
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9www.sibanyestillwater.com Southern Africa operations International and Recycling operations COO – Richard Cox COO – Charles Carter Two operational areas supported by Group services and specialised expertise Operating model to drive operational delivery and efficiency Recycling • Montana • Pennsylvania • North Carolina CenturyUS PGM operations • East Boulder • Stillwater • Met Complex Keliber lithium project Under evaluation • PhosOne, GalliCam • Minority equity holdings in Marathon and Altar projects DRDGOLD1 – listed CEO, Niel Pretorius SA PGM operations SA gold operations SA PGM surface SA gold surface CEO, C-Suite (including COOs) and the CEO’s office Underground: Dawie van Aswegen Surface: Lucas Msimanga Secondary mining Primary mining Recycling 1. 50.10% shareholding in DRDGOLD Grant Stuart Barry HarrisKevin Robertson Jacques van Rensburg Mt Lyell
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Financial performance Capital allocation through disciplined framework prioritising returns and securing sustainability
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11www.sibanyestillwater.com Source: Company information. 1. Adjusted EBITDA increased by 111% on a reported basis. Excluding Section 45X credits from both periods, adjusted EBITDA increased by 209%. H1 2025 included R5.1bn of Section 45X credits, of which approximately R4.4bn related to 2023 and 2024. 2. See the disclaimer regarding non-IFRS measures. 3. % reduction from 31 December 2025 to 30 June 2026 and excludes Burnstone and subsidiary subordinated debt from minority shareholders. 4. Ranked second highest. Peers comprise Valterra Platinum, Northam Platinum, Impala Platinum, Gold Fields and Harmony Gold. 5. Based on the closing share price of R50.28 on 28 August 2026. The 6.6% trailing 12-month dividend yield is calculated using combined dividends of 332 SA cents per ordinary share, comprising the H1 2026 interim dividend of 201 SA cents and the FY2025 final dividend of 131 SA cents. The 8.0% implied annualised yield on the H1 2026 interim dividend alone is calculated using the interim dividend of 201 SA cents per ordinary share and the same reference share price 6. Based on an exchange rate of R16.1687/US$ at 28 August 2026 from Equity RT. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion Record financial performance and solid production delivery in H1 2026 Strong cash conversion, strengthening the balance sheet and supporting returns and organic growth Record revenue up 64% 111%1 increase in adjusted EBITDA2 Record Net operating cash R19.6bn (US$1.2bn) Net cash from operating activities 35% Adj. EBITDA margin2 R7.1bn (18%)3 Gross debt reduction Net debt2 halved, gearing ratio2 of 0.18x PERFORMANCE MARGINS & CASH GENERATION VALUE DELIVERY Top-tier4 dividend yield5 6.6% trailing yield|8.0% implied on interim 5 Interim dividend of R5.7bn (US$352m)6 201 SA cents per share, 49.7 US cents per ADR6 Funding organic growth SA PGM projects, Burnstone, Mt Lyell Safety progress Record TRIFR and SIFR 1 fatal incident in SA gold,1 in SA PGM
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12www.sibanyestillwater.com Record financial performance in H1 2026 Strong operational performance supported by higher commodity prices SA PGM R/4Eoz +67% SA gold R/kg +35% US PGM US$/2Eoz +70% Century US$/tZn +25% Operational excellence Meeting annual guidance Disciplined investment supporting current operations and organic growth R4.8bn sustaining & ORD capital, R3.4bn project capital R31.8bn (US$1.9bn) Adjusted EBITDA1 Up 111% year-on-year R17.4bn/531% (US$1.1bn), higher year-on-year 65% adjusted EBITDA1 cash conversion3 35% Adj. EBITDA1,2 margin R8.2bn (US$497m) Capital investment R20.7bn (US$1.3bn) Cash generated by operations Strong operational delivery drives earnings and cash generation Source: Company results information 1. See the disclaimer regarding non-IFRS measures 2. Adjusted EBITDA margin calculated as adjusted EBITDA divided by Group revenue 3. Cash conversion calculated as cash generated by operations (as per consolidated interim cash flow)
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13www.sibanyestillwater.com Substantially increased earnings, lower gearing and stronger balance sheet in H1 2026 216% HEPS1,2 increase 45% Earnings to cash conversion1,3 0.18x Low financial gearing Significant reduction of gross & net debt Earnings growth and limited once-off items Financial flexibility trend an underpin for our capital allocation framework 190 54 601 0 100 200 300 400 500 600 700 H1 2025 H2 2025 H1 2026 HEPS (SA cents) 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 H1 2025 H2 2025 H1 2026 Debt(Rm) 1,4 Net debt Gross debt 0,89 0,59 0,18 0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,9 1 H1 2025 H2 2025 H1 2026 Net debt: adj. EBITDA ratio1,4 -20% -10% 0% 10% 20% 30% 40% 50% -5 000 - 5 000 10 000 15 000 20 000 25 000 30 000 35 000 H1 25 H2 25 H1 26 Cash conversion Adj. EBITDA (Rm) Notional free cash flow (Rm) Cash flow conversion % (rhs) Source: Company results information 1. See the disclaimer regarding non-IFRS measures 2. HEPS: Headline earnings per share 3. Cash conversion calculation: Notional free cash flow divided by adjusted EBITDA 4. 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, excludes the Burnstone and subsidiary subordinated debt from minority shareholders. Net debt excludes cash of Burnstone. Refer to the net debt to adjusted EBITDA as disclosed in note 16.1 of the consolidated interim financial statements, rolling 12 months
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14www.sibanyestillwater.com 1/3 1/3 Balancing returns and long term sustainability Capital allocation priorities Net cash flow from operating activities (before dividends) Liquidity ≥ 2 x months’ Opex + Capex Sustaining & ore reserve development capital Non-negotiables <1.0x Gearing Net debt: Adj. EBITDA ratio (mid-cycle prices) Targeted reduction over 2 to 3 years (reducing from ~US$2.1bn) Gross debt target -50% Capital available for allocation 1. Stakeholder returns = Dividend policy of 25% to 35% of normalised earnings, and contributions to the Sibanye-Stillwater foundation equal to 1.5% dividends paid 2. Gross debt % reduction from 31 December 2025 to 30 June 2026 1/3 Stakeholder returns1 Debt reduction Life extension and/or growth Financial policy Disciplined capital allocation prioritising returns, sustainability and value-accretive growth H1 2026 performance 0.18x Target outcomes H1 2026 performance2 -18%
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15www.sibanyestillwater.com Balancing returns and long term sustainability 1. Stakeholder returns = Dividend policy of 25% to 35% of normalised earnings, and contributions to the Sibanye-Stillwater foundation equal to 1.5% dividends paid Disciplined capital allocation prioritising returns, sustainability and value-accretive growth R23.5bn Net cash flow from operating activities (before dividends) Non-negotiables N/A Liquidity: ≥ 2 months’ Opex + Capex R18.7bn Capital available for allocation 1/3 R6.7bn Debt repayment 1/3 R3.4bn Life extension and/or growth 1/3 H1 2026 allocations/progress R5.8bn Stakeholder returns1 in line with policy R6.2bn 84% Capital allocated Capital allocation priorities - H1 2026 performance R4.8bn Sustaining & ore reserve development capital
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16www.sibanyestillwater.com Dividends declared H1 2026 Interim 2025 Full year Normalised earnings/(loss) Rm US$m¹ R16,243 US$990 R10,563 US$591 Dividends declared Rm US$m² R5,685 US$352 R3,697 US$231 Dividends per share SA cent per ordinary share US cent converted² 201 12.43 131 8.17 US cents per ADR (4:1) 49.73 32.68 1. Converted at average exchange rate for the period of R16.41/US$ (H1 2026), R17.88/US$ (2025) 2. Illustrated dividends in US cents are converted at closing rates obtained from EquityRT of R16.1687/US$ on 28 August 2026, R16.0348/US$ on 17 February 2026 (2025) 3. Based on the closing share price of R50.28 on 28 August 2026. The 6.6% trailing 12 -month dividend yield is calculated using combined dividends of 332 SA cents per ordinary share, comprising the H1 2026 interim dividend of 201 SA cents and the FY2025 final dividend of 131 SA cents. The 4.0% implied yield on the H1 2026 interim dividend alone i s calculated using the interim dividend of 201 SA cents per ordinary share and the same reference share price and is not annualised. 4. Source: Factset, peer set comprises Valterra Platinum, Impala Platinum, Northam Platinum, Gold Fields and Harmony * Annualised dividend yield, Jun-26: 28 August 2026 closing share price reference date, Dec -25: Day before dividend declaration closing share price reference date • Interim dividend declared in line with upper end of dividend policy - 35% of normalised earnings for H1 2026 • Dividend yield of 6.6% (trailing 12-months)3 - 8.0% implied annualised yield3,* on the H1 2026 interim dividend alone Attractive dividend yield Stakeholder returns in line with capital allocation framework 6,6% 8,0% 4,2% 0,0% 1,0% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 8,0% 9,0% Last 12 months Jun-26* Dec-25* Dividend yield peer comparisons 4 Sibanye-Stillwater Peer 1 Peer 2 Peer 3 Peer 4 Peer 5
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17www.sibanyestillwater.com 0,1 7,4 7,3 0,7 1,8 1,9 2,1 2 0,8 9,7 22,4 25,3 8,1 32,1 47.6 2026 2027 2028 2029 2030 2031 2032 Gross debt Cash on hand Net debt/ cash Undrawn facilities Liquidity headroom R billion Borrowing maturity ladder in R billion at 30 June 2026 Liquidity headroomGross and net debtBorrowing maturities Overdrafts Keliber facilities US$500m 4.25% Nov 2028 CB US$525m 4.5% Nov 2029 Bond US$500m 6.25% Nov 2031 Cash on hand Undrawn facilities 1. Graph shows current book values of scheduled capital maturities. 2. Maturities above are borrowings that have recourse to Sibanye-Stillwater, and exclude the Burnstone debt and subsidiary subordinated debt funding from minority shareholders Manageable debt maturities with strong liquidity headroom R9.7 billion (US$0.6 billion) net debt at 30 June 2026, with manageable repayment profile and strong liquidity headroom • Borrowings of R32.1bn (US$2.0bn), cash on hand of R22.4bn (US$1.4bn) and net debt of R9.7bn (US$0.6bn) • Strong liquidity, with headroom of R47.6bn (US$2.9bn) consisting of R22.4bn (US$1.4bn) cash and R25.3bn (US$1.5bn) undrawn facilities • Debt maturity tenor extended and downsized during H1 2026. Issued US$500m 2031 bonds, with all US$675m 2026 bonds and US$75m of the US$525m 2029 bonds retired • The US$500m 2028 Convertible bonds - high probability of conversion - conversion price of ~R22/share (US$1.3054/share)
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18www.sibanyestillwater.com Liquidity headroomGross and net debtBorrowing maturities Overdrafts Keliber facilities US$500m 4.25% Nov 2028 CB US$525m 4.5% Nov 2029 Bond US$500m 6.25% Nov 2031 Cash on hand Undrawn facilities 1. Graph shows current book values of scheduled capital maturities. The CB maturity is based on the contracted maturity date, with conversion terms noted in the announcement of 21 November 2023 2. Maturities above are borrowings that have recourse to Sibanye-Stillwater, and exclude the Burnstone debt and subsidiary subordinated debt funding from minority shareholders Manageable debt maturities with strong liquidity headroom (US$) US$0.6 billion (R9.7 billion ) net debt at 30 June 2026, with manageable repayment profile and strong liquidity headroom Borrowing maturity ladder in US$ million at 30 June 2026 5 450 447 41 108 114 127 122 51 593 1 366 1 541 494 1 959 2,906 2026 2027 2028 2029 2030 2031 2032 Gross debt Cash on hand Net debt/ cash Undrawn facilities Liquidity headroom US$ million • Borrowings of US$2.0bn (R32.1bn), cash on hand of US$1.4bn (R22.4bn) and net debt of US$0.6bn (R9.7bn) • Strong liquidity, with headroom of US$2.9bn (R47.6bn) consisting of US$1.4bn (R22.4bn) cash and US$1.5bn (R25.3bn) undrawn facilities • Debt maturity tenor extended and downsized during H1 2026. Issued US$500m 2031 bonds, with all US$675m 2026 bonds and US$75m of the US$525m 2029 bonds retired • The US$500m 2028 Convertible bonds - high probability of conversion - conversion price of ~R22/share (US$1.3054/share)
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19www.sibanyestillwater.com Total Group capital (including projects) (Rbn) 0 2 4 6 8 10 12 14 16 18 20 2024 2025 2026 2027 2028 2029 2030 Rbn SA PGM operations SA gold operations US PGM operations Keliber lithium project Century operation All information from 2026 onwards is future values and, therefore, estimates DRDGOLD capital expenditure is excluded as it a separate entity that is self-funding. DRDGOLD capital expenditure is excluded from Sibanye-Stillwater’s capital guidance
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20www.sibanyestillwater.com 2026 Production All-in sustaining costs Total capital SA SA PGM operations (4E PGMs) 1.65 - 1.75Moz3,4 R26,500 - 27,500/4Eoz (US$1,453 - 1,508/4Eoz)² R8bn (US$439m)² (incl. R1.79bn (US$98m) for project capital) SA gold operations (excl. DRDGOLD) 13,700 - 14,700kg (440 - 473koz) R1,750k - 1,840k/kg (US$2,984 - 3,138/oz)² R3bn (US$164m)² (incl. R98m (US$5m) for Burnstone project capital) SA gold operations (incl. DRDGOLD)7 19,100 - 19,750kg (614 - 635koz) R1,565k - R1,685k/kg (US$2,670 - 2,870/oz)² R6.6bn (US$364m)2 (incl. R3.1bn (US$172m) for DRDGOLD project capital and R98m (US$5m) for Burnstone project capital) International US PGM operations (2E mined) 280 - 300koz US$1,520 - 1,580/2Eoz¹ Including S45X: US$1,360 - 1,420/2Eoz US$125m - US$135m (incl. US$6m growth) (R2.3bn - R2.5bn incl. R109m growth)² Recycling (Columbus, PA and NC) (PGM autocats, industrial and e- waste precious metals bearing waste) 400 – 420koz (gold equivalent ounces)5 n/a US$12.2m (R223m)² Keliber lithium project 15k -20k tonnes of spodumene concentrate n/a €180m - €190m6 (R3.7bn – R3.9bn))² (incl. €90m (R1.8bn) for project capital) Century zinc operations 86.3k - 98.3k tonnes (payable) A$3,400 – 3,800/t (R42,160 – 47,120/t)² (US$2,311 – 2,583/t)² A$5m - A$5.5m (US$3,4m – US$3.7m, R62m - R68.2m)² Mt Lyell n/a n/a A$11m (US$7.5m, R136m)² Operating guidance for 2026* Source: Company forecasts, Note: Guidance does not take into account the impact of unplanned events * As at 1 September 2026 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$1,180/oz; By-product credit assumptions of Rh US$4,800/oz and gold US$2,500/oz 2. Estimates are converted at an exchange rate of R18.24/US$, R20.43/€ and R12.40/A$ 3. SA PGM operations production guidance includes third party PoC and 50% attributable production from Mimosa 4. SA PGM operations AISC excludes the purchase cost of third party PoC and Mimosa costs and capital (equity accounted) 5. Gold equivalent ounce production calculated using the following metal pricing: Au US$2,506/oz, Ag US$38/oz, Pt US$1,150/oz, Pd US$1,050, Ir US$4,000/oz, Rh US$4,800/oz, Ru US$500/oz and Cu US$4.4/lb. 6. 2026 guided capital includes construction phase start-up capital, sustaining cost and capitalised cost. The current production profile includes the Syväjärvi and Rapasaari open pit mining areas 7. DRDGOLD included at 100% Following a stable H1 2026 operational delivery, annual production, cost and capital guidance is maintained except where spec ifically indicated below: • The SA gold operation's cost guidance and the inclusion of the 2026 capital guidance for Burnstone and Mt Lyell
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21www.sibanyestillwater.com 2,9 3,8 2,7 19,4 29,4 2025 58.2Moz Mineral Reserves* 3,3 24,215,7 80,9 3,8 177,3 51,5 2025 356.7Moz Mineral Resources*¹ Focusing on Mineral resource to reserve conversion A substantial, long life operating and project base Operation Operation or project Life of mine (LOM) at 31 Dec 20251 SA PGM Kroondal (included with SRPM in 2025) - Rustenburg (including Kroondal in 2025) 32 years Marikana (excl. K4 and E4) 15 years Marikana K4 project 45 years Marikana E4 project (maiden reserve) 34 years Mimosa 8 years Rustenburg - Surface sources 1 year Marikana - Surface sources 9 years US PGM Stillwater 26 years East Boulder 35 years SA gold Beatrix 6 years Driefontein 11 years Kloof 1 year Burnstone 25 years Surface sources (excl. Cooke TSF) 3 years Cooke TSF (maiden reserve) 13 years DRDGOLD Limited (50.10% interest) 22 years Europe Keliber lithium project (open pit only) 18 years Australia Century Zinc (tailings retreatment) 1.5 years Mt Lyell Copper Project (maiden reserve) 23 years Source: Company information * Precious metals For the full declaration please refer to https://www.sibanyestillwater.com/news-investors/news/news-releases/ 1. Mineral Resources are inclusive of Mineral Reserves. LOM years modelled in terms of commodity prices applied to Mineral Resource and Mineral Reserve declaration
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Performance excellence Through holistic improvement to drive higher margins
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23www.sibanyestillwater.com Group SIFR2 Best-ever H1 injury-frequency performance; eliminating fatalities remains our top priority Unwavering commitment to safe production 3,78 2,91 2,61 2,21 2,19 2,13 2021 2022 2023 2024 2025 H1 2026 7,10 5,07 5,24 4,36 3,78 3,61 2021 2022 2023 2024 2025 H1 2026 Group TRIFR1 1. Total recordable injury frequency rate, measured per 1 million hours worked 2. Serious injury frequency rate, measured per 1 million hours worked • Best-ever H1 performance across key safety indicators - TRIFR1 and SIFR2 improved by 8%, and HPIs reduced by 31% • Eliminating fatalities and serious harm remains our highest priority - A fatality-free Q1 2026 - A single fatal incident at SA PGM - A single fatal incident at our SA gold operations, tragically losing two colleagues - Driefontein operations celebrated 1 year fatality-free • Khanyile Magwebelele (SA PGM) • Thekololo Nkoe and Xolisa Mtshutshwana (SA gold) Passed during operational incidents • Chinette Gallichan, Lawyer • Chinonge Kalie, Protection services • Khutso Dibakwane, Protection services Passed during crime-related incidents Remembering
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24www.sibanyestillwater.com Our fatal elimination strategy is reshaping leadership, critical controls and frontline behaviour Safety is our key priority 1 Fataleliminationjourney Group alignment Fatal risk profile by segment VP 2 18 Group minimum standards (GMS) 3 • Critical controls • Critical lifesaving behaviours • Critical management routines 4 5 Personal commitment Everyone block the path to death 6 7 GMS gap assessments complete + action closure Zero fatalities Operations fatal elimination and risk reduction 8 1. Operational alignment - aligns leadership on the shared priority of eliminating fatalities 2. Fatal risk profile per operation - identifies and prioritises fatal risks, focusing action on high-risk activities 3. Group Minimum Standards (GMS) - defines mandatory controls for consistent implementation 4. Critical controls and lifesaving behaviours - Critical controls and behaviours identified, implemented, and routinely managed 5. Personal commitment - Promotes individual accountability to stop unsafe work and actively manage fatal risks 6. Everyone ‘blocks the path to death’ - builds a culture of intervention where everyone recognises risk and acts to prevent fatalities 7. GMS gap assessments – continuous assessment of compliance, gaps and action closure 8. Operational fatal elimination and risk reduction - executed through fatal elimination plans, incident learning and critical control management - 5 000 10 000 15 000 20 000 25 000 30 000 35 000 0% 30% 60% 90% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Number of workplace stoppages Frontline supervisor and crew stoppages No of workplaces stopped (rhs) % Frontline Supervisors & Crew Operator/Crew/Frontline Target 2025 Senior Management/Safety/Third Party Fatal elimination strategy Source: Company information
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25www.sibanyestillwater.com SA PGM operations | Generated high margins and cash from consistent operational delivery Stable delivery and cost discipline generated significant earnings and cash leverage to stronger PGM prices 790koz 4E PGM production1 2% lower year-on-year fewer surface ounces Consistent production in line with guidance 44% AISC margin2 R26,252/4Eoz (US$1,600/4Eoz) All-in sustaining cost4 10% higher year-on-year include ~R1bn higher royalties 45% Adj. EBITDA margin3,4 R19.2bn (US$1.2bn) Adjusted EBITDA4 Up 302% year-on-year R10.4bn (US$632m) Cash generation Notional free cash flow4 R9.9bn higher year-on-year 54% adjusted EBITDA4,5 conversion Source: Company results information 1. SA PGM production including attributable Mimosa ounces of 55,002 4Eoz and excluding third party purchase of concentrate (PoC) 2. All-in sustaining cost (AISC) margin calculated as SA PGM revenue excl. by-products less AISC, divided by SA PGM revenue excl. by-products 3. Adjusted EBITDA margin calculated as adjusted EBITDA divided by SA PGM operations revenue 4. See the disclaimer regarding non-IFRS measures 5. Calculated as notional free cash flow divided by adjusted EBITDA for the SA PGM operations
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26www.sibanyestillwater.com SA PGM operations | Brownfield growth sustains and improves the production base Approved projects leverage existing infrastructure to extend mine lives, increase UG2 exposure and support mechanisation +24% K4 4E PGM production Investment translating into new, lower-cost ounces Low-risk, shallow organic growth pipeline Sustains production | Improves portfolio quality | Supports mechanisation | Avoids acquisition premiums Strengthening the current base R1.1bn (US$65m) Chrome operating profit1 Increase in chrome expected over next few years Additional value from the integrated PGM orebody R2.6bn (US$161m) Capital investment2 Up 4%; aligned with guidance Supporting delivery and future production Execution Study phase Siphumelele extension • Leverages existing infrastructure • Supports production continuity Thembelani extension WLTR surface E4 E3 extension Smelter • Extends existing operations • Supports mine-life and mechanisation • Retreats existing surface resources • Adds lower-risk production • Progressing through study and approval gates • Provides sequenced future optionality Kopaneng extension Bathopele extension Source: Company results information 1. Operating profit calculated as chrome revenue less chrome cost of sales 2. Capital investment includes sustaining capital expenditure, ore reserve development expenditure and project capital expenditure for H1 2026
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27www.sibanyestillwater.com Brownfields projects maintain stable production profile and extend operating lives Mechanised UG2 brownfields projects to deliver higher-margin replacement ounces • Higher-margin brownfields UG2 projects, safer mechanised mining • Low capital intensity and lower risk − Well-known geology & structure − Extension of current operations − Utilising existing infrastructure and permitting largely in place − Proven mining methods − Experienced local workforce with proven operating and processing capability − Reduced complexity and production lead time • Maximising ROCE, payback period, and extending the mine life profitably
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28www.sibanyestillwater.com 0 5 000 10 000 15 000 20 000 25 000 30 000 0,0 0,5 1,0 1,5 2,0 2022 2023 2024 2025 R/4Eoz Moz Mimosa Rustenburg Marikana All-in-sustaining cost • Consistent delivery against guidance • Gradual reduction in production (6%) since 2021, due to closure of shafts2, offset by the gradual build-up of K4 • Optimisation, restructuring and a simpler operating model have resulted in a right-sized SA PGM current operating footprint and ensured a continued disciplined focus on costs Operational excellence – Consistently executing and improving delivery SA PGM operations | Excellent track record of consistent delivery and cost control Guidance met/exceeded 2017 2018 2019 20201 2021 2022 2023 2024 2025 Production (Moz) and AISC (R/4Eoz) performance3 Source: Company results information 1. Annual performance impacted by the global COVID-19 pandemic, initial annual production guidance missed by 7% and AISC missed by 8.6%, mainly due to lower production 2. Kroondal Simunye and Marikana 4B 3. Attributable (50%) production from Mimosa. Production from Rustenburg is inclusive of Kroondal and Plat Mile. All-in-sustaining cost excludes third party PoC
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29www.sibanyestillwater.com PGM cost curve: Cash cost plus total capital and basket price Canada (IMP) Zimplats (IMP) Unki (AMS) Booysendal (NPH) BRPM (IMP) Sylvania Dumps (SLP) Mogalakwena (AMS) US PGM ops (SSW) Mimosa (IMP/SSW) Two Rivers (IMP/ARM) Rustenburg (SSW) Modikwa (ARM/AMS) Tharisa (THA) Union (SIY) Mototolo (AMS) Styldrift (IMP) Marikana (SSW) Marula (IMP) Zondereinde (NPH) Impala Mine (IMP) Amandelbult (AMS) Eland (NPH) - 10,000 20,000 30,000 40,000 50,000 60,000 - 10,000 20,000 30,000 40,000 50,000 60,000 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 5 500 6 000 6 500 7 000 7 500 8 000 R/oz Cumulative annual production (4E Koz) Spot basket price received (4E) 50th Percentile Spot basket price received (6E plus base metals) Source: Global PGM cash cost + capex curve at spot prices, Nedbank; 27 January 2026 and Company data; 31 December 2025 * Marikana higher due to K4’s elevated capital while in build-up Marikana’s total cost including capital has been elevated by the K4 project currently in build-up but starting to move to the left Moving down the cost curve *
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30www.sibanyestillwater.com 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 4E PGM koz Brownfields UG2 projects expect to sustain our ~1.5Moz underground production profile and increase UG2 contribution to 80% by 2035 Underground UG2 projects to maintain 1.5Moz and UG2 mix, plus increase mechanisation Note: All information from 2026 onwards is future values and, therefore, estimates 1. Subject to internal studies and review. Profile based on 31 Dec 2025 LOM. Note the delta versus 2026 Guidance for SA PGM due to Mimosa and surface which ARE excluded from above. Purchase of concentrate excluded from all profiles, but included in guidance. Purchase of concentrate accounts for 4% of guidance. 2. UG2 Projects - Marikana E4 Phase 1, Siphumelele Phase 2, Kopaneng Phase 1 & 2, Marikana E3 Phase 1, Bathopele future phases, Saffy Phase 1 Extension Indicative SA PGM underground1 production profile (4E PGM koz) – excluding Mimosa Merensky existing profile UG2 existing profile UG2 projects2 1.5Moz 77%23% 80%20% UG2Merensky 2026 base excl. projects 2035 expected with projects UG2Merensky 38%62% 64%36% Mech- anised Conven- tional Mech- anised Conven- tional
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31www.sibanyestillwater.com Our portfolio of SA PGM projects | Key to navigate within this presentation Primary mining projects Secondary mining projects Positioned to unlock sustainable value through disciplined execution and strategic leverage *Siphumelele and Thembelani extensions are in execution. E4 extension is at feasibility study stage. Kopaneng and E3 extensions are at pre-feasibility stage. Bathopele and Saffy extensions are at concept stage Project Benefit PMR upgrade Supports production strategy Smelter Supports blend optimisation Processing projects Mechanised Conventional Projects* Mineral Reserves/ Resources Operation Mining type Siphumelele extension Reserves Rustenburg Thembelani extension Reserves Rustenburg E4 Reserves Marikana Kopaneng extension Resources Rustenburg E3 extension Resources Marikana Bathopele extension Resources Rustenburg Saffy extension Resources Marikana UG2 Reef Shallow, mechanised UG2 brownfield projects – unlocking embedded value Project Mineral Reserves/ Resources WLTR Surface Resources KDL Surface Resources 11
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32www.sibanyestillwater.com Unlocking potential by optimising opportunities created from boundary crossing infrastructure synergies 70km of contiguous PGM operations, brownfield projects and integrated processing assets UG2 reef mined out Declared Mineral Reserves UG2 Mineral Resources Mining right Shaft/decline Concentrator Smelter/refinery Tailings storage facility UG2 reef outcrop PMR 1,000m contour 2 6 4 5 3 7 Thembelani extension Bathopele extension Kopaneng extension Saffy extension E3 extension E4 1 Siphumelele extension 9 8
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33www.sibanyestillwater.com 0 200 400 600 800 1000 1200 1400 1600 1800 2000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Existing infrastructure, geological confidence and superior UG2 economics support a highly advantaged growth pipeline Outcome | Stable, quality production from a high-quality, low-capital brownfields pipeline 1. Profile based on 31 Dec 2025 LOM, inclusive of Thembelani and Siphumelele. Note the delta versus 2026 Guidance for SA PGM is due to the exclusion of purchase of concentrate. Purchase of concentrate accounts for 4% of guidance. Indicative SA PGM production profile (4E koz) Projects in execution Concept studiesFeasibility studies Pre-feasibility studies 1.5 Moz Existing profile – underground and surface1 Siphumelele extension Thembelani extension E4 Kopaneng extension E3 extension Bathopele extension Saffy extension Note: All information from 2026 onwards is future values and, therefore, estimates
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34www.sibanyestillwater.com Total SA PGM capital (including projects) (R million) Significant capital commitment to sustain and grow our SA PGM operations 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 R million Projects in execution Concept studiesFeasibility studies Pre-feasibility studiesExisting profile – underground and surface Note: All information from 2026 onwards is future values and, therefore, estimates
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35www.sibanyestillwater.com 0% 10% 20% 30% 40% 50% 60% 0 1000 2000 3000 4000 5000 6000 7000 2018 2019 2020 2021 2022 2023 2024 2025 % Contribution of SA PGM adj EBITDA Rm Chrome revenue, and as % of SA PGM operations adjusted EBITDA Chrome Revenue Chrome contribution % Chrome – a material value driver and stable income generator for the SA PGM portfolio • Material and growing value contributor – Chrome significantly enhances revenue and margins and has provided meaningful support during periods of lower PGM prices. In 2025, chrome contributed 8% of SA PGM operations revenue • Stable income generator through the commodity cycle – Chrome revenue provides cash flow stability and operational flexibility during PGM price downcycles, improving overall portfolio resilience • Critical enabler of long life UG2 resources – Enhanced chrome extraction lowers deposition volumes, reduces tailings handling costs and enhances the economics of surface treatment operations Chrome is a growing contributor to revenue – delivering margins, resilience and project support 0% 2% 4% 6% 8% 10% 12% 14% 0 1000 2000 3000 4000 5000 6000 7000 2018 2019 2020 2021 2022 2023 2024 2025 % Contribution of SA PGM revenue Rm Chrome revenue, and as % of SA PGM operations revenue Chrome Revenue Chrome contribution %
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36www.sibanyestillwater.com Repositioning and certainty on commercial terms Fine chrome recovery through leveraging industry-leading technology Operational synergies through combined asset footprint, infrastructure, laboratory, training and R&D Technical and processing capability to maximise value from UG2 tailings Chrome Management Agreement (CMA) – a step change in value realisation Unlocking significant UG2 chrome value through partnership with Glencore – delivering higher yields, lower costs and improved project economics • New Chrome Management Agreement (CMA) with Glencore Merafe Venture (2025) delivers a material step change in chrome value realisation - Accelerates delivery of legacy Marikana chrome volumes sold at discounted market pricingby approximately 20 years - Leverages industry-leading fine chrome technology, significantly improving yields and reducing operating costs - Creates commercial certainty and improved economics for UG2 chrome production
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37www.sibanyestillwater.com 37www.sibanyestillwater.com Value unlock through underground and surface chrome sources A significant global producer of chrome ore * Source: Wood Mackenzie – Companies with output of 400ktpy or more 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 2 026 2 027 2 028 2 029 2 030 2 031 2 032 2 033 2 034 2 035 2 036 2 037 2 038 2 039 2 040 2 041 2 042 2 043 2 044 2 045 2 046 2 047 2 048 2 049 2 050 kt Base Chrome Approved Projects Projects - Underground Projects - Surface Chrome ore (kt) Chrome ore (kt) production by major producing companies*, 2026e 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 5 500 Samancor Glencore-Merafe Chrome Kazchrome - ERG Sibanye-Stillwater - current Impact of strategy Jubilee Tharisa Northam Valterra Note: All information from 2026 onwards is future values and, therefore, estimates
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38www.sibanyestillwater.com SA gold operations1 | Record earnings and margins from our Gold Business A resilient production mix and stronger gold price more than offset lower underground production and higher costs Increasing our relative surface production 294koz Gold production1 2% lower year-on-year 32% AISC margin2,4 R1.64m/kg (US$3,105/oz) All-in sustaining cost4 within annual guidance Record Adj. EBITDA4 R9.0bn (US$549m) Up 87% year-on-year 39% Adj. EBITDA margin3,4 267% increase in cash generation Notional free cash flow4 R3.9bn (US$241m) 64% 36% Surface Underground Source: Company results information 1. SA gold includes DRDGOLD, which is 50.1% owned and consolidated at 100%. DRDGOLD contributed approximately 27% of production, 60% of capital expenditure and 40% of adjusted EBITDA. Consolidated SA gold AISC was R1.64m/kg, compared with R1.84m/kg excl. DRDGOLD. 2. All-in sustaining cost (AISC) margin calculated as SA gold revenue excl. by-products less AISC, divided by SA gold revenue excl. by-products 3. Adjusted EBITDA margin calculated as adjusted EBITDA divided by SA gold operations revenue. 4. See the disclaimer regarding non-IFRS measures.
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39www.sibanyestillwater.com Record cash generation is funding the transition to a higher-margin, shallower, and longer-life portfolio Burnstone adds longevity Surface growth improves resilience Kloof retains optionality SA gold operations | Leveraging gold price and building a higher margin portfolio Generating substantial value today while transitioning to a shallower, longer-life and lower-risk operating profile ~130koz per year ~25-year life Supports reserve replacement and future production Up 13% 105koz Reduces reliance on mature deep-level production Remaining reserves under assessment Potential upside subject to returns and affordability Value today • Record adj. EBITDA1 • Cash generation • Growing surface contribution Portfolio transition • Burnstone restart • DRDGOLD2 • Kloof value assessment Future impact • Shallower • Lower risk • Higher Margin Source: Company information 1. See the disclaimer regarding non-IFRS measures 2. SA gold includes DRDGOLD, which is 50.1% owned and consolidated at 100%
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40www.sibanyestillwater.com • Our three legacy gold assets have underpinned the growth of Sibanye-Stillwater • Despite high operational gearing, at current gold prices, our legacy gold assets are still generating substantial value − After producing 12.2Moz since 2013 and generating earnings of R19.5bn#, the three assets still retain 3.3Moz of reserves • DRDGOLD1 and the Burnstone project transition the SA gold operations to a higher-margin, shallower gold mining business SA gold operations| Extended value from the legacy gold base Mature assets continue to generate value while the portfolio evolves towards a lower-risk, shallower gold profile Note: All information from 2026 onwards is future values and, therefore, estimates # Company analyses on the basis of Revenue minus Cost of sales minus total capital from Feb 2013 to Dec 2025 1. DRDGOLD shareholding of 50.10% 2. Source: Company results information, including DRDGOLD (100%), as per operating results information 0 50 100 150 200 250 300 350 400 450 500 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 LoM ounces (koz) 2013 original LoM (Y2025 to Y2027) 2025 actual Current LoM LoM of these three assets extended to 2036 Legacy LoM was up to 2027…… Legacy gold operations (Kloof, Driefontein, Beatrix) LoM profile (koz) SA gold production2 and adjusted EBITDA (Rm) -6 000 -4 000 -2 000 - 2 000 4 000 6 000 8 000 10 000 12 000 14 000 0 200 000 400 000 600 000 800 000 1 000 000 1 200 000 2021 2022 2023 2024 2025 Adj EBITDA (Rm) oz Underground Surface DRDGOLD Adjusted EBITDA (rhs) 500 000 700 000 900 000 1100 000 1300 000 1500 000 1700 000 1900 000 2100 000 2021 2022 2023 2024 2025 R/kg AISC (R/kg) AISC and gold price (R/kg)
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41www.sibanyestillwater.com - 100 200 300 400 500 600 700 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Mature assets continue to deliver strong value, while the portfolio transitions to a lower-risk, longer-life gold profile through DRDGOLD and Burnstone Production transition to a shallower, lower risk gold profile 1. Profile based on 31 Dec 2025 LOM; 2. Pending final investment decision; 3. 50.1% of production shown. DRDGOLD’s figures are based on Technical Report Summaries for Ergo and Far West Gold Recoveries (FWGR), included in annual reports filed by DRDGOLD on Form 20-F with the United States Securities and Exchange Commission on 30 Oct 2025 and 30 Oct 2023, respectively. Indicative SA gold production profile (koz) Burnstone2Existing UG assets1 DRDGOLD (50.1%)3 Prefeasibility and concept studiesExisting Surface assets1 All information from 2026 onwards is future values and, therefore, estimates
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42www.sibanyestillwater.com 42www.sibanyestillwater.com • US PGM and recycling operations are key in supplying critical metals to regional supply chains while providing a unique platform for value creation • Recycling: Embedded in regional supply chains, improving security of finite critical metal supply • Regulatory support to date – Section 45X critical metals tax credits from the Inflation Reduction Act (10% of production cost) – Anti-dumping and countervailing duty cases – proposed 242% preliminary tariffs on all US imports of Russian palladium – Additional potential federal partnership opportunities – critical minerals-related grant programmes with a focus on capital spend support and price floor consideration Strategic positioning for participation in regional supply chains supplying critical metals Long life assets supplying critical metals to key Western supply chains • Keliber lithium project: Integrated operations aim to supply lithium hydroxide to the European battery ecosystem - >70% of lithium refining in China; only 2 European refineries • Keliber lithium project designated an EU Strategic Project under the Critical Raw Materials Act (CRMA), directly supporting European supply security aligned with the EU’s 2030 localisation targets • Finnish government representation through Finnish Minerals Group’s (FMG) 20% equity investment. FMG manages the Finnish state’s mining industry shareholdings Source: Company information
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43www.sibanyestillwater.com Stillwater mine (Stillwater East and Stillwater West) • 26 years reserve LOM • Reserves of 11.4 2EMoz @ 15.2g/t grade • Resources of 45.3 2EMoz @ 16.5g/t grade • Concentrator: Design capacity 93ktpm; current 22ktpm; 91.5% recovery Columbus Metallurgical Complex • Smelter – Two electric furnaces (one on C&M) – Recovery of Cu and Ni • Base metals refinery – Produces pd, pt, rhodium rich filter cake • Montana PGM recycling East Boulder mine • 35 years reserve LOM • Reserves of 7.9 2EMoz @ 11.4g/t grade • Resources of 35.6 2EMoz @ 11.5g/t grade • Concentrator: Design capacity 69ktpm; current 35ktpm; 91.1% recovery US PGM operations| Long life mines and world-class metallurgical processing facility 181.6 Mt 45.0 Mt 1,008 workforce 78% Pd 22% Pt 26/35 years Mineral Resources: 80.9Moz 2E PGM at grade of 13.9g/t Mineral Reserves: 19.4Moz 2E PGM at grade of 13.4g/t Skilled, experienced workforce. Predominantly Montana residents 2E PGM Prill split Planned/Reserve life of mine (LOM) at end 2025 Source: Company information, workforce figures as at 31 December 2025 Mineral Resources are inclusive of Mineral Reserves. LOM years modelled in terms of commodity prices applied to Mineral Resource and Mineral Reserve declaration. For the full declaration, please refer to https://www.sibanyestillwater.com/news-investors/news/news-releases/
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44www.sibanyestillwater.com US PGM operations | Resilient delivery while investing for mechanised, lower-cost production Higher throughput partly offset lower grades, while AISC remained below guidance and underlying earnings improved 2E PGM production 2% lower year-on-year Resilient production in line with guidance 12% AISC Margin1,2 All-in sustaining cost1 12% higher year-on-year, reflecting planned development and mechanisation investment 28% Adj. EBITDA margin1,3 Adjusted EBITDA1 56% lower year-on-year (due to higher S45X in H1 2025) 52% reduction in cash outflow 138koz -US$28m (-R459m) Notional free cash flow1,4 Improving cash conversion, supported by higher 2E price while funding mechanisation Source: Company information 1. See the disclaimer regarding non-IFRS measures 2. All-in sustaining cost (AISC) margin calculated as US PGM revenue excl. by-products less AISC, divided by US PGM revenue excl. by-products 3. Adjusted EBITDA margin calculated as adjusted EBITDA divided by US PGM operations revenue 4. Notional free cashflow includes the US PGM operations and the Montana site Note: The IRS has selected the 2023 tax year, including the first Section 45X credit claim, for examination. This is expected to delay the related cash receipts The Group remains confident in the basis of its claims and will work constructively with the IRS through the process US$1,347/2Eoz US$66m (R1bn)
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45www.sibanyestillwater.com US PGM operations | Advancing mechanisation and operating transformation Source: Company information 1. See the disclaimer regarding non-IFRS measures Note: All figures from 2026 onwards are forecasts Productivity-led transformation on track to achieve a sustainable cost structure for long -term growth optionality H1 2026 H2 2026 2027 2028 Initial progress made in H1 2026 Mine development Vertical development on plan; ventilation items ordered Mechanisation ZB21 Bolter successfully tested at Stillwater East Operating model Performance model redesigned; negotiations underway Cost AISC1 below annual guidance Execution priorities for H2 2026 2027 transition 2028 outcome Labour Conclude labour agreements Equipment Raise-bore delivery; bolter fleet and equipment deployment, testing smaller bolter at East Boulder Infrastructure 49W sand plant upgrade; control chutes Capability Co-develop work management rollout with line supervisors Mechanisation Stillwater East conversion and East Boulder readiness Mine development East Boulder ventilation upgrades Operating model Performance framework implemented Execution Work management and team transformation embedded Competitiveness Step change to ~US$1,000/2Eoz being executed Productivity Improved stope availability and mechanised task mining Operating discipline Team-based execution and stronger planning Portfolio quality A more sustainable operating model on long life ore bodies
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46www.sibanyestillwater.com Production and AISC All-in cost margin* Restructuring for a low palladium price environment Operating cost reduced by ~30% for 2025 from 2024, significantly reducing cash flow losses and enabling greater leverage to improved PGM prices Source: Company results information. See the disclaimer regarding non-IFRS measures *All-in cost margin is derived from the received basket price (US$/2Eoz) multiplied with the mined production for the period less all-in cost in absolute terms for the same period ** Capex includes sustaining and ORD capital, excludes project capital (300) (250) (200) (150) (100) (50) - 2023 2024 2025 US$ milllion • Following several years of capital investment and production growth, a period of consolidation and restructuring was implemented from 2023 • This secured operational resilience and sustainability through an extended trough in Palladium prices and set a platform for further optimisation • Placing the Stillwater West mine on care and maintenance and focusing on higher margin mining at the East Boulder and Stillwater East mines, significantly improved the financial position of the US PGM operations • Production for 2025 declined by 33% to 284k 2Eoz, in line with plan – Total operating cost declined by ~30% – All-in cost margin* improved by ~US$97 million year-on-year – Capex** of US$88 million was (37%) lower year-on-year - 100 200 300 400 500 - 500 1 000 1 500 2 000 2023 2024 2025 2E PGM koz US$ million AISC (US$/2Eoz) Mined production (2Eoz) (rhs)
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47www.sibanyestillwater.com Full in-stope mechanisation drives productivity enhancement Safer, more productive and economically resilient, offering upside Stillwater EastEast Boulder 10 ft 8.5ft - 13.2ft • Area – 132 ft2 ; Profile H – 10ft, L – 9ft, W – 8.5ft to 13.2ft Orebody dip ~75 degrees – allows Mining 14ft high, 12ft advance provides up to ~87% more ounces per blast ~60% increase in loader capacity larger capacity 4-yd loader 12 ft 14 ft 10 ft 14 cuts x 132 ft2 Area = 1,848 ft2 10 cuts x 213 ft2;Area = 2,126 ft2 15% Increase Vs CMAC Area – 213 ft2 ; Profile H – 14ft, L – 12ft, W – 12ft 10 ft 10.5ft • Area – 112 ft2; Profile H – 10ft, L – 9ft, W - 10.5ft Orebody dip ~50 degrees - Mining 12ft high, 12ft advance provides up to ~60% more ounces per blast Area – 134ft2 ; Profile H – 12ft, L – 12ft, W – 12ft 10 cuts x 134 ft2 Area = 1,339 ft2 12 cuts x 112 ft2 Area = 1,339 ft2 No Increase V CMAC 12 ft 12 ft 10 ft low capacity 2-yd loader Current – Conventional in-stope bolting Implementation of mechanised roof bolters and longer rounds significantly increases ounces per round/blastCurrent Source: Company information
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48www.sibanyestillwater.com Fully mechanised Productivity improvement Source: Company information The phased transition accounts for increased development and diamond drilling state, infrastructure readiness, equipment availability and operator upskilling Fully mechanised in-stope bolting by 2028, East Boulder build-up timing lag due to smaller bolter. Annual production ~410koz 2E from 2029 SWE: Stillwater East mine Productivity improves as strategy is implemented Safer, more efficient, higher volume mining increases production and drives unit cost lower • Introduction of mechanized fleet phased according to development state, availability of equipment and up-skilling of operators • The complete transition planned by H2 2028 − Stillwater East - Fully mechanised by end 2027 − East Boulder - Fully mechanised by mid 2028 › Due to dip of orebody, East Boulder needs a smaller bolter head – currently in development with OEM • Increased mined volumes, ORD and other related activities, require additional labour (19%), primarily: − diamond drillers, haulage operators − concentrator and metallurgical complex operators − increased supervision • 45% increase in production to steady state ~410k 2Eoz pa from 2029, more than offsets additional labour • Forecast productivity increase by ~21% to 28 2E PGM oz per employee in 2029 - 200 400 600 800 1 000 1 200 1 400 - 5 10 15 20 25 30 2025 H1 2026e H2 2026e H1 2027e H2 2027e H1 2028e H2 2028e H1 2029e H2 2029e H1 2030e H2 2030e # of employees 2Eoz/empl/m 2Eoz per employee per month Total US PGM employees - 50 100 150 200 250 0% 20% 40% 60% 80% 100% 2025 H1 2026e H2 2026e H1 2027e H2 2027e H1 2028e H2 2028e H1 2029e H2 2029e H1 2030e H2 2030e 2E PGM koz % of production SWE mechanised bolting (%) East Boulder mechanised bolting (%) Mine production (2E koz)
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49www.sibanyestillwater.com 200 300 400 500 - 200 400 600 800 1 000 1 200 1 400 1 600 2025 2026e 2027e 2028e 2029e 2030e 2E PGM koz US$/2Eoz Operating Costs less by-product credits ORD Capital SIB Capital Production (2E koz) (rhs) 200 300 400 500 - 100 200 300 400 500 2025 2026e 2027e 2028e 2029e 2030e 2E PGM koz US$ million Operating cost less by-product credits ORD capital SIB capital Production (2E koz) (rhs) AISC* (US$m) & production AISC* (per unit) & production All-in sustaining cost (AISC) benefit driven by productivity AISC higher in 2026, reducing to ~US$1,000/2Eoz (2026 real) from 2029 onwards Source: Company results information. See the disclaimer regarding non-IFRS measures *Operating Cost is net of S45X credit, ORD capitalised. US PGM AISC is impacted by tax and royalties paid based on PGM prices, cost guidance was based on 2E PGM prices of US$1,180/oz; by-product credit assumptions of Rh US$4,800/oz and gold US$2,500/oz applied
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50www.sibanyestillwater.com 50www.sibanyestillwater.com Planned capital expenditure Increased capital investment required for mechanisation strategy and essential SIB, project capital (deferred) to be fully funded internally • The transition to high volume mining productivity requires increased development capital (ORD) and stay in business capital (SIB) • Annual ORD stabilises at ~US$85 million pa and SIB at ~US$30 million pa from 2029 (steady state) • SIB initially higher due to preparation for transition (start of mechanisation and priority SIB previously deferred which is now necessary for planned increase in mined volume and production) • SIB spend for mechanisation readiness (2026 to 2028) of ~US$41 million −Mechanised fleet additions (bolters), increasing capacity and standardising current fleet (both mines) ~US$31 million −Infrastructure ~US$10 million (Sandplant upgrade at Stillwater East for additional volumes, ventilation upgrades at East Boulder due to increase in mechanised fleet) − SIB for 2028 furnace rebuild (~US$17 million) - procurement of long lead items begins in 2027 • Higher initial ORD spend driven by increased development including Stillwater East vertical development (executed by contractors) • Project capital relates to East Boulder TSFs (previously deferred) − Stage 6 = US$17 million (complete 2028) − New TSF = US$129 million (2027 to 2030) Source: Company results information. See the disclaimer regarding non-IFRS measures Figures in line with the Mineral Resources and Reserves declaration as at 31 December 2025. Mineral Resources are inclusive of Mineral Reserves. LOM years modelled in terms of commodity prices applied to Mineral Resource and Mineral Reserve declaration. For the full declaration, please refer to https://www.sibanyestillwater.com/news-investors/news/news-releases/ - 20 40 60 80 100 120 140 160 180 200 2025 2026e 2027e 2028e 2029e 2030e US$ million Capital per category SIB SIB - Mechanisation ORD capital Project capital
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51www.sibanyestillwater.com • Unlocking value through enhancing: a defined pathway to a structurally lower cost base, targeting ~US$1,000/2Eoz AISC (2026 real) by 2029 to strengthen through-cycle resilience and margins • Safer and more productive: mechanisation modernises work, improves in-stope efficiency and delivery discipline, and supports better safety outcomes • Optimised, more sustainable business: ~45% production uplift to ~410koz 2E steady-state by 2029, improving operating leverage and global cost-curve competitiveness • People-led competitive advantage: upskilling and accountable execution aligned to Performance excellence, with productivity targeting ~28 2Eoz per employee as the model matures • Stakeholder alignment enables success: strong partnerships and proactive engagement underpin delivery certainty and long-term shared value from these strategically important operations What success will look like US PGM operations | Conclusion A structurally lower cost base is achievable and the path to US$1,000/2Eoz is defined Source: Company results information. See the disclaimer regarding non-IFRS measures *US PGM AISC are impacted by tax and royalties paid based on PGM prices, cost guidance was based on 2E PGM prices of US$1,180/oz; By product credit assumptions of Rh US$4,800/oz and gold US$2,500/oz applied ** Estimated AISC excluding the mechanised SIB capital planned for 2026 of ~US$13 million to represent a baseline AISC unit cost before productivity improvements 2026 AISC excl mechanisation SIB Capital** Increased Costs associated with increased volume Mechanised bolting - Dimension increase Mechanised bolting - Advance Rate and productivity improvements Sustainable AISC US$/2Eoz - 200,0 400,0 600,0 800,0 1000,0 1200,0 1400,0 1600,0 AISC*/2Eoz reduction (real terms) Increase Decrease Total
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52www.sibanyestillwater.com About the Recycling operations Technical excellence, industrial sourcing, complex material processing capability, global collection network, and strong customer relationships underpin Montana (MT) site Pennsylvania (PA) site (previously Reldan) North Carolina (NC) site (previously Metallix) 25+ years operating history PGMs as output One of the largest secondary PGM supply chains Sourcing platform that is trusted and supported Integrated low-cost operating model Well-positioned in a consolidating market 48 year operating track record with ~23Mlb annual processing Gold and silver as primary output PGMs and copper as secondary output Diversified feedstock across industrial and post-consumer e-waste End-to-end processing platform with mechanical, thermal and chemical capability Hub-and-spoke global footprint anchored in US, Mexico and India Relationship-led sourcing based on customer centricity, supported by strong credentials 50+ years in operation with ~4Mlb annual processing PGMs as primary output Gold and silver as secondary output Integrated platform covering sourcing, logistics, permitting, transport and refining Industry-leading technical and innovation capability, underpinned by IP Global sourcing across the US, UK, and South Korea (APAC) Multi process with mechanical, thermal, wet chemistry and recovery Source: Company information
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53www.sibanyestillwater.com of Group precious metals production in 2025 of Group revenue in 2025 US$1.1bn (R20.4bn) Working capital turnover of Group adj.EBITDA1,2 US$228m (R4.1bn) excl. S45x Recycling operations workforce at the Montana, Pennsylvania and North Carolina sites Recycling | Stable margins, low capital intensity, contributing to Group’s supply and earnings Mix transformation is driving margin expansion 48% 16% 4-5x per year 6% Source: Company results information 1. See the disclaimer regarding non-IFRS measures 2. Working capital turns are driven by material complexity and metal content. Cash conversion is best understood through the processing cycle, from payment, through processing and recovery, to final settlement upon metal turn out which can range from a few days for high-grade gold to up to ~90 days for more complex PGM materials ~310 workforce • Complementary to primary mining production and ability to meet broader range of customer requirements consistently and reliably – Circular sustainable system – no mine life or depletion constraints • Stable margins ensure profitability through the cycle, enhancing Group's overall earnings profile, resilience and value • Low capital intensity business • Rapid working capital velocity underpins economics with working capital turning 4–5x per year • Relatively small, stable and non-unionised workforce, with long- tenured expertise across technical and leadership levels
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54www.sibanyestillwater.com Recycling | Scale, integration and margin expansion driving strong cash generation A scalable, capital-light platform delivering strong earnings, cash generation and diversified precious-metals exposure Feed optimisation to cash generation Pennsylvania site 2.2Moz Volumes more than doubled North Carolina site 0.5Moz Acquisition contribution Montana site 0.1Moz Earnings positive despite lower autocat feed Regional supply chain with integrated synergies 2.8Moz Precious metals4 recycled and sold 142% higher year-on-year 13% adj EBITDA margin1,2 US$164m (R2.7bn) Strong earnings contributor Strong cash generation Notional free cash flow1,5 63% adjusted EBITDA conversion3 Capital-light growth converted earnings efficiently into cash US$103m (R1.7bn) Adjusted EBITDA1 11% higher year-on-year; 536% increase excluding S45X Silver Gold 5E PGMs Copper H1 2026 2.5Moz 95koz 195koz 1.5Mlb Source: Company information 1. See the disclaimer regarding non-IFRS measures 2. Adjusted EBITDA margin calculated as adjusted EBITDA (excl. S45X) divided by Recycling operations revenue 3. Cash flow conversion calculated as notional free cash flow divided by adj. EBITDA for the Recycling operations 4. Includes gold (95koz), platinum, palladium, iridium, ruthenium (5E PGM of 195koz) and silver (2.5Moz) 5. Notional free cashflow includes the Pennsylvania and North Carolina sites, but excludes the Montana site Note: The IRS has selected the 2023 tax year, including the first Section 45X credit claim, for examination. This is expected to delay related cash receipts. The Group remains confident in the basis of its claims and will work constructively with the IRS through the process Mix scrap 30klb
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55www.sibanyestillwater.com • Mineral and metal resources are finite and consumption is increasing globally − Secondary sources of supply will be increasingly necessary for long-term sustainability of metals supply and will become a bigger component of future markets • Recycling aligns with government priorities for secure, traceable, and sustainable metal supply, reducing reliance on imports • Recycling offers a significantly lower environmental impact than primary mining − 5–6x lower CO₂ emissions − 65–70x lower water usage • Recycling complements the Group’s primary and secondary mining production, providing stable, lower-risk access to future- facing metals (PGMs, gold, silver, copper) − Positioning the Group beyond “mining-only” into a metals supply business, differentiating us from peers and increasing our relevance throughout value chains Recycling | Value-accretive and strategically important A resilient, sustainable platform enabling secure and localised critical metal supply Source: Company information
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56www.sibanyestillwater.com Century zinc operation| Strong cash generation as end-of-life approaches Higher zinc prices supported higher earnings and cash generation as operation nears end-of-life 45kt Payable zinc production1 13% lower year-on-year Century tailings dam approaches end-of-life with limited operational flexibility US$2,162/tZn (R35,477/tZn) All-in sustaining cost2 23% higher year-on-year US$55m (R900m) Adjusted EBITDA2 54% higher year-on-year US$41m (R667m) Notional free cash flow2 86% higher year-on-year Production in line with guidance Driven by lower volumes and inflationary pressures AISC below lower end of guidance range Operational resilience maximising margins at higher zinc prices Avg. zinc concentrate price 25% higher, lower zinc treatment charges Rightsized capital footprint for remaining life-of-mine Strong cash conversion Source: Company results information 1. Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions 2. See the disclaimer regarding non-IFRS measures
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57www.sibanyestillwater.com Continue building a streamlined, performance-driven, modern metals company focused on metals that power electrification and drive global progress. Through primary mining, secondary mining, and recycling, we will deliver real shared value for our people and for our planet Century zinc operation| Core competencies for future opportunities Value derived from secondary mining capabilities & experience – Only Australian operation of scale carried out in the last 30 years Custom nozzle design Custom canon design Automated trash removal While these opportunities exist across the industry, barriers to entry are not equipment-based, equipment is inexpensive and widely available. True value lies in our intellectual property, technical capability, and demonstrated operational know-how • Extracting value while rehabilitating legacy liabilities • Lower regulatory complexity – streamlined approvals • Addresses the global challenge of mine closure in a cost-effective manner • Leveraging sunk capital to produce low-cost metals Secondary mining value • Proven ability to execute high volume, efficient secondary mining, in tier one jurisdictions • Developed production techniques that efficiently extract value from legacy tailings safely, at low cost, while concurrently reducing long-term environmental liabilities • Technical capabilities developed for purpose – advances in automated trash removal, automation and remote operations, cannon and nozzle design • Culture of innovation, adaptability and resilience • Complex water chemistry/metallurgical capabilities and adaptability, providing a unique investment case • Full infrastructure and equipment able to remine 12Mtpa available from H2 2027 Australian team capabilities & future opportunities Source: Company information
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Organic growth and project portfolio focused on value creation that is anchored in returns and unlocking organic value as a priority
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59www.sibanyestillwater.com 0,0 1,0 2,0 3,0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Group profile provides a solid base for organic growth projects Group profile excluding high-quality projects Source: 2026 LOM model Note: All figures from 2026 onwards are forecasts 1. Excludes additional projects possible within existing portfolio, includes K4 2. Equivalent gold ounces determined for Keliber (Li), Century (Zn) using each year prices for all commodities 3. DRDGOLD included at c.50.1%, DRDGOLD’s figures are based on Technical Report Summaries for Ergo and Far West Gold Recoveries (FWGR), included in annual reports filed by DRDGOLD on Form 20-F with the United States Securities and Exchange Commission on 30 Oct 2025 and 30 Oct 2023, respectively SA gold (excl. DRD)(Au) SA PGM (4E PGM) Keliber (Li)DRDGOLD (50.1%)(Au) Century (Zn)US PGM (2E PGM) Group profile (Moz) (December 2025)1,2 (excluding projects)
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60www.sibanyestillwater.com Group profile (Moz) including near and medium term projects (December 2025)1,2 0,0 1,0 2,0 3,0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Profile flexibility through value-accretive internal projects SA gold (Au) SA PGM3 (4E PGM) Mt Lyell (Cu)1 SA PGM Projects in study phaseBurnstone (Au) Note: All figures from 2026 onwards are forecasts Note: Excludes PoC on SA PGM 1. Equivalent gold ounces determined for Keliber (Li), Century (Zn) and Mt Lyell (Cu) using each year prices for all commodities 2. Profile based on 31 Dec 2025 LOM and excludes recycling 3. DRDGOLD at 50.1% production DRDGOLD’s figures are based on Technical Report Summaries for Ergo and Far West Gold Recoveries (FWGR), included in annual re ports filed by DRDGOLD on Form 20 -F with the United States Securities and Exchange Commission on 30 Oct 2025 and 30 Oct 2023, respectively . Mimosa at 50% production The existing project pipeline sustains the production base without acquisition premiums — external growth becomes a choice, not a necessity DRDGOLD3 (Au) SA PGM project in execution (4E PGM) US PGM (2E PGM) Keliber (Li)1 Century (Zn)1 Indicative Moz level
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61www.sibanyestillwater.com Key statistics of the Keliber lithium project1 21.6 Mt 13.0 Mt 250 employees 15,000t2 LiOH 18 years Mineral Resources: 639.5kt LCE at grade of 1.20% Li2O Mineral Reserves: 311.2kt LCE at grade of 0.97% Li2O At full production, plus ~100 contractors (currently 200 employees) Steady state production of battery-grade LiOH, Operating LOM from Syväjärvi and Rapasaari mines Located in central Ostrobothnia, Finland, among the most significant lithium regions in Europe Source: Company information 1 Feasibility study Mineral Resources and Reserves and workforce numbers as at 31 December 2025. Mineral Resources are inclusive of Mineral Reserves. LOM years modelled in terms of commodity prices applied to Mineral Resource and Mineral Reserve declaration. For the full declaration, please refer to https://www.sibanyestillwater.com/news-investors/news/news-releases/ 2 Name plate capacity
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62www.sibanyestillwater.com Keliber lithium project | Mining commenced and first spodumene produced Europe’s first fully integrated lithium hydroxide project is transitioning from construction to operations through a disciplined, staged ramp-up Mining started at the Syväjärvi open pit Strategic stockpile built Concentrator commissioning progressing Capital on plan Keliber is now an operating mine in February 2026 218kt ore mined 186kt stockpiled Provides feed security for a controlled concentrator ramp-up Stable throughput Optimising grade Advances the transition to consistent spodumene production €719m cumulative spend €783m approved total forecast Major construction milestones delivered within the approved capital envelope Source: Company information
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63www.sibanyestillwater.com • Ore mining started (Feb 2026) • Mined ore production currently in ramp up phase • Contractor: E. Hartikainen • ~540ktpa ore mined when fully ramped up Syväjärvi – the first open cast mine • Build start Nov 2023; mech. complete Jan 2026 • Facilities include concentrator activities and water treatment (incl. Rapasaari mine water), refer next slide for all processes • Hot commissioning planned by Q3 2026 – once 50kt ore stockpile is built • Spodumene concentrate production: average ~140ktpa1 • Potential sales of spodumene concentrate Keliber concentrator in Päiväneva • Build start Mar 2023; complete Q2 2026 • Hot commissioning: planned Q4 2026 (conditional) • Battery-grade LiOH ramp-up and qualification planned 2027- 2028 (conditional) • Process: high-temp conversion + hydrometallurgy • Production (name plate capacity): 15ktpa LiOH Keliber lithium refinery in Kokkola Salient points for key infrastructure | Staged ramp up in progress Source: Company information 1. Average feasibility study LOM steady state production. The concentrator name plate capacity is 200,000t pa of spodumene concentrate. Planned LOM spodumene concentrate feed to the Keliber lithium refinery is between 120,000 and 140,000t per annum Syväjärvi close proximity to concentrator Refinery, 43km direct, 66km by road from the concentrator
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64www.sibanyestillwater.com 18 years LOM production from first two at Mine 1 (Syväjärvi) and Mine 2 (Rapasaari) 1. Base case: Reserve LOM model in line with the Mineral Resources and Reserves as at 31 December 2025, assumes full ramp up of mining to refining to produce battery grade LiOH 2. Unit cost at steady state. See the disclaimer regarding non-IFRS measures The exchange rates used for the Mineral Resource and Mineral Reserves Declaration as at 31 December 2025 is R18.24/US$, US$1.12/€, R20.43/€. Information is in line with the Mineral Resources and Reserves as at 31 December 2025. Mineral Resources are inclusive of Mineral Reserves. For more information, refer to https://www.sibanyestillwater.com/news-investors/reports/annual/ Forecast life of mine (LOM) production profile1 Delivering premium, low-carbon LiOH over 18 year LOM with significant Resources and extensive potential for extension First mined production of own ore in Q1 2026 Spodumene production ~140kt per annum Battery-grade LiOH 15-16 kt per annum Average operating cost2 US$8,371/t AISC2 of US$10,080/t at steady state 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 - 100 000 200 000 300 000 400 000 500 000 600 000 700 000 800 000 2026e 2027e 2028e 2029e 2030e 2031e 2032e 2033e 2034e 2035e 2036e 2037e 2038e 2039e 2040e 2041e 2042e 2043e 2044e 2045e Tonne (t) LiOH Tonnes milled 18 year production profile Syväjärvi open pit Rapasaari open pit LiOH production (rhs)
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65www.sibanyestillwater.com 65www.sibanyestillwater.com - 20 40 60 80 100 120 140 2026e 2027e 2028e 2029e 2030e 2031e 2032e 2033e 2034e 2035e 2036e 2037e 2038e 2039e 2040e 2041e 2042e 2043e 2044e 2045e 2046e US$ million Project capex Sustaining capex Forecast life of mine (LOM) capital profile1 Significant reduction in capital expenditure post completion of construction phase in H1 2026 LOM capital (US$m) * 2026 guided capital expenditure includes construction phase start-up capital and sustaining cost, as per year-end 2025 financial model 1. Feasibility study: Reserve LOM model in line with the Mineral Resources and Reserves as at 31 December 2025, assumes full ramp up of mining to refining battery grade LiOH. Mineral Resources are inclusive of Mineral Reserves. LOM years modelled in terms of commodity prices applied to Mineral Resource and Mineral Reserve declaration. For the full declaration, please refer to https://www.sibanyestillwater.com/news-investors/news/news-releases/ 2. The exchange rates used for the Mineral Resources and Mineral Reserves Declaration as at 31 December 2025 is R18.24/US$, US$1.12/€, R20.43/€ * *
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66www.sibanyestillwater.com Indicative life of mine (LOM) financial sensitivities1,3 Potential unit cost reduction of US$1,000/t to further improve the business case, optimisation opportunities being assessed See the disclaimer regarding non-IFRS measures 1. Feasibility study: Reserve LOM financial model as per 31 December 2025 feasibility study. Assumes Q4 2026 refinery start and full ramp up to battery grade LiOH. LiOH price (base case) assumption $20,000 /t, US$1.12€, spodumene concentrate grade 4.5% Li2O, discount rate 8% real. All revenue from LiOH sales - no Spodumene concentrate sales 2. Average from reaching steady state until end of LOM (2028-2045), 3. Feasibility study: Reserve LOM model in line with the Mineral Resources and Reserves as at 31 December 2025,assumes full ramp up mining to refining battery grade LiOH. For the full declaration, please refer to https://www.sibanyestillwater.com/news-investors/news/news-releases/ NPV1, US$m IRR, % Forecasted operating cash flow (US$20,000/t & sensitivities +15% and -15%) Key figures1,3 LiOH price assumption US$20,000/t NPV1, LOM operating cash flow @ 8% US$835 million IRR1, LOM operative cash flow 37% Production profile, base case1,3 2026 2027 2028 2029 2030 2031 Spodumene conc 4.5% (t) 8,170 104.848 145,064 147,015 147,199 139,810 LiOH (t) 157 8,947 16,000 16,000 16,000 16,000 17% 8% 37% 15% 23% 14% 7% 30% 12% 19% 4% 5% 8%1% Operating cost1,2 All-in sustaining cost1,2 US$8,371/t LiOH US$10,080/t LiOH Conversion & lithium hydroxide refineryMining Other operating costs incl. processing labour Crushing, sorting and concentrator G&A and other fixed costs Sustaining capex Royalties and fees Closure cost Group overheads -182 -1 92 157 130 121 125 -300 -200 -100 0 100 200 300 400 500 600 700 2026e 2027e 2028e 2029e 2030e 2031e 2032e US$ million LiOH US$17,000/t LiOH US$20,000/t LiOH US$23,000/t LiOH US$17,000/t (cumulative) LiOH US$20,000/t (cumulative) LiOH US$23,000/t (cumulative) 1170 47% 835 37% 499 27%
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67www.sibanyestillwater.com Keliber lithium project | Staged approach creates optionality and mitigates risk Stage 1: Mining ramp-up Stage 2: Concentrator ramp-up Stage 3: Refinery start-up decision Stage 4: Refinery ramp- up, optional 2026 2027 www.sibanyestillwater.com Europe’s first fully integrated lithium hydroxide project is transitioning from construction to operations through a disciplined, staged ramp-up Stage 5: Battery-grade LiOH decision H1: Construction phase complete (€719m cumulative spend) Open pit Syväjärvi mining commenced on 11 Feb 2026 • Establish 50kt ore stockpile pre concentrator commissioning Q3: Concentrator hot commissioning • Consistently produce spodumene concentrate • Evaluate the sale of spodumene concentrate to generate early cash flow Q4: Decision to advance to next stage conditional • Advance with refinery ramp-up or pause and continue selling spodumene concentrate • Market assessment prior to start up Q1 2027: Hot commissioning of refinery Ramp-up to initially produce technical-grade LiOH.H2O • Possible pause in ramp-up and sales of technical- grade LiOH.H2O Mid 2027: Decision to proceed with ramp-up to produce battery-grade LiOH.H2O Source: Company information
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68www.sibanyestillwater.com Staged ramp-up | Spodumene concentrate scenario All-in sustaining cost1,2 18% 21% 4% 20% 5% 5% 27% Mining Crushing, sorting and concentrator Refinery C&M G&A Group overheads Royalties and fees Sustaining capex US$931/t SC3 5.2% Spodumene concentrate scenario Price assumption Concentrate 6% Li2O US$2,000/t Average AISC, SC3 5.2% Li2O 2027-20291,2 US$931/t Average operating cash flow 2027-20291,2 US$43 million/year 1. See the disclaimer regarding non-IFRS measures. Average estimated all-in sustaining cost for the first three years after reaching steady state (2027-2029) 2. Assumes production of spodumene concentrate only from 2026 to 2029 and refinery start 2030 or later. Assumptions: spodumene concentrate 6% Li2O price US$2,000/t, US$1.12/€ spodumene concentrate grade 5.2% Li2O 3. Spodumene concentrate Spodumene sales offer a way to boost cash flow during refinery commissioning or maintain it if refinery startup is delayed
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69www.sibanyestillwater.com Burnstone project establishes future gold ore reserves for Sibanye-Stillwater, purposefully transitioning to shallower more efficient gold mining Burnstone gold project | high-value, near-term gold growth All information from 2026 onwards is forecast, appropriately rounded and subject to the forward-looking statements disclaimer. NPV uses a project-specific discount rate of 10%. Attractive returns R19.2bn NPV 36.1% IRR R3.5bn project infrastructure capital Existing infrastructure and advanced brownfield site Long-life production expected Responsible, lower-impact restart • Connected decline and vertical-shaft infrastructure • Underground development and supporting workshops • Established ore-handling and hoisting systems • Supporting surface facilities already established • Shallower Kimberley Reef at ~550m average depth • Existing and previously disturbed footprint • Stage-gated execution aligned with affordability • Environmental, water, tailings and closure planning integrated 8.9Moz Mineral Resource Gold 31 December 2025 2.7Moz Mineral Reserve 25-year Life of mine ~130kozpa gold Processing plant expected to start in 2029 Gold 31 December 2025
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70www.sibanyestillwater.com 70www.sibanyestillwater.com Burnstone gold project Burnstone establishes future gold ore reserves for Sibanye-Stillwater, purposefully transitioning to shallower more efficient gold mining Burnstone is a high-value, near-term gold growth project mining Kimberley reef at an average depth of 550m (deepest 1.05km). Existing infrastructure significantly reduces capex and enhances returns Description • Board approved investment decision • Capital expenditure guidance for 2026 is R98 million for project setup activities Project status: Board approved • Project infrastructure capex of R3.5bn over 6 years • Pre-production capex of R2.5bn to be spent until 2028 • Average steady state production ~130,000oz per annum • Average all-in sustaining cost of R872,000/kg at steady state • NPV R19.2 bn and IRR of 36.1% (10% discount rate) • Expected to build up to approximately 2,500 employees, during steady state operations Economics Distance from Burnstone to: • Balfour – 11km • Heidelberg - 43km • Nigel – 43km • Johannesburg – 80km Mining Right Area – 13 135.724 ha Land Area – 2 605.14 ha All information from 2026 onwards is future values and, therefore, estimates. Financial information is stated in 2026 real terms.
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71www.sibanyestillwater.com Burnstone - expected gold production (kg) Capital expenditure (R million) Extensive pre-development ensures attractive investment payback Burnstone gold project | indicative production, cost and capital 0 400 800 1 200 1 600 2 000 2 400 2 800 3 200 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 R million Project SIB ORD Pre-production capital - 200 000 400 000 600 000 800 000 1 000 000 1 200 000 1 400 000 1 600 000 1 800 000 - 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 R/kg Kg Kg Opex + Capex (incl growth capex) R/kg All information from 2026 onwards is future values and, therefore, estimates. Pre-production capital up to steady-state enabled state
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72www.sibanyestillwater.com A sustainable, de-risked and execution-ready copper-gold project in a tier 1 jurisdiction with attractive returns Mount (Mt) Lyell copper project Tasmania Mt Lyell Water Storage Copper Chert Queen Lyell Cape Horn / Green HornWestern Tharsis North Lyell Royal Tharsis Prince Lyell 1km Airport Surface Infrastructure Tailings Pipeline Tailings Storage Facility QUEENSTOWN Mt Lyell is a copper-gold restart in Tasmania, leveraging existing infrastructure and renewable hydroelectricity to reduce execution risk, upfront capital and carbon intensity. Targeting first production in Q1 2029, it offers a 23-year initial life, second- quartile C1 costs and compelling returns. Sibanye-Stillwater gained exposure to Mt Lyell through its acquisition of New Century Resources in 2023, which included an option to acquire 100% of Copper Mines of Tasmania; the option was exercised on 1 November 2023. Description • Board approved the Mt Lyell project1 • Expected 2026 capital is A$11m (US$7.5m) Project status: Board approved • Total project capital of ~US$340m (~A$490m) 2 • Maximum cash draw of ~US$370m (~A$530m) • Average annual steady state ~26kt copper with ~16koz gold and ~116koz silver • Average all-in sustaining cost of US$2.56 per pound • Post tax NPV of ~US$550m (~A$790m) and IRR of 20% • Project execution planned to commence H1 2027 • Expected to employ approximately ~300 employees at steady state Economics & benefits All information from 2026 onwards is future values and, therefore, estimates and appropriately rounded. Project assumes a long term exchange rate and metal process as per the Appendix. WACC is project specific and calculated at 7.4%. 1. Subject to conclusion or waiver of agreement with previous owner 2. Total project capital excludes shaft refurbishment, which is planned to commence after commercial production has commenced
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73www.sibanyestillwater.com • Restart design incorporates lessons from the 2014 safety-related suspension under previous ownership • Modern schedule-driven mine design, refurbished infrastructure and increased automation support safer operations • Historical and future environmental responsibilities are clearly defined under the State agreement applicable to Mt Lyell - Sibanye-Stillwater will manage obligations arising from post-1999 and for all future activities • Existing infrastructure, disturbed land and renewable hydropower support a lower-impact restart • Modern water, waste and rehabilitation solutions are being evaluated Modern mine design, clearly defined responsibilities and lower-impact production Mt Lyell copper project | A responsible restart designed for the future
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74www.sibanyestillwater.com 0 1 2 3 4 5 6 - 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 AISC (US$/lb) Metal tonnes Copper in concentrate Gold in concentrate Silver in concentrate AISC (rhs) Mt Lyell - Expected metal production (t) and AISC1 Capital expenditure (US$ million) Extensive existing infrastructure ensures rapid path to metal production and attractive investment payback Mt Lyell copper project | Indicative production, cost and capital 1. All-in sustaining cost (AISC) Note: All information from 2026 onwards is future values and, therefore, estimates. Metal tonnes are equivalent copper tonnes. 0 50 100 150 200 250 300 2027 2028 2029 2030 2031 Project capital Capitalised mining (Sustaining capex) Shaft refurbishment Contingency
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75www.sibanyestillwater.com Existing infrastructure and renewable hydropower support a responsible restart, rapid path to production and attractive returns Mt Lyell copper project | Long-life, capital-efficient copper growth Note: Total project capital to practical completion excludes shaft refurbishment planned after practical completion. All information from 2026 onwards is forecast, appropriately rounded and subject to the forward-looking statements disclaimer. NPV uses a project-specific discount rate of 7.4%. Attractive returns ~US$550m post-tax NPV ~20% post-tax IRR ~US$340m project capital Existing infrastructure and tailings site Responsible, lower-impact restart • Existing shaft (will refurbish) and decline to 800m depth • Dewatering, ventilation and underground workshops • Established materials handling and logistics • Permitted 100Mt TSF • Approximately 42Mt currently stored • Planned capacity sufficient for the 23- year mine life Targeting first production in Q1 2029 • Renewable hydropower • Existing and previously disturbed footprint • Modern mine design and increased automation • Clearly defined future environmental and closure responsibilities 78.8Mt Mineral Resource 759kt copper 0.6Moz gold 54.6Mt Mineral Reserve 478kt copper 0.4Moz gold 23-year Life of mine 26ktpa copper Long-life production expected
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Market outlook PGMs, gold, chrome and lithium
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77www.sibanyestillwater.com EM = emerging markets Source: Oxford Economics; SFA (Oxford) Middle East conflict raises 2026 economic risks, momentum shifting out to 2027 Growth forecasts trimmed for 2026; US war on Iran and trade disruptions increasing forecast risk 2,9 3,0 2,5 3,2 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 2024 2025 2026 2027 % World GDP growth 2,8 2,1 2,3 2,7 0,0 0,5 1,0 1,5 2,0 2,5 3,0 2024 2025 2026 2027 % US GDP growth 4,3 4,5 3,7 4,4 0,0 1,0 2,0 3,0 4,0 5,0 2024 2025 2026 2027 % EM GDP growth 5,0 5,0 4,8 4,6 0,0 1,0 2,0 3,0 4,0 5,0 6,0 2024 2025 2026 2027 % China GDP growth 7,2 7,5 6,7 6,8 0,0 2,0 4,0 6,0 8,0 2024 2025 2026 2027 % India GDP growth 0,9 1,5 0,7 1,6 0,0 0,5 1,0 1,5 2,0 2024 2025 2026 2027 % Eurozone GDP growth • The longer it takes to fully resolve the US- Iran war, the greater the potential economic disruptions • Limited flows of oil and other products out of the Strait of Hormuz increase the risk of shortages and higher inflation impacting discretionary spending • US trade policy changes adding forecast risk to economic growth outlook • 2026 global growth forecast downgraded to 2.5% - US growth somewhat resilient at 2.3% - China’s growth is easing - Emerging markets growth also slowing - Eurozone growth remains lacklustre
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78www.sibanyestillwater.com Source: Bloomberg Finance LP Precious metals markets consolidating following Q1 peaks Precious metal prices have reset lower; slowing economic growth adds risk • Precious metal prices consolidated after speculative buying pushed gold and platinum to record highs in January • Dollar strength and higher interest rates are a headwind for gold and PGMs, however net central bank gold purchases continued in H1 • Gold ETF holdings down 2.2moz in H1 2026 • Platinum ETF holdings down 518koz in H1 2026; 1-month lease rates have moderated from 19% in January to 2% by end July • Platinum and palladium markets expected to remain in deficit over next 18 months, rhodium to remain close to balance 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 0 1 000 2 000 3 000 4 000 5 000 6 000 Jun 25 Aug 25 Oct 25 Dec 25 Feb 26 Apr 26 Jun 26 Gold Platinum Palladium Rhodium (rhs) Precious metal prices (US$/oz)
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79www.sibanyestillwater.com • BEV forecasts lowered significantly over last 3 years • Light duty vehicle production outlook remains robust; downside risk as war impacts inflation and economic growth expectations • Easing of EU emissions target boosts demand for catalysed vehicles for longer • US federal incentives for BEVs expired Sept 2025; demand boost for catalysed vehicles expected as limited local government and OEM incentives remain for BEVs • Chinese move from flat rate to price-based incentives; downside risk to smaller, cheaper models across powertrains Light duty BEV production forecast over time (m units) Outlook for catalysed vehicles remains robust Macro factors remain key down-side risk to auto demand * Includes ICE and hybrids Source: GlobalData; Company analysis Note: All figures from 2026 onwards are forecasts 0% 10% 20% 30% 40% 0 20 40 60 80 100 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E Million units Gasoline* Diesel* BEV FCEV % BEV (rhs) 0 10 20 30 40 50 2022A 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E Million units Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'26 SSW Jan 2026 Auto production by powertrain (m units)
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80www.sibanyestillwater.com • PGM, steel and aluminium prices and scrappage incentives encourage scrapped car collection rates • New car sales, vehicle life and loadings at time of purchase impact secondary supply • M&A resulting in significant shifts in market share among US recyclers • Significant overcapacity in China • Historically, recovery rates remain within a band and correlate with loadings in vehicles sold in the past Recycle likely to slow short-term as PGM prices correct and new vehicle sales face macro pressures Recycling recovery measured; recoveries to remain at historical levels PGM value = autocat loading x PGM price, indexed to 2020 Source: SFA (Oxford), Bloomberg Finance LP, Company analysis Note: All figures from 2026 onwards are forecasts -50 50 150 250 350 450 550 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2000 2005 2010 2015 2020 2025 Scrap steel value index (rhs) PGM value index Scrap steel collapse hits scrapyards hard Extreme catalyst values & peak scrap steel values Scrap steel & PGM value in spent autocats (indexed to January 2020) - 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 0% 10% 20% 30% 40% 50% 60% 70% 80% 3E recycled (rhs) Pt recovery Pd recovery Rh recovery Autocat recovery rate (%) vs autocat recycling (koz)
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81www.sibanyestillwater.com • Catalysed vehicle demand outlook remains robust • Declining primary supply profile – Pt from 6.2Moz in 2019 to 4.7Moz in 2034 – Pd from 6.9Moz in 2019 to 5.6Moz in 2034 – Rh from 760koz in 2019 to 570koz in 2034 • Secondary supply expected to remain at historical recovery rates • Downside risk to global growth and therefore to new car purchases and scrappage rates – Thin margins; recycling remains price sensitive – 3E recycle supply growth from 4.7Moz in 2019 to 5.0Moz in 2034 Medium-term PGM outlook remains positive Market development imperative to sustain longer-term demand Platinum market balances -800 -400 0 400 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E koz 2025A market balance includes investment demand of 271koz Pt and 286koz Pd. Forecast balances exclude investment Source: Company analysis Note: All figures from 2026 onwards are forecasts -1500 -500 500 1500 2500 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E koz Palladium market balances -100 0 100 200 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E koz Market view House view Rhodium market balances
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82www.sibanyestillwater.com Longer term, new applications required to replace falling autocat demand • Substitution of Ir with Ru in PEM electrolyser catalysts, followed by an assessment of other PGMs • Pd-based application for purification of hydrogen • Substitution of Pt with Pd in glass bushing applications • Multi-year programme focused on the identification, evaluation, development and commercialisation of industrial applications using PGMs • Development of a radioactive palladium isotope derived from rhodium for use in targeted radionuclide therapy
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83www.sibanyestillwater.com Source: Bloomberg Finance LP Gold overtakes US treasury bonds as largest central bank reserve asset in 2025, up from 20% to 27% over the year Gold price direction highly dependent on inflation and interest rate response • Price correction after significantly over-bought levels • Global ETF holdings down 3.6Moz (-3.5%) since February peak • Dollar funding stress resulting in gold reserve sales • Likely a temporary phenomenon; net central bank gold purchases expected to continue at slower pace as the rise in price has lifted its share of central bank asset reserves • Stability of the Iran-US ceasefire and how the economic after-effects will play out through inflation, interest rates, and global economic growth momentum will determine gold’s medium-term price path Gold spot price (US$/oz) 2,500 3,000 3,500 4,000 4,500 5,000 5,500 Jul 25 Aug 25 Sept 25 Oct 25 Nov 25 Dec 25 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 US$/oz
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84www.sibanyestillwater.com -8 2 12 22 32 42 52 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Mt Supply from existing mines UG2 supply base case Known expansions & projects (excl. UG2) Chromite demand Chrome ore supply-demand balance (Mt)* • SA, Zimbabwe, Kazakhstan, India, Turkey key producers • Supply investment lags; infrastructure bottlenecks limit SA growth • Market finely balanced in 2026 – Supply +5.8% y-o-y to 44Mt meets demand – Demand growth led by China and Indonesia • Fragile balance as inflation, fuel costs and Middle East tensions squeeze miners and downside risk to global growth • UG2 production as by-product of PGMs; production costs ~60% of primary chrome production in SA • UG2 ore ~US$295/t in Q1; 2026 prices to stay elevated on higher costs and geopolitical risk • Prices likely to firm in 2028 Long-term chrome outlook positive * Assumes prices remain at $300/t level. Prices will need to rise to incentivise additional supply Source: Wood Mackenzie, Q1 2026 Note: All figures from 2026 onwards are forecasts 250 275 300 325 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E US$/t SA 40-42% UG2 chrome ore price (US$/t CIF China, nominal)
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85www.sibanyestillwater.com Lithium spot prices (US$/t) 0 1 000 2 000 3 000 4 000 5 000 10 000 15 000 20 000 25 000 30 000 Jun 25 Aug 25 Oct 25 Dec 25 Feb 26 Apr 26 Jun 26 Lithium hydroxide monohydrate (56.5% LiOH) China spodumene Li2O 6% min CIF (rhs) DRC = Democratic Republic of Congo Source: Bloomberg Finance LP New and returning lithium supply stabilising the market Lithium prices dipped slightly towards the end of Q2 but remained high versus 2025 • Prices reached near three-year highs in Q2, peaking at almost US$28,000/t LiOH in May, supported by firm BESS and BEV demand, coupled with supply disruption in Zimbabwe and China • Prices fell back to around US$20,700/t by the end of June, following various supply announcements – Resumption of concentrate exports from Zimbabwe in mid-May – Australian mine restarts and planned direct shipping ore by junior miners – CATL’s lepidolite mine restart – Mining starts at Manono in the DRC • Prices are likely to continue decreasing in H2 but expected to remain above 2025 levels, as new and returning supply ramps up
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87www.sibanyestillwater.com Gross lithium demand Lithium supply-demand balance • Strong demand outlook for lithium, +12% CAGR1 (2026-2034) as increased electrification of world energy needs continues: – 9% CAGR1 for automotive demand – 24% CAGR1 for energy storage systems • Modest medium-term surplus expected; growing shortfalls forecast from end of the decade • No shortage of new probable supply projects, but steeper and sustained incentive prices required for investments to materialise • In a de-globalising world, resulting in riskier supply chains, Europe remains extremely short of feasible regional lithium projects Note: BEV demand based on the Sibanye-Stillwater house view of 35% BEV by 2034; CAGR1 of 9% from 2025 to 2034 Source: SFA (Oxford) 1. CAGR: Compound Annual Growth Rate Strategically positioned longer term as supply chains localise Lithium supply deficits likely towards end of the decade 0,0 1,0 2,0 3,0 4,0 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E Mt LCE Automotive battery demand Other battery demand Non-battery demand 0 10 000 20 000 30 000 40 000 -2,0 -1,5 -1,0 -0,5 0,0 0,5 1,0 2025A 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E Mt LCE Base case Incl probable supply LiOH price (US$/t, nominal) rhs
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Castle wind farm, developed by ACED Embedding sustainability
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89www.sibanyestillwater.com 89www.sibanyestillwater.com Disciplined investment strengthens our assets, optimises resources and enables lasting shared value Sustaining shared value ROOTED IN OUR iCARES VALUES, CULTURE OF CARE AND RESPONSIBLE GOVERNANCE PURPOSE Creating a better future for people and planet through our metals Vision:Tobealeader in creating shared value for all stakeholders Performance excellence • Safe production • Optimised margins through operational excellence • Balance sheet strength • A performance culture of CARE Business resilience Growth | Capital allocation • Optimising resource extraction • Mineral resource replacement • Optimising portfolio to maximise ROCE • Growth underpinned by value accretion Portfolio resilience People | Planet | Prosperity • Employees and resilient communities • Environment and resource stewardship • Shareholder returns and economic value • Enduring shared value for all stakeholders Stakeholder resilience
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90www.sibanyestillwater.com Our Sustainability framework TARGETS BY 2030 ASPIRATION BY 2050OUR COMMITMENT TO: PLANET Climate action • 42% reduction in scope 1 & 2 GHG emissions ( vs. 2021 base) • 30% renewable energy penetration in SA (vs. 2021 base of 0%) • Carbon neutrality for scope 1 and 2 by 2040 • Net zero Nature stewardship • 49% less water purchased (vs 2023 base) • All operations have net positive biodiversity plans in progress • Net positive nature for mining sites • Zero non-mineral waste to landfill PEOPLE People’s rights • 22% Women of Sibanye-Stillwater (vs 2023 base 17.2%) • 34% Woman in management (vs 2023 bases 26.4%) • 30% female board members • 65% Historically Disadvantage People in management • 40% Women of Sibanye Stillwater Our own people • Zero fatalities • 3.17 total recordable injury frequency rate (vs 2020 base 6.69) • Zero harm Social trust • 1.5% declared dividends invested in the Sibanye-Stillwater Foundation • 25% local and inclusive procurement (vs 2025 base 21.5%) PROSPERITY A profitable business for shared value • Achieve a Group social value vector maturity level of 2 or higher (vs 2024 maturity level 1) • Achieve a Group social value vector maturity level of 4 or higher • Co-created shared value GOVERNANCE Ethical, transparent & accountable practices • Improved product carbon footprint • Consolidated standard met for good practice level • Metal traceability of value chain OUR BUSINESS IS SUSTAINABILITY Produce metals to power clean energy and global progress Mine, process, reclaim and recycle responsibly, mitigating impacts on people and planet Strive to create shared value for our investors & stakeholders As a modern mining company, we:
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91www.sibanyestillwater.com Forecasted Group GHG emissions and decarbonisation pathway (Scope 1 & 2) Objectives Group targets Planned pathway to 2040: Our renewable energy programme is a significant lever towards reducing greenhouse gas emissions Climate action: Scope 1 & 2 decarbonisation pathway Carbon Neutral by 2040 for scope 1&2 1 Ensure energy security 2 Decrease energy & carbon cost 3 Reduce absolute GHG emissions 4 Improve the carbon footprint of our products 5 Enable value chain decarbonisation 42% reduction by 2030 for scope 1&2 0 1 2 3 4 5 6 7 8 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 mTCO₂e Actual emissions Science-based pathway Business-as-usual (BAU) 2030 science aligned pathway Accelerated carbon neutral pathway 7.307 4.236 (-42%) * Based on 2024 life-of-mine profiles and several internal assumptions, incl. no Eskom decarbonisation. May change for acquisition, divestment and/or material operational changes. 2030 target - 42% reduction from a 2021 base 2040 carbon neutral All information from 2026 onwards is future values and, therefore, estimates
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92www.sibanyestillwater.com Climate action | We are a leader in renewable energy in SA mining Renewables is expected to supply more than half of SA energy needs by 2028 Target 835MW* Renewables by 2028 (equal to ~50% energy demand) 2.86m tCO2e once operational >R1 billion Annual energy cost savings H1 2026 164MW In operation 671MW agreed and in construction 223k tCO2e emissions avoided R55m Energy cost savings Source: Company information All information from 2026 onwards is future values and, therefore, estimates 1. Sibanye-Stillwater’s offtake capacity secured, megawatt (MW), 2. Independent power producer (IPP), 3.Conversion factor used: 1.08 tCO2e/MWh, *Increased target
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93www.sibanyestillwater.com 1. Sibanye-Stillwater’s offtake capacity secured, megawatt (MW), 2. Independent power producer (IPP), 3.Conversion factor used: 1.08 tCO2e/MWh Independent Power Producers2 Offtake capacity1 Generation source Status Castle wind farm 89MW Wind Operational Springbok solar 75MW Solar Operational Witberg wind farm 103MW Wind ~Q4 2026 Umsinde wind farm 140MW Wind ~Q4 2026 Etana Energy portfolio 220MW Solar and wind PPA 2027/8 NOA portfolio 138MW Solar PPA 2027/8 Africa GreenCo 70MW Solar ~Q1 2027 Total portfolio 835MW 43% solar 57% wind 164 MW in commercial operation 671 MW agreed & in construction Project pipeline Climate action | We are a leader in renewable energy in SA mining Renewables will supply more than half of SA energy needs by 2028 Our renewables portfolio in perspective: one Kusile unit delivers 800 MW (~4% less capacity), took approximately 17 years to complete and cost an estimated ~R233 billion
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94www.sibanyestillwater.com Nature stewardship | Increasing water independence while reducing long-term cost Driving cost efficiency while securing water for operations and communities, targeting R500m savings by 2028 A- CDP water rating for 2025 12% Increase in alternative sources achieved in the last year 90% Water independence target by 2028 at the SA PGM operations Strategy and approach Cost efficiency Optimising OPEX through efficient pumping and water treatment Reducing environmental liabilities while unlocking value creation opportunities-SA Gold Water security Building resilience and reliability through water source diversification and improved reuse-SA PGM Water security → water independence → regional efficiency Current position (H1 2026) Water independence 42% SA PGM 94% SA gold Water recycled 63% 75% SA PGM SA gold Source: Company information Long-term sustainability Water beyond our borders Supporting local communities with sustainable solutions that improve water access Creating shared value
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95www.sibanyestillwater.com In line with legislative guidance. INVESTMENT STREAM SIBANYE- STILLWATER FOUNDATION SOCIAL & LABOUR PLANS (SLPs) PGM COMMUNITY TRUSTS CORPORATE SOCIAL INVESTMENT (CSI) PRIMARY PURPOSE Position the company as a catalyst for positive change through strategic philanthropy. Deliver statutory commitments aligned to the Mining Charter and mining-right obligations. Deliver value to communities through share ownership. Position the company as a good neighbour to vulnerable groups. Corporate social responsibility STRATEGIC FOCUS AREAS Strongest investments in health and education. Health Education Welfare Environment Community infrastructure Human resource development Employment equity Mine community development Housing & living conditions Enterprise & supplier development Downscaling & retrenchment management Projects identified through community proposals. Education Health Social development projects Education Health & wellness Social infrastructure Youth development Sport Empowerment of vulnerable groups Community investment portfolio| Distinct social platforms delivering shared value Complementary platforms creating sustainable impact and shared value Common ecosystem / Meaningful impact investing / Strategic collaboration
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96www.sibanyestillwater.com • All (17) houses for the widows have been built • R105 million invested in education for the dependents • 138 beneficiaries supported by 1608 Trust since inception • 87 students and 29 graduates, of which 13 are employed by Sibanye-Stillwater • 44 families supported through employment opportunities • Koppie Memorial design finalised Marikana renewal | Honouring commitments. Creating lasting impact. From healing and remembrance to opportunity, dignity and shared value Next milestone: Building the Koppie Memorial • Agreement reached among key stakeholders regarding the design of the Koppie Memorial • Engagement on the construction process to commence • Over R200 million secured through the Marikana Socio-economic Compact comprising 15 developmental partners, suppliers and corporates to support skills development, economic participation and community programmes Source: Company information
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97www.sibanyestillwater.com Email: ir@sibanyestillwater.com Lauren Fourie and Sarel Barnard Tickers: JSE: SSW and NYSE: SBSW Website: www.sibanyestillwater.com Contacts