Slides
Page 1
H1 2026 results, 6 months ended 30 June 2026 1 September 2026
Page 2
1 September 2026 Operating and financial results for H1 2026 From strategic refresh to disciplined execution
Page 3
2www.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). Any forward-looking statements contained in this announcement have not been reviewed or reported on by Sibanye-Stillwater’s external auditors. NON-IFRS MEASURES The information contained in this presentation contains certain non-IFRS measures, among others adjusted EBITDA, notional free cash flow, 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.
Page 4
3www.sibanyestillwater.com 3www.sibanyestillwater.com Agenda Safety moment George Coetzee Introduction Richard Stewart Market performance and outlook Kleantha Pillay Performance excellence - South Africa - International and recycling Richard Cox Charles Carter Financial performance Charl Keyter Organic growth and project portfolio Ralph Lombard Business sustainability and shared value Richard Stewart (Melanie Naidoo-Vermaak) Summary and conclusion Richard Stewart H1 2026 | From strategic refresh to disciplined execution
Page 5
Introduction Richard Stewart, CEO
Page 6
5www.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
Page 7
6www.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 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
Page 8
7www.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
Page 9
Market performance and outlook Precious-metals fundamentals remain constructive, while macroeconomic and lithium supply risks reinforce the importance of operational and capital discipline Kleantha Pillay EVP Sales and Marketing
Page 10
9www.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
Page 11
10www.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)
Page 12
11www.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
Page 13
Performance excellence Through holistic improvement to drive higher margins Richard Cox SA COO Charles Carter International COO Charl Keyter CFO Ralph Lombard EVP Projects
Page 14
Southern African (SA) operations Richard Cox, Chief operating officer, SA operations
Page 15
14www.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
Page 16
15www.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
Page 17
16www.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.
Page 18
17www.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%
Page 19
International and recycling operations Charles Carter, Chief operating officer, International operations
Page 20
19www.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)
Page 21
20www.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
Page 22
21www.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
Page 23
22www.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
Page 24
23www.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
Page 25
24www.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
Page 26
Financial performance Capital allocation through disciplined framework balancing returns and securing sustainability Charl Keyter CFO
Page 27
26www.sibanyestillwater.com Record financial performance 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)
Page 28
27www.sibanyestillwater.com Substantially increased earnings, lower gearing and stronger balance sheet 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
Page 29
28www.sibanyestillwater.com Exceptional H1 2026 performance Financial summary H1 2026 H1 2025 % changeMetrics (R million) Group SA operations International and recycling operations Corporate items Group Revenue 89,977 66,380 24,256 (659) 54,767 64% Stable operating performance and higher commodity prices Adjusted EBITDA1 31,843 28,202 4,164 (523) 15,073 111% Focused on improving marginsAdjusted EBITDA margin %1,2 35% 42% 17% 28% 7pps Royalties, carbon tax, mining & income taxes (8,975) (1,704) (427)% Increased profitability Profit/(loss) for the period 18,807 (3,906) 581% Earnings turnaround Sustaining & ORD3 capital 4,765 3,830 935 - 4,847 (2)% Appropriate investment through the cycleTotal capital expenditure (incl. project capex) 8,157 6,009 2,148* - 9,441 (14)% Notional free cash flow1 14,450 14,317 149 (16) (2,254) 741% Earnings to cash conversion SA PGM: Stable underground delivery, surface business including chrome to further improve margins SA gold: Record gold prices and financial performance, rightsizing and transition to shallower footprint initiated US PGM: A milestone-led approach towards mechanisation Recycling: Scaled and integrated business unlocking value Century: Strong margins as the end of mine life approaches Keliber: Operational start-up commenced, lower project capex y-on-y* Performance excellence in progress Source: Company results information 1. See the disclaimer regarding non-IFRS measures 2. Adjusted EBITDA margin calculated as adjusted EBITDA divided by segment revenue 3. Ore reserve development capital
Page 30
29www.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
Page 31
30www.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)
Page 32
Organic growth and project portfolio Focused on value creation that is anchored in returns and unlocking organic value as a priority Ralph Lombard EVP Projects
Page 33
32www.sibanyestillwater.com 0.0 0.5 1.0 1.5 2.0 2.5 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)
Page 34
33www.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
Page 35
34www.sibanyestillwater.com 0% 20% 40% 60% 80% 100% 120% 0 2 4 6 8 10 12 IRR Project capital (R billion) Project portfolio – SA PGM, Burnstone, Mt Lyell (IRR %, NPV (Rbn)) A diversified project pipeline can be advanced selectively, without acquisition costs or premiums, while preserving balance-sheet capacity Multiple high-return projects provide capital and sequencing flexibility SA PGM projects SA gold project Copper project K4 99% | R17.5bn WLTR 43% | R1bn Siphumelele phase 2 Kopaneng extension Thembelani ORP 35% | R5.4bn Siphumelele phase 1 40% | R2bn E3 Burnstone 36% | R19.2bn Mt Lyell 20% | R9.3bn E4 Bubble size indicates the relative project NPV (Rbn) Indicative internal hurdle rate: 15%* Source: Company information. *The 15% after tax IRR is an indicative reference point only and does not represent a fixed investment hurdle. Project assessments consider risk-adjusted returns together with jurisdictional, sustainability, social, political, governance, execution and other relevant factors. All information from 2026 onwards is future values and, therefore, estimates. The discount rate for Mt Lyell is 7.4%, while the discount rate for other projects is 10%. Approved projects in execution Approved projects Projects in the study phase
Page 36
35www.sibanyestillwater.com 35www.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.
Page 37
36www.sibanyestillwater.com Burnstone - expected gold production (kg) Capital expenditure (R million) Extensive pre-development ensures attractive investment payback Burnstone 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
Page 38
37www.sibanyestillwater.com Burnstone project establishes future gold ore reserves for Sibanye-Stillwater, purposefully transitioning to shallower more efficient gold mining Burnstone 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
Page 39
38www.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$790m) and IRR of 20% • Project execution planned to commence H1 2027 • Expected to employ approximately ~300 employees at steady state Economics & benefits All information from 2026 onwards is future values and, therefore, estimates and appropriately rounded. Project assumes a long term exchange rate and metal process as per the Appendix. WACC is project specific and calculated at 7.4%. 1. Subject to conclusion or waiver of agreement with previous owner 2. Total project capital excludes shaft refurbishment, which is planned to commence after commercial production has commenced
Page 40
39www.sibanyestillwater.com • Restart design incorporates lessons from the 2014 safety-related suspension under previous ownership • Modern schedule-driven mine design, refurbished infrastructure and increased automation support safer operations • Historical and future environmental responsibilities are clearly defined under the State agreement applicable to Mt Lyell - Sibanye-Stillwater will manage obligations arising from post-1999 and for all future activities • Existing infrastructure, disturbed land and renewable hydropower support a lower-impact restart • Modern water, waste and rehabilitation solutions are being evaluated Modern mine design, clearly defined responsibilities and lower-impact production Mt Lyell copper project | A responsible restart designed for the future
Page 41
40www.sibanyestillwater.com 0 1 2 3 4 5 6 - 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 AISC (US$/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
Page 42
41www.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
Page 43
Business sustainability and shared value Disciplined to drive long-term value realisation Richard Stewart CEO
Page 44
43www.sibanyestillwater.com 43www.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
Page 45
44www.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%
Page 46
45www.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 R4.8bn Sustaining & ore reserve development capital
Page 47
46www.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
Page 48
47www.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
Page 49
48www.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
Page 50
49www.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
Page 51
Conclusion Richard Stewart, CEO
Page 52
51www.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
Page 53
52www.sibanyestillwater.com In conclusion | Building a stronger platform for enduring value Record delivery today is strengthening the business, improving the portfolio and enabling lasting shared value Longer-life, higher-quality portfolio • Sustaining long life cash generative assets • Investing in value-accretive growth (Burnstone and Mt Lyell included) • Progressing portfolio simplification initiatives • Significant cash from legacy portfolio Creating sustainable shared value • Disciplined Capital Allocation • Advancing our resource stewardship model • Generating returns and economic contribution • Real value and prosperity for our people and our planet STRONGER TODAY INVESTING FOR TOMORROW UNLOCKING SHARED VALUE Record delivery & strengthened business fundamentals ✓ Operational delivery and supportive commodity prices underpinned record revenue ✓ Higher margins and cash conversion ✓ Lower debt and greater flexibility
Page 54
Questions? Contacts ir@sibanyestillwater.com Henrika Ninham, Lauren Fourie and Sarel Barnard Tickers: JSE: SSW and NYSE: SBSW www.sibanyestillwater.com
Page 55
Appendix
Page 56
55www.sibanyestillwater.com For full mining and related terms, please also refer to our annual reports glossary document available at www.sibanyestillwater.com/news-investors/reports/annual/2025/ Glossary of Terms/abbreviations Term / abbreviation Meaning / explanation 2E PGM Platinum and palladium, the principal metals reported for the US PGM underground operations 4E PGM Platinum, palladium, rhodium and gold, the principal metals reported for the SA PGM operations 5E PGM Platinum, palladium, rhodium, iridium and ruthenium Adjusted EBITDA Earnings before interest, tax, depreciation and amortisation, adjusted for specified non-operating or non-recurring items ADR American Depositary Receipt. Each Sibanye-Stillwater ADR represents four ordinary shares AISC All-in sustaining cost, a non-IFRS measure reflecting the cost required to sustain production BESS Battery energy storage system BEV Battery electric vehicle Brownfield project A project that uses or extends existing operations, infrastructure or mineral assets C1 cost Direct cash cost of producing payable metal, net of applicable by-product credits Capex Capital expenditure CB Convertible bond CSI Corporate social investment Cu Copper E-Feed Surface tailings feed source associated with the SA PGM processing operations ESD Enterprise and supplier development FIFR Fatal injury frequency rate, measured per one million hours worked Gearing In this presentation, the ratio of net debt to adjusted EBITDA GHG Greenhouse gas Term / abbreviation Meaning / explanation Gold-equivalent ounce Production expressed as an equivalent quantity of gold using specified relative commodity prices H1 / H2 First half / second half of a financial year HEPS Headline earnings per share HPI High-potential incident IPP Independent power producer IRR Internal rate of return koz / kozpa Thousand ounces / thousand ounces per annum kt / ktpa Thousand tonnes / thousand tonnes per annum LHM Lithium hydroxide monohydrate LiOH.H₂O Lithium hydroxide monohydrate LOM Life of mine Normalised earnings Earnings adjusted for specified items and used in determining dividends under the Group’s policy Notional free cash flow Adjusted EBITDA after specified non-cash items, taxes, royalties and capital additions NPV Net present value ORD Ore reserve development PoC Purchase of concentrate Section 45X / S45X US advanced manufacturing production credit SIB capital Stay-in-business capital expenditure SLP Social and Labour plan WACC Weighted average cost of capital WLTR Western Limb Tailings Retreatment project
Page 57
56www.sibanyestillwater.com CONSENSUS Unit Average 2026 2027 2028 2029 2030 LT ZAR/USD ZAR/USD 17.01 16.74 16.96 17.09 17.20 17.38 17.00 ZAR/EUR ZAR/EUR 20.18 19.74 20.08 19.87 20.13 20.51 20.19 USD/AUD USD/AUD 0.68 0.66 0.67 0.68 0.69 0.69 0.69 Platinum US$/oz 1,533 2,030 1,950 1,819 1,796 1,604 1,500 Palladium US$/oz 1,261 1,558 1,468 1,321 1,265 1,205 1,250 Rhodium US$/oz 5,078 9,817 8,072 6,850 6,827 5,958 4,820 Gold US$/oz 3,570 4,800 4,791 4,308 3,747 3,501 3,500 Ruthenium US$/oz 1,574 1,470 1,173 1,242 1,399 1,595 1,595 Iridium US$/oz 6,625 7,050 5,770 5,969 6,296 6,654 6,654 Cobalt US$/lb 17.00 25.05 22.19 19,85 19.91 19.88 17.00 Nickel US$/lb 8.00 7.76 7.56 7.66 7.56 7.73 8.01 Copper US$/lb 5.00 5.65 5.38 5.28 5.30 5.07 4.92 Uranium US$/lb 85.00 87.50 88.06 86.17 81.50 78.83 85.00 Chrome US$/t 309 307 313 311 310 309 309 Zinc US$/t 2,766 3,136 2,862 2,776 2,788 2,748 2,756 Lead US$/t 2,022 1,984 1,985 2,011 1,967 2,017 2,025 Lithium (Hydroxide) US$/t 24,360 22,250 22,260 22,308 22,952 24,520 24,520 Silver US$/oz 47 76 73 62 52 42 46 All evaluations done at a discount rate of 10% Full price deck used throughout the presentation | UBS April 2026 consolidated consensus* *Based on UBS April 2026 consolidated consensus price deck except for Iridium, Ruthenium and Lithium (SFA oxford) and Chrome (CRU International) which are not included in the UBS consolidated price deck. USD/AUD exchange rate provided by SFA Oxford
Page 58
57www.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)
Page 59
58www.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