The award recognizes exceptional entrepreneurial leadership, vision and progress in advancing mineral exploration and development projects in Québec.

This recognition comes during a transformational period for Amex as the Company accelerates its transition from exploration to development, supported by a positive Phase 1 Feasibility Study, a fully financed 40,000-tonne bulk sample program, and ongoing underground development at Perron.

Victor Cantore, President and CEO of Amex Gold Mining, commented:

“We are extremely honoured to receive this recognition from the Québec Mineral Exploration Association. Over the past 24 months, our team has made tremendous strides in transforming Perron from a high-grade gold discovery into a development site. 

During this period, we have completed two mineral resource estimates, two preliminary economic assessments, a feasibility study, commenced construction of the underground ramp for our permitted 40,000-tonne bulk sample program, and expanded our workforce more than tenfold while coordinating a growing team of contractors on site.

With underground development advancing rapidly, a clear pathway to production and significant exploration upside, we are now seeing our vision become reality. I am incredibly proud of what our team has accomplished and believe the most exciting chapter for Amex is still ahead of us.”

From Discovery to Development

Amex's progress reflects a disciplined strategy built around two complementary objectives: advancing the high-grade Perron Gold Project while continuing to unlock the exploration potential of its extensive landholdings in the Abitibi.

The Company’s staged development strategy is designed to leverage existing infrastructure, maximize the potential for internally funded growth and establish a strong foundation for future expansion.

With underground development advancing and continued exploration success across its district-scale property package, Amex is positioning Perron as an emerging high-grade gold mining operation in one of the world's most established mining jurisdictions.

The Entrepreneur of the Year Award follows Amex's recognition as Discovery of the Year in 2025, underscoring the Company's evolution from making significant discoveries to advancing those discoveries toward production.

About QMEA

The Québec Mineral Exploration Association (QMEA) is a non-profit organization representing the stakeholders of Québec's mineral exploration sector. Founded in 1975, its mission is to promote the sustainable and responsible exploration of Québec's mineral resources and their essential contribution to the economy. 

The Association brings together approximately 1,100 individual members and 180 corporate members, including junior and senior exploration and mining companies, consulting firms, drilling contractors and service providers. 

Each year the QMEA recognizes outstanding contributions to the sector through its annual awards, including Entrepreneur of the Year and Discovery of the Year.

About Amex

Amex Gold Mining Inc. has made significant high-grade gold discoveries, along with copper-rich volcanogenic massive sulphide (VMS) zones, at its 100%-owned Perron Gold Project. It is located in the territory of Valcanton in northern Québec, approximately 110 kilometres north of Rouyn-Noranda. The Perron Project consists of 183 contiguous claims for a surface area of 65.72 km². The project hosts several zones of high-grade gold mineralization, VMS mineralization and ‘hybrid’ gold-rich VMS mineralization.

When combined with the adjacent and contiguous Perron West Project and Abbotsford and Hepburn Projects (including additional claims acquired through staking) in Ontario, the consolidated land package spans a district-scale 570.94 km². This extensive property lies within highly prospective geology favourable for both high-grade gold and VMS mineralization.

The Project benefits from excellent infrastructure: it is accessible by a year-round road, located just 30 minutes from an airport, and approximately 6.5 km from the Town of Normétal. Being in close proximity to several processing plants owned by major gold producers also constitutes a strategic advantage.

Qualified Person

The technical information in this news release has been reviewed and approved by Aaron Stone, P.Geo (OGQ – 2170, PGO – 3708), Vice President Exploration of the Company. 

For further information please contact:

Victor Cantore

President and Chief Executive Officer

Amex Gold Mining Inc.

+1-514-866-8209

info@amexgoldmining.com

www.amexgoldmining.com

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This News Release contains forward-looking statements. All statements, other than statements of historical fact, contained in this News Release including, but not limited to those describing the impact of the foregoing on the Perron Gold Project economics, results of the feasibility study for the Phase 1 development of the Perron Gold Project announced by Amex Gold Mining Inc. (“Amex” or the “Company”) on April 13, 2026 (the “Feasibility Study” or “FS”) (as such results are commented in the text of this News Release), including CAPEX, OPEX, NPV and IRR, the estimated value of the Perron Gold Project, operations development scenarios for the Perron Gold Project, commercial and technical parameters, the attractive economics for the Perron Gold Project, LOM plans, the Company’s intended marketing strategy, market trends, future gold prices, the impact of the Perron Gold Project on the local communities, including job creation, the projected annual production of the Company’s operations, the timelines and costs related to the various initiatives, deliverables and milestones described in this News Release and their expected results, the Company’s expected financial and operational performance, the nature of relationships with stakeholders such as the local community including the Abitibiwinni First Nation, Mineral Resource estimates (including assumptions and estimates used in preparing the Mineral Resource estimates), the general business and operational outlook of the Company, the Company’s future growth and business prospects, and those statements which are discussed elsewhere in the News Release which essentially describe the Company’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws, and are based on expectations, estimates and projections as of the time of this News Release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the business relationship between the Company and its stakeholders, the ability to operate in a safe and effective manner, the timely delivery and installation at estimated prices of the equipment supporting the production, assumed sale prices for gold, the accuracy of any Mineral Resource estimates, future currency exchange rates and interest rates, political and regulatory stability, prices of commodity and production costs, the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms, sustained labour stability, stability in financial and capital markets, availability of equipment and critical supplies, spare parts and consumables, various tax assumptions, CAPEX and OPEX estimates, the Perron Gold Project permits’ status, all economic and operational projections relating to the project, local infrastructures, the Company’s business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance. 

Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company’s assets and businesses, competitive factors in the gold mining and production industry, changes in laws and regulations affecting the Company’s businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in the Company’s annual Management's Discussion and Analysis, including in the section thereof captioned “Risk Factors”, which is available on www.sedarplus.ca. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.      

Greg Liller, Chief Operating Officer, states “Since I first worked at Guitarra 20 years ago, I have felt this major historic silver district to be one of the best exploration opportunities in Mexico. With the first rig now on site, I am truly excited to be finally testing that idea. Through the mapping and modelling work completed by our team, Sierra Madre has developed a 3D geological model to guide this program. Using a specialized drilling approach, the initial holes will target multiple structures to efficiently evaluate vein systems and test targets below historic workings.”

As announced on July 14, 2026, the mapping enabled the Company to develop a 3-D geologic model of the East District, which was used to optimize the design of the drill program.  Initial drilling will focus on the metasediment-hosted veins using the fully permitted area for mining, Tlacotal, as a staging point. Sub-horizontal drilling was determined to be the most effective method for testing the multiple vein systems at the same elevation as the productive horizon of the historic El Rincon Mine and below the lowest drainage level of historic mines in these areas. This strategy required the contractor to build a specialized rig specifically for the program as part of the drilling contract. The rig arrived on site on October 29^th.

The 2023 NI 43-101 La Guitarra report[1] contains an exploration potential estimate for the East District of 0.77 to 1.54 million tonnes grading 2.4 to 3.6 g/t gold and 440 to 670 g/t silver. This estimate is only for five of the vein systems in the East District and covers a combined strike length of just 7.7 km. The Company’s systematic work and modelling to date have defined numerous additional vein systems over a much broader area, many of which contain significant historic workings.

Figure 1 - East District Surface Mapping

Figure 2 – East District 3D Vein Model Looking to the Southeast. Veins Shown in Various Colors

Drill Plans

Initial drilling from Tlacotal will target the Magdalena and Los Locos vein systems and consist of 11 holes with projected target depths in excess of 1,000 meters each. As assay results are received, wedge holes will be planned off of the original 11 holes.

Figure 3 – 3-D Vein Model Los Locos and Magdalena Area

Production Update

The Company is also pleased to announce that mill throughput for October 2026 averaged 751 tonnes per day (“tpd”). This represents a 50% increase from the previous 500 tpd nameplate capacity and is in line with the Phase 1 expansion goal announced on September 8, 2025. Additional production details will be released with the Company’s Q3 2026 financial results, expected in mid-November.

Qualified Person 

Mr. Gregory Smith, P. Geo, Director of Sierra Madre, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein.

About Sierra Madre

Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals producer and exploration company focused on the operation, exploration, and development at its Guitarra mine complex in the Temascaltepec mining district, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 tpd processing facility that operated until mid-2018 and restarted commercial production in January 2025.

In June 2026, Sierra Madre closed the acquisition of the Del Toro silver mine, adding a past-producing, fully permitted asset to its Mexico-focused silver and gold portfolio.

The Company also holds the +2,600 ha Tepic Project, which hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.

Sierra Madre´s management team has played key roles in managing the exploration and development of silver and gold mineral reserves and mineral resources. Sierra Madre´s team of professionals has collectively raised over $1 billion for mining companies.

On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,

"Alexander Langer"
 Alexander Langer
 President, Chief Executive Officer and Director
 778-820-1189

Contact:
 investor@sierramadregoldandsilver.com

In Europe:

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Cautionary Note Regarding Production Decisions 

The Company´s decision to place the mine into commercial production, expand a mine, make other production related decisions, or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports from previous operations and the results of test mining and processing.   The Company is not basing any production decisions on NI 43-101 compliant reserve estimates, preliminary economic assessments or feasibility studies and, as a result, there is greater risk and uncertainty as to future economic results from the Guitarra Mine Complex, including increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit, and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision.

Cautionary Note Regarding Forward-Looking Information 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements include, without limitation, statements regarding discussions of future plans, including the expected timing of concentrate shipments; the Company increasing production; the Company receiving revenues on a weekly basis and such revenues allowing the Company to comfortably expand to without further capital needs; production and the expected timing and production levels thereof.

The forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that predicted production levels will be achieved and that existing production levels will be maintained. 

In making the forward-looking statements in this news release, the Company has applied certain material assumptions, including without limitation, that the Company will be able to execute its future plans as intended, that predicted production levels will be achieved and that existing production levels will be maintained.

Although management of the Company has attempted identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

SOURCE: Sierra Madre Gold and Silver Ltd.

[1] A copy of the 2023 NI 43-101 report, prepared by TechSer Mining Consultants Ltd. ("TechSer") of Vancouver B.C., by David Thomas, P.Geo. and QP Geology and Cristian Garcia, P.Eng. and QP Mining, titled "La Guitarra Mineral Resource Estimate Guitarra Silver-Gold Project, Temascaltepec, Estado de México, México" with an effective date of October 24, 2023, is available on SEDAR+ and the company´s website at sierramadregoldandsilver.com/presentations/NI-43-101-La-Guitarra-Mineral-Resource-Estimate.pdf

Hurricane hosts a current Mineral Resource of 48.6 Mlb U₃O₈ at 34.5% U₃O₈ Indicated, and 2.7 Mlb U₃O₈ at 2.2% U₃O₈ Inferred (see “Qualified Person Statement” below). The Project benefits from excellent infrastructure, located approximately 40 km northwest of the McClean Lake mill, and features relatively shallow mineralization at approximately 325 m depth, supporting efficient exploration and future development optionality. The Deposit is located on the Larocque Trend, an important regional structure that also hosts other notable high-grade occurrences including those on Cameco and Orano’s Dawn Lake joint venture.

Highlights

• Step-out drilling delivers high-grade uranium intersections east of Hurricane - Drilling intersected mineralization beyond the existing Deposit footprint on both the L and K fault zones, including (See Table 2 for full results):
  1. LE26-254 intersected 4.17% U₃O₈ over 2.0 m, or 5.44% U₃O₈ over 1.5 m, including 15.4% U₃O₈ over 0.5 m, 500 m east of Hurricane on the L fault zone and 29 m west along strike of drill hole LE26-234 (1.00% U₃O₈ over 1.5 m, including 2.75% U₃O₈ over 0.5 m).
  2. LE26-250 intersected 3.86% U₃O₈ over 3.5 m, or 5.24% U₃O₈ over 2.5 m, including 13.8% U₃O₈ over 0.5 m, on the L fault zone, 75 m east of LE26-248 (4.21% U₃O₈ over 3.5 m, including 11.6% U₃O₈ over 1.0 m).
  3. LE26-260 intersected 1.03% U₃O₈ over 2.0 m, including 1.88% U₃O₈ over 0.5 m, on the K fault zone, 45 m east of the Deposit.
• Higher grades intersected within the previously interpreted low-grade shell - LE26-273 intersected 3.53% U₃O₈ over 3.0 m, or 5.02% U₃O₈ over 2.0 m, including 10.8% U₃O₈ over 0.5 m, on the L fault zone within the southern portion of the Deposit. This intercept is 11 m west of winter drill hole LE26-248 (4.21% U₃O₈ over 3.5 m, including 11.6% U₃O₈ over 1.0 m).
• Uranium mineralization confirmed in 18 of 26 summer drill holes across 550 m of strike on the Hurricane South Trend, with assays confirming previously reported RS-125 spectrometer results (see September 8, 2026 press release).

Table 1. Selected Geochemistry Highlights, 2026 Summer Program, Larocque East Project^1,2,3,4,5,6

^{1. See Table 2 for a listing of individual 0.5 m mineralized intervals defined as intervals over which average RS-125 handheld spectrometer readings on drill core exceeded 350 cps. 2. Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer. 3. Individual 0.5 m interval cps values reported throughout this press release are averages of three readings taken over the 0.5 m interval.} 

^{4. Measurements of total gamma cps on drill core are an indication of uranium content but may not correlate with uranium chemical assays.} 

^{5. All reported depths and intervals are drillhole depths and intervals, and do not represent true thickness, which have yet to be determined.6. LE26-254 composite includes one 0.5m sample at 330 cps and 0.18% U3O8 that is not listed in Table 2 as the radiometric value was <350cps.}

Figure 1 – Hurricane deposit, interpreted faults and drill hole locations, with selected 2026 summer (dark blue) and winter (pale blue) uranium assays. Summer drilling focused on the South Trend (J, K and L faults). Radiometric results, and uranium assay results for mineralized intervals in summer 2026 drill holes are provided in Table 2. 

* See Qualified Person Statement below.

Dan Brisbin, Vice President Geology, commented, “We are pleased that uranium assay results received to date for exploration holes completed on the Hurricane South Trend in the summer have substantiated previously released radiometric results. The LE26-248 and LE26-273 intercepts improve on uranium grades modelled for the southernmost portion of the Deposit in the 2022 resource estimate. Outside of the Deposit, grades up to 15.4% U₃O₈ in LE26-254 near the east end of the drill-defined extent of the L fault zone 500 metres east of the Deposit highlight potential of the sparsely tested projection of this structure to the east for which the Project team is currently proposing 2027 drilling.”

The east-striking structures at Hurricane are grouped into three trends: the North Trend (minor unnamed faults north of the deposit), Main Trend (H and I faults), and the South Trend (J, K and L faults).

West L Fault Target

The West L fault target area was a major focus of the summer drill program. Drill holes LE26-253, LE26-255, LE26-261, LE26-268, and LE26-270 to LE26-274 were drilled to follow up on strong radioactivity intersected in drill holes LE26-248 and LE26-250 on the L-fault zone. This prospective structure is interpreted as a fault zone rather than as a discrete throughgoing single fault strand and 2026 drill holes in the west target area were designed to test across the width of the structural zone (Figure 1).  A strong illite spectral mineralogy signature dominates through the lower 150 m of sandstone with the lowermost five metres of sandstone dominantly characterized by a mix of illite and chlorite in most holes. 

Many of the drill holes tested the optimal target position, specifically LE26-250, LE26-261, LE26-268, and LE26-273, where the results correlate with strongly elevated radioactivity. 

LE26-250, drilled 75 m east of LE26-248, intersected 11,076 cps over 3.5 m between 341.0 and 344.5 m, including 43,160 cps over 0.5 m (see news release dated July 8, 2026). Uranium assays from this same 3.5 m interval in the basal sandstone immediately above the unconformity are 3.86% U₃O₈ over 3.5 m, including 5.24% U₃O₈ over 2.5 m where the corresponding average radiometry is 13,898 cps. The best single sample result in this interval is 13.8% U₃O₈ over 0.5 m. This hole intersected the unconformity 50 m east of the existing Hurricane footprint. 

LE26-253 was drilled to test on strike of LE21-103, the southernmost hole within the existing Hurricane footprint. It intersected elevated radioactivity averaging 620 cps over 0.5 m between 337.5 and 338.0 m, about 3 m above the unconformity (see news release dated July 8, 2026).  This sample returned 0.247% U₃O₈ over 0.5 m.

LE26-255 was drilled 30 m east of LE26-250 to test for mineralization. The hole intersected faults and alteration in the sandstone and a graphitic fault in the basement but did not intersect significantly elevated radioactivity. As such, it was not sampled for uranium assays. Multi-element geochemical results from systematic composite samples are pending. Ideal target is interpreted to be about 10 m south.

LE26-261 was drilled to test the western projection of radioactivity intersected in winter drill hole LE26-243. It intersected 1,094 cps over 3.0 m from 331.0 to 334.0 m. The unconformity is at 333.5 m. Uranium assays from this same 3.0 m interval average 0.163% U₃O₈. The best result was 0.375% U₃O₈ over 0.5 m. The average radiometric value for the same 0.5 m sample is 1,785 cps.

LE26-268 was drilled to test the eastern projection of radioactivity intersected in LE26-250. It intersected 1,115 cps over 1.0 m from 329.5 to 330.5 m. The unconformity is at 329.7 m. Uranium assays from this same 1.0 m interval average 0.186% U₃O₈. The best result was 0.293% U₃O₈ over 0.5 m. The average radiometric value for the same 0.5 m sample is 1,350 cps.

Drill holes LE26-270, 271, 271c1 and 274 were drilled to test for continuity between the LE26-248 and LE26-250 intercepts along the L fault zone.

LE26-270 intersected 870 cps over 1.0 m from 327.5 to 328.5 m. Uranium assays from this same 1.0 m interval average 0.218% U₃O₈. The best result was 0.319% U₃O₈ over 0.5 m. 

LE26-271 did not intersect significantly elevated radioactivity. As such, it was not sampled for uranium assays. Multi-element geochemical results from systematic composite samples are pending. LE26-271c1 was drilled as a wedge hole from LE26-271 to intersect ideal target.

LE26-271c1 intersected 498 cps over 1.0 m from 330.0 to 331.0 m. That same interval returned 0.049% U₃O₈.

LE26-272 intersected elevated radioactivity over 4.5 m in the basal sandstone from 322.5 to 327.0 m. The interval from 325.0 to 325.5 m returned 1,893 cps and 0.223% U₃O₈, and the interval from 326.0 to 326.5 m returned 1,160 cps and 0.275% U₃O₈. The unconformity is at 327.7 m.

LE26-273 intersected 3.53% U₃O₈ over 3.0 m from 328.0 to 331.0 m in graphitic pelite below the unconformity at 326.8 m. The RS-125 radiometry over this interval averaged 14,135 cps. The mineralized interval included 5.02% U₃O₈ over 2.0 m between 328.5 and 330.5 m where the corresponding average radiometry is 20,170 cps. The single best 0.5 m sample from 329.0 to 329.5 m returned 10.8% U₃O₈ and 43,055 cps. 

This intersection is on the L fault zone in the southern portion of the Hurricane deposit previously interpreted as part of the low-grade shell. The intercept is 11 metres west of the winter hole LE26-248 intercept which returned 4.21% U₃O₈ over 3.5 m, including 11.6% U₃O₈ over 1.0 m.

LE26-274 intersected elevated radioactivity (320 to 1,190 cps) in the basal sandstone from 330.0 to 333.0 m, immediately above the unconformity at 333.0 m. Uranium assays from this same 3.0 m interval average 0.089% U₃O₈. This composite includes 0.5 m of internal dilution (one sample <350 cps). The best result was 0.260% U₃O₈ over 0.5 m, which corresponds to the highest 0.5 m average radiometric value of 1,190 cps.

J and K Fault Targets

Drillholes LE26-251, LE26-258, LE26-259, LE26-260, LE26-265B, and LE26-267 targeted interpreted J and K faults at the unconformity. 

LE26-251 was drilled to test the J fault at the unconformity.  An interval of elevated radioactivity that averages 980 cps over 3.0 m between 331.0 m and 334.0 m, and which straddles the unconformity at 332.2 m, returned 0.319% U₃O₈. The best result was a 0.5 m sample from 331.5 m to 332.0 m within an interval with strong sooty pyrite alteration that returned 0.805% U₃O₈ and 1,580 cps. The drill hole intersected the unconformity 6 m north of optimal target. 

Drill holes LE26-258 and LE26-259 did not intersect significantly elevated radioactivity. As such, they were not sampled for uranium assays. Multi-element geochemical results from systematic composite samples are pending. 

LE26-258 intersected a strongly graphitic and pyritic unit that hosts multiple faults. The unconformity intercept in this hole is interpreted to be between the J and K faults. LE26-258 did not intersect significantly elevated radioactivity. As such, it was not sampled for uranium assays.

LE26-259 was drilled to test the K fault at the unconformity. The hole did not intersect elevated radioactivity and was not sampled for uranium assays. A strongly graphitic fault is present 26 m below unconformity, and the hole is interpreted to be north of the optimal target. 

LE26-260 was drilled to test the J fault at the unconformity. The hole intersected averages of 0.56% U₃O₈ and 1,971cps over 4.5 m from 330.0 to 334.5 m in the basal sandstone above the unconformity at 335.1 m. This interval included 1.03% U₃O₈ and 3,319 cps over 2.0 m from 331.5 to 333.5 m. The best 0.5 m sample within this subinterval returned 1.88% U₃O₈ and 6,430 cps. The hole is interpreted to have overshot the J fault and intersected the K fault close to optimum target. 

LE26-265B was drilled to test J fault at the unconformity. The hole intersected strong alteration and structure in the basal sandstone and basement; however, no significant radioactivity was intersected. The drill hole is interpreted to have intersected the unconformity between the J and K faults. 

LE26-267 was drilled to test the K fault at the unconformity. The hole did not intersect significant radioactivity. The drill hole intersected a moderately illitic sandstone column from 150 m to 15 m above the unconformity. The basal 10 m of sandstone is a mix of chlorite and illite. Basement core hosts multiple graphitic faults and the most significant is a 30 cm graphitic fault, intersected 13 m below the unconformity. The drill hole is interpreted to be 5 m north of the optimal target.

Central L Fault Target

LE26-257 was completed to test mineralization between LE26-243 (1.75% U₃O₈ over 0.5 m and 0.60% U₃O₈ over 0.5 m, see May 12, 2026 press release) and LE22-115A (1.00% U₃O₈ over 2.0 m, including 3.30% U₃O₈ over 0.5 m, see July 15, 2022 press release). LE26-257 intersected an average of 686 cps from 326.5 to 331.0 m, in graphitic pelite immediately below the unconformity at 326.5 m. This composited interval includes 1.5 m of internal dilution (three samples for which average RS-125 over 0.5m are <350 cps). Uranium assays for the 4.5 m interval averaged 0.246% U₃O₈. The best result was 1.36% U₃O₈ over the 0.5 m characterized by 1,960 cps. 

Drill holes LE26-256 and LE26-263 were completed to test for eastern extensions of mineralization intersected in LE21-101 and LE25-207 and described above in the West L Fault Target section.

LE26-256 intersected an average of 633 cps over 2.0 m in the basal sandstone from 320.0 m to 322.0 m. The corresponding uranium assay average for this interval is 0.149% U₃O₈. A 16 m wide zone of broken core with moderate alteration including strong hydrothermal hematite over a 2 m interval was intersected approximately 25 m above the unconformity at 321.8 m. Basement core intersected a significant cataclastic fault 39 m below the unconformity that was targeted at the unconformity with drill hole LE26-263.

LE26-263 is interpreted to have tested ideal target at the unconformity at 323.2 m. The drill hole intersected 2,023 cps over 1.0 m from 322.5 to 323.5 m. This interval returned 0.91% U₃O₈. The 0.5 m sample from 323.0 m to 323.5 m returned 1.06% U3O8 and 2,450 cps.

Results from mineralized intercepts in drill holes LE25-207 (1.61% U₃O₈ over 0.5 m and 1.71% U₃O₈ over 0.5 m) and LE21-101 (0.60% U₃O₈ over 4.5 m and 3.1% U₃O₈ over 0.5 m) drilled east of LE22-115A were previously reported on December 3, 2025 and February 3, 2022 respectively. These six holes from LE26-243 in the west, through LE26-257, LE22-115A, LE25-207, and LE21-101 to LE26-263 in the east define a 140 m long trend over which each hole intersected greater than 1.0% U₃O₈ over at least 0.5 m (Figure 1).

Hurricane Main Trend Target

LE26-269 was drilled on the Hurricane Main Trend 40 m east of the existing Deposit footprint. It intersected 476 cps and 0.056% U₃O₈ from 327.0 to 327.5 m within graphitic pelites below the unconformity at 322.5 m. This single hole test does not close off the potential extension on Main Trend mineralization east of the Deposit.

East L Fault Target

Drill holes LE26-252, LE26-254, LE26-262, LE26-264, LE26-266A were completed on the eastern portion of interpreted L-fault.  

LE26-252 was drilled 30 m east of mineralized winter hole LE26-234 which intersected 1.00% U₃O₈ over 1.5 m (including 2.75% U₃O₈ over 0.5 m) 25 m above the unconformity, and 0.342% U₃O₈ over 0.5 m in a second interval immediately above the unconformity (see news release dated May 12, 2026). Multiple fault zones with strong quartz dissolution and white clay were intersected through lower sandstone in drill hole LE26-252. Moderate to strong clay alteration extends 9 m below the unconformity at 329.8m. Weakly elevated radioactivity was intersected within the clay altered zone (450 cps over 0.5 m from 333.5 m to 334.0 m). This sample interval returned 0.137% U₃O₈ over 0.5 m. The drill hole is interpreted to have intersected the unconformity 8 m north of the optimal target. 

LE26-254 was drilled 29 m west of mineralized drill hole LE26-234. It intersected elevated radioactivity immediately below the unconformity from 331.5 to 333.5 m averaging 10,110 cps, including 35,900 cps over 0.5 m. The lower sandstone unit is strongly altered, with bleaching, argillization, and desilicification centered on fault zones, alongside patches of hydrothermal hematite immediately above the mineralized zone. Basement core down to 40 m below the unconformity is moderately altered with pervasive, mineral-controlled clay and chlorite. Radioactivity was intersected in the basement rather than at the unconformity (328.7 m), but the drill hole is interpreted to have tested the optimal target position, with the basement structure intersected immediately below the unconformity. The 2.0 m interval of elevated radioactivity from 331.5 m to 333.5 m returned 4.17% U₃O₈. This composite includes 0.5 m of internal dilution (one sample <350 cps). The 0.5 m interval between 333.0 and 333.5 m where the strongest radioactivity and visible pitchblende are present returned 15.4% U₃O₈. 

LE26-262 was drilled to test up-dip of a basement structure intersected in drill hole LE26-252. It intersected strong alteration consisting of bleaching, desilicification, and argillization roughly 100 m above the unconformity at 338.5 m. The basal sandstone includes secondary hematite centred on a fault and strong clay replacement. The hole is interpreted to have intersected the unconformity 12 m south of the optimal target. It did not intersect significantly elevated radioactivity. As such, it was not sampled for uranium assays. Multi-element geochemical results from systematic composite samples are pending.

LE26-264 was drilled to test the L fault at the unconformity between LE26-234 and LE26-254. The hole intersected a 5.0 m long interval between 324.0 m and 329.0 m that averaged 849 cps and 0.170% U₃O₈. This composited interval includes 1.5 m of internal dilution (three samples for which average RS-125 over 0.5m are <350 cps). A 1.0 m long subinterval from 326.5 to 327.5 m, two metres below the unconformity at 324.3 m, averaged 2,490 cps and 0.51% U₃O₈. A second radioactive interval from 334.0 to 334.5 m in the basement that returned 610 cps and 0.110% U₃O₈ is associated with secondary hematite and clay. The hole achieved its objective, intersecting elevated radioactivity at the unconformity.

LE26-266A was drilled to test the projected extension of L fault 140 m east of drill hole LE26-252. It did not intersect significantly elevated radioactivity and was not sampled for assay grade uranium, but it did intersect a fault zone at the centre of an 80 m long interval of strongly bleached, argillized, and limonitized sandstone above the unconformity. The LE26-266A unconformity intercept is 20 m south of the interpreted optimal target and potential along the projected extension of the prospective L fault zone remains open. Multi-element geochemical results from systematic composite samples are pending.

Table 2. Summer 2026 drill hole summary, RS-125 spectrometer and uranium assay (% U₃O₈) results on intervals in which radioactivity met or exceeded 350 cps averaged over 0.5 m measured on core.

  Table 2 footnote - LE26-265, LE26-265A, and LE26-266 were abandoned in sandstone and not listed. LE26-271C1 is a wedge off LE26-271. Hurricane Resource Expansion Drilling

Summer drilling focused on expansion of the Hurricane mineral resource. Twenty-six holes were completed to target, with three holes abandoned in sandstone, for a total of 10,159 m. Aside from one hole (LE26-269) that tested the eastern extension of the Hurricane Main trend (Figure 1), all drilling was focused on the Hurricane South Trend. Within the South Trend, six holes tested the J and K faults, and eighteen holes tested the L fault east of the existing deposit footprint. LE26-273 tested the L fault within the existing Deposit footprint and extended the zone of elevated radioactivity associated with mineralization intersected by winter hole LE26-248 (4.21% U₃O₈ over 3.5 m, including up to 11.6% U₃O₈ over 1.0 m) 11 m to the west. Eighteen of twenty-six holes drilled in the summer intersected radioactivity greater than 350 cps averaged over a core length of 0.5 m (see press release dated September 8, 2026). Uranium assays recently received for all eighteen drill holes confirm the radioactive intervals in these holes correspond to significantly elevated uranium geochemistry.

Geoscience information gathered from the forty-three drill holes completed in 2026 is being integrated with existing information as the Hurricane area geological interpretation is updated to underpin development of 2027 drill targets. Multi-element geochemical results are pending and will be added when received. 

Qualified Person Statement

The scientific and technical information contained in this news release was reviewed and approved by Dr. Dan Brisbin, P.Geo., IsoEnergy’s Vice President, Geology, who is a “Qualified Person” (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects). See the April 7, 2026, press release for information on quality assurance/quality control procedures. Dr. Brisbin has verified the data disclosed herein. Data verification procedures included comparing U3O8 assays, radioactivity measured on core with the RS-125 spectrometer, and radioactivity measured downhole with the Mt. Sopris 2PGA-1000 and Alpha Nuclear high flux (ANHF) probes; comparing RS-125 data to cps values marked on core boxes in core photos and checking reported composite lengths and U3O8 and cps values. For additional information regarding the Company’s Larocque East Project, including the current mineral resource estimate for IsoEnergy’s Hurricane Deposit, please see the technical report entitled “Technical Report on the Larocque East Project, Northern Saskatchewan, Canada” dated August 4, 2022, available on the Company’s profile at www.sedarplus.ca

About IsoEnergy Ltd.

IsoEnergy (NYSE American: ISOU; TSX: ISO) is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the U.S. and Australia at varying stages of development, providing near-, medium- and long-term leverage to rising uranium prices. IsoEnergy is currently advancing its Larocque East project in Canada’s Athabasca basin, which is home to the Hurricane deposit, boasting the world’s highest-grade indicated uranium mineral resource.

For More Information, Please Contact:

Philip Williams CEO and Director

info@isoenergy.ca 

1-833-572-2333

X: @IsoEnergyLtd 

www.isoenergy.ca

In Europe

Swiss Resource Capital AG

Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, referred to as “forward-looking information”). Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. These forward-looking statements or information may relate to statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned future exploration activities and the anticipated results thereof. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.

Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions that the results of planned exploration activities are as anticipated; the anticipated mineralization of IsoEnergy’s projects being consistent with expectations and the potential benefits from such projects and any upside from such projects; the price of uranium; that general business and economic conditions will not change in a materially adverse manner; that financing will be available if and when needed and on reasonable terms; that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned activities will be available on reasonable terms and in a timely manner. Although IsoEnergy has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Such statements represent the current views of IsoEnergy with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by IsoEnergy, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: negative operating cash flow and dependence on third party financing; uncertainty of additional financing; no known mineral reserves; aboriginal title and consultation issues; reliance on key management and other personnel; actual results of exploration activities being different than anticipated; changes in exploration programs based upon results; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena; other environmental risks; changes in laws and regulations; regulatory determinations and delays; stock market conditions generally; demand, supply and pricing for uranium; other risks associated with the mineral exploration industry, and general economic and political conditions in Canada, the United States and other jurisdictions where the Company conducts business. Other factors which could materially affect such forward-looking information are described in the risk factors in IsoEnergy’s most recent annual management’s discussion and analysis and annual information form and IsoEnergy’s other filings with the securities regulators which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. IsoEnergy does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Cautionary Note to United States Investors Regarding Presentation of Mineral Resource Estimates

The mineral resource estimates included in this press release have been prepared in accordance with the requirements of the securities laws in effect in Canada and Australia, as applicable, which differ in certain material respects from the disclosure requirements promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

SALIENT FEATURES – QUARTER ENDED 30 SEPTEMBER 2026 (Q3 2026) 

• Quarter-on-Quarter improvement in operating performance across the SA PGM and SA gold operations, steady output at the Century zinc retreatment operation, while the US PGM operations were negatively impacted by industrial action
• The Group remains on track to meet annual operating guidance with the exception of the US PGM operations following the strike
• Group adjusted EBITDA increased 9% year-on-year to R10.8 billion (US$662 million), supported by higher commodity prices
• Continued improvements across key safety metrics quarter-on-quarter and year-to-date
• Finalisation of the US PGM labour agreement and introduction of team-based incentives represent a significant milestone in the transition to a more productive and sustainable mechanised operating model at the US PGM operations

KEY STATISTICS – GROUP

^* Sibanye-Stillwater's ordinary shares have been listed on the A2X exchange (A2X) in South Africa, with effect from 6 October 2026. Sibanye-Stillwater's primary listing on the JSE Limited, secondary listing of American depositary shares on the New York Stock Exchange, and its issued share capital remain unaffected by the secondary listing on A2X.

KEY STATISTICS BY REGION

1. The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt covenant. The Group also reports All-in sustaining costs (AISC) for comparison to similar industry metrics used in the mining industry. See "Non-IFRS measures" for more information on these metrics presented by Sibanye-Stillwater. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA and AISC are not measures of performance under IFRS Accounting Standards and should be considered in addition to and not as a substitute for any other measure of financial performance and liquidity. The adjusted EBITDA amount in US$m for the quarter ended 30 June 2026 is calculated using the adjusted EBITDA amount in US$m for half-year ended 30 June 2026 less the adjusted EBITDA amount in US$m for the quarter ended 31 March 2026.   For a reconciliation of profit/(loss) before royalties and tax to adjusted EBITDA, see "Adjusted EBITDA reconciliation - Quarters"
2. The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au) and measured at the concentrator, and the US underground operations is principally platinum and palladium, referred to as 2E (2PGM)
3. The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production and third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters"
4. See "Salient features and cost benchmarks - Quarter" for the calculation of All-in sustaining cost (AISC). The SA PGM All-in sustaining cost excludes the production and costs associated with third party PoC
5. The US PGM operations’ underground production is converted to metric tonnes and kilograms, and financial performance is translated to SA rand (Rand)
6. The Section 45X Advance Manufacturing Production Credits relating to US PGM underground operations for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 were R186 million (US$11 million), R228 million(US$14 million) and R181 million (US$10 million) respectively  
7. Recycling operations includes Reldan Pennsylvania (PA), Metallix North Carolina (NC) and Montana recycling sites. The acquisition of the NC site was concluded on 4 September 2025 and financial results were included from the quarter ended 31 December 2025.
8. Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions
9. Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc sales

STATEMENT BY RICHARD STEWART, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER 

The Group continued to make progress on its strategic priorities during Q3 2026, delivering encouraging safety improvements, consistent operating results and a significantly stronger financial position. Supported by higher commodity prices and stable operational performance from the SA PGM, SA gold, Recycling and Century zinc retreatment operations, adjusted EBITDA increased by 9% year-on-year to R10.8 billion (US$662 million). The Group remains on track to achieve annual operating guidance for 2026, with the exception of the US PGM operations, where production and cost guidance has been revised to reflect the impact of the approximate five-week strike. At the Keliber lithium project, mining and hot commissioning of the concentrator continued during the quarter, resulting in the increased build-up of the ore stockpile of 330kt while ongoing improvements were achieved in concentrator throughput and spodumene specification.

Q3 2026 saw continued improvements in the Group's injury-frequency metrics, including year-on-year reductions in both serious and total reportable injuries. Key milestones included one year fatality-free at Driefontein. The Group serious injury frequency rate (SIFR) per million hours worked improved year-on-year to 1.82 from 2.31 for Q3 2025, while sustained near-miss incident reporting strengthened risk awareness, operational transparency and confidence in the incident reporting process. The quarter was however marred by the tragic loss of two colleagues at our Beatrix operations. Mr Lwandile Kohliso, was found deceased underground on 21 September 2026 and Mr Chinonge Kalie a protection services officer was fatally injured in a shooting involving illegal miners on 23 July 2026. The Board and management extend our sincere condolences to the families and friends of Mr Kohliso and Mr Kalie.

Disciplined investment in organic growth projects requires focused execution. Production at the Marikana K4 shaft continues to ramp-up successfully, and the Siphumelele and Thembelani extension projects are progressing on schedule. The Mt Lyell and Burnstone projects have advanced to the execution stage, with the necessary planning, mobilisation and preparatory work now underway to support successful project delivery.

Further details are provided in the safe production and operational review sections of this Q3 2026 operating update.

Following the approximately five-week strike at the Stillwater operations and Columbus processing facilities, the four month long US PGM negotiations concluded in early October 2026. I would like to thank the Stillwater East, Columbus metallurgical and East Boulder employees and affiliated United Steelworkers Union (USW) members for their constructive engagement throughout the negotiations. Despite the impact on the performance for Q3 2026, the conclusion of the multi-year collective bargaining agreements supports the long-term sustainability and competitiveness of the US PGM operations, in the interests of all stakeholders. In South Africa at our Rustenburg operations, the Kwezi Section 189 consultation process, associated with the potential closure of the Kwezi shaft, commenced on 8 September 2026, and I wish to acknowledge the constructive engagement and professionalism demonstrated by all parties throughout the process to date. We are assessing available options to mine the Kwezi Shallows project as the consultation process continues. The Sandouville consultation process with employee representatives, relating to the future of the Sandouville refinery was initiated in September 2026 and is ongoing.

The macroeconomic outlook remains volatile, with weaker global growth expectations, persistent inflation and higher interest rates continuing to weigh on economic activity and consumer spending, including vehicle demand. Precious metals markets remained mixed during Q3 2026, with gold spot prices strengthening towards quarter-end on continued geopolitical uncertainty and investment demand, while platinum and rhodium spot prices rallied despite softer automotive demand expectations. PGM market development remains important, and we continue to progress strategic market development initiatives with our partners. Kleantha Pillay, EVP: Sales and Marketing, who has played a pivotal role in the development of the Group's sales and marketing function, will leave the Group on 31 January 2027. Kleantha will be succeeded by Henk de Hoop, who has been appointed as Global Head of Sales and Marketing with effect from 1 November 2026. Further, Emma Chapman declined the appointment as Head of Investor Relations. The search for a suitably qualified candidate is ongoing.

Significant volatility in precious metals prices has been seen during October 2026. Lithium prices remained under pressure as global lithium supply forecasts were upgraded, outpacing demand growth and resulting in a larger than expected market surplus for 2026. Despite navigating geopolitical complexity and macroeconomic volatility we remain resolute in our  purpose to create a better future for people and planet and we achieve this through a simple philosophy – produce the metals the world needs, invest in our people, strengthen the communities in which we operate and create and deliver sustainable value for all stakeholders.

As we enter the final quarter of 2026 and finalise our life-of-mine plans for 2027, we remain focused on creating long-term stakeholder value through portfolio and operational simplification, safe and sustainable production, operational excellence, disciplined capital allocation, and the delivery of our value-accretive life extension projects.

SAFE PRODUCTION

The safety and health of our workforce remains our highest priority. Safe production is the cornerstone of performance excellence and is fundamental to delivering the Group’s strategic objectives.

The Group recorded a 10% improvement in the SIFR, with the rate declining from 2.29 for the nine months ended 30 September 2025 to 2.05 for the nine months ended 30 September 2026. The total recordable injury frequency rate (TRIFR) improved by 9%, decreasing from 3.96 to 3.61. The fatal injury frequency rate (FIFR) improved from 0.041 in 2025 to 0.025. High-potential incidents declined by 30% compared to the nine months ended 30 September 2025.

Despite these positive trends, Q3 2026 was marked by the tragic loss of Mr Lwandile Kohliso, a team member at Beatrix, who was found deceased underground on 21 September 2026. The cause of death has not yet been determined and a thorough investigation by management and the relevant authorities is continuing. On 23 July 2026, Mr Chinonge Kalie, a contractor within the protection services team, was fatally injured in a shooting involving illegal miners at Beatrix. The Board and management of Sibanye-Stillwater extend their sincere condolences to the families and friends of our late colleagues during this difficult time. 

To support our goal of zero fatalities, the Group is intensifying implementation of its Fatal Elimination Strategy, with a focus on leadership accountability, critical risk management and operational discipline. The safety culture uplift programme, launched in 2025 and in support of the Fatal Elimination Strategy, has evolved into an integrated safety and performance acceleration programme. The programme is being  rolled out across the South African operations, supported by additional leadership engagement and executive sponsorship, with the objective of delivering sustainable improvements in safety and overall operational performance.

OPERATIONAL REVIEW

Southern Africa (SA) operations

SA PGM operations

Reflecting the seasonally stronger third quarter, the SA PGM operations delivered their best quarterly production performance of 2026 and are expected to deliver in line with full-year guidance. Year-on-year production performance (including third party purchase of concentrate (PoC)) decreased by 10% to 458,202 4Eoz, mainly due to planned lower surface production and expected lower production from Rustenburg (specifically the Kroondal operations).

Adjusted EBITDA increased by 16% year-on-year to R5.8 billion (US$354 million) in Q3 2026, driven by stable 4E PGM sales volumes and a 15% increase in the average 4E PGM basket price to R37,250/4Eoz (US$2,288/4Eoz).

Production from underground mining (excluding Mimosa) decreased by 10% (41,484 4Eoz) year-on-year, primarily due to lower production from the Kroondal mechanised operation, in line with its life-of-mine profile as ore reserves are progressively depleted, particularly at the Kwezi operation, and the closure of the Klipfontein opencast operations. Production from the Marikana operation was supported by the build-up at the K4 shaft, which contributed 30,453 4Eoz in Q3 2026, an increase of 8% quarter-on-quarter.

Surface production (excluding PoC) declined by 36% year-on-year due to the depletion of surface reserves primarily due to the transition to a new feed source at Marikana, the depletion of surface reserves at Rustenburg and lower feed availability at Platinum Mile as previously reported. 

Third party PoC increased by 7% (1,211 4Eoz) year-on-year to 18,400 4Eoz, mainly due to higher tonnages received from third parties.

All-in sustaining cost (AISC) excluding PoC, for the managed operations increased by 5% in absolute terms. Costs increased due to higher sustaining and ore reserve development capital expenditure, inflationary pressure on input costs, higher consumables expenditure driven by increased fuel, lubricant and steel costs, and higher royalty taxes associated with the stronger PGM basket price. Year-on-year, unit AISC was also negatively impacted by 11% lower production.

Total capital expenditure for Q3 2026 increased by 33% year-on-year to R1.9 billion (US$119 million). Ore reserve development capital expenditure increased by 4% to R672 million (US$41 million), while sustaining capital expenditure increased by 46% to R961 million (US$59 million), driven mainly by the Thembelani extension project and the refurbishment work at the precious metals refinery (PMR). Project capital expenditure increased by 97% to R303 million (US$19 million) as the Marikana K4 project advanced towards steady-state production and development commenced at the Siphumelele UG2 project.

Total chrome production from the SA PGM operations was 545kt for Q3 2026, 19% lower year-on-year due to the cessation of the Marikana bulk tailings treatment (BTT) chrome plant in Q4 2025. Chrome sales volumes increased by 14% to 585kt, mainly due to the release of stock.

Please refer to page 6,11,12 and 15 for further operational results statistics.

SA gold operations

Supported by a strong gold price environment, the SA gold operations continued to advance their transition to a shallower, higher-margin, longer-life portfolio. Year-on-year, the 17% increase in surface production to 1,712kg (55,042oz) and a 14% higher gold price received of R2,208,545/kg (US$4,219/oz) partially offset the impact of a 22% decline in underground production, resulting in an 8% lower adjusted EBITDA of R3.4 billion (US$210 million) for Q3 2026.

Underground production declined year-on-year by 17% at Beatrix, 21% at Driefontein and 31% at Kloof. Reduced operational flexibility at Beatrix as mining advanced to deeper levels of the mine, coupled with challenging ground conditions in high-grade areas, impacted productivity and average mining grade. Production at Driefontein was adversely affected by flooding at the Khomanani 8 Shaft in August, which resulted in a six-week suspension of mining activities and constrained operational flexibility. Lower production at Kloof was consistent with its planned rebased life-of-mine profile.

AISC (excluding DRDGOLD) increased by 7% in absolute terms mainly due to inflationary increases in input costs, higher royalties, additional pumping costs incurred at Driefontein and additional working crews at Beatrix. Unit AISC (excluding DRDGOLD) increased by 23% year-on-year to R1,868,560/kg (US$3,570/oz) in Q3 2026, primarily due to lower gold sales driven by the 18% decline in production. The SA gold operations unit AISC including DRDGOLD is 11% lower at R1,668,973/kg (US$3,189/oz) (when compared to unit AISC excluding DRDGOLD) reflecting the growing surface contribution as the SA gold portfolio transitions towards a shallower, lower risk and lower cost production profile.

Capital expenditure for Q3 2026 (excluding DRDGOLD) decreased by 23% year-on-year to R792 million (US$49 million), largely reflecting the cessation of capitalisation at Kloof. This was partially offset by increased capital expenditure at Driefontein and Beatrix to develop mining areas and enable safe, sustainable production and processing operations.

The Burnstone Restart Project has transitioned positively into the execution phase, with project governance structures being established and key personnel appointments underway to support successful delivery.

DRDGOLD production increased by 10% year-on-year to 1,307kg (42,021oz) in Q3 2026, driven by a 15% improvement in yield to 0.21g/t, despite a 5% decrease in tonnes treated. Operating unit costs increased by 3% to R1,040,551/kg (US$1,988/oz) as higher labour, diesel, reagent costs and electricity tariffs were partially offset by increased production.

Project capital expenditure at DRDGOLD declined by 29% year-on-year to R556 million (US$34 million) from R782 million (US$44 million), as several of DRDGOLD's Vision 2028 projects advanced towards completion and moved beyond their peak capital investment phase.

Please refer to page 9, 13 and 16 for further operational results statistics.

International and recycling operations

US PGM operations

Operating metrics in Q3 2026 were significantly impacted by the USW strike, which commenced on 3 September 2026 affecting the Stillwater mine and the metallurgical complex. The strike ended following the ratification of a new collective bargaining agreement, with employees returning to work on 9 October 2026.

The new agreement covers a broad range of terms, including wage increases of 4.5% in the first year, the greater of 3.5% or US consumer price index (CPI) in the second year, and the greater of 3.0% or CPI in third year. Key however, is the introduction of team-based incentives and work practices aligned with the transition to fully mechanised mining. This represents an important milestone in the transformation of the US PGM operations that will contribute to ensuring the operations sustainability and competitiveness. 

The US PGM operations have a clear, sustainable and executable productivity-led plan, targeting a structurally lower AISC of ~US$1,000/2Eoz by the end of 2028. This is underpinned by productivity improvements that support an estimated 45% increase in steady-state production to approximately 410k 2Eoz from East Boulder and Stillwater East as the mechanisation programme is completed by H2 2028. 

Production decreased by 19% to 59,417 2Eoz. Production sold declined by 7% to 72,514 2Eoz, as built-up concentrate inventories were processed during the strike. As a result, the strike's full impact on sales volumes will only become evident in Q4 2026, when inventory levels are expected to normalise.

Adjusted EBITDA increased by 9% year-on-year to US$36 million (R580 million), primarily driven by a 19% increase in the 2E PGM basket price to US$1,411/2E oz (R22,971/2Eoz), compared with US$1,184/2E (R20,886/2Eoz) oz in Q3 2025.

AISC increased by 39% year-on-year to US$1,617/2Eoz (R26,322/2Eoz), reflecting lower production and higher capital expenditure. Excluding Section 45X credits, AISC increased to US$1,809/2Eoz (R29,445/2Eoz) from US$1,306/2Eoz (R23,034/2Eoz) in Q3 2025.

Total capital expenditure increased to US$38 million (R617 million) (Q3 2025: US$22 million, R396 million). Sustaining capital expenditure rose to US$16 million (R268 million) from US$3 million (R57 million) in Q3 2025, in line with the mechanisation strategy and primarily driven by investments in mobile and underground equipment, including bolters, transport equipment, surface fleet and supporting infrastructure.

Labour attrition increased significantly across all operations during the wage negotiation period, leaving staffing levels approximately 25% below the planned 2027 mechanised workforce. Q4 2026 will focus on rebuilding work teams, restoring operational momentum and supporting the ramp-up to planned production levels.

The impact of the strike, together with the time required to rebuild operational performance in Q4 2026, has resulted in revised production guidance of 245k - 255k 2Eoz and cost guidance of AISC of US$1,700 - US$1,760/2Eoz, including Section 45X: US$1,510 - US$1,570/2Eoz (previous 2026 annual guidance of 280k - 300k 2Eoz and AISC of US$1,520 - US$1,580/2Eoz, including Section 45X: US$1,360 - US$1,420/2Eoz).

Please refer to page 6, 11 and 15 for further operational results statistics.

Recycling operations

Adjusted EBITDA from the Recycling operations increased by 54% year-on-year to US$40 million (R652 million), driven by higher precious metal prices, the successful integration of North Carolina (NC) and higher production at Pennsylvania (PA). The Recycling operations adjusted EBITDA excluding Section 45X credits from the Montana site increased by 41% year-on-year to US$25 million (R406 million).

1.2 million ounces of precious metals were sold during the quarter, comprising 89% silver, 8% 3E PGMs and 3% gold. Continued feed optimisation and integration across the PA, NC and Montana facilities enhanced asset utilisation and supported improved commercial performance.

Keliber lithium project

Hot commissioning of the Keliber concentrator began in April 2026 and continued throughout Q3 2026, with efforts focused on achieving target lithium grades within product specifications. Q4 2026 will focus on completing the hot commissioning and testing the concentrator at design capacity, with encouraging progress having been made since the end of Q3 2026.

Keliber project capital expenditure for Q3 2026 was €16 million, or R0.3 billion, (year to date €75 million or R1.4 billion) including capitalised interest and expenditure outside the project’s initial forecast scope. Cumulative construction-phase capital expenditure at 30 September 2026 was €726 million (R13.8 billion), excluding capitalised interest and exploration. The project remains within the approved capital forecast of €783 million (R14.9 billion) in 2024 real terms.

In response to lithium market volatility, the staged commissioning approach prioritises stable mining and concentrator performance before the refinery start-up, reducing integrated ramp-up risk and preserving capital flexibility.

* The figures have been translated where relevant at an average exchange rate of R19.01/€

Sandouville nickel refinery

Sandouville remains on care and maintenance, with site activities focused on asset integrity and regulatory compliance.

During September 2026, a consultation process regarding the future of the Sandouville refinery was initiated with employee representatives in accordance with applicable French labour law requirements. The Company continues to work with the French government to find the best possible solution that is in the interest of all stakeholders. No final decisions have been taken and the ongoing consultation process will inform the assessment of available options.

Century zinc retreatment operation

Payable zinc production increased by 2% year-on-year to 25kt in Q3 2026, from 24kt in Q3 2025. The increase primarily reflects the lower comparative production base following the planned shutdown in Q3 2025. The next planned shutdown is scheduled for Q4 2026.

AISC increased by 25% year-on-year to US$2,520/tZn (15% to R41,022/tZn), primarily driven by inflationary cost pressures, including higher fuel and reagent cost (primarily copper sulphate).

Payable zinc sales increased by 72% to 29kt, compared with 17kt in Q3 2025, largely due to shipment timing.

Adjusted EBITDA more than doubled to US$57 million (R925 million) from US$28 million (R486 million) in Q3 2025. The improvement was driven by higher payable zinc sales volumes, a 51% increase in equivalent zinc concentrate prices and lower treatment charges.

Sustaining capital expenditure increased to US$2 million (R28 million), compared with US$1 million (R11 million) in Q3 2025. The increase primarily reflects rehabilitation equipment rebuilds and additional hydro-mining cannon equipment to support the optimisation of dam-floor mining. Capital expenditure remains focused on maintaining the reliability of critical infrastructure as the operation approaches the end of its mine life.

Options to realise value from the existing Century and Karumba infrastructure and to evaluate potential life-extension opportunities beyond the current zinc retreatment operations continue to be assessed.

Please refer to page 10 and 14 for further operational results statistics.

Mt Lyell copper project

Following the Board's approval of the restart investment in Q3 2026, pre-execution planning and preparatory activities have commenced. Front-end engineering and design, project team recruitment, initial accommodation works and the progression of key regulatory and operational approvals are underway. 

OPERATING GUIDANCE FOR 2026*

Annual operating guidance is updated for the US PGM operations to reflect the impact of the strike and operational normalisation in Q4 2026. The annual 2026 operating guidance for all remaining operations is unchanged as in the table below. 

Source: Company forecasts, Note: Guidance does not take into account the impact of unplanned events

• As at 5 November 2026

1. US PGM AISC is impacted by tax and royalties paid based on PGM prices, current guidance was based on spot 2E PGM prices of US$1,500/oz; By product credit assumptions of Rh US$9,000/oz and gold US$4,400/oz
2. Estimates are converted at an exchange rate of R18.24/US$, 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%
8. An accrual of A$14.7 million (US$10 million, R182 million) was recognised during Q3 2026 as deferred acquisition consideration arising from the positive investment decision relating to Mt Lyell as announced in September 2026. This is only payable on first production, expected early 2029

RICHARD STEWART 

CHIEF EXECUTIVE OFFICER

SALIENT FEATURES AND COST BENCHMARKS – QUARTERS

US and SA PGM operations

Average exchange rate for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively

Figures may not add as they are rounded independently

1. The US PGM operations’ underground production is converted to metric tonnes and kilograms, and financial performance is translated into Rand
2. Total SA PGM operation and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana – Quarters”
3. The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au) and measured at the concentrator, and in the US underground operations is principally platinum and palladium, referred to as 2E (2PGM)
4. PGM sold includes the third party PoC ounces sold
5. Total SA PGM operations’ unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales
6. The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
7. Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are considered pro-forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for illustration purposes only, and because of its nature, All-in sustaining costs and All-in costs should not be considered as a representation of financial performance
8. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters”
9. The Section 45X Advance Manufacturing Production Credits relating to US PGM underground operations for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 were R186 million (US$11 million), R228 million(US$14 million) and R181 million (US$10 million) respectively  

SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)

SA gold operations

Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively

Figures may not add as they are rounded independently

1. Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are considered pro forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for illustration purposes only, and because of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance
2. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see “All-in costs – Quarters”
3. The total project capital expenditure for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 includes R6 million (US$— million), R10 million (US$1 million) and R4 million (US$— million), respectively, which relates mainly to various security capital requirements and the Burnstone project not included under specific operations above
4. Due to the Kloof operations having a life of mine of 1 year as of 31 December 2025, all capital expenditure is expensed

SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)

Australian operations

Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively

Figures may not add as they are rounded independently

1. Concentrate produced contains zinc, lead, silver and waste material, which is exported as a relatively dry product
2. Concentrate zinc grade is the percentage of zinc contained in the concentrate produced
3. Zinc in concentrate produced is the zinc metal contained in the concentrate produced
4. Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions
5. Payable zinc sales is the payable quantity of zinc metal sold after applying smelter content deductions
6. Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc sales
7. All-in sustaining costs and all-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are considered pro forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for illustration purposes only, and because of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance
8. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters”

ALL-IN COSTS – QUARTERS

US and SA PGM operations           

Figures are in rand millions unless otherwise stated

Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively

Figures may not add as they are rounded independently

1. The US PGM operations’ underground production is converted to metric tonnes and kilograms, and financial performance is translated into Rand
2. Total SA PGM operations and Marikana includes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana – Quarters”
3. Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
4. Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value
5. Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
6. All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce and All-in cost per ounce are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced (excluding Mimosa) in the same period
7. The Section 45X Advance Manufacturing Production Credits relating to US PGM underground operations for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 were R186 million (US$11 million), R228 million(US$14 million) and R181 million (US$10 million) respectively  

ALL-IN COSTS – QUARTERS (continued)

ALL-IN COSTS – QUARTERS (continued)

SA gold operations

Figures are in rand millions unless otherwise stated

Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively

Figures may not add as they are rounded independently

1. Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
2. Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value
3. Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
4. All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period 

ALL-IN COSTS – QUARTERS (continued)

Australian operations

Figures are in rand millions unless otherwise stated

Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively

Figures may not add as they are rounded independently

1. Cost of sales, before amortisation and depreciation includes all mining and processing costs, corporate general and administrative costs, and permitting costs
2. Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value
3. Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current zinc production
4. All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per tonne and All-in cost per tonne are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total tonnes of payable zinc production in the same period

UNIT OPERATING COST – QUARTERS

US and SA PGM operations

Figures are in rand millions unless otherwise stated

Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively

Figures may not add as they are rounded independently

¹    The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into Rand

²   Total SA PGM operations exclude the results of Mimosa (financial and production results), which is equity accounted 

³   Cost of sales, before amortisation and depreciation for Total SA PGM operations, Rustenburg, Marikana and Platinum Mile includes the Chrome cost of sales, but is excluded for operating unit cost calculation purposes as Chrome production is excluded from the concentrate production

⁴   For a reconciliation of the production excluding Mimosa and third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters”

⁵   Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation, adjusted for change in inventory, less chrome- and PoC cost of sales in a period by the tonnes milled/treated in the same period, and operating cost per ounce is calculated by dividing the cost of sales, before amortisation and depreciation, adjusted for change in inventory, less chrome- and PoC cost of sales in a period, by the PGM produced in the same period

⁶  The Section 45X Advance Manufacturing Production Credits relating to US PGM underground operations for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 were R186 million (US$11 million), R228 million(US$14 million) and R181 million (US$10 million) respectively  

UNIT OPERATING COST – QUARTERS (continued)

SA gold operations

Figures are in rand millions unless otherwise stated

Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively

Figures may not add as they are rounded independently

¹  Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold produced in the same period

²  Due to the Kloof operations having a life of 1 year as of 31 December 2025, all capital expenditure is expensed

ADJUSTED EBITDA RECONCILIATION – QUARTERS