Operating Update: Quarter ended 30 September 2026

Johannesburg, 5 November 2026: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE and A2X: SSW; and NYSE: SBSW) (- https://www.commodity-tv.com/play/sibanye-stillwater-focus-on-maximizing-margins-and-operational-efficiency/ -) is pleased to provide an operating update for the quarter ended 30 September 2026. Comparisons include year-on-year (Q3 2026 on Q3 2025), year-to-date (YTD) from 1 January 2026 to 30 September 2026, and Q3 2026 compared with the previous Q2 2026 quarter (quarter-on-quarter or Q3-on-Q2) where appropriate. Group financial results are only provided on a six-monthly basis.

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