Sibanye Stillwater : Integrated report 2023

SUPPORTING FACT SHEETS AND SUPPLEMENTARY INFORMATION AVAILABLE ONLINE

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• Group Impact supplement 2023
• Progressing the UN's SDGs
• Environmental incidents in 2023
• Biodiversity management
• Social and labour plans (SLPs): Summary of projects
• Climate change supplement
• Sustainability content index
• Tailings management
• Care for iMali: Taking care of personal finance
• Combating illegal mining
• Sibanye-Stillwater'sICMM self-assessment for 2023
• The Good Neighbor Agreement
• Definitions for sustainability/ESG indicators
• Application of King IV Principles in 2023
• ESG scorecard for the long term incentive (LTI) awards

Approach, scope and boundary

As noted above, this is a combined report. On the next page, there is an outline of what sections cover our õ Core Integrated report as the concise option. For the 2023 year ended 31 December 2023, annual data is provided where possible by region, segment and at the Group level.

Material events occurring post year-end and before the date of publication of this report are covered in this report and/or in the Group Annual financial report (note 41) available at www.sibanyestillwater.com/news-investors/reports/annual.

Given that our South African (SA) region (which includes the SA PGM operations and the SA gold operations) accounted for 75% of total revenue, and 96% of our workforce in 2023, and that the bulk of our material ESG-related activities take place in South Africa, the major emphasis of this report is on our SA activities. However, we also offer extensive detail on our American region (referred to as the US region, where our material operations comprise the US PGM operations), the European region (EU region for short which includes the Sandouville nickel refinery and Keliber lithium project) and the Australian region (the AUS region currently comprising the Century operation which has been consolidated for ten months during 2023, and the Mount Lyell project) where information is relevant. We do not report (or report minimally) on operations we do not manage/operate and in which we are minority shareholders.

Your feedback and suggestions are welcome. ir@sibanyestillwater.com

Please direct them to James Wellsted, EVP: Investor Relations and Corporate Affairs at www.sibanyestillwater.com

OUR PERFORMANCE

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ANCILLARY INFORMATION

MORE ABOUT THIS REPORT

REPORTING FRAMEWORKS AND GUIDANCE

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In compiling this report, we considered (among others) the following frameworks, standards, and guidelines:

• International Integrated Reporting Framework
• International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards)
• Global Reporting Initiative (GRI) Standards
• Johannesburg Stock Exchange (JSE) Sustainability and Climate Disclosure Guidance
• King Report on Corporate Governance™ for South Africa, 2016 (King IV)
• The JSE Listings Requirements and the Listing Standards of the New York Stock Exchange (NYSE); and US federal securities laws applicable to foreign private issuers
• Task Force on Climate-Related Financial Disclosures (TCFD)
• South Africa's Companies Act 71 of 2008, as amended
• South Africa's Mining Charter III and social and labour plans (SLPs)

DIRECTORS' STATEMENT OF RESPONSIBILITY

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As required by King IV, our Board acknowledges that it is responsible for good governance, ethical leadership and responsible corporate citizenship. The Board applies the principles of King IV, by which

it recognises the triple context (society, economy, environment) in which the Group operates and its responsibility to create value sustainably, over the long term, across the six capitals. Notwithstanding trade-offs that may be required, we believe that, in support of our commitment to stakeholder capitalism and delivery of shared value, balanced appreciation for all the forms of capital delivers superior overall results.

The Board, supported by the Audit Committee, has ultimate responsibility for this report and for vouchsafing its integrity and completeness.

Having applied its collective expertise, the Board confirms that this report is a fair and transparent review of Sibanye-Stillwater, its principal material matters, its current profile and performance, and its ability to create value in the short, medium and long term.

• Sustainability Accounting Standards Board (SASB), Metals and Mining Standards

Sustainability organisations to improve responsible mining and business:

• Extractive Industry Transparency Initiative (EITI) expectations for supporting companies
• Initiative for Responsible Mining Assurance (IRMA)
• International Council on Mining and Metals (ICMM) assurance and validation procedure
• World Gold Council (WGC)'s Responsible Gold Mining Principles (RGMPs)
• United Nations Global Compact (UNGC) Principles and the Sustainable Development Goals (SDGs)

A separate King IV disclosure report is available online (See Application of King IV Principles in 2023, and the Sustainability content index supplementary disclosure, www.sibanyestillwater.com/news-investors/reports/annual/).

Furthermore, in line with our listing on the NYSE, an annual report on Form 20-F(Form 20-F)is filed with the US Securities and Exchange Commission (SEC). We are a member of the ICMM, and the report aligns to its principles as it does with those of the United Nations Global Compact, of which we are a participant. See Governance in sustainability: Our considered decision- making, page 229.

ASSURANCE

Sibanye-Stillwater's Integrated report, presented in line with the International Integrated Reporting Framework, was approved for release to stakeholders by the Board on 26 April 2024 and signed on its behalf by:

OUR PERFORMANCE

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ANCILLARY INFORMATION

Materiality is determined from the perspective of relevance (shared value creation and purpose) and of quantitative and qualitative impact (financial impact, production volume or reputational).

The Group's financial materiality is R750 million for the 2023 year. Material matters are those that are required to be managed strategically and with accountability. Material matters are also about disclosing information which focuses on the needs of primary stakeholders.

This year, Sibanye-Stillwater applied a double materiality lens (both "outside-in" and "inside-out" approaches) to its determination of material matters.

The outside-in approach considers how our business is impacted by sustainability issues, and what the effect is on our current and future cash flows/enterprise value over the short, medium and long term.

The inside-out approach considers how Sibanye-Stillwater's business impacts our stakeholders, including society, the environment, and the economy over the short, medium and long term.

Thus, determining material matters involves multifaceted considerations, including engagement with stakeholders

(e.g., investors), and perusing media reports and analysts' reports. For our environmental, social and governance (ESG) matters we also considered reputational surveys of the Group, in terms of how our stakeholders view us; similarly, we considered internal assessments of employee opinion. This report provides detail of material matters relevant to investors and to interested stakeholders, including government, organised labour, customers and employees.

Additionally, we contracted Deloitte - as an independent party - to facilitate a materiality workshop in the last quarter of 2023. Featuring the C-Suite, senior executives, and operational and functional specialists, the workshop applied the double materiality perspective, with the final approval of the list by the CEO and the CFO. After independently facilitated discussions involving all relevant decision-makers, we identified fourteen material matters (M1-M14).

MATERIAL MATTERS MAP

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The material matters map demonstrates material matters in relation to financial materiality and impact materiality. The colour of the squares of each material issue is representative of the three-dimensional business strategy (see page 48).

Double materiality results

Refer to

• Page 287 for the Materiality determination process
• Page 288 for the Definitions and references within the report

About Sibanye-Stillwater

Our value journey from 2013

Board and executive leadership

Chairman and Chief Executive Officer's review

Corporate governance

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7

8

13

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ANCILLARY INFORMATION

2023 PRODUCTION

LOSS FOR 2023 YEAR1

R37 billion

(US$2 billion)

ABOUT SIBANYE-STILLWATER continued

A UNIQUE, GREEN PORTFOLIO OF GEOGRAPHICALLY DIVERSIFIED ASSETS AND COMMODITIES

ANCILLARY INFORMATION

AMERICAS ASSETS

US PGM OPERATIONS

Stillwater mine (100%)

Mineral Reserves: 15.7Moz 2E

East Boulder mine (100%)

Mineral Reserves: 10.6Moz 2E

PGM EXPLORATION

Marathon (13.9%)*

Mineral Resources: 0.8Moz 2E

PGM RECYCLING

Columbus Met complex (100%)

LITHIUM EXPLORATION

Rhyolite-Ridge (6.91%)*

Mineral Resources: 232kt LCE

COPPER EXPLORATION

Altar (48.61%)*

Mineral Resources: 6,386Mlb Cu

• Non-managed

PGM = platinum group metals, Au = gold,

Cu = copper, LCE = lithium carbonate equivalent, Zn = Zinc, U3O8 = uranium

Mineral Resources are inclusive of Mineral Reserves

1. Verkor is a planned French gigafactory in which Sibanye-Stillwater participates through a convertible bond and equity. Verkor's headquarter is located in Grenoble, but planned plant is to be located in Dunkirk (just north of Sandouville)
2. Mt Lyell is a copper asset in Tasmania which is currently on care and maintenance.

A feasibility study, which considers the re-establishment of the operation, is underway

3. Acquisition effective March 2024

SIBANYE-STILLWATERINTEGRATED REPORT 2023

SOUTHERN AFRICAN ASSETS

SA PGM OPERATIONS

Marikana (80.64%)

Mineral Reserves: 16.5Moz 4E

Rustenburg (74%)

Mineral Reserves: 9.3Moz 4E

Kroondal (87%)

Mineral Reserves: 0.7Moz 4E

Mimosa (50%)*

Mineral Reserves: 1.6Moz 4E

SA PGM EXPLORATION

Akanani (80.13%)

Mineral Resources: 31.6Moz 4E

Limpopo: Voorspoed and

Doornvlei (80.64%), and Dwaalkop

(40.32%) Mineral Resources: 19.9Moz 4E

SA GOLD OPERATIONS

Kloof (100%)

Mineral Reserves: 1.8Moz Au

Beatrix (100%)

Mineral Reserves: 0.7Moz Au

Driefontein (100%)

Mineral Reserves: 2.9Moz Au

Cooke surface (76%)

Mineral Reserves: 0.1Moz Au

DRDGOLD (50.28%)*

Mineral Reserves: 2.9Moz Au

SA GOLD DEVELOPMENT

Burnstone (100%)

Mineral Reserves: 2.5Moz Au

SA GOLD EXPLORATION

SOFS (Southern Free State project) (100%) Mineral Resources: 6.9Moz Au

SA URANIUM EXPLORATION

Beisa (100%)

Mineral Resources: 27.0Mlb U₃O₈

Cooke (76%)

Mineral Resources: 32.2Mlb U₃O₈

EUROPEAN ASSETS

LITHIUM DEVELOPMENT

Keliber lithium project (79.82%)

Mineral Reserves: 182kt LCE

NICKEL OPERATIONS

Sandouville refinery (100%)

AUSTRALIAN ASSETS

ZINC OPERATIONS

Century (100%)

Mineral Reserves: 1,726Mlbs Zn

COPPER EXPLORATION

Mount Lyell (100%)

Mineral Resources: 1,609Mlbs Cu

CIRCULAR ECONOMY OPERATIONS

BATTERY METALS

GREEN METALS

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TIMELINE OF NOTEWORTHY OCCURRENCES

• Gold Fields unbundled its South African gold assets (Kloof, Driefontein and Beatrix), forming Sibanye Gold Limited

• Listed on the Johannesburg and New York stock exchanges

• August 2013, Cooke operations are acquired from Gold One

• Market cap1

R10 billion US$1.2 billion

• Acquired Wits Gold, including Burnstone and other projects in Free State province, South Africa
• Implemented our unique cost optimisation and operating model
• • Announce the first PGM transactions: Rustenburg assets and Aquarius Platinum PLC
  • • Entered PGM sector with South African acquisitions:
    • • Kroondal, Mimosa and Platinum Mile (April)
      • Rustenburg operations (November)

• Acquired Stillwater Mining Company (Montana, US) in May
• Rebranded as Sibanye-Stillwater (August)
• • Acquired a 38.05% stake in DRDGOLD Limited, a world leader in gold tailings retreatment; vending of certain surface gold tailings facilities and processing assets into that company (July/August)
• Acquired:
• • SFA Oxford, a leading analytical and consulting metals market company and globally recognised authority on PGMs (February)
  • Lonmin Plc, Marikana operations (South Africa), which includes processing and smelter plants, as well as base and precious metals refineries (June)

• 2024 Market cap2

R61.4 billion

US$3.3 billion

• • • Acquired 100% of Reldan in 2024 (March)
  • Market cap1 R70.5 billion (US$3.8 billion)
  • Celebrated a decade of shared value
  • Keliber rights issue results in Finnish Minerals Group to 20%, our share ~80%
  • Acquired 100% of New Century in 2023, and executed an option to take ownership of Mt Lyell copper project
• Announced the acquisition of 50% of Kroondal from Amplats (January)
• Acquired 100% of Sandouville nickel refinery (February)
• Increased Keliber holding to 85% (November)

• • Acquired 30% stake in Keliber Oy
  • Acquired 19.99% in New Century Resources, an Australian zinc tailings reprocessing facility (December)
• Increased holding in DRDGOLD to 50.1% (January)
• Internal restructuring whereby holding company Sibanye-Stillwater Limited became the listed entity and Sibanye Gold Limited its subsidiary (February)

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A unitary Board with an appropriate balance of relevant diversity in gender, culture, age, fields of knowledge, skills and experience. The offices of Chairman and CEO are not occupied by the same person.

The Group believes it is beneficial for new directors to be brought onto the Board periodically to refresh the Group's thinking in a manner that supports both continuity and appropriate succession planning. Sibanye-Stillwater recognises that a variety of director tenures within the boardroom is beneficial to ensure board quality and continuity of experience.

BOARD DIVERSITY1

BOARD AGE (YEARS)

3

10

Older than 60 Between 50 and 60

Mr Nkosemntu Nika and Ms Susan van der Merwe will retire at the 2024 annual general meeting (AGM). In terms of the Companies Act 71 of 2008, the election of members of the Audit Committee (Keith Rayner, Timothy Cumming, Richard Menell and Sindiswa Zilwa) will be put to a shareholder vote at the AGM.

The Nominating and Governance Committee has undertaken the Board independence assessment as required by the Companies Act, King IV and the JSE Listings Requirements. In addition, the Audit Committee has undertaken the independence assessments as per the U.S. Securities and Exchange Commission (SEC) requirements, and confirms that

for the year under review the Audit Committee members were and are all independent as per the SEC audit committee independence assessments criteria.

• All information as at 31 December 2023

• Historically disadvantaged persons (HDPs) as defined in the MPRDA