Sibanye Stillwater : Company Financial Statements 2023

COMPANY FINANCIAL STATEMENTS

Sibanye Stillwater Limited (Sibanye-Stillwater or the Company) is the holding Company for a multinational mining and metals processing group (Sibanye-Stillwater or the Group) with a diverse portfolio of operations, projects and investments across five continents. The Group is also one of the foremost global recyclers of PGM autocatalysts and has interests in leading mine tailings retreatment operations.

Sibanye-Stillwater is one of the world's largest primary producers of platinum, palladium, and rhodium and is a top tier gold producer. It also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to diversify its asset portfolio into battery metals mining and processing and increase its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally.

OUR 2023 REPORTS

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These reports cover the financial year from 1 January to 31 December 2023*

INTEGRATED	NOTICE OF ANNUAL	GROUP ANNUAL	COMPANY FINANCIAL	MINERAL RESOURCES
REPORT	GENERAL MEETING AND	FINANCIAL REPORT	STATEMENTS	AND MINERAL
	SUMMARISED FINANCIALS			RESERVES REPORT

About our cover designs:

Our strategic differentiator Inclusive, diverse and bionic, is depicted in the cover as a fingerprint, with small markings that signify computer code. As technology becomes ever more capable and powerful, the fear exists of the possible loss of human individuality, the loss of our independent spirit. The design reminds us what this strategic differentiator points to, the potential for humanity to be enhanced through using technology ("bionic"), and the potential for uniqueness and diverse individual identity to find its expression in service to our vision and purpose. We value the contributions of our employees (each having left their unique "fingerprint" on our business) and we honour their commitment to our values, which ripples out, amplifying the Group's capacity to innovate and evolve.

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

• This report encompasses data pertaining to the financial year ending on 31 December 2023. As necessary or where pertinent, certain information has been incorporated subsequent to the year's end

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DISCLAIMER

Forward looking statements

The information in this report may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye-Stillwater Limited's (the Company and together with its subsidiaries, Sibanye-Stillwater or the Group) financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye- Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward- looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this report.

All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking statements also often use words such as "will", "would", "expect", "forecast", "goal", "vision", "potential", "may", "could", "believe", "aim", "anticipate", "target", "estimate" and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.

The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater's future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States, Europe, Australia and elsewhere; plans and objectives of management for future operations; Sibanye-Stillwater's ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye- Stillwater's ability to service its bond instruments; changes in assumptions underlying Sibanye-Stillwater's estimation of its Mineral Resources and Mineral Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater's business strategy and exploration and development activities, including any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and estimations or expectations of enterprise value (including the Rhyolite Ridge project); the ability of Sibanye-Stillwater to comply with requirements that it operate in ways that provide progressive benefits to affected communities; changes in the market price of gold, PGMs, battery metals (e.g., nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among other commodities and supply requirements; the occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa's credit rating; the impact of South Africa's greylisting; a challenge regarding the title to any of Sibanye-Stillwater's properties by claimants to land under restitution and other legislation; Sibanye-Stillwater's ability to implement its strategy and any changes thereto; the outcome of legal challenges to the Group's mining or other land use rights; the occurrence of labour disputes, disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations, particularly environmental, sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to dispute; increasing regulation of environmental and sustainability matters such as greenhouse gas emissions and climate change; being subject to, and the outcome and consequence of, any potential or pending litigation or regulatory proceedings, including in relation to any environmental, health or safety issues; the ability of Sibanye-Stillwater to meet its decarbonisation targets, including by diversifying its energy mix with renewable energy projects; failure to meet ethical standards, including actual or alleged instances of fraud, bribery or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater's business; the concentration of all final refining activity and a large portion of Sibanye-Stillwater's PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye- Stillwater's financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain disruptions and shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater's operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of operations at its mines for safety or environmental incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater's ability to hire and retain senior management and employees with sufficient technical and/or production skills across its global operations necessary to meet its labour recruitment and retention goals, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions; failure of Sibanye-Stillwater's information technology, communications and systems; the adequacy of Sibanye-Stillwater's insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, including global pandemics.

Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater's filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the 2023 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2023 on Form 20-F filed with the United States Securities and Exchange Commission on 26 April 2024 (SEC File no.

333-234096).

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed or reported on by the Group's external auditors.

Non-IFRS1 measures

The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted EBITDA margin, adjusted free cashflow, AISC, AIC, Nickel equivalent sustaining cost and normalised earnings. These measures may not be comparable to similarly- titled measures used by other companies and are not measures of Sibanye-Stillwater's financial performance under IFRS Accounting Standards. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Sibanye-Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this report because it is unable to provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information presented have not been reviewed or reported on by the Group's external auditors.

• IFRS refers to International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB)

Websites

References in this report to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of, this report.

SIBANYE-STILLWATER COMPANY FINANCIAL STATEMENTS 2023

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CONTENTS

ACCOUNTABILITY	1
Statement of directors' responsibility	3
Company secretary's confirmation	3
Report of the Audit Committee	4
Directors' report	8
Independent auditor's report	15

COMPANY FINANCIAL STATEMENTS	2
Company income statement	18
Company statement of financial position	19
Company statement of changes in equity	20
Company statement of cash flows	21
Notes to the company financial statements	22

ANCILLARY INFORMATION	3
Administration and corporate information	43

The audited company financial statements of Sibanye Stillwater Limited for the year ended 31 December 2023 have been prepared by Sibanye-Stillwater group financial reporting team headed by Jacques le Roux. This process was supervised by the Company's CFO, Charl Keyter and authorised for issue by Sibanye-Stillwater's Board of Directors on 26 April 2024.

SIBANYE-STILLWATER COMPANY FINANCIAL STATEMENTS 2023

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ACCOUNTABILITY

COMPANY FINANCIAL STATEMENTS ANCILLARY INFORMATION

STATEMENT OF DIRECTORS' RESPONSIBILITY

The directors are responsible for the preparation and fair presentation of the company annual financial statements of Sibanye Stillwater Limited (Sibanye-Stillwater or the Company), comprising the company statement of financial position as at 31 December 2023, company income statement and company statements of other comprehensive income, changes in equity and cash flows, and the notes to the company financial statements, which include a summary of significant accounting policies, and other explanatory notes. The company financial statements have been prepared in accordance with International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards), as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act 71 of 2008 (the Companies Act) and the JSE Listings Requirements.

In addition, the directors are responsible for preparing the directors' report.

The directors consider that, in preparing the company financial statements, they have used the most appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates, and that all IFRS Accounting Standards that they consider to be applicable have been complied with for the financial year ended 31 December 2023. The directors are satisfied that the information contained in the company financial statements fairly presents the results of operations for the year and the financial position of the Company at year end. The directors are responsible for the information included in the company annual financial statements, and are responsible for both its accuracy and its consistency.

The directors have a responsibility for ensuring that accounting records are kept. The accounting records should disclose with reasonable accuracy the financial position of the Company to enable the directors to ensure that the company annual financial statements comply with the relevant legislation.

The Company operated in a well-established control environment, which is well documented and regularly reviewed. This incorporates risk management and internal control procedures, which are designed to provide reasonable assurance that assets are safeguarded and that the material risks facing the business are being controlled.

The directors have made an assessment of the ability of the Company to continue as a going concern and based on this assessment concluded that the basis for preparation of the company annual financial statements is appropriate to that of a going concern.

The directors' attestation in terms of 3.84(k) of the JSE Listings Requirements can be found on page 46 of the Annual Financial Report.

The Company's external auditors, Ernst & Young Inc. audited the company annual financial statements. For their report, see - Independent Auditor's Report.

The company annual financial statements were approved by the Board of Directors and are signed on its behalf by:

Neal Froneman	Charl Keyter
Chief Executive Officer	Chief Financial Officer
26 April 2024

COMPANY SECRETARY'S CONFIRMATION

In terms of section 88(2)(e) of the Companies Act, as amended, I certify that to the best of my knowledge, the Company has lodged with the Companies and Intellectual Property Commission all such returns as are required to be lodged by a public company in terms of the Companies Act, and that all such returns are true, correct and up to date.

Lerato Matlosa

Company Secretary

26 April 2024

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COMPANY FINANCIAL STATEMENTS ANCILLARY INFORMATION

REPORT OF THE AUDIT COMMITTEE

Introduction

The Audit Committee has formal terms of reference, which are updated on an annual basis. The Board is satisfied that the Audit Committee has complied with these terms, and with its legal and regulatory responsibilities as set out in the South African Companies Act (Companies Act), King IVTM, the JSE Listings Requirements (JSE LR) and the requirements of the Securities and Exchange Commission (SEC).

The Audit Committee consisted of seven independent non-executive directors for the period from 1 January 2023 to 31 December 2023.

The Board believes that the members collectively possess the knowledge and experience to supervise Sibanye Stillwater Limited's financial management, internal and external auditors, the quality of Sibanye Stillwater Limited's financial controls, the preparation and evaluation of Sibanye Stillwater Limited's audited company financial statements and Sibanye Stillwater Limited's periodic financial reporting.

The Board has established and maintains internal controls and procedures, which are reviewed on a regular basis. These are designed to manage the risk of business failures and to provide reasonable assurance against such failures. However, this is not a guarantee that such risks are eliminated.

Responsibility

It is the duty of the Audit Committee, inter alia, to monitor and review on a Company and Group (Company, Group or Company and Group) basis

• the effectiveness of the internal audit function and by extension, the effectiveness of Group internal controls, see - Internal Audit (below)
• external auditor suitability and recommendation for appointment, see - External auditor suitability review (below)
• external auditor independence and fees, see - Auditor independence and fees (below)
• reports of both internal and external auditors
• evaluation of the expertise and experience of the Chief Financial Officer (CFO)
• financial reporting systems and ensure that Group reporting procedures are functioning properly
• the governance of information technology (IT) and the effectiveness of the Company and Group's information systems
• interim results and report (Interim Report), quarterly operating reports, company and consolidated annual financial statements (Audited AFS) and all other widely distributed financial documents
• the Form 20-F filing with the SEC
• accounting policies of the Company and Group and proposed revisions
• compliance with applicable legislation, requirements of appropriate regulatory authorities and Sibanye Stillwater Limited's Code of Ethics
• policies and procedures for preventing and detecting fraud
• the integrity of the content of the Interim Report, Audited AFS and the integrated report and associated reports (Integrated report) and then recommending same to the Board for approval

Access and meetings

Internal and external auditors have unrestricted access to the Audit Committee, the Audit Committee Chairman and the Chairman of the Board, ensuring that auditors are able to maintain their independence. Both the internal and external auditors report at Audit Committee meetings. The Audit Committee meets with internal audit and the SOX division on a quarterly basis without other invitees being present and the Audit committee Chairman meets with the external auditors on a quarterly basis without other invitees being present. Management attend Audit Committee meetings by invitation.

Annual financial statements of the Company

The Committee has reviewed and is satisfied that the Company Audited AFS, including accounting policies, are appropriate and comply with International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards), as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the Companies Act and JSE LR.

The significant audit and accounting matters in respect of the Company considered by the Committee during the financial year were:

• the impairment assessment of investments in and loans to subsidiaries
• the recognition of a financial guarantee liability in respect of environmental rehabilitation at New Century Resources Limited (Century) and Copper Mines of Tasmania Proprietary Limited (CMT)

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COMPANY FINANCIAL STATEMENTS ANCILLARY INFORMATION

REPORT OF THE AUDIT COMMITTEE continued

The above matters were addressed by management and by the Audit Committee on a review basis as follows:

The impairment	For the year ended 31 December 2023, management performed an impairment assessment over the investments in
assessment of	and loans to subsidiaries as follows:
investments in and	• assessed whether there is an indication of impairment, or whether events or changes in circumstances indicate
loans to
that the carrying amount of investments in and loans to subsidiaries may not be recoverable
subsidiaries	• where indications of impairment were identified for investments in subsidiaries, calculated the recoverable
	amount of the investment based on the net asset value of the subsidiary supplemented by unobservable financial
	information such as estimated future cash flows. Considered the excess of the recoverable amount over the
	carrying value for the investment in subsidiary

• where the assessment indicates that the Company will not recover the full contractual cash flows of loans to subsidiaries, calculated the expected credit losses (ECLs) based on the discounted cash flows that the Company expects to receive

	Management concluded that the carrying value of the Company's investments in Sibanye Stillwater Australia Holdings
	Proprietary Limited (Sibanye Stillwater Australia) and Sibanye Europe OY exceed their estimated recoverable amounts.
	As disclosed in notes 4 and 7 to the Audited AFS, impairment losses were recognised for the Company's investment in
	Sibanye Stillwater Australia (R2,040 million) and Sibanye Europe OY (R227 million). In addition, the loss given a possible
	default on the loan receivable from Century is considered to be equal to the full loan balance since there are
	insufficient expected cash flows available to service the loan. As disclosed in notes 4 and 12.2 to the Audited AFS, the
	Company recognised an impairment of R636 million on the loan receivable from Century.
The recognition of	For the year ended 31 December 2023, management performed an assessment over the guarantees provided by the
a financial	Company in respect of environmental rehabilitation at Century and CMT as follows:
guarantee liability	• assessed the probability that the Company will be required to repay the facilities at financial institutions backing
in respect of
the environmental rehabilitation guarantees
environmental	• determined the fair value of the financial guarantee provided by the Company
rehabilitation at
Management concluded that due to the financial position of Century and expectation of future losses to be incurred,
Century and CMT
as well as CMT not being operational, there is a high probability that future environmental rehabilitation costs will need
	to be funded through utilising the available facilities, which in turn will require the Company as guarantor to settle the
	amounts owing to the financial institutions. As disclosed in note 12.3 to the Audited AFS, the Company recognised a
	financial guarantee liability of R1,620 million based on the estimated future cost of environmental rehabilitation
	activities that would need to be undertaken at closure (discounted at a market-related rate).

External auditor suitability review

In terms of section 90(1) of the Companies Act, each year at its annual general meeting (AGM), the Company must appoint an external audit firm and designated individual partner in compliance with the requirements of the Companies Act and the JSE LR, respectively.

In terms of the JSE LR, the Audit Committee has the responsibility to review the Company's current appointed audit firm and designated individual partner for re-appointment. After such review, the Audit Committee makes a recommendation to the Board, and the Board in turn considers same and then makes a recommendation to shareholders in the notice of AGM.

Accordingly, in compliance with paragraph 3.84(g)(iii) of the JSE LR, the Audit Committee assessed the suitability for reappointment of the current appointed audit firm, being Ernst & Young Inc., and appointment of the designated individual partner (Auditor Suitability Review). The incumbent designated individual partner, being Lance Ian Neame Tomlinson, is due for partner rotation after acting as the designated individual partner for a five year term and will retire at the next AGM. The Audit Committee assessed the suitability for appointment of Allister Carshagen as the designated individual partner.

The Auditor Suitability Review performed by the Audit Committee included an examination and review of

• the results of the most recent Independent Regulatory Board for Auditors (IRBA) inspections of Ernst & Young Inc., including the responses of the firm on observations/findings on the firm and on selected audit files raised by IRBA
• the results of the most recent IRBA inspection of the designated individual partner
• a summary of the audit firms ISQM 1 internal inspection process and the process to analyse and conclude on the results of the internal inspection (Internal Quality Review)
• a summary of the outcome of the designated individual partner's latest Internal Quality Review
• the results of the most recent Public Company Accounting Oversight Board (PCAOB) inspection review of Ernst & Young Inc.
• a summary and results of all legal and disciplinary proceedings, completed or pending, within the past five years, which were instituted in terms of any legislation or by any professional body of which the audit firm and/or designated individual partner are a member or regulator to whom they are accountable, including where the matter is settled by consent order or payment of a fine

Based on the results of the Auditor Suitability Review and a review of the independence of Ernst & Young Inc. and the designated individual partner, the Audit Committee has satisfied itself in terms of paragraph 3.84(g)(iii) of the JSE LR and recommended to the Board that Ernst & Young Inc. be re-appointed as the auditors of the Company and that Allister Carshagen be appointed as the designated individual partner. The Board concurred with the recommendation.

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COMPANY FINANCIAL STATEMENTS ANCILLARY INFORMATION

REPORT OF THE AUDIT COMMITTEE continued

Auditor independence and fees

The Audit Committee is also responsible for determining that the external audit firm and designated individual audit partner have the necessary independence, experience, qualifications and skills, and that audit and other fees are reviewed and approved.

The Audit Committee has reviewed and assessed the independence of the external auditor, that has confirmed in writing that the criteria for independence, as set out in the companies Act, the rules of IRBA, the PCAOB, and other relevant international bodies, have been followed. The Audit Committee is satisfied that Ernst & Young Inc. is independent of the Company and Group.

The Audit Committee determines the nature and extent of non-audit services that the auditor can provide and pre-approves all permitted non-audit assignments by the Group's external auditor. In accordance with the SEC rules regarding auditor independence, the Audit Committee has established policies and procedures for audit and non-audit services provided by the Group's external auditor. The rules apply to Sibanye Stillwater Limited and it's legally controlled unlisted subsidiaries engaging any accounting firms for audit services and the auditor who audits the consolidated Audited AFS filed with the SEC (the Group's independent external auditor) for permissible non-audit services. When engaging the Group's external auditor for permissible non-audit services (audit related services, tax services, and all other services), pre-approval is obtained prior to the commencement of the services.

The Audit Committee approves the respective annual audit plans presented by both the internal and external auditors and monitors progress against the plans. These audit plans provide the Audit Committee with the necessary assurance on risk management, internal control environments and IT governance.

Internal audit

The internal control systems of the Company are monitored by Internal Audit, which reports findings and recommendations to the Audit Committee and to senior management. The Audit Committee determines the purpose, authority and responsibility of the Internal Audit function in an Internal Audit Charter. The Internal Audit function is headed by the Vice President: Internal Audit, who may be appointed or dismissed by the Audit Committee. The Audit Committee is satisfied that the incumbent Vice President: Internal Audit has the requisite skills and experience and is supported by a sufficient staff complement with appropriate skills and training.

Sibanye Stillwater's Internal Audit operates in accordance with the International Standards for the Professional Practice of Internal Auditing as prescribed by the Institute of Internal Auditors. Internal Audit activities carried out during the year were identified and planned through a combination of the Sibanye Stillwater Risk Management framework and the risk-based methodologies adopted by Internal Audit. The Audit Committee approves the annual internal audit assurance plan presented by Internal Audit and monitors progress against the plan.

Internal Audit reports deficiencies to the Audit Committee every quarter together with recommended remedial actions, which are then followed up. Internal Audit provided the Audit Committee with a written report, which assessed as adequate the internal controls over financial reporting, IT governance and the risk management process during 2023.

The Audit Committee is responsible for IT governance on behalf of the Board and reviews the report of the Vice President: Group ICT at each Audit Committee meeting.

JSE LR

In accordance with the JSE LR, the Audit Committee reports and confirms that it has:

• evaluated the expertise, experience and performance of the Company and Group CFO during 2023 and is satisfied that he has the appropriate expertise and experience to carry out his duties, and is supported by qualified and competent senior staff
• ensured that the Company has established appropriate financial reporting procedures and that those procedures are operating and that management had access to all the required financial information to allow the effective preparation and report on Company Audited AFS
• has performed the Auditor Suitability Review of both the current appointed external audit firm and designated individual audit partner as detailed above
• notwithstanding the provisions of Section 90(6) of the Companies Act, ensured that the proposed re-appointment of the audit firm and designated individual partner is presented and included as a resolution in the notice of annual general meeting pursuant to
  Section 61(8) of the Companies Act.

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REPORT OF THE AUDIT COMMITTEE continued

Audit Committee statement

Based on information from, and discussions with, management and external auditors, the Audit Committee has no reason to believe that there were any material breakdowns in the design and operating effectiveness of internal financial controls of the Company during the year and therefore the financial records may be relied upon as the basis for preparation of the Company Audited AFS.

The Audit Committee has considered and discussed the Company Audited AFS and associated reports with both management and the external auditors.

During this process, the Audit Committee:

• evaluated significant judgements and reporting decisions
• determined that the going-concern basis of reporting is appropriate
• evaluated the material factors and risks that could impact on the Company Audited AFS
• evaluated the completeness of the financial and sustainability discussion and disclosures
• discussed the treatment of significant and unusual transactions with management and the external auditors

The Audit Committee considers that the Company Audited AFS comply in all material respects with all compliance requirements detailed earlier in this report. The Audit Committee recommended to the Board that Company Audited AFS be adopted and approved by the Board. The Board subsequently adopted and approved the Company Audited AFS.

Keith Rayner CA(SA)

Chairman: Audit Committee

26 April 2024

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COMPANY FINANCIAL STATEMENTS ANCILLARY INFORMATION

DIRECTORS' REPORT

The directors have pleasure in submitting their report for the year ended 31 December 2023.

Company profile and nature of business

Sibanye Stillwater Limited (the Company) is an investment holding company, which commenced trading during the 2020 financial year.

Financial affairs

Results for the year

The loss for the year was R2,485 million compared with a profit of R103 million in 2022. The loss for the year was attributable to the impairment of investments in subsidiaries of R2,267 million (2022: Rnil), impairment of loans to a subsidiary of R636 million (2022: Rnil), loss on the recognition of a financial guarantee liability of R1,620 million (2022: Rnil) and other costs of R74 million (2022: Rnil). Investment income mainly comprised intercompany dividend income of R2,080 million (2022: Rnil), intercompany interest received from subsidiaries of R19 million (2022: R6 million) and interest income of R4 million (2022: R1 million). The gain on financial instruments was R14 million (2022: R6 million), gain on recognition of financial guarantee asset was R4 million (2022: R55 million) and the gain on foreign exchange differences was R24 million (2022: R56 million).

Dividends

In line with Sibanye-Stillwater's Capital Allocation Framework, the Board of Directors resolved not to declare a final dividend (2022: 122 SA

cents per share). Together with the interim dividend of 53 (2022: 138) SA cents per share, which was declared and paid, this brings the total

dividend for the year ended 31 December 2023 to 53 (2022: 260) SA cents per share.

Borrowing powers

In terms of Clause 4 of the Company's Memorandum of Incorporation, the borrowing powers of the Company are unlimited. As at 31 December 2023, the Company had no external borrowings.

Events after reporting date

There were no events that could have a material impact on the financial results of the Company after 31 December 2023 up to the date on which the Company's financial statements for the year ended 31 December 2023 were authorised for issue, other than those disclosed in the company financial statements, see - Company financial statements - Notes to the company financial statements - Note 15: Events after the reporting date.

Working capital and going concern assessment

The Company financial statements have been prepared using appropriate accounting policies, supported by reasonable judgements and estimates. The directors believe that the Company has adequate resources to continue as a going concern for the foreseeable future. The Company financial statements for the year ended 31 December 2023, therefore, have been prepared on a going concern basis, see - Company financial statements - Notes to the company financial statements - Note 13: Risk management activities.

Significant announcements

Announcements during the financial year, after last filing date of 24 April 2023

Production resumes at the Stillwater West mine following successful remediation of shaft infrastructure

On 24 April 2023, Sibanye-Stillwater advised that it recommissioned the vertical shaft at its Stillwater West mine on 16 April 2023, following remediation of shaft infrastructure which was damaged during an incident in March 2023.

Production from the deeper levels (below 50 level) at the Stillwater West mine had resumed and was built up over a two-week period and normalised levels by end of April 2023. The suspension of production below 50 level during the remediation and build-up of production reduced production from the Stillwater West mine by approximately 30,000 2Eoz.

As previously announced, access to the upper levels (above 50 level) of the Stillwater West mine and the Stillwater East mine (through the east portal) was not affected by the incident and production from these areas, as well as from the East Boulder mine, continued during the remediation.

Finnish Minerals Group increase its holding in the Keliber lithium project

On 25 April 2023, Sibanye-Stillwater advised that as part of a previously announced rights issue to secure the outstanding equity funding for its Keliber Lithium project in Finland, the Finnish Minerals Group (which manages the Finnish State's mining industry shareholdings), on

25 April 2023 announced that it will increase its holding in the Keliber project from 14% to 20%, by subscribing for €53.9 million of the €104 million rights issue total. After the rights issue, Sibanye-Stillwater will retain circa 79% in the Keliber project with minority shareholders holding the balance of the shares in Keliber Oy.

The laying of the earthworks for the Keliber lithium refinery (first phase of the project) in Kokkola, Finland began on 7 March 2023 with the foundation stone laid during a ceremony on 11 May 2023.

The total Keliber project capital is estimated at ~€588 million (excluding sustaining capital) as per the Definitive feasibility study, with the initial equity funding of the project capital already secured through the increase of Sibanye-Stillwater shareholding to over 50%, and the remaining

SIBANYE-STILLWATER COMPANY FINANCIAL STATEMENTS 2023

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