Johannesburg, 10 May 2024: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to provide an operating update for the quarter ended 31 March 2024 (Q1 2024). The Group's financial results are only provided on a six-monthly basis.

•Improved trends in safety indicators maintained. Record Group SIFR achieved for Q1 2024

•Improved adjusted EBITDA from US PGM operations despite lower 2E basket price due to a 22% increase in 2E production and a 28% reduction in AISC

•3% increase in 4E PGM production from the SA PGM operations due to acquisition of additional 50% of Kroondal

•Sandouville nickel production increased by 42% and Nickel equivalent sustaining cost reduced by 36%

•The Keliber lithium project is on budget and progressing according to schedule

•Reldan acquisition successfully concluded with integration underway

1The 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 formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute for other measures of financial performance and liquidity. For a reconciliation of profit/(loss) before royalties and tax to adjusted EBITDA, see "Adjusted EBITDA reconciliation - Quarters"

2The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand). In addition to the US PGM operations’ underground production, the operation treats recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM recycling represents palladium, platinum, and rhodium ounces fed to the furnace

3The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US operations is principally platinum and palladium, referred to as 2E (2PGM) and US PGM recycling is principally platinum, palladium and rhodium referred to as 3E (3PGM)

4See “Salient features and cost benchmarks - Quarters” for the definition of All-in sustaining cost (AISC)

5The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production including third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM operations, Total SA PGM operations and Marikana - Quarters"

6The nickel production at the Sandouville refinery operations is principally nickel metal and nickel salts (liquid form), together referred to as nickel equivalent products

7The nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sold

8See "Salient features and cost benchmarks - Quarters" Sandouville nickel refinery for a reconciliation of cost of sales before amortisation and depreciation to nickel equivalent sustaining cost

9The Century zinc tailings retreatment operation is a leading tailings management and rehabilitation operation in Queensland, Australia. The Century operation was acquired by the Group on 22 February 2023

10Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions

11Average 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 metal sold

12As previously announced, Sibanye Rustenburg Platinum Mines Limited had entered into a pool and share agreement to acquire Rustenburg Platinum Mines Limited 50% ownership. The acquisition became effective on 1 November 2023 after all conditions precedent had either been met or waived, therefore from 1 November 2023 the SA PGM operations includes 100% Kroondal

13The acquisition of the Reldan Group of Companies (Reldan) was concluded on 15 March 2024 and at the date of this report management is still in the process of assessing the inputs, assumptions and information that may impact the identification and fair value of the net assets acquired. As a result, the results of Reldan are not included in the Q1 2024 operating update

The continued improvement in the Group safety performance year-on-year is pleasing, confirming that our safety strategy continues to gain traction and that we remain on track for further reduction of risk for all safety incidents. The 15% decline in the Group Serious Injury Frequency Rate (SIFR) year-on-year, marked the third consecutive annual improvement in the Group SIFR since Q1 2021 (4.00), with the SIFR for Q1 2024 of 2.19 the lowest achieved by the Group since its inception. The Group Lost Day Injury Frequency Rate (LDIFR) and Total Recordable Injury Frequency Rate (TRIFR) were also much improved, declining by 7.6% and 11.3% respectively year-on-year.

The operational restructuring and capital preservation steps taken during H2 2023 and Q1 2024 have resulted in notable improvements at the US PGM operations, with the benefits at the SA operations expected to manifest in a phased manner over an extended period. We are confident that the restructuring that has taken place to date, at the SA operations as well as the current regional restructuring, will secure a lower cost structure for the SA region, despite the phased closure cost and initial disruption which has impacted Q1 2024.

A significant improvement in the performance of the US PGM operations was evident soon after the restructuring (repositioned for lower production and cost) undertaken during Q4 2023, with adjusted EBITDA improving despite a lower 2E PGM basket price received for Q1 2024. Underground mined 2E production was 22% higher than for Q1 2023 and 5% higher than for Q4 2023, with AISC declining by 28% year-on-year to US$1,335/2Eoz (R25,183/2Eoz), within guidance for 2024. Ongoing efforts to address skills shortages and other operational constraints are anticipated to result in further gains during the course of the year.

Gold production from the SA gold operations for Q1 2024 was 18% lower than for Q1 2023 with AISC 19% higher, primarily due to cessation of production from Kloof 4 shaft during 2023 but with costs still being incurred during Q1 2024 due to the phased closure process.

At the SA PGM operations, lower production from the four loss making shafts which were the subject of S189 consultations, as well as lost production from Siphumelele shaft as a result of the head gear incident, was offset by the consolidation of an additional 50% of Kroondal production following the early closing of the acquisition of Anglo American Platinum's (AAP) 50% shareholding in November 2023. 4E PGM production for Q1 2024 increased by 3% with AISC 11% higher year-on-year, reflecting the effect of residual closure costs due to the phased closure of infrastructure following the restructuring and shaft closure.

The operating performance of the Sandouville refinery was also significantly better due to improved circuit availability and production stability following repairs to the cathode units in the electro winning circuit in mid-2023 and other improvements to the plant. Production was 42% higher than for Q1 2023, with Nickel equivalent sustaining cost 40% lower, primarily due to reduced feedstock purchase costs (lower nickel price), and lower reagent and overhead costs. The prefeasibility study regarding the possible repurposing of the Sandouville refinery to produce precursor cathode active material (pCAM) commenced in March 2024. Initial outcomes of the pre-feasibility study of the project, now called the GalliCam project are expected by the end of 2024.

The Century zinc reprocessing operation in Queensland Australia was disrupted by severe regional weather during Q1 2024. Production was consequently below forecast and AISC higher than forecast. The operations have recovered from the impact of the wet weather and with the recent increase in the zinc price and significantly lower annual benchmark treatment charges (US$165/tonne in 2024 vs US$274/tonne in 2023) for 2024, the outlook has improved.

The significant decline in PGM prices during the course of 2023, compounded by lower production and higher residual cost from the restructuring of the SA gold and PGM operations resulted in Group adjusted EBITDA declining significantly. Average 2E PGM and 4E PGM basket prices were respectively 32% and 34% lower year-on-year, resulting in Adjusted EBITDA declining by 72% to R2.1 billion (US$113 million) for Q1 2024.

The fundamental outlook for gold remains constructive with limited apparent downside for the gold price for the balance of 2024. Our view that the fundamental outlook for PGMs is positive is unchanged, with little evidence of a systemic change in the market fundamentals to justify the price collapse observed during 2023. We believe that the drivers of this decline in PGM prices are temporary, and caused by earlier supply chain disruptions due to COVID-19 and the more recent invasion of the Ukraine resulting in safety stocks being held in inventory. Destocking of inventory accumulated since 2020 seems to have abated and while total vehicle production is forecast to increase, Battery electric vehicle (BEV) penetration rates have slowed with a shift to hybrid vehicles. Primary supply is likely to continue to decline and secondary recycling supply remains depressed. These factors suggest a more supportive outlook for PGM prices, with a drop in interest rates the probable catalyst for a meaningful recovery in PGM prices.

The Group has sufficient liquidity and balance sheet flexibility with an improved financial performance expected as the benefits of restructuring flow through to the bottom line. The closure of the Reldan acquisition during Q1 2024 is also expected to contribute positively to earnings and cash flow.

We are cognisant of our decreasing 12 month trailing adjusted EBITDA due to lower PGM commodity prices, impacting negatively on our covenant ratios and therefore continue to focus on the balance sheet with a view to increasing liquidity through a number of non-debt instruments such as pre-pays and streams and proactively engaging our lenders on temporarily raising our lending covenants.

We are encouraged by improving safety trends that we continue to observe at our operations and, whilst we are still on a journey, we are satisfied that we have the right approach which has been benchmarked against global best practise and has been reviewed by an independent safety expert.

On our journey to zero harm, eliminating fatal incidents remains our immediate priority and we continue to operationalise and refine our Fatal elimination strategy, with a continued focus on eliminating high-energy risks and high-potential incidents (HPIs) at our operations. Our Fatal elimination strategy puts an emphasis on leading indicators and critical life saving behaviours, rather than lagging or historical measures. It also focuses on improved reporting and recording of HPIs including incidents where there was an injury with the potential for loss of life (IPLL), and incidents where there was no injury but there was the potential for loss of life (NIPLL), i.e., near misses. Encouraging, enhanced reporting of HPIs by operational teams provides a more comprehensive measure of high energy risks in our operations, promotes greater awareness of risk, and facilitates a proactive approach to risk mitigation.

We continue to encourage a bottom-up approach to safety, empowering our entire workforce to take responsibility for safety. We encourage crews and frontline supervisors to stop work immediately should conditions be unsafe and we are dedicated to embedding an operational safety culture that enables our teams to work to standards and to stop any unsafe work without hesitation. Since June 2023 we have observed pleasing evidence of stoppages by frontline supervisors and crews in the SA region surpassing stoppages by senior management/safety officers/third parties, with the delta continuing to increase.

Regrettably, a colleague at our SA PGM operations, Reginald Sekati, a utility vehicle operator at Bathopele, Rustenburg operation was fatally injured when his vehicle collided with a redundant water pipe. Our heartfelt condolences are extended to Reginald's family, friends, and colleagues. This incident is being thoroughly investigated together with the relevant stakeholders and support has been

provided to the family. The rest of the Group's operations had a fatal free first quarter, with the SA gold operations now fatal free for eight months.

We are encouraged by the continued reduction in Group safety indicators, with Group SIFR declining by 15% from 2.57 for Q1 2023 to 2.19 for Q1 2024 and with the SIFR of 1.89 recorded during March 2024 the lowest ever recorded by the Group. At the SA PGM operations, it was very pleasing to note the continual improvement in the SIFR which declined by 32% year-on-year to 1.55 for Q1 2024 underpinned by the Rustenburg operation where the SIFR improved by 57% to 1.13. The Group TRIFR and LDIFR also improved by 11% and 8% respectively year-on-year.

While the focus is on ongoing improvement in all aspects of safety, the primary focus during 2024 is to further implement and operationalise the Fatal elimination strategy, and to institutionalise the commitment and responsibility for safety among operational line management and all employees in order to mitigate high energy risks. We remain committed to the continuous improvement in health and safety at our operations and we continue to enhance our risk approach to keep fatality prevention as our main priority.

The operational performance from the US PGM operations for Q1 2024 was significantly better, reflecting improved operational stability and the benefits of cost reduction measures implemented during Q4 2023. Mined 2E PGM production of 122,543 2Eoz for Q1 2024 was 22% higher than for Q1 2023, which was impacted by the shaft incident at the Stillwater West mine, and 5% higher than for Q4 2023. Production from the Stillwater mine of 79,107 2Eoz for Q1 2024 was 29% higher than for the comparable period in 2023 with production from the East Boulder mine of 43,436 2Eoz, 11% higher than for Q1 2023, despite geological and geotechnical complexity constraining production from the western section of the mine, and ongoing shortages of critical skills. In addition, the replacement of fans combined with mill maintenance contributed to an increase in ore stockpiled during the quarter, which will be processed during Q2 2024.

A strategic decision to focus on secondary (on reef) development in order to improve mining flexibility and productivity by providing access to more production stopes, resulted in secondary development from the Stillwater mine increasing by 33% year-on-year however at East Boulder due to the before mentioned headwinds, secondary development was 2% lower.

Pleasingly, operating costs per tonne milled declined by 6% to US$405/tonne (R7,642/tonne). ORD expenditure declined by 42% to US$32 million (R601 million) primarily as a result of a significant drop in contractor development cost and contract maintenance costs with sustaining capital declining by 46% from US$21 million (R367 million) to US$11 million (R209 million) as a result of fleet and underground equipment expenditure declining by approximately US$5 million following completion of major surface infrastructure (concentrator and West Fork ventilation raise) with reduced hoist repairs and tailings storage facility (TSF) expenditure resulting in a further US$5 million reduction.

Consequently, AISC declined by 28% to US$1,335/2Eoz (R25,183/2Eoz) for Q1 2024 from US$1,861/2Eoz (R33,052/2Eoz) for Q1 2023 and US$2,054/2Eoz (R38,300/2Eoz) for Q4 2023, reflecting the benefits from the restructuring primarily due to reducing high cost contractor labour and deferral of non-essential capital expenditure.

Total capital expenditure for Q1 2024 decreased by 47% year-on-year to US$46 million (R867 million) reflecting the repositioning of the operations for the lower price environment. Project capital was 73% lower at US$3 million (R57 million) due to the suspension of project capital at Stillwater East.

Adjusted EBITDA of US$32 million (R609 million) for Q1 2024 includes a once off US$43 million (R812 million) insurance payment related to the flooding event during mid-2022. Excluding the insurance payment, the adjusted EBITDA loss of US$11 million (R203 million), was significantly improved on Q4 2023 despite a 7% decline in the average 2E basket price received for Q1 2024. Looking ahead, the focus will be on improving fleet maintenance and reducing elevated maintenance costs by working more closely with original equipment manufacturers. Skills retention and training also remain a priority.

The global autocatalyst recycling market remains strained with some evidence of a slight recovery in PGM recycling. The US PGM recycling operations fed an average of 10.7 tonnes per day (tpd) of spent autocatalyst material for Q1 2024, in line with Q1 2023. 3E PGM ounces fed of 77,873 3Eoz, were 1% lower than the 78,844 3Eoz fed for Q1 2023. At the end of Q1 2024, approximately 23 tonnes of recycle inventory was on hand, compared with 33 tonnes at the end of Q1 2023.

Recent indicators suggest that the autocatalyst recycling market may have bottomed in Q1 2024, with a stable performance in tonnes and ounces fed to furnaces compared to the previous quarter. Despite ongoing challenges, such as an increase in the average age of scrapped vehicles and fluctuations in the used car market, there are positive signs pointing to a potential uptick in recycling rates.

Year-on-year comparison of the SA PGM operating results is complicated by various factors, including the acquisition of AAP 50% share of the Kroondal PSA from 1 November 2023 which added 30,575 4Eoz to total production during the quarter and the impact of operational restructuring. Mandatory regulatory S189 consultations commenced on 24 October 2023 and concluded on 24 February 2024, impacting productivity due to moratoriums on hiring, movement of crews and a general decline in productivity associated with disruptions. After a slow start to the year, production improved over the quarter and into April 2024.

4E PGM production of 414,918 4Eoz from the SA PGM operations for Q1 2024 (including attributable production from Mimosa, third party purchase of concentrate (PoC) and the consolidation of an additional 50% of Kroondal) was 3% higher than for Q1 2023. PoC increased by 7% to 25,605 4Eoz. 4E PGM production (excluding PoC) of 389,313 oz, was 3% higher year-on-year.

AISC (excluding PoC) for Q1 2024 increased by 16% year-on-year to R23,207/4Eoz (US$1,230/4Eoz). The above inflation increase was primarily as a result of a once off adjustment to legacy leave liabilities at the Marikana operation (contributing R1,035/4Eoz or 4.5% to AISC for the quarter) as well as restructuring related costs, the benefit of which will be realised in coming quarters. The cost increases were to some extent offset by-product credits increasing by 30% year-on-year to R2.8 billion (US$149 million) and royalties declining by 75%. AISC (including PoC) increased by 11% year-on-year to R22,923/4Eoz (US$1,215/4Eoz).

Capital expenditure of R1.1 billion (US$60 million) for Q1 2024 was 3% lower than for Q1 2023 with ORD declining by 16% to R545 million (US$29 million) because of a decrease in primary (off-reef) development year-on-year. Sustaining capital of R430 million (US$23 million) was 23% higher primarily due to a 62% increase at the Rustenburg operation. Project capital of R154 million was 6% lower due to lower expenditure at the K4 project, in line with plan.

4E PGM production from the Rustenburg operation for Q1 2024 of 137,100 4Eoz was 7% lower year-on-year with underground production of 120,584 4Eoz, 7% lower and surface production of 16,516 4Eoz, 5% lower. The Bathopele mine was impacted by a S54 shutdown

following the fatal incident and the Siphumelele head gear bin failure that resulted in a loss of production of four weeks during March 2024. These shortfalls were partially offset at Khuseleka shaft where production increased year-on-year. AISC of R21,284/4Eoz (US$1,129/4Eoz) for Q1 2024 was 15% higher year-on-year primarily due to lower production, inflationary cost increases and sustaining capital which increased to R207 million (US$11 million), primarily driven by the initial Siphumelele shaft repair costs. ORD expenditure declined by 14% to R145 million (US$8 million). By-product credits increased by 60% to R1.4 billion (US$72 million), primarily due to an 85kt year-on-year increase in chrome produced.

4E PGM production of 174,892 oz from the Marikana operation (including PoC) for Q1 2024 was flat year-on-year with PoC ounces of 25,605 4Eoz, 7% higher. Production (excluding PoC) of 149,287 4Eoz was 2% lower year-on-year, with production from underground of 141,666 4Eoz, 3% lower and surface production of 7,621 4Eoz, 44% higher due to higher throughput and improved plant recoveries. The Marikana underground operations were impacted by the restructuring of the Rowland shaft and underperformance of the subsequently closed 4B shaft partially offset by K4 production which increased by 8,169 4Eoz to 10,589 4Eoz for Q1 2024. AISC (excluding PoC) increased by 15% to R26,606/4Eoz (US$1,411/4Eoz) as a result of the once off adjustment to legacy leave liabilities, which accounted for R2,492/4Eoz or 9.4% of AISC (excluding PoC) as well as annual inflation. AISC (including PoC) of R25,484/4Eoz (US$1,351/4Eoz), was 6% higher year-on-year, with PoC purchase costs declining by 28% year-on-year to R591 million (US$31 million) in line with the decline in PGM prices and the factors detailed previously. While the K4 project remains in build up phase, unit operating costs, ORD and sustaining capital will remain elevated on a unit cost measure, but are expected to reduce as K4 production builds up.

The Kroondal operation produced 61,150 4Eoz for Q1 2024, 48% higher year-on-year due to the consolidation of 100% of the operation as opposed to 50% for Q1 2023. On a comparable basis, Kroondal's production declined by 26% or 10,612 4Eoz. This was primarily due to the closure of the Simunye shaft and the Klipfontein opencast which is at the end of its life. Due to the decrease in production, AISC of R21,848/4Eoz (US$1,158/4Eoz) was 26% higher than Q1 2023.

4E PGM production from Platinum Mile for Q1 2024 of 11,794 4Eoz was 10% lower than for Q1 2023 as a result of 19% lower run of mine tonnes received due to lower production from Rustenburg underground operations as well as lower surface tailings feed. However, a positive trend of improved recoveries has continued with the Waterval West dam conversion to 100% mechanical from hydro-mining improving plant stability and resulting in a 13% increase in yield year-on-year. The chrome extraction plant which was commissioned at the end of 2023 is in build-up phase and produced 18kt of chrome in Q1 2024, with the plan to increase production to the nameplate 240kt per year during H2 2024. Despite the decrease in PGM output and cost pressures, AISC of R9,412/4Eoz (US$499/4Eoz) for Q1 2024 was 10% lower than for Q1 2023 due to by-product credits increasing by 233% to R70 million (US$4 million) because of the chrome production.

Attributable PGM production from Mimosa for Q1 2024 of 29,982 4Eoz was 14% higher than for Q1 2023 with tonnes milled increasing by 10% and recoveries by 7% as a result of the continued optimization of the reagent suite and cell settings. Despite high in country inflationary cost pressures, unit cost was maintained at US$93/tonne (R1,762/tonne). Sustaining capital expenditure was 32% lower to US$9 million (R170 million) due to the completion of the plant optimization study with the new tailings storage facility expected to be commissioned in May 2024. AISC decreased by 9% year-on-year to US$1,243/4Eoz (R23,447/4Eoz) for Q1 2024.

Q1 2024 chrome sales of 638kt were 28% higher than sales of 499kt for Q1 2023, due to improved production from operations, an improved ore transportation strategy with less disruptions and ongoing ramp-up of the chrome tailings project at Platinum Mile. Chrome revenue of R1,552 million (US$82 million) for Q1 2024 was 82% higher than for Q1 2023, due to increased sales volumes and a 2% increase in the received chrome price of US$288/t and a 6% depreciation in the rand:US$ exchange rate.

The K4 project focus is progressing from completion of shaft infrastructure to ramping up production. K4 produced 10,589 4Eoz for Q1 2024 compared with 2,421 4Eoz for Q1 2023. Project capital expenditure for Q1 2024 was R154 million.

Gold production (excluding DRDGOLD) of 3,890kg (125,066oz) from the SA gold operations was 21% lower than for Q1 2023, primarily due to the closure of Kloof 4 shaft during H2 2023, a slower than planned production build-up after the December 2023 shut down compounded by seismicity related challenges at Driefontein 4 Shaft and a transitioning from Carbon Leader to VCR reef at Driefontein 1 Shaft. Production from the SA gold operations (including DRDGOLD) for Q1 2024 of 5,117kg (164,515oz) was 18% lower than for Q1 2023.

AISC (excluding DRDGOLD) of R1,333,818/kg (US$2,200/oz) was 20% higher than for Q1 2023, reflecting the impact of 24% less gold sold inflationary cost pressures and costs incurred at the Kloof 4 shaft as preparations for closure continued during Q1 2024. These costs are forecast to reduce in coming quarters as the shaft rehabilitation and closure is completed. AISC (including DRDGOLD) for Q1 2024 of R1,236,571/kg (US$2,039/oz) was 19% higher year-on-year.

Capital expenditure for Q1 2024 (excluding DRDGOLD) of R984 million (US$52 million) was 20% lower than for Q1 2023 with project capital decreasing by 48% to R213 million (US$11 million) as a result of terminating the Kloof 4 deepening project and less expenditure at the Burnstone project. Sustaining capital decreased by 35% to R106 million (US$6 million), while ORD expenditure increased by 2% to R665 million (US$35 million) as a result of increased ORD at Driefontein.

Production from the Driefontein operation declined by 18% to 1,563kg (50,252oz) as a result of a delayed commencement of production after the Christmas break at most shafts due to elevated temperatures requiring a longer cool down period and Driefontein 1 and 8 shafts experiencing elevated seismicity which delayed the mining of some high grade areas. With these issues mostly resolved, Driefontein production is expected to normalise during Q2 2024. AISC of R1,292,115/kg (US$2,131/oz) was 21% higher than for Q1 2023, primarily as a result of lower production. ORD increased by 14% to R398 million (US$21 million) as a result of a 4% increase in off-reef development to improve mining flexibility. Sustaining capital expenditure decreased by 19% to R65 million (US$3 million) due to a slower start-up of the D1 and D4 pillar projects.

Underground production of 961kg (30,897oz) from the Kloof operation for Q1 2024 was 42% or 683kg (21,959oz) lower year-on-year primarily due the closure of Kloof 4 shaft with Kloof 1 shaft and 8 shaft also impacted by seismic activity. Production from surface sources of 174kg (5,594oz), was 98% higher year-on-year due to a near doubling in yield from the current dumps being reprocessed. AISC of R1,580,279/kg (US$2,606/oz) for Q1 2024 was 30% higher than for Q1 2023 due to lower production and 43% less gold sold than for the comparable period in 2023. Costs are expected to reduce as the Kloof 4 shaft closure process is completed during Q2 2024. Project capital declined from R31 million (US$2 million) in Q1 2023 to zero in Q1 2024 as a result of the closure of Kloof 4 shaft and termination of the Kloof 4 shaft deepening project. For Q1 2024, ORD was 7% lower year-on-year due to the closure of Kloof 4 shaft, partially offset by an increase in off reef development at Kloof 8 shaft. Sustaining capital was 46% lower due to the closure of Kloof 4 shaft.

Underground production from the Beatrix operation for Q1 2024 of 900kg (28,936oz) was 6% lower than for Q1 2023 due to a management imposed safety stoppage in January. Production from surface sources declined from 48kg (1,543oz) in Q1 2023 to 4kg (129oz) for Q1 2024. In addition, the Beatrix processing plant experienced downtime during the quarter which resulted in a temporary stockpile containing 23kg (740oz) which was processed over the Easter period. AISC for Q1 2024 increased by 8% year-on-year to R1,112,112/kg (US$1,834/oz)

with ORD declining by 25% to R62 million (US$3 million). Sustaining capital declined from R14 million (US$1 million) to R3 million (US$3 million) due to projects completed early in 2023.

Surface gold production from the Cooke operation for Q1 2024 increased by 11% to 288kg (9,259oz) with AISC increasing by 38% to R1,356,209/kg (US$2,237/oz) compared to Q1 2023. This was primarily as a result of higher aggregate purchase costs of third party gold bearing material where the purchase price is linked to the gold price. Purchase of aggregate material increased from 120kg (3,858oz) for Q1 2023 to 208kg (6,687oz) for Q1 2024, but resulted in increased profitability.

DRDGOLD gold production of 1,227kg (39,449oz) for Q1 2024, was 8% lower than for Q1 2023 as a result of an 8% decrease in yield as higher grade remnant material at older ERGO and Far West Gold Recoveries (FWGR) sites were depleted and as a result of a reduction of higher grade third party sand material processed at ERGO. AISC for Q1 2024 increased by 17% to 906,404/kg (US$1,495/oz) due to gold sold declining by 8%, and above inflation costs, despite a 46% decrease in sustaining capital reflecting the tailing off of the investment in new infrastructure for major new reclamation sites at both the ERGO and FWGR operations. Project capital increased by 101% in Q1 2024 year-on-year to R322 million (US$17 million), primarily for the construction of the solar power plant project which is expected to be commissioned by the end of May 2024, with the battery storage system expected to be completed in October 2024.

Capital investment in the Burnstone project has been deferred, with stoping and development activities ceasing apart from the main shaft decline development. All construction has been suspended except the completion of the surface conveyors, including the new waste conveyor, with planned completion at the end of May 2024, and the support of Settler No.1 and Clearwater Dam No.1 & 2, with planned completion at the end of June 2024. In Q1 2024 R210 million (US$11 million) was spent on the project. For 2024, planned project capital for Burnstone is unchanged at R390 million (US$22 million). The Burnstone project, following the deferral of capital expenditure as announced in February 2024, also requires restructuring to align with the reduction in planned capital activities. A S189 consultation process on the restructuring of the Burnstone operations is in progress.

The operating performance from the Sandouville nickel refinery was significantly improved year-on-year, with nickel equivalent production for Q1 2024 of 2,279tNi, 42% higher than for Q1 2023. Nickel metal production increased by 64% to 1,935 tNi and nickel salts production of 344 tNi was 20% lower than for Q1 2023. As a result of a build-up in nickel salts inventory and anticipated lower demand from customers, nickel salts production was reduced to adapt to market requirements with a focus on maximising nickel metal output. Process plant stability and reliability was much improved following maintenance work on the cathode circuit during 2023, with the nickel recovery yield increasing further to 97.2% from 96.2% in Q1 2023.

Costs were well controlled with the nickel equivalent sustaining cost for Q1 2024 declining by 40% to US$23,294/tNi (R439,318/tNi), primarily due to lower cost of purchasing feedstock related to the 32% lower average LME nickel price (equivalent basket price of US$19,084/tNi, R359,933/tNi) which is a meaningful cost component. In addition, lower consumption and prices of energy and reagents were significant contributors to lower costs. Sales of nickel salts were 82% higher for Q1 2024 increasing to 417tNi and nickel metal sales increased by 78% to 1,989tNi, which was higher than production for Q1 2024, with a consequent reduction in inventory. Sustaining capital of US$3 million (R62 million), incurred to continuously improve plant reliability, was 33% higher for Q1 2024.

The pre-feasibility study to assess the potential of repurposing the Sandouville plant to produce pCAM was approved and commenced in March 2024 and is progressing as planned. Further announcements will be made as soon as various stages of the study are completed.

Construction of the Keliber lithium refinery in Kokkola has progressed according to schedule. The main building steel frame is complete, and a topping out ceremony was held on 17 January 2024. The effluent treatment plant (ETP) received the building permit, and subsequently earthworks and concrete works have started. Supporting facilities are somewhat behind schedule but without any impact to the overall plant commissioning schedule.

The second phase of the Keliber lithium project, comprising the construction of the concentrator in Päiväneva and the development of the Syväjärvi open pit mine, commenced in late 2023.

A court ruling on three appeals made in relation to the Rapasaari-Päiväneva environmental permit (covering the concentrator and the Rapasaari mine) was received on 23 February 2024. The environmental permit is now legally valid as the court upheld the permit but at the same time referred certain permit conditions back to the permitting authority for further review. Management's view is that: (i) the construction of the concentrator can proceed, as the environmental permit remains valid; (ii) commencement of production from the concentrator is subject to the permitting authority’s review and the issuing of enforceable permit decisions; (iii) can commence operations as scheduled, and (iv) the Rapasaari mine schedule may be delayed by some 1-2 years, but Syväjärvi ore can be used for the first 3-4 years of operations.

•Negotiations with a syndicate of financial institutions for debt financing of the remaining Keliber project capital are advancing

•Identified three sources of external third party spodumene supply to commission the Keliber lithium refinery and provide feed before processing of own ore. Samples from each source of supply were received for testing with final qualification to be confirmed in Q2 2024

Sibanye-Stillwater acquired control of New Century Resources Limited from 22 February 2023, therefore comparison with Q1 2024 is not relevant.

The Century zinc tailings retreatment operation (Century operation) produced 16kt of payable zinc metal at an AISC of US$2,574/tZn (R48,547/tZn) for Q1 2024. Production for Q1 2024, was impacted by wet weather conditions, when combined with the March shutdown (92 hrs duration) this resulted in 595 hrs of lost operational time, compared to 740 hrs downtime in Q1 2023. The rain related downtime allowed for the completion of substantial opportune maintenance works, and the reduction of work required in one of the two annual shutdowns, which was safely completed in March. This has set the operations up well for the comparatively drier months of April through October, where all efforts will be made to catch-up on payable zinc metal production. Sustaining capital expenditure for the quarter was also less than expected at US$1 million (R11 million). With the recent increase in the zinc price and significantly lower spot treatment charges, the outlook for the Century zinc tailings retreatment operation is positive for the remainder of the year.

The Mt Lyell feasibility study (AACE Class 3 Estimate) is progressing and is expected to be completed during H1 2024.

Operating guidance for the 2024 year for all operations remain unchanged and are set out below:

•The US PGM operations forecast production of between 440,000 2Eoz and 460,000 2Eoz, with AISC of between US$1,365/2Eoz (R23,888/2Eoz) to US$1,425/2Eoz (R24,938/2Eoz) excluding any possible S45X credit (45X Advanced Manufacturing Production Credit (S45X credit)). Capital expenditure is forecast to be between US$175 million and US$190 million (R3.1 billion and R3.3 billion), including approximately US$13 million (R228 million) project capital

•3E PGM production for the US PGM recycling operations is forecast to be between 300,000 and 350,000 3Eoz fed for 2024. Capital expenditure is forecast at US$700,000 (R12 million)

•4E PGM production from the SA PGM operations for 2024 is forecast to be between 1.8 million 4Eoz and 1.9 million 4Eoz including approximately 80,000 4Eoz of third party PoC, with AISC between R21,800/4Eoz and R22,500/4Eoz (US$1,245/4Eoz and US$1,285/4Eoz) - excluding cost of third party PoC. Capital expenditure is forecast at R6.0 billion (US$343 million)* for the year

•Gold production from the managed SA gold operations (excluding DRDGOLD) for 2024 is forecast at between 19,500kg (627koz) and 20,500kg (659koz). AISC is forecast to be between R1,100,000/kg and R1,200,000/kg (US$1,955/oz and US$2,133/oz). Capital expenditure is forecast at R3.9 billion (US$223 million), including R390 million (US$22 million) of project capital expenditure provided for the Burnstone project

•Production from the Sandouville nickel refinery is forecast at between 7.5 and 8.5 kilotonnes of nickel product, at a Nickel equivalent sustaining cost of between €21,000/tNi (R399k/tNi)* and €23,000/tNi (R437k/tNi)* and capital expenditure of €8 million (R152 million)*. Capital expenditure at the Keliber lithium project for 2024 is forecast to be about €361 million (R6.9 billion)*

•Production from the Century zinc tailings retreatment operation is forecast at between 87 and 100 kilotonnes of zinc metal (payable) at an AISC of between A$3,032 and A$3,434/tZn (US$2,032 and US$2,302/tZn or R35,560 and R40,285/tZn) and capital expenditure of A$17 million (US$11 million or R196 million). Project capital on the Mount Lyell copper/gold project for 2024 is forecast to be A$6.6 million (US$4 million or R77 million)

NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER

1The US and SA PGM operations, Total SA PGM operations 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 US and SA PGM operations, Total SA PGM operations and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana – Quarters”

2The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation treats various recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below

3Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA

4Production per product – see prill split in the table below

5PGM sold includes the third party PoC ounces sold

6The US and SA PGM operations and 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

7The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment

8Operating 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 ounce (and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period, by the PGM produced in the same period. For a reconciliation, refer to "Unit operating cost - Quarters" US and SA PGM operations

9All-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 kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period. For a reconciliation of cost of sales before amortisation and depreciation to All-in costs, see “All-in costs – Quarters”

10Operating cost, all-in sustaining costs and all-in costs, are not measures of performance under IFRS. As a result, such measures should not be considered in isolation or as alternatives to any other measure of financial performance presented in accordance with IFRS. Non-IFRS measures are the responsibility of the Board

SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)SA gold operations

1Operating 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. For a reconciliation, refer to "Unit operating cost - Quarters" SA gold operations

2All-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. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see “All-in costs – Quarters”

3Operating cost, All-in sustaining costs and All-in costs, are not measures of performance under IFRS. As a result, such measures should not be considered in isolation or as alternatives to any other measure of financial performance presented in accordance with IFRS. Non-IFRS measures are the responsibility of the Board

4Corporate project expenditure for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R213 million (US$11 million), R381 million (US$20 million) and R379 million (US$21 million), respectively, the majority of which related to the Burnstone project

SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)
European operations

1Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution

2Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process

3Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis

4The Nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sold

5The Nickel equivalent sustaining cost, is the cost to sustain current operations. Nickel equivalent sustaining cost per tonne nickel is calculated by dividing the Nickel equivalent sustaining cost, in a period by the total nickel products sold over the same period. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne are intended to provide additional information only, do not have any standardised meaning prescribed by IFRS and should not be considered in isolation or as alternatives to cost of sales, profit before tax, profit for the year, cash from operating activities or any other measure of financial performance presented in accordance with IFRS. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne as presented in this document may not be comparable to other similarly titled measures of performance of other companies. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company’s internal policies. Non-IFRS measures such as Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne are the responsibility of the Group's Board of Directors and because of its nature, should not be considered as a representation of financial performance under IFRS

6Nickel recovery yield is the percentage of total nickel recovered from the matte relative to the nickel contained in the matte received

SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)

1Century is a leading tailings management and rehabilitation company that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia. Century was acquired by the Group on 22 February 2023

2Concentrate produced is the dry concentrate which has been processed that contains zinc, silver and waste material

3Concentrate zinc grade is the percentage of zinc contained in the concentrate produced

4Metal produced (zinc in concentrate) is the zinc metal contained in the concentrate produced

5Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions

6Zinc sold is the zinc metal contained in the concentrate sold

7Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions

8Average 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 metal sold

9All-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 zinc metal produced (payable) in the same period. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters”

10All-in sustaining costs and all-in costs, are not measures of performance under IFRS. As a result, such measures should not be considered in isolation or as alternatives to any other measure of financial performance presented in accordance with IFRS. Non-IFRS measures are the responsibility of the Board

1The US and SA PGM operations, 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 US and SA PGM operations, Total SA PGM operations and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana – Quarters”

2The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into SA rand. In addition to the US PGM operations’ underground production, the operation processes various recycling material which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown

3Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA

4Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs

5Share-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

6Rehabilitation 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

7All-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 kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period