a unique, exciting, global precious metals company ir meeting presentation june 2020. 2 disclaimer...

A unique, exciting,

global precious

metals company

IR meeting presentation

June 2020

2

Disclaimer

The information in this announcement 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 (“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.

All statements other than statements of historical facts included in this announcement may be forward-looking statements. Forward-looking statements also often use words such

as “will”, “forecast”, “potential”, “estimate”, “expect” 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 those in the forward-looking statements include,

among others, our future business prospects; financial positions; debt position and our ability to reduce debt leverage; business, political and social conditions in the United States,

South Africa, Zimbabwe and elsewhere; plans and objectives of management for future operations; our ability to obtain the benefits of any streaming arrangements or pipeline

financing; our ability to service our bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of their current mineral reserves and resources; the ability to

achieve anticipated efficiencies and other cost savings in connection with past, ongoing and future acquisitions, as well as at existing operations; our ability to achieve steady

state production at the Blitz project; the success of Sibanye-Stillwater’s business strategy; exploration and development activities; the ability of Sibanye-Stillwater to comply with

requirements that they operate in a sustainable manner; changes in the market price of gold, PGMs and/or uranium; the occurrence of hazards associated with underground and

surface gold, PGMs and uranium mining; the occurrence of labour disruptions and industrial action; the availability, terms and deployment of capital or credit; changes in relevant

government regulations, particularly environmental, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including

any interpretations thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings or other

environmental, health and safety issues; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs; fluctuations in

exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages of mines for safety incidents and

unplanned maintenance; the ability to hire and retain senior management or sufficient technically skilled employees, as well as their ability to achieve sufficient representation of

historically disadvantaged South Africans in management positions; failure of information technology and communications systems; the adequacy of insurance coverage; any

social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater’s operations; and the impact of HIV, tuberculosis and the

spread of other contagious diseases, such as coronavirus (“COVID-19”). 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 Integrated Annual Report and the Annual

Report on Form 20-F.

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).

3

A unique, diversified, global, precious metal company

Geographically diversified, with unique precious metals mix and long life assets

Americas assets

Southern African assets

US PGM

East Boulder mine(100%)

Reserves: 10.2Moz 2E

Stillwater mine(100%)


Marathon project (49%)

with Generation mining

Altar project (100%)

with Aldebaran (in

Argentina)

SA PGM

Mimosa (50%)

Reserves: 1.7Moz 4E

Platinum Mile (91.7%)

Reserves: n.a.

Rustenburg (100%):


Kroondal (50%)

Reserves: 1.2Moz 4E

Marikana (100%)4

Reserves: 9.2Moz 4E

SA GOLD

Cooke surface (100%)

Reserves: 0.1Moz Au

Driefontein (100%)

Reserves: 2.6Moz Au

Kloof (100%)

Reserves: 4.5Moz Au

Beatrix (100%)

Reserves: 1.5Moz Au

DRDGOLD (50.1%)

Reserves: 2.2Moz Au

Various SA gold projectsReserves: 4.5 Moz Au

Resources: 44.3Moz Au

Various SA PGM projects

Resources: 86.8Moz 4E

Denison project (80%)

with Wallbridge Mining

Shares in issue1

Shares in ADR form2

Market cap¹

2,675,009,860549,995,384 (ADR ratio 1:4 ordinary share)R94 billion (US$5 billion)

Listings JSE Limited share ticker: SSW NYSE ADR programme share ticker: SBSW

¹ Shares in issue and market cap as at 8 May 2020 2 American depository receipts (ADRs) as at 17 April 2020 3 Definition as per debt covenants which includes 12 months pro-forma adjusted EBITDA of Marikana operations *The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt covenant formula. For a reconciliation please refer to the additional results disclosure available on https://www.sibanyestillwater.com/news-investors/

SA gold (oz%)

SA PGM (4E %)

US PGM (2E %)

22%

40%

38%Reserves

(%)

2019

31%

52%

17%

Production

(oz %)

H2 2019

15%

52%

33%

Adj EBITDA1

(Rm %)

H2 2019

Long life Reserves (70Moz), only 14% of Resources (493Moz)

US PGM contribution to Adj. EBITDA to increase as Blitz ramps up

4

• Anglo Platinum Force Majeure on 6 March 2020 due

to converter outage affecting PGM processing

- On 17 March 2020, agreed that material from Rustenburg,

Platinum mile, and 50% of Kroondal would be processed at

Marikana facilities started processing on similar terms

• SA operations

- 25 March 2020 lockdown announced in SA due to COVID-

19 – operations placed on care and maintenance from 27

March to 14 April 2020

- Limited mining (surface and related processing)

commenced on 14 April 2020

- From week of 20 April, SA operations stated to resume

operations in a phased build-up to 50% of capacity (of

workforce)

- From 1 June, 100% levels allowed by SA regulations

› We are following a gradual, risk-based approach which

started with the recall of labour from local areas

• US PGM operations operating with reduced

contractor workforce

- Non-essential capital growth capital suspended

- Blitz project build-up affected

• The Safety, health and wellbeing of

our employees, contractors and

communities is our primary concern

• Every effort continues to be made

to identify and minimise the risks

posed by COVID-19 to employees

and contractors

Update on operations in the light of COVID-19

5

COVID-19 Actions and support in line with Group values, vision and purpose

Contributions to the SA relief funds

Employee wages paid during

lockdown period

Employee donations

matched by the company

Support to local,

small businesses

Social relief

food parcels, water tanks, blankets and

mattresses

Schools and

education –

sanitisation and

catch-up

programmes

Health and safety

preparedness and

support

COVID-19

awareness

communication

6

Summary of COVID-19 contributions

Financial contributions Total

Contributions to the SA national relief funds • Solidarity fund

• Salary sacrifice by board and Executive = R2.8 million

• Additional corporate donation = R12.0 million

• SA Future Trust Fund • Corporate donation = R9.0 million

Employee wages and benefits• Wages and benefits paid to employees

during lockdown period = R1.5 billion• No obligation to pay even though no work

no pay would legally apply

Employee volunteerism scheme • Up to R1.0million employee donations will

be matched by company = potential R2.0 million contribution

R24.8 million contributions + R1.5 billion wages

Local community support Total

Support to local, small businesses

• CEO SMME fund (internal fund) to stimulate local economic growth in local communities = R14.5 million

• Focused spend on local suppliers for COVID related PPE (cloth PPE for employees` families and old aged homes = R1.0 million

Social relief

• 8,000 food parcels for indigent community members = R4 million

• 20 water tanks for communities around Marikana and donation of 600 blankets and mattresses for homeless shelters = R500,000

Schools and education• School sanitisation and support for catch

up programme in North West, Free State and Gauteng = R3.0 million

R23.0 million

Health education and COVID-19 prevention support Total

Health preparedness and support• PPE for health facilities in local clinics (masks,

gowns, gloves and boots) = R2.0 million• Sanitisation of local health facilities, old age

homes, taxi ranks and schools = R3.0 million

• Tracing and screening of employees in labour sending areas and referrals for their families =R1.8 million

• Employee health preparedness• Conversion of hostels to quarantine facilities

in the Free State, West Rand and Rustenburg = R2.9 million SA PGM + R2.0 million SA gold

• Isolation facilities for employees at local

hospitals = R15.0 million• Medical App to trace, screen and educate

employees = R2.5 million annually• Partnership with Gauteng Province on a

facility (isolation or treatment) in West Rand

COVID-19 awareness communication

• 10,000 leaflets with soaps delivered to communities

• Radio slots in local media around our operations

• Community billboards around our operations

• Taxi rank communication

• Total = R1.0 million

R30.2 million

Embedding ESGin line with our purpose

of improving lives

8

Our values define the way we do business – in the interests of all stakeholders

• Recognised the importance of all stakeholders to the success and

sustainability of our business from the start – superior value creation

for all of our stakeholders

• 26 August 2019: 181 CEO’s of the Business Round table in the United

States released a statement on “the Purpose of a Corporation”

which moves away from shareholder primacy and includes a

commitment to lead companies for the benefit of all stakeholders

OUR VISION

SUPERIOR VALUE CREATION

FOR ALL OUR STAKEHOLDERS

through the responsible

mining of our mineral

resources

PURPOSE

Our mining

improves lives

9

Environmental, social and governance (ESG) – a key strategic focus

Creating sustainable value

STRATEGIC THEMES

ENVIRONMENTAL

Promoting natural resources

and improving life -

sustainable use through

increased environmental

consciousness and continual

improvement, minimising

environmental impacts and

a measured transition to a

low carbon future

SOCIAL

Unlocking the potential of

communities affected by

our operations through

economic empowerment,

institutional development

and creating local benefit

that inspires sustainable

living

Our stakeholders will be

heard through transparent

engagements and

incorporating the

knowledge gained into

our business

Aiming to improve the

holistic wellbeing of our

workforce through the

pursuit of risk-based

monitoring of safety and

health factors and

improvement in safety

and health performance.

GOVERNANCE

Respecting human rights of

stakeholders and doing our

business with integrity and

from an ethical foundation

by adherence to good

governance principles and

legal compliance

COMMUNITIES STAKEHOLDER ENGAGEMENT SAFETY AND HEALTH

ESG

10

SG – our products combat climate change

Making a difference – one PGM ounce at a time

Auto

catalysts

Platinum (Pt), palladium (Pd) and rhodium

(Rh) - unique catalytic properties transform

noxious exhaust gasses - hydrocarbons (HC),

nitrogen oxide (NOx) and carbon monoxide

(CO) - into more benign components

(water (H2O), carbon dioxide (CO2) and

nitrogen gas (N2))

One of the world's largest recycler of auto

catalysts – re-use of critical metals. Treating

more recycled ounces than mined ounces

in the US operations

Renewable energy generation

and conservation

Ruthenium(Ru) a component of wind

turbine blades and high-quality glass for

photo voltaic (solar) panels

Rh utilised in energy efficient fiberglass

which is widely used as an insulating

material to reduce heat loss

Alternative power generation

and storage

Pt’s unique catalytic properties make it an

essential component of the hydrogen

economy.

An environmentally friendly source of

energy - Pt’s conductivity makes it ideal for

the electrolysis of hydrogen from water

• Hydrogen fuel cells – an efficient and

environmentally friendly alternative for

generating electricity

E

11

E G –Improving our leading safety performance

• Industry leading safety performance in 2019

- SA gold fatality free since Aug 2018

- 620 days – 11.5 million fatality free shifts (on 6 May 2020)

• US PGM operations fatality free since Oct 2011

• Sibanye-Stillwater peer recognition

- SAMI Safety and health excellence awards

› JT Ryan Award - mining company with the best safety

improvement

› Platinum - 1st place: Bathopele operations and

3rd place: Kroondal West

› Processing - 1st place: ChromTech at the SA PGM

operations and 2nd place: Precious Metals Refinery

in South Africa

• SA PGM operations regrettably had 4 fatalities during

Q1 2020

Source: Company information. * Per million hours worked

S

0.065 0.108 0.086 0.237 0.000 0.0000.00

0.05

0.10

0.15

0.20

0.25

2015 2016 2017 2018 2019 Q1 2020

Fatal injury frequency rate* (SA gold operations)

0.060 0.100 0.070 0.161 0.036 0.0840.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

2015 2016 2017 2018 2019 Q1 2020

Fatal injury frequency rate* (Group)

12

OUR VALUES

OUR VALUES

Commitment

Accountability

Respect

Enabling

Safety

EN

GA

GED

LEA

DER

SH

IP

E G – through our Zero harm strategic framework

ENABLING ENVIRONMENT

EMPOWERED PEOPLE

FIT-FOR-PURPOSE SYSTEMS

Aim to maintain

a safe working environment with

equipment, tools and material that

enable sustainably safe production

Continue to train

people to apply relevant standards

and procedures to work safely

Subscribing to international best practice

principles and integrated systems with a

view to certification in the longer term

• Real risk reduction initiatives ongoing

– Working place layout improvements

› Focus on the elimination of ‘A’ Hazards

– Infrastructure improvement

› Rail-bound equipment safety enhancements

– Rock mass management

• Safe Production leadership and culture

– Individual, team and organisation

– Mirror sessions at SA gold operations

– Values-based decisions intervention

• Safety days

– Section 23 withdrawals reinforcement

• Bow-tie risk management process introduced– University of Queensland coaching

sessions on critical controls– Root cause analysis

• Independent high potential incident reviews• Life-saving rules introduced

• Enhanced Trigger Action Response Plan (TARP) for improved rock mass management

• ISO 45001 Occupational Health & Safety Management System implementation on track

• ICMM membership

S

A new base established2013 – 2019:

creating a leading

precious metal company

14

Perceived high cost, short life SA gold company

Value accretive and high quality PGM acquisitions

A major, global precious metal

company

To build this unique Group we had to transform significantly over 6 years

Delivering value while diversifying risk at the bottom of the cycle

• Reduced costs

• Improved flexibility and quality of mining

• Substantial increase in reserves enhanced by synergistic acquisitions

• Significantly extended operating life

• Included Cooke and Wits gold acquisitions

• Reduced debt/gearing

• Delivered consistent, industry leading returns

• Significant PGM acquisitions (Aquarius and Rustenburg operations in 2016) at the

bottom of the PGM price cycle

• Innovatively financed strategic growth enhancing value

• Implementation of operating model and realisation of consolidation synergies

yielding superior value ahead of schedule

• Acquisition of Stillwater (located in Montana, United States) in May 2017 was

transformative, creating a globally competitive and unique SA mining company

• Unique commodity mix and global geographic presence

• Lonmin acquisition in June 2019 concluded 4th step in PGM strategy

• Secures entire beneficiation chain in SA as well as providing significant optionality to

PGM prices

• Acquired SFA (Oxford) to fast track and build internal competencies and knowledge

relating to power train technology, related metals and battery metal technology

• Acquired 50.1% in DRDGOLD, a listed company Specialist mining company delivering

value through re-treatment of legacy surface tailings

• Well positioned for further value creation

2020² Market

cap:

US$5bn/ R94bn

¹ 11 February 2013, Source: IRESS² 8 May 2020, Source: IRESS

2013¹ Market cap:

US$1.2bn (R10bn)

15

Significant transformation into a leading, global precious metals company

Source: Company filings

Notes:

1. Peer group information using public company filings with platinum, palladium and rhodium reflect primary production (where available) for 2018 actual. RBPlats based on H1 2019 production. Impala does not

disclose primary production for palladium and therefore a similar ratio as the platinum primary production to total production was assumed. North American Palladium also does not disclose primary production

for palladium therefore total production was used

2. 2018 full year production from Sibanye – Stillwater proforma Lonmin (Sep 2018 annuals) excluding recycling volumes

* Impala’s production represent the June 2019 year-end results issued on 5 September 2019

Positioned globally as a leading precious metals producer

Sibanye-Stillwater global PGM ranking – Primary production

0.26

0.30

0.65

1.31

1.32

1.48

RBPlats¹

Northam¹

Norilsk¹

Impala¹,*

Amplats¹

Sibanye-Stillwater²

2018A platinum

production (Moz)

1.01

0.11

0.14

0.22

0.82

1.13

2.73

RBPlats¹

Northam¹

North American Palladium¹

Impala¹

Amplats¹


Norilsk¹

2018A palladium

production (Moz)

16

Significant transformation into a leading, global precious metals company

Source: Company filings

Notes:

1. Peer group information using public company filings with platinum, palladium and rhodium reflect primary production (where available) for 2018 actual. RBPlats based on H1 2019 production. Impala does not

disclose primary production for rhodium therefore a similar ratio for platinum primary production to total production was assumed

2. 2018 full year production from Sibanye – Stillwater proforma Lonmin (Sep 2018 annuals) excluding recycling volumes

# Gold equivalents calculated using a PGM basket price of R473,548/kg and gold price of R552,526/kg

* Impala’s production represent the June 2019 year-end results issued on 5 September 2019

Positioned globally as a leading precious metals producer

Sibanye-Stillwater global gold ranking

7.40

5.81

3.64

3.40

2.48

2.44

2.44

Newmont Goldcorp¹

Barrick¹

Sibanye-Stillwater² #

AngloGold¹

Kinross¹

Polyus¹

Freeport-McMoRan¹

2018A gold and gold equivalents production (Moz)

21

44

164

178

196

RBPlats¹

Northam¹

Impala¹,*

Amplats¹


2018A rhodium

production (Koz)

Sibanye-Stillwater global PGM ranking – Primary production

Gold produced

Gold equivalents

17

3%

38%

12%7%

40%

Reserves

1%

16%

2%

10%

9%

44%

18%

Resources

DRDGOLD US PGM operations Americas projects (PGM&Au)

SA gold operations Gold projects SA PGM operations

SA PGM projects

…with quality assets and abundant reserves and resources*

SA PGM projects at Marikana add future optionality

Source: Company information* Mineral Reserves and Mineral Resources are declared as at 31 December 2019, based on three year trailing price averages and currently a significant discount to spot prices

2019:

70Moz

6% 26%

3%

10%

16%31%

8%

2018:309Moz

4%

41%

0%16%

7%

32% 2018:63Moz

2019:

494Moz

18

• Built a leading and influential PGM business at a favourable stage

in the precious metals cycle for a total of US$3bn1 (R43.0 bn) within four years

Building a leading PGM company…

1. Exchange rate applied to acquisition prices: Aquarius at US$/R14.87 on 12 April 2016, Rustenburg at US$/R13.60 on 1 Nov 2016, Stillwater at US$/R13.64 on 4 May 2017 and Lonmin at US$/R14.83 on 10 June 2019

2. Minimum payment of R4.5 billion (R1.5bn upfront payment made). Balance settled from 35% of free cash flows from the Rustenburg operations

3. Estimate purchase price (not accounting value) of the Lonmin transaction based on Lonmin share capital figure of 290,394,531 shares in fixed ratio of 1:1 resulting in 290,394,531

new Sibanye- Stillwater shares. Considerations estimate based on spot Sibanye-Stillwater closing share price on the JSE of R14.83 per share on 7 June 2019

…. by successfully building a leading global PGM business through well priced transactions

US$269m1 (R4.0bn) for Aquarius in Apr 2016

US$331m1 (R4.5bn²) for Rustenburg in Nov 2016

US$290m1 (R4.3bn³) for Lonmin in June 2019

US$2.2bn (R30bn1) for Stillwater in May 2017

19

-50

0

50

100

150

200

250

300

Re

lativ

e p

ric

e p

erf

orm

an

ce

(%

)

Gold US$/oz Gold R/kg PGM basket (R/4Eoz) PGM basket (US$/4Eoz) PGM basket (US$/2Eoz)

…value accretive acquisitions at a low point in the commodity price cycle

Aquarius and

Rustenburg

transactions

announced -

R/4E basket

price up 180%

Stillwater

transaction

announced -

US$/2E basket

price up 170%

since

DRDGOLD

transaction

announced -

R/kg gold

price up 29%

Lonmin

transaction

announced –

R/4E basket

price up 145%

Source: IRESS

PGM prices significantly outperforming the gold price – US$/oz 4E/2E basket prices are more than 45% higher than US$ gold price

48%

171%

109%

97%

130%

20

35%

65%

2019 Platinum

supply

Source: Company data

Sibanye-Stillwater is well positioned

• Relative to its peers, Sibanye-Stillwater

has a production prill split that is most

closely aligned to global demand

• Sibanye-Stillwater is one of the world’s leading recyclers of PGMs

• Recycling plays an increasingly important role in ESG

51%42%

7%

Pt Pd Rh

Group PGM

production

H2 2019

46%

54%

Primary supply

(mined)

Secondary supply

(recycled)

2019 Palladium

supply

Primary supply

(mined)

Secondary supply

(recycled)

US PGM operations

21

Balanced portfolio positioned to excel and underpinned by fundamentals

1. The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt covenant

formula. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see note 11 of the relevant notes in the condensed consolidated provisional financial statements

*Calculations based on H2 2019 production and average basket prices for H2 2019

Geographical and product diversification providing a balanced exposure to metal prices and the risk profile

50%

41%

7%

1%

30%

46%

22%

1%0%

20%

40%

60%

80%

100%

Platinum Palladium Rhodium Gold

Group (excl. SA gold operations)

59%

30%

9%

2%

36%34%

29%

2%

Platinum Palladium Rhodium Gold

SA PGM operations

22%

78%

14%

86%

Platinum Palladium

US PGM operations

First bar: Metal produced as a % of 4E/2E basket Second bar: Average revenue % contribution based on basket price per metal

Q1 2020 Operating

update

23

Key statistics Q1 2020US dollar SA rand

Quarter ended Quarter ended

Mar 2019 Dec 2019 Mar 2020 KEY STATISTICS Mar 2020 Dec 2019 Mar 2019

UNITED STATES (US) OPERATIONS

PGM operations1

130 899 161 849 141 585 oz 2E PGM production2 kg 4 404 5 034 4 071

201 289 229 540 221 798 oz PGM recycling1 kg 6 899 7 140 6 261

1 305 1 609 2 053 US$/2Eoz Average basket price R/2Eoz 31 569 23 684 18 283

104.6 171.4 133.8 US$m Adjusted EBITDA3 Rm 2 058.6 2 522.5 1 465.9

27 28 30 % Adjusted EBITDA margin3 % 30 28 27

833 798 894 US$/2Eoz All-in sustaining cost4 R/2Eoz 13 756 11 747 11 671

SOUTHERN AFRICA (SA) OPERATIONS

PGM operations5

263 508 461 719 418 072 oz 4E PGM production2 kg 13 004 14 361 8 196

1 221 1 600 2 158 US$/4Eoz Average basket price R/4Eoz 33 192 23 558 17 104

62.8 259.7 523.0 US$m Adjusted EBITDA3 Rm 8 043.1 3 822.7 880.0

51 39 51 % Adjusted EBITDA margin3 % 51 39 51

845 1 040 1 089 US$/4Eoz All-in sustaining cost4 R/4Eoz 16 745 15 309 11 841

Gold operations

143 278 300 578 238 076 oz Gold production kg 7 405 9 349 4 456

1 306 1 415 1 608 US$/oz Average gold price R/kg 795 323 669 797 588 040

(115.0) 76.4 73.2 US$m Adjusted EBITDA3 Rm 1 125.8 1 125.1 (1 611.4)

(63) 17 19 % Adjusted EBITDA margin3 % 19 17 (63)

2 030 1 314 1 500 US$/oz All-in sustaining cost4 R/kg 741 858 621 943 914 590

GROUP

57.7 502.8 723.8 US$m Adjusted EBITDA3,6 Rm 11 131.8 7 401.4 808.0

14.01 14.72 15.38 R/US$ Average exchange rate

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

2 Platinum Group Metals (PGM) production in the SA operations (including attributable production from Mimosa) is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au). The US operations primarily produce palladium and platinum, referred to as 2E (2PGM)

3 The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt covenant 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. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue

4 See “salient features and cost benchmarks for the quarters” for the definition of All-in sustaining cost5 The SA PGM operations’ results for the quarter ended 31 March 2019 excluded the Marikana operations 6 The Group adjusted EBITDA includes the impact of the streaming transaction which is only recognised at the Corporate level

24

Benefits of strategic transformation clearly apparent (Rm)

Source: Company results information



Note: Q4 2018, Q1 2019, Q2 2019 at the SA gold operations have been impacted by the five month gold strike from Nov 2018 to April 2019 with subsequent gradual build up to new normalised levels

Record R11 billion quarterly adjusted EBITDA1 achieved in Q1 2020

10

11

12

13

14

15

16

(4 000)

(2 000)

0

2 000

4 000

6 000

8 000

10 000

12 000

Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

R:U

S$

R m

illio

n

SA PGMSA Gold US PGM Average rand: US dollar exchange rate (RHS)

Profitability (adjusted EBITDA1 Rm) and R/US$ exchange rate

25

Benefits of strategic transformation clearly apparent (US$m)

Source: Company results information



Note: Q4 2018, Q1 2019, Q2 2019 at the SA gold operations have been impacted by the five month gold strike from Nov 2018 to April 2019 with subsequent gradual build up to new normalised levels

Record US$724 million quarterly adjusted EBITDA1 achieved in Q1 2020

10

11

12

13

14

15

16

(200)

(100)

0

100

200

300

400

500

600

700

800

Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

R:U

S$

US$

mill

ion

SA PGMSA Gold US PGM Average rand: US dollar exchange rate (RHS)

Profitability (adjusted EBITDA1 US$m) and R/US$ exchange rate

26

Capital guidance3 2020

Source: Company forecasts

1. Estimates are converted at an exchange rate of R17.00/US$

2. SA PGM operations’ production guidance include the 50% attributable Mimosa production, although AISC and capital exclude Mimosa due it being equity accounted

3. Production and cost guidance for 2020 were suspended in May 2020 due to the uncertainty of the impact of COVID-19. Capital guidance were updated on 12 May 2020

Previous Capital

guidance

Updated Capital

guidance3

US PGM operations

(2E mined)

US$260 - 280

million

US$200 – 220

million

SA PGM operations²

(including Marikana)

R3,100million

(US$182 million)¹

R2,200million

(US$129 million)¹

SA Gold operations

(excluding DRDGOLD)

R3,340 million

(US$196 million)

R2,500 million

(US$147 million)

Update on

recent acquisitions

28

Integration of Marikana progressing well

10 Jun

Day 1

14 Jun

AMCU sets wage

demand

25 Sep

Issued S189 notice

15 Nov

Signed wage

agreement

10 Dec

CCMA consultation

process complete

Marikana Christmas

Break

Jan 2020

Workforce transition

concluded

Jul 2020E

System integration complete

Aug 2020E

Operational stabilisation

Delivery of anticipated synergies on track and ahead of initial expectations

Continued stakeholder engagement

Synergy initiative monthly tracking and reporting

Integration management office (IMO) milestone

achievement tracking

Evaluation of projects (K4, Newman and Pandora)

Change and stakeholder impact assessment

Synergy Initiative identification and evaluation

Management of interdependencies and risks across functional streams

Day 1-180 functional stream plan execution

Signed wage agreement and completion of restructuring (closure of the

Generation 1 shafts)

29

…annualised synergies from Marikana (Lonmin) surpassing initial estimates

Expected to realise 65% more annualised cost savings for the 2020 year

Category Summary of key initiatives

Initial benefits

identified

(Rm)

Realised benefits

since acquisition

(Rm)

Estimated

annual

benefits

(Rm)*

Closure of London offices • Corporate rationalisation (closing London office and delisting) 138 17 198

Operating (mine) and

regional shared services

synergies (Labour savings)

• Employees and management configured to reflect the

Sibanye-Stillwater operating model

• Consolidation of duplicated production and support functions

374 68 818

Optimal use of surface

infrastructure

• Footprint reduction

• Concentrator consolidation/optimisation

125 74 127

Sourcing and stores

management

• Improved procurement and supply chain management 30 4 7

ICT • Payroll system aligned to Sibanye-Stillwater

• SAP system consolidation for South Africa

• Infrastructure consolidation

63 5 20

Other • Functional optimisation 0 12 33

Total • Savings R730m per annum

(over 3 - 4 years)

R180m

(over 7 months)

R1.2bn

(2020)

Additional possible savings • Processing synergies 550 0 0

Financing cost savings • Refinancing of the $169 million Lonmin PIM Prepay 0 120 210

*Expected annual benefits have been calculated based on the current Marikana integration process

30

Global PGM cost curve (cash cost + capital)

Realisation of synergies to move Marikana down the cost curve

Bo

uld

er

(SG

L)

Kro

on

dal

(SG

L/A

MS)

Still

wat

er

(SG

L)

LDI (

IMP

)

Bo

oys

end

al (

NH

M)

Mo

gala

kwen

a (A

MS)

Sylv

ania

Du

mp

s (S

LP)

Zim

pla

ts (

IMP

)

BR

PM

(R

BP

)

Un

ion

(SI

Y)

Un

ki (

AM

S)

Mim

osa

(IM

P/S

GL)

Two

Riv

ers

(AR

M/I

MP

)

Mo

dik

wa

(AR

M/A

MS)

Am

and

elb

ult

(A

MS)

Mo

toto

lo (

GLE

N/A

MS)

Mar

ula

(IM

P)

Ru

ste

nb

urg

(SG

L)

Mar

ikan

a (S

GL)

Zon

der

ein

de

(NH

M)

Imp

ala

Min

e (I

MP

)

-

250

500

750

1 000

1 250

1 500

1 750

2 000

2 250

2 500

-

250

500

750

1 000

1 250

1 500

1 750

2 000

2 250

2 500

499 999 1 499 1 999 2 499 2 999 3 499 3 999 4 499 4 999 5 499 5 999 6 499 6 999 7 499 7 999 8 499

Cas

h c

ost

an

d b

aske

t P

rice

(U

SD/o

z)

Cumulative annual production (4E Koz)

Global PGM cash cost & capital curve (CY19E - at spot)

Spot PGM Basket price received

Marikana to move down the cost curve as savings are realised

Source: Nedbank, February 2020

*Excludes current growth capital from Blitz

*

31

• A strategic investment with a strong commercial

underpin

- 50.1% shareholding in listed entity currently worth

R7.5 billion (US$410 million)

- Vended in selected surface assets for 38.05% stake

› No value attributed to assets by market

› Significant future rehabilitation liability and expense

- Paid cash of R1.1 billion ((US$76 million) to increase

stake to 50.1% on 22 Jan 2020

› Price paid R6.46 per share versus current price R17.97*

value uplift = R1.94 billion

- Dividends received to date: R52m (Aug 2019) and

R108m (US$7.2 million) (Feb 2020)

• About DRDGOLD

- Specialist mining company delivering value

through re-treatment of legacy surface tailings

- Reduces environmental liabilities and potential

health risks for surrounding communities

- For more information, refer to

https://www.drdgold.com

Strategic stake in DRDGOLD - ESG focused dump retreatment specialist

Delivering value while addressing environmental liabilitiesDelivering value while addressing environmental liabilities

* DRDGOLD share price on 9 May 2020

32

• About SFA (Oxford)

- World-renowned authority on

platinum-group metals and

provides in-depth market

intelligence on battery raw

materials and precious

metals for industrial,

automotive, and smart city

technologies, as well as on

jewellery and investment

trends

- For more information refer to

https://www.sfa-oxford.com/

Intellectual capacity into tomorrow’s metals - SFA Oxford acquisition

Fast tracking our PGM insights & technology

- Acquired in March 2019

- Expected an update on work done on battery metals for Sibanye-

Stillwater in Q2 2020

- In-depth market research and integrity are underpinned by extensive

consulting from mine to market to recycler

- Unrivalled understanding of industry dynamics

SFA works across the whole industry value chain

Borrowings and

leverage

34

Deleveraging continues

• Continued de-leveraging

- Net debt reduced to US$1,125 million

(R20 billion), from US$1,497 million (R21

billion) in December 2019

- Net debt: adjusted EBITDA reduced

to 0.75x, from 1.25x in December 2019

• Factors impacting on leverage

during the Q1 2020

- Whilst the US$ value of debt has

reduced by US$372 million, Rand

weakness has increased the reported

Rand value of the predominantly US$

debt

- This includes a downwards

revaluation of the CB’s due to share

price weakness reducing debt by

US$211 million

- Significant abnormal inventory build

up during the quarter has utilised

approximately US$200 million of cash

that should be available for

application towards debt during the

remainder of the year

Net debt reduced to US$1,125 million (R20 billion) with ND:EBITDA of 0.75x as at 31 March 2019

0.5

1.0

1.5

2.0

2.5

3.0

3.5

$0

$500

$1 000

$1 500

$2 000

$2 500

Jun 17 Sep 17 Dec 17 Mar 18 Jun 18 Sep 18 Dec 18 Mar 19 Jun 19 Sep 19 Dec 19 Mar 20

x

US$

mill

ion

Net debt excl Convertible bond (lhs) Convertible bond (lhs)

Net debt: Adjusted EBITDA (rhs) Covenant limit (rhs)

Net debt to adjusted EBITDA1 US$m



2. For covenant calculations Marikana’s pro forma EBITDA is utilised (i.e. adjusted to represent a full 12-month period, rather than 10 month as consolidated for accounting purposes) in order to more

accurately represent the enlarged entity post an acquisition

35

Very limited debt maturities during 2020 and 2021

Next meaningful maturity being the US$354 million (R6.3 billion) June 2022 bond’s

$147 $74

$368

$308

$354

$413

$345

$2 007

$1 125

$882

$12

-$500

$0

$500

$1 000

$1 500

$2 000

$2 500

2020 2021 2022 2023 2024 2025 Gross debt Net cash

(incl drawn

overdrafts)

Net debt Committed

Undrawn

facilities

US$ m

illio

n

$600m USD RCF R5.5bn ZAR RCF $354m 6.125% 2022 bonds

$384m 1.875% 2023 convertible $347m 7.125% 2025 bonds Gross or Net debt

Net cash (incl drawn overdrafts) Committed undrawn facilities

Debt maturity ladder (i.e. Capital repayment profile) as at 31 March 2020

1. Graph indicates book values

2. Net cash includes drawn overdrafts (i.e. gross cash of US$917 million less drawn overdrafts of US$35 million results in net cash of US$882 million at 31 March 2020)

• Net debt reduced to US$1,125 million at 31

March 2020, from US$1,497 million at 31

December 2019

- US$372 million quarterly reduction includes

a US$211 million downwards revaluation of

the CB’s

- RCF’s were mostly drawn during March

2020 to ensure simple access to liquidity,

with net cash on hand of US$882 million

(R15.7 billion) at 31 March 2020

• The remaining one year extension of the USD

RCF’s maturity is awaiting final approval, with

five of eight lenders having approved the

extension to April 2023

• The ZAR RCF includes two one-year extension

options, the first of which would be considered

by the lenders in October 2020. This could

ultimately extend the ZAR RCF maturity date to

November 2024

• The soft call option on the 2023 CB’s at

approximately R36/share (US$2.03/share) may

allow for conversion after October 2020,

reducing net debt and 2023 maturities

Strategy and share

performanceConclusion

37

Our strategic focus areas

Significant progress made in 2019 addressing investor strategic concerns

Strengthen our position

as a leading international

precious metals mining

company by:

38

Relative share price performance

Strong shareholder value creation returns – intention to resume dividends*

• Significant value created

by share price increase

• Outperformed peers over

14 months but came off

low base

• PGM stocks significantly

outperforming gold stocks

• Previous discount related

to safety incidents in 2018,

five months gold strike, high

gearing and delayed

Lonmin transaction

Source: IRESS

* Intention to pay dividends, depending on impacts of COVID-19 and subject to current commodity prices, ongoing management review and approval by the Board

-50

0

50

100

150

200

250

300

Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20

%

Sibanye-Stillwater AngloGold Gold Fields Harmony FTSE/JSE ALSI AngloPlat Implats

Questions?

Contacts

James Wellsted/ Henrika Ninham/Chris Law

[email protected]

Tel:+27(0)83 453 4014/ +27(0)72 448 5910/ +44 (0)7923126200

JSE: SGL ticker changed to SSW from 19 February 2020

NYSE: Ticker SBGL changed to SBSW on 24 February 2020

40

Competent persons’ declaration

For the United States Region operations, the lead competent person designated in terms of the SAMREC Code, who takes responsibility for the consolidation and reporting of the Stillwater

and East Boulder Mineral Resources and Mineral Reserves, and for the overall regulatory compliance of these figures, is Brent LaMoure, who gave his consent for the disclosure of the 2019

Mineral Resources and Mineral Reserves Statement. Brent [B.Sc Mining Eng] is registered with the Mining and Metallurgical Society of America (01363QP) and has 25 years’ experience

relative to the type and style of mineral deposit under consideration. Brent is an ex permanent employee of Sibanye-Stillwater and is currently a Contract Ore Reserve Manager to the

company.

For Resource estimation for the project in the Americas, the competent persons are Stanford Foy (Altar and Rio Grande) and Rodney N Thomas (Marathon). Stan is a full-time employee of

Aldebaran Resources Inc. and a consultant to Sibanye-Stillwater, is registered with the Society for Mining, Metallurgy and Exploration Inc. (4140727RM) and has 28 years’ experience relative

to the type and style of mineral deposit under consideration. Rodney is registered with the Society for Professional Geoscientists (Ontario) and has 40 years’ mineral industry experience,

including several years relative to the type and style of mineral deposit under consideration and is a full-time employee and the designated Qualified Person for Generation Mining Limited.

For the Southern African Platinum Operations, the lead competent person designated in terms of the SAMREC Code, who takes responsibility for the consolidation and reporting of the SA

Platinum Operations Mineral Resources and Mineral Reserves, and for the overall regulatory compliance of these figures, is Andrew Brown, who gave his consent for the disclosure of the

2019 Mineral Resources and Mineral Reserves Statement. Andrew [M.Sc Mining Eng] is registered with SAIMM (705060) and has 36 years’ experience relative to the type and style of mineral

deposit under consideration. Andrew is a full-time, permanent employee of Sibanye-Stillwater.

For the Southern African Gold Operations, the lead competent person designated in terms of the SAMREC Code, with responsibility for the consolidation and reporting of the SA Gold

Operations Mineral Resources and Mineral Reserves, and for overall regulatory compliance of these figures, is Gerhard Janse van Vuuren, who gave his consent for the disclosure of the

2019 Mineral Resources and Mineral Reserves Statement. Gerhard [GDE (Mining Eng), MBA, MSCC and B. Tech (MRM)] is registered with SAIMM (706705) and has 32 years’ experience

relative to the type and style of mineral deposit under consideration. Gerhard is a full-time, permanent employee of Sibanye-Stillwater.

For the 38.05% attributable portion (as at 31 December 2019) of the DRDGOLD current surface tailings operations includes the ERGO and FWGR operations, the company was reliant on

external competent persons as follows: For the ERGO Mineral Resources the Competent Person designated in terms of SAMREC is Mr M Mudau, MSc Eng, Pr. Sci. Nat., the Resource

Geology Manager at the RVN Group. The Competent Person designated in terms of SAMREC who takes responsibility for the reporting of the surface Mineral Reserves, is Professor S

Rupprecht, Principal Mining Engineer of the RVN Group. The Competent Person designated in terms of SAMREC who takes responsibility for the reporting of the Mineral Reserves for the Far

West Gold Recoveries operation, is Mr Vaughn Duke of Sound Mining Proprietary Limited.

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