Sibanye-Stillwater (NYSE: SBSW) targets cost cuts, debt reduction and growth

Rhea-AI Filing Summary

Sibanye-Stillwater Limited sets out a refreshed strategy to create a high-performing, future-focused metals business. The plan focuses on simplification of its operating model, performance excellence, disciplined capital allocation and value-accretive growth across primary mining, secondary mining and recycling.

The Group targets about R3 billion in annual cost savings by 2027 and a ~2.5% increase in gold-equivalent production off its 2027 base, mainly through productivity initiatives. It also aims for more than a 15% production uplift off its 2035 base from brownfield projects, while transitioning South African gold toward shallower, higher-margin operations.

Management plans to reduce gross debt by around 50% over two to three years from roughly US$2.2 billion, maintain gearing below 1.0x net debt to adjusted EBITDA and apply a dividend policy of 25–35% of normalised earnings. Capital will be split roughly one-third each between stakeholder returns, debt reduction and life-extension or growth, while projects such as the K4 PGM expansion, Burnstone and the phased Keliber lithium refinery ramp-up are advanced within a capital envelope that is not expected to rise significantly.

Insights

Metals and mining equity analyst

Sibanye-Stillwater outlines a deleveraging, cost-focused growth plan built around organic brownfield projects.

The strategy pivots from transformational M&A toward optimising the existing portfolio and executing organic projects. Management highlights a simplified, regional operating model, with decentralised teams focused on operational excellence and central functions handling capital allocation, project execution and portfolio optimisation.

Key numerical targets include R3 billion annual cost savings by 2027, about 2.5% production growth off the 2027 base from performance initiatives, and more than a 15% increase in production relative to the 2035 base through low-capital brownfield extensions. These are framed alongside an intention to hold Group capital spending roughly steady while advancing projects such as K4, Siphumelele mechanised and Burnstone.

On the balance sheet, the Group seeks to cut gross debt by about 50% from roughly US$2.2 billion within two to three years, keep net debt to adjusted EBITDA below 1.0x and continue a dividend payout of 25–35% of normalised earnings. Actual outcomes will depend on operational delivery and the external macro and commodity-price environment referenced in the strategy materials.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Dated 29 January 2026

Commission File Number 333-234096

Sibanye Stillwater Limited

(Translation of registrant’s name into English)

Constantia Office Park

Cnr 14th Avenue and Hendrik Potgieter Road

Bridgeview House, Ground Floor

Weltevreden Park, 1709

South Africa

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under

cover of Form 20-F or Form 40-F:

☒ Form 20-F  ☐ Form 40-F

Exhibit No.		Description
99.1		Strategy update presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Sibanye Stillwater Limited
Date: 29 January 2026	By:	/s/ Charl Keyter
		Name:	Charl Keyter
		Title:	Chief Financial Officer

29 January 2026 Creating shared value Our strategy Exhibit 99.1 Our journey An entrepreneurial growth story 2 Our strategy Unlocking unrealised value3 Summary and conclusions Agenda 4 Q&A Creating a high-performing, future-focused metals business Keliber lithium refinery, Finland 1 Safety share 5

3www.sibanyestillwater.com Disclaimer FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation may be forward-looking statements. Forward-looking statements may be identified by the use of words such as “will”, “would”, “expect”, “forecast”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “intend”, “target”, “estimate” and words of similar meaning. These forward-looking statements, including among others, those relating to Sibanye Stillwater Limited’s (Sibanye-Stillwater or the Group) future financial position, business strategies and other strategic initiatives, business prospects, industry forecasts, production and operational guidance, climate and ESG-related targets and metrics, and plans and objectives for future operations, project finance and the completion or successful integration of acquisitions, are necessarily estimates reflecting the best judgement of Sibanye-Stillwater’s senior management. Readers are cautioned not to place undue reliance on such statements. Forward-looking statements involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Sibanye-Stillwater that could cause its actual results and outcomes to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. As a consequence, these forward- looking statements should be considered in light of various important factors, including those set forth in Sibanye-Stillwater’s 2024 Integrated Report and annual report on Form 20- F filed with the Securities and Exchange Commission (SEC) on 25 April 2025 (SEC File no. 333-234096). These forward-looking statements speak only as of the date of this presentation. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required). NON-IFRS MEASURES The information contained in this presentation contains certain non-IFRS measures, among others adjusted EBITDA, AISC, AIC, and normalised earnings. These measures may not be comparable to similarly-titled measures used by other companies and are not measures of Sibanye-Stillwater’s financial performance under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For definitions and reconciliation of relevant non-IFRS measures, see Non-IFRS measures section in the operating and financial results booklet and notes to consolidated interim financial statements for H1 2025. MINERAL RESOURCES AND MINERAL RESERVES Sibanye-Stillwater’s Mineral Resources and Mineral Reserves are estimates at a particular date, and are affected by fluctuations in mineral prices, the exchange rates, operating costs, mining permits, changes in legislation and operating factors. Sibanye-Stillwater reports its Mineral Resources and Mineral Reserves in accordance with the rules and regulations promulgated by each of the SEC and the JSE at all managed operations, development, and exploration properties. WEBSITES References in this presentation to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of, this presentation. 4www.sibanyestillwater.com A future-focused metals business Our strategy centres on performance excellence, delivering future-facing metals that power clean energy and drive global progress. We’re uniquely positioned to supply these metals responsibly — through primary mining, secondary mining, and recycling — embracing the circular economy and building partnerships across the value chain. Our approach will enhance capital returns for our shareholders, ensure supply resilience for our customers, while delivering sustainable growth and shared value for all our stakeholders. Driving returns today and positioning us to deliver into the economy of tomorrow.

5www.sibanyestillwater.com Our journey An entrepreneurial growth story Stillwater mine, US PGM operati ns 6www.sibanyestillwater.com An entrepreneurial growth story Implementing operating expertise to realise value in mature gold operations Geographically diversifying PGM business Embracing resource stewardship to responsibly deliver metals Leveraging operating model to consolidate PGMs Leveraging market knowledge to diversify into battery metals and deliver into Western supply chains Secondary mining Recycling Primary mining Today Future-focused metals Stillwater (‘17) Century (‘21) Reldan (‘24) DRDGOLD (‘18) Cooke, Wits Gold (‘13) Lonmin (‘19) Aquarius, Rustenburg (‘16) Metallix (‘25) Gold Gold PGMs PGMs Zinc Au, Ag, PGMs + Cu++ Battery metals Keliber (Li, ‘21) Sandouville (Ni, ‘22)

7www.sibanyestillwater.com Creation of a substantial operating base Inherited life of mine (2012) 1. Equivalent gold ounces determined for Keliber (Li) and NCR (Zn) using each year prices for all commodities: Gold: $3,179/oz in 2025, $2,506/oz in 2026, $3,068/oz in 2027, $2,931/oz in 2028, $2,730/oz in 2029 and $2,463/oz 2030 onwards; Lithium; $10,241/t in 2025; $7,500/t in 2026; $14,623/t in 2027; $16,102/t in 2028; $17,418/t in 2029 and $18,216/t 2030 onwards; Zinc: $2,483/t in 2025; $2,646/t in 2026; $2,533/t in 2027; $2,576/t in 2028; $2,575/t in 2029 and $2,397/t 2030 onwards. LOM profile excludes recycling. 2. Profile based on 31 Dec 2024 LOM which is to be refreshed with updated resources and reserves Current life of mine (December 2024)2 500 1,000 1,500 2,000 2,500 3,000 0 2015 2017 20192013 2023 2025 2027 2029 2031 2033 2035 2037 20392021 2013-2025 2026 and beyond K o z’ s 500 1,000 1,500 2,000 2,500 0 2025 2029 2031 2033 2035 2037 20392027 3,000 SA gold (Au) DRDGOLD (Au) SA PGM (4E PGM) US PGM (2E PGM) Keliber (Li)1 Century (Zn)1 K o z’ s 8www.sibanyestillwater.com Diversified earnings underpinned by precious metals -10 0 10 20 30 40 50 60 70 2017 2018 2019 2020 2021 2022 2023 2024 Q1 - Q3 20252 Q1 - Q3 20252 Adjusted annual EBITDA contribution by commodity R billion p.a., 2017-2025 Gold PGM1 Nickel Zinc Secondary mining Recycling Primary mining Adjusted EBITDA contribution by production source R billion,% contribution to Group, Q1 – Q3 20252 1. PGMs includes SA operations, US operations, US recycling, and US Reldan operations 2. Normalised adjusted EBITDA excluding S45X credits recognised in H1 2025 for 2023 and 2024 of R2.47 billion (US$139 million) and R1.93 billion (US$109 million) respectively Secondary mining Recycling Primary mining 6%19% 75%

9www.sibanyestillwater.com 67 17 1 3 South Africa Americas Europe Australia An extensive, strategic geographical footprint R88bn Revenue by geography R billion, 9 months ended 30 September 2025 US PGMs SA PGMs Battery metals Secondary mining SA gold Recycling/Urban mining * Non-managed 10www.sibanyestillwater.com Demonstrated delivery on our vision of shared value for all stakeholders 1. Sibanye-Stillwater starting point is listing price on 11 February 2013 of R13.05. Peers and JSE All-Share start on 11 February 2013 close price. Data is through 31 December 2025 (Source: Factset); 2. Average return performance of Gold Fields, Barrick Gold, Newmont, AngloGold Ashanti, Agnico Eagle Mines, Fresnillo, Harmony Gold, DRD Gold, weighted by 2013 market cap, 3. Average return performance of Impala Platinum, Northam Platinum, Valterra Platinum, weighted by 2013 market cap, 4. 2013-2024 cumulative, 5. 2024, includes contractors, 6. Specific to South Africa region, 2013-2024, 7. 2015-2024, 8. Sibanye-Stillwater has endorsed the Responsible Gold Mining Principles (RGMPs) developed by the World Gold Council (WGC) and has achieved responsible sourcing accreditation from the London Platinum and Palladium Market (LPPM). 9. Renewable information as of 30 September 2025, with first renewables only commencing in March 2025. 10. The FTSE Russell green revenue factor is defined by FTSE Russell as the percentage of revenue that is derived from products that have a positive environmental utility, which help prevent, restore and/or adapt to issues deriving from climate change, natural resource limitations and environmental degradation. This measure enables precise identification of green products and services across the entire value chain and helps investors assess revenue exposure to green activities within the Group Employees 72k employees5 R220bn paid in salaries & benefits4 Communities R9bn invested in training and development4 R20bn invested in socio-economic development and CSI4 Environment 15% reduction in water used7 Generated 90GWh renewable energy9 Reduced emissions by 107kt CO2 9 Shareholders Total shareholder return of 582% since listing in 20131 Suppliers R206bn spent on total discretionary procurement6 Government R50bn taxes and royalties paid4 Customers Endorsed the framework for responsible sourcing of metals8 73% green revenue factor10 582% 2013 2015 2017 2019 2021 2023 2025 -100 0 100 200 300 400 500 600 700 Sibanye Stillwater PGM peer average3 Gold peer average2 FTSE JSE All-Share

11www.sibanyestillwater.com Our strategy Unlocking unrealised value K4 Marikana shaft, SA PGM operations 12www.sibanyestillwater.com Our strategy Creating a high-performing, future-focused metals business We will strengthen our fundamentals... Optim isi ng p ro fit a b ili ty a n d d is c ip lin e d c a p ita l a llo catio n Solidify business essentials Simplify our portfolio towards highest- return assets Disciplined capital allocation framework to drive shareholder returns, balance sheet strength and sustainability Increase efficiency through simplified operating model Increase operating margins through operational excellence Underpinned by appropriate systems and our performance culture of care Performance excellence ... to deliver flexibility for growth Geographies in which we have a competitive advantage Build on our resource stewardship across primary mining, secondary mining and recycling Sustain a precious metals underpin with growth in commodities enabling the energy transition Delivering long te rm v a lu e th ro u g h o rg a n ic a n d e xternalgrowth Delivering value accretive growth Unlock inherent resource value through organic growth projects

13www.sibanyestillwater.com Our operating context: a rapidly changing world Increased demand for gold and intensifying competition for metals Increasing demand across all commodities Increasing importance of beneficiation Increased demand across critical minerals and energy transition metals Growing middle class boosting consumption Growing energy demand and broad electrification Global and local regulations reshaping value chains Technological innovation Geopolitical fragmentation and rising multipolarity Rapidly changing demand dynamics for critical metals Understanding our macro context to ensure future resilience 14www.sibanyestillwater.com Refreshed strategy prioritises unlocking unrealised value 1 of operating model and asset portfolio to enhance accountability, agility and management focus Simplification 2 through holistic improvement to drive higher marginsPerformance excellence 3 focused on value creation that is anchored in returns and unlocking organic value as a priority Growth 4 through a disciplined framework prioritising returns and securing sustainability Capital allocation P ill a rs

15www.sibanyestillwater.com Fit for purpose operating model, with a focus on operational delivery Regionalised growth and capital allocation strategies Decentralised, regional management teams From Simplification1 Performance excellence 2 Growth3 Capital allocation 4 1. Return on capital employed • Group accountability for strategic growth, capital allocation, portfolio optimisation, project development and executions • Decentralised, empowered operational teams focusing on operational excellence • Centralised Group support services To • Enhanced productivity focus • Clear operational accountability • Cost savings through shared service synergies and overhead reductions • Agile and efficient decision making • Productivity improvement initiatives identified to drive ~2.5% production increase (revenue) off current base by 2027 • R3bn p/a cost savings by 2027 • Maximise ROCE1 • Development of project execution as a core competency • Enterprise-wide alignment with Group’s strategic priorities Benefits 16www.sibanyestillwater.com 1. Chief Operating Officer 2.Chief Transformation Officer 3. Chief People Officer 4. Chief Sustainability Officer 5. Chief European Advisor 6. Business Development Experienced operating team and refined structure to deliver on strategy Melanie Naidoo- Vermaak CSO4 Richard Cox COO1: SA operations Charles Carter COO1: International & Recycling operations Charl Keyter, CFO Mduduzi Bhulose Head of BD6 Mika Seitovirta CEA5 Themba Nkosi CPO3 Robert van Niekerk, CTO2 GROWTH Enable portfolio optimisation and growth Ralph Lombard Head of projects Richard Stewart CEO Head of Safety Chief of staff Investor relations Sales & marketing CEO’s office O P E R A TI O N S D riv e p e rf o rm a n c e e xc e lle n c e FINANCE Deliver disciplined capital allocation SUPPO R T FU N C TIO N S En a b le p e rfo rm a n c e e xc e lle n c e Simplification1 Performance excellence 2 Growth3 Capital allocation 4

17www.sibanyestillwater.com Expected outcomes Aligns with core strategic priorities, considering: • Commodity • Geography • Competitive advantage Portfolio simplification to focus capital on highest-return opportunities • Maximise value realisation opportunities − Invest, maintain, harvest, partnerships, divestments 3. Value realisation Management attention focused on high-value, cash-generative assets Enhanced capital efficiency and ROCE1 Portfolio aligned with core capabilities and opportunity areas Value crystallisation from divested assets 1. Strategy alignment Strategic priority • Primary mining: SA gold, PGM (SA and US), Li (EU) • Secondary mining: DRDGOLD, Century Zn • Recycling: Columbus, Reldan and Metallix Under evaluation • Mt Lyell, Phos One, GalliCam • Minority equity holdings in Marathon, Altar projects • Risk-adjusted and stage-gated hurdle rates • Finance options (internal capital or external finance) • Cash flow per share accretive 2. Project economics Criteria 1. Return on capital employed Simplification1 Performance excellence 2 Growth3 Capital allocation 4 18www.sibanyestillwater.com Refreshed strategy prioritises unlocking unrealised value 1 of operating model and asset portfolio to enhance accountability, agility and management focus Simplification 2 through holistic improvement to drive higher marginsPerformance excellence 3 focused on value creation that is anchored in returns and unlocking organic value as a priority Growth 4 through a disciplined framework prioritising returns and securing sustainability Capital allocation P ill a rs

19www.sibanyestillwater.com Delivering safe, consistent operational and sustainable performance Sustainability People, planet, prosperity, and governance Holistic improvement Performance excellence Operational excellence Consistently executing and improving delivery Safe production Committed to eliminating fatalities Zero Harm Resource optimisation Maximising economic value of our assets Empowered and enabled teams Best-practice systems Instilling a values-driven and safe performance culture Fatal Elimination program: Critical controls, behaviours and management routines Subscribe to global best practices (ICMM, CDP, UNGC) Social compacting (GNA, Marikana Renewal) ~600 MW planned renewable energy portfolio Enhance strategic mine planning process Digital and technology innovation Development of local economies, fixed capital investment Value chain optimisation Productivity enhancements Cost efficiency Consistent, reliable delivery Capital project execution Sustainable water strategies Simplification1 Performance excellence 2 Growth3 Capital allocation 4 20www.sibanyestillwater.com A purpose and performance-driven culture of care Staying true to who we are, we will continue to foster a culture that embraces the Sibanye Spirit People feel safe, respected and are able to grow Performance is recognised and valued Our people recognise the impact of their work on positive shared value for all stakeholders Decisions made and actions taken are always values-based Simplification1 Performance excellence 2 Growth3 Capital allocation 4

21www.sibanyestillwater.com Refreshed strategy prioritises unlocking unrealised value 1 of operating model and asset portfolio to enhance accountability, agility and management focus Simplification 2 through holistic improvement to drive higher marginsPerformance excellence 3 focused on value creation that is anchored in returns and unlocking organic value as a priority Growth 4 through a disciplined framework prioritising returns and securing sustainability Capital allocation P ill a rs 22www.sibanyestillwater.com • Synergy realisation of >R2,85bn1 per annum through initial consolidation of adjacent assets when purchased • Acquisition of 100% of Kroondal PSA enables value unlock from dropping mine boundary • Low cost mechanised extension from Kroondal into Rustenburg resources • Glencore Merafe JV chrome agreements unlocks significant commercial value from chrome resources at Marikana, underpinning PGM project returns • Optimised processing capacity through new Valterra tolling arrangement Unlocking resource value within SA PGM operations 1. Combined synergy benefits from the Aquarius/Rustenburg integration of over R1bn, and the Lonmin(Marikana) integration with the Sibanye-Stillwater Group of R1.85bn Simplification1 Performance excellence 2 Growth3 Capital allocation 4 E4 Saffy Deeps E3 Deeps Siphumelele Mechanised Kopaneng Deeps

23www.sibanyestillwater.com 500 1,000 1,500 0 2,000 2030e 2040e Internal investment in high return SA PGM projects: increase in future production and LOM 1. Subject to internal studies and review. Profile based on 31 Dec 2024 LOM, which is to be refreshed with updated resources and reserves 2. Capital intensity defined as total growth capital spend divided by total LOM ounces produced 3. Compared against recent PGM projects in South Africa, with the scope being only mining, based on publicly available data Projects in executionExisting profile1 Indicative SA PGM production profile (4E PGM koz) K4 project Concept studies Low capital intensity projects maintain 2027 production profile adding >400 koz 4E from 2035 relative to base profile K4 project building production to 250koz 4E pa by 2031. Project capital of R4.4bn Feasibility studies Pre-feasibility studies • Siphumelele mechanised (Rustenburg) • E4 (Marikana) • Kopaneng Deeps (Kroondal) • Saffy Deeps (Marikana) • E3 Deeps (Marikana) ~3,300 R/oz <2,800 R/oz Industry median3 Sibanye-Stillwater new projects Average capital intensity2 Project (site) Time to full production 6-9 years4-8 years Simplification1 Performance excellence 2 Growth3 Capital allocation 4 24www.sibanyestillwater.com Burnstone Shallow advanced underground operation containing 2.5 Moz of reserves and 8.6 Moz of resources5. Potentially contributing 120koz pa lower cost, long life (20 years) production. Feasibility study expected to be completed and FID6 in H1 2026 Optimising value and transitioning our SA gold business 0 1,000 2030e 2040e BurnstoneExisting assets1 DRDGOLD (100%)2 1. Subject to internal studies and review. Profile based on 31 Dec 2024 LOM with no additional adjustments based on recent events within operations, which is to be refreshed with updated resources and reserves; 2. 100% of production shown; 3. Pre-feasibility and concept studies, including SOFS and Cooke Uranium; 4. On 27 Jan 2026 5. As of December 2024, 6. Final investment decision Indicative SA gold production profile (koz) SA gold operations transition to higher-margin shallow gold mining business Prefeasibility and concept studies3 DRDGOLD Gold tailings retreatment business with a multi decade expected life of mine providing low capital, high margin gold exposure Current shareholding of 50.1% worth R27 billion4 Concept studies Comprise secondary mining of the Cooke Tailings Dam and shallow underground projects in the Southern Orange Free State Simplification1 Performance excellence 2 Growth3 Capital allocation 4

25www.sibanyestillwater.com Progressing Keliber, staged start up enabling optionality Optionality • Multidisciplinary assessment-informed phased start- up plan with inherent optionality through the value chain − Spodumene concentrate product − Technical grade lithium hydroxide − Battery grade lithium hydroxide • Identified value optimisation opportunities to be progressed, reducing costs and operational bottlenecks, increasing efficiencies Strategic positioning the EU  Over 70% of lithium refining capacity is in China; only 2 European refineries in Germany and UK  Most advanced Li project in Europe and only mine to product project  Strategic project under the European Union CRMA* ‒ EU supply security and localisation of supply chains ‒ More support from the EU is needed in the form of regulation and flexible funding to sustainably secure critical minerals supply chains *Critical Raw Materials Act Simplification1 Performance excellence 2 Growth3 Capital allocation 4 Staged ramp-up schedule Holding point 1 Q3: Concentrator hot commissioning  Consistently produce spodumene meeting the specified grade Holding point 2 Holding point 3 Sep: Complete studies and value engineering to confirm unit cost Holding point 4 Ramp-up of refinery Q4: Hot commissioning of refinery to demonstrate and produce technical-grade product 2027>  Mid 2027: Decision to proceed with ramp-up to produce battery-grade LiOH 2026 H1: Construction phase complete (€783m) Open pit mining commences  Establish 50kt ore stockpile 26www.sibanyestillwater.com Projects can be delivered without significantly increasing capital spend 2027e2026e 2028e20255 2029e2024a 2030e2023a Indicative Group capital profile1,2 Rbn p.a., 2026-2030 Base LOM spend Projects in execution3 Pre-feasibility and concept studiesFeasibility studies4 1. Profile based on 31 Dec 2024 LOM, which is to be refreshed with updated resources and reserves. 2. Includes estimate for DRDGOLD capital spend. 3. Projects in execution include Keliber, K4 and Siphumelele mechanised 4. Projects are subject to approval. 5. 2025 figures are guidance released in H1 2025 report Simplification1 Performance excellence 2 Growth3 Capital allocation 4

27www.sibanyestillwater.com Target markets where we can leverage our competitive advantages Value accretive external growth framework …remain open to transformative M&A that can reshape our future Clear value creation framework to assess growth opportunities against value drivers Continued focus on primary mining, secondary mining, and recycling Primary mining Recycling Africa North America Australia North America Europe Australia Value creation through strategic partnerships North America Europe Australia South Africa Rest of Africa Precious metals underpin with commodity exposure that drives energy transition Precious metals and commodities key to energy transition Secondary focus Core focus (solid fill) Stand alone smelting & refining Manufacturing Secondary mining Developing regions Simplification1 Performance excellence 2 Growth3 Capital allocation 4 28www.sibanyestillwater.com Refreshed strategy prioritises unlocking unrealised value 1 of operating model and asset portfolio to enhance accountability, agility and management focus Simplification 2 through holistic improvement to drive higher marginsPerformance excellence 3 focused on value creation that is anchored in returns and unlocking organic value as a priority Growth 4 through a disciplined framework prioritising returns and securing sustainability Capital allocation P ill a rs

29www.sibanyestillwater.com Disciplined capital allocation prioritising returns, sustainability and value-accretive growth Capital allocation priorities Net cash flow from operating activities (before dividends) Liquidity ≥ 2 x months’ Opex + Capex Sustaining & ore reserve development capital N o n -n e g o tia b le s Target outcomes <1.0x Gearing Net debt: Adj. EBITDA ratio through the cycle Targeted reduction in gross debt in 2-3 years (reducing gross debt from current level of ~US$2.2bn) Gross debt -50% Capital available for allocation 1. Stakeholder returns = Dividend policy of 25% to 35% of normalised earnings, and contributions to the Sibanye-Stillwater foundation equal to 1.5% dividends paid 1/3 1/3 1/3 Stakeholder returns1 Debt reduction Life extension and/or growth Simplification1 Performance excellence 2 Growth3 Capital allocation 4 30www.sibanyestillwater.com Summary and conclusion Creating a high-performing, future-focused metals business East Boulder mine, US PGM operati ns

31www.sibanyestillwater.com A resilient strategy for a dynamic world A period of necessary growth through transformative M&A… An entrepreneurial growth story Primary mining Secondary mining Recycling Navigating through a rapidly changing macro context Moving forward A resilient strategy that: Optimises through cycle profitability, focusing on performance excellence and simplification Disciplined capital allocation prioritising returns, balance sheet and growth flexibility Delivering sustained value through organic and external growth Refreshing our strategy to deliver into our current our macro context 32www.sibanyestillwater.com Immediate value creation through implementing our strategic plan Operating model designed to drive regional growth ~30% decline in Group production profile by 20354 Predominantly 3rd/4th cost quartile assets Broad green metals growth strategy and resulting portfolio From Through Limited flexibility due to high gross debt Simplified operating model Operational excellence and value creation plan Investment in organic growth projects Disciplined capital allocation framework Portfolio simplification and value framework for future growth To / targeted outcomes Operating model focused on enabling operational delivery Movement down cost curve, with improved margins and safe, consistent operational performance Enhanced future production from low capital intensity brownfields extensions Transitioning gold profile Capital returns ensuring balance between dividend payments, reduced gross debt and flexibility for growth Focused portfolio and targeted external growth strategy focused on capital returns and leveraging existing capabilities R3bn cost savings per annum by 20272 >15% production increase off 2035 LOM base3 50% reduction in gross debt Improved ROCE Value realisation for non-core assets following evaluations ~2.5% Au equivalent oz production increase off LOM base (2027)1 1. Production increase from performance excellence initiatives against 31 Dec 2024 LOM plan. 2. Cost savings from uplift across procurement optimization, process efficiency and technology. 3. Project increase excludes potential uplift from concept studies. 4.Production decline comparing 2025 and 2035 production within the 31 Dec 2024 LOM, excluding recycling production

33www.sibanyestillwater.com Strategy delivery presents further potential upside for shareholders 12.2 5.8 Peer average2 Sibanye- Stillwater EV/EBITDA1 CY25E 1. Analyst estimates 2. Peer group: Valterra, Northam, Implats Source: Refinitiv, Bloomberg, Analyst report on investor feedback Sibanye-Stillwater trades at a discount to peers… P / NAV 2024 … and has significant upside given our portfolio of assets 1.75 0.96 Peer average 2 Sibanye- Stillwater We bring solid fundamentals… Maximising margins and profitability through operational excellence Enhancing capital returns through disciplined capital allocation Growth strategy focused on high ROCE organic projects … which will deliver significant upside Join us in creating: A high-performing, modern metals company for the future, focused on metals that power clean energy and global progress. 34www.sibanyestillwater.com Questions? Contacts Email: ir@sibanyestillwater.com James Wellsted +27(0)83 453 4014 Henrika Ninham +27(0)72 448 5910 Lauren Fourie +27(0)72 436 3512 Sarel Barnard +27(0)82 376 9445 Tickers: JSE: SSW and NYSE: SBSW Website: www.sibanyestillwater.com

35www.sibanyestillwater.com Appendix Century operation, Australia 36www.sibanyestillwater.com Economics in use Unit 2025 2026 2027 2028 2029 2030 ZAR/USD ZAR/USD 17.00 18.00 18.35 18.10 18.50 18.63 ZAR/EUR ZAR/EUR 20.22 20.10 20.64 20.63 21.28 20.49 USD/AUD ZAR/AUD 0.65 0.67 0.67 0.68 0.67 0.70 Platinum US$/oz 1,150 1,150 1,287 1,291 1,334 1,276 Palladium US$/oz 1,040 1,050 1,076 1,083 1,086 1,104 Rhodium US$/oz 5,452 4,800 5,509 5,274 5,015 4,653 Gold US$/oz 3,179 2,506 3,068 2,931 2,730 2,463 Ruthenium US$/oz 615 500 500 500 500 500 Iridium US$/oz 4,100 4,000 4,000 4,000 4,000 4,000 Cobalt US$/lb 15 14 16 18 19 18 Nickel US$/lb 7 7 8 8 8 8 Copper US$/lb 4 4 5 5 5 4 Uranium US$/lb 75 85 86 84 77 74 Chrome US$/t 247 250 244 275 275 250 Zinc US$/t 2,483 2,646 2,533 2,576 2,575 2,397 Lead US$/t 1,807 1,857 1,911 1,935 1,963 1,846 Lithium (Hydroxide) US$/t 10,241 7,500 14,623 16,102 17,418 18,216 Silver US$/oz 35 38 35 35 33 29 Approach to calculate gold equivalent ounces Au equivalent oz = Share of production volume / Volume conversion factor x Product price (US$/oz) / Gold price (US$/oz)