Sibanye-Stillwater (NYSE: SBSW) posts 371% EBITDA surge on stronger metals prices

Rhea-AI Filing Summary

Sibanye-Stillwater reports a much stronger Q1 2026, with group adjusted EBITDA rising 371% year-on-year to R19.4 billion (US$1.2 billion), helped by higher metals prices and stable operations.

South African PGM mines delivered 2% higher 4E production and flat all-in sustaining costs at R24,629/4Eoz (US$1,507/4Eoz), lifting adjusted EBITDA 393% to R12.4 billion (US$762 million). SA gold operations kept production broadly stable but benefited from a 49% stronger gold price, driving a 160% increase in adjusted EBITDA to R4.7 billion (US$288 million) despite higher costs.

US PGM operations saw higher AISC of US$1,291/2Eoz as mechanisation investment and lower volumes weighed on unit costs, but an 88% stronger 2E basket price and Section 45X credits supported adjusted EBITDA of US$48 million (R777 million). Recycling EBITDA jumped to US$98 million (R1.6 billion) on a 138% increase in precious metals sold, while the Century zinc retreatment business lifted adjusted EBITDA to US$29 million (R467 million) despite lower production. Construction of the Keliber lithium project is complete, with 42.1kt of ore stockpiled and staged ramp-up underway.

Positive

• EBITDA surge across portfolio: Group adjusted EBITDA rose 371% year-on-year to R19.4 billion (US$1.2 billion), with all core operations (SA PGM, SA gold, US PGM, Recycling, Century) contributing positively, indicating a broader earnings recovery rather than dependence on a single asset.
• Cost control in key South African PGMs: SA PGM all-in sustaining cost excluding purchase-of-concentrate held flat year-on-year at R24,629/4Eoz (US$1,507/4Eoz) despite inflation, allowing an 87% higher 4E basket price to translate into a 393% EBITDA increase to R12.4 billion.

Negative

• Higher unit costs and lower volumes at Century: The Century zinc retreatment operation’s payable zinc production fell 19% year-on-year to 20kt, while AISC rose 26% to US$2,189/tZn (R35,766/tZn), reflecting weather impacts and a maintenance shutdown.
• Rising AISC at US PGM operations: US PGM all-in sustaining cost increased 14% year-on-year to US$1,291/2Eoz (R21,101/2Eoz) due to lower production and higher sustaining capital, pressuring margins despite stronger 2E PGM prices.

Insights

Metals & mining equity analyst

Q1 2026 shows a sharp earnings rebound driven mainly by higher metals prices, on top of stabilising operations.

Sibanye-Stillwater delivered group adjusted EBITDA of R19.4 billion (US$1.2 billion), up 371% year-on-year. The largest contribution came from South African PGMs with R12.4 billion EBITDA, up 393%, as an 87% increase in 4E basket prices dropped through to largely flat AISC.

SA gold added R4.7 billion EBITDA, up 160%, mainly from a 49% higher gold price, while costs rose and AISC for managed underground mines reached US$3,486/oz. US PGM AISC increased to US$1,291/2Eoz as mechanisation spending and lower volumes outweighed Section 45X credits, although higher prices still produced positive EBITDA.

Recycling’s US$98 million EBITDA and Century’s US$29 million reflect both volume growth in recycled metals and stronger zinc pricing, offsetting a 19% drop in Century’s payable zinc production to 20kt. Looking ahead, execution of the US mechanisation plan through 2028 and ramp-up of Keliber, which has incurred €707 million of project capital by March 2026, will be key to sustaining margins through future price cycles.

Key Figures

Group adjusted EBITDA: R19.4 billion (US$1.2 billion) SA PGM adjusted EBITDA: R12.4 billion (US$762 million) SA gold adjusted EBITDA: R4.7 billion (US$288 million) +5 more

8 metrics

Group adjusted EBITDA R19.4 billion (US$1.2 billion) Q1 2026; 371% higher year-on-year

SA PGM adjusted EBITDA R12.4 billion (US$762 million) Q1 2026; 393% higher year-on-year

SA gold adjusted EBITDA R4.7 billion (US$288 million) Q1 2026; 160% higher year-on-year

US PGM AISC US$1,291/2Eoz (R21,101/2Eoz) Q1 2026; 14% higher year-on-year

Recycling adjusted EBITDA US$98 million (R1.6 billion) Q1 2026; 817% higher year-on-year

Century payable zinc production 20kt Q1 2026; 19% lower year-on-year

Century adjusted EBITDA US$29 million (R467 million) Q1 2026; significantly higher than US$10 million in Q1 2025

Keliber project capital to date €707 million (R13.5 billion) Cumulative construction-phase capex as of March 2026

Key Terms

adjusted EBITDA, All-in sustaining cost (AISC), Section 45X credits, 4E PGM production, +2 more

6 terms

adjusted EBITDA financial

"Group adjusted EBITDA increased by 371% year-on-year to R19.4 billion (US$1.2 billion) for Q1 2026."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

All-in sustaining cost (AISC) financial

"AISC of R24,629/4Eoz (US$1,507/4Eoz) was unchanged from Q1 2025."

All-in sustaining cost (AISC) is a per-unit measure of what a mining operation spends to produce its commodity, including routine operating expenses plus the ongoing capital and maintenance needed to keep the operation running. Investors use AISC to compare true production costs across companies and judge profitability and cash flow resilience—think of it like the total cost per mile to operate a car, not just the fuel.

Section 45X credits financial

"Adjusted EBITDA1 of US$48 million (R777 million) was 611% higher, due to 88% higher 2E PGM price and Section 45X credits."

4E PGM production financial

"4E PGM production (excluding third party purchase of concentrate (PoC)) increased by 2% year-on-year to 383,241 4Eoz."

payable zinc production financial

"Consequently, payable zinc production for Q1 2026 was 20kt, a 19% decrease compared with 25kt in Q1 2025."

mine‑to‑market development project technical

"Keliber is a fully integrated mine‑to‑market development project, comprising a mine, concentrator and lithium hydroxide refinery."

Form 6-K: How Foreign Companies Report to the SEC →

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 6 May 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						Operating update for the quarter ended 31 March 2026

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: 6 May 2026			By:			/s/ Charl Keyter
						Name:			Charl Keyter
						Title:			Chief Financial Officer

Exhibit 99.1

Johannesburg, 6 May 2026: 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 2026 (Q1 2026). The Group's financial results are only provided on a six-monthly basis.

SALIENT FEATURES FOR Q1 2026 COMPARED TO Q1 2025 (YEAR-ON-YEAR)

•Continued improvement in safety performance, with no fatalities during Q1 2026 and improvements in all safety statistics

•Solid operational performance, coupled with increasing commodity prices, supports delivery of our strategic objective of increasing operating margins

•Group adjusted EBITDA¹ of R19.4 billion (US$1.2 billion), a 371% increase

–SA PGM operations delivered a 2% increase in production and with focused cost control maintained AISC at R24,629/4Eoz (US$1,507/4Eoz)

◦Adjusted EBITDA1 of R12.4 billion (US$762 million) for Q1 2026, 393% higher, benefiting from 87% higher 4E PGM prices

–Production from the SA gold operations (including DRDGOLD) was stable, while AISC increased 15% primarily due to higher operating cost and higher royalty taxes linked to the elevated gold price

◦Adjusted EBITDA1 of R4.7 billion (US$288 million) was 160% higher, driven by a 49% higher gold price

–At the US PGM operations, AISC increased 14% to US$1,291/2Eoz (R21,101/2Eoz) reflecting 5% lower production and higher sustaining capital year-on-year associated with the mechanisation project

◦Adjusted EBITDA1 of US$48 million (R777 million) was 611% higher, due to 88% higher 2E PGM price and Section 45X credits

–Consolidated recycling operations contributed adjusted EBITDA1 of US$98 million (R1.6 billion) primarily from sales of 1,343,043oz precious metals (PGMs 8%, gold 3% and silver 89%) at higher prices

–Century zinc retreatment operation delivered adjusted EBITDA¹ of US$29 million (R467 million), a significant year-on-year increase despite declining production

•Construction at the Keliber lithium project was completed on schedule, with staged production ramp-up underway

–Syväjärvi mine ore stockpile of 42 kilotonnes (kt) since first blast on 11 February 2026

KEY STATISTICS – GROUP

US dollar

SA rand

Quarter ended

KEY STATISTICS

Quarter ended

Mar 2025

Dec 2025

Mar 2026

GROUP

Mar 2026

Dec 2025

Mar 2025

222

751

1,186

US$m

Adjusted EBITDA1,10

Rm

19,372

12,855

4,109

18.48

17.11

16.34

R/US$

Average exchange rate using daily closing rate

TABLE OF CONTENTS

Page

STOCK DATA FOR THE QUARTER ENDED 31 MARCH 2026

Salient features and key statistics

1

Number of shares in issue

Overview of the operating results by the Chief executive officer

3

- at 31 March 2026

2,830,567,264

Salient features - operational tables – quarterly statistics

7

- weighted average

2,830,567,264

All-in cost (reconciliation) – quarters

10

Free Float

99

%

Adjusted EBITDA reconciliation – quarters

16

Bloomberg/Reuters

SSWSJ/SSWJ.J

Non-IFRS measures

18

JSE Limited - (SSW)

Administration and other corporate information

17

Price range per ordinary share (High/Low)

R46.24 to R82.23

Disclaimer and forward-looking statements

19

Closing price on 31 March 2026

R51.04

Average daily volume

16,352,560

NYSE - (SBSW); one ADS represents four ordinary shares

Price range per ADS (High/Low)

US$11.14 to US$21.12

Closing price on 31 March 2026

US$12.32

Average daily volume

7,727,732

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026         1

KEY OPERATIONAL STATISTICS

US dollar																								SA rand
Quarter ended												KEY STATISTICS												Quarter ended
Mar 2025			Dec 2025			Mar 2026						SOUTHERN AFRICA (SA) OPERATIONS												Mar 2026			Dec 2025			Mar 2025
												PGM operations
376,123			426,663			383,241			oz			4E PGM production2,3									kg			11,920			13,271			11,699
1,362			2,206			2,874			US$/4Eoz			Average basket price									R/4Eoz			46,955			37,740			25,165
137			406			762			US$m			Adjusted EBITDA10									Rm			12,449			6,943			2,527
1,331			1,560			1,507			US$/4Eoz			All-in sustaining cost4,10									R/4Eoz			24,629			26,685			24,599
												Gold operations
141,110			156,220			139,406			oz			Gold production									kg			4,336			4,859			4,389
2,832			4,066			4,764			US$/oz			Average gold price									R/kg			2,502,794			2,236,439			1,682,730
98			232			288			US$m			Adjusted EBITDA10									Rm			4,705			3,965			1,811
2,392			2,765			3,114			US$/oz			All-in sustaining cost4,10									R/kg			1,636,071			1,521,216			1,421,028
												INTERNATIONAL OPERATIONS
												US PGM operations
71,991			69,774			68,386			oz			2E PGM production2,5									kg			2,127			2,170			2,239
968			1,543			1,819			US$/2Eoz			Average basket price									R/2Eoz			29,717			26,401			17,889
(9)			64			48			US$m			Adjusted EBITDA10									Rm			777			1,090			(172)
1,137			1,234			1,291			US$/2Eoz			All-in sustaining cost4,6,10									R/2Eoz			21,101			21,111			21,003
												Recycling operations7
11			52			98			US$m			Adjusted EBITDA10									Rm			1,598			896			197
												Keliber lithium project
(3)			(3)			(13)			US$m			Adjusted EBITDA10									Rm			(209)			(54)			(56)
												Century zinc retreatment operation
25			25			20			ktZn			Payable zinc production8									ktZn			20			25			25
2,807			2,900			2,628			US$/tZn			Average equivalent zinc concentrate price9									R/tZn			42,942			49,626			51,883
10			26			29			US$m			Adjusted EBITDA10									Rm			467			439			178
1,738			2,179			2,189			US$/tZn			All-in sustaining cost4,10									R/tZn			35,766			37,286			32,127

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

3The SA PGM production excludes the production associated with the PoC from third parties. For a reconciliation of the production and third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters"

4See “Salient features and cost benchmarks - Quarters” for the definition of All-in sustaining cost (AISC). The SA PGM All-in sustaining cost excludes the production and costs associated with the purchase of concentrate (PoC) from third parties

5The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand)

6The US PGM operations’ All-in sustaining cost for the quarter ended 31 March 2025 was adjusted to include the Section 45X (S45X) Advance Manufacturing Production Credits. During the quarter ended 30 June 2025 the US PGM operations recognised R196 million (US$11 million) which related to mining costs for the quarter ended 31 March 2025

7Recycling includes Reldan Pennsylvania (PA) site, Metallix North Carolina (NC) site and Montana recycling site. The acquisition of NC site was concluded on 4 September 2025. The quarter ended 31 December 2025 includes the results of the NC site results since acquisition

8Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions

9Average 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 sales

10Adjusted EBITDA and AISC are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the Non-IFRS metrics presented by Sibanye-Stillwater

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 2

STATEMENT BY RICHARD STEWART, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER

The global macroeconomic and sociopolitical environment during 2026 has been marked by ongoing political upheaval and disruptive market shifts. Against an uncertain backdrop, commodity price volatility has been elevated, with price moves increasingly frequent and accentuated.

PGM prices rose in the second half of 2025 as liquidity tightened, driven by strong Chinese platinum jewellery demand (amid high gold prices), increased investment inflows, and restocking under macro uncertainty. Tariff risks and geopolitical disruptions further tightened regional supply, amplifying gains and lifting lease rates. Supply remains constrained due to underinvestment in new primary production, geopolitical risks, and weak recycling markets. Near-term volatility will depend on trade policy, Middle East tensions, and growing concerns around global economic growth, but medium-term fundamentals are supported by robust autocatalyst demand, limited supply growth, and longer-term upside from green hydrogen and new applications.

Lithium prices have also been shaped by policy and China-driven supply-demand shifts. A late-2025 rally was driven by supply curbs on higher-cost producers and restocking, with further support in early 2026 from Zimbabwe’s export ban, alongside strong Battery Electric Vehicle (BEV) and Battery Energy Storage Systems (BESS) demand linked to AI-driven power needs and falling costs. The outlook remains positive, with robust demand growth, emerging structural deficits later in the decade, and geopolitical push for regional supply chains supporting sustained higher prices.

Our refreshed strategy, presented in January 2026, is centred on simplification, performance excellence, organic growth and disciplined capital allocation. In the near term, this means improving organisational efficiency and operational performance to drive operating margins supporting a capital allocation framework focused on shareholder returns, debt reduction and investment in organic, value-accretive growth opportunities.

In this context, it is pleasing that Group operating results for the first quarter of 2026 (Q1 2026) reflect improved operational stability and consistency across all Group operations. Underpinned by effective cost management in most operations, this solid performance provides the foundation to drive enhanced operating margins, and deliver shared value for all stakeholders, as we continue to execute our refreshed strategy.

Safe production underpins operational excellence. A fatality‑free quarter in Q1 2026, together with continued reductions in serious injuries and high‑potential incidents, demonstrates sustained progress in reducing risk across our operations. While we acknowledge there is further work required to sustainably meet our objectives, these results reinforce our conviction that fatality‑free operations are achievable and strengthen our resolve to eliminate serious harm from our workplaces.

Consistent operational delivery and disciplined cost management during Q1 2026 amplified exposure to improved metal prices, delivering a significant improvement in financial performance. Group adjusted EBITDA increased by 371% year-on-year to R19.4 billion (US$1.2 billion) for Q1 2026. Notably, all of the core Group operations contributed positively to this result (SA PGM 64%, SA gold 24%, US PGM 4%, Recycling 8% and Century 2%), reflecting an improved earnings base that enhances resilience to short term price volatility.

The SA PGM operations delivered an improved performance for Q1 2026. 4E PGM production (excluding third party purchase of concentrate (PoC)) increased by 2% year-on-year and AISC of R24,629/4Eoz (US$1,507/4Eoz) was unchanged from Q1 2025. Unit AISC is expected to marginally increase in line with annual guidance of R26,500 - 27,500/4Eoz (US$1,453 - US$1,508/4Eoz) during the year due to a planned increase in ore reserve development and sustaining capital. The stable operational performance and commendable cost control during Q1 2026, combined with an 87% year-on-year increase in the average 4E PGM basket price, materially expanded operating margins, driving a 393% increase in adjusted EBITDA to R12.4 billion (US$762 million) for Q1 2026.

The SA gold operations, (including DRDGOLD) delivered a stable performance for Q1 2026 with production consistent year‑on‑year. A 160% increase in adjusted EBITDA from the SA gold operations to R4.7 billion (US$288 million) for Q1 2026, was driven by a 49% higher average gold price (gold production is currently unhedged) and offset a 15% increase in AISC year-on-year. Our strategic focus at our gold operations will be to maintain operational stability with an increased focus on reducing and managing costs at the underground gold operations as the SA gold exposure transitions towards higher‑margin, shallow gold production in the coming years.

Strategic focus at the US PGM operations is on a structural reduction in AISC, targeting AISC of approximately US$1,000/2Eoz by the end 2028 to ensure through-cycle commodity sustainability and resilience. The step change in AISC will be driven by increasing productivity through the progressive implementation of increased mechanisation and increased mining volumes. This is expected to drive a 45% increase in steady‑state production to ~410k 2Eoz from the East Boulder and Stillwater East mines by H2 2028. Initial increases in sustaining capital investments to facilitate the mechanisation transition are expected to increase unit costs during 2026 and 2027. (Click here for www.sibanyestillwater.com/features/2026/capital-markets-day-2026 for more detail in capital markets day presentation).

The US PGM operations' AISC thus increased to US$1,291/2Eoz (R21,101/2Eoz), 14% higher year-on-year, reflecting 5% lower production and higher sustaining capital than for Q1 2025 (deferred capital in line with restructuring plan). Despite this, the 88% higher 2E PGM price, and ongoing Section 45X benefits, resulted in the US PGM operations generating adjusted EBITDA1 of US$48 million (R777 million).

The Recycling operations (comprising the three sites of Montana, North Carolina and Pennsylvania) delivered a substantial 817% increase in EBITDA year-on-year of US$98 million (R1.6 billion) from sales of 1,343,043oz precious metals (PGMs 8%, gold 3% and silver 89%). This was driven by a 138% increase in precious metals recycled, the full incorporation of the North Carolina site from September 2025 and the realisation of initial operational synergies of the integrated sites, together with higher commodity prices.

Payable zinc production from the Century zinc retreatment operations for Q1 2026 of 20kt was 19% lower year-on-year, due to heavier wet weather and a planned maintenance shutdown during Q1 2026. Lower production volumes negatively impacted the AISC for Q1 2026 of US$2,189/tZn (R35,766/tZn) which was 26% higher year-on-year. Lower treatment charges and increased sales contributed to adjusted EBITDA¹ of US$29 million (R467 million) for the quarter.

Keliber is a fully integrated mine‑to‑market development project, comprising a mine, concentrator and lithium hydroxide refinery. As one of the few integrated projects outside China, it is strategically positioned to supply lithium hydroxide into the European battery ecosystem. The concentrator construction was successfully completed in January 2026 while the refinery completed construction in the first week of April 2026. The phased start up of the project commenced with mining operations at the Syväjärvi mine in February 2026. At the end of Q1 2026, 42.1kt of ore was stockpiled for use to commission the concentrator that is planned to commence in Q3 2026.

In addition to the Keliber lithium project, progress continues on the Group's key organic growth priorities. In the SA PGM operations, continued investment in the value accretive and high return brownfields projects is progressing, including the Siphumelele/Bambanani brownfields project and the Thembelani project. The ramp up at the K4 project at Marikana is progressing according to plan, with K4 producing 26,620 4Eoz in Q1 2026, 21% higher year‑on‑year.

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 3

Operational consistency, focused cost control and materially higher earnings in Q1 2026 have strengthened the Group’s financial position. Enhanced profitability and cash flow will support the Group's capital allocation strategic objectives providing a solid platform for continued execution of the simplification and performance excellence strategy, creating the conditions for sustainable long‑term value creation for all stakeholders.

On 20 April 2026, the Group shared more information about its International and Recycling operations at its capital markets day presentation which is available on the Group website (click for link). Operations covered during this update included the US PGM operations, the Keliber lithium project, the Recycling operations and the Century retreatment operations. The Group also plans to update the market on its South African operations (SA gold and SA PGM operations) on 23 June 2026 and an SA PGM mine visit (24 June 2026).

SAFE PRODUCTION

The safety and health of our workforce is our foremost priority and safe production is core to the Group achieving its strategic performance excellence goals. Safe production is the essential foundation to achieve Performance excellence.

We are pleased to report that the Group operated without any fatalities during Q1 2026. Achieving these milestones, confirm that our zero fatality commitment is achievable and that the ongoing positive trends in leading and lagging safety indicators, confirm sustained progress in risk reduction at our operations and strengthen our resolve towards eliminating fatalities in the workplace.

Notably, the Group's serious injury frequency rate (SIFR) improved by 9% year-on-year (Q1 2026 vs Q1 2025), decreasing from 2.13 to 1.94. In addition, a 24% reduction in high-potential incidents (HPIs) was recorded for Q1 2026 when compared with Q1 2025. The Total Recordable Injury Frequency Rate (TRIFR) improved for the SA gold operations and International and Recycling operations. The Group fatal injury frequency Rate (FIFR), measured per million hours worked, improved from 0.051 in Q1 2025 to zero in Q1 2026 as no fatal incidents occurred during the first quarter of 2026.

The safety culture programme at the South African (SA) operations, initiated in 2025, continues to make strong progress. The programme targets both leadership and supervisory levels to drive sustainable behaviour change. The programme focuses on leadership mindset coaching and systems thinking to strengthen overall operational performance and supports the goal of eliminating fatalities. It is being fully aligned with Sibanye-Stillwater leadership development initiatives and our iCARES values.

Critical control management and compliance remains a core risk-reduction priority, supported by a mature verification and auditing process, with an ongoing emphasis on consistent, sustained execution of all critical controls.

OPERATIONAL REVIEW

Southern Africa (SA) operations

SA PGM operations

The SA PGM operations continue to deliver stable production, supported by ongoing capital investment in value accretive organic growth projects. These projects will extend the operating lives of these high value assets, substantially increasing future production relative to the current life of mine (LOM) profile and unlocking value for all stakeholders.

PGM production (excluding third party purchase of concentrate (PoC)) for Q1 2026 increased by 2% year-on-year to 383,241 4Eoz. Third party PoC of 19,724 4Eoz for Q1 2026 was 11% higher year-on-year. For more information regarding production and cost including and excluding PoC, please refer to page 11.

Production from underground mining increased by 3% to 359,802 4Eoz, with an 11% production increase from the Marikana operations for Q1 2026, offsetting a 2% decline in production from the Rustenburg operation. Higher production from the Marikana operation was primarily driven by production from the K4 shaft of 26,620 4Eoz, which was 21% (4,616 4Eoz) higher than for Q1 2025. Planned maintenance and replacement of the girth gear at the Rustenburg UG2 concentrator resulted in an increase in stockpiled ore (containing ~25,000 4Eoz), which is expected to be processed during Q2 2026. Surface production declined by 14% year-on-year due to depletion of surface reserves at the Rustenburg operation and the planned transition to a new feed source at the Marikana operation.

Costs were well contained, with AISC (excluding PoC) of R24,629/4Eoz (US$1,507/4Eoz) flat year-on-year, supported by a 33% (R747 million (US$62 million) increase in by-product credits, driven by higher average prices for most by-product metals, but offset by a R694 million (US$43 million) increase in royalty tax.

AISC is expected to increase in coming quarters, in line with annual guidance of between R26,500 - 27,500/4Eoz (US$1,453 - US$1,508/4Eoz), due to higher planned ore reserve development capital (ORD) and sustaining capital for the remainder of the year in line with the full year guidance of R6.2 billion (excluding project capital of R1.8 billion). With stable production, costs well controlled and 87% increase in the average 4E PGM basket price year-on-year to R46,955/4Eoz (US$2,874/4Eoz), the SA PGM operations adjusted EBITDA for Q1 2026 increased by 393% year-on-year to R12.4 billion (US$762 million).

Total chrome production from the SA PGM operations was 456kt for Q1 2026, 20% lower year-on-year, due to lower surface volumes processed and the slower start-up of the Rustenburg UG2 concentrator which impacted chrome production from the Rustenburg and Platinum Mile operations. The chrome margin for Q1 2026 increased by 6% to R566 million (US$35 million) year-on-year, despite 19% lower chrome sales volumes of 408kt and primarily due to a 27% rise in the average chrome price to US$293/tonne.

Please refer to page 7 and 10 for further operational results statistics.

SA gold operations

The SA gold operations, (including DRDGOLD) delivered a stable performance for Q1 2026 and generated positive adjusted EBITDA for Q1 2026, of R4.7 billion (US$288 million), a 160% year-on-year increase. The improved operational stability will facilitate ongoing implementation of performance excellence initiatives to further improve stability and cost certainty.

Gold production from the SA gold operations (including DRDGOLD) of 4,336kg (139,406oz) for Q1 2026 was flat year-on-year, with a 12% increase in production from DRDGOLD offsetting 5% lower production of 3,117kg (100,214oz) from the managed SA gold operations for Q1 2026. The rebasing of the Kloof operation in the second half of 2025, following the decision to reduce exposure to seismically active areas and cease production at the 7 shaft (Manyano), improved operational stability at the Kloof operation and restored it to profitability.

AISC for the managed SA gold operations (excluding DRDGOLD) increased by 19% year-on-year to R1,831,570/kg (US$3,486/oz), primarily due to annual inflationary input cost increases and royalty tax which increased by R190 million (US$12 million). In addition, the Driefontein operation incurred increased pumping costs due to higher volumes of fissure water ingress.

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 4

Gold production from DRDGOLD for Q1 2026 increased by 12% to 1,219kg (39,192oz) with AISC of R1,069,264/kg (US$2,035/oz) marginally lower year-on-year, due to a 4% increase in gold sold for Q1 2026. Project capital of R728 million (US$45 million) for Q1 2026 was 88% higher in line with the planned construction of the Far West Gold Recoveries (FWGR) tailings storage facility associated pump station and pipeline infrastructure.

Capital expenditure for Q1 2026 (excluding DRDGOLD) of R618 million (US$38 million) was 20% lower than for Q1 2025 due to sustaining capital (R19 million or US$1 million) and ORD (R143 million or US$9 million) for the Kloof operation being expensed rather than capitalised following the revised LOM plan and impairment during December 2025.

Please see page 8 and 12 for further operational results statistics.

International operations

US PGM operations

Mined 2E PGM production from the US PGM operations for Q1 2026 of 68,386 2Eoz, was 5% lower year-on-year, primarily due to mining quality factors at the East Boulder mine. These are being addressed and are expected to progressively improve mining quality and normalise production by the end of H1 2026.

AISC (including Section 45X credits) for Q1 2026 of US$1,291/2Eoz (R21,101/2Eoz) was 14% higher year-on-year, but below the lower-end of guidance for 2026 of between US$1,360 - 1,420/2Eoz. Cost drivers included higher capital expenditure and consumable expenditure related to planned electrification upgrades, lower production and higher royalties and production taxes. A Section 45X credit of US$11 million or US$163/2Eoz (R183 million or R2,669/2Eoz) was recognised for Q1 2026 (Q1 2025: US$147/2Eoz, R2,725/2Eoz).

As detailed during the International and Recycling operations Capital markets day, it is expected that AISC unit cost for 2026 will increase at the US PGM operations due to increased cost and capital expenditure, in preparation for the phased implementation of the optimisation of these operations.

2E PGMs sold of 63,536 2Eoz were 10% higher year-on-year but lower than produced due to inventory build of approximately 8,000 2Eoz in the metallurgical complex, which is expected to be released in Q2 2026.

ORD capital expenditure increased by 16% to US$20 million (R327 million) as planned for 2026, while sustaining capital expenditure of US$5 million (R84 million) (Q1 2025: US$2 million, R46 million) was invested in ore flow control systems related to the vertical development at Stillwater East, transportation fleet for East Boulder and the new Stillwater mine bridge. The receipt of a mechanised development bolter at East Boulder during the quarter, and increased ORD capital indicate the start of the planned transition to full mechanisation as highlighted in the recent market update.

Adjusted EBITDA increased by US$57 million (R949 million) year-on-year to US$48 million (R777 million) for Q1 2026, driven by the 88% increase in the average 2E PGM basket price year-on-year to US$1,819/2Eoz (R29,717/2Eoz) for Q1 2026. Excluding the US$11 million (R183 million) Section 45X credit recognised for Q1 2026, adjusted EBITDA of US$36 million (R594 million) compares to the adjusted EBITDA loss of US$9 million (R172 million) for Q1 2025.

The US PGM operations have a clear, sustainable and deliverable productivity‑led plan, centred on complete in stope mechanisation, which enables higher productivity, thereby reducing unit costs and improving through‑cycle resilience. The plan targets a structurally lower AISC of ~US$1,000/2Eoz (2026 real) from the end of 2028, supported by an estimated ~45% increase in steady‑state production to ~410k 2Eoz as the mechanisation programme is phased through to completion by H2 2028. This pathway strengthens operating leverage and competitiveness, while preserving longer‑term optionality and value from the world‑class, long‑life US PGM asset base.

Please refer to page 7 and 10 for further operational results statistics.

Recycling operations

The Recycling operations, comprising the Pennsylvania (PA) (formerly Reldan), North Carolina (NC) (formerly Metallix) and Montana (formerly named the US PGM recycling) sites, have been consolidated to leverage the distinct strengths of each operation, eliminating duplication and optimising how material flows across our recycling network.

During Q1 2026, the Recycling operations generated US$98 million (R1.6 billion) adjusted EBITDA, compared to US$11 million (R197 million) in Q1 2025, contributing 8% of the Groups adjusted EBITDA. The significant year-on-year increase is due to higher precious metals prices supported by a 138% increase in metals recycled and sold, a US$14 million (R237 million) Section 45X credit for the quarter, as well as the addition of the NC site from September 2025 (therefore not included in Q1 2025).

Total precious metals (gold, PGMs and silver) recycled and sold increased 138% from 564,221oz in Q1 2025 to 1,343,043oz in Q1 2026, due to a 103% increase in precious metals recycled and sold from the PA site, the addition of 247,023oz from the NC site and a 20% increase in 3E PGM sold from the Montana site during Q1 2026 of 68,794 3Eoz compared to 57,171 3Eoz in Q1 2025. The site processed an average of 8 tonnes per day (tpd) of spent autocatalyst material for Q1 2026, a 14% decrease from 9.3 tpd for Q1 2025. 3E PGM ounces fed of 58,239 3Eoz, declined by 22% from 74,717 3Eoz for Q1 2025, driven by lower feed volumes and loadings. On a per metal basis, the following were recycled and sold from the three sites during Q1 2026:

Total oz/lbs sold excluding mixed scrap						Q1 2026			Q1 2025			Variance
Gold			oz			44,013			28,023			57		%
5E PGMs*			oz			107,597			71,791			50		%
Silver			oz			1,191,433			464,407			157		%
Total precious metals			oz			1,343,043			564,221			138		%
Copper			lbs			722,663			747,577			(3)		%

•5E PGMs: Platinum, palladium, rhodium, iridium and ruthenium*

Post-consumer, high-grade suppliers have largely liquidated inventory holdings in response to historically elevated prices, with volumes now beginning to normalise toward historical levels. While some production delays persist, efforts are underway to better align operations and optimise throughput across NC and PA sites.

European operations

Keliber lithium project

Mining operations at the Syväjärvi mine commenced in February, with 42.1kt of ore extracted and stockpiled by the end of Q1 2026.

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 5

Project capital expenditure (including capitalised interest and other capitalised expenditure outside the project’s initial forecast scope) for Q1 2026 was €23 million (R439 million). At the end of March 2026, total project capital expenditure for the construction phase amounted to €707 million (R13.5 billion) (excluding capitalised interest and exploration) and in line with the revised capital forecast of €783 million (R15.0 billion) in 2024 real terms.

The lithium market remained positive throughout the first quarter of 2026, and market conditions continue to be monitored closely. Staged commissioning of the mine, concentrator and refinery reduces ramp-up risk by prioritising operational readiness in the mining and concentrating stages before determining the appropriate timing for refinery commissioning. This approach also preserves financing flexibility by enabling the deferral of capital expenditure and refinery ramp-up costs, depending on lithium market developments and broader market conditions.

* The figures have been translated where relevant at an average exchange rate of R19.13/€

Sandouville nickel refinery and the GalliCam project

Sandouville operated in care-and-maintenance throughout Q1 2026, with site activities focused on asset integrity and regulatory compliance.

Australian operations

Century zinc retreatment operation

Production from the Century zinc retreatment operations was impacted by above-average rainfall, which reduced capacity and flexibility on the tailings dam as the remaining operating life decreases. The impacts on production were partially offset by the wet weather resilience measures implemented over recent years. Q1 2026 also saw a four-day maintenance shutdown, completed on schedule, on budget and without a safety incident; however, the downtime further reduced production levels.

Consequently, payable zinc production for Q1 2026 was 20kt, a 19% decrease compared with 25kt in Q1 2025, which did not include a maintenance shutdown. AISC for Q1 2026 of US$2,189/tZn (R35,766/tZn) was 26% higher year-on-year, primarily due to lower production.

Payable zinc metal sales for Q1 2026 of 23kt were 3kt higher than production and 131% higher than Q1 2025 sales of 10kt, due to the timing of shipments. Higher payable zinc metal sales, combined with high zinc prices and lower treatment charges for Q1 2026, resulted in significantly improved adjusted EBITDA for Q1 2026 of US$29 million (R467 million) compared with US$10 million (R178 million) for Q1 2025.

Total capital expenditure for Q1 2026 of US$1 million (R13 million) primarily sustaining capital, continues to be focused on maintaining asset integrity, enhancing operational resilience and ensuring the reliability of critical infrastructure as the operation approaches end-of-mine-life.

A phosphate feasibility study (AACE Class 2 Estimate) is expected to be completed in H1 2026. While phosphate does not align directly with the Group’s refreshed strategy, the Group remains committed to responsibly realising value from the Century and Karumba assets for all stakeholders involved.

Mt Lyell copper project

The Mt Lyell copper project achieved a major milestone with the completion of the feasibility study (AACE Class 2 Estimate) in late 2025. This was followed by an internal assurance review in Q1 2026. The next phase involves progressing towards a final investment decision, which will be assessed in accordance with the Group's capital allocation framework and is subject to final board approval.

In Q1 2026, US$3.5 million (R58.5 million) in exploration expenditure was approved. Preparatory activities are currently underway, with exploration works scheduled to commence in Q2 2026.

* Amounts are translated at the average rate R11.40/A$ and R16.34/US$ for 2026

OPERATING GUIDANCE FOR 2026*

Operating guidance for the 2026 year is unchanged at the date of this Q1 2026 report.

2026 Annual guidance

Production

All-in sustaining cost

Total capital

SA operations

SA PGM operations (4E PGMs)

1.65 - 1.75Moz3,4

R26,500 - 27,500/4Eoz (US$1,453 - 1,508/4Eoz)²

R8bn (US$439m)² (incl. R1.79bn (US$98m) for project capital)

SA gold operations (excl. DRDGOLD)

13,700 - 14,700kg (440 - 473koz)

R1,620k - 1,730k/kg (US$2,762 - 2,950/oz)²

R2.8bn (US$154m)²

International operations

US PGM operations (2E mined)

280 - 300koz

US$1,520 - 1,580/2Eoz¹ Including Section 45X:  US$1,360 - 1,420/2Eoz

US$125m - US$135m (incl. US$6m growth) (R2.3bn - R2.5bn incl. R109m growth)²

Recycling operations (Montana, PA and NC) (PGM autocats, industrial and e-waste precious metals bearing waste)

Total 400 - 420koz gold equivalent ounces5

n/a

US$12.2m (R223m)²

Keliber lithium project

15k - 20k tonnes of spodumene concentrate

n/a

€180m - €190m6 (R3.7bn – R3.9bn)² (incl. €90m (R1.8bn) for project capital)

Century zinc operations

86.3k - 98.3k tonnes (payable)

A$3,400 – 3,800/t (R42,160 – 47,120/t)² (US$2,311 - 2,583/t)²

A$5m - A$5.5m (US$3.4m – US$3.7m, R62m - R68.2m)²

Source: Company forecasts, Note: Guidance does not take into account the impact of unplanned events

*As at 20 February 2026 

1.US PGM AISC are impacted by tax and royalties paid based on PGM prices, current guidance was based on spot 2E PGM prices of US$1,180/oz; By product credit assumptions of Rh US$4,800/oz and gold US$2,500/oz

2.Estimates are converted at an exchange rate of R18.24/US$, R20.43/€ and R12.40/A$

3.SA PGM operations production guidance includes third party PoC and 50% attributable production from Mimosa

4.SA PGM operations AISC excludes the purchase cost of third party PoC and Mimosa costs and capital (equity accounted)

5.Gold equivalent ounce production calculated using the following metal pricing: Au US$2,506/oz, Ag US$38/oz, Pt US$1,150/oz, Pd US$1,050, Ir US$4,000/oz, Rh US$4,800/oz, Ru US$500/oz and Cu US$4.4/lb

6.2026 guided capital includes construction phase start-up capital, sustaining cost and capitalised cost. The current production profile includes the Syväjärvi and Rapasaari open pit mining areas

RICHARD STEWART

CHIEF EXECUTIVE OFFICER

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 6

SALIENT FEATURES AND COST BENCHMARKS – QUARTERS

US and SA PGM operations

									US PGM operations			Total SA PGM operations2									Rustenburg including Kroondal						Marikana2						Plat Mile			Mimosa
									Under- ground1			Total			Under- ground			Surface			Under- ground			Surface			Under- ground			Surface			Surface			Attribu-table
Production
Tonnes milled/treated			kt			Mar 2026			195			7,694			4,198			3,495			2,395			1,010			1,459			807			1,677			344
						Dec 2025			198			8,842			4,575			4,267			2,709			1,207			1,502			787			2,272			364
						Mar 2025			184			8,209			4,090			4,119			2,428			1,269			1,315			728			2,122			347
Plant head grade			g/t			Mar 2026			12.44			2.16			3.17			0.94			2.83			1.24			3.69			0.92			0.76			3.34
						Dec 2025			11.98			2.11			3.22			0.91			2.93			1.20			3.71			1.05			0.71			3.36
						Mar 2025			13.91			2.01			3.15			0.88			2.84			0.99			3.67			1.07			0.74			3.39
Plant recoveries			%			Mar 2026			90.69			71.73			84.09			22.19			83.45			33.91			86.83			8.63			18.83			74.77
						Dec 2025			90.64			71.13			84.78			20.08			85.02			27.92			87.23			13.34			16.43			71.97
						Mar 2025			90.90			70.90			84.24			23.33			83.81			34.12			86.94			21.86			15.70			74.65
Yield			g/t			Mar 2026			11.28			1.55			2.67			0.21			2.36			0.42			3.20			0.08			0.14			2.50
						Dec 2025			10.86			1.50			2.73			0.18			2.49			0.33			3.24			0.14			0.12			2.42
						Mar 2025			12.64			1.43			2.65			0.21			2.38			0.34			3.19			0.23			0.12			2.53
PGM production3			4Eoz - 2Eoz			Mar 2026			68,386			383,241			359,802			23,439			181,877			13,660			150,320			2,061			7,718			27,605
						Dec 2025			69,774			426,663			401,592			25,071			216,964			13,005			156,309			3,542			8,524			28,319
						Mar 2025			71,991			376,123			348,940			27,183			185,811			13,780			134,871			5,475			7,928			28,258
PGM sold4			4Eoz - 2Eoz			Mar 2026			63,536			466,817									235,508			13,093			189,109						7,719			21,388
						Dec 2025			72,176			473,352									231,286			10,345			191,818						8,524			31,379
						Mar 2025			57,750			415,278									209,849			13,480			164,716						7,928			19,305
Price and costs5
Average PGM basket price6			R/4Eoz - R/2Eoz			Mar 2026			29,717			46,955									47,385			42,119			47,070						42,169			42,033
						Dec 2025			26,401			37,740									38,165			34,651			37,548						35,788			34,539
						Mar 2025			17,889			25,165									25,421			23,544			25,086						23,329			23,195
			US$/4Eoz - US$/2Eoz			Mar 2026			1,819			2,874									2,900			2,578			2,881						2,581			2,572
						Dec 2025			1,543			2,206									2,231			2,025			2,195						2,092			2,019
						Mar 2025			968			1,362									1,376			1,274			1,357						1,262			1,255
Operating cost7,9			R/t			Mar 2026			6,400			1,330									2,085			327			1,882						109			1,658
						Dec 2025			5,680			1,299									2,080			330			2,091						84			1,721
						Mar 2025			7,213			1,181									2,041			244			1,895						69			1,627
			US$/t			Mar 2026			392			81									128			20			115						7			101
						Dec 2025			332			76									122			19			122						5			101
						Mar 2025			390			64									110			13			103						4			88
			R/4Eoz - R/2Eoz			Mar 2026			18,264			27,480									27,464			24,158			27,996						23,581			20,648
						Dec 2025			16,080			27,642									25,972			30,681			29,940						22,407			22,141
						Mar 2025			18,472			26,683									26,667			22,496			27,582						18,416			19,994
			US$/4Eoz - US$/2Eoz			Mar 2026			1,118			1,682									1,681			1,478			1,713						1,443			1,264
						Dec 2025			940			1,616									1,518			1,793			1,750						1,310			1,294
						Mar 2025			1,000			1,444									1,443			1,217			1,493						997			1,082
All-in sustaining cost7,8,9			R/4Eoz - R/2Eoz			Mar 2026			21,101			24,629									24,839						24,760						16,844			22,750
						Dec 2025			21,111			26,685									25,021						29,534						18,184			24,365
						Mar 2025			21,003			24,599									25,131						24,375						15,641			20,454
			US$/4Eoz - US$/2Eoz			Mar 2026			1,291			1,507									1,520						1,515						1,031			1,392
						Dec 2025			1,234			1,560									1,462						1,726						1,063			1,424
						Mar 2025			1,137			1,331									1,360						1,319						846			1,107
All-in cost7,8,9			R/4Eoz - R/2Eoz			Mar 2026			21,130			24,989									24,967						25,423						16,844			22,750
						Dec 2025			21,183			27,155									25,103						30,597						18,184			24,365
						Mar 2025			20,961			25,079									25,146						25,544						15,641			20,454
			US$/4Eoz - US$/2Eoz			Mar 2026			1,293			1,529									1,528						1,556						1,031			1,392
						Dec 2025			1,238			1,587									1,467						1,788						1,063			1,424
						Mar 2025			1,134			1,357									1,361						1,382						846			1,107
Capital expenditure5
Ore reserve development			Rm			Mar 2026			327			558									177						381						—			—
						Dec 2025			335			605									194						411						—			—
						Mar 2025			320			548									175						373						—			—
Sustaining capital			Rm			Mar 2026			84			447									252						194						1			113
						Dec 2025			185			1,091									563						514						14			124
						Mar 2025			46			470									261						204						5			84
Project capital			Rm			Mar 2026			2			128									25						101						—			—
						Dec 2025			(35)			189									19						170						—			—
						Mar 2025			—			167									3						164						—			—
Total capital expenditure			Rm			Mar 2026			413			1,133									454						676						1			113
						Dec 2025			485			1,885									776						1,095						14			124
						Mar 2025			366			1,185									439						741						5			84
			US$m			Mar 2026			25			69									28						41						—			7
						Dec 2025			28			110									45						64						1			7
						Mar 2025			20			64									24						40						—			5

Average exchange rate for the quarters ended 31 March 2026, 31 December 2025 and 31 March 2025 was R16.34/US$, R17.11/US$ and R18.48/US$, respectively

Figures may not add as they are rounded independently

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

2Total 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 Total SA PGM operations and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana – Quarters”

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

4PGM sold includes the third party PoC ounces sold

5Total 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

6The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment

7Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are considered pro-forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for illustration purposes only, and because of its nature, All-in sustaining costs and All-in costs should not be considered as a representation of financial performance

8All-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. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters”

9The US PGM operations’ operating cost, AISC and AIC for the quarter ended 31 March 2025 was adjusted to include the Section 45X (S45X) Advance Manufacturing Production Credits. During the quarter ended 30 June 2025 the US PGM operations recognised R196 million (US$11 million)which relates to mining costs for the quarter ended 31 March 2025

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 7

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

									Total SA gold operations									Driefontein						Kloof						Beatrix						Cooke			DRDGOLD
									Total			Under- ground			Surface			Under- ground			Surface			Under- ground			Surface			Under- ground			Surface			Surface			Surface
Production
Tonnes milled/treated			kt			Mar 2026			8,142			745			7,397			235			—			175			150			335			2			976			6,269
						Dec 2025			7,727			829			6,898			242			—			214			59			373			—			864			5,975
						Mar 2025			7,894			741			7,153			240			1			200			204			301			—			902			6,046
Yield			g/t			Mar 2026			0.53			3.78			0.21			5.72			—			3.65			0.59			2.49			—			0.21			0.19
						Dec 2025			0.63			4.14			0.21			7.27			—			2.88			1.44			2.83			—			0.23			0.19
						Mar 2025			0.56			4.03			0.20			5.73			—			3.61			0.50			2.94			—			0.23			0.18
Gold produced			kg			Mar 2026			4,336			2,819			1,517			1,345			—			639			89			835			—			209			1,219
						Dec 2025			4,859			3,430			1,429			1,761			—			616			85			1,053			—			198			1,146
						Mar 2025			4,389			2,984			1,405			1,378			—			721			101			885			—			212			1,092
			oz			Mar 2026			139,406			90,633			48,773			43,243			—			20,544			2,861			26,846			—			6,720			39,192
						Dec 2025			156,220			110,277			45,943			56,617			—			19,805			2,733			33,855			—			6,366			36,845
						Mar 2025			141,110			95,938			45,172			44,304			—			23,181			3,247			28,453			—			6,816			35,109
Gold sold			kg			Mar 2026			4,652			3,178			1,474			1,598			—			663			99			917			—			220			1,155
						Dec 2025			4,572			3,124			1,448			1,590			—			608			54			926			—			164			1,230
						Mar 2025			4,337			2,880			1,457			1,352			4			624			84			904			—			260			1,109
			oz			Mar 2026			149,565			102,175			47,390			51,377			—			21,316			3,183			29,482			—			7,073			37,134
						Dec 2025			146,993			100,439			46,554			51,120			—			19,548			1,736			29,772			—			5,273			39,545
						Mar 2025			139,438			92,594			46,844			43,468			129			20,062			2,701			29,064			—			8,359			35,655
Price and costs
Gold price received			R/kg			Mar 2026			2,502,794									2,487,484						2,427,822						2,508,179						2,522,727			2,565,368
						Dec 2025			2,236,439									1,923,899						1,436,556						1,978,402						2,262,195			2,274,797
						Mar 2025			1,682,730									1,678,466						1,690,678						1,680,310						1,665,385			1,688,909
			US$/oz			Mar 2026			4,764									4,735						4,621						4,774						4,802			4,883
						Dec 2025			4,066									3,497						2,611						3,596						4,112			4,135
						Mar 2025			2,832									2,825						2,846						2,828						2,803			2,843
Operating cost1			R/t			Mar 2026			780			5,998			254			7,673			—			8,325			938			3,605			—			518			197
						Dec 2025			801			5,494			237			7,543			—			6,493			253			3,588			—			509			197
						Mar 2025			712			5,514			215			6,840			—			6,798			521			3,602			—			370			181
			US$/t			Mar 2026			48			367			16			470			—			509			57			221			—			32			12
						Dec 2025			47			321			14			441			—			380			15			210			—			30			12
						Mar 2025			39			298			12			370			—			368			28			195			—			20			10
			R/kg			Mar 2026			1,464,714			1,585,314			1,240,606			1,341,264			—			2,281,690			1,584,270			1,445,509			—			2,421,053			1,013,126
						Dec 2025			1,273,513			1,327,405			1,144,157			1,038,047			—			2,253,247			176,471			1,269,706			—			2,222,222			1,029,668
						Mar 2025			1,281,385			1,369,638			1,093,950			1,193,033			—			1,884,882			1,049,505			1,224,859			—			1,575,472			1,004,579
			US$/oz			Mar 2026			2,788			3,018			2,362			2,553			—			4,343			3,016			2,752			—			4,609			1,929
						Dec 2025			2,315			2,413			2,080			1,887			—			4,096			321			2,308			—			4,040			1,872
						Mar 2025			2,157			2,305			1,841			2,008			—			3,172			1,766			2,062			—			2,652			1,691
All-in sustaining cost1,2			R/kg			Mar 2026			1,636,071									1,685,232						2,206,037						1,617,230						2,486,364			1,069,264
						Dec 2025			1,521,216									1,386,792						2,496,979						1,519,438						2,378,049			1,104,878
						Mar 2025			1,421,028									1,482,301						2,012,712						1,241,150						1,600,000			1,071,235
			US$/oz			Mar 2026			3,114									3,208						4,199						3,078						4,733			2,035
						Dec 2025			2,765									2,521						4,539						2,762						4,323			2,009
						Mar 2025			2,392									2,495						3,388						2,089						2,693			1,803
All-in cost1,2			R/kg			Mar 2026			1,793,422									1,685,232						2,206,037						1,617,230						2,486,364			1,699,567
						Dec 2025			1,696,850									1,386,792						2,496,979						1,519,438						2,378,049			1,745,528
						Mar 2025			1,498,501									1,482,301						2,012,712						1,241,150						1,600,000			1,420,198
			US$/oz			Mar 2026			3,414									3,208						4,199						3,078						4,733			3,235
						Dec 2025			3,085									2,521						4,539						2,762						4,323			3,173
						Mar 2025			2,522									2,495						3,388						2,089						2,693			2,390
Capital expenditure
Ore reserve development			Rm			Mar 2026			551									477						—						74						—			—
						Dec 2025			752									405						268						79						—			—
						Mar 2025			664									405						208						51						—			—
Sustaining capital			Rm			Mar 2026			126									52						—						12						—			62
						Dec 2025			346									153						80						45						—			68
						Mar 2025			167									50						47						8						—			62
Project capital3			Rm			Mar 2026			734									—						—						—						—			728
						Dec 2025			797									—						—						—						—			788
						Mar 2025			387									—						—						—						—			387
Total capital expenditure			Rm			Mar 2026			1,411									529						—						86						—			790
						Dec 2025			1,895									558						348						124						—			856
						Mar 2025			1,218									455						255						59						—			449
			US$m			Mar 2026			86									32						—						5						—			48
						Dec 2025			111									33						20						7						—			50
						Mar 2025			66									25						14						3						—			24

Average exchange rates for the quarters ended 31 March 2026, 31 December 2025 and 31 March 2025 was R16.34/US$, R17.11/US$ and R18.48/US$, respectively

Figures may not add as they are rounded independently

1Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS and should not be considered in isolation or as substitutes for measures of financial performance prepared in accordance with IFRS. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are considered pro forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for illustration purposes only, and because of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance

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

3Project capital expenditure for the quarters ended 31 March 2026 and 31 December 2025 was R6 million (US$0.4 million) and R9 million (US$1 million), respectively, the majority of which related to the Burnstone project (zero for the quarter ended March 2025)

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 8

SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)

Century zinc retreatment operation

Production
Ore mined and processed			kt			Mar 2026			1,800
						Dec 2025			2,061
						Mar 2025			1,973
Zinc ore grade processed			%			Mar 2026			2.81
						Dec 2025			2.85
						Mar 2025			3.01
Plant recoveries			%			Mar 2026			47.98
						Dec 2025			51.34
						Mar 2025			50.53
Concentrate produced1			kt			Mar 2026			53
						Dec 2025			66
						Mar 2025			64
Concentrate zinc grade2			%			Mar 2026			45.73
						Dec 2025			45.84
						Mar 2025			46.72
Zinc in concentrate produced3			kt			Mar 2026			24
						Dec 2025			30
						Mar 2025			30
Payable zinc production4			kt			Mar 2026			20
						Dec 2025			25
						Mar 2025			25
Payable zinc sales5			kt			Mar 2026			23
						Dec 2025			28
						Mar 2025			10
Price and costs
Average equivalent zinc concentrate price6			R/tZn			Mar 2026			42,942
						Dec 2025			49,626
						Mar 2025			51,883
			US$/tZn			Mar 2026			2,628
						Dec 2025			2,900
						Mar 2025			2,807
All-in sustaining cost7,8			R/tZn			Mar 2026			35,766
						Dec 2025			37,286
						Mar 2025			32,127
			US$/tZn			Mar 2026			2,189
						Dec 2025			2,179
						Mar 2025			1,738
All-in cost7,8			R/tZn			Mar 2026			36,315
						Dec 2025			38,009
						Mar 2025			32,328
			US$/tZn			Mar 2026			2,222
						Dec 2025			2,221
						Mar 2025			1,749
Capital expenditure
Sustaining capital			Rm			Mar 2026			2
						Dec 2025			27
						Mar 2025			13
Project capital			Rm			Mar 2026			11
						Dec 2025			18
						Mar 2025			5
Total capital expenditure			Rm			Mar 2026			13
						Dec 2025			45
						Mar 2025			18
			US$m			Mar 2026			1
						Dec 2025			3
						Mar 2025			1

Average exchange rates for the quarters ended 31 March 2026, 31 December 2025 and 31 March 2025 was R16.34/US$, R17.11/US$ and R18.48/US$, respectively

Figures may not add as they are rounded independently

1Concentrate produced contains zinc, lead, silver and waste material, which is exported as a relatively dry product

2Concentrate zinc grade is the percentage of zinc contained in the concentrate produced

3Zinc in concentrate produced is the zinc metal contained in the concentrate produced

4Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions

5Payable zinc sales is the payable quantity of zinc metal sold after applying smelter content deductions

6Average 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 sales

7All-in sustaining costs and all-in costs are not measures of performance under IFRS and should not be considered in isolation or as substitutes for measures of financial performance prepared in accordance with IFRS. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are considered pro forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for illustration purposes only, and because of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance

8All-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. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters”

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 9

ALL-IN COSTS – QUARTERS

US and SA PGM operations

Figures are in rand millions unless otherwise stated

									US PGM operations1			Total SA PGM operations2			Rustenburg including Kroondal			Marikana2			Plat Mile			Mimosa			Corporate
Cost of sales, before amortisation and depreciation3						Mar 2026			1,304			11,541			6,817			4,519			205			464			(464)
						Dec 2025			958			12,646			6,255			6,131			260			692			(692)
						Mar 2025			1,337			9,341			5,521			3,615			205			412			(412)
Section 45X credit adjustment7						Mar 2026			—			—			—			—			—			—			—
						Dec 2025			—			—			—			—			—			—			—
						Mar 2025			(196)			—			—			—			—			—			—
Royalties						Mar 2026			—			749			543			206			—			51			(51)
						Dec 2025			—			390			349			41			—			59			(59)
						Mar 2025			—			55			29			26			—			22			(22)
Carbon tax						Mar 2026			—			1			—			1			—			—			—
						Dec 2025			—			1			—			1			—			—			—
						Mar 2025			—			1			—			1			—			—			—
Community costs						Mar 2026			—			31			2			30			—			—			—
						Dec 2025			—			78			26			52			—			—			—
						Mar 2025			—			50			21			30			—			—			—
Inventory change						Mar 2026			(55)			(519)			(1,405)			886			—			106			(106)
						Dec 2025			164			(83)			198			(281)			—			(65)			65
						Mar 2025			189			825			1			824			—			153			(153)
Share-based payments4						Mar 2026			(2)			3			3			—			—			—			—
						Dec 2025			36			74			38			35			1			—			—
						Mar 2025			(45)			(14)			(5)			(6)			—			—			—
Rehabilitation interest and amortisation5						Mar 2026			14			81			47			34			—			2			(2)
						Dec 2025			8			53			45			8			—			2			(2)
						Mar 2025			9			57			38			19			—			2			(2)
Leases						Mar 2026			—			12			5			7			—			—			—
						Dec 2025			—			13			6			7			—			—			—
						Mar 2025			1			11			4			7			—			—			—
Ore reserve development						Mar 2026			327			558			177			381			—			—			—
						Dec 2025			335			605			194			411			—			—			—
						Mar 2025			320			548			175			373			—			—			—
Sustaining capital expenditure						Mar 2026			84			447			252			194			1			113			(113)
						Dec 2025			185			1,091			563			514			14			124			(124)
						Mar 2025			46			470			261			204			5			84			(84)
Less: By-product credit						Mar 2026			(229)			(3,252)			(1,584)			(1,592)			(76)			(108)			108
						Dec 2025			(213)			(3,534)			(1,920)			(1,494)			(120)			(122)			122
						Mar 2025			(149)			(2,448)			(1,029)			(1,333)			(86)			(95)			95
Total All-in-sustaining costs6						Mar 2026			1,443			9,652			4,857			4,666			130			628			(628)
						Dec 2025			1,473			11,334			5,754			5,425			155			690			(690)
						Mar 2025			1,512			8,896			5,016			3,760			124			578			(578)
Plus: Corporate cost, growth and capital expenditure						Mar 2026			2			128			25			101			—			—			2
						Dec 2025			5			187			19			170			—			—			(2)
						Mar 2025			(3)			167			3			164			—			—			—
Total All-in-costs6						Mar 2026			1,445			9,780			4,882			4,767			130			628			(626)
						Dec 2025			1,478			11,521			5,773			5,595			155			690			(692)
						Mar 2025			1,509			9,063			5,019			3,924			124			578			(578)
PGM production			4Eoz - 2Eoz			Mar 2026			68,386			402,965			195,537			172,105			7,718			27,605			—
						Dec 2025			69,774			446,830			229,969			180,018			8,524			28,319			—
						Mar 2025			71,991			393,876			199,591			158,099			7,928			28,258			—
			kg			Mar 2026			2,127			12,534			6,082			5,353			240			859			—
						Dec 2025			2,170			13,898			7,153			5,599			265			881			—
						Mar 2025			2,239			12,251			6,208			4,917			247			879			—
All-in-sustaining cost6			R/4Eoz - R/2Eoz			Mar 2026			21,101			25,714			24,839			27,111			16,844			22,750			—
						Dec 2025			21,111			27,082			25,021			30,136			18,184			24,365			—
						Mar 2025			21,003			24,331			25,131			23,783			15,641			20,454			—
			US$/4Eoz - US$/2Eoz			Mar 2026			1,291			1,574			1,520			1,659			1,031			1,392			—
						Dec 2025			1,234			1,583			1,462			1,761			1,063			1,424			—
						Mar 2025			1,137			1,317			1,360			1,287			846			1,107			—
All-in-cost6			R/4Eoz - R/2Eoz			Mar 2026			21,130			26,055			24,967			27,698			16,844			22,750			—
						Dec 2025			21,183			27,529			25,103			31,080			18,184			24,365			—
						Mar 2025			20,961			24,788			25,146			24,820			15,641			20,454			—
			US$/4Eoz - US$/2Eoz			Mar 2026			1,293			1,595			1,528			1,695			1,031			1,392			—
						Dec 2025			1,238			1,609			1,467			1,816			1,063			1,424			—
						Mar 2025			1,134			1,341			1,361			1,343			846			1,107			—

Average exchange rates for the quarters ended 31 March 2026, 31 December 2025 and 31 March 2025 was R16.34/US$, R17.11/US$ and R18.48/US$, respectively

Figures may not add as they are rounded independently

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. The US Reldan operations cost and performance are also excluded from the above table

3Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs

4Share-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

5Rehabilitation 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

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 10

6All-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

7The Inflation Reduction Act Section 45X Advanced Manufacturing Production Credit provides credits to the US PGM operations equal to 10% of production costs incurred for critical minerals produced and sold after December 31, 2022. During the quarter ended 30 June 2025 the US PGM operations recognised R196 million (US$11 million) which relates to mining costs for the quarter ended 31 March 2025. Although the amount was recognised as a credit against the 30 June 2025 cost of sales, management believes that the cost of sales for the period ended 31 March 2025 should be adjusted with the credits against the period when the mining costs were accrued. It is expected that, because the required certification requirements were addressed in June 2025, the recognition of the credits will now match the related mining cost accruals. Accordingly, total All-in-sustaining costs and total All-in-costs were adjusted to reflect the appropriate amounts which relates to the periods presented above

ALL-IN COSTS – QUARTERS (continued)

Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters
						Total SA PGM operations									Marikana
			Rm			Mar 2026			Dec 2025			Mar 2025			Mar 2026			Dec 2025			Mar 2025
Cost of sales, before amortisation and depreciation as reported per table above						11,541			12,646			9,341			4,519			6,131			3,615
Inventory change as reported per table above						(519)			(83)			825			886			(281)			824
Less: Chrome cost of sales						(142)			(711)			(388)			(32)			(223)			(72)
Total operating cost including third party PoC						10,880			11,852			9,778			5,373			5,627			4,367
Less: Purchase cost of PoC						(1,107)			(841)			(496)			(1,107)			(841)			(496)
Total operating cost excluding third party PoC						9,773			11,011			9,282			4,266			4,786			3,871
PGM production as reported per table above			4Eoz- 2Eoz			402,965			446,830			393,876			172,105			180,018			158,099
Less: Mimosa production						(27,605)			(28,319)			(28,258)			—			—			—
PGM production excluding Mimosa						375,360			418,511			365,618			172,105			180,018			158,099
Less: PoC production						(19,724)			(20,167)			(17,753)			(19,724)			(20,167)			(17,753)
PGM production excluding Mimosa and third party PoC						355,636			398,344			347,865			152,381			159,851			140,346
PGM production including Mimosa and excluding third party PoC						383,241			426,663			376,123			152,381			159,851			140,346
Tonnes milled/treated			kt			7,694			8,842			8,209			2,267			2,289			2,043
Less: Mimosa tonnes						(344)			(364)			(347)			—			—			—
PGM tonnes excluding Mimosa and third party PoC						7,350			8,478			7,862			2,267			2,289			2,043
Operating cost including third party PoC			R/4Eoz-R/2Eoz			28,986			28,319			26,744			31,219			31,258			27,622
			US$/4Eoz-US$/2Eoz			1,774			1,655			1,447			1,911			1,827			1,495
			R/t			1,480			1,398			1,244			2,370			2,458			2,138
			US$/t			91			82			67			145			144			116
Operating cost excluding third party PoC			R/4Eoz-R/2Eoz			27,480			27,642			26,683			27,996			29,940			27,582
			US$/4Eoz-US$/2Eoz			1,682			1,616			1,444			1,713			1,750			1,493
			R/t			1,330			1,299			1,181			1,882			2,091			1,895
			US$/t			81			76			64			115			122			103

Reconciliation of AISC and AIC excluding PoC for Total SA PGM operations and Marikana - Quarters
						Total SA PGM operations									Marikana
			Rm			Mar 2026			Dec 2025			Mar 2025			Mar 2026			Dec 2025			Mar 2025
Total All-in-sustaining cost as reported per table above						9,652			11,334			8,896			4,666			5,425			3,760
Less: Purchase cost of PoC						(1,107)			(841)			(496)			(1,107)			(841)			(496)
Add: By-product credit of PoC						214			137			157			214			137			157
Total All-in-sustaining cost excluding PoC						8,759			10,630			8,557			3,773			4,721			3,421
Plus: Corporate cost, growth and capital expenditure						128			187			167			101			170			164
Total All-in-cost excluding PoC						8,887			10,817			8,724			3,874			4,891			3,585
PGM production excluding PoC			4Eoz- 2Eoz			355,636			398,344			347,865			152,381			159,851			140,346
All-in-sustaining cost excluding PoC			R/4Eoz-R/2Eoz			24,629			26,685			24,599			24,760			29,534			24,375
			US$/4Eoz-US$/2Eoz			1,507			1,560			1,331			1,515			1,726			1,319
All-in-cost excluding PoC			R/4Eoz-R/2Eoz			24,989			27,155			25,079			25,423			30,597			25,544
			US$/4Eoz-US$/2Eoz			1,529			1,587			1,357			1,556			1,788			1,382

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 11

ALL-IN COSTS – QUARTERS (continued)

SA gold operations

Figures are in rand millions unless otherwise stated

									Total SA gold operations			Driefontein			Kloof			Beatrix			Cooke			DRDGOLD			Corporate
Cost of sales, before amortisation and depreciation1						Mar 2026			6,683			2,038			1,671			1,300			521			1,153			—
						Dec 2025			5,639			1,547			1,281			1,172			361			1,278			—
						Mar 2025			5,234			1,546			1,160			1,035			385			1,108			—
Royalties						Mar 2026			188			125			9			80			3			—			(29)
						Dec 2025			100			86			5			73			(2)			—			(62)
						Mar 2025			27			11			6			8			2			—			—
Carbon tax						Mar 2026			—			—			—			—			—			—			—
						Dec 2025			—			—			—			—			—			—			—
						Mar 2025			—			—			—			—			—			—			—
Community costs						Mar 2026			5			—			—			—			—			5			—
						Dec 2025			8			—			—			—			—			8			—
						Mar 2025			5			—			—			—			—			5			—
Share-based payments2						Mar 2026			3			1			—			(1)			(2)			6			(1)
						Dec 2025			48			14			11			8			1			13			1
						Mar 2025			(7)			(5)			(6)			(3)			—			7			—
Rehabilitation interest and amortisation3						Mar 2026			57			5			3			15			25			7			2
						Dec 2025			58			4			9			24			30			(11)			2
						Mar 2025			69			5			9			22			29			2			2
Leases						Mar 2026			10			2			1			5			—			2			—
						Dec 2025			13			2			1			7			—			3			—
						Mar 2025			8			—			2			2			—			4			—
Ore reserve development						Mar 2026			551			477			—			74			—			—			—
						Dec 2025			752			405			268			79			—			—			—
						Mar 2025			664			405			208			51			—			—			—
Sustaining capital expenditure						Mar 2026			126			52			—			12			—			62			—
						Dec 2025			346			153			80			45			—			68			—
						Mar 2025			167			50			47			8			—			62			—
Less: By-product credit						Mar 2026			(12)			(7)			(3)			(2)			—			—			—
						Dec 2025			(9)			(6)			(2)			(1)			—			—			—
						Mar 2025			(4)			(2)			(1)			(1)			—			—			—
Total All-in-sustaining costs4						Mar 2026			7,611			2,693			1,681			1,483			547			1,235			(28)
						Dec 2025			6,955			2,205			1,653			1,407			390			1,359			(59)
						Mar 2025			6,163			2,010			1,425			1,122			416			1,188			2
Plus: Corporate cost, growth and capital expenditure						Mar 2026			732			—			—			—			—			728			4
						Dec 2025			803			—			—			—			—			788			15
						Mar 2025			336			—			—			—			—			387			(51)
Total All-in-costs4						Mar 2026			8,343			2,693			1,681			1,483			547			1,963			(24)
						Dec 2025			7,758			2,205			1,653			1,407			390			2,147			(44)
						Mar 2025			6,499			2,010			1,425			1,122			416			1,575			(49)
Gold sold			kg			Mar 2026			4,652			1,598			762			917			220			1,155			—
						Dec 2025			4,572			1,590			662			926			164			1,230			—
						Mar 2025			4,337			1,356			708			904			260			1,109			—
			oz			Mar 2026			149,565			51,377			24,499			29,482			7,073			37,134			—
						Dec 2025			146,993			51,120			21,284			29,772			5,273			39,545			—
						Mar 2025			139,438			43,596			22,763			29,064			8,359			35,655			—
All-in-sustaining cost4			R/kg			Mar 2026			1,636,071			1,685,232			2,206,037			1,617,230			2,486,364			1,069,264			—
						Dec 2025			1,521,216			1,386,792			2,496,979			1,519,438			2,378,049			1,104,878			—
						Mar 2025			1,421,028			1,482,301			2,012,712			1,241,150			1,600,000			1,071,235			—
All-in-sustaining cost			US$/oz			Mar 2026			3,114			3,208			4,199			3,078			4,733			2,035			—
						Dec 2025			2,765			2,521			4,539			2,762			4,323			2,009			—
						Mar 2025			2,392			2,495			3,388			2,089			2,693			1,803			—
All-in-cost4			R/kg			Mar 2026			1,793,422			1,685,232			2,206,037			1,617,230			2,486,364			1,699,567			—
						Dec 2025			1,696,850			1,386,792			2,496,979			1,519,438			2,378,049			1,745,528			—
						Mar 2025			1,498,501			1,482,301			2,012,712			1,241,150			1,600,000			1,420,198			—
All-in-cost			US$/oz			Mar 2026			3,414			3,208			4,199			3,078			4,733			3,235			—
						Dec 2025			3,085			2,521			4,539			2,762			4,323			3,173			—
						Mar 2025			2,522			2,495			3,388			2,089			2,693			2,390			—

Average exchange rates for the quarters ended 31 March 2026, 31 December 2025 and 31 March 2025 was R16.34/US$, R17.11/US$ and R18.48/US$, respectively

Figures may not add as they are rounded independently

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

2    Share-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

3    Rehabilitation 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 gold production

4    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

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 12

ALL-IN COSTS – QUARTERS (continued)

Century zinc retreatment operation

Figures are in rand millions unless otherwise stated

Cost of sales, before amortisation and depreciation1						Mar 2026			699
						Dec 2025			1,212
						Mar 2025			262
Royalties						Mar 2026			57
						Dec 2025			83
						Mar 2025			23
Community costs						Mar 2026			14
						Dec 2025			15
						Mar 2025			9
Inventory change						Mar 2026			88
						Dec 2025			(335)
						Mar 2025			482
Share-based payments						Mar 2026			3
						Dec 2025			6
						Mar 2025			1
Rehabilitation interest and amortisation2						Mar 2026			18
						Dec 2025			18
						Mar 2025			19
Leases						Mar 2026			9
						Dec 2025			31
						Mar 2025			24
Sustaining capital expenditure						Mar 2026			2
						Dec 2025			27
						Mar 2025			13
Less: By-product credit						Mar 2026			(173)
						Dec 2025			(129)
						Mar 2025			(34)
Total All-in-sustaining costs3						Mar 2026			717
						Dec 2025			928
						Mar 2025			799
Plus: Corporate cost, growth and capital expenditure						Mar 2026			11
						Dec 2025			18
						Mar 2025			5
Total All-in-costs3						Mar 2026			728
						Dec 2025			946
						Mar 2025			804
Payable zinc production			kt			Mar 2026			20
						Dec 2025			25
						Mar 2025			25
All-in-sustaining cost3			R/tZn			Mar 2026			35,766
						Dec 2025			37,286
						Mar 2025			32,127
			US$/tZn			Mar 2026			2,189
						Dec 2025			2,179
						Mar 2025			1,738
All-in-cost3			R/tZn			Mar 2026			36,315
						Dec 2025			38,009
						Mar 2025			32,328
			US$/tZn			Mar 2026			2,222
						Dec 2025			2,221
						Mar 2025			1,749

Average exchange rates for the quarters ended 31 March 2026, 31 December 2025 and 31 March 2025 was R16.34/US$, R17.11/US$ and R18.48/US$, respectively

Figures may not add as they are rounded independently

1Cost of sales, before amortisation and depreciation includes all mining and processing costs, corporate general and administrative costs, and permitting costs

2Rehabilitation 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 zinc production

3All-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 payable zinc production in the same period

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 13

UNIT OPERATING COST – QUARTERS

US and SA PGM operations

Figures are in rand millions unless otherwise stated

									US PGM operations			Total SA PGM operations2,3			Rustenburg including Kroondal3						Marikana3						Plat Mile3			Mimosa
									Under- ground1			Total			Under- ground			Surface			Under- ground			Surface			Surface			Attribu-table
Cost of sales, before amortisation and depreciation						Mar 2026			1,304			11,541			6,500			317			4,519						205			464
						Dec 2025			958			12,646			5,903			352			6,131						260			692
						Mar 2025			1,337			9,341			5,211			310			3,615						205			412
Section 45X credit adjustment6						Mar 2026			—			—			—			—			—						—			—
						Dec 2025			—			—			—			—			—						—			—
						Mar 2025			(196)			—			—			—			—						—			—
Inventory change						Mar 2026			(55)			(519)			(1,418)			13			886						—			106
						Dec 2025			164			(83)			151			47			(281)						—			(65)
						Mar 2025			189			825			1			—			824						—			153
Less: Chrome cost of sales						Mar 2026			—			(142)			(87)			—			(32)						(23)			—
						Dec 2025			—			(711)			(419)			—			(223)						(69)			—
						Mar 2025			—			(388)			(257)			—			(72)						(59)			—
Less: Purchase cost of PoC						Mar 2026			—			(1,107)			—			—			(1,107)						—			—
						Dec 2025			—			(841)			—			—			(841)						—			—
						Mar 2025			—			(496)			—			—			(496)						—			—
Total operating cost excluding third party PoC						Mar 2026			1,249			9,773			4,995			330			4,266						182			570
						Dec 2025			1,122			11,011			5,635			399			4,786						191			627
						Mar 2025			1,330			9,282			4,955			310			3,871						146			565
Tonnes milled/treated			kt			Mar 2026			195			7,350			2,395			1,010			1,459			807			1,677			344
						Dec 2025			198			8,478			2,709			1,207			1,502			787			2,272			364
						Mar 2025			184			7,862			2,428			1,269			1,315			728			2,122			347
PGM production excluding Mimosa and third party PoC4			4Eoz			Mar 2026			68,386			355,636			181,877			13,660			152,381						7,718			27,605
						Dec 2025			69,774			398,344			216,964			13,005			159,851						8,524			28,319
						Mar 2025			71,991			347,865			185,811			13,780			140,346						7,928			28,258
Operating cost5			R/t			Mar 2026			6,400			1,330			2,085			327			1,882						109			1,658
						Dec 2025			5,680			1,299			2,080			330			2,091						84			1,721
						Mar 2025			7,213			1,181			2,041			244			1,895						69			1,627
			US$/t			Mar 2026			392			81			128			20			115						7			101
						Dec 2025			332			76			122			19			122						5			101
						Mar 2025			390			64			110			13			103						4			88
			R/4Eoz - R/2Eoz			Mar 2026			18,264			27,480			27,464			24,158			27,996						23,581			20,648
						Dec 2025			16,080			27,642			25,972			30,681			29,940						22,407			22,141
						Mar 2025			18,472			26,683			26,667			22,496			27,582						18,416			19,994
			US$/4Eoz - US$/2Eoz			Mar 2026			1,118			1,682			1,681			1,478			1,713						1,443			1,264
						Dec 2025			940			1,616			1,518			1,793			1,750						1,310			1,294
						Mar 2025			1,000			1,444			1,443			1,217			1,493						997			1,082

Average exchange rates for the quarters ended 31 March 2026, 31 December 2025 and 31 March 2025 was R16.34/US$, R17.11/US$ and R18.48/US$, respectively

Figures may not add as they are rounded independently

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

2    Total SA PGM operations exclude the results of Mimosa, which is recognised by the equity accounting method

3    Cost of sales, before amortisation and depreciation for Total SA PGM operations, Rustenburg including Kroondal, Marikana and Platinum Mile includes the Chrome cost of sales which is excluded for unit cost calculation purposes as Chrome production is excluded from the 4Eoz production

4 For a reconciliation of the production excluding Mimosa and third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters”

5    Operating 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 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

6    The US PGM operations’ operating cost for the quarter ended 31 March 2025 were adjusted to include the Section 45X (S45X) Advance Manufacturing Production Credits. During the quarter ended 30 June 2025 the US PGM operations recognised R196 million (US$11 million) which relates to mining costs for the quarter ended 31 March 2025

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 14

UNIT OPERATING COST – QUARTERS (continued)

SA gold operations

Figures are in rand millions unless otherwise stated

									Total SA gold operations									Driefontein						Kloof						Beatrix						Cooke			DRDGOLD
									Total			Under- ground			Surface			Under- ground			Surface			Under- ground			Surface			Under- ground			Surface			Surface			Surface
Cost of sales, before amortisation and depreciation						Mar 2026			6,683			4,883			1,800			2,038			—			1,545			126			1,300			—			521			1,153
						Dec 2025			5,639			3,993			1,646			1,547			—			1,274			7			1,172			—			361			1,278
						Mar 2025			5,234			3,659			1,575			1,546			—			1,078			82			1,035			—			385			1,108
Inventory change						Mar 2026			(332)			(414)			82			(234)			—			(87)			15			(93)			—			(15)			82
						Dec 2025			549			560			(11)			281			—			114			8			165			—			79			(98)
						Mar 2025			390			428			(38)			98			—			281			24			49			—			(51)			(11)
Total operating cost						Mar 2026			6,351			4,469			1,882			1,804			—			1,458			141			1,207			—			506			1,235
						Dec 2025			6,188			4,553			1,635			1,828			—			1,388			15			1,337			—			440			1,180
						Mar 2025			5,624			4,087			1,537			1,644			—			1,359			106			1,084			—			334			1,097
Tonnes milled/treated			kt			Mar 2026			8,142			745			7,397			235			—			175			150			335			2			976			6,269
						Dec 2025			7,727			829			6,898			242			—			214			59			373			—			864			5,975
						Mar 2025			7,894			741			7,153			240			1			200			204			301			—			902			6,046
Gold produced			kg			Mar 2026			4,336			2,819			1,517			1,345			—			639			89			835			—			209			1,219
						Dec 2025			4,859			3,430			1,429			1,761			—			616			85			1,053			—			198			1,146
						Mar 2025			4,389			2,984			1,405			1,378			—			721			101			885			—			212			1,092
			oz			Mar 2026			139,406			90,633			48,773			43,243			—			20,544			2,861			26,846			—			6,720			39,192
						Dec 2025			156,220			110,277			45,943			56,617			—			19,805			2,733			33,855			—			6,366			36,845
						Mar 2025			141,110			95,938			45,172			44,304			—			23,181			3,247			28,453			—			6,816			35,109
Operating cost1			R/t			Mar 2026			780			5,998			254			7,673			—			8,325			938			3,605			—			518			197
						Dec 2025			801			5,494			237			7,543			—			6,493			253			3,588			—			509			197
						Mar 2025			712			5,514			215			6,840			—			6,798			521			3,602			—			370			181
			US$/t			Mar 2026			48			367			16			470			—			509			57			221			—			32			12
						Dec 2025			47			321			14			441			—			380			15			210			—			30			12
						Mar 2025			39			298			12			370			—			368			28			195			—			20			10
			R/kg			Mar 2026			1,464,714			1,585,314			1,240,606			1,341,264			—			2,281,690			1,584,270			1,445,509			—			2,421,053			1,013,126
						Dec 2025			1,273,513			1,327,405			1,144,157			1,038,047			—			2,253,247			176,471			1,269,706			—			2,222,222			1,029,668
						Mar 2025			1,281,385			1,369,638			1,093,950			1,193,033			—			1,884,882			1,049,505			1,224,859			—			1,575,472			1,004,579
			US$/oz			Mar 2026			2,788			3,018			2,362			2,553			—			4,343			3,016			2,752			—			4,609			1,929
						Dec 2025			2,315			2,413			2,080			1,887			—			4,096			321			2,308			—			4,040			1,872
						Mar 2025			2,157			2,305			1,841			2,008			—			3,172			1,766			2,062			—			2,652			1,691

Average exchange rates for the quarters ended 31 March 2026, 31 December 2025 and 31 March 2025 was R16.34/US$, R17.11/US$ and R18.48/US$, respectively

Figures may not add as they are rounded independently

1 Operating 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

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 15

ADJUSTED EBITDA RECONCILIATION – QUARTERS

			Quarter ended 31 Mar 2026																																	Quarter ended 31 Dec 2025																																	Quarter ended 31 Mar 2025
						Southern Africa (SA) operations						International and recycling operations																					Group						SA operations						International and recycling operations																					Group						SA operations						International and recycling operations																					Group
															Primary Mining			Recycling									Secondary mining																					Primary Mining			Recycling									Secondary mining																					Primary Mining			Recycling									Secondary mining
Figures in million – SA rand			Group			Total SA PGM			Total SA gold			Total US operations			US PGM operations			Recycling operations									Total EU operations1			Keliber lithium project			Total AUS operations			Century zinc retreatment operation			Corporate			Group			Total SA PGM			Total SA gold			Total US operations			US PGM operations			Recycling operations									Total EU operations1			Keliber lithium project			Total AUS operations			Century zinc retreatment operation			Corporate			Group			Total SA PGM			Total SA gold			Total US operations			US PGM operations			Recycling operations									Total EU operations1			Keliber lithium project			Total AUS operations			Century zinc retreatment operation			Corporate
Profit/(loss) before royalties, carbon tax and tax			17,055			11,839			4,221			1,557			150			1,407									(423)			(227)			380			410			(519)			(2,058)			5,554			(1,113)			483			272			211									(3,289)			(2,265)			518			546			(4,211)			642			1,352			344			(776)			(820)			44									(160)			(70)			257			302			(375)
Adjusted for:
Amortisation and depreciation			1,986			1,041			636			301			219			82									7			7			—			—			1			2,557			1,098			1,029			417			330			87									9			9			1			—			3			1,902			909			756			233			179			54									3			2			—			—			1
Interest income			(406)			(118)			(127)			(53)			(29)			(24)									(82)			(82)			(3)			(3)			(23)			(566)			(95)			(130)			(280)			(150)			(130)									(5)			(4)			(2)			(2)			(54)			(222)			(78)			(120)			(17)			(15)			(2)									(2)			(2)			(1)			—			(4)
Finance expense			1,146			152			217			419			403			16									70			63			32			29			256			1,182			163			239			438			420			18									31			27			34			31			277			1,187			162			318			450			442			8									13			11			50			47			194
Share-based payments			68			25			6			34			34			—									7			—			(4)			(4)			—			771			254			209			197			186			11									75			25			30			30			6			132			53			36			26			26			—									15			4			2			2			—
Loss/(gain) on financial instruments			53			72			(113)			83			—			83									(6)			—			17			17			—			2,646			189			2,079			626			—			626									(284)			(290)			35			35			1			613			42			642			87			—			87									(15)			—			(143)			(143)			—
(Gain)/loss on foreign exchange movements			(8)			(126)			78			(6)			(1)			(5)									54			35			24			27			(32)			17			118			(78)			17			5			12									(1)			(9)			16			13			(55)			(88)			4			(44)			5			1			4									(53)			—			(5)			(6)			5
Share of results of equity-accounted investees after tax			(651)			(414)			(236)			(2)			3			(5)									—			—			—			—			1			(518)			(356)			(170)			(2)			2			(4)									—			—			—			—			10			(34)			97			(133)			2			—			2									—			—			—			—			—
Change in estimate of environmental rehabilitation obligation, and right of recovery liability and asset			—			—			—			—			—			—									—			—			—			—			—			593			50			8			—			—			—									729			—			(194)			(184)			—			—			—			—			—			—			—									—			—			—			—			—
(Gain)/loss on disposal of property, plant and equipment			(22)			(15)			(5)			(2)			(2)			—									—			—			—			—			—			(2)			(7)			(18)			23			23			—									—			—			—			—			—			(12)			(9)			(7)			4			4			—									—			—			—			—			—
Impairments			16			15			—			—			—			—									1			1			—			—			—			4,341			(1)			1,856			—			—			—									2,460			2,460			—			—			26			—			—			—			—			—			—									—			—			—			—			—
Occupational healthcare gain			—			—			—			—			—			—									—			—			—			—			—			46			—			46			—			—			—									—			—			—			—			—			—			—			—			—			—			—									—			—			—			—			—
Restructuring costs			85			—			50			—			—			—									35			—			—			—			—			3			—			3			—			—			—									—			—			—			—			—			36			7			27			2			2			—									—			—			—			—			—
Onerous contract provision			—			—			—			—			—			—									—			—			—			—			—			—			—			—			—			—			—									—			—			—			—			—			(71)			—			—			—			—			—									(71)			—			—			—			—
Lease payments			(56)			(22)			(14)			(2)			—			(2)									(9)			(6)			(9)			(9)			—			(82)			(23)			(16)			1			1			—									(13)			(7)			(31)			(30)			—			(51)			(12)			(8)			(1)			(1)			—									(6)			(1)			(24)			(24)			—
Other non-recurring costs			106			—			(8)			46			—			46									44			—			—			—			24			3,925			(1)			21			66			1			65									139			—			4			—			3,696			75			—			—			10			10			—									35			—			—			—			30
Adjusted EBITDA			19,372			12,449			4,705			2,375			777			1,598									(302)			(209)			437			467			(292)			12,855			6,943			3,965			1,986			1,090			896									(149)			(54)			411			439			(301)			4,109			2,527			1,811			25			(172)			197									(241)			(56)			136			178			(149)

1.1 Total EU operations includes Sandouville nickel refinery, Keliber OY and European corporate and reconciling items

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 16

ADMINISTRATION AND CORPORATE INFORMATION

SIBANYE STILLWATER LIMITED (SIBANYE-STILLWATER) Incorporated in the Republic of South Africa Registration number 2014/243852/06 Share code: SSW and SBSW Issuer code: SSW ISIN: ZAE000259701 LISTINGS JSE: SSW NYSE: SBSW WEBSITE www.sibanyestillwater.com REGISTERED AND CORPORATE OFFICE Constantia Office Park Bridgeview House, Building 11, Ground floor Cnr 14th Avenue & Hendrik Potgieter Road Weltevreden Park 1709 South Africa Private Bag X5 Westonaria 1780 South Africa Tel: +27 11 278 9600 Fax: +27 11 278 9863 COMPANY SECRETARY Lerato Matlosa Email: lerato.matlosa@sibanyestillwater.com DIRECTORS Dr Vincent Maphai* (Chairman) Dr Richard Stewart (CEO) Charl Keyter (CFO) Dr Elaine Dorward-King* Harry Kenyon-Slaney* ^ Prof Jeremiah Vilakazi# Dr Lindiwe Mthimunye* Keith Rayner# Dr Peter Hancock* Philippe Boisseau* Richard Menell# Sindiswa Zilwa* Terence Nombembe* Timothy Cumming# * Independent non-executive # Non-executive ^ Lead independent director INVESTOR ENQUIRIES James Wellsted Executive Vice President: Investor Relations and Corporate Affairs Mobile: +27 83 453 4014 Email: james.wellsted@sibanyestillwater.com or ir@sibanyestillwater.com JSE SPONSOR J.P. Morgan Equities South Africa Proprietary Limited Registration number 1995/011815/07 1 Fricker Road, Illovo Johannesburg 2196 South Africa Private Bag X9936 Sandton 2146 South Africa AUDITORS BDO SOUTH AFRICA INC. Wanderers Office Park 52 Corlett Drive Illovo, 2196 South Africa Private Bag X60500 Houghton 2041 Tel: +27 011 488 1700 AMERICAN DEPOSITARY RECEIPTS TRANSFER AGENT BNY Mellon Shareowner Correspondence (ADSs) Mailing address of agent: Computershare PO Box 43078 Providence, RI 02940-3078 Overnight/certified/registered delivery: Computershare 150 Royal Street, Suite 101 Canton, MA 02021 US toll free: + 1 888 269 2377 Tel: +1 201 680 6825 Email: shrrelations@cpushareownerservices.com Tatyana Vesselovskaya Relationship Manager - BNY Mellon Depositary Receipts Email: tatyana.vesselovskaya@bnymellon.com TRANSFER SECRETARIES SOUTH AFRICA Computershare Investor Services Proprietary Limited Rosebank Towers 15 Biermann Avenue Rosebank 2196 PO Box 61051 Marshalltown 2107 South Africa Tel: +27 11 370 5000 Fax: +27 11 688 5248

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 17

Non-IFRS measures

Sibanye-Stillwater presents certain non-IFRS figures to provide readers with additional financial information that is regularly reviewed by management to assess the operational performance of the Group and is the responsibility of the Group's Board of Directors. These non-IFRS measures should not be considered as alternatives to IFRS Accounting Standards measures, including cost of sales, net operating profit, profit before taxation, cash from operating activities or any other measure of financial performance presented in accordance with IFRS Accounting Standards, and may not be comparable to similarly titled measures of other companies.

The non-IFRS financial measures discussed in this document are listed below:

Non-IFRS measure			Definition			Purpose why these non-IFRS measures are reported			Reconciled on page
Adjusted EBITDA			Adjusted earnings before interest, tax, depreciation and amortisation, and is reported based on the formula included in Sibanye-Stillwater’s facility agreements for compliance with the debt covenant formula and involves eliminating the effects of various one-time, irregular, and non-recurring items from the standard EBITDA calculation			Used in the calculation of the debt covenant ratio: net debt/(cash) to adjusted EBITDA			18
All-in sustaining costs (AISC)			Cost of sales before amortisation and depreciation plus additional costs which include community costs, inventory change (PGM operations only), share-based payments, royalties, carbon tax, rehabilitation, leases, ore reserve development (ORD), sustaining capital expenditure and deducting the by-product credit			Developed by the World Gold council for the purpose of the gold mining industry, AISC provides metrics and aims to reflect the full cost to sustain the production and sale of our commodities, and reporting this metric allows for a meaningful comparisons across our operations and different mining companies			12,13,14,15
All-in costs (AIC)			AISC plus additional costs relating to corporate and major capital expenditure associated with growth			Developed by the World Gold council for the purpose of the gold mining industry, AIC provides metrics and aims to reflect the full cost to sustain the production and sale of our commodities, after including growth capital, and reporting this metric allows for a meaningful comparisons across our operations and different mining companies			12,13,14,15
AISC/AIC per unit			AISC/AIC divided by the total PGM produced/gold sold/payable zinc production			Developed by the World Gold council for the purpose of the gold mining industry, AISC/AIC per unit provides a metric that aims to reflect the full cost to sustain the production and sale, after including growth capital (AIC), of an ounce/kilogram/tonne of commodity and reporting this metric allows for a meaningful comparisons across our operations and different mining companies			12,13,14,15
Operating costs			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 kilograms) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold kilograms produced or PGM 2E and 4E ounces produced in the same period			Report a measure that aims to reflect the operating cost to produce our commodities, and reporting this metric allows for a meaningful comparisons across our operations and different mining companies			16,17

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 18

DISCLAIMER

Forward-looking statements

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

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

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

Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the 2025 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2025 on Form 20-F filed with the United States Securities and Exchange Commission on 24 April 2026 (SEC File no. 333-234096).

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

Non-IFRS1 measures

The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, notional free cash flow, 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 Accounting Standards. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Sibanye-Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this report because it is unable to provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information measures presented have not been reviewed or reported on by the Group’s external auditors.

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

Websites

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

Sibanye-Stillwater Operating update | Quarter ended 31 March 2026 19

FAQ

How did Sibanye-Stillwater (SBSW) perform financially in Q1 2026?

Sibanye-Stillwater’s adjusted EBITDA jumped to R19.4 billion (US$1.2 billion) in Q1 2026, a 371% year-on-year increase. The improvement was driven by higher PGM and gold prices, stable production in South Africa, stronger recycling volumes, and better earnings at the Century zinc retreatment operation.

What were the key results for Sibanye-Stillwater’s South African PGM operations in Q1 2026?

South African PGM mines produced 383,241 4Eoz, up 2% year-on-year, with all-in sustaining cost of R24,629/4Eoz (US$1,507/4Eoz). Adjusted EBITDA rose to R12.4 billion (US$762 million), a 393% increase, mainly because the average 4E PGM basket price was 87% higher than Q1 2025.

How did Sibanye-Stillwater’s South African gold operations perform in Q1 2026?

SA gold operations, including DRDGOLD, produced 139,406oz (4,336kg), broadly flat year-on-year. Adjusted EBITDA increased to R4.7 billion (US$288 million), a 160% rise, largely due to a 49% higher average gold price, despite a 15% increase in all-in sustaining cost.

What happened at Sibanye-Stillwater’s US PGM operations during Q1 2026?

US PGM production was 68,386 2Eoz, down 5% year-on-year. All-in sustaining cost rose 14% to US$1,291/2Eoz (R21,101/2Eoz) amid increased mechanisation spending and lower volumes, but higher 2E basket prices and Section 45X credits supported adjusted EBITDA of US$48 million (R777 million).

How significant were recycling operations for Sibanye-Stillwater in Q1 2026?

Recycling contributed adjusted EBITDA of US$98 million (R1.6 billion), up sharply from US$11 million. Total precious metals recycled and sold increased 138% to 1,343,043oz, mainly silver, supported by the integration of the North Carolina site and higher precious metals prices.

What progress was made on the Keliber lithium project by March 2026?

Keliber’s concentrator and refinery construction were completed by early 2026, and mining began at the Syväjärvi deposit in February. By the end of Q1 2026, 42.1kt of ore was stockpiled, and cumulative project capital spending for the construction phase reached €707 million (R13.5 billion).

How did the Century zinc retreatment operation affect Sibanye-Stillwater’s Q1 2026 results?

Century produced 20kt of payable zinc, 19% less than Q1 2025, and AISC rose to US$2,189/tZn (R35,766/tZn). However, higher zinc prices and increased sales volumes lifted adjusted EBITDA to US$29 million (R467 million), up from US$10 million (R178 million) a year earlier.

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