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An amendment to an ownership report concerning Sibanye Stillwater Ltd (SBSW), filed by Lingotto Investment Management LLP, reports that four reporting persons each report beneficial ownership of the same 134,472,644 ordinary shares, or 4.75% of the class. The reported position comprises 65,347,648 ordinary shares and 69,124,996 ordinary shares represented by 17,281,249 American Depositary Shares (ADSs); each ADS represents four ordinary shares.
Lingotto Investment Management LLP is 99.7% owned by Lingotto Investment Management (UK) Limited, which is wholly owned by Exor N.V.; Exor N.V. is controlled by Giovanni Agnelli B.V. The 4.75% calculation is based on 2,830,567,264 ordinary shares outstanding reported in Sibanye Stillwater's Form 6-K filed September 1, 2026.
Key Figures
Beneficial ownership:134,472,644 ordinary sharesPercentage of class:4.75%Ordinary shares:65,347,648 shares+4 more
7 metrics
Beneficial ownership134,472,644 ordinary sharesSame amount reported on each of the four reporting persons' cover pages
Percentage of class4.75%Reported ownership percentage
Ordinary shares65,347,648 sharesComponent of the reported position
Ordinary shares represented by ADSs69,124,996 sharesComponent of the reported position
American Depositary Shares17,281,249 ADSsRepresent the stated ordinary shares
Ordinary shares outstanding2,830,567,264 sharesReported in Sibanye Stillwater's Form 6-K filed September 1, 2026
ADS ratio4 ordinary shares per ADSStated conversion ratio
Key Terms
beneficially owned, Sole Voting Power, Sole Dispositive Power, American Depositary Shares, +1 more
5 terms
beneficially ownedregulatory
"Amount beneficially owned"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Sole Voting Powerregulatory
"Sole Voting Power 134,472,644.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
Sole Dispositive Powerregulatory
"Sole Dispositive Power 134,472,644.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
American Depositary Sharesfinancial
"ordinary shares represented by 17,281,249 American Depositary Shares"
American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.
Joint Filing Agreementregulatory
"pursuant to the Joint Filing Agreement"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many SBSW shares do the reporting persons report owning?
Each of the four reporting persons reports beneficial ownership of the same 134,472,644 ordinary shares. The reported position includes ordinary shares and ordinary shares represented by ADSs.
What percentage of SBSW does the reported position represent?
The reported position represents 4.75% of the class. The percentage is based on 2,830,567,264 ordinary shares outstanding reported in Sibanye Stillwater's Form 6-K filed September 1, 2026.
How are the SBSW reporting persons related?
Lingotto Investment Management LLP is 99.7% owned by Lingotto Investment Management (UK) Limited. That company is wholly owned by Exor N.V., which is controlled by Giovanni Agnelli B.V.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Sibanye Stillwater Ltd
(Name of Issuer)
Ordinary shares of no par value each (including ordinary shares underlying American Depositary Shares)
(Title of Class of Securities)
82575P107
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
82575P107
1
Names of Reporting Persons
Giovanni Agnelli B.V.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NETHERLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
134,472,644.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
134,472,644.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
134,472,644.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.75 %
12
Type of Reporting Person (See Instructions)
HC, CO
Comment for Type of Reporting Person: Including (i) 65,347,648 ordinary shares and (ii) 69,124,996 ordinary shares represented by 17,281,249 American Depositary Shares. This CUSIP number applies to the Issuer's American Depositary Shares ("ADSs"). Each one ADS represents four ordinary shares. No CUSIP has been assigned to the ordinary shares.
SCHEDULE 13G
CUSIP Number(s):
82575P107
1
Names of Reporting Persons
Exor N.V.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NETHERLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
134,472,644.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
134,472,644.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
134,472,644.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.75 %
12
Type of Reporting Person (See Instructions)
HC, CO
Comment for Type of Reporting Person: Including (i) 65,347,648 ordinary shares and (ii) 69,124,996 ordinary shares represented by 17,281,249 American Depositary Shares. This CUSIP number applies to the Issuer's American Depositary Shares ("ADSs"). Each one ADS represents four ordinary shares. No CUSIP has been assigned to the ordinary shares.dinary shares.
SCHEDULE 13G
CUSIP Number(s):
82575P107
1
Names of Reporting Persons
Lingotto Investment Management (UK) Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
134,472,644.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
134,472,644.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
134,472,644.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.75 %
12
Type of Reporting Person (See Instructions)
CO, FI
Comment for Type of Reporting Person: Including (i) 65,347,648 ordinary shares and (ii) 69,124,996 ordinary shares represented by 17,281,249 American Depositary Shares. This CUSIP number applies to the Issuer's American Depositary Shares ("ADSs"). Each one ADS represents four ordinary shares. No CUSIP has been assigned to the ordinary shares.
SCHEDULE 13G
CUSIP Number(s):
82575P107
1
Names of Reporting Persons
Lingotto Investment Management LLP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
134,472,644.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
134,472,644.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
134,472,644.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.75 %
12
Type of Reporting Person (See Instructions)
PN, FI
Comment for Type of Reporting Person: Including (i) 65,347,648 ordinary shares and (ii) 69,124,996 ordinary shares represented by 17,281,249 American Depositary Shares. This CUSIP number applies to the Issuer's American Depositary Shares ("ADSs"). Each one ADS represents four ordinary shares. No CUSIP has been assigned to the ordinary shares.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Sibanye Stillwater Ltd
(b)
Address of issuer's principal executive offices:
Constantia Office Park, Bridgeview House, Building 11, Ground Floor, Cnr 14th Avenue and Hendrik Potgieter Road Weltevreden Park, 1709 South Africa
Item 2.
(a)
Name of person filing:
Giovanni Agnelli B.V.
Exor N.V.
Lingotto Investment Management (UK) Limited
Lingotto Investment Management LLP
Lingotto Investment Management LLP, which acquired the securities being reported on, is 99.7% owned by Lingotto Investment Management (UK) Limited. Lingotto Investment Management (UK) Limited is a wholly owned subsidiary of Exor N.V., which in turn is controlled by Giovanni Agnelli B.V.
(b)
Address or principal business office or, if none, residence:
Giovanni Agnelli B.V.
Hildegard von Bingenstraat 38
1081 LH Amsterdam
The Netherlands
Exor N.V.
Hildegard von Bingenstraat 38
1081 LH Amsterdam
The Netherlands
Lingotto Investment Management (UK) Limited
7 Seymour Street
London, W1H 7JW
United Kingdom
Lingotto Investment Management LLP
7 Seymour Street
London, W1H 7JW
United Kingdom
(c)
Citizenship:
Giovanni Agnelli B.V. - the Netherlands
Exor N.V. - the Netherlands
Lingotto Investment Management (UK) Limited- United Kingdom
Lingotto Investment Management LLP - United Kingdom
(d)
Title of class of securities:
Ordinary shares of no par value each (including ordinary shares underlying American Depositary Shares)
(e)
CUSIP No.:
82575P107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See the responses to Item 9 on the attached cover pages.
(b)
Percent of class:
See the responses to Item 11 on the attached cover pages.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See the responses to Item 5 on the attached cover pages.
(ii) Shared power to vote or to direct the vote:
See the responses to Item 6 on the attached cover pages.
(iii) Sole power to dispose or to direct the disposition of:
See the responses to Item 7 on the attached cover pages.
(iv) Shared power to dispose or to direct the disposition of:
See the responses to Item 8 on the attached cover pages.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Item 2
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Giovanni Agnelli B.V.
Signature:
/s/ Guido de Boer
Name/Title:
Guido de Boer | Authorized Signatory
Date:
10/30/2026
Exor N.V.
Signature:
/s/ Guido de Boer
Name/Title:
Guido de Boer | Chief Financial Officer
Date:
10/30/2026
Lingotto Investment Management (UK) Limited
Signature:
/s/ Enrico Vellano
Name/Title:
Enrico Vellano | CEO
Date:
10/30/2026
Lingotto Investment Management LLP
Signature:
/s/ Enrico Vellano
Name/Title:
Enrico Vellano | CEO
Date:
10/30/2026
Exhibit Information
Percent of class based on 2,830,567,264 ordinary shares outstanding reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on September 1, 2026.
This Amendment No. 4 to Schedule 13G is being filed by Lingotto Investment Management LLP as an amendment to the Schedule 13G previously filed by Exor N.V. (CIK: 0001589122) on December 11, 2023 pursuant to the Joint Filing Agreement filed as Exhibit 99.1 thereto, and as subsequently amended on Feb 14 2024, Nov 13 2024, and May 15 2026.
