Exor affiliates hold 150,688,684 Sibanye Stillwater shares (NYSE: SBSW)

Rhea-AI Filing Summary

Giovanni Agnelli B.V., Exor N.V. and related Lingotto entities reported beneficial ownership of 150,688,684 ordinary shares of Sibanye Stillwater Ltd, representing 5.32% of the class.

The filing states the stake includes (i) 72,384,940 ordinary shares and (ii) 78,303,744 ordinary shares represented by 19,575,936 American Depositary Shares; one ADS represents four ordinary shares. The percent of class is calculated from 2,830,567,264 ordinary shares outstanding reported in the issuer's Form 20-F filed April 24, 2026. Lingotto Investment Management LLP is 99.7% owned by Lingotto Investment Management (UK) Limited, a wholly owned subsidiary of Exor N.V., which is controlled by Giovanni Agnelli B.V.

Insights

Corporate Governance Analyst

Major shareholder group files updated beneficial ownership showing a >5% position.

The filing records a 5.32% ownership stake held by Giovanni Agnelli B.V., Exor N.V. and affiliated Lingotto entities, with precise share counts and ADS conversion (1 ADS = 4 ordinary shares). The filing is an amendment to prior joint filings and clarifies ownership structure.

Governance implications depend on voting coordination and future disclosures; this filing documents sole voting and dispositive power for the named entities, and subsequent filings would show any change in voting arrangements or transfers.

Equity Ownership Specialist

Stake quantified at 5.32% using the issuer's reported outstanding shares.

The submission ties the 150,688,684 shares figure to the issuer's disclosed outstanding base of 2,830,567,264 shares in the Form 20-F dated April 24, 2026. It explicitly breaks down holdings into ordinary shares and ADS‑represented ordinary shares (19,575,936 ADSs).

Cash‑flow treatment and any planned transactions are not stated here; investor effects hinge on whether the holder trades or files changes later. Subsequent amendments would disclose transactions or percent shifts.

Key Figures

Reported shares beneficially owned: 150,688,684 shares Percent of class: 5.32% Ordinary shares outstanding: 2,830,567,264 shares +3 more

6 metrics

Reported shares beneficially owned 150,688,684 shares Total reported beneficial ownership in the amendment

Percent of class 5.32% Percent of class based on outstanding shares

Ordinary shares outstanding 2,830,567,264 shares Issuer's Form 20-F reported outstanding shares as of April 24, 2026

ADSs reported 19,575,936 ADSs ADS count representing 78,303,744 ordinary shares

Ordinary shares represented by ADSs 78,303,744 shares Ordinary shares represented by the reported ADSs (1 ADS = 4 ordinary shares)

Direct ordinary shares held 72,384,940 shares Ordinary shares explicitly listed in the filing as included in the total

Key Terms

American Depositary Shares (ADSs), Schedule 13G/A, Beneficial ownership

3 terms

American Depositary Shares (ADSs) financial

"Each one ADS represents four ordinary shares."

A U.S.-listed certificate that stands for a specific number of shares in a non‑U.S. company held by a U.S. bank, making the foreign stock tradable on American exchanges in dollars. Think of it like a local voucher that represents ownership of an overseas product — it lets U.S. investors buy and sell foreign companies without handling foreign currency or foreign brokerage accounts, but it can affect dividends, voting rights, fees, liquidity and exposure to currency and regulatory differences.

Schedule 13G/A regulatory

"Amendment No. 3 to is being filed by Lingotto Investment Management LLP as an amendment"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficial ownership financial

"Amount beneficially owned: See the responses to Item 9 on the attached cover pages."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 09:13 AM Learn about SEC filing dates

FAQ

What stake does Exor group report in Sibanye Stillwater (SBSW)?

The filing reports 150,688,684 ordinary shares, equal to 5.32% of the class. The percent uses the issuer's reported 2,830,567,264 ordinary shares outstanding from the Form 20-F filed April 24, 2026.

How are American Depositary Shares (ADSs) counted in the SBSW filing?

The filing states 19,575,936 ADSs represent 78,303,744 ordinary shares. It clarifies the exchange ratio: 1 ADS = 4 ordinary shares, and those ADS‑represented shares are included in the total stake.

Which entities are part of the joint filing for the SBSW position?

The joint filing names Giovanni Agnelli B.V., Exor N.V., Lingotto Investment Management (UK) Limited and Lingotto Investment Management LLP, and notes the ownership chain linking those entities in the filing text.

Does the filing show voting or dispositive power for the reported shares?

Yes. The cover responses report sole voting power and sole dispositive power over 150,688,684 shares for the named entities, as shown in the Item 5 and Item 7 cover-page responses.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

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)

03/31/2026

(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 150,688,684.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 150,688,684.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

150,688,684.00

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)

5.32 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: Including (i) 72,384,940 ordinary shares and (ii) 78,303,744 ordinary shares represented by 19,575,936 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 150,688,684.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 150,688,684.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

150,688,684.00

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)

5.32 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: Including (i) 72,384,940 ordinary shares and (ii) 78,303,744 ordinary shares represented by 19,575,936 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 (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 150,688,684.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 150,688,684.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

150,688,684.00

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)

5.32 %

12

Type of Reporting Person (See Instructions)

CO, FI

Comment for Type of Reporting Person: Including (i) 72,384,940 ordinary shares and (ii) 78,303,744 ordinary shares represented by 19,575,936 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 150,688,684.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 150,688,684.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

150,688,684.00

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)

5.32 %

12

Type of Reporting Person (See Instructions)

PN, FI

Comment for Type of Reporting Person: Including (i) 72,384,940 ordinary shares and (ii) 78,303,744 ordinary shares represented by 19,575,936 ADR 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.
	Not Applicable
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:	05/15/2026

Exor N.V.

Signature:	/s/ Guido de Boer
Name/Title:	Guido de Boer | Chief Financial Officer
Date:	05/15/2026

Lingotto Investment Management (UK) Limited

Signature:	/s/ Enrico Vellano
Name/Title:	Enrico Vellano | CEO
Date:	05/15/2026

Lingotto Investment Management LLP

Signature:	/s/ Enrico Vellano
Name/Title:	Enrico Vellano | CEO
Date:	05/15/2026

Exhibit Information

Percent of class based on 2,830,567,264 ordinary shares outstanding reported in the Issuer's Form 20-F filed with the Securities and Exchange Commission on April 24, 2026. This Amendment No. 3 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 and Nov 13 2024.