Sibanye Stillwater: 2021 Mineral Resources and Mineral Reserves Report

This 2021 Mineral Resources and Mineral Reserves report, along with other reports produced for the fiscal year January 1, 2021 through December 31, 2021, covers Sibanye-Stillwater’s progress and achievements in achieving our strategic goals and our vision to be a leader in the higher realm. shared value for all stakeholders and supporting the reversal of climate change. This report should be read in conjunction with the 2021 Integrated Annual Report, the 2021 Summary Report and Notice of Annual General Meeting, the 2021 Annual Financial Report and the 2021 Company Financial Statements.

Preview 2021

2.7Moz and 0.4Moz

Increase in PGM 2E Mineral Resources (89.6 Moz) and Mineral Reserves (27.3 Moz) respectively from PGM’s US operations.

The U.S. Mineral Resource and Mineral Reserve Base Remains Stable and Strong, Helped by 3D Improvement

1.3Moz

Increase in PGM 4E mineral reserves at the SA PGM Rustenburg (SRPM) operation.

An agreement with Anglo Platinum allows earlier access to SRPM’s ground, across the PSA border, using Kroondal infrastructure at a lower cost,geological modeling practices. improvement in the operating life of Kroondal from 11 to 16 years.

39.6Moz

Mineral reserves (100% basis) from our managed SA PGM operations, which remain stable, net of depletion.

On an attributable basis, a year-over-year decrease of 20.2% is recorded due to an adjustment to the basis for calculating attributable declared interest due to the application of equity.

78.5Kt

Virgin lithium oxide (Li2O) Mineral resource.

Due to the inclusion of attributable interests in the Keliber (26.6%) and Rhyolite Ridge (7.1%) projects in Finland and the United States (US) respectively.

13.1Moz

Mineral reserves attributable to our SA gold segment, down 15.9%.

Driven by the depletion and exclusion of mineral reserves from the De Bron Merriespruit project (pending an updated feasibility study), and partially offset by an increase in secondary reef mineral reserves due to an exploration program succeeded in Driefontein.

1,016.3Mlb

Maiden’s Zinc (Zn) mineral resource.

Due to the inclusion of the attributable interest (19.9%) in the New Century tailings reprocessing operation in Australia.

To note: Some of the photographs used in this report were taken prior to the COVID-19 pandemic and do not reflect Sibanye-Stillwater’s standard operating protocols for the pandemic

OUR 2021 REPORTS

These reports cover the financial year from January 1 to December 31, 2021*

REPORT

GROUP ANNUAL FINANCIAL REPORT

AND REPORT ON MINERAL RESERVES

SUMMARY REPORT AND NOTICE OF ANNUAL

GENERAL ASSEMBLY

STATEMENTS

About our cover designs: Inspired by the earth’s strata and the characteristics of stratified rocks at different depths; an abstract interpretation of the “alchemical” transformation of raw materials into useful commodities. The covers also include images of employees, the people who embody our purpose and our vision.

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All of our 2021 reports, along with supporting documents, are available on our website at: www.sibanyestillwater.com/newsinvestors/reports/annual

SUPPORTING TECHNICAL SHEETS

AND ADDITIONAL INFORMATION AVAILABLE ONLINE

  • • Advancing the UN SDGs

  • • Environmental incidents in 2021

  • • Biodiversity management

  • • Social and labor plans: summary of projects in South Africa

  • • Care for iMali: taking care of personal finances

  • • GRI content index

  • • Tailings management

  • • Fight against illegal mining

  • • CIMM self-assessment

  • • Working together: the good neighbor agreement

  • • Definitions of sustainability/ESG indicators

  • • Disclosure of King IV

  • • Disclosure related to climate change: TCFD recommendations

*

Including year-to-date information April 22, 2022 and forward-looking guidance

01

OUR BUSINESS

Introduction

3

Location of our operations and projects

4

Summary of Group Mineral Resources and Mineral Reserves

7

Basic remarks

17

Corporate Governance and Regulatory Compliance

Audit and risk

18 20

Mineral title

22

Exploration

22

Annual planning process

22

Commodity Price Assumptions

23

sustainability management

24

Declaration and consent of competent persons

27

02

AMERICAS

Location

31

PLATINUM GROUP METALS US OPERATIONS

32

32

Stillwater and East Boulder

32

EXPLORATION STAGE

45

Marathon

Denison

45 48

EXPLORATION OF LITHIUM GREEN METALS

51

51

Rhyolite Ridge

51

COPPER

54

Altar

54

Rio Grande

56

03

SOUTH AFRICA

Location

59 59

Insight

60

OPERATIONS

Marikana

67 67

Rustenburg

Kroondal

75 82

Mimosa

89

EXPLORATION STAGE

96

Akanani

96

Limpopo

99

Blueridge

103

Location

105

Insight OPERATIONS

105

108

Kloof

108

Beatrix

117

Driefontein

127

cooking

136

DRDGOLD DEVELOPMENT STAGE

145

152

Burn EXPLORATION STAGE

152

160

SOFS

159

04

EUROPE

EXPLORATION OF LITHIUM GREEN METALS

Keliber

165 165 165

Your comments are welcome

05

AUSTRALIA

GREEN METALS ZINC OPERATIONS

new century

169 169 169

06

AUXILIARY INFORMATION

Professional organizations

SAMREC Code Definitions

Glossary of terms

Abbreviations

Forward-looking statement

Administration and company information

Generic RSA Mining Permit Conditions

Your comments and suggestions are welcome. Please direct them to James Wellsted, Head of Investor Relations: [email protected]

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177

179

181

184 185 186

OUR BUSINESS

Introduction

3

Location of our operations and projects

4

Summary of the Group’s Mineral Resources and Mineral Reserves Fundamental Notes

7

17

Corporate Governance and Regulatory Compliance Audit and Risk Management

18

20

Exploration mining title

22

22

Annual planning process Commodity price assumptions Sustainability management

22

23

24

Declaration and consent of competent persons

27

Sibanye-Stillwater

Mineral Resources and Mineral Reserves 2021

2

Introduction

Sibanye-Stillwater is a multinational mining and metals processing group with a diversified portfolio of mining and processing operations, projects and investments, across five continents. The Group is also one of the world’s leading MGP automotive catalytic recyclers and has interests in leading tailings reprocessing operations.

Sibanye-Stillwater has established itself as one of the largest primary producers of platinum, palladium and rhodium in the world and is also a leading gold producer. It produces other PGMs, such as iridium and ruthenium, as well as chromium, copper and nickel as by-products. The Group has recently started to develop and diversify its portfolio of assets in the extraction and processing of metals for batteries and is strengthening its presence in the circular economy by developing and diversifying its activities in the recycling and reprocessing of waste to worldwide.

Our fundamental strategic objective is to ensure that we consistently achieve our goal of “preserving global sustainability through our metals and energy solutions”, while strengthening our position as a leading international mining company and ensuring that we are true to our vision “to be a leader in superior shared value for all stakeholders and support the reversal of climate change”. Everything we do is guided by our CARES values ​​of Commitment, Accountability, Respect, Empowerment and Safety.

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