Exhibit 99.1

Johannesburg, 6 May 2021: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW & NYSE: SBSW) is pleased to provide an operating update for the quarter ended 31 March 2021 (Q1 2021). Financial results are only provided on a six-monthly basis.

SALIENT FEATURES - QUARTER ENDED 31 MARCH 2021 (Q1 2021) COMPARED TO QUARTER ENDED 31 MARCH 2020 (Q1 2020)

Record quarterly financial performance - 78% increase in adjusted EBITDA3 to R19.8 billion (US$1.3 billion)
Solid operational results from all segments - pre-COVID (Q1 2020) production levels exceeded
9% increase from the US PGM operations to 154,350 2E oz
6% increase from the SA PGM operations to 444,609 4E oz
5% increase from the SA gold operations to 249,392 oz (7,757kg)
Precious metals fundamentals remain positive with prices well supported
Robust Group financial position - well positioned for continued delivery of value

US dollar

SA rand

Quarter ended

Quarter ended

Mar 2020

Dec 2020

Mar 2021

KEY STATISTICS

Mar 2021

Dec 2020

Mar 2020

UNITED STATES (US) OPERATIONS

PGM operations1,2

141,585

157,492

154,350

oz

2E PGMproduction2

kg

4,801

4,899

4,404

221,798

240,037

195,474

oz

PGM recycling1

kg

6,080

7,466

6,899

2,053

2,033

2,128

US$/2Eoz

Average basket price

R/2Eoz

31,835

31,735

31,569

133.8

246.9

220.1

US$m

Adjusted EBITDA3

Rm

3,292.6

3,854.5

2,058.6

30

30

23

%

Adjusted EBITDA margin3

%

23

30

30

894

891

920

US$/2Eoz

All-in sustaining cost4

R/2Eoz

13,763

13,911

13,756

SOUTHERN AFRICA (SA) OPERATIONS

PGM operations2

418,072

490,964

444,609

oz

4E PGMproduction2

kg

13,829

15,271

13,004

2,158

2,582

3,524

US$/4Eoz

Average basket price

R/4Eoz

52,722

40,310

33,192

523.0

687.8

1,021.4

US$m

Adjusted EBITDA3

Rm

15,280.3

10,737.3

8,043.1

51

62

66

%

Adjusted EBITDA margin3

%

66

62

51

1,089

1,160

1,322

US$/4Eoz

All-in sustaining cost4

R/4Eoz

19,771

18,102

16,745

Gold operations

238,076

290,000

249,392

oz

Gold production

kg

7,757

9,020

7,405

1,608

1,858

1,782

US$/oz

Average gold price

R/kg

857,126

932,341

795,323

73.2

183.8

92.0

US$m

Adjusted EBITDA3

Rm

1,375.8

2,869.2

1,125.8

19

34

21

%

Adjusted EBITDA margin3

%

21

34

19

1,500

1,382

1,606

US$/oz

All-in sustaining cost4

R/kg

772,572

693,574

741,858

GROUP

723.8

1,106.9

1,325.3

US$m

Adjusted EBITDA3

Rm

19,826.1

17,278.8

11,131.8

15.38

15.61

14.96

R/US$

Average exchange rate using daily closing rate

1The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand). Inadditiontothe US PGM operations'undergroundproduction,theoperationtreatsrecyclingmaterial whichisexcludedfromthe 2E PGM production, average basket price and All-in sustaining cost statisticsshown. PGM recycling represents palladium, platinum, and rhodium ounces fed to the furnace
2 Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US operations is principally platinum and palladium, referred to as 2E (2PGM)
3 The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the revolving credit 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'. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
4See 'Salient features and cost benchmarks - Quarters' for the definition of All-insustainingcost (AISC)

Stock data for the quarter ended 31 March 2021

JSE Limited - (SSW)

Number of shares in issue

Price range per ordinary share (high/low)

R55.21 to R74.67

- at 31 March 2021

2,954,975,358

Average daily volume

17,440,514

- weighted average

2,936,651,523

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

Free Float

99%

Price range per ADR (high/low)

US$14.30 to US$20.04

Bloomberg/Reuters

SSWSJ/SSWJ.J

Average daily volume

2,977,873

Sibanye-Stillwater Operating update | Quarter ended 31 March 20211

OVERVIEW FOR THE QUARTER ENDED 31 MARCH 2021 COMPARED TO QUARTER ENDED 31 MARCH 2020

The start to the year has been extremely positive, with the operational momentum from Q4 2020 (following normalisation of the operations post COVID-19 disruptions), carrying through into 2021. Despite ongoing adherence to COVID-19 protocols - with the South African (SA) operations in particular having to manage the health and safety challenges associated with the second wave of COVID-19 infections which affected the country in January 2021 - the SA gold, SA PGM and US PGM segments, all reported higher production year-on-year#.

This positive operational performance underpinned a record quarterly financial performance, with Group adjusted EBITDA of R19,826 million (US$1,325 million) for Q1 2021 78% higher than adjusted EBITDA for Q1 2020 of R11,132 million (US$724 million), which was then a record quarter for the Group. The SA PGM operations in particular benefited from a strong operational performance and sharply higher PGM prices, delivering a 90% increase in adjusted EBITDA to R15,280 million (US$1,021 million) from R8,043 million (US$523 million) for Q1 2020.

Notably, adjusted EBITDA generated by the SA PGM operations for this quarter, is higher than the total acquisition costs of these operations, emphasising the significant return on investment already delivered and the future windfalls stakeholders can continue to expect. With the 4E PGM basket having increased further during Q2 2021, the outlook for the year is very promising.

Precious metals prices remained strong during Q1 2021, with palladium and rhodium prices again reaching record levels, supported by ongoing supply disruptions and strong physical demand. For the US PGM operations, the 2E PGM basket price averaged US$2,128/2Eoz for Q1 2021, 4% higher than for Q1 2020, with the 4E PGM basket for the SA PGM operations 59% higher year-on-year at R52,722/4Eoz (US$3,524/4Eoz) and the average rand gold price, 8% higher at R857,126/kg (US$1,782/oz).

PGM prices have risen further in Q2 2021 to date, with the gold price remaining firm. PGM markets remain tight with the fundamental outlook for these metals positive. In the medium term, the roll out of COVID-19 vaccines across the globe continues and stimulus measures drive global economic recovery. Longer term our PGMs and green metals are expected to continue to play a critical role as global sentiment shifts towards a more environmentally conscious future.

As a consequence of our rapid growth in the PGM industry along with the significant outperformance of PGM prices relative to most commodities in recent years, the PGM operations' contribution to the Group's financial performance is predominant. We therefore continue to seek more balance in our portfolio by advancing our green metals strategy, with our first investment into the Keliber lithium project in Finland in March 2021, and through our stated intent to grow our gold portfolio internationally. Re-balancing our investment portfolio should ensure greater earnings consistency through the cycle and create a larger, more stable investment proposition, which will be relevant to a broader and deeper pool of investors.

The Group achieved full financial deleveraging and resumed industry leading dividends during 2020. Given a stable operational outlook and favourable precious metals fundamentals, the outlook for 2021 and beyond is expected to be positive. The enlarged Group is now in a robust financial position and well positioned to continue delivering superior financial returns through the implementation of our capital allocation strategy.

It has been pleasing to see the Group successfully deliver on its vision to create superior value for all stakeholders since its inception in 2013. For shareholders specifically, exceptional value has been created both through the over 500% appreciation in the share price (20 fold increase in market capitalisation from approximately R10 billion (US$1.2 billion) on listing, to approximately R200 billion (US$15 billion) and also through the approximately R15 billion (US$1 billion) in dividends returned to shareholders over the last eight years. The total dividend of just under R11 billion (US$729 million), declared for the 2020 year alone, was greater than the Group's market capitalisation when it listed in 2013, illustrating the significant transformation the Group has undergone in the last eight years and the tangible value that has been created.

At the same time, we have been able to invest significantly in the sustainability of our operations - in SA, recently announcing investment of approximately R6.3 billion in projects at both our PGM and gold segments and in the US continuing to invest in growth at Blitz (Stillwater East). These investments will secure employment and deliver significant economic value to all stakeholders over the long term.

# The operational performance from the SA gold and PGM operations is seasonal due to the December holiday period, which affects production in the first quarter of each calendar year, hence year-on-year comparisons are made

Note: Certain information presented in this quarterly update constitutes pro forma financial information as per the JSE Listing Requirements. The responsibility for preparing and presenting the pro forma financial information, its completeness and accuracy is that of the directors of Sibanye Stillwater. The information is presented for illustrative purposes only. Because of its nature, the pro forma financial information may not fairly present the Company's financial position, changes in equity, and results of operations or cash flows. The information has not been audited or reviewed or reported on by external auditors of the Company

SAFE PRODUCTION

The health and safety of our employees remains our key priority and we remain committed to continuous improvement in health and safety at our operations.

Sibanye-Stillwater Operating update | Quarter ended 31 March 20212

The safe production performance from the US PGM operations for Q1 2021 improved significantly year-on-year, with a total reportable injury frequency rate (TRIFR) per million hours worked, 34% better in Q1 2021 compared to Q1 2020. The US PGM operations reported another successive, fatality free quarter.

The SA PGM operations achieved 2 million fatality free shifts on 2 March 2021 and had no fatal incidents during Q1 2021, although regressions in other safety metrics are of concern and are being prioritised.

Regrettably, we lost three of our colleagues at the SA gold operations during the quarter.

On 8 January 2021, Mr Mhlangabezi Tulumani, a Team Leader at Kloof Thuthukani shaft, was fatally injured when he fell down a development ore pass, whilst in the process of constructing a platform. Mr Tulumani was 45 years old, single and is survived by 2 children. On 11 February 2021 Mr Thamsanqa Papinyana, a Team Leader at Thuthukani shaft, was involved in a gravity related fall of ground, whilst conducting barring activities. Mr Papinyana was 51 years old and is survived by his wife and four children. On 29 March 2021, Mr Albert Mkhabela a Rock Drill Operator, at Kloof Hlalanathi shaft was involved in a seismic related fall of ground. Mr Mkhabela was 43 years old and is survived by his wife and three children. Our heartfelt condolences are extended to the families, friends and colleagues of our three deceased colleagues. All incidents have been investigated together with the relevant stakeholders and appropriate support has been provided to the families and children who will benefit from the Matshediso trust.

The roll out of COVID-19 vaccines in Montana is proceeding, with a number of employees having already been inoculated. Progress in South Africa has been slow, but is gaining momentum, and the classification of mining employees as essential workers and their inclusion in the upcoming second phase (due to commence in May 2021) of the vaccine roll out programme, is positive. We continue to offer our services and assistance with the vaccine roll out to the SA government, but to date have not received approval to do so.

OPERATING REVIEW

US PGM operations

Mined 2E PGM production for Q1 2021 of 154,350 2Eoz was 9% higher than for Q1 2020. Mined production from the Stillwater Mine (including Stillwater East (SWE)) was 92,271 2Eoz, 11% higher than for Q1 2020, with mined production from East Boulder (EB) of 62,079 2Eoz, 7% higher than for Q1 2020. Tonnes milled for Q1 2021 totaled 389,068 tonnes, 12% higher than for Q1 2020. Plant head grade of 13.5 g/t for Q1 2021 was 3% lower than for Q1 2020. Head grade challenges were largely attributed to lower than expected heading availability.

All-in sustaining cost (AISC) of US$920/2Eoz for Q1 2021 was 3% higher than for the comparable period in 2020, primarily due to higher sustaining capital expenditure of US$37 million for Q1 2021. This compares with US$23 million in sustaining capital expediture for Q1 2020. Higher royalties, insurance and taxes also contributed US$47 per ounce to the year-on-year increase, driven by higher US$ PGM prices (3E) and the previously noted increase in mine production.

Consistent with the revised SWE (Blitz) plan and to improve mining flexibility at the US PGM operations, total development increased by 37% year-on-year to 8,037 metres. Total development for SWE of 2,153 metres was 79% higher than Q1 2020.

The average 2E PGM basket price of US$2,128/2Eoz for Q1 2021, was 4% higher than for the comparable period in 2020, which, together with increased mine production from the US PGM operations resulted in adjusted EBITDA increasing by 65% to US$220 million. The recycling operation contributed US$24 million of the total. The combined EBITDA margin of 23% for Q1 2021 was lower than for Q1 2020 as a result of the larger proportionate contribution of the recycling business to adjusted EBITDA.

Given the ongoing planned rebuild of electric furnace 1 (EF1), which is ahead of schedule, recycle feed rates were reduced resulting in an inventory build-up of 553 tonnes during the quarter. Once EF1 and EF2 are running at capacity, following the rebuild during May 2021, an accelerated feed of the recycled inventory is expected, yielding a concomitant reduction in this readily available and liquid inventory. This is anticipated from June 2021 onwards and should see recycle inventory being drawn down to a more normalised level of 200 - 300 tonnes. Recycle advances amounted to US$731 million at the end of the quarter, generating a positive net-interest carry well above current balance sheet interest rates.

SA PGM operations

The SA PGM operations delivered another very solid operating performance, which together with a higher 4E PGM basket price, resulted in another record financial result from the segment.

4E PGM production of 444,609oz for Q1 2021 was 6% higher than for the comparable period in 2020. AISC of R19,771/4Eoz (US$1,322/4Eoz) was 18% higher than for Q1 2020, primarily due to significantly higher cost of purchasing concentrate (PoC) from third parties. The processing of PoC contributed R350 million (US$23 million) at a margin of 22% to the Marikana adjusted EBITDA. Adjusting for these higher PoC costs, AISC of the underlying operations are R17,738/4Eoz (US$1,186/4Eoz). Higher royalty taxes added R1,151/4Eoz (US$77/4Eoz) to AISC compared with Q1 2020, due to the higher PGM prices.

The average 4E PGM basket price of R52,722/4Eoz (US$3,524/4Eoz) for Q1 2021 was 59% higher than for Q1 2020, primarily due to due to a significant increase in the rhodium price (up 127% year-on-year) and the platinum price (up 28% year-on-year).

Sibanye-Stillwater Operating update | Quarter ended 31 March 20213

As a result of higher production and the significant increase in the 4E PGM basket price, adjusted EBITDA increased by 90% to R15,280 million (US$1,021 million) from R8,043 million (US$523 million) for Q1 2020, which was a record at the time. The adjusted EBITDA margin for Q1 2021 increased to 66% from 51% for the comparable period in 2020.

4E PGM production from the Rustenburg operation was 2% higher than for Q1 2020 at 156,956 4Eoz, with an increase in production from surface sources, offsetting marginally lower underground production. AISC from the Rustenburg operations increased by 4% to R19,002/4Eoz (US$1,270/4Eoz), year-on-year, despite the impact of higher royalties and taxes (due to the significantly improved margins) and above inflation electricity price increases, with an improvement in plant recoveries an offsetting factor.

The Kroondal operation continued to perform steadily, with 4E PGM production of 53,046 4Eoz for Q1 2021, 1% lower than comparable period in 2020. Despite marginally lower production and inflation increases, AISC of R12,137/4Eoz (US$811/4Eoz), was 4% lower than for the comparable period in 2020.

4E PGM production from the Marikana operation of 193,995 4Eoz for Q1 2021, was 13% higher than for the comparable period in 2020. Production from underground was 7% higher and production from surface sources and third party processing 66% higher. The increase in surface production is primarily due to an increase in processing of third party concentrate, with 4E PGM production from PoC increasing by 140% year-on-year to 19,125 4Eoz for Q1 2021. AISC of R23,000/4Eoz (US$1,537/4Eoz) reflect the additional cost of purchasing this concentrate from third parties at higher prevailing PGM prices. AISC from Marikana excluding third party PoC costs were R18,755/4Eoz (US$1,254/4Eoz) for Q1 2021.

The Mimosa operation continued to perform steadily, with attributable 4E PGM production of 29,878 4Eoz, 4% higher than for Q1 2020, and AISC of R13,401/4Eoz (US$896/4Eoz) 6% higher than the comparable period in 2020.

Chrome sales for Q1 2021 of approximately 370,000 tonnes were significantly lower than for Q1 2020 (approximately 507,0000 tonnes) due to a slow start up of operations and logistical issues in March which resulted in no chrome sales from the Rustenburg operation. Chrome revenue was R347 million (US$23 million) for Q1 2021, 7% higher than the Q1 2020 chrome revenue of R324 million (US$21 million), due to an increase in the chrome price from $128/tonne for Q1 2020 to $162/tonne for Q1 2021.

SA gold operations

Production from the SA gold operations for Q1 2021 of 7,757kg (249,392oz) was 5% higher than for Q1 2020 and reflected the return to normalised production levels in November 2020, following the COVID-19 disruptions that year. AISC of R772,572/kg (US$1,606/oz) was 4% higher than for the comparable period in 2020.

Underpinned by this stable operational performance and combined with a 8% increase in the average gold price year on year to R857,126/kg (US$1,782/oz), adjusted EBITDA from the SA Gold operations of R1,376 million (US$92 million) for Q1 2021, was 22% higher than for the comparable period in 2020.

Underground production from the Driefontein operation increased by 18% to 2,220kg (71,375oz) year-on-year. The average yield from underground production was 14% higher than the previous period due to higher face grades and an improvement in mining quality, with the mine call factor improving by 7% on the previous comparable period in 2020. AISC of R731,851/kg (US$1,522/oz) was 7% lower than for Q1 2020 primarily as a result of the increase in gold sold.

Production of 2,010kg (64,623oz) from the Kloof underground operations was similar to Q1 2020, with improved underground throughput offsetting a lower underground yield. The underground operations were affected by safety stoppages and seismicity during the period, which temporarily restricted access to some higher grade areas. Production from surface sources of 487kg (15,657oz), was 25% higher year-on-year. Some surface sources from Kloof were toll treated at the Driefontein and Ezulwini metallurgical plants. AISC of R844,744/kg (US$1,756/oz) was 4% higher than for Q1 2020, primarily due to increased throughput of lower grade material.

Underground production from the Beatrix operation of 1,317kg (42,342oz), was 11% lower than for Q1 2020, primarily due to a slower than anticipated start-up post the December break, safety stoppages and temporary damage to infrastructure at Beatrix 4 shaft relating to a mud rush, which has since been repaired. Beatrix employs a higher proportion of foreign nationals (primarily from Lesotho) than the other operations, with COVID-19 related restrictions at border posts, affecting the return to work after the December break. Gold production from surface sources increased to 61kg (1,961oz) due to the higher gold price, which reduced the pay limits for surface sources, making it viable to utilise existing milling capacity to process lower grade surface material. AISC of R882,082/kg (US$1,834/oz) was 18% higher than for Q1 2020, primarily due to lower production.

Surface gold production from Cooke operations decreased by 6% to 280kg (9,002oz) mainly due to an expected decrease in grades. Care and maintenance costs at Cooke operations was in line with Q1 2020 at R136 million (US$9 million).

DRDGOLD delivered another consistent operating performance, with production of 1,382kg (44,432oz) for Q1 2021, 3% higher than for Q1 2020. AISC costs of R648,129/kg (US$1,348/oz) were 12% higher than for Q1 2020.

OPERATING GUIDANCE FOR 2021

The 2021 annual guidance provided to the market in February 2021 remains unchanged except for the SA PGM project capital for the year. Four-year production and AISC guidance for the three segments were shared in the 2020 year-end

Sibanye-Stillwater Operating update | Quarter ended 31 March 20214

presentation slides on 18 February 2021, please refer to https://www.sibanyestillwater.com/news-investors/reports/quarterly/2020/.

Mined 2E PGM production from the US PGM operations for 2021 is forecast to be between 660,000 2Eoz and 680,000 2Eoz, with AISC of between US$840/2Eoz to US$860/2Eoz. Capital expenditure is forecast to be between US$300 million and US$320 million, approximately 60% of which is growth capital in nature.

4E PGM production from the SA PGM operations for 2021 is forecast to be between 1,750,000 4Eoz and 1,850,000 4Eoz with AISC between R18,500/4Eoz and R19,500/4Eoz (US$1,230/4Eoz and US$1,295/4Eoz). Capital expenditure is forecast at R 3,800 million (US$253 million) with levels for 2021 elevated due to carry-over of approximately R800 million (US$53 million) of capital from 2020 which was unspent due to the COVID-19 disruptions. In addition, R408 million (US$27 million) of project capital expenditure is expected to be spend in terms of the K4 and Klipfontein projects for the year.

Gold production from the SA gold operations for 2021 (excluding DRDGOLD) is forecast at between 27,500kg (884,000oz) and 29,500kg (948,000oz) with AISC between R760,000/kg and R815,000/kg (US$1,576/oz and US$1,690/oz). Capital expenditure is forecast at R4,025 million (US$268 million), including carry-over of approximately R400 million (US$27 million) from 2020 which was unspent due to the COVID-19 disruptions. R425 million (US$28 million) of project capital expenditure has been provided for.

The dollar costs are based on an average exchange rate of R15.00/US$.

Neal Froneman

Chief Executive Officer

Sibanye-Stillwater Operating update | Quarter ended 31 March 20215

SALIENT FEATURES AND COST BENCHMARKS - QUARTERS

US and SA PGM operations

US OPERATIONS

SA OPERATIONS

Total SA and US PGM operations

Total US PGM
Stillwater

Total SA PGM2

Rustenburg

Marikana2

Kroondal

Plat Mile

Mimosa

Attributable

Under - ground1

Total

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Attributable

Surface

Attributable

Production

Tonnes milled/treated

000't

Mar 2021

9,319

389

8,930

4,219

4,711

1,505

1,330

1,536

892

830

2,489

348

Dec 2020

10,061

389

9,672

4,748

4,924

1,686

1,361

1,796

927

912

2,636

354

Mar 2020

8,237

347

7,890

4,149

3,741

1,480

1,147

1,486

819

841

1,775

342

Plant head grade

g/t

Mar 2021

2.49

13.54

2.01

3.34

0.81

3.24

1.11

3.89

0.88

2.38

0.63

3.60

Dec 2020

2.52

13.75

2.06

3.37

0.80

3.45

1.02

3.69

0.87

2.50

0.67

3.62

Mar 2020

2.71

13.92

2.22

3.41

0.89

3.56

1.02

3.79

0.86

2.39

0.83

3.58

Plant recoveries

%

Mar 2021

80.29

90.07

77.22

85.26

47.66

88.79

37.42

85.34

43.71

83.52

21.29

74.18

Dec 2020

79.67

91.21

76.48

84.88

42.53

87.88

40.65

84.75

43.01

83.37

21.83

74.87

Mar 2020

77.98

90.12

74.38

83.47

35.98

84.62

29.86

84.82

45.30

82.72

19.58

73.10

Yield

g/t

Mar 2021

2.00

12.20

1.55

2.85

0.39

2.88

0.42

3.32

0.38

1.99

0.13

2.67

Dec 2020

2.00

12.54

1.58

2.86

0.34

3.03

0.41

3.13

0.37

2.08

0.15

2.71

Mar 2020

2.11

12.54

1.65

2.85

0.32

3.01

0.30

3.21

0.39

1.98

0.16

2.62

PGM production3,8

4Eoz - 2Eoz

Mar 2021

598,959

154,350

444,609

385,935

58,674

139,194

17,762

163,817

30,178

53,046

10,734

29,878

Dec 2020

648,456

157,492

490,964

436,802

54,162

164,345

18,143

180,499

23,622

61,113

12,397

30,845

Mar 2020

559,657

141,585

418,072

379,345

38,727

143,335

11,233

153,775

18,222

53,458

9,272

28,777

PGM sold

4Eoz - 2Eoz

Mar 2021

596,486

129,900

466,586

438,882

27,704

164,689

16,970

193,783

53,046

10,734

27,364

Dec 2020

607,460

166,430

441,030

413,733

27,297

120,858

14,900

189,095

61,113

12,397

42,667

Mar 2020

614,818

91,975

522,843

501,830

21,013

188,417

11,741

231,178

53,458

9,272

28,777

Price and costs4

Average PGM basket price5

R/4Eoz - R/2Eoz

Mar 2021

47,954

31,835

52,722

54,025

44,132

52,982

31,114

53,663

58,377

37,944

38,383

Dec 2020

37,783

31,735

40,310

41,053

35,037

41,049

29,822

39,741

44,648

33,000

33,237

Mar 2020

32,937

31,569

33,192

33,574

29,422

33,563

23,254

32,954

36,011

27,901

28,924

US$/4Eoz - US$/2Eoz

Mar 2021

3,205

2,128

3,524

3,611

2,950

3,542

2,080

3,587

3,902

2,536

2,566

Dec 2020

2,420

2,033

2,582

2,630

2,244

2,630

1,910

2,546

2,860

2,114

2,129

Mar 2020

2,142

2,053

2,158

2,183

1,913

2,182

1,512

2,143

2,341

1,814

1,881

Operating cost6

R/t

Mar 2021

1,087

5,061

907

1,927

69

1,581

163

1,800

853

43

1,050

Dec 2020

979

5,076

808

1,615

88

1,540

235

1,366

857

44

1,129

Mar 2020

1,051

5,065

824

1,560

75

1,499

182

1,323

798

41

1,034

US$/t

Mar 2021

73

338

61

129

5

106

11

120

57

3

70

Dec 2020

63

325

52

103

6

99

15

87

55

3

72

Mar 2020

68

329

54

101

5

97

12

86

52

3

67

R/4Eoz - R/2Eoz

Mar 2021

17,137

12,755

18,768

20,948

5,534

17,093

12,211

22,533

13,351

10,043

12,233

Dec 2020

15,393

12,538

16,369

17,483

8,022

15,801

17,605

18,218

12,793

9,293

12,958

Mar 2020

15,028

12,414

15,979

16,941

7,269

15,474

18,588

17,731

12,561

7,841

12,288

US$/4Eoz - US$/2Eoz

Mar 2021

1,146

853

1,255

1,400

370

1,143

816

1,506

892

671

818

Dec 2020

986

803

1,049

1,120

514

1,012

1,128

1,167

820

595

830

Mar 2020

977

807

1,039

1,101

473

1,006

1,209

1,153

817

510

799

All-in sustaining cost7

R/4Eoz - R/2Eoz

Mar 2021

18,142

13,763

19,771

19,002

23,000

12,137

10,369

13,401

Dec 2020

17,034

13,911

18,102

17,153

20,876

13,295

10,027

13,782

Mar 2020

15,948

13,756

16,745

18,255

17,128

12,619

8,251

12,701

US$/4Eoz - US$/2Eoz

Mar 2021

1,213

920

1,322

1,270

1,537

811

693

896

Dec 2020

1,091

891

1,160

1,099

1,337

852

642

883

Mar 2020

1,037

894

1,089

1,187

1,114

820

536

826

All-in cost7

R/4Eoz -R/2Eoz

Mar 2021

19,162

17,523

19,772

19,002

23,002

12,137

10,369

13,401

Dec 2020

17,817

16,904

18,130

17,153

20,938

13,295

10,027

13,782

Mar 2020

17,193

18,322

16,782

18,255

17,140

12,619

9,566

12,701

US$/4Eoz - US$/2Eoz

Mar 2021

1,281

1,171

1,322

1,270

1,538

811

693

896

Dec 2020

1,141

1,083

1,161

1,099

1,341

852

642

883

Mar 2020

1,118

1,191

1,091

1,187

1,114

820

622

826

Capital expenditure4

Ore reserve development

Rm

Mar 2021

656.5

305.5

351.0

146.1

204.9

-

-

-

Dec 2020

701.6

320.1

381.5

151.4

230.1

-

-

-

Mar 2020

608.0

264.9

343.1

144.1

199.0

-

-

-

Sustaining capital

Mar 2021

499.2

250.2

249.0

111.8

95.6

35.3

6.0

113.9

Dec 2020

744.3

254.0

490.3

130.8

260.5

88.6

10.4

129.1

Mar 2020

311.9

86.7

225.2

97.6

86.4

40.4

0.6

76.9

Corporate and projects

Mar 2021

580.4

580.4

-

-

-

-

-

-

Dec 2020

471.3

471.3

-

-

-

-

-

-

Mar 2020

658.6

646.4

12.2

-

-

-

12.2

-

Total capital expenditure

Rm

Mar 2021

1,736.1

1,136.1

600.0

257.9

300.5

35.3

6.0

113.9

Dec 2020

1,917.2

1,045.4

871.8

282.2

490.6

88.6

10.4

129.1

Mar 2020

1,578.5

998.0

580.5

241.7

285.4

40.4

12.8

76.9

US$m

Mar 2021

116.0

75.9

40.1

17.2

20.1

2.4

0.4

7.6

Dec 2020

122.8

67.0

55.9

18.1

31.4

5.7

0.7

8.3

Mar 2020

102.6

64.9

37.7

15.7

18.6

2.6

0.8

5.0

Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/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. In addition to the US PGM operations' underground production, the operation treats various recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below
2 The Marikana AISC and AIC includes the purchase of concentrate (PoC) cost from third parties. For a reconciliation of the AISC and AIC excluding PoC refer to 'Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana - Quarters'
3Production per product - see prill split in the table below

Sibanye-Stillwater Operating update | Quarter ended 31 March 20216

4The Group and total 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
5The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
6Operating 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 (and kilogram) 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
7All-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. For a reconciliation of cost of sales before amortisation and depreciation to All-in costs, see 'All-in costs - Quarters'
8The Marikana PGM production includes the processing of 19,125 4Eoz, 12,439 4Eoz and 7,967 4Eoz third party concentrate purchases for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020, respectively

Mining - PGM Prill split excluding recycling operations

GROUP

SA OPERATIONS

US OPERATIONS

Mar 2021

Dec 2020

Mar 2020

Mar 2021

Dec 2020

Mar 2020

Mar 2021

Dec 2020

Mar 2020

%

%

%

%

%

%

%

%

%

Platinum

299,695

50%

326,898

50%

281,209

50%

264,712

60%

291,473

59%

249,415

60%

34,983

23%

35,425

22%

31,794

22%

Palladium

251,570

42%

269,690

42%

234,337

42%

132,203

30%

147,623

30%

124,546

30%

119,367

77%

122,067

78%

109,791

78%

Rhodium

38,485

6%

41,765

6%

36,160

7%

38,485

8%

41,765

9%

36,160

8%

Gold

9,209

2%

10,103

2%

7,951

1%

9,209

2%

10,103

2%

7,951

2%

PGM production 4E/2E

598,959

100%

648,456

100%

559,657

100%

444,609

100%

490,964

100%

418,072

100%

154,350

100%

157,492

100%

141,585

100%

Ruthenium

60,996

65,454

58,908

60,996

65,454

58,908

Iridium

15,436

16,214

14,506

15,436

16,214

14,506

Total 6E/2E

675,391

730,124

633,071

521,041

572,632

491,486

154,350

157,492

141,585

Recycling operation

Unit

Mar 2021

Dec 2020

Mar 2020

Average catalyst fed/day

Tonne

23.8

30.5

28.0

Total processed

Tonne

2,139

2,803

2,547

Tolled

Tonne

14

83

262

Purchased

Tonne

2,125

2,721

2,285

PGM fed

3Eoz

195,474

240,037

221,798

PGM sold

3Eoz

218,450

206,115

133,714

PGM tolled returned

3Eoz

9,203

12,370

31,062

Sibanye-Stillwater Operating update | Quarter ended 31 March 20217

SA gold operations

SA OPERATIONS

Total SA gold

Driefontein

Kloof

Beatrix

Cooke

DRDGOLD

Total

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Surface

Production

Tonnes milled/treated

000't

Mar 2021

11,150

1,206

9,944

338

-

429

1,331

439

198

-

1,143

7,272

Dec 2020

11,170

1,265

9,905

373

-

478

1,411

414

234

-

1,187

7,073

Mar 2020

9,894

1,191

8,703

325

-

414

1,064

452

7

-

1,072

6,560

Yield

g/t

Mar 2021

0.70

4.60

0.22

6.57

-

4.69

0.37

3.00

0.31

-

0.24

0.19

Dec 2020

0.81

5.22

0.24

6.72

-

5.46

0.39

3.57

0.37

-

0.27

0.21

Mar 2020

0.75

4.51

0.23

5.77

-

4.85

0.37

3.29

0.29

-

0.28

0.21

Gold produced

kg

Mar 2021

7,757

5,547

2,210

2,220

-

2,010

487

1,317

61

-

280

1,382

Dec 2020

9,020

6,599

2,421

2,507

-

2,612

545

1,480

86

-

320

1,470

Mar 2020

7,405

5,369

2,036

1,875

-

2,007

391

1,487

2

-

297

1,346

oz

Mar 2021

249,392

178,340

71,052

71,375

-

64,623

15,657

42,342

1,961

-

9,002

44,432

Dec 2020

290,000

212,163

77,837

80,602

-

83,978

17,522

47,583

2,765

-

10,288

47,262

Mar 2020

238,076

172,617

65,459

60,283

-

64,526

12,571

47,808

64

-

9,549

43,275

Gold sold

kg

Mar 2021

7,536

5,348

2,188

2,204

-

1,966

479

1,178

61

-

285

1,363

Dec 2020

8,933

6,586

2,347

2,551

-

2,536

505

1,499

93

-

265

1,484

Mar 2020

7,590

5,424

2,166

1,853

-

1,977

404

1,594

4

-

296

1,462

oz

Mar 2021

242,287

171,942

70,345

70,860

-

63,208

15,400

37,874

1,961

-

9,163

43,821

Dec 2020

287,203

211,745

75,458

82,017

-

81,534

16,236

48,194

2,990

-

8,520

47,712

Mar 2020

244,024

174,385

69,639

59,575

-

63,562

12,989

51,248

129

-

9,517

47,004

Price and costs

Gold price received

R/kg

Mar 2021

857,126

855,399

858,364

853,592

870,526

858,107

Dec 2020

932,341

934,379

928,182

921,043

937,736

948,518

Mar 2020

795,323

768,484

770,727

781,977

757,432

786,662

US$/oz

Mar 2021

1,782

1,778

1,785

1,775

1,810

1,784

Dec 2020

1,858

1,862

1,849

1,835

1,868

1,890

Mar 2020

1,608

1,554

1,559

1,581

1,532

1,591

Operating cost1

R/t

Mar 2021

459

3,220

124

3,765

-

3,716

196

2,315

116

-

145

108

Dec 2020

454

2,970

133

3,410

-

3,181

173

2,329

188

-

169

117

Mar 2020

475

3,031

125

3,694

-

3,489

199

2,130

329

-

157

108

US$/t

Mar 2021

31

215

8

252

-

248

13

155

8

-

10

7

Dec 2020

29

190

9

218

-

204

11

149

12

-

11

7

Mar 2020

31

197

8

240

-

227

13

138

21

-

10

7

R/kg

Mar 2021

659,688

700,090

558,281

573,288

-

793,134

535,524

771,830

375,410

-

593,929

567,149

Dec 2020

562,262

569,268

543,164

507,379

-

582,198

447,706

651,351

511,628

-

627,188

562,109

Mar 2020

634,490

672,378

534,578

640,267

-

719,631

541,432

647,478

1,150,000

-

568,350

524,220

US$/oz

Mar 2021

1,372

1,456

1,161

1,192

-

1,649

1,113

1,605

781

-

1,235

1,179

Dec 2020

1,120

1,134

1,082

1,011

-

1,160

892

1,298

1,019

-

1,250

1,120

Mar 2020

1,283

1,360

1,081

1,295

-

1,455

1,095

1,309

2,326

-

1,149

1,060

All-in sustaining cost2

R/kg

Mar 2021

772,572

731,851

844,744

882,082

658,596

648,129

Dec 2020

693,574

665,778

727,425

782,538

693,208

617,183

Mar 2020

741,858

790,772

812,516

746,621

634,459

580,506

US$/oz

Mar 2021

1,606

1,522

1,756

1,834

1,369

1,348

Dec 2020

1,382

1,327

1,449

1,559

1,381

1,230

Mar 2020

1,500

1,599

1,643

1,510

1,283

1,174

All-in cost2

R/kg

Mar 2021

784,554

731,851

865,440

882,082

658,596

648,129

Dec 2020

710,332

665,778

750,871

782,538

693,208

626,146

Mar 2020

757,892

790,772

825,787

746,746

634,459

582,627

US$/oz

Mar 2021

1,631

1,522

1,799

1,834

1,369

1,348

Dec 2020

1,415

1,327

1,496

1,559

1,381

1,248

Mar 2020

1,533

1,599

1,670

1,510

1,283

1,178

Capital expenditure

Ore reserve development

Rm

Mar 2021

603.1

271.6

208.6

122.9

-

-

Dec 2020

571.6

233.5

233.2

104.9

-

-

Mar 2020

529.3

204.4

216.3

108.6

-

-

Sustaining capital

Mar 2021

186.2

40.6

57.9

9.9

-

77.8

Dec 2020

349.0

52.9

189.8

37.9

-

68.4

Mar 2020

215.6

60.9

81.5

26.2

-

47.0

Corporate and projects3

Mar 2021

60.6

-

50.6

-

-

-

Dec 2020

110.9

-

71.3

-

-

13.3

Mar 2020

41.9

-

31.6

0.2

-

3.1

Total capital expenditure

Rm

Mar 2021

849.9

312.2

317.1

132.8

-

77.8

Dec 2020

1,031.5

286.4

494.3

142.8

-

81.7

Mar 2020

787.0

265.3

329.5

135.1

-

50.1

US$m

Mar 2021

56.8

20.9

21.2

8.9

-

5.2

Dec 2020

66.1

18.3

31.7

9.1

-

5.2

Mar 2020

51.2

17.2

21.4

8.8

-

3.3

Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/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
2 All-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 kilogram (and ounce) and All-in cost per kilogram (and ounce) is 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. For a reconciliation of cost of sales before amortisation and depreciation to All-in costs, see 'All-in costs - Quarters'
3 Corporate project expenditure for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020was R10.0 million (US$0.7 million), R26.3 million (US$1.7 million) and R.7.1 million (US$0.5 million), respectively, the majority of which related to the Burnstone project and various IT projects

Sibanye-Stillwater Operating update | Quarter ended 31 March 20218

ALL-IN COSTS - QUARTERS

SA and US PGM operations

Figures are in millions unless otherwise stated

US OPERATIONS

SA OPERATIONS

R' million

Total US and SA PGM

Total US PGM1

Total SA PGM2

Rustenburg

Marikana2

Kroondal

Plat Mile

Mimosa

Corporate

Cost of sales, before amortisation and depreciation3

Mar 2021

9,133.4

1,618.0

7,515.4

2,797.4

3,845.4

764.8

107.8

371.8

(371.8)

Dec 2020

8,145.8

2,007.0

6,138.8

2,278.1

2,989.8

832.3

115.2

564.6

(641.2)

Mar 2020

8,475.3

1,035.8

7,439.5

2,932.5

4,118.7

711.2

72.7

353.6

(749.2)

Royalties

Mar 2021

828.6

-

828.6

439.8

385.1

3.7

-

44.4

(44.4)

Dec 2020

794.0

-

794.0

275.5

515.7

2.8

-

55.5

(55.5)

Mar 2020

329.8

-

329.8

288.2

38.7

2.9

-

30.9

(30.9)

Carbon tax

Mar 2021

0.7

-

0.7

0.1

0.5

0.1

-

-

-

Dec 2020

0.7

-

0.7

0.1

0.5

0.1

-

-

-

Mar 2020

0.2

-

0.2

0.1

-

0.1

-

-

-

Community costs

Mar 2021

34.2

-

34.2

2.9

31.3

-

-

-

-

Dec 2020

27.7

-

27.7

(4.7)

32.4

-

-

-

-

Mar 2020

19.9

-

19.9

11.1

8.8

-

-

-

-

Inventory change4

Mar 2021

842.9

350.7

492.2

(91.5)

583.7

-

-

(6.3)

6.3

Dec 2020

1,635.9

(32.3)

1,668.2

782.5

809.1

-

-

(164.9)

241.5

Mar 2020

(304.2)

721.9

(1,026.1)

(418.8)

(1,003.0)

-

-

-

395.7

Share-based payments5

Mar 2021

27.5

15.6

11.9

4.6

5.6

1.7

-

-

-

Dec 2020

31.3

18.1

13.2

5.3

5.9

2.0

-

-

-

Mar 2020

15.2

15.2

-

-

-

-

-

-

-

Rehabilitation interest and amortisation6

Mar 2021

69.5

7.8

61.7

0.8

42.7

18.2

-

0.8

(0.8)

Dec 2020

76.3

6.9

69.4

4.0

39.9

25.5

-

0.8

(0.8)

Mar 2020

61.0

6.2

54.8

(0.6)

36.5

18.9

-

1.4

(1.4)

Leases

Mar 2021

14.3

0.4

13.9

3.6

8.1

2.2

-

-

-

Dec 2020

15.9

0.7

15.2

3.6

9.4

2.2

-

-

-

Mar 2020

17.7

1.6

16.1

3.6

9.3

3.2

-

-

-

Ore reserve development

Mar 2021

656.5

305.5

351.0

146.1

204.9

-

-

-

-

Dec 2020

701.6

320.1

381.5

151.4

230.1

-

-

-

-

Mar 2020

608.0

264.9

343.1

144.1

199.0

-

-

-

-

Sustaining capital expenditure

Mar 2021

499.2

250.2

249.0

111.8

95.6

35.3

6.0

113.9

(113.6)

Dec 2020

744.3

254.0

490.3

130.8

260.5

88.6

10.4

129.1

(129.1)

Mar 2020

311.9

86.7

225.2

97.6

86.4

40.4

0.6

76.9

(76.7)

Less: By-product credit

Mar 2021

(1,782.8)

(423.9)

(1,358.9)

(433.2)

(741.0)

(182.2)

(2.5)

(124.2)

124.2

Dec 2020

(1,653.4)

(383.6)

(1,269.8)

(496.4)

(632.1)

(141.0)

(1.3)

(160.0)

161.0

Mar 2020

(1,068.0)

(184.6)

(883.4)

(236.1)

(548.4)

(102.1)

3.2

(97.3)

97.3

Total All-in-sustaining costs7

Mar 2021

10,324.0

2,124.3

8,199.7

2,982.4

4,461.9

643.8

111.3

400.4

(400.1)

Dec 2020

10,520.1

2,190.9

8,329.2

3,130.2

4,261.2

812.5

124.3

425.1

(424.1)

Mar 2020

8,466.8

1,947.7

6,519.1

2,821.7

2,946.0

674.6

76.5

365.5

(365.2)

Plus: Corporate cost, growth and capital expenditure

Mar 2021

580.8

580.4

0.4

-

0.4

-

-

-

-

Dec 2020

484.0

471.3

12.7

-

12.7

-

-

-

-

Mar 2020

660.7

646.4

14.3

-

2.1

-

12.2

-

-

Total All-in-costs7

Mar 2021

10,904.8

2,704.7

8,200.1

2,982.4

4,462.3

643.8

111.3

400.4

(400.1)

Dec 2020

11,004.1

2,662.2

8,341.9

3,130.2

4,273.9

812.5

124.3

425.1

(424.1)

Mar 2020

9,127.5

2,594.1

6,533.4

2,821.7

2,948.1

674.6

88.7

365.5

(365.2)

PGM production

4Eoz - 2Eoz

Mar 2021

598,959

154,350

444,609

156,956

193,995

53,046

10,734

29,878

-

Dec 2020

648,456

157,492

490,964

182,488

204,121

61,113

12,397

30,845

-

Mar 2020

559,657

141,585

418,072

154,568

171,997

53,458

9,272

28,777

-

kg

Mar 2021

18,630

4,801

13,829

4,882

6,034

1,650

334

929

-

Dec 2020

20,169

4,899

15,271

5,676

6,349

1,901

386

959

-

Mar 2020

17,407

4,404

13,004

4,808

5,350

1,663

288

895

-

All-in-sustaining cost

R/4Eoz - R/2Eoz

Mar 2021

18,142

13,763

19,771

19,002

23,000

12,137

10,369

13,401

-

Dec 2020

17,034

13,911

18,102

17,153

20,876

13,295

10,027

13,782

-

Mar 2020

15,948

13,756

16,745

18,255

17,128

12,619

8,251

12,701

-

US$/4Eoz - US$/2Eoz

Mar 2021

1,213

920

1,322

1,270

1,537

811

693

896

-

Dec 2020

1,091

891

1,160

1,099

1,337

852

642

883

-

Mar 2020

1,037

894

1,089

1,187

1,114

820

536

826

-

All-in-cost

R/4Eoz - R/2Eoz

Mar 2021

19,162

17,523

19,772

19,002

23,002

12,137

10,369

13,401

-

Dec 2020

17,817

16,904

18,130

17,153

20,938

13,295

10,027

13,782

-

Mar 2020

17,193

18,322

16,782

18,255

17,140

12,619

9,566

12,701

-

US$/4Eoz - US$/2Eoz

Mar 2021

1,281

1,171

1,322

1,270

1,538

811

693

896

-

Dec 2020

1,141

1,083

1,161

1,099

1,341

852

642

883

-

Mar 2020

1,118

1,191

1,091

1,187

1,114

820

622

826

-

Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/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. 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 above
2The Marikana AISC and AIC includes the purchase of concentrate (PoC) cost from third parties. For a reconciliation of the AISC and AIC excluding PoC refer to 'Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana - Quarters'
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. For the March 2020 and December 2020 quarter, Corporate includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
4Inventory adjustment in Corporate for March 2020 and December 2020 quarter includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
5Share-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
6Rehabilitation 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 20219

7All-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

Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana - Quarters

SA PGM

Marikana

R' million

Mar 2021

Dec 2020

Mar 2020

Mar 2021

Dec 2020

Mar 2020

Total All-in-sustaining cost as reported per table above

8,199.7

8,329.2

6,519.1

4,461.9

4,261.2

2,946.0

Less: Purchase cost of PoC

(1,246.7)

(475.8)

(439.0)

(1,246.7)

(475.8)

(439.0)

Add: By-product credit of PoC

64.4

15.1

20.4

64.4

15.1

20.4

Total All-in-sustaining cost excluding PoC

7,017.4

7,868.5

6,100.5

3,279.6

3,800.5

2,527.4

Plus: Corporate cost, growth and capital expenditure

0.4

12.7

14.3

0.4

12.7

2.1

Total All-in-cost excluding PoC

7,017.8

7,881.2

6,114.8

3,280.0

3,813.2

2,529.5

PGM production as reported per table above

4Eoz

444,609

490,964

418,072

193,995

204,121

171,997

Less: PoC production

(19,125)

(12,439)

(7,967)

(19,125)

(12,439)

(7,967)

Less: Mimosa production

(29,878)

(30,845)

(28,777)

PGM production excluding PoC

395,606

447,680

381,328

174,870

191,682

164,030

All-in-sustaining cost excluding PoC

R/4Eoz

17,738

17,576

15,998

18,755

19,827

15,408

US$/4Eoz

1,186

1,126

1,040

1,254

1,270

1,002

All-in-cost excluding PoC

R/4Eoz

17,739

17,605

16,036

18,757

19,893

15,421

US$/4Eoz

1,186

1,128

1,043

1,254

1,274

1,003

Sibanye-Stillwater Operating update | Quarter ended 31 March 202110

SA gold operations

Figures are in millions unless otherwise stated

SA OPERATIONS

R' million

Total SA gold

Driefontein

Kloof

Beatrix

Cooke

DRDGOLD

Corporate

Cost of sales, before amortisation and depreciation1

Mar 2021

4,892.3

1,245.2

1,767.7

917.4

169.9

792.1

-

Dec 2020

5,059.9

1,327.6

1,704.0

1,035.2

161.8

831.3

-

Mar 2020

4,734.3

1,175.8

1,605.3

1,023.2

170.6

759.4

-

Royalties

Mar 2021

26.5

30.9

10.5

5.3

1.2

-

(21.4)

Dec 2020

65.4

50.7

54.5

20.5

1.2

-

(61.5)

Mar 2020

23.6

7.1

9.2

6.2

1.1

-

-

Carbon tax

Mar 2021

0.6

-

-

0.5

-

0.1

-

Dec 2020

0.6

-

0.1

0.4

-

0.1

-

Mar 2020

0.5

-

0.1

0.4

-

-

-

Community costs

Mar 2021

32.6

11.6

9.7

11.3

-

-

-

Dec 2020

66.4

19.3

22.3

21.3

-

3.5

-

Mar 2020

23.0

3.9

8.2

10.9

-

-

-

Share-based payments2

Mar 2021

12.8

2.4

3.5

2.4

-

4.5

-

Dec 2020

14.4

3.2

3.8

2.9

-

4.5

-

Mar 2020

36.0

-

-

-

-

36.0

-

Rehabilitation interest and amortisation3

Mar 2021

52.5

10.7

4.4

17.1

13.8

5.4

1.1

Dec 2020

52.3

11.4

1.2

13.9

18.0

6.5

1.3

Mar 2020

53.8

12.7

10.0

14.9

12.1

2.9

1.2

Leases

Mar 2021

20.3

2.1

4.2

7.1

3.1

3.8

-

Dec 2020

23.6

2.1

4.5

10.1

3.1

3.8

-

Mar 2020

19.8

2.0

4.9

3.6

4.3

5.0

-

Ore reserve development

Mar 2021

603.1

271.6

208.6

122.9

-

-

-

Dec 2020

571.6

233.5

233.2

104.9

-

-

-

Mar 2020

529.3

204.4

216.3

108.6

-

-

-

Sustaining capital expenditure

Mar 2021

186.2

40.6

57.9

9.9

-

77.8

-

Dec 2020

349.0

52.9

189.8

37.9

-

68.4

-

Mar 2020

215.6

60.9

81.5

26.2

-

47.0

-

Less: By-product credit

Mar 2021

(4.8)

(2.1)

(1.1)

(1.0)

(0.3)

(0.3)

-

Dec 2020

(7.5)

(2.3)

(1.3)

(1.3)

(0.4)

(2.2)

-

Mar 2020

(5.2)

(1.5)

(0.9)

(0.9)

(0.3)

(1.6)

-

Total All-in-sustaining costs4

Mar 2021

5,822.1

1,613.0

2,065.4

1,092.9

187.7

883.4

(20.3)

Dec 2020

6,195.7

1,698.4

2,212.1

1,245.8

183.7

915.9

(60.2)

Mar 2020

5,630.7

1,465.3

1,934.6

1,193.1

187.8

848.7

1.2

Plus: Corporate cost, growth and capital expenditure

Mar 2021

90.3

-

50.6

-

-

-

39.7

Dec 2020

149.7

-

71.3

-

-

13.3

65.1

Mar 2020

121.7

-

31.6

0.2

-

3.1

86.8

Total All-in-costs4

Mar 2021

5,912.4

1,613.0

2,116.0

1,092.9

187.7

883.4

19.4

Dec 2020

6,345.4

1,698.4

2,283.4

1,245.8

183.7

929.2

4.9

Mar 2020

5,752.4

1,465.3

1,966.2

1,193.3

187.8

851.8

88.0

Gold sold

kg

Mar 2021

7,536

2,204

2,445

1,239

285

1,363

-

Dec 2020

8,933

2,551

3,041

1,592

265

1,484

-

Mar 2020

7,590

1,853

2,381

1,598

296

1,462

-

oz

Mar 2021

242,287

70,860

78,608

39,835

9,163

43,821

-

Dec 2020

287,203

82,017

97,770

51,184

8,520

47,712

-

Mar 2020

244,024

59,575

76,551

51,377

9,517

47,004

-

All-in-sustaining cost

R/kg

Mar 2021

772,572

731,851

844,744

882,082

658,596

648,129

-

Dec 2020

693,574

665,778

727,425

782,538

693,208

617,183

-

Mar 2020

741,858

790,772

812,516

746,621

634,459

580,506

-

US$/oz

Mar 2021

1,606

1,522

1,756

1,834

1,369

1,348

-

Dec 2020

1,382

1,327

1,449

1,559

1,381

1,230

-

Mar 2020

1,500

1,599

1,643

1,510

1,283

1,174

-

All-in-cost

R/kg

Mar 2021

784,554

731,851

865,440

882,082

658,596

648,129

-

Dec 2020

710,332

665,778

750,871

782,538

693,208

626,146

-

Mar 2020

757,892

790,772

825,787

746,746

634,459

582,627

-

US$/oz

Mar 2021

1,631

1,522

1,799

1,834

1,369

1,348

-

Dec 2020

1,415

1,327

1,496

1,559

1,381

1,248

-

Mar 2020

1,533

1,599

1,670

1,510

1,283

1,178

-

Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/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
2Share-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
3Rehabilitation include 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
4All-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 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 202111

ADJUSTED EBITDA RECONCILIATION - QUARTERS

Quarter ended Mar 2021

Quarter ended Dec 2020

Quarter ended Mar 2020

Figures in million - SA rand

US PGM

SA PGM

SA Gold

Corporate

Total

US PGM

SA PGM

SA Gold

Corporate

Total

US PGM

SA PGM

SA Gold

Corporate

Total

Profit/(loss) before royalties and tax

2,235.0

15,094.0

644.5

(198.1)

17,775.4

2,969.0

10,181.8

485.8

(304.7)

13,331.9

1,334.7

7,817.0

2,215.8

(181.3)

11,186.2

Adjusted for:

-

-

Amortisation and depreciation

582.7

552.3

679.6

-

1,814.6

699.8

650.0

798.0

-

2,147.8

497.8

555.2

764.8

-

1,817.8

Interest income

(102.1)

(44.4)

(142.5)

-

(289.0)

(100.3)

(65.1)

(168.9)

-

(334.3)

(70.1)

(53.9)

(128.4)

-

(252.4)

Finance expense

234.7

129.3

157.6

78.5

600.1

234.6

164.7

187.1

83.3

669.7

263.5

177.0

291.1

79.5

811.1

Share-based payments

15.6

25.6

57.0

-

98.2

36.1

42.6

69.8

-

148.5

15.2

-

100.6

-

115.8

Loss/(gain) on financial instruments

306.7

68.6

(2.1)

-

373.2

-

2,066.7

(308.1)

-

1,758.6

(33.2)

51.1

(3,424.6)

-

(3,406.7)

Loss/(gain) on foreign exchange differences

(0.2)

51.5

55.4

-

106.7

11.7

(1,175.0)

408.5

-

(754.8)

(1.5)

(618.4)

1,425.6

-

805.7

Share of results of equity-accounted investees after tax

-

(588.2)

(64.5)

-

(652.7)

-

(697.5)

(51.2)

-

(748.7)

-

(324.8)

(98.2)

-

(423.0)

Other non-cash cost/(income)

-

-

-

-

-

30.2

(424.2)

(18.0)

-

(412.0)

-

-

-

-

-

Loss/(gain) on disposal of property, plant and equipment

5.0

(5.5)

(3.6)

-

(4.1)

0.8

(33.2)

(3.4)

-

(35.8)

-

-

(7.5)

-

(7.5)

Impairments/(reversal of impairments)

0.2

-

-

-

0.2

(0.1)

(2.3)

(119.7)

-

(122.1)

0.2

-

-

-

0.2

Restructuring cost

3.0

9.9

15.0

-

27.9

7.8

39.4

59.2

-

106.4

1.8

270.5

6.9

-

279.2

IFRS 16 lease payments

(0.4)

(13.8)

(21.7)

-

(35.9)

(0.6)

(15.2)

(25.1)

-

(40.9)

(1.6)

(16.8)

(20.5)

-

(38.9)

Loss on settlement of US$ Convertible bond

-

-

-

-

-

-

-

1,506.7

-

1,506.7

-

-

-

-

-

Loss on Bulk Tailings re-Treatment transaction early settlement

-

-

-

-

-

-

-

-

-

-

-

186.2

-

-

186.2

Other non-recurring costs/(income)

12.4

1.0

1.1

(3.0)

11.5

(34.5)

4.6

48.5

39.2

57.8

51.8

-

0.2

6.1

58.1

Adjusted EBITDA

3,292.6

15,280.3

1,375.8

(122.6)

19,826.1

3,854.5

10,737.3

2,869.2

(182.2)

17,278.8

2,058.6

8,043.1

1,125.8

(95.7)

11,131.8

Sibanye-Stillwater Operating update | Quarter ended 31 March 202112

DEVELOPMENT RESULTS

Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore reserves. All figures below exclude shaft sinking metres, which are reported separately where appropriate.

US PGM operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

Stillwater West & East

East Boulder

Stillwater West & East

East Boulder

Stillwater West & East

East Boulder

Stillwater

Unit

Primary development (off reef)

(m)

1,784

476

1,678

363

1,355

748

Secondary development

(m)

4,375

1,402

3,971

1,497

2,849

929

SA PGM operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

Batho- pele

Thembe- lani

Khuse- leka

Siphume- lele

Batho- pele

Thembe- lani

Khuse- leka

Siphume- lele

Batho- pele

Thembe- lani

Khuse- leka

Siphume- lele

Rustenburg

Unit

Advanced

(m)

306

1,500

2,465

698

434

1,655

3,169

893

291

1,137

2,487

838

Advanced on reef

(m)

306

667

878

385

434

813

1,096

534

154

455

613

322

Height

(cm)

219

287

286

269

223

280

283

266

204

290

284

192

Average value

(g/t)

2.1

2.3

2.2

3.1

2.4

2.4

2.3

3.2

2.3

2.5

2.4

3.1

(cm.g/t)

466

665

644

831

535

680

649

842

470

715

668

586

SA PGM operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

K3

Rowland

Saffy

E3

4B

K3

Rowland

Saffy

E3

4B

K3

Rowland

Saffy

E3

4B

Marikana

Unit

Primary development

(m)

6,459

5,332

3,982

896

1,147

9,468

6,312

5,163

1,145

1,597

7,415

4,618

4,559

989

1,483

Primary development - on reef

(m)

4,929

4,213

2,835

552

776

7,340

4,909

3,621

795

1,101

5,859

3,629

3,110

750

1,062

Height

(cm)

215

221

218

216

221

216

219

219

219

222

217

217

219

221

216

Average value

(g/t)

3.2

2.5

2.7

3.0

2.7

3.0

2.8

2.7

3.0

2.6

3.2

2.7

2.6

2.5

2.5

(cm.g/t)

692

548

586

641

597

643

603

589

662

583

692

595

569

561

534

SA PGM operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

Kopa- neng

Simun- ye

Bamba- nani

Kwezi

K6

Kopa- neng

Simun- ye

Bamba- nani

Kwezi

K6

Kopa- neng

Simun- ye

Bamba- nani

Kwezi

K6

Kroondal

Unit

Advanced

(m)

504

110

460

437

455

421

480

655

601

352

602

172

627

348

519

Advanced on reef

(m)

450

-

260

332

455

373

-

578

382

337

165

111

595

125

387

Height

(cm)

241

291

218

223

238

246

356

211

205

233

247

217

207

217

235

Average value

(g/t)

2.2

-

1.4

2.4

2.3

2.0

-

2.3

2.1

2.6

2.3

2.7

3.0

3.0

2.3

(cm.g/t)

538

-

309

525

540

496

-

474

436

600

571

594

621

655

538

SA gold operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

Carbon
leader

Main

VCR

Carbon
leader

Main

VCR

Carbon
leader

Main

VCR

Driefontein

Unit

Advanced

(m)

759

136

1,136

940

275

1,406

840

230

890

Advanced on reef

(m)

80

43

366

262

127

273

147

92

78

Channel width

(cm)

18

72

97

50

57

77

95

53

106

Average value

(g/t)

18.4

9.9

43.2

19.8

10.0

45.8

10.3

11.2

10.6

(cm.g/t)

324

709

4,202

992

567

3,507

975

590

1,119

SA gold operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

Kloof

Main

Libanon

VCR

Kloof

Main

Libanon

VCR

Kloof

Main

Libanon

VCR

Kloof

Unit

Advanced

(m)

1,197

430

1,241

1,389

546

1,429

1,184

476

67

1,450

Advanced on reef

(m)

245

142

165

349

186

164

209

56

47

227

Channel width

(cm)

167

61

106

152

96

102

109

116

178

95

Average value

(g/t)

8.3

15.7

16.6

7.2

11.6

17.6

7.0

10.9

6.1

8.6

(cm.g/t)

1,393

959

1,761

1,097

1,112

1,785

763

1,271

1,089

814

SA gold operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

Beatrix

Kalkoen-krans

Beatrix

Kalkoen-krans

Beatrix

Kalkoen-krans

Beatrix

Unit

Advanced

(m)

2,799

105

2,708

154

3,150

159

Advanced on reef

(m)

597

35

914

94

1,040

70

Channel width

(cm)

134

160

145

180

169

137

Average value

(g/t)

7.4

5.9

9.8

7.5

9.9

17.2

(cm.g/t)

993

947

1,429

1,348

1,681

2,362

Sibanye-Stillwater Operating update | Quarter ended 31 March 202113

ADMINISTRATION AND CORPORATE INFORMATION

1 (Chairman)

1

1

1

1

1

1

1

1

Independent non-executive

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

Tel: +27 10 493 6921

Email: lerato.matlosa@sibanyestillwater.com

DIRECTORS

Dr Vincent Maphai* (Chairman)

Neal Froneman (CEO)

Charl Keyter (CFO)

Timothy Cumming*

Savannah Danson*

Dr Elaine Dorward-King*

Harry Kenyon-Slaney*

Richard Menell*^

Nkosemntu Nika*

Keith Rayner*

Susan van der Merwe*

Jeremiah Vilakazi*

Sindiswa Zilwa*#

* Independent non-executive

^ Lead independent director

# Appointed 1 January 2021

INVESTOR ENQUIRIES

James Wellsted

Senior Vice President: Investor Relations

Cell: +27 83 453 4014

Tel: +27 10 493 6923

Email: james.wellsted@sibanyestillwater.com or

ir@sibanyestillwater.com

JSE SPONSOR

JP 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

Ernst & Young Inc. (EY)

102 Rivonia Road

Sandton 2196

South Africa

Private Bag X14

Sandton 2146

South Africa

Tel: +27 11 772 3000

AMERICAN DEPOSITARY RECEIPTS

TRANSFER AGENT

BNY Mellon Shareowner Services

PO Box 358516

Pittsburgh

PA 15252-8516

US toll free: +1 888 269 2377

Tel: +1 201 680 6825

Email: shrrelations@bnymellon.com

Tatyana Vesselovskaya

Relationship Manager

BNY Mellon

Depositary Receipts

Direct line: +1 212 815 2867

Mobile: +1 203 609 5159

Fax: +1 212 571 3050

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 202114

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, 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', 'forecast', 'potential', 'estimate', 'expect', 'plan', 'anticipate' 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 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 current 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, 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; 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 and PGMs; the occurrence of hazards associated with underground and surface mining; any further 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 occurrence of labour disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of regulatory costs and relevant government regulations, particularly environmental, 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 or environmental, health or safety issues; 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 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 of mines for safety incidents and unplanned maintenance; Sibanye-Stillwater's ability to hire and retain senior management or sufficient technically skilled employees, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions; failure of Sibanye-Stillwater's information technology and communications systems; the adequacy of Sibanye-Stillwater's insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19). 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 Integrated Annual Report 2020 and the Annual Report on Form 20-F for the fiscal year ended 31 December 2020.

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.

Sibanye-Stillwater Operating update | Quarter ended 31 March 202115

Attachments

  • Original document
  • Permalink

Disclaimer

Sibanye Stillwater Limited published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2021 06:56:20 UTC.