Technical Report Summary: Keliber Lithium Project, Finland

Keliber Lithium Project, Finland

Technical Report Summary

Prepared for
Sibanye Stillwater Limited
Report Number 592138
Report Prepared by
SRK Consulting (South Africa) (Pty) Ltd
Report Date:	13 December 2023
(Effective Date: 31 December 2022)	[§229.1302(b)(1); §229.1302(b)(4)(iv)]

SRK Consulting - 592138 SSW Keliber TRS

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Keliber Lithium Project, Finland

Technical Report Summary

Prepared for

Sibanye-Stillwater Limited

Bridgeview House. Building 11,

Constantia Office Park

Cnr 14th Ave and Hendrik Potgieter Road

Weltevreden Park

1790

Compiled by

SRK Consulting South Africa (Pty) Ltd

265 Oxford Road

Illovo

Johannesburg 2196

South Africa

P O Box 55291 Northlands 2116

South Africa

Tel: [phone]

Fax: [phone]

SRK Project Number 592138

Issue Date of TRS:	13	December 2023
(Effective Date of TRS:	31	December 2022) [[§229.1302(b)(1); §229.1302(b)(4)(iv)]

SRK	SSW_Keliber Project TRS_Final 13 December 2023	Report Date: 13	December 2023
		Effective Date:31	December 2022

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Important Notices

In this document, a point is used as the decimal marker and a space is used in the text for the thousand's separator (for numbers larger than 999). In other words, 10 148.32 denotes ten thousand one hundred and forty-eight point three two.

The word 'tonnes' denotes a metric tonne (1 000 kg).

Wherever mention is made of "Keliber", for the purposes of this Technical Report Summary (TRS), it encompasses all of the current and planned activities related to the Keliber Lithium Project, in which Sibanye Stillwater Limited owns an 84.96% share, in Central Ostrobothnia, Finland unless specifically mentioned differently.

This report includes technical information, which requires subsequent calculations to derive subtotals, totals and weighted averages. Such calculations may involve a degree of rounding and consequently introduce an error. Where such errors occur, SRK does not consider them to be material.

The reader and any potential or existing shareholder or investor of Sibanye Stillwater Limited is cautioned that Sibanye Stillwater Limited is involved in exploration on the Keliber Lithium Project and there is no guarantee that any unmodified part of the Mineral Resources will ever be converted into Mineral Reserves nor ultimately extracted at a profit.

This report uses a shorthand notation to demonstrate compliance with Subpart 1300 of the United States Securities and Exchange Commission's Regulation S-K, for example:

• [[§229.601(b)(96)(iii)(B)(2)] represents sub-section (iii)(B)(2) of section 96 of CFR 229.601(b) ("Item 601 of Regulation S-K").

Description of Amendments to Previously Filed Technical Report Summary

This Technical Report Summary (TRS) for the Keliber Lithium Project (Keliber), dated 13 December 2023, serves as an amendment to the TRS prepared by SRK for Keliber for the fiscal year ended 31 December 2022, effective 31 December 2022, which was filed as Exhibit 96.7 to Sibanye-Stillwater Limited's 2022 annual report filed on Form 20-F on 24 April 2023 (the Original 2022 Keliber TRS).

This TRS was prepared by SRK following Sibanye Stillwater Limited's receipt of comment letters and associated dialogue with the staff (the Staff) of the United States Securities and Exchange Commission (the SEC) regarding information in the Original 2022 Keliber TRS. While this TRS incorporates certain changes to the Original 2022 Keliber TRS, it maintains an effective date of 31 December 2022 with regard to assumptions and the knowledge of the Qualified Persons (QPs). This TRS revises the following information in the Original 2022 Keliber TRS as a result of the comments received from the Staff:

• The inclusion in Section ES 6 of the Mineral Resource point of reference as in-situ to comply with Item 1303 (b)(3)(v), thus no dilution and other modifying factors are applied to the estimated Mineral Resource.
  o This change is also added in Section 10.
• The inclusion in Section ES 9 of the Mineral Reserve point of reference as mill-feed to comply with Item 1303 (b)(3)(v), which include dilution and other modifying factors for the estimated of the Mineral Reserve.
  o This change is also added in Section 11.
• Addition of relevant lithium conversions and explanation of such conversions in ES 10, Section 10.2.1 and Section 11.3.1;
• Addition of conversion matrix in Section 10.2.1 (Table 10-6)
• Correction to the Total (Mt) and Ore Production (Mt) total of Table 12-2 to reflect only the open pit production salient features per mining area;

• Subsequent to the above changes, the stripping ratio and Li2O (%) presented in Table 12-2 were recalculated to also reflect only the open pit Stripping ratio and Li2O (%), which were previously averages for the total tonnes, including underground tonnages, and were not limited to open pit production.

SRK	SSW_Keliber Project TRS_Final 13 December 2023	Report Date: 13	December 2023
		Effective Date:31	December 2022

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• Inclusion of further information regarding the price and demand of spodumene concentrate in Section 15 of this report, which was derived from the Wood Mackenzie (2021) market study (the "Wood Mackenzie Report") and Fastmarkets (March 2022) market study (the "Fastmarkets Report").

• 1. The Wood Mackenzie Report and Fastmarkets Report were also added to the list of documents provided by Sibanye in connection with the preparation of the Keliber TRS in section 23.1 and text has been added to reference these market studies in Section 18 of this report.
• Removed Table 18-2 and Table 18-3 and text referencing these tables in Section 18 to comply with Item 1302(e)(3) and 1302(e)(6) of Regulation S-K.

SRK	SSW_Keliber Project TRS_Final 13 December 2023	Report Date: 13	December 2023
		Effective Date:31	December 2022

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Executive Summary

[§229.601(b)(96)(iii)(B)(1)]

ES1: Introduction

This Technical Report Summary (TRS) of the Keliber Lithium Project (Keliber) was compiled by SRK Consulting (South Africa) (Pty) Ltd (SRK) on behalf of Sibanye Stillwater Limited (SSW, also referred to as the Company) according to Item 601 of the United States Securities and Exchange Commission's (SEC's) Subpart 1300 of Regulation S-K(S-K1300). SSW holds an 84.96% share in the Keliber Lithium Project, which is located in Central Ostrobothnia, Finland, through its 100% interest in Keliber Lithium (Pty) Ltd.

Keliber is a combination of two businesses - the mine and the refinery with the concentrator being considered as part of the mine. Both businesses are run as standalone entities. The Mineral Reserves and Mineral Resources can be declared based solely on the economics of the production of concentrate from the mine. The Kokkola lithium hydroxide refinery (Keliber Lithium Refinery) can, similarly, be run profitably when processing third-party concentrates. The Keliber Lithium Refinery is thus not considered a Mineral Asset and discussions in this document include the refinery only because there are synergies, and it is the intention to mostly process own concentrate.

This report is the first TRS for SSW's Keliber Lithium Project and supports the disclosure of Mineral Resources and Mineral Reserves at 31 December 2022. The Mineral Resources and Mineral Reserves have been prepared and reported according to the requirements of S-K1300.

ES2: Effective Date

[§229.1302(b)(iii)(3)]

The effective date of the TRS is 31 December 2022, which satisfies the S-K1300 requirement of a current report.

ES3: Property description, Mineral Rights and ownership

Keliber is situated in Central Ostrobothnia in western Finland in the municipalities of Kaustinen, Kokkola and Kruunupyy. There are seven elements to the project:

• Seven spodumene exploration or mining properties at Syväjärvi, Rapasaari, Länttä, Outovesi, Emmes, Leviäkangas and Tuoreetsaaret;
• The Keliber Lithium Concentrator at Päiväneva next to Rapasaari mining property; and
• The Keliber Lithium Hydroxide Refinery planned for the Kokkola Industrial Park (KIP).

Figure ES. 1 depicts the location of the various project elements.

Keliber has applied for a range of permits to facilitate mining. Some of the permits have been approved, others are submitted, and some have been awarded but are under appeal following objections. It is a reasonable assumption that the permits will be awarded, even if with some modified conditions. At present there do not appear to be any environmental or permitting issues that will preclude the declaration of Mineral Resources or Mineral Reserves. While the time required for the authorities to process applications is uncertain and may defer project development if these applications are delayed, there is a reasonable expectation that all the required permits can be awarded. Keliber has progressed well with the permit applications and has indicated that they are not aware of any incorrect filings or red flags related to submitting applications.

The following mineral rights for lithium currently apply:

• Two legally valid mining permits (Länttä and Syväjärvi, including the Syväjärvi Auxiliary Area);
• One granted mining permit (Rapasaari, under appeal);
• Nine valid exploration permits (additional three granted under appeal); and
• One reservation permit.

In addition, there are three granted exploration permits where the permitting decision has been appealed and is currently under a legal process in an Administrative Court.

SRK	SSW_Keliber Project TRS_Final 13 December 2023	Report Date: 13	December 2023
		Effective Date:31	December 2022

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Nine exploration permits are valid until expiry dates ranging from January 2023 to September 2025. Application for a further 28 exploration permits was made between 2018 and 2022; these are awaiting finalisation.

The various permits and applications are summarized in Table ES- 1 and Table ES- 2 and depicted in Figure ES. 2.

Keliber owns land at both Syväjärvi (47.39 ha (~28%) of the current mining area of 166.3 ha) and Outovesi (41.73 ha (~20%) of current claim areas of 209.67 ha).

Compensation to the landowners is due on the valid mining and exploration permits, according to the Mining Act (621/2011 as amended). Compensation on the granted exploration permits and the applications will become due once the permits become legally valid.

SRK	SSW_Keliber Project TRS_Final 13 December 2023	Report Date: 13	December 2023
		Effective Date:31	December 2022

SRK Consulting - 592138 SSW Keliber TRS

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SSW Keliber Lithium Project

Locality plan of the Keliber Lithium Project's elements

(Source: WSP, 2022)

Figure ES. 1: Locality plan of the Keliber Lithium Project's elements

Project No.

592138

SRK	SSW_Keliber Project TRS_Final 13 December 2023	Report Date: 13 December 2023
		Effective Date:31 December 2022

SRK Consulting - 592138 SSW Keliber TRSPage vii

Table ES- 1: Summary of mining and exploration permits

Number

Asset

Number

Status

Decision Date

Expiry Date

Licence Area

(ha)

Valid mining permits

1

Länttä

7025

Legally valid

16/08/2016

20/03/2027

37.49

KL2021:0002

11/02/2022

2

Syväjärvi

KL2018:0001

Legally valid

13/12/2018

Until further

186.25

KL2021:0003

08/02/2022

notice

3

Rapasaari1

KL2019:0004

Granted

23/03/2022

Until further

488.98

notice

Total area

712.72

Valid exploration permits

1

Emmes 2

ML2019:0052

Legally valid

30/07/2021

06/09/2024

58.1

2

Karhusaari

ML2012:0157

Legally valid

16/12/2019

15/01/2023

167.36

3

Outoleviä

ML2019:0011

Legally valid

30/07/2021

06/09/2024

444.65

4

Outovedenneva

ML2011:0019

Legally valid

30/07/2021

06/09/2024

68.75

5

Outovesi

ML2018:0089

Legally valid

20/03/2020

20/04/2023

144.68

6

Outovesi 3

ML2018:0122

Legally valid

20/03/2020

20/04/2023

12.9

7

Roskakivi

ML2016:0020

Legally valid

30/07/2021

06/09/2025

227.18

8

Syväjärvi 3-4

ML2018:0120

Legally valid

16/12/2019

15/01/2023

115.75

9

Timmerpakka

ML2019:0010

Legally valid

20/03/2020

20/04/2023

53.68

Total area

1 293.05

Valid Reservation

1

Peräneva

VA2022:0020

Reservation

19/05/2022

04/04/2024

3 915.16

Total area

3 915.16

Granted exploration permits (appealed)1

1

Emmes 1

ML2015:0031

Granted

01/11/2021

19.86

2

Haukkapykälikkö

ML2011:0002

Granted

30/07/2021

350.32

3

Pässisaarenneva

ML2018:0040

Granted

30/07/2021

22.53

Total area

392.71

Note:

1. Permit decision appealed; under legal process in Administrative Court.

Table ES- 2: Summary of exploration permit applications

Number

Asset

Number

Status

Application Date

Licence Area (ha)

1

Arkkukivenneva

ML2021:0045

Pending

31/03/2021

83.78

2

Buldans

ML2020:0001

Pending

16/01/2020

105.57

3

Hassinen

ML2018:0034

Pending

02/05/2018

300.39

4

Heikinkangas

ML2012:0156

Pending

27/05/2019

42.55

5

Hyttikangas

ML2018:0035

Pending

02/05/2018

238.08

6

Kellokallio

ML2019:0032

Pending

27/04/2019

182.19

7

Karhusaari

ML2012:0157-03

Pending

17/11/2022

137.91

8

Keskusjärvi

ML2018:0033

Pending

02/05/2018

211.08

9

Kokkoneva

ML2018:0055

Pending

16/05/2018

284.85

10

Länkkyjärvi

ML2018:0036

Pending

02/05/2018

361.57

11

Leviäkangas 1

ML2013:0097

Pending

05/05/2021

90.69

12

Matoneva

ML2018:0041

Pending

08/05/2018

511.54

13

Orhinselkä

ML2018:0042

Pending

08/05/2018

222.05

14

Östersidan

ML2018:0056

Pending

16/05/2018

204.95

15

Päiväneva

ML2012:0176-03

Pending

19/11/2022

52.02

16

Palojärvi

ML2018:0091

Pending

08/10/2018

35.55

17

Paskaharju

ML2016:0044

Pending

03/05/2022

131.71

18

Peikkometsä

ML2018:0023

Pending

21/03/2018

773.44

19

Peuraneva

ML2018:0032

Pending

02/05/2018

152.67

20

Rapasaari

ML2018:0121-02

Pending

16/11/2022

64.90

21

Ruskineva

ML2020:0002

Pending

17/01/2020

739.35

22

Rytilampi

ML2011:0020

Pending

03/02/2018

163.21

23

Syväjärvi 2

ML2016:0001

Pending

07/04/2021

71.53

24

Syväjärvi 3-4

ML2018:0120-02

Pending

17/11/2022

115.75

25

Timmerpakka 2

ML2020:0025

Pending

23/04/2020

174.96

26

Valkiavesi

ML2018:0031

Pending

02/05/2018

1 037.56

27

Vanhaneva

ML2019:0002

Pending

27/09/2018

368.12

28

Vehkalampi

ML2018:0022

Pending

22/03/2018

1 138.54

Total area

5 768.39

SRK

SSW_Keliber Project TRS_Final 13 December 2023

Report Date: 13 December 2023

Effective Date:31 December 2022

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SSW Keliber Lithium Project

Mining and exploration permits as at 31 December 2022

Figure ES. 2: Mining and exploration permits as at 31 December 2022

Project No.

592138

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		Effective Date:31 December 2022

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ES4: Geology and mineralisation

Keliber is located within the Kaustinen Lithium Pegmatite Province that covers an area of 500 km2 in western Finland. Here the host rocks belong to the Palaeoproterozoic (1.95 - 1.88 Ga) age Pohjanmaa Belt that forms a 350 km long by 70 km wide arcuate belt located between the Vaasa Granite Complex to the west and the Central Finland Granitoid Complex to the east. The northern parts of the Pohjanmaa Belt have been intruded by several Lithium-Caesium-Tantalum (LCT) type pegmatites with a majority of those belonging to the Kaustinen lithium province being of the albite/spodumene type.

Historical exploration supported by more recent drilling by the Geological Survey of Finland (GTK) and Keliber has (to date) resulted in the delineation of five discrete LCT pegmatite deposits, viz. Syväjärvi, Rapasaari, Länttä, Emmes and Outovesi. Each deposit is characterised by a series of pegmatites, veins and dykes, with intrusion geometry often being controlled by regional structural controls as well as host rock rheology.

All of the pegmatites that have been discovered and evaluated to date within the Kaustinen area all have very similar mineralogy in that they are dominated by albite (37 - 41%), quartz (26 - 28%), K-feldspar (10 - 16%), spodumene (10 - 15%) and muscovite (6 - 7%). Spodumene is the only lithium-bearing mineral that is of economic interest and is generally homogeneously distributed throughout most of the pegmatites. Several deposits display frequent inclusion or incorporation of host rock xenoliths within the modelled pegmatites and represent a form of internal dilution to the pegmatites.

Rock strength testing

Overall, the rock mass quality in the studied areas of the deposit indicate good quality, competent rock as evident from the competent drill core and from competent rock mass on the exposed excavations observed during the site visit at Syväjärvi.

The current geotechnical environment at Rapasaari, Syväjärvi and Länttä sites are understood to PFS study level. The intact rock strength parameters for the Syväjärvi site were inferred from those determined from the Rapasaari due to their close proximity to each other in comparison to other mining areas.

To date, no oriented geotechnical drilling was done for any of the sites, with geotechnical logging carried out on geology drill core. The available geotechnical data considered during the review, coupled with reported observations on exposed excavations, during the site visit, determine that the level of understanding of the rock strength parameters and characterization is regarded to be appropriate to define the geotechnical environment for Syväjärvi, Länttä and Rapasaari sites to Prefeasibility Study (PFS) study level. However, the geotechnical conditions at the Outovesi deposit are not currently well defined and are considered to be still at conceptual study level due to data scarcity and will need to be appraised to Prefeasibility Feasibility Study (PFS) through to FS level during project implementation.

Geotechnical conditions vary across the different sites, with open pit reserves having higher geotechnical data confidence due to existing exposures and laboratory test work. In-fill drilling and the associated testwork should consider further focus on discontinuity strength parameters for further improved geotechnical understanding of site and project specific conditions. It is noted that geotechnical data gathering and modelling are a continuous process during project implementation and mining operations, with confidence in rock mass and structural conditions improving over time as mining continues.

ES5: Status of exploration, development and operations

Apart from shallow surface reverse circulation drilling completed by GTK over the Syväjärvi deposit, all drilling (Table ES- 3) on the project has been completed using diamond core methods. Diamond core drilling therefore has been the only method used to generate geological, structural and analytical data over the deposits and these have been used as the basis for Mineral Resource estimation over each of the deposits defined to date.

SRK	SSW_Keliber Project TRS_Final 13 December 2023	Report Date: 13	December 2023
		Effective Date:31	December 2022