Sibanye Stillwater : 2021 Summarised Report and Notice of Annual General Meeting

Value Reporting Foundation: International Integrated Reporting Framework

LEGEND OF ICONS USED IN THIS REPORT

Links to supplementary information

Note: Some of the photographs used in this report were taken before 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 1 January to 31 December 2021*

INTEGRATED

REPORT

GROUP ANNUAL FINANCIAL REPORT

MINERAL RESOURCES

AND MINERAL RESERVES REPORT

SUMMARISED REPORT AND NOTICE OF ANNUAL

GENERAL MEETING

COMPANY FINANCIAL

STATEMENTS

About our cover designs: Inspired by the earth's strata and the characteristics of layered 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 vision.

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

SUPPORTING FACT SHEETS

AND SUPPLEMENTARY INFORMATION AVAILABLE ONLINE

• • Progressing the UN's SDGs

• • Environmental incidents in 2021

• • Biodiversity management

• • Social and Labour Plans: Summary of projects in South Africa

• • Care for iMali: Taking care of personal finance

• • GRI content index

• • Tailings management

• • Combatting illegal mining

• • ICMM self-assessment

• • Working together: The Good Neighbor Agreement

• • Definitions for sustainability/ESG indicators

• • King IV disclosure

• • Climate change related disclosure: TCFD recommendations

*Inclusive of information of year to date 22 April 2022 and forward-looking guidance

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OUR BUSINESS AND LEADERSHIP

SUMMARISED FINANCIAL STATEMENTS

NOTICE OF ANNUAL GENERAL MEETING

ANCILLARY INFORMATION

About Sibanye-Stillwater

3

Summarised consolidated income

17

Notice of annual general meetingstatementOur timeline

5

ExplanatorySummarised

18

notesconsolidated statementOur purpose, vision, strategy and values

6

of other comprehensive

Form of proxyincomeSummarisedconsolidated statement of financial positionBoard and executive leadership

11Notes to the

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form of proxy Electronic

48 56 59 60 61

Shareholder 64information

Forward-looking 67 statements

Administration and 68 corporate informationparticipation formSummarised 20 consolidated statement of changes in equity

Summarised 21 consolidated statement of cash flows

Notes to the 22 summarised consolidated financial statements

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STATEMENT OF RESPONSIBILITY BY THE BOARD OF DIRECTORS

The directors are responsible for the preparation and fair presentation of the consolidated annual financial statements of Sibanye-Stillwater, comprising the consolidated statement of financial position as at 31 December 2021, and consolidated income statement and consolidated statements of other comprehensive income, changes in equity and cash flows for the year then ended, and the notes to the consolidated financial statements, which include a summary of significant accounting policies, and other explanatory notes, in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act, 71 of 2008 (the Companies Act) and the JSE Listings Requirements.

In addition, the directors are responsible for preparing the directors' report.

The directors consider that, in preparing the consolidated financial statements, they have used the most appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates, and that all IFRS standards that they consider to be applicable have been complied with for the financial year ended 31 December 2021. The directors are satisfied that the information contained in the consolidated financial statements fairly presents the results of operations for the year and the financial position of the Group at year-end.

The directors are responsible for the information included in the annual financial report, and are responsible for both its accuracy and its consistency with the consolidated annual financial statements.

The directors have responsibility for ensuring that accounting records are kept. The accounting records should disclose with reasonable accuracy the financial position of the Group to enable the directors to ensure that the consolidated annual financial statements comply with the relevant legislation.

The Group operated in a well-established control environment, which is well documented and regularly reviewed. This incorporates risk management and internal control procedures, which are designed to provide reasonable assurance that assets are safeguarded and that the material risks facing the business are being controlled.

The directors have made an assessment of the ability of the Company and its subsidiaries to continue as going concerns and based on this assessment concluded that the basis for preparation of the consolidated annual financial statements is appropriate to that of a going concern.

The consolidated annual financial statements were approved on 22 April 2022 by the Board of Directors and are signed on its behalf by:

Neal Froneman

Charl Keyter

Chief Executive Officer

Chief Financial Officer

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OUR BUSINESS
AND LEADERSHIP
About Sibanye-Stillwater	3
Our timeline	5
Our purpose, vision, strategy and values	6
Board and executive leadership	11

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About Sibanye-Stillwater

CORPORATE PROFILE

Sibanye-Stillwater is a multinational mining and metals Group with a diverse portfolio of mining and processing operations and projects and investments across five continents. The Group is also one of the foremost global PGM autocatalytic recyclers and has interests in leading mine tailings retreatment operations.

Reserves and resources

Production (%)

Adjusted EBITDA (Rm)

Extensive precious metals Reserves of 72.5Moz that support long life (only 18% of resources (398.0Moz)). Maiden Resources also declared for green metals

2021 Production 1,073koz gold, 1.8Moz 4E PGMs, US 2E PGM 570koz and 3E PGM recycling of 755koz

Record adjusted EBITDA of R68.6 billion (US$4.6 billion), 39% higher than for 2020

Sibanye-Stillwater has established itself as one of the world's largest primary producers of platinum, palladium, and rhodium and is also a top tier gold producer. It produces other PGMs, such as iridium and ruthenium, along with chrome, copper and nickel as by-products. The Group has recently begun to build and diversify its asset portfolio into battery metals mining and processing and is increasing its presence in the circular economy by growing and diversifying its recycling and tailings reprocessing operations globally.

2021 Production

2021 Adjusted EBITDA

SA gold % (oz and Rm)SA PGMs % (6E and Rm)US PGMs % (2E and Rm )

NET CASH

R11.5 billion

OUTPUT 3.6Moz of 6E PGMs and 1.07Moz of gold

WORKFORCE

84,981

(US$719 million)

ESG HIGHLIGHTS

OUR ESG CREDENTIALS

All operations received ISO 45001 and 14001 certification and/or recommendationMajority of workforce vaccinated against

COVID-19

Re-included in the Bloomberg Gender-equality index

A path to carbon neutrality by 2040

ESG-related Indices (not limited to these)

in which we are currently included:

Progress on the Marikana renewal process

'A-' CDP rating for water security and 'B' rating for climate change disclosure and efforts

Zero level 4 and 5 environmental incidents

ESG measures successfully integrated into long-term incentive programme

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