Burnstone

100%-owned SA gold development project in the South Rand basin. Project funding is ring-fenced: the Burnstone Debt has no recourse to Sibanye-Stillwater and is excluded from Group net debt, and Burnstone cash is excluded from Group cash. A R1,924 million reversal of previous impairments relating to Burnstone was recognised in 2025, and the fair value of the Burnstone debt increased from R2,260 million to R4,005 million. Detailed estimates are published in the 2025 Mineral Resource and Reserve supplement.