Mogalakwena

Flagship 100%-owned open-pit PGM operation on the Platreef, 30km north-west of Mokopane in Limpopo, South Africa, under a mining right covering 372km2. Comprises five open pits (Sandsloot, Zwartfontein, Mogalakwena South, Central and North) using mechanised drill-and-blast and truck-and-shovel mining, with ore milled at the on-mine North and South concentrators. The company's largest, lowest-cost operation (first-quartile cost curve) and primary growth focus, with the Sandsloot underground trial-mining (long-hole open stoping) project advancing. The Sibanye-Stillwater Baobab plant lease ended 31 December 2025; future production will be processed through the company's North and South plants.