Sibanye-Stillwater Ltd.

100%-owned deep-level underground gold mine on the West Wits line of the Witwatersrand goldfields, part of the SA gold operations segment. Detailed per-category reserve and resource estimates are published in the 2025 Mineral Resource and Reserve supplement.

100%-owned underground palladium-platinum (2E) mine on the western portion of the J-M Reef of the Stillwater Complex in Montana, operated as part of the US PGM segment alongside the Stillwater mine, with concentrate processed through the Columbus metallurgical complex. Detailed per-category estimates are published in the 2025 Mineral Resource and Reserve supplement.

100%-owned underground palladium-platinum (2E) mine on the J-M Reef of the Stillwater Complex in Montana, comprising the Stillwater West and East sections. Operations were repositioned in the Q4 2024 restructuring of the US PGM business, which underpinned the segment's return to profitability in 2025. Detailed per-category estimates are published in the 2025 Mineral Resource and Reserve supplement.

100%-owned underground gold mine in the Free State, part of the SA gold operations segment. Detailed per-category reserve and resource estimates are published in the 2025 Mineral Resource and Reserve supplement.

100%-owned zinc tailings retreatment (secondary mining) operation in Queensland, acquired on 22 February 2023, hydraulically re-mining and processing tailings from the historic Century open-pit mine. 2025 was a strong year, beating production and cost guidance: ore mined and processed rose to 8,210kt, payable zinc production increased 22% to 101kt and AISC improved 17% to US$1,921/tZn, driving adjusted EBITDA to US$88M (R1.6bn) on enhanced production stability, firmer zinc prices and lower treatment charges. The operation anchors the AUS zinc reserve and resource base (308kt and 963kt contained zinc) and forms part of the Group's circular-economy secondary mining portfolio.

100%-owned deep-level underground gold mine where 2025 seismicity and infrastructure constraints led to cessation of mining in certain high-risk areas for safety reasons and a -1.4Moz Mineral Reserve exclusion; the life-of-operation assessment was completed in 2025 and revised planning deliberately excludes isolated high-grade, high-risk mining areas. Detailed per-category reserve and resource estimates are published in the 2025 Mineral Resource and Reserve supplement.

76%-held surface gold operations (tailings and surface rock processing) within the SA gold segment. The related Cooke TSF feasibility study completed in 2025 also underpinned the Group's maiden uranium Mineral Reserve, declared on the dedicated Cooke uranium project row. Detailed estimates are published in the 2025 Mineral Resource and Reserve supplement.

Non-managed 50% joint-venture PGM operation, equity accounted, included in the Southern African PGM portfolio (the Group's Zimbabwean operation). 50% attributable production is included in SA PGM segment production guidance, while Mimosa costs and capital are excluded from segment AISC. Limited reporting is provided on assets the Group does not manage or operate. Detailed estimates are published in the 2025 Mineral Resource and Reserve supplement.

Largest SA PGM operation (80.64% held), producing 4E PGMs from underground and surface sources in the western Bushveld; includes third-party purchased-concentrate processing. 2025 Mineral Reserves of 18.8Moz 4E increased through the Marikana E4 UG2 mechanised project, which added +2.9Moz following completion of a pre-feasibility study during the year. Detailed per-category estimates are published in the 2025 Mineral Resource and Reserve supplement.

SA PGM operation (74% held) on the western limb of the Bushveld Complex producing 4E PGMs (platinum, palladium, rhodium and gold) with base metal by-products. Part of the SA PGM segment that delivered 2025 production in line with guidance with a 125% increase in segment adjusted EBITDA. Detailed per-category reserve and resource estimates are published in the 2025 Mineral Resource and Reserve supplement.

Segment rollup of the South African PGM operations comprising the Marikana (80.64%), Rustenburg (74%) and non-managed Mimosa (50%) operations, producing platinum, palladium, rhodium and gold (4E) with iridium, ruthenium, nickel, chrome, copper and cobalt by-products. 2025 production of 1,797,928 4Eoz including attributable volumes and third-party purchased concentrate (PoC) was in line with guidance despite a 29% decline in surface production from heavy rainfall and TSF transitions (the 1,725koz statistical-review figure excludes PoC). AISC (excluding PoC and Mimosa) rose 10% to R24,193/4Eoz on higher royalties and sustaining capital; adjusted EBITDA rose 125% to R16.7bn on a 28% higher 4E basket price (R31,110/4Eoz). Segment Mineral Reserves increased 4.7% to 29.4Moz 4E, mainly from the +2.9Moz Marikana E4 UG2 mechanised project pre-feasibility study. SA PGM exploration projects (Akanani and Limpopo) carry a further 51.5Moz 4E of resources, declared on dedicated project rows.

Segment rollup of the South African gold operations comprising the 100%-owned Driefontein, Kloof and Beatrix underground mines, the 76%-held Cooke surface operations and the non-managed 50.10%-held DRDGOLD surface tailings retreatment business. 2025 production declined 10% to 19,668kg (632,341oz) including DRDGOLD, as seismicity and infrastructure constraints at Kloof led to cessation of mining in high-risk areas for safety reasons; revised mine planning deliberately excludes isolated high-grade high-risk areas. The 39% higher gold price (R1,942,194/kg) more than offset a 14% reduction in gold sold, driving a 114% increase in adjusted EBITDA to R12.5bn. A three-year wage agreement was concluded in late 2025, in place until 30 June 2028. Segment Mineral Reserves of 3.8Moz reflect a -1.4Moz exclusion at Kloof; gold development and exploration projects (Burnstone, SOFS) are declared on dedicated rows.

Segment rollup of the US PGM underground operations comprising the 100%-owned Stillwater (incl. Stillwater West and East) and East Boulder mines along the J-M Reef of the Stillwater Complex in Montana, producing mined 2E PGMs (palladium and platinum). Following the Q4 2024 repositioning/restructuring, 2025 production of 284,069 2Eoz exceeded annual guidance with AISC of US$1,203/2Eoz below guidance, returning the underground operations to profitability with adjusted EBITDA of US$249M, aided by higher basket prices (US$1,195/2Eoz average) and US Section 45X Advanced Manufacturing Production credits. Mineral Reserves and Resources remained stable at 19.4Moz and 80.9Moz 2E respectively, with incremental increases (+2.2% and +2.1%) due to estimation enhancements.

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.

100%-owned copper development project at the historic Mount Lyell mine in Tasmania. Completion of a feasibility study in 2025 resulted in a maiden Mineral Reserve of 478kt of contained copper, with Mineral Resources of 882kt declared in the AUS copper projects category. Principal stakeholder matters raised during the year relate to the potential reopening of the mine, and project risk registers note dependence on Mt Lyell pumping infrastructure. The project is currently excluded from several assured Group sustainability KPI boundaries pending integration.

100%-owned SA gold exploration project (Southern Free State project) carrying Mineral Resources of 6.9Moz of gold, declared within the SA gold projects category of the Group's 2025 Mineral Resources statement. Detailed estimates are published in the 2025 Mineral Resource and Reserve supplement.

SA PGM exploration project (80.13% held) on the northern limb of the Bushveld Complex carrying Mineral Resources of 31.6Moz 4E. Part of the SA PGM projects portfolio whose aggregate 51.5Moz 4E of Mineral Resources is reported within the Group's 2025 declaration. Detailed estimates are published in the 2025 Mineral Resource and Reserve supplement.

Non-managed copper exploration interest (31.47%) in the Americas region carrying Mineral Resources of 4,549kt of contained copper. The Group provides limited or no reporting on assets it does not manage or operate and in which it holds minority interests; the country of the property is not stated in this report. Forms the bulk of the Americas Copper projects resource aggregate of 4,617kt Cu in the Group's 2025 declaration.

100%-owned SA uranium exploration project carrying Mineral Resources of 27.0Mlb of uranium oxide (U3O8), declared within the Group's 2025 battery and other metals Mineral Resources. Detailed estimates are published in the 2025 Mineral Resource and Reserve supplement.

Non-managed PGM exploration interest (12.14%) in the Americas region carrying Mineral Resources of 0.7Moz 2E. The Group provides limited or no reporting on assets it does not manage or operate and in which it holds minority interests; the country of the property is not stated in this report. Included in the Americas PGM & Gold projects resource aggregate of 3.1Moz in the Group's 2025 declaration.

Recycling complex comprising the Columbus metallurgical complex in Montana (PGM autocatalyst recycling), the Pennsylvania site (former Reldan, acquired 15 March 2024) and the North Carolina site (former Metallix Refining, acquired 4 September 2025), which recycle spent autocatalysts and industrial and electronic precious-metal-bearing waste. These are non-mineral properties central to the Group's resource stewardship and circular-economy model. 2025 3E PGM recycling production was 378koz, and the segment (with Section 45X credits) contributed adjusted EBITDA of US$228M with enhanced scale, flexibility and margin resilience following the Metallix acquisition. 2026 guidance is 400-420koz of gold-equivalent ounces.