Sibanye-Stillwater Ltd.

Driefontein is a managed underground gold operation in the Witwatersrand Basin, 100% held, and one of the Group's individually disclosed material properties under S-K 1300. In 2025 depletion of 0.2Moz was offset by one-year life extensions at 4 shaft and 5 shaft (+0.3Moz); Mineral Resources fell with the exclusion of inaccessible areas relating to infrastructure.

The Marikana operation is located in the Marikana district, 40km east of Rustenburg in North West province, with a lease area of about 214km2. The Group considers Marikana material for the purpose of SK-1300. It has five operating shafts (K3, K4, Rowland, Saffy and E3) mining the Merensky and UG2 reefs, predominantly by conventional methods, plus two tailings retreatment operations (ETD2 via the BTT plant and the ETTP plant). Ore is processed in on-site concentrators, a smelter and base metal refinery, with final refining at the precious metal refinery in Brakpan. Production shown excludes purchase of concentrate from third parties.

The Rustenburg operation (SRPM) in North West province mines the Merensky and UG2 reefs of the western Bushveld Complex and, following the amalgamation of the operations, now includes Kroondal; Mineral Resources and Mineral Reserves have been consolidated under SRPM and production and costs are presented including Kroondal. Sibanye-Stillwater's attributable interest is 74% (Kroondal 87% in 2024). Rustenburg is one of the Group's individually disclosed material properties under S-K 1300. Surface sources include the Western Limb tailings retreatment plant.

Kloof is a managed underground gold operation in the Witwatersrand Basin, 100% held, and one of the Group's individually disclosed material properties under S-K 1300. Production constraints, including geotechnical considerations that led to the removal of isolated blocks of ground, impaired its economic viability and led to a writedown of the majority of its Mineral Reserves (-1.4Moz) and a shortened life of mine; Mineral Resources below 35 level (7 shaft closure) and most high-grade VCR resources were excluded.

The East Boulder mine (100%) is an underground PGM mine, part of the US PGM operations, whose Mineral Resources and Mineral Reserves are tabled together with Stillwater; the integrated report states its 2E Mineral Reserves separately.

The Stillwater mine (100%) is an underground PGM mine, part of the US PGM operations, whose Mineral Resources and Mineral Reserves are tabled together with East Boulder; the integrated report states its 2E Mineral Reserves separately.

Beatrix is a managed underground gold operation, 100% held. Its life of mine was extended by three years through the inclusion of below-infrastructure mining, an extension into the Vlakpan area and a reduced production rate.

DRDGOLD is a 50.10%-held, non-managed gold tailings retreatment business in South Africa, consolidated by the Group. Its Mineral Resources declined with the removal of the Daggafontein TSF, reclassified as a depositional site, and the Grootvlei TSF due to regulatory and legal considerations. Its reserves are based on a gold price of ZAR1,689,997/kg.

The Cooke operation (76% attributable, managed) mines historical surface tailings facilities and rock dumps (Randfontein Surface Operations), processed at the Cooke and Ezulwini plants; its four vertical shafts are on care and maintenance. The feasibility study into exploiting the Cooke TSF for gold and uranium was completed, yielding a maiden uranium Mineral Reserve and the first inclusion of the TSF gold content.

Mimosa is a non-managed underground PGM operation in Zimbabwe in which Sibanye-Stillwater holds a 50% interest. It is equity accounted, so its results are excluded from Group revenue and cost of sales and from the SA PGM unit cost benchmarks; production is reported on an attributable (50%) basis.

The Century zinc tailings retreatment operation in Australia (100%) retreats a finite tailings storage facility and includes on-lease in-situ exploration resources. Mineral Reserves declined solely on depletion; the TSF will be depleted by mid-2027, and the Group is studying commercial options, including regional phosphate mining partnerships, to extend the life of the processing plant, pipeline, port facility and shipping vessel.

The Platinum Mile tailings retreatment facility, 100% owned and managed, recovers PGMs from historic Rustenburg tailings storage facilities and live tailings streams from the Rustenburg concentrator plants. Platinum Mile operations remain on a purchase of concentrate agreement with Valterra Platinum Limited.

The US PGM operations comprise the Stillwater and East Boulder underground mines, reported together for Mineral Resources and Mineral Reserves (2E: Pt and Pd); the Group treats the US PGM operations as material under S-K 1300 with individual property disclosure. Following the Q4 2024 restructuring, which placed Stillwater West on care and maintenance, mined 2E production fell 33% in 2025. AISC includes Section 45X Advanced Manufacturing Production Credits. Reserves rose on estimation methodology changes, offset by modifying factors and depletion.

The SA gold operations comprise the managed Driefontein, Kloof and Beatrix underground operations, the 76%-held Cooke surface operation, and the 50.10%-held, non-managed DRDGOLD tailings retreatment business, all in the Witwatersrand Basin. Gold Mineral Reserves fell, principally from a writedown of the majority of Kloof's reserves (-1.4Moz) after production constraints and geotechnical considerations, partly offset by a three-year life extension at Beatrix and one-year extensions at Driefontein 4 and 5 shafts. 2026 guidance excludes DRDGOLD.

Burnstone is a 100%-held gold development project in South Africa. A feasibility study into the re-commencement of construction is ongoing, with a decision expected during 2026; the Mineral Resource and Mineral Reserve estimates were revisited as part of this work, adding 0.2Moz to reserves from area inclusions.

The Southern Free State (SOFS) project in the Free State, adjacent to the Beatrix mining right, is a 100%-held gold exploration project that remains fully mining permitted. Its gold Mineral Resources were unchanged year-on-year.

Akanani is an SA PGM exploration project, held 80.13% (attributable, managed). Its 4E PGM Mineral Resources were unchanged year-on-year.

Altar is a non-managed copper-gold porphyry exploration project in Argentina operated by Aldebaran Resources Ltd, which raised its interest to 80% after completing an earn-in. The Group's combined attributable interest is 31.47%, from a 14.34% equity interest in Aldebaran and a direct 20% (40% in 2024) project-level interest. Aldebaran completed a Preliminary Economic Assessment for an open pit operation in 2025; resources are contained within a conceptual pit shell.

Beisa is a 100%-held uranium exploration project associated with the Beatrix operation. Its Mineral Resource, previously reported as subject to a pending transaction with Neo Energy Metals expected to close in 2026, is still included.

The Limpopo SA PGM exploration properties comprise Baobab and Doornvlei (80.64% attributable) and Dwaalkop (40.32% attributable). The 4E PGM Mineral Resources were unchanged year-on-year.

The US Recycling operations comprise the Columbus autocatalyst recycling site, the Pennsylvania (PA, formerly Reldan) industrial and e-scrap recycling site acquired on 15 March 2024, and the North Carolina (NC, formerly Metallix) site acquired on 4 September 2025, operating under a unified leadership structure. Recycling recorded adjusted EBITDA of US$228 million for 2025. These are non-mineral properties; 2026 production guidance is stated in gold equivalent ounces.

The Columbus metallurgical complex (100%) recycles PGM autocatalysts. Total PGM ounces fed in 2025 were 308,617 3Eoz, 2% lower year-on-year, and the 3E basket price averaged US$1,383/3Eoz.

The North Carolina (NC) site, formerly Metallix, acquired on 4 September 2025 (100%), adds industrial and e-scrap recycling capacity, logistics and technical capability; it contributed revenue of US$93 million for the four months to 31 December 2025.

The Pennsylvania (PA) site, formerly Reldan, acquired on 15 March 2024 (100%), recycles precious-metal-bearing industrial waste and e-scrap; it processed 8.9 million lbs of industrial scrap in 2025 and recorded adjusted EBITDA of US$65 million.