20-F 1 tm2112300d1_20f.htm 20-F

As filed with the Securities and Exchange Commission on 22 April 2021

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

  Form 20-F  

(Mark One)

¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

or

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended 31 December 2020

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

or

¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report
For the transition period from                               to
Commission file number: 333-234096
Sibanye Stillwater Limited
(Exact name of registrant as specified in its charter)

  Sibanye Stillwater Limited
(Exact name of registrant as specified in its charter)
 
 

 

Republic of South Africa
(Jurisdiction of incorporation or organization)

 

Constantia Office Park
Bridgeview House, Building 11, Ground Floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park, 1709
South Africa
011-27-11-278-9600
(Address of principal executive offices)

 

with copies to:
Charl Keyter
Chief Financial Officer
Sibanye Stillwater Limited
Tel: 011-27-11-278-9700
Fax: 011-27-11-278-9863
Constantia Office Park
Bridgeview House, Building 11, Ground Floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park, 1709
South Africa
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

and

Michael Z. Bienenfeld
Igor Rogovoy
Linklaters LLP
Tel: 011-44-20-7456-3660
Fax: 011-44-20-7456-2222
One Silk Street
London EC2Y 8HQ
United Kingdom

 

Securities registered or to be registered pursuant to Section 12(b) of the Act

 

 
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered

American Depositary Shares, each representing four ordinary shares
Ordinary shares of no par value each

 

SBSW New York Stock Exchange
  New York Stock Exchange*
* Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.
 

 

Securities registered or to be registered pursuant to Section 12(g) of the Act

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act

None

(Title of Class)

 

Indicate the number of outstanding shares of each of the issuer’s classes of capital
or common stock as of the close of the period covered by the Annual Report
2,923,570,507 ordinary shares of no par value

 
     

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes x No ¨

 

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ¨ No x

 

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨ Emerging growth company ¨

 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ¨

 

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

 

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

 

U.S. GAAP ¨ International Financial Reporting Standards as issued by the International Accounting Standards Board x Other ¨

 

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ¨ Item 18 ¨

 

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

 

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ¨ No ¨

 

 

                   

 

 

 

FORM 20-F CROSS REFERENCE GUIDE

 

Item   Form 20-F Caption   Location in this document   Page
1   Identity of directors, senior management and advisers   NA  
2   Offer statistics and expected timetable   NA   NA
3   Key information        
    (a)    Selected financial data   Annual Financial Report—Overview—Four-year financial performance   290-293
    (b)    Capitalisation and indebtedness   NA   NA
    (c)    Reasons for the offer and use of proceeds   NA   NA
    (d)    Risk factors   Further Information—Risk factors   420-469
4   Information on the Company        
    (a)    History and development of the Company   Integrated Annual Report—Setting the scene—About this report   3
        Further Information—Additional information—Memorandum of incorporation   583-589
        Annual Financial Report—Ancillary information—Administration and corporate information   419
        Integrated Annual Report—Leadership—Leadership view—Joint Chairman’s and CEO’s review   83-86
        Integrated Annual Report—Leadership—Chief Financial Officer’s report   91-103
        Integrated Annual Report—Setting the scene—How we create value–Our business model   8-11
        Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Liquidity and capital resources   311-313
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 16: Acquisitions   373-377
        Integrated Annual Report—Delivering on our strategy and outlook—Delivering value from our operations and projects—Future focus - operational outlook   177

 

i 

 

 

Item   Form 20-F Caption   Location in this document   Page
        Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye-Stillwater’s performance—Capital expenditure   299-300
        Presentation of Financial and Other Information—The Lonmin acquisition   xii
        Further Information—Additional information—Material contracts—Lonmin acquisitions   593
        Annual Financial Report—Ancillary information—Shareholder information   417-418
        Further Information—Additional information—Documents on display   601-602
    (b)    Business overview   Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Introduction   294
        Integrated Annual Report—Setting the scene—Corporate profile   4-5
        Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye-Stillwater’s performance   295-300
        Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Revenue   301
        Integrated Annual Report—Leadership—Leadership view—Joint Chairman’s and CEO’s review   83-86
        Further Information—Environmental and regulatory matters   561-580
        Integrated Annual Report—Leadership—Chief Financial Officer’s report   91-103
        Integrated Annual Report—Setting the scene—Our timeline   7
        Integrated Annual Report—Setting the scene—COVID 19 – impact and response   12-16
        Further information—Mineral reserves of Sibanye-Stillwater as of 31 December 2020   535-551

 

ii 

 

 

Item   Form 20-F Caption   Location in this document   Page
        Further information—Additional information—Refining and marketing   602-603
        Integrated Annual Report—What drives us—Delivering on our strategy   22-24
        Integrated Annual Report—Setting the scene—How we create value–Our business model   8-11
        Integrated Annual Report—Delivering on our strategy and outlook—Social upliftment and community development   228-243
        Integrated Annual Report—Leadership—Corporate governance—Governance and responsible, ethical leadership   107-110
    (c)    Organisational structure   Integrated Annual Report—Setting the scene—Corporate profile   4-5
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 1.3: Consolidation   343-344
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 1.2: Basis of preparation   340-342
    (d)    Property, plant and equipment   Integrated Annual Report—Delivering on our strategy and outlook—Minimising our environmental impact   244-274
        Further Information—Information on the company—Sibanye-Stillwater’s mining operations   470-534
        Further Information—Mineral reserves of Sibanye-Stillwater as of 31 December 2020   535-551
        Further Information—Environmental and regulatory matters   561-580
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 14: Property, plant and equipment   368-372
4A   Unresolved staff comments   NA   NA
5   Operating and financial review and prospects        
    (a)    Operating results   Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements   294-316

 

iii 

 

 

Item   Form 20-F Caption   Location in this document   Page
        Annual Financial Report—Consolidated financial statements—Consolidated income statement   336
        Annual Financial Report—Consolidated financial statements—Consolidated statement of financial position   337
        Annual Financial Report—Consolidated financial statements—Consolidated statement of cash flows   339
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 28: Borrowings and derivative financial instrument   390-400
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 36: Financial instruments and risk management   407-412
        Integrated Annual Report—Leadership—Chief Financial Officer’s report   91-103
        Further Information—Environmental and regulatory matters   561-580
    (b)    Liquidity and capital resources   Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Liquidity and capital resources   311-313
        Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Statement of financial position   313-316
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 28: Borrowings and derivative financial instrument   390-400
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 37: Commitments   413
    (c)    Research and development, patents and licences, etc.   NA   NA
    (d)   Trend information   Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye-Stillwater’s performance   295-300

 

iv 

 

 

Item   Form 20-F Caption   Location in this document   Page
    (e)    Off-balance sheet arrangements   Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Off balance sheet arrangements and contractual commitments   315
    (f)   Tabular disclosure of contractual obligations   Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 28: Borrowings and derivative financial instrument   390-400
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 37: Commitments   413
    (g)    Safe harbour   Administration and corporate information   xiv-xvi
6   Directors, senior management and employees        
    (a)    Directors and senior management   Integrated Annual Report—Leadership—Corporate governance—Governance effectiveness and performance evaluations   115-116
        Integrated Annual Report—Leadership—Corporate governance—Board committees   117-120
        Further Information—Directors and executive management   551-560
        Annual Financial Report—Accountability—Directors’ report—Directorate   328
    (b)    Compensation   Integrated Annual Report—Leadership—Remuneration report   126-165
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 39: Related-party transactions   414-415
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 6: Share-based payments   353-359
    (c)    Board practices   Integrated Annual Report—Leadership—Remuneration report   126-165
        Integrated Annual Report—Leadership—Corporate governance—Board committees   117-120

 

v 

 

 

Item   Form 20-F Caption   Location in this document   Page
    (d)    Employees   Integrated Annual Report—Delivering on our strategy and outlook—Empowering our workforce—Our workforce profile   189
    (e)    Share ownership   Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 39: Related-party transactions   414-415
        Further Information—Additional information—Memorandum of incorporation—Voting rights   584
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 6: Share-based payments   353-359
        Integrated Annual Report—Delivering on our strategy and outlook—Empowering our workforce—Employee share ownership programme   200
7   Major Shareholders and Related Party Transactions        
    (a)    Major shareholders   Annual Financial Report—Ancillary information—Shareholder information   417-418
        Further Information—Additional information—US holders   596
        Further Information—Additional information—Memorandum of incorporation—Voting rights   584
    (b)    Related party transactions   Annual Financial Report—Accountability—Directors’ report—Directors’ and officers’ disclosure of interests in contracts   328
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 39: Related-party transactions   414-415
        Further information—Additional information—Refining and marketing   602-603
    (c)    Interests of experts and counsel   NA   NA
8   Financial information        
    (a)   Consolidated statements and other financial information   Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements   294-316
        Annual Financial Report—Consolidated financial statements   336-339

 

vi 

 

 

Item   Form 20-F Caption   Location in this document   Page
        Annual Financial Report—Directors’ report—Litigation   329-330
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements   340-416
        Annual Financial Report—Accountability—Report of independent registered public accounting firm   331-335
        Annual Financial Report—Accountability—Directors’ report—Financial affairs—Dividends   323
        Further Information—Financial information—Dividend policy and dividend distributions   581
    (b)    Significant changes   Further Information—Additional information—Recent developments   590-591
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 40: Events after reporting date   416
9   The Offer and listing        
    (a)    Listing details   Further Information—The listing   582
    (b)    Plan of distribution   NA   NA
    (c)    Markets   Further Information—The listing   582
    (d)    Selling shareholders   NA   NA
    (e)    Dilution   NA   NA
    (f)    Expenses of the issue   NA   NA
10   Additional information        
    (a)    Share capital   NA   NA
    (b)    Memorandum and articles of association   Further Information—Additional information—Memorandum of incorporation   583-589
    (c)    Material contracts   Further Information—Additional information—Material contracts   591-594
    (d)    Exchange controls   Further Information—Additional information—South African exchange control limitations affecting security holders   596-597
        Further Information—Environmental and regulatory matters—Exchange controls   576
    (e)    Taxation   Further Information—Additional information—Taxation   597-601
    (f)    Dividends and paying agents   NA   NA

 

vii 

 

 

Item   Form 20-F Caption   Location in this document   Page
    (g)    Statement by experts   NA   NA
    (h)    Documents on display   Further Information—Additional information—Documents on display   601-602
    (i)     Subsidiary information   NA   NA
11   Quantitative and qualitative disclosures about market risk   Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 36.2: Risk management activities   409-412
12   Description of securities other than equity securities        
    (a)    Debt securities   NA   NA
    (b)    Warrants and rights   NA   NA
    (c)    Other securities   NA   NA
    (d)    American depositary shares   Further Information—Additional information—Material contracts—Deposit agreement   594-596
13   Defaults, dividend arrearages and delinquencies   NA   NA
14   Material modifications to the rights of security holders and use of proceeds   NA   NA
15   Controls and procedures   Further Information—Controls and procedures   604-605
        Annual Financial Report—Accountability—Report of independent registered public accounting firm   331-335
16A   Audit Committee financial expert   Integrated Annual Report—Leadership—Accountability—Board committees—Audit Committee   117
        Further Information—Directors and executive management   553
16B   Code of ethics   Integrated Annual Report—Leadership—Corporate governance—Ethics – overseeing a values-driven culture   108
16C   Principal accountant fees and services   Annual Financial Report—Accountability—Report of the Audit Committee   319-322
16D   Exemptions from the listing standards for audit committees   NA   NA
16E   Purchase of equity securities by the issuer and affiliated purchasers   Further Information—Purchase of equity securities by the Company and affiliated purchasers   606
16F   Change in registrant’s certifying accountant   NA   NA

 

viii 

 

 

Item   Form 20-F Caption   Location in this document   Page
16G   Corporate governance   Further Information—Additional information—JSE corporate governance practices compared with NYSE Listing Standards   603
16H   Mine safety disclosure   Further Information—Environmental and regulatory matters—Mine safety disclosure   580
17   Financial statements   NA   NA
18   Financial statements   Annual Financial Report—Accountability—Report of independent registered public accounting firm   331-335
        Annual Financial Report—Consolidated financial statements—Consolidated income statement   336
        Annual Financial Report—Consolidated financial statements—Consolidated statement of other comprehensive income   336
        Annual Financial Report—Consolidated financial statements—Consolidated statement of financial position   337
        Annual Financial Report—Consolidated financial statements—Consolidated statement of changes in equity   338
        Annual Financial Report—Consolidated financial statements—Consolidated statement of cash flows   339
        Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements   340-416
19   Exhibits   Exhibits   607-609

 

ix 

 

 

 

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

 

Reorganisation

 

On 24 February 2020, Sibanye Stillwater Limited and Sibanye Gold Limited implemented a scheme of arrangement in terms of section 114 of the South African Companies Act, 2008, which resulted in, among other things, Sibanye Gold Limited’s operations being reorganised under Sibanye Stillwater Limited, which became the parent company of the group (the Reorganisation). See Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 26: Stated share capital. The historical financial statements included in this report for fiscal years ended 31 December 2019 and 2018 are those of Sibanye Gold Limited. See —Historical consolidated financial statements. Accordingly, in this annual report, references to “Sibanye-Stillwater” shall include Sibanye Gold Limited and its subsidiaries prior to the implementation of the Reorganisation and, Sibanye Stillwater Limited and its subsidiaries, subsequent to the implementation of the Reorganisation, as the context requires.

 

Historical Consolidated Financial Statements

 

Sibanye-Stillwater is a South African domiciled independent, global, precious metals mining company, which produces a mix of metals that includes gold and the platinum group metals (PGMs). Sibanye-Stillwater owns and operates a portfolio of high-quality operations and projects, which are grouped into two regions: the southern Africa region and the United States region. See Annual Financial Report—Overview—Management’s discussion and analysis of financial statements—Introduction.

 

Accordingly, the books of account of Sibanye-Stillwater are maintained in South African Rand and the Group’s annual financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, as prescribed by law. These financial statements are distributed to shareholders and are submitted to the Johannesburg Stock Exchange (JSE) and the New York Stock Exchange (NYSE).

 

The historical consolidated financial statements in this report as at and for the fiscal years ended 31 December 2020 are those for Sibanye-Stillwater and the historical consolidated financial statements in this report as at and for the fiscal years ended 31 December 2019 and 2018 are those of Sibanye Gold Limited (together, the Consolidated Financial Statements). Sibanye Gold Limited is the predecessor of Sibanye-Stillwater for consolidated financial reporting purposes. The consolidated comparative information in this report is presented as if the Reorganisation had occurred before the start of the earliest period presented. The consolidated financial statements for Sibanye-Stillwater and Sibanye Gold Limited have been prepared using the historical results of operations, assets and liabilities attributable to Sibanye-Stillwater and all of its subsidiaries and Sibanye Gold Limited and all of its subsidiaries, respectively for the current and comparative periods. The Consolidated Financial Statements have been prepared under the historical cost convention, except for financial assets and financial liabilities (including derivative financial instruments), which are measured at fair value through profit or loss or through the mark to market reserve in equity.

 

Non-IFRS Measures

 

The financial information in this annual report includes certain measures that are not defined by IFRS, including “operating costs”, “adjusted earnings before interest, tax, depreciation and amortisation” (adjusted EBITDA), “All-in costs”, “All-in sustaining costs”, “All-in sustaining cost margin”, “All-in cost margin”, “net debt”, “adjusted free cash flow”, “normalised earnings”, “headline earnings”, and “headline earnings per share” (each as defined below or in the Annual Financial Report—Overview—Four-year financial performance). These measures are not measures of financial performance or cash flows under IFRS and may not be comparable to similarly titled measures of other companies. These measures have been included for the reasons described below or in Annual Financial Report—Overview—Four-year financial performance and should not be considered by investors as alternatives to costs of sales, net operating profit, profit before taxation, cash from operating activities or any other measure of financial performance presented in accordance with IFRS.

 

x

 

 

Operating cost is defined as the average cost of production and calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold or PGM produced in the same period. See Annual Financial Report—Overview—Four-year financial performance—Group operating statistics—Footnote 2.

 

Sibanye-Stillwater reports adjusted EBITDA based on the formula included in the facility agreements for compliance with the debt covenant formula. See Annual Financial Report—Overview—Four-year financial performance—Group operating statistics—Footnote 3 for more information and Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 28.9: Capital management for a reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue. See Annual Financial Report—Overview—Four-year financial performance—Group operating statistics—Footnote 4. Net (cash)/debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and, therefore, exclude the Burnstone Debt and include the derivative financial instrument up to the settlement of the US$ Convertible Bond. Net (cash)/debt excludes cash of Burnstone. See Annual Financial Report—Overview—Four-year financial performance—Group operating statistics—Footnote 4 for more information and Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 28.9: Capital management. Net (cash)/debt to adjusted EBITDA (ratio) is defined as net (cash)/debt as at the end of a reporting period divided by adjusted EBITDA of the last 12 months ending on the same reporting date. Where a net asset position arises the Net debt to adjusted EBITDA (ratio) is negative and is shown in brackets. See Annual Financial Report—Overview—Four-year financial performance—Group operating statistics—Footnote 5 for more information and Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 28.9: Capital management.

 

All-in costs is made up of All-in sustaining costs, being the cost to sustain current operations, given as a sub-total in the All-in costs calculation, together with corporate and major capital expenditure associated with growth. See Annual Financial Report—Overview—Four-year financial performance—Group operating statistics—Footnote 5 for more information and Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—2020 financial performance compared with 2019—Cost of sales—All-in costs for a reconciliation of cost of sales, before amortisation and depreciation to All-in costs. All-in sustaining cost margin is defined as revenue minus All-in sustaining costs divided by revenue. All-in cost margin is defined as revenue minus All-in costs divided by revenue. See Annual Financial Report—Overview—Four-year financial performance—Group operating statistics—Footnote 6.

 

Adjusted free cash flow is defined as cash flows from operating activities before dividends paid, net interest paid and deferred revenue advance received, less additions to property, plant and equipment. Management considers adjusted free cash flow to be an indicator of cash available for repaying debt, other investing activities, and paying dividends. See Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Liquidity and capital resources—Cash flow analysis for a reconciliation of net cash from operating activities to adjusted free cash flow.

 

xi

 

 

Normalised earnings is defined as earnings attributable to the owners of Sibanye-Stillwater excluding gains and losses on financial instruments and foreign exchange differences, impairments, gain/loss on disposal of property, plant and equipment, occupational healthcare expense, restructuring costs, transactions costs, share-based payment on Black Economic Empowerment (BEE) transaction, gain on acquisition, net other business development costs, share of results of equity-accounted investees, after tax, and changes in estimated deferred tax rate. See Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 13: Dividends.

 

Headline earnings is a requirement of the JSE Listings Requirements. Headline earnings as defined in Circular 1/2019 issued by SAICA, separates from earnings all separately identifiable remeasurements. A remeasurement is an amount recognised in profit or loss relating to any change (whether realised or unrealised) in the carrying amount of an asset or liability that arose after the initial recognition of such asset or liability. See Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 12: Earnings per share. Headline earnings per share is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the weighted average number of ordinary shares in issue during the year. See Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 12.3: Headline earnings per share.

 

Conversion Rates

 

Certain information in this annual report presented in Rand has been translated into US dollars. Unless otherwise stated, the conversion rate for these translations in the consolidated statement of financial position is R14.69/US$1.00, which was the closing rate on 31 December 2020 and the conversion rate for translation in the consolidated income statement, consolidated statement of cash flows and for all-in-sustaining cost and all-in-cost is R16.46/US$1.00, which was the average rate for the fiscal year ended 31 December 2020. By including the US dollar equivalents, Sibanye-Stillwater is not representing that the Rand amounts actually represent the US dollar amounts shown or that these amounts could be converted into US dollars at the rates indicated.

 

The Lonmin Acquisition

 

On 14 December 2017, the boards of Sibanye-Stillwater and Lonmin Plc (Lonmin or Marikana operations) announced that they had reached agreement on the terms of a recommended all-share offer pursuant to which Sibanye-Stillwater, and/or a wholly-owned subsidiary of Sibanye-Stillwater, would acquire the entire issued and to be issued ordinary share capital of Lonmin, which is a major mine-to-market producer of PGMs with core operations in South Africa (the Lonmin Acquisition). The Lonmin Acquisition was effected by means of a scheme of arrangement between Lonmin and Lonmin’s shareholders under Part 26 of the UK Companies Act which was sanctioned by the High Court of Justice in England & Wales on 7 June 2019 and became effective on that date, with the new Sibanye-Stillwater Shares being admitted to trading on the JSE on 10 June 2019. Under the terms of the Lonmin Acquisition, each Lonmin shareholder received one new Sibanye-Stillwater share for each Lonmin ordinary share that they held. See Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 16.1: Lonmin acquisition.

 

DRDGOLD Limited Option

 

In July 2018, Sibanye-Stillwater acquired a 38.05% equity interest in DRDGOLD Limited (DRDGOLD), with a 24-month option to acquire an additional 12.05% in DRDGOLD, in exchange for selected gold surface processing assets and tailing storage facilities. On 8 January 2020, Sibanye-Stillwater exercised its option to increase its shareholding in DRDGOLD to 50.1% in exchange for cash consideration. See Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 1.3: Consolidation—Footnote 8.

 

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Market Information

 

This annual report includes industry data about Sibanye-Stillwater’s markets obtained from industry surveys, industry publications, market research and other publicly available third-party information. Industry surveys and industry publications generally state that the information they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed. Sibanye-Stillwater and its advisers have not independently verified this data.

 

In addition, in many cases statements in this annual report regarding the gold and PGM mining industry, and Sibanye-Stillwater’s position in these industries have been made based on internal surveys, industry forecasts, market research, as well as Sibanye-Stillwater’s own experiences. While these statements are believed by Sibanye-Stillwater to be reliable, they have not been independently verified.

 

Websites

 

References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of, this annual report.

 

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ADMINISTRATION AND CORPORATE INFORMATION

 

This annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the US Securities Exchange Act of 1934 (the Exchange Act) with respect to our financial condition, results of operations, business strategies, operating efficiencies, competitive position, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters.

 

These forward-looking statements, including, among others, those relating to our future business prospects, revenues and income, the potential benefits of past and future acquisitions (including statements regarding growth, cost savings, benefits from and access to international financing and financial re-ratings), PGM pricing expectations, levels of output, supply and demand, information relating to Sibanye-Stillwater’s underground Blitz PGM project adjacent to the east of the existing Stillwater Operation designed to explore, define and extract the PGM resource along the far eastern extent of the J-M Reef (the Blitz Project), and estimations or expectations of enterprise value, adjusted EBITDA and net asset values wherever they may occur in this annual report and the exhibits to this annual report, are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this annual report. All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words such as “will”, “forecast”, “potential”, “estimate”, “expect” and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation:

 

·changes in the imposition of regulatory costs and relevant government regulations, particularly environmental, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to dispute;

 

·economic, business, political and social conditions in South Africa, Zimbabwe, the United States and elsewhere;

 

·the ability of Sibanye-Stillwater to comply with requirements that it operates in ways that provide progressive benefits to affected communities;

 

·the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance;

 

·the occurrence of hazards associated with underground and surface mining;

 

·the further downgrade of South Africa’s credit rating;

 

·a challenge regarding the title to any of Sibanye-Stillwater’s properties by claimants to land under restitution and other legislation;

 

·Sibanye-Stillwater’s ability to implement its strategy and any changes thereto;

 

·plans and objectives of management for future operations;

 

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·the success of Sibanye-Stillwater’s business strategy, exploration and development activities;

 

·Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, debt position and its ability to reduce debt leverage;

 

·changes in the market price of gold and PGMs;

 

·fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies;

 

·the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or refinancing;

 

·Sibanye-Stillwater’s ability to service its bond instruments (including high yield bonds and convertible bonds);

 

·the occurrence of labour disruptions and industrial actions;

 

·changes in assumptions underlying Sibanye-Stillwater’s estimation of its current mineral reserves;

 

·power disruption, constraints and cost increases;

 

·Sibanye-Stillwater’s ability to hire and retain senior management or sufficient technically skilled employees, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans (HDSAs) in its management positions;

 

·the failure of a tailings storage facility;

 

·the ability to achieve anticipated efficiencies and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at existing operations;

 

·the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions;

 

·supply chain shortages and increases in the price of production inputs;

 

·the regional concentration of Sibanye-Stillwater’s operations;

 

·social unrest, sickness or natural or man-made disasters at informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations;

 

·the adequacy of Sibanye-Stillwater’s insurance coverage;

 

·failure of Sibanye-Stillwater’s information technology and communications systems;

 

·the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental, health or safety issues;

 

·the concentration of all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine production in the United States with one entity;

 

·the identification of a material weakness in disclosure and internal controls over financial reporting;

 

·the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries;

 

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·the effect of South African Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility;

 

·operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience;

 

·Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing;

 

·the availability, terms and deployment of capital or credit; and

 

·the impact of HIV, tuberculosis (TB) and the spread of other contagious diseases, such as the coronavirus disease (COVID-19).

 

The foregoing factors and others described under “Risk Factors” should not be construed as exhaustive. There are other factors that may cause our actual results to differ materially from the forward-looking statements. Moreover, new risk factors emerge from time to time and it is not possible for us to predict all such risk factors. We cannot assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results.

 

We undertake no obligation and do not intend to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events, except as may be required by law.

 

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DEFINED TERMS AND CONVENTIONS

 

In this annual report, all references to “we”, “us” and “our” refer to the Sibanye-Stillwater and the Sibanye-Stillwater Group, as applicable.

 

In this annual report, all references to “fiscal 2021” and “2021” are to the fiscal year ending 31 December 2021, all references to “fiscal 2020” and “2020” are to the audited fiscal year ending 31 December 2020, all references to “fiscal 2019” and “2019” are to the audited fiscal year ended 31 December 2019, and all references to “fiscal 2018” and “2018” are to the audited fiscal year ended 31 December 2018.

 

In this annual report, all references to “South Africa” are to the Republic of South Africa, all references to the “United States” and “US” are to the United States of America, its territories and possessions and any state of the United States and the District of Columbia, all references to the “United Kingdom” and “UK” are to the United Kingdom of Great Britain and Northern Ireland, all references to “Zimbabwe” are to the Republic of Zimbabwe, all references to “Canada” are to the Dominion of Canada, all references to “Argentina” are to the Republic of Argentina and all references to “Finland” are to the Republic of Finland.

 

In this annual report, all references to the “DMRE” are references to the South African Department of Mineral Resources and Energy, the government body responsible for regulating the mining industry in South Africa.

 

In this annual report, gold and PGM production figures are provided in kilograms, which are referred to as “kg”, or in troy ounces, which are referred as “ounces” or “oz”, or in kilo troy ounces, which are referred to as “kilo ounces” or “koz”. Ore grades are provided in grams per metric ton, which are referred to as “grams per ton” or “g/t”. All references to “tons”, “tonnes” or “t” in this annual report are to metric tons, and all references to “tpm” are to tons per month and “ktpm” are to thousand tons per month.

 

In this annual report, all references to “km” are to kilometres, “km2” are to square kilometres, “m” are to meters, and “cm” are to centimetres. All references to “ha” are to hectares.

 

In this annual report, all references to “W” are to watts, which is a unit of power used to quantify the rate of energy and is defined as 1 joule per second, and all references to “kW” are to kilowatts, which is a measure of one thousand watts of power.

 

In this annual report, “R”, “Rand” and “rand” refer to the South African Rand and “Rand cents” and “SA cents” refers to subunits of the South African Rand, “$”, “US$”, “US dollars” and “dollars” refer to United States dollars and “US cents” refers to subunits of the US dollar, “£”, “GBP” and “pounds sterling” refer to British pounds and “pence” refers to the subunits of the British pound, and “CAD$” refers to Canadian dollars.

 

This annual report contains references to the “total recordable injury frequency rate” (TRIFR). TRIFR includes the total number of fatalities, lost time injuries, medically treated injuries and restricted work injuries per million man hours.

 

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Contents

 

    1 INTEGRATED ANNUAL REPORT
       
    289 ANNUAL FINANCIAL REPORT
       
      FURTHER INFORMATION
       
    420 Risk factors
       
    470 Information on the company
       
    535 Reserves of Sibanye-Stillwater as of 31 December 2020
       
    551 Directors and executive management
       
    561 Environmental and regulatory matters
       
    581 Financial information
       
    582 The listing
       
    583 Additional information
       
    604 Controls and procedures
       
    606 Purchase of equity securities by the issuer and affiliated purchasers
       
    607 EXHIBITS
       
    610 SIGNATURES

 

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     Contents
     setting the scene
  3 About this report
  4 About Sibanye-Stillwater
  6 Our purpose, vision and strategy
  7 Our timeline
  8 How we create value – our business model
  12 COVID-19 – impact and response
     what drives us
  19 Our strategy and strategic delivery
  26 Managing our risks and opportunities within the external operating environment
  60 Social, Ethics and Sustainability Committee: Chairman’s report
  62 Embedding ESG excellence
  68 Our material issues
  72 Engaging with our stakeholders
     ACCOUNTABILITY
  83 Leadership view
  88 Board and executive leadership
  91 Chief Financial Officer’s report
  104 Corporate governance
  126 Remuneration report
   PERFORMANCE
  167 Capital trade-offs – strategic management for optimum value creation

    170 Delivering value from our operations and projects
    182 Empowering our workforce
    204 Continuous safe production
    216 Health, well-being and occupational hygiene
    228 Social upliftment and community development
    244 Minimising our environmental impact
    276 Harnessing continuous innovation
    298 Four-year statistical review

 

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SETTING THE SCENE SECTION 01 About this report 3 About Sibanye-Stillwater 4 Our purpose, vision and strategy 6 Our timeline 7 How we create value – our business model 8 COVID-19 – impact and response 12 Marikana smelter at the SA PGM operations Sibanye-Stillwater Integrated Report 2020 2 Sibanye-Stillwater Integrated Report 2020 2 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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ABOUT THIS REPORT APPROACH AND PHILOSOPHY This Integrated Annual Report, which incorporates our sustainable development information, describes the operational, financial, social, environmental and governance performance and activities of Sibanye Stillwater Limited (Sibanye- Stillwater) for the financial year running from 1 January 2020 to 31 December 2020. Where relevant, information up to April 2021 is shared, as well as production and other guidance or targets. In this report, we provide insight into Sibanye-Stillwater’s strategy, the management of risks and opportunities, leadership and governance structures, performance and the progress made in delivering on our strategic objectives and in creating and sharing value. We report on those matters that we believe to have been most material to Sibanye-Stillwater in the past year. In compiling this report we have complied with the International Integrated Reporting Council’s (IIRC’s) International Integrated Reporting Framework, the King IV Report on Corporate Governance for South Africa, 2016 (King IV), the Global Reporting Initiative (GRI) Standards, the JSE Listing Requirements and the South African Companies Act, 71 of 2008, as amended (Companies Act). A separate King IV disclosure report is produced and available online. Furthermore, in line with our listing on the NYSE, a Form 20-F is filed with the United States Securities and Exchange Commission (SEC). Having been accepted as a member of the ICMM member in February 2020, every care has been taken to ensure that this report complies with the ICMM requirements. We have also reported on the Ten Principles of the United Nations Global Compact, to which we became a signatory during the course of the year. MATERIALITY Material issues are those issues considered most material to our business and stakeholders, and which fundamentally influence our ability to create value. It also informs our stakeholders’ assessments of and decisions about our business. These material issues were identified through a materiality workshop, supported by research and analysis of our internal and external environments and stakeholder feedback. Information contained in the Board reports was also considered. The materiality process took account of related international guidelines such as the International Integrated Reporting Framework, King IV and GRI. Our material issues, which are discussed in Our material issues (refer to page 68), guide the content of this report. AUDIENCE While the principal audience for an integrated annual report is investors and shareholders, we recognise that other stakeholders who have varied and specific information requirements also use this report. In compiling this report, we aim to enable all stakeholders to determine whether the material issues identified and our related performance will affect Sibanye-Stillwater’s ability to create and preserve value in the short, medium and long term. DETAIL AND INCLUSIVITY The comprehensive nature of this report reflects the Group’s aim to provide sufficient, material information for the various users and stakeholders, ranging from investors and shareholders to governments, communities and non- governmental organisations (NGOs). All non-financial reporting is either included in this report or is available on the website, where referenced. Similarly, we do not produce separate governance and remuneration reports. Rather this information is included in this Integrated Annual Report. SCOPE AND BOUNDARY The scope and boundary of this report is based on the Group’s organisational structure (see About Sibanye-Stillwater). Annual comparative data is provided where applicable. For the financial year 2020, annual data is provided where possible by region, operation and at Group level. Any material event occurring post year- end and before the date of Board approval of this report (22 April 2021) is also covered. Given that our southern African operations account for 81% of total production, 97% of our workforce and that the bulk of our material ESG-related activities take place in South Africa, the major emphasis of this report is on our South African activities. ASSURANCE Sibanye-Stillwater’s internal audit function monitors and provides an objective assessment of internal controls, processes and systems for financial, operating, compliance and risk management, and has ensured the accuracy of the information presented. Internal audit is a management function and is overseen by the Chief Financial Officer, the Audit Committee and the Risk Committee. These committees report, in turn, to the Board. Independent external assurance provider, PwC, provided limited assurance on selected sustainable development performance indicators, in accordance with the International Standards on Assurance Engagements (ISAE) 3000 (Revised) and International Standard on Assurance Engagements (ISAE) 3410. PwC’s Statement of Assurance is on page 307. The financial information presented was extracted or derived from the annual financial statements which were independently audited by EY, which did not specifically audit or review this integrated report. Sibanye-Stillwater Integrated Report 2020 3 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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NET CASH OF R3.1 billion (US$210 million) OUR ESG CREDENTIALS The indices in which we are currently included are: FTSE/JSE Responsible Investment Bloomberg Gender-Equality Index CORPORATE PROFILE ESG HIGHLIGHTS ABOUT SIBANYE-STILLWATER 13 million fatality-free shifts 2 IN 2020 Columbus metallurgical complex Extensive Reserves of 82Moz that support long life 48 19 33 Reserves (%) 2020 48 33 19 2020 Production 982koz gold, 1.6moz 4E PGMs, US 2E PGM 603koz and 3E PGM recycling of 840 koz Production (%) 2020 58 16 26 US PGM contribution to Adjusted EBITDA to increase as Blitz ramps up Adj EBITDA1 (Rm %) 2020 SA gold SA PGMs (4E) US PGMs (2E) Targeting carbon neutrality by 2040 Progress on the Marikana renewal process Zero level 4 and 5 environmental incidents Significant social support to employees and communities during COVID-19 ‘A-’ CDP rating for carbon disclosure and efforts • One of the world’s largest primary producers of platinum, palladium and rhodium • Top tier gold producer, ranked third globally, on a gold equivalent basis • Leading global recycler and processor of spent PGM catalytic converter materials • We also produce iridium, ruthenium, chrome, copper and nickel as by-products SALIENT FEATURES WORKFORCE OF 84,775 people OUTPUT 3Moz of 4E PGMS and 0.98Moz of gold Sibanye-Stillwater Integrated Report 2020 4 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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AMERICAS ASSETS EUROPEAN ASSETS EAST BOULDER MARATHON DENISON STILL ATER ELIBER ALTAR A ANANI LIMPOPO ONDERNAAM BLUE RIDGE DRIEFONTEIN LOOF COO E ERGO F GR BURNSTONE SOUTHERN AFRICAN ASSETS MIMOSA BEATRI /SOFS MARI ANA RUSTENBURG ROONDAL HOEDSPRUIT Angola Namibia Botswana Zambia Zimbabwe Mozambique South Africa RIO GRANDE SA PGM Rustenburg (100%) Reserves: 15.4Moz 4E Mimosa (50%) Reserves: 1.5Moz 4E 4 Marikana 8 (95.3%) Reserves: 21.6Moz 4E Kroondal (50%) Reserves: 1.1Moz 4E 4 LITHIUM (LIOH) Keliber project 5 (30%) SA PGM OPERATIONS Our processing facilities include concentrators a smelter complex together with base and precious metals refineries. We also have a 91.7% share in Platinum Mile, a retreatment facility that processes tailings to recover residual PGMs. SA GOLD OPERATIONS Our processing facilities include six metallurgical gold plants. US PGM Stillwater (100%) Reserves: 15.9Moz 2E East Boulder (100%) Reserves: 11.0Moz 2E US PGM OPERATIONS Our Columbus Metallurgical Complex smelts material mined to produce PGM-rich filter cake and recycles autocatalysts to recover PGMs. 1 The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt covenant formula. For a reconciliation please refer to the consolidated financial statements, note 28.9: capital management, available on https://www. sibanyestillwater.com/news-investors/ 2 Achieved on 4 August 2020 at the SA gold operations 3 Au = gold; 2E PGM = platinum, palladium; 4E = platinum, palladium, rhodium and gold; LiOH = lithium hydroxide 4 Attributable 5 Acquisition effective from March 2021 6 Includes direct interest of 19.3% in the project and indirect interest in Generation Mining 7 For more information on the projects, please refer to the Minerals Reserves and Resources report available at www.sibanyestillwater.com/news- investors/reports/annual/ 8 Effective accounting holding as at 31 December 2020. Some minority holdings are eliminated with the Group consolidation SA gold Kloof (100%) Reserves: 4.6Moz Au Driefontein (100%) Reserves: 2.5Moz Au DRDGOLD (50.1%) Reserves: 2.8Moz Au (50.1%) 4 Beatrix (100%) Reserves: 1.2Moz Au Cooke surface (100%) Reserves: 0.1Moz Au Various projects 7 Reserves: 4.3Moz Au OUR DIVERSE PORTFOLIO INCLUDES Projects in the Americas 7 Marathon project 6 (26%) with Generation Mining (in Canada) Denison project (64.9%) with Wallbridge Mining (in Canada) Altar project (40%) with Aldebaran (in Argentina) Rio Grande (19.9%) with Aldeberan (in Argentina) “2020 was a defining year for the Group, moving formal deleveraging focus to paying dividends and broader capital allocation.” MARKET CAPITALISATION OF LOCATION OF OUR OPERATIONS R175bn (US$12 billion) at 31 December 2020 Listed on the Johannesburg and New York stock exchanges Sibanye-Stillwater Integrated Report 2020 5 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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OUR PURPOSE, VISION AND STRATEGY OUR PURPOSE Our mining improves lives OUR VISION Superior value creation for all stakeholders through the responsible mining of our mineral resources OUR STRATEGY To deliver on our vision and purpose, we aim to consolidate and strengthen our competitive position as a leading international precious metals company Our purpose to improve lives through our mining is achieved through our operating model depicted in the indigenous South African Umdoni tree THE SIBANYE-STILLWATER UMDONI TREE Economic value CARES Clean water/ air/ land Total returns Socio- economic stability Upliftment about our ENVIRONMENT SHAREHOLDERS Safety, health and wellness Costs Quality Volume GOVERNMENT Fair market access COMPANY Assured product Membership COMMUNITIES CUSTOMERS SUPPLIERS ORGANISED LABOUR Better lives EMPLOYEES The results and outcomes of all that we do are represented by the fruit and seeds of the Umdoni tree. In line with our vision, this is the value we ultimately aim to create for stakeholders. The leaves of the tree represent our stakeholders – all those with whom we engage – both internally and externally – while conducting our business. Our roots, our CARES values, are at the heart of all that we do, the decisions we make and how we conduct our business. These values are enshrined in our Code of Ethics and form the basis of the organisational growth and culture rejuvenation programme currently underway. The trunk of our tree represents our workforce, which supports Sibanye- Stillwater and symbolises its strength. Through the trunk of the tree and into its branches, our values and employees work together and support each other to ensure delivery on our strategy via our key operating drivers – safety, health and wellness, costs, quality and volume. Sibanye-Stillwater Integrated Report 2020 6 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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OUR TIMELINE MARKET CAP 1 Since its initial establishment in 2013, Sibanye-Stillwater has diversified - geographically and by metal produced. The Group grew from a single commodity, South African gold mining company to become an internationally competitive, diversified precious metals producer of gold and the suite of platinum group metals (PGMs). Most recently, the Group has entered the battery metals industry by investing in a lithium hydroxide project in Finland. OUR VALUE CREATION JOURNEY • Sibanye Gold Limited established when Gold Fields Limited unbundled its South African gold assets – Kloof, Driefontein and Beatrix • Listed on the Johannesburg and New York stock exchanges • In August 2013, the Cooke operations were acquired from Gold One Initial entry into the PGM sector – acquired the following assets in Southern Africa: • Kroondal, Mimosa and Platinum Mile (April) • Rustenburg operations (November) • Wits Gold acquired, which included the Burnstone project and other projects in the Free State province of South Africa • Implemented our unique cost optimisation and operating model • Acquired a 38.05% stake in DRDGOLD Limited, a world leader in the retreatment of gold tailings – entailed the vending of certain surface gold tailings facilities and processing assets into that company (July/August) • Holding in DRDGOLD increased to 50.1% (January) • Internally restructured to create the holding company Sibanye Stillwater Limited as the listed entity with Sibanye Gold Limited as a subsidiary (February) • Acquired a 30% stake in Keliber Oy, which owns the Keliber lithium project in Finland currently in development stage with the option to increase to more than 50% after certain conditions and deliverables (March) Acquired: • SFA Oxford, a leading analytical and consulting metals market company and globally recognised authority on PGMs (February) • Lonmin Plc – the Marikana operations, associated processing and smelter plants, and base and precious metals refineries in South Africa (June) • Acquired the Stillwater Mining Company and its assets in Montana, in the US (May) • Company rebranded as Sibanye-Stillwater (August) R10 billion (US$1.2 billion) R192 billion 2 (US$13 billion) 1 Source: IRESS, with numbers quoted at the end of each year except for 2013, which represents the market cap on the day of listing 2 Year-to-date, market capitalisation as at 31 March 2021 2013 2016 2017 2018 2019 2020 2021 March 2 2014- 2015 Sibanye-Stillwater Integrated Report 2020 7 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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HOW WE CREATE VALUE – OUR BUSINESS MODEL OPERATING CONTEXT Factors impacting our ability to create and preserve value in 2020 • COVID-19 • Uncertain global and local economic conditions • Heightened geo- political tension and risk • Basket commodity price sensitivity to market forces and currency volatility • Rising operating costs • Electricity supply uncertainties in South Africa • Challenges in regulatory and policy environments • The effects of climate change and corresponding greenhouse gas emission legislations • Expectations of the communities in which we operate NATURAL CAPITAL • Economically viable orebodies: Mineral Reserves of 66.4Moz of 4E PGMs and 15.5Moz of gold (2019: 53.8Moz of 4E PGMs and 15.4Moz of gold) • Land under management 63,891ha in SA and 650ha in US (2019: 73,660ha in SA and 650ha in US) • Volume of rock extracted: 33.9Mt (2019: 33.0Mt) • Resources consumed: – – 48,396Ml water (2019: 50,156Ml) – – 6.19TWh electricity (2019: 5.98TWh) – – 29,581kl diesel (2019: 29,846kl) FINANCIAL CAPITAL • Equity, debt and cash flow used to enhance other resource inputs • R9.6bn/US$584m spent to sustain and grow the business (2019: R7.7bn/US$533m) HUMAN CAPITAL • An empowered workforce totalling 84,775 permanent and contract employees across the Group (2019: 84,521) • R790m/US$48m invested at the SA and US operations in training and skills development (2019: R744m/US$51.5m) • Committed leadership and their development • Group-wide cultural transformation programme underway MANUFACTURED CAPITAL • Mining rights and leases • Operational infrastructure, associated infrastructure and equipment • Production costs R76bn/US$4.6bn (2019: R56.1bn/US$3.9bn) • Capital expenditure (growth projects) of R2.4bn/US$145m (2019: R2.0bn/US$142m) • Expenditure on sustaining the business and ore reserve development of R7bn/US$423m (2019: R5.4bn/US$376m) SOCIAL AND RELATIONSHIP CAPITAL • CARES values and Code of ethics guide all stakeholder engagement • Governance and corporate responsibilities • Constructive stakeholder engagement INTELLECTUAL CAPITAL • Optimised mining processes and systems underpinned by institutional knowledge and intellectual property • The requisite skills and expertise required in being the world’s foremost PGM producer • Systems and processes • Acquisition and integration of skills • Focusing to be a ‘digital first’ organisation INPUTS For more information on risks, see Managing our risks and opportunities within the external operating environment Sibanye-Stillwater Integrated Report 2020 8 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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PRODUCED 1 • Platinum 1,074,585oz (2019: 1,081,655oz) • Palladium 938,519oz (2019: 949,490oz) • Rhodium 132,079oz (2019:141,118oz) • Gold 1,016,950oz (2019: 962,702oz) 2 REVENUE GENERATED • R127bn/US$7.7bn (2019: R73bn/US$5bn) TOTAL ECONOMIC VALUE DISTRIBUTED • R29bn/US$1.8bn (2019: R62m/US$4.5m) MINING WASTE GENERATED • Tailings 37.82Mt (2019: 33.76Mt) • Waste rock 4.23Mt (2019: 2.23Mt) • Hazardous waste to landfill 48,918t CO2 EMISSION INTENSITY • 0.18/tonne (2019: 0.16/tonne) 3E PGMS RECYCLED • 840,170oz (2019: 853,130oz) OUTPUT Buildin a values-based culture Focus on safe production and operational ecellence Pursuin value-accretive rowth Embeddin ESG ecellence as the way we do business Prosperin in SAs investment climate Optimisin capital allocation I n c o n s u l t a t i o n w i t h o u r s t a k e h o l d e r s Guided by overarching govern a n c e f r a m e w o r k PRIMARY BUSINESS ACTIVITIES Acquire and mine Extract, process and refine Environmentally manage and rehabilitate Sales and mark eting • Achieving safe production • An engaged, empowered and productive workforce • A values-based Group culture that prioritises commitment, accountability and respect • Effective management of resources • A digital first strategy • Embedding ESG excellence • Responsible management of the environment and the focused reduction of our environmental impact • Achieving best practice, modernisation and innovation across the business cycle KEY ENABLERS THAT ASSIST US IN DRIVING VALUE CREATION OUR COMPETITIVE ADVANTAGE • Strategic transactions and partnerships • Agile and adaptable leadership – deep bench with extensive experience • Geographic and product diversity and cash- generative assets • Mine-to-market PGM pipeline on two continents, including recycling • Mine-to-market PGM pipeline on two continents, including recycling 1 Excluding 3E recycled ounces 2 From PGM and SA gold operations Sibanye-Stillwater Integrated Report 2020 9 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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HOW WE CREATE VALUE – OUR BUSINESS MODEL CONTINUED NATURAL CAPITAL • Carbon intensity increased to 0.18t CO2e per tonne milled (2019: 0.16t CO2e per tonne milled) • R5.2m/US$0.3m paid in carbon taxes (2019:R12.9m/US$0.9m) • Five environmental Level 3 incidents recorded (2019: five) • Reduction of 1,513Ml net water used FINANCIAL CAPITAL • Reduced net debt of R21.0bn/US$1.5bn to R3.1bn/US$210m net cash • Headline earnings of R29.1bn/US$1.8bn (2019: headline loss of R1.0bn/US$69.7m) • Share price increased by 67% to R60.00/US$15.89 per share at year-end (2019: 258% to R35.89/US$9.93 per share) • Market capitalisation of R175bn/US$12bn (2019: R96bn/US$6.6bn) • Total dividends of R10.7bn/US$729m paid/declared for 2020 HUMAN CAPITAL • Tragically, there were nine fatalities at the SA PGM and gold operations (2019: six) • Recorded an overall decline in the number of lost-time injuries to 8,40 (2019: 8,76) • R23.8bn/US$1.4bn paid in salaries and wages to employees (2019: R21.1bn/US$1.5bn) • Focus on gender diversity has increased – 13.3% of all employees are female (2019: 12.71%) and female board members increased to 25% in 2020 and 30% in January 2021 (2019: 18%) • Rapid, proactive COVID-19 response enabled us to minimise impact on employees and continue operating • A year of no labour strike action MANUFACTURED CAPITAL • Increased shareholding in DRDGOLD to 50.66% • Progressed the SA gold 50MW Solar project, generation project to reduce our dependency on Eskom and fossil fuel-generated electricity • Reduction of footprint with the merging of data centres into a single data centre SOCIAL AND RELATIONSHIP CAPITAL • Maintained the Good Neighbor Agreement • Invested R1.78bn/US$108m on social and labour plans and CSI (2019: R1.6bn/ US$110m) • Responsible and preferential local procurement of R12.6bn (2019: R14.5bn) in South Africa • R6.5bn/US$396m paid in taxes and royalties (2019: R1.8bn/US$126m) • Improved relationship with host community stakeholders • Hygiene products, food parcels and other essential supplies provided to the most vulnerable households in host communities • Robust relations with the governments in South Africa and in the US INTELLECTUAL CAPITAL • 99,327 training and skills development courses completed by employees (2019: 146,978) due to COVID-19 lockdown and restrictions • Supported 479 bursaries at tertiary level (2019: 314) • More digitalised-orientated business equipped to operate effectively in the twenty-first century OUTCOMES ALIGNMENT OF OUR OUTCOMES WITH THE SDGS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NATURAL CAPITAL FINANCIAL CAPITAL HUMAN CAPITAL MANUFACTURED CAPITAL SOCIAL AND RELATIONSHIP CAPITAL INTELLECTUAL CAPITAL For more details on Sibanye-Stillwater's alignment with the SDGs, see Embedding ESG excellence Improvement No change/stable Regression NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS Sibanye-Stillwater Integrated Report 2020 10 SETTING THE SCENE WHAT DRIVES US 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VALUE CREATED For our stakeholders For Sibanye-Stillwater Long-term value Employees and organised labour • Fair and responsible remuneration • Development of skills results in greater employability • Access to employee benefits such as medical aid • Protecting jobs during COVID-19 and financially supporting non-working employees • Stable, engaged and empowered workforce • Constructive and improved relations with unions • Safer working environment • Enhanced productivity • Attract talent and skills to the Group • Employment over the medium- to long-term equates to sustained wage and salary income for our employees who are then able to provide for and support their families over many years • Above inflation wage increases paid Shareholders • Record and industry leading dividend declared and paid • Increase in share price contributes to stronger market capitalisation and enhanced return on investment • Reduction of the debt burden • Realise substantial return on investment for shareholders Communities • Creation of jobs through employment and procurement • Provision of much needed services such as health and education • Improved general living conditions • Improved engagement with our doorstep communities • Fewer disruptions caused by community protests • Enhanced reputation • Our focus on creating physical and social infrastructure, and implementing socio-economic development programmes and creating opportunities ensures that our doorstep communities are sustainably uplifted and empowered Government and regulators • Taxes and royalties contribute to the national fiscus • Positive contribution to district/local economies • Stable relationship with governments and regulators • Public-private partnerships • Our contribution towards ongoing payment of taxes and royalties contributes to the national fiscus’ broader infrastructure and socio- economic development objectives Suppliers and customers • Steady and reliable market for goods and services • Local procurement boosts local economic activity • Products comply with specifications • Maintaining our licence to operate • Revenue generation from sold product • The incubation and contracting of SMME businesses, particularly those situated in our doorstep communities, fosters economic growth and fosters a healthier economic ecosystem • Fostering a long-term relationship with customers Environment • The products we produce assist in cleaning the air through exhaust systems of automobiles and are expected to play a vital role in the future hydrogen economy • We do our utmost to ensure that the erosion of this value is kept to the absolute minimum • Working towards our 2040 target of being carbon neutral • Reduced environmental and carbon footprint • Lower operating costs on the back of improved water and energy efficiencies • Our rehabilitation and biodiversity programmes can assist the land impacted by our activities to recover to a usable and habitable status Economic value CARES Clean water/ air/ land Total returns Socio- economic stability Upliftment about our ENVIRONMENT SHAREHOLDERS Safety, health and wellness Costs Quality Volume GOVERNMENT Fair market access COMPANY Assured product Membership COMMUNITIES CUSTOMERS SUPPLIERS ORGANISED LABOUR Better lives EMPLOYEES Sibanye-Stillwater Integrated Report 2020 11 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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The COVID-19 pandemic was a Black swan 1 event, which resulted in a global public health crisis, limiting travel and changing the way we interact. Sibanye-Stillwater, with a workforce of 84,775, identified as early as February 2020 that it had to re-imagine working and living with COVID-19 while resuming operations with the aim of protecting lives and livelihoods. Rooted in our CARES values the Group proved adaptable and nimble in its response to rapidly evolving circumstances. The COVID-19 pandemic was determined not to be a separate risk – its impact was rather to serve as a trigger accentuating, or in some cases suppressing, most of the identified strategic risks to the business. This necessitated two dedicated risk reviews of our risk register to assist in understanding the underlying vulnerabilities of other risks impacted by COVID-19. For more information, refer to Managing our risks and opportunities within our external operating environment, from page 26). We developed appropriate health and safety protocols to ensure the safety of our workforce. These protocols were also intended to safeguard jobs and livelihoods, while ensuring the sustainability of the operations. COVID-19 has provided a major stimulus to accelerate our transition to a digital first organisation, and we have received immense value from technology in promoting enhanced collaboration across the operations. COVID-19 IN THE AREAS WE OPERATE SOUTH AFRICA The first case of COVID-19 was recorded in South Africa on 5 March 2020. The government was swift to declare a national state of disaster in terms of the Disaster Management Act ten days later. This was followed by the imposition of a social and economic lockdown from 26 March 2020, which was designed not only to disrupt the chain of transmission but prepare hospitals and expand health treatment and life-saving capacity ahead of the inevitable surge in COVID-19 cases. The national lockdown was divided into five alert levels, each with a decreasing degree of restrictions imposed on the movement and activities of people and businesses. Between 26 March and 30 April 2020 South Africa was placed under Alert Level 5 regulations which resulted in national restrictions on most activities including almost all mining, with only care and maintenance and essential service being permitted. On 1 May 2020, South Africa moved from Level 5 to Level 4, which effectively allowed mines to operate at 50% labour capacity, and from 1 June the industry was permitted to progressively ramp-up to 100% production subject to COVID-19 workplace restrictions being implemented. By the end of the first half of the year, between 70% and 80% of employees at all the SA operations had been recalled. As many of our employees reside within the surrounding communities, the COVID-19 rates were mirrored between the workforce and the communities. The Group however followed strict protocols and continued with daily screening of employees in order to proactively identify COVID-19 positive cases which enabled employees to make use of the isolation and quarantine facilities or choose to isolate at home. It was impossible to prevent the spread of COVID-19 among our employees and communities and the first reported case of COVID-19 was reported at the Western limb tailings retreatment plant (WLTRP), part of the SA PGM operations, on 18 March 2020. The South African mining industry 2 COVID-19 death rate is a third of the national death rate with a COVID-19 test rate above the global and South African test rate at 22.62%. The South African mining industry recovery rate is at 94.65% compared to the national South African recovery rate of 90.48%. UNITED STATES The first positive COVID-19 case in the state of Montana was recorded on 11 March 2020. While a stay-at-home directive was imposed on office/service employees from 26 March 2020 in an effort to disrupt the chain of transmission, our US PGM operations were not impacted by the restrictions and were allowed to continue operating provided they strictly adhered to requirements imposed by local health authorities. Specific actions that were taken included: • Adhering to strict hygiene and social distancing protocols • Demobilising contractors involved in growth capital activities for a specific period • Facilitating remote work for personnel that are not required on site • Prohibiting face-to-face contact with external parties and restricting site access to employees In crafting our COVID-19 response and strategy it was paramount that we were sensitive and compassionate to the unknown variables of the situation. It was on this basis that we provided job-protected leave to all employees who had underlying issues or had family members with compromised immunities. Montana experienced its first wave of cases during the fourth quarter of 2020, which impacted labour availability at our US PGM operations. COVID-19 – IMPACT AND RESPONSE 1 A Black swan event is an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences 2 Source: Minerals Council South Africa, 4 February 2021 Sibanye-Stillwater Integrated Report 2020 12 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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APPROACH AND MEASURES ADOPTED BY SIBANYE-STILLWATER TO MANAGE THE PANDEMIC Governance Sibanye-Stillwater’s response was managed by an executive COVID-19 Strategy Steering Committee. It provided oversight, guidance and counsel to a multi-disciplinary Coronavirus coordination team – made up of technical streams such as health, safety, legal, finance, supply chain, information and communication technology (ICT) – which was responsible for the development and implementation of measures to prevent the incidence and limit the spread of COVID-19 among the workforce, ensure comprehensive and regular stakeholder engagement and develop business sustainability and post- COVID-19 recovery plans. The Group has developed and put in place detailed COVID-19 protocols (supported by a mandatory Code of Practice) including, amongst others, PPE, social distancing and daily screening and access management protocols. Sibanye-Stillwater also voluntarily invested in isolation and quarantine facilities to assist Government during this period. A wide range of stakeholders linked to our business was and continues to be engaged to ensure alignment with our protocols. The Company has also initiated a third-party compliance audit against its COVID-19 protocols. Our approach and efforts have remained aligned with the guidelines and best practices provided by the South African and United States governments, the World Health Organization (WHO) and the Centre for Disease Control and Prevention. Throughout 2020, we engaged with regulatory authorities, and industry bodies such as the Minerals Council South Africa and the International Council on Mining and Metals (ICMM). Moreover, we partnered with labour organisations such as The Employment Bureau of Africa (TEBA) to manage risks posed by migratory labour. Health and safety measures The measures that were adopted in March 2020 to mitigate the risk and limit the impact on our operations and stakeholders were – and remain – multi- faceted and are intended to cover all aspects of the business. These include: Workplace hygiene • Hygiene programmes and a disinfecting control programme has been enforced. Personal hygiene mitigation activities include awareness about physical distancing, regular sanitising of hands and the installation of sanitisers at biometric readers • Personal protective equipment (PPE, supported with specific COVID-19 PPE) and a social distancing protocol is strictly enforced for all employees in addition to the compulsory use of sanitisers which are supplied • Congregational areas, entry points, change houses and cages, for example, in the workplace as well as employee transport are regularly cleaned and sterilised Screening • Employee screening at company- managed facilities in South Africa is carried out regularly • Employees returning from leave or business travel undergo mandatory screening to identify any possible risk of exposure and to determine travel patterns and contact points to enable an appropriate response in the case of an outbreak. Any employees displaying symptoms or who have travelled to high risk areas undergo mandatory quarantine • Agreement has been reached in South Africa with TEBA to coordinate the screening and testing of all employees who migrate from neighbouring countries at their borders of entry, thus reducing exposure risk • Pre-shift screening of employees and contractors in the US has been implemented Travel restrictions • International and non-essential local travel has been banned and stricter approval processes for travel implemented Graph depicting the severe COVID-19 wave in Montana during Q4 2020 New confirmed COVID-19 cases per day, normalised by population MS A N M M N Sibanye-Stillwater Integrated Report 2020 13 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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COVID-19 – IMPACT AND RESPONSE CONTINUED • An early mandatory 14-day quarantine period and screening is in place for employees travelling to or returning from high-risk destinations. The quarantine period was later reduced to 10 days • Direct meetings at corporate office and on site have been prohibited, with access strictly controlled and all visitors subject to the same screening and hygiene protocols as employees. Restrictions on international and non- essential local travel was guided by the government regulations in both countries was initially banned and has been supported by a heightened internal approval processes for travel Vulnerability assessments Vulnerability assessments on all our employees at our SA operations have been performed. This requirement is part of a mandatory Code of Practice for the mitigation and management of COVID-19, which was issued by the Department of Mineral Resources and Energy (DMRE) on 19 May 2020. The objective of this Code of Practice is to identify employees who have significant co-morbidities and are at risk of a severe reaction to the COVID-19 virus and to reduce exposure to the virus where reasonably practicable. Another stipulation within this Code of Practice is the requirement to do vulnerability assessments to ensure employees are not only healthy but fit for work. For more information on the vulnerability assessments, please refer to the Health, well-being and occupational hygiene section on page 220. THE IMPACT OF THE COVID-19 LOCKDOWNS ON OUR EMPLOYEES It is a testament to Sibanye-Stillwater’s agility and resourcefulness during this crisis that we were able to ensure job security and were not compelled to retrench any employees in any area of the business. However, COVID-19 resulted in employees having to swiftly adapt to the new way of working to protect their health, those of their families and their livelihoods. South Africa The enforced suspension of our underground mining activities in late March 2020, combined with the strict restrictions placed on the movement of people, compelled the majority of our miners to return home until the mines were permitted to ramp-up production and they were allowed to return to work. Unfortunately, employees who returned home to neighbouring countries just before the lockdown (some remained in mine accommodation or local communities close to the operations) were stuck in their home countries on account of South Africa’s borders being closed. These employees were only able to begin returning to the operations after July 2020 when Sibanye-Stillwater was able to secure special travel permits. This had a range of consequences, not least of which was the financial impact. In the interests of employee safety and operational continuity a more measured and phased production build-up was deemed appropriate, particularly as employees from neighbouring countries and other provinces in South Africa were recalled. By mid-November 2020, the operations were operating at close to planned production rates with the employee complement close to pre- COVID-19 levels. US PGM operations While the US PGM operations continued to operate throughout the year, COVID-19 protocols, particularly compliance with social distancing requirements, had an ongoing negative impact on productivity. Restricted access to the operations also affected shift arrangements and blasting schedules, resulting in an 8% impact on productivity. Employee development In response to COVID-19, various leadership initiatives were embarked upon with the purpose to cut across regions, operational boundaries and levels. The initiatives focused on providing leadership with ways to focus on the optimal level of work. The initiatives are discussed within our Empowering our workforce section of this report, page 187. Wages and salaries Sibanye-Stillwater was able to pay a portion of the wages and salaries to the South African employees who were not at work during Levels 4 and 5. While wages and salaries were supplemented by the COVID-19 TERS payment scheme issued by South Africa’s Unemployment Insurance Fund (UIF), in all instances this was not equivalent to full basic pay. This situation resulted, in many instances, in rising financial indebtedness and economic hardships for employees and the extended families they support. In the latter half of the year, Sibanye-Stillwater’s financial literacy programme, CARE for iMali, has focused its efforts on assisting employees in tackling debts accrued during the pandemic (See the Fact sheet: Care for iMali). The Company did continue to pay employees’ full contributions to the various retirement funds as well as related risk insurance premiums, during the period. The Board of Directors and the Group Executive led by example by donating one third of their basic salaries for the months of May, June and July 2020 to the national “Solidarity Fund”. The Solidarity Fund was set up in consultation with the government to aid South African businesses, organisation and community to take care of the ill during the pandemic and mitigate the spread of the virus. Mental health services In an effort to alleviate some of the psycho-social impacts of the pandemic on the well-being of our employees, we expanded access to mental health services in June 2020 specifically at the SA operations. This includes management support, promotion of well-being and lifestyle changes as well as a broad range of services such as counselling and psychological and trauma issues. The access points include telephonic and face-to-face discussions both off-site and on-site based on employee preference. Specific resilience training was offered daily to health care workers facing the infectious pandemic. Sibanye-Stillwater Integrated Report 2020 14 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Engagement While the pandemic certainly had a negative impact on our workforce, this period was used by the Group as an opportunity to enhance our engagement with employees. Prior to the implementation of the national lockdowns, Sibanye-Stillwater launched the WeAreOne mobile application (app) as a means to engage with our workforce in a far more progressive manner than achieved previously. It proved vital in communicating information about the virus and as a means of recalling employees back to work. The application is downloadable from the Google Playstore and Apple App store and requires a mobile registration requiring an employee number to verify the employee. The application is available to all employees regardless of their location, airtime balance or access to technology and, importantly, at no cost to employees. The adoption and use of the WeAreOne platform has been at the forefront of enabling our workforce to stay engaged and connected. Within five weeks of its launch 40% (or approximately 35,000) of employees were using the app to receive the information they need; this has now increased to more than 50% of employees using the platform. (See Empowering our workforce, page 190; Harnessing continuous innovation, page 281). Prevention of COVID-19 stigma and discrimination remains important and we utilised WeAreOne to further awareness on our employee assistance programme that is available to support employees through this challenging time. Information is available and shared in English, Xhosa and Sotho. We are also continuing to keep employees informed through education campaigns via platforms such as sms, email, posters, leaflets and various podcasts. A dedicated 24-hour hotline which employees can use to reach the mine’s dedicated health care workers or the mine’s contracted services of health care workers assigned to assist with COVID-19, is available. This is in support to the Department of Health’s 24 hotline that is also available. Remote work and limitation of direct engagement The Small Office, Home Office (SOHO) project has been implemented as a permanent arrangement for eligible roles within the business both in South Africa and the United States in order to reduce the exposure to the virus through direct contact, where possible. This provided the Group with the opportunity to accelerate digitisation. Although the process was implemented as a result of the hard lockdown during COVID-19, the SOHO way of work is a full-time, home-based or remote working option to office-based employees. It is about creating our new way of working. For SOHO to be effective various projects streams had to ensure that all aspects related to the new way of working are addressed: • To understand the geographical distribution of employees that will use the small office solution – by setting up hot desks across the operations • To ensure software and hardware requirements are in place • To reduce overheads and the carbon footprint • To align performance management measures and conditions of employment Please refer to Empowering our workforce, page 191, as well as Harnessing continuous innovation, page 281, for further information. Employees in full PPE following COVID-19 protocols Sibanye-Stillwater Integrated Report 2020 15 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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COVID-19 – IMPACT AND RESPONSE CONTINUED MAKING A REAL DIFFERENCE FOR STAKEHOLDERS Sibanye-Stillwater has made significant contribution and support to its stakeholders and will continue to do so. Throughout 2020, Sibanye-Stillwater remained fully cognisant of the detrimental impact COVID-19 was having not only on our doorstep communities but the broader South African society. It was in this context that a range of contributions, in the form of financial donations and assistance and the provision of essential goods, were made during the year. The most significant of these are illustrated in the infographic below. The Group has also collaborated with Wits University on face shields for frontline health workers. The face shields are made by student and community volunteers from the Wits School of Mechanical, Industrial and Aeronautical Engineering, in a partnership between Sibanye- Stillwater and Wits University`s DigiMine. In response to the COVID-19 challenges, Sibanye-Stillwater donated a laser cutter and material to the Digital Makerspace team at the Wits TMG Makerspace, Wits Tshimologong Digital Innovation Precinct to produce PPE. The volunteers have produced over 6,700 shields from the Braamfontein campus at no cost, which have been distributed to Sibanye-Stillwater’s SA operations and community members. This project has been used as a training platform, to enable the transfer of skills. The volunteers are working on producing face shields from recycled plastic to reduce the impact Established 2,196 bed quarantine and isolation units* Provided PPE, oxygen tanks, sanitisation, tracking and tracing R57.7 million Support to local small businesses R14.5 million Contributions to the SA relief funds R23.1 million Social relief food parcels, water tanks, blankets and mattresses R5.5 million Financial support for non- working employees R1.5 billion Schools and education sanitisation and catch-up programmes R3.0 million COVID-19 communication education and awareness R4.0 million Counselling and psychological support extended to employees and families Employee donations matched by the company up to R2.0 million on the environment. The Group will distribute 3,700 face shields to health facilities around its operations in Gauteng, Free State and North West provinces. Roll out of vaccines The Group is willing to contribute R200 million towards the roll out of vaccines under specific conditions and has capacity to assist with the distribution of the vaccine at out SA operations. Through our 44 health sites we can administer vaccines to approximately 18,000 people per day and service our doorstep communities as well. It is also our objective to extend the vaccines to our employees and their extended dependents. * Sibanye-Stillwater’s mine accommodation and hospital have been converted into isolation and quarantine facilities in line with COVID-19 guidelines Sibanye-Stillwater Integrated Report 2020 16 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Employees dressed in their personal protective equipment, on their way to start their underground shift Sibanye-Stillwater Integrated Report 2020 17 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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WHAT DRIVES US SECTION 02 Our strategy and strategic delivery 19 Managing our risks and opportunities within the external operating environment 26 Social, Ethics and Sustainability Committee: Chairman's report 60 Embedding ESG excellence 62 Our material issues 68 Engaging with our stakeholders 72 Ore from the SA PGM operations 18 Sibanye-Stillwater Integrated Report 2020 18 Sibanye-Stillwater Integrated Report 2020 18 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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OUR STRATEGY Given the rapidly changing world in which we operate and the successful delivery on various strategic goals, our strategy was reviewed and revised during 2020. Two key changes were made: • Following delivery on the strategic focus area of “Deleveraging our balance sheet”, this pillar evolved into “Optimising capital allocation”, representing the progression of our focus from reducing debt to optimising allocation of capital in a manner which ensures sustainable creation of superior value to all stakeholders. This will be achieved through a combination of investment into securing our social legitimacy to operate through responsible mining as well as organic growth and to support value-accretive growth. See the Chief Financial Officer’s report for further detail • The focus area “Addressing our South African discount” was refined and amended to “Prospering in South Africa’s investment climate”, thus encompassing a more constructive and pragmatic approach to operating in South Africa, where the bulk of our assets are located. While the investment climate is not yet encouraging of private sector led growth, we have confidence in our ability to operate effectively in the South African context by maintaining the social and regulatory legitimacy to operate. We are hopeful that our commitment to prospering in South Africa will secure a meaningful shift in stakeholder sentiment to embrace business as an essential partner in social and economic development Optimising capital allocation Focusing on safe production and operational excellence Building a values-based culture Pursuing value-accretive growth based on a strengthened equity rating Prospering in South Africa’s investment climate Embedding ESG excellence as the way we do business “Superior value for all our stakeholders” Our strategy is intended to strengthen Sibanye-Stillwater’s position as a leading international precious metals group. Delivering on this strategy will in turn enable us to fulfil our purpose to improve lives through our mining and continue to deliver on our strategic intent of creating superior value for all our stakeholders. OUR STRATEGY OUR STRATEGY AND STRATEGIC DELIVERY Sibanye-Stillwater Integrated Report 2020 19 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Embedding ESG excellence in the way we do business Focusing on safe production and operational excellence Rationale • Superior ESG credentials and performance are necessary to maintain our licence to operate – both social and regulatory – as well as to maintain a strong investment rating • ESG performance is increasingly critical in how companies are evaluated Rationale • The continuous improvement of our safety performance and global cost competitiveness are key to the delivery of superior operating and financial performance • Safe production is aligned with our CARES values • Optimised efficiencies and productivity will ensure cost effectiveness and business viability Aim: to manage and mitigate our impacts – operational safety, occupational health and well-being, socio-economic and environmental – underpinned by thoughtful stakeholder engagement and complemented by supply of commodities that confer global social and environmental benefits Aim: to operate safely, without causing harm while optimising cost-efficiency Priorities • Establish holistic sustainable leadership capacity to enhance ESG management structures at all levels • Strengthen capacity at an operational level to lead social and environmental performance with occupational health and safety being immediate priorities • Align ESG performance with stakeholder expectations, with an emphasis on their most material issues and concerns • Secure increasing involvement in commodities that are of benefit to people and the planet Priorities • Attain safety performance comparable to ICMM peers • Ensure depth of technical expertise to support safe production and operational excellence, particularly at our SA operations • Incorporate technical requirements into succession planning while realising opportunities to enhance demographics • Ready teams and capabilities for growth outside of South Africa Building a values-based culture Optimising capital allocation Rationale • A strong values-based, ethical organisational culture provides a solid foundation for values-based decision making and conduct in support of our purpose that reads, “Our mining improves lives” • Having our CARES values as the primary driver of our decisions and actions facilitates cohesion and unity of purpose under the banner of ‘We are one’ • Such a culture is the foundation of a high-performance organisation and is conducive to operational excellence Rationale • Having successfully reduced debt, the focus is now on efficient capital allocation to support growth • Enhanced and sustained returns on capital will support strategic growth and the continued viability of our business, and deliver sustained value to shareholders and other stakeholders over time Aim: to instil an organisational culture based on our culture growth programme, CARES values and Code of Ethics Aim: To ensure effective use of capital and thus long-term organic growth and value creation Priorities • Ensure we live our CARES values in the ethical conduct of our business and in line with good governance • Promote values-based behaviour to support operating excellence • Promote diversity and inclusivity Priorities • Transition to enhanced and structured capital allocation with a focus on returns • Prioritise continued shareholder returns • Structure capital allocation to enhance organic growth projects and corporate activity, while minimising debt Prospering in South Africa’s investment climate Pursuing value-accretive growth Rationale • Given the extent of our South African presence, it is essential to operate optimally and realistically with appropriate systems and processes in place to manage and mitigate any risks and challenges arising as a result of the local socio-economic context Rationale • Sustaining competitiveness in the longer term in dynamic commodity markets helps to ensure continued strategic growth • Diversified geographic and commodity footprints are critical to growth and delivery on our purpose and strategy, particularly given evolving market requirements for precious and industrial metals Aim: to optimise the value of our orebodies and operational life of mine, given prevailing risks and challenges Aim: to establish a diversified international resource base that enhances our relevance as a global leader in meeting demand for precious metals and green commodities Priorities • Operate optimally and realistically, given prevailing investment risks • Nurture the South African investment climate by advocating for favourable policy, regulations, and infrastructure services • Work to improve social cohesion within host mining communities by establishing socio-economic partnerships with local stakeholders • Address the Marikana legacy (refer to Marikana renewal fact sheet) Priorities • Lay the groundwork for greater geographic and product diversity – initially an entry into battery-related materials such as lithium, nickel and cobalt • Secure international gold acquisitions • Establish global leadership to manage diversification • Enhance customer relations in readiness for diversification into “tomorrow’s industrial mix of new and evolving technologies” OUR STRATEGY, ITS RATIONALE, AIMS AND PRIORITIES The rationale, aims and priorities for each strategic focus area are as follows: OUR STRATEGY AND STRATEGIC DELIVERY CONTINUED Sibanye-Stillwater Integrated Report 2020 20 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Sampling water close to the US PGM operations Sibanye-Stillwater Integrated Report 2020 21 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Performance and outlook by strategic focus area Progress made Steady performance More work to be done 2020 – what we did 2021 and beyond - future focus and targets Strategic focus area – description Strategic delivery 2020 Status 1. Embedding ESG excellence in the way we do business • ICMM membership process completed, highlighting our commitment to ESG excellence • Strong ESG strategy progressed to meet sustainable development performance expectations • Provided substantial support to employees and communities to alleviate financial and social distress resulting from COVID-19 • Board gender diversity boosted by appointment of two female members • Received recognition for various ESG achievements For detail on our performance in terms of this strategic focus area see the following sections: Embedding ESG excellence, Corporate governance, Remuneration report, COVID-19 – impact and response, Empowering our workforce, Continuous safe production, Health, well-being and occupational hygiene, Social upliftment and community development and Minimising our environmental impact • Deliver ESG performance in line with stakeholder expectations – – areas of focus informed by strategic risks and opportunities (tailings management, water security, carbon emissions, mine accidents, occupational health, social incidents, human rights, regulatory compliance) – – launch decarbonisation programme that aims to achieve net zero by 2040 – – targetting 30% of the workforce to comprise of women by 2025 • Formalise ESG management, evaluation and recognition systems – – strengthen specialised ESG leadership capacity and management systems, where necessary – – incorporate ESG performance metrics into the performance conditions lost time injury (LTI) awards • Secure increasing exposure as a supplier of commodities with positive global ESG impacts 2. Focusing on safe production and operational excellence • Solid safe production results achieved despite COVID-19 disruptions in H1 2020 and gradual build-up in H2 2020 • Operating strategies refined to enhance operational effectiveness while working with COVID-19 • Blitz project ramp up delayed by operational challenges and COVID-19-related constraints • Significant progress made in establishing a digital first organisation • Technical and operations management strengthened through C suite appointments with bench strength readiness for integration and international growth For detail on our performance in terms of this strategic focus area see the following sections: Leadership view, Chief Financial Officer’s review, Delivering value from our operations and projects, Continuous safe production and Harnessing continuous innovation • Secure safety improvement consistent with a five year trajectory to meeting ICMM benchmarks total recordable injury frequency rate (TRIFR) • Optimise operational staffing for productivity, volume and coverage of fixed cost based on COVID-19 experience • Operating segment specific improvement priorities – – SA gold operations – – position for sustained safe production profile with acceptable margin – – drastically reduce care and maintenance costs – – SA PGM operations – – institutionalise synergies and realise potential of mining across boundaries – – harness processing optionality – – US PGM operations – – mining technical focus to boost Stillwater West delivery and regain Blitz capital project build up momentum OUR STRATEGY AND STRATEGIC DELIVERY CONTINUED DELIVERING ON OUR STRATEGY Sibanye-Stillwater Integrated Report 2020 22 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Performance and outlook by strategic focus area continued Progress made Steady performance More work to be done 2020 – what we did 2021 and beyond – future focus and targets Strategic focus area – description Strategic delivery 2020 Status 3. Building a values-based culture • Continued to advance the culture growth programme launched in 2019 to unite all through a shared, unified values-based culture. This programme aims to empower people, to rebuild workplace confidence, to develop an engaged leadership throughout the organisation and to ensure that values-based decision-making is at the core of our business • Strengthened leadership resilience and agility, with adoption of values-based culture accelerated by COVID-19 challenges • Diversity and inclusion programme launched with focus on women in mining For detail on our performance in terms of this strategic focus area see the following sections: Leadership view, Corporate governance and Empowering our workforce • Promote adoption of value-based behaviours conducive to safe production excellence • Embed “working with COVID-19” operating philosophy into the organisation’s values- based culture – – Transition newly adopted work practices into the reimagined standard for operations – – Adopt digital work methods required to work with COVID-19 as new routine practice – – Intensify focus on emotional, social, spiritual and digital well-being of employees • Pursue the diversity and inclusion programme – – Secure meaningful progress in establishing a gender friendly work environment and on improve gender representation in all functions and levels 4. Optimising capital allocation • Strong safe production results supported by robust commodity prices enabled accelerated conclusion of the corporate deleveraging • US$384m convertible bond successfully converted ahead of schedule • Improved earnings enabled declaration and payment of shareholder dividend • Gross debt reduced to US$1.2bn (excluding Burnstone) in line with target • Net cash positive position of R3.1bn (US$210m) attained by year end with a 0.06x net cash: adjusted EBITDA ratio • Shareholder dividend declared for 2020 of R10.7bn (US$725m) • Also paid R181m (US$11m) to participants in Marikana and Rustenburg in terms of employee share schemes For detail on our performance in terms of this strategic focus area see the following sections: Leadership view and Chief Financial Officer’s report • Transition from deleveraging focus to capital allocation strategy – – Establishment of formal capital allocation model under oversight of the Board Investment Committee – – Priority allocation towards sustained superior shareholder returns with industry leading dividends re-established – – Structured capital deployment to organic growth projects and strategic investments Sibanye-Stillwater Integrated Report 2020 23 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Performance and outlook by strategic focus area continued Progress made Steady performance More work to be done 2020 – what we did 2021 and beyond – future focus and targets Strategic focus area – description Strategic delivery 2020 Status 5. Prospering in South Africa’s investment climate • Participated in active stakeholder engagement to promote competitiveness and business-led growth and to address the COVID-19-related social and economic impact • Maintained trustworthy relations with unions • Ensured an engaged, empowered and supportive workforce • Settled three-year wage agreement for Kroondal • Strong ESG focus on social factors helped to support stable mine communities For detail on our performance in terms of this strategic focus area see the following sections: Leadership view, Delivering value from our operations and projects, Empowering our workforce and Social upliftment and community development • Apply operating model to optimize resource value with due regard to South African investment risk reality – – Commit capital to organic growth subject to risk mitigation and hurdle rate considerations • Nurture the South African investment climate – – Business advocacy to secure policy, regulation and bulk infrastructure services that improve investment confidence in South African mining • Improve social cohesion with mining communities – – Address legacy of the Marikana tragedy as a platform for social cohesion – – Socio-economic partnerships with local stakeholders drawing on the Good Neighbor Agreement construct as a model for inclusive socio-economic development 6. Pursuing value-accretive growth • Reviewed opportunities for establishing an international gold operating footprint • Refined our automotive drive train, green energy and battery metal intelligence • Concluded work to enable an initial entry into battery metals with the Keliber investment in March 2021 For detail on our performance in terms of this strategic focus area see the following sections: Leadership view and Chief Financial Officer’s report • Realise value-accretive growth into an increasingly internationalised and commodity diversified major mining corporation – – Conclude C-suite leadership transition suited to operation as a major global corporate – – Advance potential gold transactions aimed at securing a meaningful international footprint – – Initiate entry and continue into the battery materials space – – Re-align growth strategy toward tomorrow’s industrial mix of new and evolving technologies The SA PGM previous metals refinery OUR STRATEGY AND STRATEGIC DELIVERY CONTINUED Sibanye-Stillwater Integrated Report 2020 24 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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At the SA PGM operation’s UG2 concentrator (photo taken pre-COVID-19) Sibanye-Stillwater Integrated Report 2020 25 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT OUR APPROACH Our approach is to identify and consider those risks and opportunities, arising internally or externally to the operating and business environment, that could potentially negatively impact or positively boost our ability to deliver on our strategic objectives, and ultimately positively or negatively impact our goal of value creation for all our stakeholders over time. The aim of our enterprise risk management (ERM) process is to establish the degree of risk acceptable in the achievement of our strategic objectives. We aim to achieve an appropriate balance between risks and their mitigation on the one hand and any opportunities to be pursued on the other. Our opportunity and risk management process is at the heart of our corporate strategy review process, with the strengths and weaknesses of the Group (effectively the quality of our strategic risk controls) mapped on to the strategic opportunities and risks that would respectively support or inhibit attainment of our superordinate goals. Consideration of developments in the external environment and the views of external stakeholders are an integral component. This cascades into the definition of strategic focus areas with defined implementation plans through which we harness our corporate strengths to capitalise on opportunities and address weaknesses to make us less vulnerable to the risks. A similar approach is replicated in the operating segments to improve the certainty of each segment delivering the expected safe and responsible production of commodities on a sustainable basis. Our ERM framework and processes are based on the ISO 31000 Risk Management: Principles and Guidelines, COSO Enterprise Risk Management Framework and King IV Report on Corporate Governance. They guide us in identifying risks and opportunities in the context of our strategic objectives and the prevailing dynamics in our internal and external operating environment. Once identified, the risks and opportunities are evaluated against the board approved impact matrix and plans are developed to reduce the risks and to act on the opportunities. In terms of King IV, risk management is a key governance functional area. The Risk Committee oversees risk management on behalf of the Board, which has ultimate responsibility. See Corporate governance, pages 114, 117-118, for further detail on the Risk Committee, and its composition and activities in relation to risk governance. In addition, the Board and Risk Committee are supported by the Audit Committee which reviews external assurance of our strategic risks. Our risk management processes 1. Establishing the context • Corporate strategic goals and superordinate objectives are reviewed and updated • Define our strategic or operational objectives • Review the external business and operating environment and the interface with our strategic internal positioning • Review our risk appetite per strategic risk category • Set and approve risk tolerance levels • Review and update the impact matrix • Review and update the role and responsibility matrix Governance structures involved: C D E 2. Identify • Implement risk management processes in line with the ERM Framework – occurs daily at the operational and business units • Identify the threats or opportunities that may have an impact on the attainment of our strategic goals • Scan internal and external business and operating environment for new or emerging risks • Compile risk register – by function for group, operating segment, operations, service departments and/or business units Governance structures involved: A B C 3. Analyse and evaluate • Interrogate risks to understand root causes, negative and/or positive consequences on the achievement of the strategic objectives • Assess the inherent severity and likelihood against approved impact matrix • Assessment, review and consolidation of risks, involves prioritising and ranking by inherent severity and likelihood • Assess the need for risk treatment and the priority for the treatment implementation Governance structures involved: A B C A At operating level, business units and group level B Risk management function C Executive management Risk Committee Board E D Sibanye-Stillwater Integrated Report 2020 26 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Our risk management processes continued 4. Assessment and treatment • Identify existing controls • Develop mitigation plans and implement controls • Assess, monitor and review the effectiveness and adequacy of controls Governance structures involved: A B C 5. Review, report and monitor In terms of the roles and responsibility matrix, the following roles are the function of: Executive management: • Is responsible for overall risk governance, for managing and monitoring success of controls and mitigation plans, and for determining whether risks are within the limits of our risk appetite • Considers impact of external and internal environments • Participates in a formal strategic risk workshop held annually • Reviews risk register, participates in annual group risk workshops, and conducts various risk analyses such as PESTLE • Is supported by corporate strategy and group risk management functions • Reports to the Risk Committee Risk Committee and Board: • Reviews priority risk registers submitted by executive management twice a year • Assesses and approves Group risk appetite and tolerance levels annually Risks and opportunities are continuously monitored outside the formal review cycles to enable a dynamic response to material developments. Governance structures involved: B C D E RISK APPETITE AND TOLERANCE Key to risk management is determining the extent of risk and uncertainty that are tolerable in achieving our strategic objectives. Risk appetite and tolerance levels and their management are essential aspects of the ERM process. We define risk appetite as a strategic statement of the degree of risk that we are willing to take on in respective risk categories to achieve our strategic objectives. Risk tolerance is defined as the level of risk which, after risk mitigation, we strive to keep specific risks within. Remedial action is developed to address risks that are identified to exceed the defined tolerance level. Our Group risk appetite statement and tolerance levels are reviewed and approved annually by the Board through the Risk Committee. Given the dynamic environment in which we operate, and the context provided by our risk appetite statement, strategic risks are monitored continually against the set tolerance levels to enable us to identify and manage those risks that are most material. THE EXTERNAL ENVIRONMENT FOR OUR BUSINESS AND OPERATIONS DEVELOPMENTS IN THE EXTERNAL ENVIRONMENT There are several global and local trends that require a re-evaluation of the likelihood and consequence of the risks and opportunities identified. Sibanye-Stillwater’s business is greatly influenced by the external macro- environment in which we operate and the evolving role of commodities in the world economy. Our ability to create superior value for all our stakeholders depends on how well we remain relevant to the changing priorities in the external environment. 2020 was the year in which volatility and uncertainty rose to extreme levels across the globe. The unprecedented combination of a global pandemic accompanied by significant geopolitical developments, disruptions to global trade patterns and shifts in fiscal policy resulted in extreme volatility in the world’s industrial, financial and monetary systems that had major implications for commodity markets. The pandemic also exposed deepening inequality between developed and emerging economies. A At operating level, business units and group level B Risk management function C Executive management Risk Committee Board E D Sibanye-Stillwater Integrated Report 2020 27 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Material influences in our external operating environment COVID-19 2020 proved to be a particularly challenging year, dominated as it was by the rapid spread of the highly contagious SARS-CoV-2 virus that resulted in the global COVID-19 pandemic. (Related risks 1: 3, 5; related opportunities 1: 2, 6, 7) Our strategic response The Group’s response to the COVID-19 threat was fast, decisive and thorough. Early on the Group established the COVID-19 Steering Committee headed by the CEO and supported by related working groups in order to proactively ensure that all the necessary precautions, protocols, facilities and procurement were sourced and expedited which enabled the Group to adopt and maintain a balanced approach that ensures the safety, health and wellbeing of employees, contractors and communities as the overriding priority while ensuring business continuity and sustainability of all operations. We have contributed and supported vulnerable stakeholders during COVID-19 by means of food parcels, sanitation, counselling and psychological support, continued awareness campaigns and support to non-working employees. The Group’s board and executives were among the first to donate a portion of their salaries to the Solidarity Fund in support of social relief programmes. The Group also permanently moved to a small office home office (SOHO) model for its corporate office and, where possible, supporting staff who are able to work remotely will continue to do so. This not only lowers the exposure risk for these employees during COVID-19, but also enables a more efficient, digital working environment. For more details on all measures implemented, see COVID-19 – impact and response. Impact A significant feature of the past year was without doubt the COVID-19 pandemic. Reviews of the Group’s strategic risk register determined that the pandemic was not a separate risk – its impact was rather to serve as a trigger accentuating, or in some cases suppressing, most of the identified strategic risks to the business. Most critically, the COVID-19 pandemic simultaneously triggered multiple strategic risks in the operational, social, financial, economic and regulatory categories. While the Group’s business continuity arrangements were primarily designed around individual risks occurring in isolation, the multi-disciplinary business continuity committee, under the leadership of the CEO, proved effective in managing the simultaneous impact of multiple strategic risks to navigate an effective strategic course for the business. Key strategic risks affected included those relating to health and safety, operational delivery, socio-political instability, cybersecurity, unreliable and expensive electricity supply, the regulatory framework and the global economic context that translates into volatility in the market supply demand balances for commodities. Operational delivery was substantially disrupted during the periods of lockdown in South Africa and due to the need to implement COVID-19 precautionary measures. The SA government reacted swiftly and decisively at the start of the COVID-19 pandemic which saw the establishment of the Solidarity Fund, a hard lockdown to prepare the health facilities for waves to come, and among others, utilised the reserves from the Unemployment Insurance Fund to reduce the impact on the livelihoods of people who were not able to work as a result of the lockdown. Counterintuitively the residual health and safety risk declined somewhat. This was due to the level of attention paid to and diligence in managing the disruptions to operations within the company to guard against an elevated inherent risk. The inherent cybersecurity-related risk increased with most office workers being based off-site at home, although the controls in place have proved effective for the new working arrangements, and the level of residual risk was therefore unchanged year-on-year. 1 For more detail on risks, please refer to page 42 and page 45 onwards. Opportunities can be found from page 55 onwards Sibanye-Stillwater Integrated Report 2020 28 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Material influences in our external operating environment continued COVID-19 continued While temporarily alleviated due to reduced electricity demand during periods of suppressed economic and social activity, the risk relating to reliability and affordability of electricity supply has re-emerged. This risk is compounded by the on-going operational and financial underperformance at the South African national power utility, Eskom. The effect of COVID-19 on communities was to aggravate social tensions although the ability of communities to mobilise was reduced during the periods where in person gatherings were restricted. While global economic activity was severely depressed due to COVID-19 affecting industrial commodity demand during the initial phase of the pandemic, the bounce back to normalised levels has been more rapid than expected. The suspension of mining activity and subsequent gradual return to normal production in South Africa impacted supply at the same time that demand for these metals dropped. See COVID-19 – impact and response for more detail on action taken to address and manage the operational and social impacts of the pandemic at our operating sites and within our host communities. Outlook Although the global pandemic and response strategies are maturing, considerable uncertainty remains around how further outbreaks and mutations of the virus may impact on societies and economies. Much depends on the successful roll out of the various vaccines and their efficacy in the context of new variants that are emerging. We are actively monitoring trends and developments and preparations have been made to support roll out of the vaccine to employees and in host communities as soon as it is available. Sibanye-Stillwater has publicly stated that it is willing to avail its medical facilities and resources to administer the vaccines to employees and family members. In addition, the Group is willing to procure vaccines to expedite the national roll out in South Africa in support of the goal of population immunity. Sibanye-Stillwater Integrated Report 2020 29 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Material influences in our external operating environment continued GLOBAL MACRO ENVIRONMENT Partly triggered by the COVID-19 pandemic, the global context of 2020 was characterised by mounting macroeconomic risks, easing monetary policy, deepening political tensions between major economies affecting global trade, and rising nationalism with a move towards protectionist policies by many of the world’s larger economies. (Related risks: 4, 8; related opportunities: 2) Our strategic response Through commodity and geographic diversification, Sibanye-Stillwater is resilient to the global economic disruption. Our presence in the PGM markets built up during a cyclical low spanning from 2016 to 2019 positioned Sibanye-Stillwater for the anticipated recovery in PGM prices as the supply demand balance, as expected, evolved into deficit. Dynamic management adapting to the circumstances enabled us to safely exceed originally planned productivity levels thereby taking advantage of the elevated price environment. Impact The global macro-economic and geopolitical landscape has a major influence on the supply and demand fundamentals of the commodities we produce. As the pandemic wave spread across the globe investors initially sought a safe haven in gold investments, which served to spur the price to levels above US$2,000 in August 2020. Commodities with primarily industrial applications, such as our PGM’s are indirectly impacted through slowdowns in global manufacturing activity, trade and consumer demand. While initially balanced by shortfalls in supply, demand has picked up more rapidly than generally anticipated with a V-shaped bounce. This has resulted in a substantial increase in the PGM basket price after an initial decline in early March 2020 as the markets reacted to the uncertainly at the time. Outlook According to the World Bank, global growth is expected to recover from the contraction in 2020 with growth at around 4% year- on-year in 2021 and sustained at normalised levels thereafter. Commitments to continued expansionary stimulus policy with low real interest rates over at least the next two years are constructive for gold as an investment option. The speed and effectiveness of the global COVID-19 vaccine roll out is regarded as a critical factor that could influence the extent and pace of economic recovery. Despite the initial fears during 2020, the possibility of a global economic downturn being triggered has receded with commodity demand projections remaining robust. Sibanye-Stillwater remains well positioned to navigate this external landscape through its exposure as a diversified precious metals producer. MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Gold pour at the SA gold operations Sibanye-Stillwater Integrated Report 2020 30 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Material influences in our external operating environment continued SOUTH AFRICA’S OPERATING CONTEXT Persistent weak economic growth in South Africa with rising unemployment and negative GDP per capita growth are the significant factors contributing to widespread social unrest. Even before the impacts of the COVID-19 pandemic, real GDP growth forecasts to 2022 were near 1%, which is insufficient to address the triple challenge of poverty, unemployment and inequality. Mounting national debt and unsustainable fiscal deficits compound the social and economic challenges. The spread of the pandemic to South Africa changed the already-challenging economic outlook for the worse, while further exposing deep structural divides in the economy. This situation was compounded by the downgrade of South Africa’s credit rating to junk status in March 2020. Regarding electricity supply, ageing power plants, a backlog in essential maintenance and a substantial debt burden is increasingly impeding state-owned utility Eskom’s ability to provide affordable and reliable electricity. This continues to result in load curtailment and escalation of electricity tariffs at substantially above inflation rates. (Related risks: 1, 2, 3, 4, 9 10 ; related opportunities: 3, 4, 5) Our strategic response Sibanye-Stillwater has a clear strategy to prosper despite the adverse social and economic climate that prevails. Through this strategy we: • work to improve social cohesion within host mining communities by establishing socio-economic partnerships with local stakeholders • address the Marikana legacy (refer to the Marikana renewal fact sheet) • adopt intensive security operations to preserve the integrity of our assets and ensure operational continuity The availability of emergency generators (as partial back-up) at our mines caters for the risk of unplanned localised power disruptions that are mostly unrelated to pre-warned load curtailment. The safety of our employees is of paramount concern and we have established clear protocols and implemented measures to ensure employee safety in the event of a major power supply failure, and together with Eskom agreed on specific protocols to mitigate the impact of load curtailment at our operations. We are also advancing private power generation from renewables as a means to improve the reliability and affordability of power in South Africa. Impact With our South African operations accounting for 81% of total Group production, social instability has a significant impact on our business. Deepening inequalities and rising unemployment has inevitably contributed to social distress in the country and this is strongly evident in our doorstep communities. In turn, these factors are further contributing to social disruption, escalating lawlessness and criminal activity, all of which are an ongoing threat to our operational activities in South Africa and add to an increasing cost burden, particularly through heightened security measures. In terms of electricity the ongoing price hikes and frequent supply disruptions impact on the competitiveness of our operations, creating a real risk that the lives of the more marginal operations could be foreshortened. Outlook Ongoing energy supply constraints and delays in the COVID-19 vaccine roll out are expected to be key factors inhibiting a recovery in the SA economy. While a bounce in GDP is forecast in 2021, longer-term GDP growth is forecast to remain at lethargic levels without structural reform that promotes private sector led growth in the South African economy. Sustained weakness in the Rand:US dollar exchange rate as a result of the economic, fiscal and monetary challenges may however benefit the revenues generated by the Group’s SA gold and SA PGM operations. Sibanye-Stillwater Integrated Report 2020 31 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Material influences in our external operating environment continued SOUTH AFRICA’S INVESTMENT CLIMATE Several factors continue to shape the investment climate in South Africa, not least of which are the policy and regulatory environment, the status of bulk infrastructure services and social stability. Unreliable and costly bulk infrastructure, most critically electricity, result in elevated cost structures that undermine the business case for investment. (Related risks: 2, 3, 6, 10; related opportunities: 1, 3, 4, 5) Our strategic response Our capital allocation criteria appropriately accommodate the risk factors by imposing a higher hurdle rate on potential major capital investments in South Africa. Despite the elevated hurdle rates, feasibility studies have demonstrated the viability of three major capital investments representing a R6.3 billion commitment securing 7,000 jobs. These were approved early in 2021. For more information refer to Delivering value from our operations and projects. Moreover, we actively and constructively engage with the government directly and through industry bodies such as the Minerals Council South Africa to facilitate solutions to mining regulatory challenges and uncertainty. In addition, together with business associations, we continue to nurture the South African investment climate by advocating for the structural reforms required to establish a climate conducive to capital investment through policy, regulatory, and infrastructure services overhaul. Impact Regulatory requirements combined with cumbersome administration and inefficient national public services erode the commercial rationale for investment. Several new bills, amendment bills and new draft policies before parliament, which have been delayed owing to the onset of the COVID-19 global pandemic. These delays are prolonging regulatory uncertainty, particularly in terms of the regulated management and reporting of environmental impacts in and surrounding mining operations. Further to this, although the Minister of Mineral Resources and Energy has withdrawn the appeal on the declaratory ruling on the continuing consequences of historical empowered ownership, certain aspects of the 2018 Mining Charter remain subject to a review application that is yet to be heard in court. Outlook South Africa’s operating outlook remains challenging, at least in the short-term, with expectations of load shedding and tariff increases to continue in 2021. Although regulatory uncertainty remains, the strong voice of business in South Africa is gaining positive momentum. With the mining industry generating positive returns, taxes and royalties boost the fiscus as Government prioritises its immediate efforts to managing the COVID-19 pandemic and implementing a nation-wide vaccination programme. MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Existing infrastructure at the Burnstone gold project Sibanye-Stillwater Integrated Report 2020 32 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Material influences in our external operating environment continued STAKEHOLDER EXPECTATIONS AND SHAREHOLDER ACTIVISM Stakeholders expect far more from companies than a decade ago. There is increasing pressure on mining companies to not only demonstrate that they can responsibly allocate and manage capital but, more importantly, that they can prove a solid and responsible commitment to dealing with environmental, social and governance (ESG) issues. It is only through such commitment that we can ensure and maintain not only our regulatory licences but, more importantly, our social licence to operate and our legitimacy with our shareholders. (Related risks: 1, 3, 5, 9; related opportunities: 3, 4, 5) Our strategic response Sibanye-Stillwater is committed to ESG excellence and continual improvement. We have firmly embedded ESG considerations within both our strategy and operating practices. Although ESG considerations have always been part of how we do things, we are heightening our efforts and awareness by setting specific targets to enable a clear path to improvement and supporting. Refer to Our purpose, vision and strategy section. In addition, the green commodities that we produce are an important facet of our ESG performance through their contribution towards global environmental and social well-being. Our ESG credentials are further enhanced through our standing as a world-leading PGM recycler supplying PGM ounces that carry an environmental footprint at a fraction of the equivalent mined ounces. Moreover, Sibanye-Stillwater’s equity interest in DRDGOLD provides involvement in tailings recycling through a dedicated environmental cleanup and rehabilitation operation. Impact ESG factors represent an increasing imperative that influence the investability of a company. Without sound ESG credentials, there is a significant risk of a company being uninvestable or at least trading at a significant discount to its peers. Certain social and environmental risks feature prominently in the risk register. The heightened focus on ESG performance corresponds with the growing demand globally for all companies to be transparent in the reporting of the full range of the ESG impacts of their operations. There are both risks and opportunities in relation to ESG. See Pursuing opportunities. Outlook Stakeholder expectations in respect of responsible operations are expected to become ever more exacting. While the current focus on how responsibly operations are conducted will remain, investors will increasingly take into account the impacts of the corporation’s products on key ESG issues, and climate change in particular, in their investment decisions. As ESG rating systems converge on norms that are becoming established, they are likely to elevate in importance as the basis in supporting the transition from exclusionary investment to active investment prioritisation based on ESG considerations. The Good neighbor stakeholder agreement enables collaboration at the US PGM operations in Montana, operating in a pristine environment Sibanye-Stillwater Integrated Report 2020 33 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Material influences in our external operating environment continued CLIMATE CHANGE Among the series of global challenges that characterised 2020, increasing recognition of the imperative to address global warming remained the defining challenge facing the sustainability of the planet and mankind. If nothing else, the various lockdowns that were imposed during the course of 2020 served to focus the spotlight on climate change and the impact business and society at large have on the environment. The world is at a point where the social and political consensus is for action on climate change. The commitment in the Paris Climate Agreement to achieve ‘net zero’ greenhouse gas emissions by 2050 subscribed to by most of the world’s leading nations effectively requires a complete overhaul and replacement of the entire global infrastructure in the space of thirty years, even as that infrastructure continues to grow. Many countries have or are in the process of actively regulating climate change with aggressive targets and are providing funding and incentives to meet these. The energy transition is happening and will substantially change markets over the next thirty years, particularly over the next ten. (Related risks: 2, 6; related opportunities: 1, 3, 5, 7) Our strategic response Given the urgency to which climate change is being addressed at an international level, and of the risks and opportunities to Sibanye-Stillwater’s business in the medium to long term, in 2020 we drafted a climate change position statement and have a climate change response programme in place. Alongside this development we continued to pursue resource efficiency initiatives, particularly energy initiatives, to reduce carbon emissions and thereby limit our impact on climate change. Reflective of our commitment to combat climate change, we have set a target to be carbon neutral by 2040. For more information on this, refer to page 251. Regarding our effect on climate change and the related risks, consideration is being given to reporting in line with the Task Force on Climate-related Financial Disclosures (TCFD). Impact Climate change is, and will continue to have, a threefold impact on Sibanye-Stillwater’s business. Firstly, the effect our operations have on climate change through greenhouse gas and SO2 emissions; secondly, the impact of climate change on the Group and our operations, which largely relates to increasing water shortages and water security for which we need to plan; and thirdly, the effect that climate change is likely to have on PGM demand as these metals are core to reducing vehicle emissions and to enable the fuel cell and hydrogen economy. The latter is impacted by the evolution of the powertrain technology mix. (For further information refer to Pursuing opportunities, page 57.) Outlook With the global aim to curtail global warming to below 1.5ºC, the battle to slow climate change is expected to take centre stage over the forthcoming decades. This will inevitably spur research and development of new technologies that are likely to incorporate the products Sibanye-Stillwater mines and markets and is expected to create major new opportunities for battery metals and novel applications for PGM’s in the green hydrogen economy. MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Sibanye-Stillwater Integrated Report 2020 34 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Material influences in our external operating environment continued POLITICAL DEVELOPMENTS IN THE US The 2020 elections in the United States (US) yielded a change of administration that is expected to result in some significant shifts in government policy. Some of the main focus areas for the newly-elected administration include tackling the COVID-19 pandemic, promoting domestic economic recovery, and addressing climate change with strong emphasis on environmental protection. (Related risks: 6; related opportunities: 3, 5, 7) Our strategic response Our world-class mining and processing operations in the US have been built and are operated to limit the impact and emissions on the environment. We will however continue to monitor the impact of possible new legislation on currently permitted environmental limits and mining tax regimes. Impact In terms of our US PGM operations, the pro-mining stance of the previous administration that established strong incentives for mining developments. The US has also rejoined the Paris Climate Agreement and renewed its commitment to reducing greenhouse gas emissions. This could have positive repercussions for PGM demand and other green technology commodities through the adoption of more rigorous emission standards and presenting opportunities for low-carbon technology. Outlook While new mining concessions and expansions may be subject to more stringent scrutiny, this has limited relevance for Sibanye- Stillwater’s US PGM operations where long-term authorisations are in place. In addition, PGM’s enjoy recognition as strategic commodities that support a green future. Robotic sampling at the Columbus metallurgical facility at the US PGM operations Sibanye-Stillwater Integrated Report 2020 35 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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COMMODITY FUNDAMENTALS OVERALL PGM COMMENT The impact of the COVID-19 pandemic on the global economy during 2020 was profound and led to an approximate 14% decline in global demand for platinum, palladium and rhodium. The impact of this decline in demand on PGM prices was short lived however, with prices recovering rapidly at the end of Q1 2020, following the imposition of the country-wide lockdown in South Africa from late March 2020. The suspension of mining until May, followed by a gradual ramp-up in production during the remainder of the year, resulted in global primary platinum, palladium and rhodium supply declining by approximately 11% for 2020, largely offsetting the drop in demand. Secondary supply from recycling was also 10% lower due to COVID-19 related restrictions, which affected global recycling logistics, as well as fewer vehicles being scrapped. Converter plant failures at Anglo American Platinum Limited’s processing operations in Q1 2020 and Q4 2020 exacerbated the supply shortfall from South Africa, with the second outage adding to an already tight market and driving PGM prices higher at year end and into 2021. PLATINUM Review of 2020 The platinum price in 2020 was range bound between US$623/oz and US$1,078/oz, averaging US$891/oz for the year. In some ways, the price was helped by the COVID-19 pandemic in that operational constraints in South Africa significantly reduced production which served to tighten supply. However, a number of factors constrained a significant rise in the price not least of which included the expectation of fewer vehicle sales and a rise in demand for competing precious metals, particularly gold and silver. Outlook Note: 2021 price is the average London Platinum and Palladium Market (LPPM) price, 1-16 February 2021 of US$1,177/oz Platinum market balance koz US$/oz Platinum market balance Excluding investment Platinum price (RHS) (2,000) (1,500) (1,000) (500) 0 500 (1,000) 0 200 400 600 800 1,000 1,200 1,400 2015A 2016A 2017A 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Sibanye-Stillwater Integrated Report 2020 36 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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PLATINUM continued Outlook continued We expect platinum market surpluses to narrow over the first half of the decade, with deficits forecast from 2024. This is largely due to the effect of substitution and declining production from SA. Our three-year investment into research and development (R&D) of a tri-metal catalyst for gasoline cars, together with BASF, has been successful. The tri-metal catalyst is able to replace palladium with platinum in a 1:1 ratio. Based on current uptake estimates substitution of palladium with platinum could increase to over 1Moz by 2025. Better alignment of the PGM basket demand with supply will provide longer-term sustainability and greater price stability. While platinum supply has been in deficit for the last two years, Sibanye-Stillwater expects supply to swing to a surplus of ~960koz in 2021 and then moving into a deficit from 2024. This takes into account the expected growth in recycling output by ~23% (from 2020) by 2025 due to higher loaded autocatalysts being recycled. Platinum is also expected to play a key part in the future hydrogen economy due to it being an effective catalyst for proton exchange membrane (PEM) electrolysers and fuel cells. Although the related demand requirements are not yet quantified, technological advancements in this space will soon provide more insights into the trajectory. Growing acceptance of substitution in gasoline autocatalysts and increasing investment interest in the hydrogen economy has resulted in the platinum price achieving multi-year highs in 2021. We expect the platinum price to continue to be well supported, with significant upside over the next five years. Similarly, demand for platinum jewellery is expected to remain healthy (net demand growth of ~4% per year between 2021 and 2025) due to the metal’s hefty discount to gold, and an increase in investment demand is likely to persist, at least in the short term. Gross PGM auto demand vs vehicle demand koz Millions Platinum Palladium Rhodium Passenger cars (PCs) and Light commercial vehicles(LCVs) 60 70 80 90 100 110 120 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sibanye-Stillwater Integrated Report 2020 37 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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PALLADIUM Review of 2020 Apart from a short decline in the palladium price in March 2020 (to a low of US$1,613/oz) as the world reacted to the uncertainty of the COVID-19 pandemic, the palladium market in 2020 remained strong as reflected by the average price for the year US$2,230/oz and a high of US$2,840/oz, which was considerably higher than the average of US$1,548/oz recorded in 2019. The price of this precious industrial metal has been driven by a significant supply and demand imbalance. While demand has risen sharply over the years as automakers use more of the metal to meet tightening emission standards, supply has been constrained in the short-term due to a lack of investment in new mines over the past decade. Roughly 80% of annual demand comes from auto manufacturing, while industrial demand accounts for 18% and the jewellery sector uses the remaining two percent. The price started the year strongly but then sold off to a low of US$2265/oz in early February. However during February, the price increased steadily to a high of US$2,450 on 25 February, supported by solid near-term fundamentals and by sentiment view on the possible impact on supply due to disruption of the palladium supply at a peer company (Norilsk Nickel) in February/March 2021. Outlook The near-term outlook for palladium’s fundamentals remains overwhelmingly positive due to tighter emissions standards in various countries which results in more PGM loadings in catalytic converters. This will continue to boost demand as these advanced converters require some 30% more palladium per vehicle. Coupled with growing car sales, this will continue to fuel demand for palladium. The rising demand will be met with continuing short-term supply shortages with palladium expected to record its tenth annual supply deficit in 2021. While the fundamental palladium deficit narrowed in 2020 (to some 250,000oz), it is expected to widen to ~850koz as the automotive market recovers to 71 million new vehicles sales in 2021. It is anticipated that these fundamentals will spur a further rise in the precious industrial metal’s price, at least in the short term. A gradual decrease of palladium demand (about 1.5Moz/year by 2025) is expected as an increase in substitution with platinum in gasoline autocatalysts gains momentum. Primary supply of palladium is expected to grow by about 500,000oz between 2021 and 2025 due to the build up at our Stillwater East (Blitz) operation and expansions by Norilsk in Russia. Secondary supply is also set to increase (+1Moz) due to higher palladium loadings from autocatalyst recycling during this timeframe. In the medium to long term, palladium is expected to move into a surplus which should allow for the opportunity to partially substitute rhodium for palladium in autocatalysts in the future, although the research for this still needs be undertaken. Palladium market balance koz US$/k oz Palladium market balance Excluding investment Palladium price (rhs) 2015A 2016A 2017A 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E 0 500 1,000 1,500 2,000 2,500 (1,500) 0 500 (1,000) ( 500) MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Sibanye-Stillwater Integrated Report 2020 38 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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RHODIUM Review of 2020 The rhodium price has traditionally been quite volatile due to an illiquid market but as tightening emissions regulations result in more loadings, an ongoing upwards price trajectory is expected. Due to higher prices, the substitution of rhodium with platinum in the glass industry removes 20,000oz of industrial demand, further cementing rhodium as an auto metal subsequently making up ~90% of demand. The average rhodium price for the year was US$11,231/oz reaching a high of US$17,000/oz on 31 Dec 2020 and compared to an average price of US$3,910/oz in 2019. Supply was considerably more constrained in 2020 due to the slow ramp-up of the SA PGM mines, which account for more than 80% of supply, and exacerbated by the outage of the ACP converter plant at Anglo American Platinum. By March 2021, the rhodium price reached a high of US$29,200/oz, due to normalised demand and no new short-term mine supply coming to the market. Note: 2021 price is the average Johnson Matthey base price, 1-16 Feb 2021 of US$21,408/oz Outlook Demand fundamentals for rhodium remain buoyant in the short to medium term, particularly on the back of the increased loadings and normalising vehicle sales resulting in 19% growth between 2021 and 2025. A return to deficit of some 20,000oz is expected in 2021 as the global automotive markets recover faster than supply. Moreover, a lack of investment into primary supply will exacerbate the fundamental deficits over the next 4-5 years resulting in a 13% decline in primary supply. Inevitably, this is expected to drive prices higher. Secondary supply volumes are expected to grow to about 140,000oz of rhodium by 2025 as higher loaded autocatalysts are scrapped and recycled. Rhodium’s sustained market deficits and runaway prices are a growing concern. We believe that research and development into substitution of rhodium must come to the fore over the near term. In the context of ever-rising rhodium prices in the absence of investment into new supply or alternative catalysts to meet tightening emissions regulation, Sibanye-Stillwater believes and will be advocating for industry-wide collaborative research programmes in the effective substitution of rhodium as palladium is expected to move into balance over the next couple of years. Rhodium market balance koz US$/k oz Rhodium market balance Rhodium price (RHS) 2015A 2016A 2017A 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E (100) (300) 4,000 0 8,000 12,000 16,000 20,000 (200) 0 100 200 Sibanye-Stillwater Integrated Report 2020 39 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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IRIDIUM Review of 2020 The average iridium prices for the year was US$1,623/oz but soared from US$1,760/oz on 18 Dec 2020 reaching a high of US$2,550/ oz on 25 December 2020. This compares to an average price of US$1,480/oz in 2019. By March 2021, the iridium price reached a high of US$5,100/oz. Demand was reasonably robust through 2020, despite the pandemic, faring a little better than ruthenium. Iridium crucibles were in demand for the manufacture of lithium tantalate for surface acoustic wave (SAW) filters for the mobile telecoms market, not just in smartphones, but embedded in many products. Organic light emitting diode (OLED) display screens, containing small amounts of iridium, are increasingly widespread in smartphones. Demand for iridium in high performance spark plug tips, for light vehicles and for industrial gas engines, remained strong, though vehicle sales were of course reduced by the pandemic. Outlook In the longer term, if the European Union is to meet its target of installing at least 40GW of renewable hydrogen electrolysers by 2030 this could result in incremental iridium demand of some 500,000oz over the next decade. This would be material for an illiquid/ opaque market with current annual demand in the 200,000-265,000oz range. Clearly, this depends not only on how the electrolyser technology evolves, but also on the ability of producers to thrift iridium loadings down, as we have seen with other PGM applications, over time. As the market for green hydrogen from PEM electrolysers develops, concerns are increasingly raised primarily over the availability of iridium. In addition, work from home and automation trends drives demand for iridium crucibles for lithium tantalate for SAW filters used in smartphones and similar technology. The roll out of 5G has slowed but is expected to accelerate over the next two years, resulting in increasing need for SAW filters. RUTHENIUM Review of 2020 The average ruthenium price for the year was US$265/oz reaching a high of US$270/oz compared to an average price of US$258/oz in 2019. By March 2021, the ruthenium price reached a high of US$365/oz. Hard disk drive (HDD) sales have risen as increased data storage to support changes to working and entertainment patterns have occurred, supporting ruthenium demand. Three major global HDD manufacturers are migrating to heat-assisted magnetic recording (HAMR) technology (no ruthenium) but this has been very slow to date. Outlook The three global HDD manufacturers are continuing to base much of their output on ruthenium-based technologies for now, but it is likely that some sales will migrate to no-ruthenium HAMR technology, which has already been fully market-tested, within the next year or two. Chemical catalyst demand in China is expected to remain strong, particularly for caprolactam production and for catalytic wet air oxidation to clean waste from large-scale chemical production plants. Ruthenium is also set to play a prominent role in the hydrogen economy as an efficient catalyst in PEM fuel cells along with platinum. PEM fuel cells are highly scalable and practical in use, from small devices to heavy duty transport, though other non-PGM technologies are available MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Sibanye-Stillwater Integrated Report 2020 40 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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LITHIUM Background and review of 2020 Lithium and lithium compounds are used widely, for example in the glass and ceramics industry as well as the medical industry. The battery industry became the most significant user of lithium during the 2010s. The demand for rechargeable batteries has grown significantly as various portable devices, such as smart phones, tablets, laptops, and wireless tools, have become common. Lithium use has increased significantly particularly in the electric vehicle market. Rechargeable lithium-ion batteries are light, weighing approximately 75% less than lead-acid batteries having equal capacity, which makes a lithium-ion battery an excellent choice for electric cars or bikes. The growing demand for hybrids, rechargeable hybrids and electric vehicles strongly increases the demand for lithium. In 2019, overall lithium demand amounted to over 270,000 tonnes of lithium carbonate equivalent (LCE). The average lithium price for the year was US$5,400/t, compared to US$8,552/t in 2019. A market surplus weighed on the price which was further weakened by early indicators suggesting that COVID-19 would compromise demand more than supply. The consistent out-performance of electric vehicle sales in Europe throughout the year and a second-half recovery in China boosted sentiment going into this year, with the price averaging US$9,839/t in the first two months of 2021 and a year-to-date high of US$12,365/t. Outlook Lithium demand is predicted to grow to 900,000 LCE tonnes by 2027, and to almost 2.8 million LCE tonnes by 2040. Lithium hydroxide (LiOH) is a chemical that is needed in the production of the cathode active material in modern high-nickel cathode materials, which provide higher energy density. Lithium hydroxide is expected to become the dominant lithium chemical consumed in battery applications. In the future, Keliber – in which Sibanye-Stillwater recently acquired a 30% stake, effective March 2021 – will offer lithium hydroxide especially for the needs of the strongly growing lithium battery market. The battery-grade lithium hydroxide produced by the company can be used for the manufacturing of batteries for increasingly electrifying transport (electric and hybrid vehicles) as well as in the production of batteries for energy storage. GOLD Review of 2020 COVID-19 had a profound effect on gold fundamentals in 2020. The pandemic temporarily limited the mining and refining of gold in some parts of the world, fabricate physical demand, investment demand and influence the fundamental mechanics of buying, selling and moving gold around the world. The most dynamic effect was on investment demand – both from a risk aversion and safe haven buying perspective – which more than doubled from 2019 levels. Such was the convergence of fundamentals that the price was pushed to an all-time-high of US$2,074/oz in August 2020. The average price in the year under review was US$1,770/oz. Outlook Economic recovery and low interest rates will set the tone for the gold price. There is expected support for gold investment from low interest rates and lingering economic risks. A recovery in gold consumer demand, largely stimulated by the economic recovery of emerging markets with moderate net purchases from central banks is forecast. Recovery in gold supply is likely with most mines experiencing fewer stoppages as the vaccines are rolled out and the world recovers from the pandemic. Sibanye-Stillwater Integrated Report 2020 41 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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TOP 10 RESIDUALLY 1 RANKED RISKS 2 Risk description Ranking Change in ranking Residual risk status Related strategic pillar 2020 2019 Socio-political instability and social unrest in South Africa 1 2 YY Unreliable and unaffordable electricity in South Africa 2 6 YY Under-delivery to plans and market guidance - delivery on production volume and unit cost falling short of commitments 3 1 ZZ Departure from projected economic parameters – adverse changes in commodity prices and exchange rates 4 3 ZZ Health and safety performance not meeting expectations 5 4 ZZ Change in and introduction of new legal/regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter, etc.) 6 11 XX or Cybersecurity and IT risks 7 7 WW Aggressive competitor strategic actions (including PGM production expansions in SA and other jurisdictions. Actions that influence PGM intensity of the global transportation and energy sectors) 8 12 XX Inability to close operations 9 9 WW High cost of and limited access to capital 10 10 WW 1 Residual risk is the amount of risk that remains after controls are accounted for 2 The COVID-19 pandemic was determined not to be a separate risk – its impact was rather to serve as a trigger accentuating, or in some cases suppressing, most of the identified strategic risks to the business Change in top 10 residual risk ranking: XX Elevated to top 10 residual ranking YY Increased ZZ Decreased residual risk ranking WW No change in residual risk ranking Residual risk status: Low Ranking Medium Ranking High Ranking OUR TOP 10 RESIDUAL RISKS The top 10 strategic inherent and residual risk ratings are reflected in the heat map below. RISK MATRIX: HEAT MAP 5 4 3 2 1 1 2 3 4 5 LIKELIHOOD IMPACT 10 1 1 10 4 8 7 2 2 6 3 7 8 9 6 3 4 5 9 5 Inherent risk rating Residual risk rating MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED For more information on these risks, refer to page 45 of this section. Sibanye-Stillwater Integrated Report 2020 42 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Risk dynamics – movement in group risk rankings Besides the two risks (risks 6 and 8) elevated for inclusion in the top 10 ranking, the ranking of two residual risks declined in significance and are now no longer incuded in the top 10. These two risks, together with an explanation for the change in their risk status, are: Previous ranking (2019) Risk Explanation for decrease in residual risk 5 Industrial unrest and compromised employee engagement Imperatives of job security in the South African employment market in the context of subdued economic growth and declines in mining employment. Improvements in winning the hearts and minds of our employees through our purpose-led and values-driven culture. 8 Inability to reduce debt The improved commodity prices and favourable rand-dollar movements boosted operational cash flow significantly during the year. This in turn contributed to improved liquidity which enabled a significant reduction in debt levels. Deleveraging completed with a net cash position achieved and gross debt within the levels for effective capital gearing. Reflected by the change in strategic focus area from Deleveraging to optimising capital allocation. TOP RISKS BY OPERATING SEGMENT While there are certain operational risks that are generic to all the operating segments, other risks are distinct according to the operating context of each segment. Some risks (for example governance/reputational damage or loss; gold and PGM price volatility and deviations from planning parameters) represent a corporate risk and have not been listed in the risk per segments below. As a diversified Group, some risks would be neutralised on consolidation of the three segments – taking water-related risks as an example – both our SA gold and US PGM operations are water positive with excess water being treated and recycled, while our SA PGM operations have more of a seasonal water scarcity, but this risk has been integrated in the ‘under-delivery of plans/expectation’ risk and therefore has not listed been as a standalone risk. The top risks identified for all the operations and specific to each operating segment for 2020 were: Risks applicable to all operations • ESG performance (decline in safety and health performance and business disruptions due to social unrest). This includes the inability to meet global governance standards and targets, as well as the Mining Charter, MPRDA and SLP requirements for the SA operations • Underground fires (ignition of flammable gas or combustible material and/or explosives) • Under-delivery on plans/expectations SA PGM operations SA gold operations US PGM operations • Theft of product, explosives, copper and infrastructure • Expected returns not realised from expansion projects • Illegal mining • Seismicity • Total power outage/loadshedding • Inability to close infrastructure • Expected returns not realised from expansion projects • Expected returns not realised from expansion projects • Non-compliance with relevant laws, regulations, adopted non-binding rules and guidelines (including amendments) One of the dominant themes that pervades all the operating segments is risks that would generally represent ESG shortcomings. Due to the importance of embedding ESG excellence in the way we operate, these risks have been unpacked at a granular level rather than under a broad category of ESG failures and non-conformances to provide the reader with adequate definition taking into account the operational practices in each segment and the environmental and social contexts in the districts in which we operate. Sibanye-Stillwater Integrated Report 2020 43 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

OUTLOOK – SIGNIFICANT EMERGING RISKS AND TRENDS Specific emerging group risks Three emerging risks currently being closely monitored are: Risk Explanation Our response Management oversight over joint venture or associate investments With the considerable number of joint ventures and associate investments, there is a concern over ensuring that the companies in which Sibanye-Stillwater has invested apply the same good corporate governance and responsible citizen procedures as the Group. The joint ventures or associates are set up as independent companies and have the responsibility to put structures in place to ensure good corporate governance. Where possible Sibanye- Stillwater is represented in the oversight structures at the various joint ventures and associates. Acceleration in the transition of automotive powertrains to electric vehicles Indications are that the adoption of battery electric vehicles and fuel cell electric vehicles may take place on a more rapid trajectory than had been previously envisaged. While the core demand for PGM use in autocatalysts will not be affected substantially in the short to medium term, the company is well positioned to participate in the commodity requirements for the emerging battery and fuel cell drivetrains. While the company has done substantial preparatory work on which to secure involvement in battery metals with an initial transaction announced in February 2021, the green hydrogen economy linkage of fuel cells represents an attractive new application area for platinum and the minor PGM elements. Increasingly exacting ESG expectations Investors are increasingly requiring ESG excellence as a critical investment criterion. There is recognition that strong social legitimacy to operate through exemplary ESG credentials is essential for superior sustainable business performance. We have established embedding ESG excellence in the way we do business as one of our six strategic focus areas. Subscribing to responsible mining and business codes provides a sound baseline to avoid ESG shortcomings. As from the 2021 long-term incentive awards, ESG performance will contribute as a formal performance condition thereby making remuneration paid to leadership subject to attainment of ESG excellence. Refer to the Remuneration report. Value realisation through capital allocation With the Group now having attained a cash positive position with indications of sustained strong cash flows that will further bolster the cash position, a risk of sub-optimal returns from the allocation of capital is emerging. A robust capital allocation policy has been developed that reflects the imperative of balancing between delivery of returns to shareholders and investments into the sustainability and growth of the business to yield superior future returns. Stringent risk-based criteria and strict due diligence processes are in place to define risk-based hurdle rates for all capital investments. A dedicated Investment Committee of the Board has been established with oversight of the capital allocation process and in-depth review of all major investments of capital. For full disclosure on our risks, please refer to the 2020 Form 20-F available at: https://www.sibanyestillwater.com/news-investors/ reports/annual/. MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Sibanye-Stillwater Integrated Report 2020 44 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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TOP 10 GROUP RISKS: DESCRIPTION, LIKELY IMPACT AND RELATED MITIGATING ACTION The top 10 group strategic risks are ranked according to their residual risk and potential to negatively impact our ability to deliver on our strategic objectives. The residual risk ranking is based on exposure levels once mitigating action and controls have been applied. 1. SOCIO-POLITICAL INSTABILITY AND SOCIAL UNREST IN SOUTH AFRICA Type of risk and strategic impacts Underlying vulnerabilities Triggers Related strategic objectives: Capitals affected: Board oversight committee(s): Social, Ethics and Sustainability Committee, Risk Committee and Audit Committee • Positioned in and dependent on labour from surrounding communities • Exposure to legacy issues • Lack of basic municipal service delivery • Increasing unemployment • Ineffective policing • Self-reliance on addressing un-abating serious and violent crime trends, as well as serious economic offences against the company • Illegal mining activity • Unrealistic community expectations from business • Prevailing community expectations not aligned to current SLP delivery, and/or Corporate Social Investment initiatives inability to sustain local economic development projects • A health crisis/COVID-19 • Perception that SLP requirements and community spending is not being met • Social upliftment agenda hijacked by socio- political interests • Community activism • Dire poverty • High unemployment in South Africa • Dysfunctional local government and inability to deliver basic community services • Traditional leadership inhibiting flow of benefit to community members • Area of exploitation by individuals and interest groups • SA clash of vested interests • SA high crime rates, rampant organised criminal activities • Illegal and artisanal mining • Failures in municipal service delivery • Closure of mines • Stakeholder activism (NGO) Consequences Current controls Planned control enhancement • Business and operational disruptions resulting in inability to deliver on operational plans • Safety and security compromised • Increased production and security costs • Negative impact on employee morale • Reduced cash flow • Mining license uncertainty • Company expected to compensate for local government shortcomings by providing social infrastructure • SLP pressure and costs • Reputational impact • New onerous regulations imposed • Reduction of international competitiveness • Stakeholder engagement • Security interaction/intelligence, and stabilising plans and protocols • Public relations campaign • COVID-19 social relief programme • Investment in local economic development • Concentric Alliance Community Compact • Influence and involvement in the Minerals Council South Africa • Central engagement forum • No cross-subsidisation • Creation of deliverable SLPs Revised procurement capacity • Geographical and commodity diversification • Re-based relationships with local stakeholders • Appropriate prioritisation of social implications in business decisions • Development of inclusive socio-economic development strategies for the areas where we operate subscribed to by all stakeholders • Improvement of procurement engagement strategy, including supplier development programme Legend Operational Economic Financial Social Sibanye-Stillwater Integrated Report 2020 45 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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2. UNRELIABLE AND UNAFFORDABLE ELECTRICITY IN SOUTH AFRICA Type of risk and strategic impacts Underlying vulnerabilities Triggers Related strategic objectives: Capitals affected: Board oversight committee(s): Social, Ethics and Sustainability Committee, Risk Committee and Audit Committee • SA gold and SA PGM operations are energy/electricity intensive • No near-term alternatives to Eskom power supply – inflexible national electricity regulation • Dependency on ageing electricity (third party) infrastructure • Limited efficiency improvement opportunities • Cost of electricity • Reliance on Eskom as a sole provider • Carbon emissions resulting in potential Carbon Tax liability • Obstacles to establishment of private power generation • Eskom debt service costs, productivity and input costs • Eskom fixed costs excessive with national power requirements lower than anticipated due to low GDP growth • Eskom operations management quality • Unavailability of generating plant (Eskom and other sources) arising from breakdowns and other factors Consequences Current controls Planned control enhancement • Safety and security of employees • Safety and security of infrastructure • Operational disruptions • Impact on gold production (Level 4) • Operational costs increase • Increased costs and margin reductions • Decreased profitability in operations • Loss making business units resulting in possible downscaling or cessation of operations • Large-scale job losses • Loss of investor confidence • Impact on operations, investors’ perspective, reputation, business disruption • Emergency generators in place • Representations to the regulators on price increase impacts • Electricity efficiency projects • Optimise usage of electricity • Risk-based load curtailment protocols • Bankable feasibility on solar project • Implemented processing alternatives • Engagement with Eskom • Energy monitoring and management systems • Alternative PGM processing considerations • Automation of our load curtailment protocols and enhance compliance tracking • Implementation of the Energy and decarbonisation strategy, inclusive of the self-generation of renewable energy Legend Operational Economic Financial Social MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Masakhane shaft at the SA gold operations Sibanye-Stillwater Integrated Report 2020 46 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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3. UNDER-DELIVERY TO PLANS AND MARKET GUIDANCE - DELIVERY ON PRODUCTION VOLUME AND UNIT COST FALLING SHORT OF COMMITMENTS Type of risk and strategic impacts Underlying vulnerabilities Triggers Related strategic objectives: Capitals affected: Board oversight committee(s): Risk Committee, Audit Committee and Remuneration Committee • High fixed costs • Dependence on key infrastructure • Deterioration of cash flow • Cash flow generation from operations • Highly leveraged and marginal due to strong rand and or low commodity prices • Volatile commodity pricing • Rapid growth profile • Lack of mining flexibility and technical complexity (e.g. seismicity) • Community unrest causing disruption • Reliance on water supply - shortages • Availability of technical skills • Organised labour disruptions • Disengaged employees • Lack of mining flexibility and technical complexity (e.g. seismicity) • Stretched or ambitious planning required to deliver profitable performance under tight commodity economics • Orebody information (mineable volume and grade) subject to uncertainty • Major critical infrastructure unavailability • Critical infrastructure unavailability • Bulk electricity and water supply disruption • Production interruptions arising from safety incidents • Global health concerns - e.g. COVID-19 stringent regulations due to the Disaster Management Act Consequences Current controls Planned control enhancement • Low morale • Job losses • Unable to retain key employees • Loss of revenue • Reduced cash flow • Higher cost of debt if in breach of covenants or have to obtain new facilities • Inability to repay debt and covenant breach • Inability to raise equity capital • Loss of investor confidence • Downscaling and asset restructuring • Domino effect as downscaling passes fixed costs on to other operations • Reputational impact • Failure to meet stakeholder expectations • Deterioration of stakeholder relationships • Difficulty delivering on community programmes • Operational monthly, quarterly and yearly planning process – realistic targets – flexibility • Detailed capital planning and scheduling • Operational monthly business review process • Quarterly operating segment reviews • Recovery planning to address production shortfalls • Quarterly Board reviews and oversight of operational performance • Operating model- organisational structure that has strengthened leadership capacity for focus on operations management at segments, business units and shafts • Strong segment operational leadership • Role clarity for positions • Competent people and strong leadership pipeline • Change management capability • Business interruption insurance • Organisational and culture development programmes • Employee relations’ mechanism and structure, leadership framework • Centralised internal technical capacity review • Geological modelling and Mineral Reserves and Resources practices • Business Continuity plans including emergency response plan • Promotion of values-based decision making • Organisational culture growth • Operating segment specific controls to address factors causing production interruptions Legend Operational Economic Financial Social Sibanye-Stillwater Integrated Report 2020 47 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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4. DEPARTURE FROM PROJECTED ECONOMIC PARAMETERS – ADVERSE CHANGES IN COMMODITY PRICES AND EXCHANGE RATES Type of risk and strategic impacts Underlying vulnerabilities Triggers Related strategic objectives: Capitals affected: Board oversight committee(s): Investment Committee, Audit Committee and Risk Committee • High fixed cost to variable cost ratio - medium to deep level underground mines • Mature orebodies in SA gold operations with limited flexibility to rapidly adapt to changing economic context • PGM exposure to economic vulnerabilities • PGMs are industrial metals • PGM forms a significant portion of the Sibanye-Stillwater portfolio • Unwieldy labour relations processes - impact on agility to restructure loss-making operations • Economic downturn (local, national, global) affecting global automotive demand • Decreasing metals demand leading to decreasing metal prices • Aggressive competitor strategic actions causing supply demand imbalances • US/China trade wars; global evolution of trade treaties; Brexit; escalating conflicts • Demonisation of diesel power trains resulting in platinum demand downturn – anti-diesel movement • Transport emission standards • Policies across major economies on hydrogen infrastructure and fuel cell emergence • Political direction of South Africa and ability to recover from downgrade to sub- investment credit rating • Adverse exchange rate changes – false sense of rand security • Growth in batteries for electric vehicles • Global health concerns – COVID-19 Consequences Current controls Planned control enhancement • Decrease in revenue • Increase in unit costs • Low/negative cash flow • Decreased business unit profitability resulting in potential • Retrenchments – job losses, potential layoffs • Cessation or downscaling of mining operations • Elevated social instability in areas surrounding mining operations • Lack of capital investment for organic growth • Increase in capital projects expenditure due to stop/start decisions • Inability to deleverage – increased leverage • Covenant breach • Equity issuance • Reputational impact • Decreased share valuation • Inability to execute growth strategy • Operational planning optimised to sustain profitability • Capital project optimisation and scheduling • Commodity and geography profile drawing on individual commodity and currency counter-cyclicity (though effectiveness not ideal with SA and PGM dominant) • Securing strong ESG credentials to sustain global confidence in commodity supply chains as a boost to demand • Advocacy for PGM-intensive technology as preferred way to address priority global issues • Securing position towards the lower end of global cost curves (focus on safe production) to weather period until commodity supply demand balance restored • Financial and commodity hedging (where appropriate) • Market intelligence allowing forecasting and supply • Active market development • Appropriate capital allocation • Further commodity and geographical diversification • Review capital project optimisation and scheduling Legend Operational Economic Financial Social MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Sibanye-Stillwater Integrated Report 2020 48 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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5. HEALTH AND SAFETY PERFORMANCE NOT MEETING EXPECTATIONS Type of risk and strategic impacts Underlying vulnerabilities Triggers Related strategic objectives: Capitals affected: Board oversight committee(s): Risk Committee, Audit Committee, Safety and Health Committee, Social, Ethics and Sustainability Committee and Remuneration Committee • Risk of fatality events • Desensitisation to events may influence attitudes to safety • Underground conventional and labour- intensive operations • Ultra-deep level gold mining • Employees propensity for high risk behaviour • Disregard for rules and procedures by employees • Lack of alignment with values and culture for health and safety • Labour intensive operations • Narrow nature of the ore body • Exposure to moving machinery in constricted environments • High level of seismic activity • Global health concerns - e.g. COVID-19 Consequences Current controls Planned control enhancement • Increase in fatalities • Increase in serious injuries • Negative reputational impacts • Reduced employee morale and engagement • Adverse relationships with stakeholders (customer, organised labour, shareholders, community) • Operational / business disruption resulting: – – in loss of production – – increased expense – – negative impact on sustainability of operation • Increased regulatory and stakeholder scrutiny • Legal consequences • Fines and penalties • Mine health and safety management system • Safe operating standards and procedures • Appropriate safety function • Board sub-committee providing oversight • Employee training and awareness • Behavioural intervention • Appropriate appointments with specified health and safety responsibility and accountability • Safety campaigns • Safety rewards and recognition (and consequences for poor performance) • Participation in industry safety bodies • Auditing for compliance to safety standards • Rock mass management • Increased focus on risk management at all levels • Tripartite health and safety summits • ISO 45001 Occupational Health and Safety Standard certification • Values based decision making • Automation and mechanisation efforts Legend Operational Economic Financial Social Sibanye-Stillwater Integrated Report 2020 49 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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6. CHANGE IN AND INTRODUCTION OF NEW LEGAL/REGULATORY REQUIREMENTS (INCLUDING CARBON EMISSIONS REGULATIONS, FINANCIAL PROVISION REGULATIONS, MINING CHARTER, etc.) Type of risk and strategic impacts Underlying vulnerabilities Triggers Related strategic objectives: Capitals affected: Board oversight committee(s): Social, Ethics and Sustainability Committee, Audit Committee, Risk Committee • Geographic footprint increase • Increased visibility of Sibanye-Stillwater • Increasing activism and high unmet social expectations • Environmental lobby group in Montana (US) • Historical perceptions of business and mining as exploitive of society • Political uncertainty • Enforcing compliance requirements • Anti-mining and socially oriented lobby groups successful in securing regulatory amendments • Well-funded and well-organized anti- mining NGOs • Increased direct and indirect taxation from stressed governmental budgets • Lack of technical expertise of regulators (SA) resulting in delays and onerous requirements • Social and environmental imperatives prioritised at the expense of investment promotion and long-term sustainability Consequences Current controls Planned control enhancement • Increased cost of compliance and cost of doing business • Periods of non-compliance • Fines & penalties • Loss of revenue • Reputational impact • Contracting market • Human capital impacts • Imposition of further taxes • Ongoing monitoring of regulatory changes (internal & external) • Advocacy through the Minerals Council South Africa and National Mining Association • Member of PGM associations and World Gold Council • External legal advisors • Strategic market intelligence • Measure and track compliance • Assurance • External regulators allocated • Review of all planned legislation to anticipate new laws • Setting hurdle rates in our capital allocation model to accommodate regulatory imposts Legend Operational Economic Financial Social MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Kroondal plant at the SA PGM operations Sibanye-Stillwater Integrated Report 2020 50 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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7. CYBERSECURITY AND IT RISKS Type of risk and strategic impacts Underlying vulnerabilities Triggers Related strategic objectives: Capitals affected: Board oversight committee(s): Risk Committee, Audit Committee and Remuneration Committee • Information technology (IT) network enabled equipment • IT and Operational Technology systems dependencies • High number of Information Technology and Operational Technology systems • Risks associated with cloud-based computing • Increase global cyber-crimes • Systems not integrated • Old or obsolete IT application systems and equipment • Reduced or no legacy system support from original equipment manufacturers (OEMs) • Inadequate disaster recovery capability • Unknown or unsupported systems installed on users’ personal computers • Various end users lack the technical background to identify and report a threat • Voluminous personal information stored within IT systems • Increased costs • Automated equipment and technology • Multiple systems and systems added with acquisition • Increasing global regulation relating to personal information protection • Including release of Protection of Personal Information Act (POPIA) • Digitalisation and process automation increasing exposure, ubiquity and dependence • Cyber breaches/ attacks/ hacking • Failing hardware • Failing network infrastructure • Failed disaster recovery • Breach of privacy • Human error, including information leakage by user • Load shedding impact on connectivity, hardware and network infrastructure Consequences Current controls Planned control enhancement • Loss of data • Breach of confidential information • Extortion in order to regain control of company data • Increased costs • Operational disruptions • Health and safety risk to employees if IT operational systems fail • Tarnished reputation and/or image • Fines and/or legal expenses • Legal liability • Business interruptions • Internal and external fraud • Reputational harm • Sarbanes-Oxley (SOX) controls • Firewalls with adequate rule set • Internal and external security monitoring – Security Operations Centres • Multiple character passwords • Systems and security patching • Closed USB/external device ports • Quarterly penetration/vulnerability testing • Frequent system backups • Disaster Recovery System in place and regular testing • Incident response protocol • Information and communications technology (ICT) Code of conduct • Employee user education • Internal assurance • IT Policies and procedures • Cyber and Directors and Officers insurance • Segregation of networks • Code of Ethics/Conduct • Internal controls (SOX) • Investigation response • POPIA management system • Corporate crisis management protocol • Additional cyber maturity assessments post Marikana integration Legend Operational Economic Financial Social Sibanye-Stillwater Integrated Report 2020 51 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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8. AGGRESSIVE COMPETITOR STRATEGIC ACTIONS (INCLUDING PGM PRODUCTION EXPANSIONS IN SA AND OTHER JURISDICTIONS. ACTIONS THAT INFLUENCE PGM INTENSITY OF THE GLOBAL TRANSPORTATION AND ENERGY SECTORS) Type of risk and strategic impacts Underlying vulnerabilities Triggers Related strategic objectives: Capitals affected: Board oversight committee(s): Audit Committee, Investment Committee • Position on global PGM producer cost curve • Uncertain global regulatory priorities that will shape preferred technologies • Elevated palladium prices strengthening cases for capital investment in mine development • Global policy priorities in respect of atmospheric pollution – relative importance of carbon and nitrous oxide/sulphur oxide • Elevated penetration of battery electric vehicles in the transportation market • Demonisation of diesel power trains resulting in Platinum demand downturn • Supply surplus leading to depressed commodity prices Consequences Current controls Planned control enhancement • Financial consequences – reduced commodity prices curtailing margins • Closure of operations and loss of jobs • Loss of investor confidence • Market development strategies • Commodity intelligence • Business intelligence • Reviewing mine to market actions and strategies • Dynamic business practices developed • Synergies and operating models • Strategic planning • Maintenance of ESG credentials • Secure favourable position on global cost curves • Advocacy through global associations to promote PGM intensive technologies • Promotion of PGM demand • Establish battery mineral optionality • Increased market review and intelligence to pre-empt and plan future actions and strategy Legend Operational Economic Financial Social MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Sibanye-Stillwater Integrated Report 2020 52 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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9. INABILITY TO CLOSE OPERATIONS Type of risk and strategic impacts Underlying vulnerabilities Triggers Related strategic objectives: Capitals affected: Board oversight committee(s): Social, Ethics and Sustainability Committee, Risk Committee, Audit Committee and Safety and Health Committee • Interconnectedness of shafts and neighbouring mine sites – primarily in the SA gold operations • Political unwillingness on the part of regulators relating to the shift in liability to the state following closure • Need for regional closure strategies subscribed to by all stakeholders in the region • Unclear government legislation • Administrative processes cumbersome • Administrative processes hijacked by affected parties • Influence of social and environmental advocacy groups • Poor closure planning - assumptions regarding closures being incorrect • Opposition from neighbouring mines and other affected parties • Unprofitability of operations • Potential occurrence of a major disaster • Legislation and protected administrative process Consequences Current controls Planned control enhancement • Increased operating costs • Reduced cash flows from operating segments – non value-adding Group liability • Rising costs associated with closures • Increased closure provisions • Inability to dispose of marginal assets • Decoupling of shafts within gold mines and from neighbouring mines • Engagement with neighbouring producers • Legal processes • Engagement with stakeholders • Concurrent rehabilitation • Regional analysis of closure implications specifically with respect to water • Obtain clarity about the legal processes • Socio economic closure through Bokamoso Ba Rona (Refer to page 233 of the Social upliftment and community development section) • Establish regional closure committee • Investigate underground tailings deposition Legend Operational Economic Financial Social Sibanye-Stillwater Integrated Report 2020 53 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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10. HIGH COST OF AND LIMITED ACCESS TO CAPITAL Type of risk and strategic impacts Underlying vulnerabilities Triggers Related strategic objectives: Capitals affected: Board oversight committee(s): Investment Committee, Audit Committee • Large South African exposure – – South African national policy indecisiveness – – Uncertainty relating to the trajectory for restoration of weakened independent national institutions – – Sibanye-Stillwater’s exposure to South African national credit rating – – Sibanye-Stillwater’s credit rating - credit rating agencies quick to downgrade, slow to upgrade – – Location of operating footprint, listing jurisdictions and domicile - reduced investor confidence in South Africa • Moderate levels of debt • Credit ratings downgrade • Covenant breach • Operational under performance • Low levels of cash flow Consequences Current controls Planned control enhancement • Impaired liquidity • Restrictive covenants • Refinancing on less-favourable commercial terms • Increased cost of borrowing – potential for black swan event (COVID-19 for example) affecting South African interest and exchange rates • Inability to raise capital or cost of capital • Inability to deliver • Inability to pursue growth • Complex inter-related impacts over different time scales on profitability, earnings, debt capital, debt service costs and sustainability • Open/transparent communication and relationship with providers of debt capital • Financial and operational delivery to improve benchmarks – credit ratings agencies and providers of debt • Operational delivery resulting in meeting cash flow targets in order to repay debt and to reduce leverage • Regular and proactive updates to lenders and investor • Proactively manage relationship with the banks • Suite of structure and mechanism available to manage finance costs • Reducing gearing • Structured long-term debt pipeline with debt service costs locked in and limited need for re-financing • Appropriate capital allocation • Additional Fitch credit rating added to other ratings • Review of listing and domicile implications on cost of capital and access to capital • Contingency plan to cater for major deterioration in South Africa’s national creditworthiness • Pro-active involvement and concerted efforts by organised business to ensure economic stability and growth • Enhancement of international geographical footprint Legend Operational Economic Financial Social MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Sibanye-Stillwater Integrated Report 2020 54 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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PURSUING OPPORTUNITIES In reviewing and developing our strategic objectives and identifying potential risks, we simultaneously consider and prioritise opportunities. As with the risk management process, identifying opportunities is integral to strategy development. However, these are considered more strategically and concern future potential value creation. We increasingly recognise that many of the changes in the external context that were discussed as strategic risks to our existing business, simultaneously create new opportunities. For example, while the imperative of meeting exacting ESG performance standards creates an increased risk of stakeholder dissatisfaction, at the same time it creates an opportunity to distinguish Sibanye-Stillwater as a leading mining corporation that can attract stronger investor interest. While the imperative of addressing climate change and meeting ever more stringent air quality standards represents a threat to existing PGM applications in internal combustion engine driven vehicles, in the short term the need for increased autocatalyst loadings represents a boost to demand, with the adoption of alternative drive trains (battery electric or fuel cell electric) presents substantial new opportunities both for involvement in emerging commodity markets and fresh application areas for PGMs. While the COVID-19 pandemic has caused severe disruptions, by embracing the need to live and work with COVID-19 many opportunities for improved business and operational effectiveness are being realised, not least pursuing an accelerated transition to a digital first organisation with substantial attendant benefits. As the basis of a robust strategy, we therefore consider the systemic implications of key factors that shape the evolving risk and opportunity profile for our business. Broader and longer-term strategies are explored, including possible developments and opportunities relevant to the external operating environment and to the commodity markets in which we operate. Rationale Opportunity Considerations 1. Commodity applications to address climate change, energy and transport, and air pollution We are increasingly confident in the position described in last year’s Integrated Report with meaningful progress made towards the envisaged future scenario for global transportation. Projections are now that the envisaged transitions in drivetrain technology will take place at an accelerated rate. In essence last year’s reporting, which remains valid, suggested that: • Meeting the world’s energy requirements and transportation needs while simultaneously reducing carbon emissions and other forms of atmospheric pollution has triggered a rapid evolution in energy generation and power trains • Energy storage is expected to become an increasingly important feature of renewable energy systems to support their increasing penetration into the global energy generation mix • Conventionally-powered transportation based on internal combustion engines with ever more exacting emissions specifications is expected to sustain and increase demand for PGMs in the short to medium term with increased loadings compensating for decreasing volumes • The mineral requirements of emerging technologies will continue to open growing markets for battery minerals and also create new applications for platinum and minor PGM elements linked to the green hydrogen economy, with South Africa representing a favoured destination for the establishment of a green hydrogen industry Sibanye-Stillwater has evaluated potential entry points into the battery metal segment with a first transaction announced in February 2021 providing an initial entry into this space. Work is being conducted to determine the appropriate form of involvement into vertically integrated green hydrogen and fuel cell value chains. The potential of this opportunity will progress our material focus on energy and its consumption and climate change. For more information refer to Our material issues, page 69. Sibanye-Stillwater Integrated Report 2020 55 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Rationale continued Opportunity Considerations 2. Strengthening the role of investment commodities in the global monetary system We are gaining increasing confidence in gold as a key investment commodity in an interest rate tightening cycle coupled with an increasingly turbulent geopolitical environment and threats to world economic growth such as the outbreak of COVID-19. Although the popularity of cryptocurrencies has recently increased and is thus attracting substantial capital inflows with significant price appreciation, there are concerns this is driven by speculative dealing with the physical underpin to gold as a store of value setting it apart as a long-term investment. Gold is also affirming its credentials as a credible asset class underpinned by responsible mining standards with traceability to source. These factors make gold a credible and enduring investment target with growing affinity for the expectations of modern society. This creates potential for the trend of global gold consolidation to continue in the quest for further value creation. The potential of this opportunity speaks to our material focus on profitability. For more information refer to Our material issues, page 69. 3. Strategic partnerships Sibanye-Stillwater’s strategic partnerships for operations that are non-core yet complementary are yielding substantial value, with DRDGOLD representing the pre- eminent example. Our association with a commercially smart environmental clean-up operator affords scope for extension into other sectors to cover the full mining lifecycle. The model has been extended through the strategic partnership with Keliber, announced in February 2021, that provides exposure to the battery metals segment during the advanced mine development phase. Judicious application of the strategic partnership model affords Sibanye-Stillwater the opportunity of meaningful involvement in broader spheres of activity with a managed strategic risk profile and has substantial room for extension into other fields where strategic partnerships would be value-accretive. Furthermore, on 19 March 2021, we announced our strategic partnership with Johnson Matthey, a global leader in sustainable technologies. Through this partnership, we will identify and develop solutions to drive decarbonisation and the more efficient use of critical metals such as PGMs and metals used in battery technology. The challenge of tackling climate change has resulted in nations around the world setting net zero targets to drive decarbonisation through supply chains. At the same time, customers and consumers are increasingly demanding responsibly sourced raw materials and products. For more on this partnership, refer to the announcement at https://www. sibanyestillwater.com/news-investors/news/news-releases/2021/. This opportunity prioritises climate change, one of our material issues. For more information refer to Our material issues, page 69. 4. Organic growth in a conducive SA investment climate A strong pipeline of capital projects, mostly in South Africa, are at various stages of feasibility determination. With the Group having moved into a cash positive position with prospects for continued strong cash generation, substantial opportunities exist to secure a sustainable production profile for longer at our SA operations through judicious capital investment in major growth projects. Although three projects (K4, Burnstone and Klipfontein) with rates of return that substantially exceed our hurdle rates for investment were announced at the beginning of 2021, there are several other attractive projects that could be justified for investment under the right conditions. Unfortunately, the socio-political circumstances, regulatory uncertainty and unreliable bulk service supply, particularly electricity, result in an elevated hurdle rate having to be imposed. Structural reform, which business is advocating, has potential to liberate substantial further investment enabling the economic growth that is required to address South Africa’s social and economic challenges of unemployment and national indebtedness. Harnessing this opportunity has the potential to strengthen our licence to operate. For more information refer to Our material issues, page 69. MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Sibanye-Stillwater Integrated Report 2020 56 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Rationale continued Opportunity Considerations 5. ESG as an investment imperative It is recognised that the possibility of shortfalls to ever more exacting ESG expectations of stakeholders represents a key strategic risk to the Group, and tight systems have been adopted to mitigate against any material ESG shortcomings at our operations or in the conduct of our business. The emphasis on ESG by investors also creates an opportunity for distinctive positioning in the global mining industry, both through exemplary ESG performance as well as through the supply of commodities that play a meaningful role in support of environmental and social good globally. While the PGMs produced by Sibanye-Stillwater contribute to alleviating environmental degradation and diseases caused by airborne pollution, there are expectations that they will fulfil an even greater role in supporting the global transition into a green hydrogen economy that promotes carbon neutrality and clean energy. Establishing a meaningful presence in the battery metals sector will further enhance our status as a supplier of environmentally-friendly commodities. Together with our strategic partnership with DRDGOLD to promote environmental clean- up on land compromised by mining legacies, there is major opportunity to establish Sibanye-Stillwater as a globally leading ESG contributor. Prioritising this opportunity to progress tailings storage facility safety and water management both are material issues to the business. For more information refer to Our material issues, page 69. 6. Digital first organisation embracing modernised work systems The disruption to working arrangements caused by the COVID-19 pandemic prompted the adoption of new practices designed to safeguard employees from contracting the virus. The experience gained through operating as a digital first organisation using virtual meeting forums highlighted numerous benefits both for employees and the Group. Cross-company interactions have been strengthened through the enhanced ability to communicate across operating regions and it has become possible to establish global teams working together virtually across multiple jurisdictions. While flexibility of working time represents an advantage particularly for employees with young families, learning the personal discipline to avoid creep of working hours and emotional burnout represents a challenge. Although it may be feasible to revert to old work practices as vaccines prove effective, formalising the SOHO work from home arrangements as the preferred arrangement that establishes Sibanye-Stillwater as a digital first organisation represents a major opportunity. The potential of this opportunity will progress our culture and values, a material focus for the business. For more information refer to Our material issues, page 69. 7. Digitalisation and technological advances With substantial progress made during 2020 towards becoming a digital first organisation in order to operate effectively alongside COVID-19, substantial opportunity remains to harness digitalisation and technological advances to enhance safety and operational effectiveness at our operations. Progress has been achieved through business improvement projects on robotic process automation, advanced data analytics, management information systems and automated process control though substantial scope remains for further advances. We continue to pursue the DigiMine programme in collaboration with the University of the Witwatersrand to develop innovative digital applications for deployment into our operations. Harnessing this opportunity to progress workplace safety and employee health and wellness both are material to the business. For more information refer to Our material issues, page 69. Sibanye-Stillwater Integrated Report 2020 57 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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HOW OUR STRATEGIC PILLARS INTERFACE WITH OUR RELATED RISKS AND OPPORTUNITIES Related risks Strategic focus area Direct (primary risk) Indirect Related opportunities 1 Socio-political instability and social unrest in South Africa causing business disruption 5 Health and safety performance not meeting expectations 6 Change in and introduction of new legal/regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter, etc.) • Enhanced employee engagement nurtured through consistent application of our values contributing towards a sustainable high performing company • Attraction of positive community and stakeholder sentiment towards the company with strengthened brand equity 2 Unreliable and unaffordable electricity in South Africa 3 Under-delivery to plans and market guidance - delivery on production volume and unit cost falling short of commitments 5 Health and safety performance not meeting expectations 7 Cybersecurity and IT risks 1 Socio-political instability and social unrest in South Africa causing business disruption 6 Change in and introduction of new legal/regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter, etc.) 9 Inability to close operations • Digitalisation and technological advances • Digital first organisation embracing modernised work systems including SOHO work from home arrangements • Strategic partnerships • Operating segment specific opportunities for improving operating effectiveness 4 Departure from projected economic parameters – adverse changes in commodity prices and exchange rates 2 Unreliable and unaffordable electricity in South Africa 6 Change in and introduction of new legal/ regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter, etc.) 3 Under-delivery to plans and market guidance - delivery on production volume and unit cost falling short of commitments 8 Aggressive competitor strategic actions (including PGM production expansions in SA and other jurisdictions. Actions that influence PGM intensity of the global transportation and energy sectors) 10 High cost of and limited access to capital • Elevated commodity prices for PGM’s and gold sustained through persistent strong demand • Organic growth in a conducive SA investment climate 1 Change in and introduction of new legal/ regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter, etc.) 10 High cost of and limited access to capital 1 Socio-political instability and social unrest in South Africa causing business disruption 2 Unreliable and unaffordable electricity in South Africa • Attraction of stakeholder support for progressive businesses that address the challenge of securing economic growth supported by meaningful transformation • Organic growth in a conducive SA investment climate that enables reduction of investment hurdle rates 4 Departure from projected economic parameters – adverse changes in commodity prices and exchange rates 8 Aggressive competitor strategic actions (including PGM production expansions in SA and other jurisdictions. Actions that influence PGM intensity of the global transportation and energy sectors) 10 High cost of and limited access to capital 3 Under-delivery to plans and market guidance - delivery on production volume and unit cost falling short of commitments 5 Health and safety performance not meeting expectations 9 Inability to close operations • Strategic partnerships • Commodity applications to address climate change, energy and transport, and air pollution (battery metals and the green hydrogen economy) • Strengthening role of investment commodities in the global monetary system 1 Socio-political instability and social unrest in South Africa causing business disruption 5 Health and safety performance not meeting expectations 2 Unreliable and unaffordable electricity in South Africa 6 Change in and introduction of new legal/regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter, etc.) 7 Cybersecurity and IT risks 9 Inability to close operations • ESG as an investment imperative - Attraction of responsible investment that recognises ESG excellence • Credibility with all stakeholders attracting broad-based support for the company’s operations • Involvement in commodity value chains that are socially and environmentally beneficial including battery metals and the green hydrogen economy 1 2 3 4 5 6 MANAGING OUR RISKS AND OPPORTUNITIES WITHIN THE EXTERNAL OPERATING ENVIRONMENT CONTINUED Sibanye-Stillwater Integrated Report 2020 58 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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HOW OUR STRATEGIC PILLARS INTERFACE WITH OUR RELATED RISKS AND OPPORTUNITIES Related risks Strategic focus area Direct (primary risk) Indirect Related opportunities 1 Socio-political instability and social unrest in South Africa causing business disruption 5 Health and safety performance not meeting expectations 6 Change in and introduction of new legal/regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter, etc.) • Enhanced employee engagement nurtured through consistent application of our values contributing towards a sustainable high performing company • Attraction of positive community and stakeholder sentiment towards the company with strengthened brand equity 2 Unreliable and unaffordable electricity in South Africa 3 Under-delivery to plans and market guidance - delivery on production volume and unit cost falling short of commitments 5 Health and safety performance not meeting expectations 7 Cybersecurity and IT risks 1 Socio-political instability and social unrest in South Africa causing business disruption 6 Change in and introduction of new legal/regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter, etc.) 9 Inability to close operations • Digitalisation and technological advances • Digital first organisation embracing modernised work systems including SOHO work from home arrangements • Strategic partnerships • Operating segment specific opportunities for improving operating effectiveness 4 Departure from projected economic parameters – adverse changes in commodity prices and exchange rates 2 Unreliable and unaffordable electricity in South Africa 6 Change in and introduction of new legal/ regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter, etc.) 3 Under-delivery to plans and market guidance - delivery on production volume and unit cost falling short of commitments 8 Aggressive competitor strategic actions (including PGM production expansions in SA and other jurisdictions. Actions that influence PGM intensity of the global transportation and energy sectors) 10 High cost of and limited access to capital • Elevated commodity prices for PGM’s and gold sustained through persistent strong demand • Organic growth in a conducive SA investment climate 1 Change in and introduction of new legal/ regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter, etc.) 10 High cost of and limited access to capital 1 Socio-political instability and social unrest in South Africa causing business disruption 2 Unreliable and unaffordable electricity in South Africa • Attraction of stakeholder support for progressive businesses that address the challenge of securing economic growth supported by meaningful transformation • Organic growth in a conducive SA investment climate that enables reduction of investment hurdle rates 4 Departure from projected economic parameters – adverse changes in commodity prices and exchange rates 8 Aggressive competitor strategic actions (including PGM production expansions in SA and other jurisdictions. Actions that influence PGM intensity of the global transportation and energy sectors) 10 High cost of and limited access to capital 3 Under-delivery to plans and market guidance - delivery on production volume and unit cost falling short of commitments 5 Health and safety performance not meeting expectations 9 Inability to close operations • Strategic partnerships • Commodity applications to address climate change, energy and transport, and air pollution (battery metals and the green hydrogen economy) • Strengthening role of investment commodities in the global monetary system 1 Socio-political instability and social unrest in South Africa causing business disruption 5 Health and safety performance not meeting expectations 2 Unreliable and unaffordable electricity in South Africa 6 Change in and introduction of new legal/regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter, etc.) 7 Cybersecurity and IT risks 9 Inability to close operations • ESG as an investment imperative - Attraction of responsible investment that recognises ESG excellence • Credibility with all stakeholders attracting broad-based support for the company’s operations • Involvement in commodity value chains that are socially and environmentally beneficial including battery metals and the green hydrogen economy Sibanye-Stillwater Integrated Report 2020 59 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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2020 was a turbulent year filled with uncertainty as the whole world came to a standstill on account of the COVID-19 pandemic and associated lockdowns imposed on many countries, including South Africa and the United States where our operations are situated. We have refocused our energies on entrenching environmental, social and governance (ESG) aspects by ensuring that we revise our approaches where applicable and mainstream them in every sphere of our business. Key to this has been the organisational response to the COVID-19 pandemic. Due to the ongoing management of tuberculosis (TB) and other communicable diseases in South Africa, the Group was well placed to rapidly react to the COVID-19 global pandemic. In both the US and South Africa, the focus was and has remained on the health and well-being of our employees and their families. Noting the challenges faced by communities in South Africa, the Group also played its part in supporting government`s COVID-19 response plan. This support comprised an investment of R100 million in areas of health, social relief, education and SMME support. This included financial contribution to the Solidarity Fund and the South African Future Trust in support of SMMEs, enhanced medical surveillance of all employees and testing of conversion of mine facilities into isolation and quarantine facilities; provision of PPE and sanitisers to employees and frontline workers in local communities. Our pledge of contributing R200 million to the national vaccine programme is a continuation of our commitment to being part of the solution in mitigating the impact of COVID-19 on our business as well as the environments in which we operate. COVID-19 also provided us with the opportunity to accelerate our values- based culture programme and the integration of technology and people in our business continuity strategy. We were able to continue operating by connecting employees working from home with those who are at the coal face of our business. A focus on alternative work arrangements integrating personal support, enhancement of technology and connectivity and human resources development has maintained the focus that has sustained our business through one of the most challenging and uncertain time in the history of the world. Key to transformation is inclusivity and diversity and we are proud of our Women-in-Mining initiative led by our Chief Executive Officer, which has bought much needed impetus to the inclusion of women at our SA and US operations and the industry generally. While we recognise that compliance is critical, our commitment to all stakeholders is to facilitate meaningful transformation that will ensure that we, as a Group and a society, promote fairness and equality and create a culture where everyone is given an opportunity to thrive by creating an enabling operating environment. We are cognisant of our obligation to ensure that we mine responsibly and minimise our harm to the planet. This has informed our environmental management approach, which takes into account our aspiration of leaving a positive environmental legacy long after the life of our operations. We have established a Tailings Management Working Group to design and implement a Group tailings management framework aligned to the requirements of the Global Industry Standard for Tailings Management and the International Council of Mining and Metals (ICMM) guidelines. Sibanye-Stillwater has also ensured good stewardship in terms of water management, reduction of its carbon footprint and concurrent rehabilitation in a quest to reduce any adverse environmental impacts on people and the planet. Social, Ethics and Sustainability Committee: CHAIRMAN’S REPORT Jerry Vilakazi Chairman: Social, Ethics and Sustainability Committee “We are cognisant of our obligation to ensure that we mine responsibly.” We have refocused our energies on entrenching environmental, social and governance (ESG) aspects by ensuring that we revise our approaches where applicable and mainstream them in every sphere of our business. Sibanye-Stillwater Integrated Report 2020 60 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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As a global business, it is important that we benchmark ourselves against our peers and ensure that our standards align to international best practices. We continue to work with ICMM to ensure that we close all the gaps identified in their audits at our SA PGM operations and SA gold operations aims for the World Gold Council Responsible Mining assurance in 2021. The Precious Metal Refinery has adopted the London Platinum and Palladium Market (LPPM) responsible sourcing principles and it has been certified following assurance in 2020. We also participate in the UNCG accelerated programme of the 17 United Nations Sustainable Development Goals and have ensured that our ESG deliverables are aligned so we can have tangible proof points and actions geared towards meeting the set targets. We have reviewed our social performance strategy to take into account the roles of different players in ensuring sustainable socio-economic development of communities in environments that host our operations. This focus is based on the principle of being a Good Neighbour and fostering a collaborative culture between the Group and its stakeholders in driving long lasting and sustainable development programmes. Therefore, even with the limitation of COVID-19, which has curtailed in-person engagement and the technological divide amongst various stakeholder groupings, we have been able to continue with key engagements with our stakeholders. Our primary focus on South Africa has been on Marikana where in 2020, we called for recognition of the Marikana tragedy, a collaborative approach on healing and restoration; and a renewal aimed at not only changing the narrative of pain, but ensuring that we building a legacy with all stakeholders and a new reality for Marikana, which has for the last nine years been caught up in the trauma of the 2012 tragedy. We are cognisant of the challenges brought about by acquiring assets and inheriting the social challenges that come with them. This is key in our compliance with the Mining Charter in South Africa. While implementation of social and labour plans (SLPs) were halted due to the lockdown, we have put a concerted effort into clawing back on the delays and backlogs by fast tracking implementation in affected areas. We remain committed to closing all the gaps and as we enter into the next phase of our SLPs, ensure that we deliver sustainable programmes in enterprise and supplier development, human resources development and mine community development. We are supportive of integration and welcome the District Development Model by the South African government which is aimed at improving the capacity of local government and social service delivery. This will enable collaboration between government and the private sector that recognises that we can create value and impact through effective planning and resource mobilisation and joint implementation of socio-economic development programmes. The Committee is pleased to report to all stakeholders of the Group that it has fulfilled its mandate as prescribed by the Regulations to the South African Companies Act and that there are no instances of material non-compliance to disclose. Jerry Vilakazi Chairman: Social, Ethics and Sustainability Committee 22 April 2021 Prayer sessions as part of the annual Marikana commemoration Sibanye-Stillwater Integrated Report 2020 61 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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EMBEDDING ESG EXCELLENCE Environmental, social and governance (ESG) practices are integral to how we do business, as illustrated by our Umdoni tree, and are rooted in our values and vision which reflect inclusivity and the importance to us of all stakeholders. With regard to environmental aspects, as the largest primary producer of PGMs worldwide and one of the largest recyclers of autocatalysts containing PGMs in the US, the Group already makes a significant contribution to ensuring a clean and safe environment. Owing to their unique chemical and physical characteristics and catalytic qualities, for decades the PGMs have been essential metals used in catalytic converters in the exhausts of internal combustion engine automobiles in order to transform noxious exhaust gasses hydrocarbons (HC), nitrogen oxide (NOx) and carbon monoxide (CO) into more benign components (water (H2O), carbon dioxide (CO2) and nitrogen gas (N2). The Group is positioned to play an increasing role in the future green economy, via its battery and tech metal strategy and the growing potential of the hydrogen economy, which may significantly increase demand for PGMs in the future. PGMs role in technologies • Green hydrogen made in electrolysers via renewable energy (solar, wind) will be key to decarbonising heavy industry and everyday activities • PGM-based PEM (proton exchange membrane) technology is well-suited to using intermittent renewable energy feed • Hydrogen fuel cells are an efficient and environmentally friendly alternative for delivering power Sibanye-Stillwater’s purpose and core mantra has become increasingly relevant as the Group has grown and evolved from a South African gold producer in 2013, to a global, diversified precious metals miner today. We improve lives in a myriad of multi-faceted ways: from the jobs we provide, employing and contracting more than 84,000 people worldwide, to the businesses we support and continue to develop and grow in our supply chain, the communities we support and develop, the critical financial contribution we make to local and national governments as well as the importance of the metals we produce to ensure a cleaner, greener and more sustainable world for all. LEADING PRODUCER AND RECYCLER OF GREEN METALS Metals role in the future hydrogen economy • Platinum – effective catalyst for PEM electrolysers and fuel cells • Iridium – key to hydrogen economy, in PEM electrolysers with platinum to produce hydrogen • Ruthenium – effective in PEM fuel cells with platinum, scalable from small devices to heavy duty transport Environmentally friendly production of PGMs at our Columbus recycling business in the US • One of the largest global recyclers of spent autocatalysts which recycled 840,170oz of 3E (palladium, platinum and rhodium) in 2020 • Environmentally friendly production of PGMs – – Recycling emits six times less tons of CO2 – – Uses 63 times less water – – Generates 90 times less rock waste than the mining operations • PGM recycling business has “green” credentials providing access to lower yield funding and tax-exempt bonds Targeting carbon neutrality by 2040 In line with our commitment to ESG excellence and continual improvement throughout the business, a comprehensive review of the Group environmental and energy footprint was undertaken, which indicates that we should likely be able to achieve carbon neutrality by 2040. We believe that we can accelerate the transition to carbon neutrality and have adopted the ambition to achieve a net-zero carbon footprint for the Group by 2040. For more information, refer to page 247 in the Minimising our environmental impact section. World-class stakeholder engagement blueprint In 2020, the Good Neighbor Agreement (GNA) at the US PGM operations marked 20 years of environmental and community collaboration. The GNA, unique within the mining industry, provides an innovative framework for the protection of the natural environment while encouraging responsible economic development. It contractually binds Sibanye-Stillwater to certain commitments and holds us to a higher standard than that required by federal and state regulatory processes. Our commitments include transparent and productive interaction with all affected stakeholders, using the GNA as a vehicle for dispute resolution and positive stakeholder engagement. For more information on the GNA, please refer to the Good Neighbor Agreement fact sheet. Sibanye-Stillwater Integrated Report 2020 62 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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In line with King IV, Sibanye-Stillwater acknowledges that sustainable development is an essential element of the value creation process. Our sustainable development strategy encompasses ESG principles and hinges on our vision to create value through the responsible mining of our mineral resources. Sustaining our social licence to operate increasingly depends on meeting stakeholder expectations for responsible operations and this is captured in our sustainable development strategy and related ESG framework. The link between sustained delivery of strong financial returns to shareholders and a company’s ability to secure legitimacy by meeting the expectations of all stakeholders is becoming clearer. This link aligns with our business ethos and CARES values as expressed through our Umdoni tree (see page 6). The Proton exchange membrane (PEM) fuel cells utilise PGMs and are expected to play a part in the future hydrogen economy Sibanye-Stillwater Integrated Report 2020 63 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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ENVIRONMENT GOVERNANCE COMMUNITIES SAFETY AND HEALTH (EMPLOYEES) STAKEHOLDER ENGAGEMENT Improving life through the sustainable use of our natural resources, driving environmental consciousness and continued improvement, with measured transition to a carbon neutral future. Objectives: • Maintain environmental licence to operate • Effect continuous improvement • Responsible use of environmental resources • Drive environmental consciousness through awareness, stewardship and communication on environmental issues Listening to our stakeholders through transparent engagement and incorporating the knowledge gained into our business. Objectives • Foster proactive and meaningful engagements with stakeholders on all matters that could potentially affect them • Constructively engage stakeholders based on principles of inclusion, transparency and mutual respect (GNA) • Support engagement processes with effective measured mechanisms for seeking resolution of grievances • Engage from the principle of free, prior and informed consent • Stakeholder engagement on ESG management and performance Enhancing the holistic well-being of our workforce through the risk-based monitoring of safety and health factors and improved safety and health performance. Objectives • Minimise work-related injuries and diseases through real risk reduction • Provide health services that enhance quality of life of all employees • Reduce exposure to occupational hygiene related risks such as dust, diesel particulate matter, radiation, noise, platinum salts and others • Eradicate epidemics such as tuberculosis and HIV and other communicable diseases • Improve holistic wellbeing of employees and the surrounding community • Provide world-class emergency response services • ISO 45001 occupational health and safety management standard certification Creating value by unlocking potential in mining-affected communities through: • socio-economic development • institutional capacity building • generating local benefits These efforts support sustainable livelihoods and leave a positive legacy beyond mining. Objectives • Support communities to deliver local socioeconomic benefits through economic empowerment and delivery on the mining charter and social and labour plan commitments • Strengthen institutional capacity and unlock and mobilise partnerships and resources to resolve collective challenges • Deliver on programmes that retain sustainable benefits and the social impacts that are well understood by all stakeholders • Create shared value beyond compliance • Facilitate integrated spatial development by improving the living conditions and surrounding amenities for our workers Respecting the human rights of stakeholders and conducting our business with integrity from an ethical foundation, by adhering to good governance principles and by ensuring legal compliance Objectives • Implement practices that prevent unethical behaviour • Promote an understanding of human rights and its interlink with socio- economic rights, gender equality, security practices and decent working conditions • Establish effective processes to identify and evaluate compliance to all applicable legal requirements in host countries • Assess environmental, health, safety and social risks, its impacts and implement adequate controls to minimise or mitigate these risks • Publicly disclose our performance against sustainable development as guided by responsible mining principles SOCIAL Our ESG strategy – a summary Our sustainable development strategy categorises the related responsibilities in terms of ESG. This is illustrated in the diagram below: STRATEGIC THEMES AND OBJECTIVES EMBEDDING ESG EXCELLENCE Sibanye-Stillwater Integrated Report 2020 64 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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GUIDING OUR ESG TARGETS AND PERFORMANCE Our ESG activities and performance are guided by many frameworks, principles and standards. Sibanye-Stillwater was formally accepted as a member of the ICMM in February 2020. In October 2020, we joined the United Nations Global Compact (UNGC) at a Participant engagement level. GUIDED BY: Cyanide Code ESG AND OUR STRATEGY ESG performance represents an increasingly critical stakeholder imperative in the global mining industry. Excellence in ESG performance is the central strategic focus area of our strategy and indicates our acknowledgment of its importance. COVID-19 has reiterated the importance of responsible practices and brought especially health, safety and wellbeing central to our ESG strategy and response to the COVID-19 pandemic. We aim to meet the ESG standards expected of us by our stakeholders. LINK OF REMUNERATION TO ESG During 2020 the Group has introduced ESG into the performance evaluation for Long Term Incentives to embrace a broader span of ESG issues and including an element of ESG into the performance conditions into remuneration. (For further detail, Remuneration report, page 146) INTRODUCING THE SDGS The United Nations 17 Sustainable Development Goals (SDGs), which came into effect in January 2016, were developed to support the United Nations 2030 Agenda which aims ultimately to: • end poverty and inequality • protect the planet • ensure that all people enjoy peace and prosperity In South Africa, the 17 SDGs are driven through the National Development Plan. Given that the aim is to meet these goals in just nine years from now, it has become increasingly clear that, in order to do so, public-private partnerships are necessary. Companies have been increasingly called upon to contribute and do their bit to help countries meet these goals. It is in this context that Sibanye-Stillwater has joined the SDG acceleration programme of the UNGC. To better understand the links between the SDGs and our strategy, particularly the strategic focus on excellence in ESG performance, Sibanye-Stillwater reviewed the SDGs to determine where there was potential for positive contributions and negative impacts as a result of our business activities. We assessed the SDGs and our potential impacts by considering the following: • ICMM principles and how they support the delivery on the SDGs • Sustainable Accounting Standards Board (SASB) and its approach to the SDGs • PwC study on the SDGs • SDGs in the context of our business model and sustainable development strategy The review highlighted that certain SDGs have more connection points with the business than others and that, ultimately, the Group can potentially impact multiple SDGs simultaneously. As a Group, we can contribute to poverty elimination by providing jobs and promoting socio-economic development, and to protecting the planet by aiming to ensure the efficient and responsible use of scarce natural resources, and by managing and limiting our contribution to climate change. Given our dependence on natural and human resources, we recognise that by aiming for excellence in ESG performance, we can contribute positively to broader sustainable development. The SDGs and their related targets provide a useful framework by which to monitor our sustainable development and ESG performance. In interrogating the SDGs, we have identified and categorised them as follows: • Primary positive contribution – those SDGs to which we can contribute as a result of our core business strategy • Secondary positive contribution – those SDGs to which we can contribute through our socio-economic development initiatives and corporate social investment • Decreasing negative impacts – those SDGs on which we have a negative impact and for which plans are in place to minimise, mitigate and improve on such impacts Sibanye-Stillwater Integrated Report 2020 65 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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PRIMARY POSITIVE CONTRIBUTION TO SDGs SDG SDG NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Continuous safe production and Health, well- being and occupational hygiene NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Delivering value from our operations and projects and Minimising our environmental impact NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Corporate governance and Empowering our workforce NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Engaging with our stakeholders NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Chief Financial Officer’s report, Empowering our workforce and Continuous safe production SECONDARY POSITIVE CONTRIBUTION TO SDGs Our contribution to many of these goals arises from our socio-economic development initiatives and social and labour plan projects and delivery on our responsibilities as a corporate citizen. SDG SDG NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Social upliftment and community development NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Minimising our environmental impact NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Harnessing continuous innovation NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Corporate governance, Remuneration report and Empowering our workforce NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Social upliftment and community development NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Social upliftment and community development DECREASING NEGATIVE IMPACTS ON THE SDGS We have also identified those SDGs which in the course of conducting our business we may impact negatively (these are aligned with certain material issues identified – see Material issues). In line with our commitment to ESG excellence, we have in place plans and targets to mitigate these impacts. Of these, the most significant is SDG 13. SDG NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Minimising our environmental impact NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Minimising our environmental impact NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS See Minimising our environmental impact For more information on Sibanye-Stillwater’s alignment to the UNGC and SDGs, please refer to the Sibanye-Stillwater’s alignment to the UNGC and SDGs fact sheet. EMBEDDING ESG EXCELLENCE CONTINUED Sibanye-Stillwater Integrated Report 2020 66 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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ESG PERFORMANCE AS A GUIDE TO INVESTING Until recently, institutional investors and lenders of capital have mostly practised responsible investment on an exclusionary basis so that companies with poor ESG performance become ineligible for investment. Currently, ESG performance is being used increasingly to evaluate a company’s ESG standing and to rank them as a potential investment. Although many ESG ranking systems remain disparate, they are gaining ever more attention as the basis for responsible investment and are expected to normalise to reflect dominant stakeholder priorities over time. This approach echoes the undeniable increase in the strategic relevance of appropriate ESG for the sustainability of most global industries. To the mining industry, the concepts of sustainable development and responsible mining are not new, partly due to heightened consciousness about the impacts of mining on the environment and society around mining operations – impacts which may occur while recognising the benefits that accrue from stimulating economic growth in host communities and supplying the world with minerals that are instrumental for the global economy and human well-being. Several codes for responsible mining are in routine use and are continuously developed to manage the impact of mining on stakeholders in societies where mining takes place. Accreditation under these responsible mining codes provides an excellent foundation for meeting the broader ESG expectations that are a business imperative. Meaningful social impact was made by donating food parcels and water tanks to local communities where these were required Sibanye-Stillwater Integrated Report 2020 67 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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OUR MATERIAL ISSUES OUR PROCESS OF DETERMINING MATERIAL ISSUES Giving consideration to and framing our material issues is key to delivering on our strategy. As such, our strategy was the starting point of our 2020 materiality process so that material issues could be considered in the context of each of the six strategic focus areas. Particular emphasis was given to environmental, social and governance issues on the basis that embedding ESG excellence is central to our strategy. Key risks as identified by the enterprise risk management process were considered next. The Group risk register was assessed and compared to the previous year’s risk register to understand movement of the risks. It was also considered in the context of our Group strategic objectives. A peer group benchmarking exercise was undertaken to compare material issues across the sector. Sectorial trends and thought leadership analysis performed by Deloitte was also reviewed against the Group’s risks and opportunities. Our vision to create superior value for all stakeholders, through the responsible mining of our mineral resources while considering what could substantially impact this objective was considered in the context of: • our external business and operating environment • our competitive advantage • critical resources and relationships The value drivers considered during the workshop were financial, operational and growth, environmental, social and governance. The workshop participants were asked to analyse and rank the material issues in the context of the value drivers giving consideration to the risks, opportunities, strategy as well as against performance metrics. As a concluding step, the strategy was again reviewed in the practical analysis of each material issue. This was to consider the effect of the material issues on the Group’s strategy. These material issues will be considered and re-evaluated regularly to ensure that they remain relevant. As stakeholders have a considerable ability to influence our business, the next step in the process focused on an evaluation of their perspectives and what they could consider as important matters. Cumulative internal reporting on material matters were taken into account as part of the determination process: This included Board submissions, Exco reviews and various internal analysis which included stakeholder engagements aspects from functions in the Group where these were relevant and material. Cumulative external stakeholder perspectives and benchmarks were taken into account as part of the determination process in the materiality workshop: Information considered through desktop reviews including media analysis and ESG research and analysts’ reports. The media analysis is collected and filtered by predefined searches that track all mentions of Sibanye-Stillwater and competitors across more than 320,000 global online editorial sources and global social media platforms. ESG research and analysis of MSCI, Sustainalytics, Vigeo, FTSERussels (FTSE4Good) and Bloomberg Gender Equality Index have been reviewed to understand what investors prioritise. Key matters raised by stakeholder groups (through our engagement platforms) and organisations such as the GRI, ICMM and the UNGC were also considered. We also considered assessments performed by BNY Mellon and PwC on our previous integrated reporting practices which included a reflection on materiality coverage. Strategic focal point 1 Stakeholder perspectives 2 Material risks and opportunities 3 Strategic relevance 5 How we create value 4 The workshop was externally facilitated in the third quarter of 2020. It included senior executives as well as operational and functional specialists who participated in the discussion and process required to derive the material issues to be reflected in the Integrated Annual Report. As part of this process, participants were asked to complete a value-driver assessment considering the inputs discussed during the workshop and to prioritise/rank the material issues as highlighted through these various steps: OUR MATERIAL ISSUES Materiality is a concept that defines why and how certain issues are determined to be important. Material issues are those stakeholder concerns that can have major importance to the financial, economic, reputational and legal aspects of our business and, in terms of integrated reporting, are those issues which may impact our ability to create value in the short, medium and long term. More importantly, it is their impact on our stakeholders that make them of material concern to us. The International Integrated Reporting Framework guides that a materiality determination process for the purpose of preparing an integrated report should consider relevant matters based on their ability to affect value creation. This involves evaluating the magnitude of the matter’s effect on strategy, performance or prospects as well as giving consideration to risks and opportunities. We identify and assess our material issues through our ongoing business review processes and workshop analysis. The process followed is inextricably linked to our integrated thinking and considers various aspects to derive the material issues that this report reflects on. Sibanye-Stillwater Integrated Report 2020 68 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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S Social E Environmental G Governance F Financial C Cross-Cutting MATERIAL ISSUES COMBINED WITH RESIDUAL RISKS: HEAT MAP 5 4 3 2 1 1 2 3 4 5 LIKELIHOOD IMPACT M3 M5 M5 M7 M1 M6 M13 M9 M11 M10 M15 M14 M15 M11 M7 3 1 2 6 7 10 4 8 9 5 M3 M3 M15 M11 M14 M3 M4 M4 M4 M12 1. Socio-political instability and social unrest in South Africa 2. Unreliable and unaffordable electricity in South Africa 3. Under-delivery to plans and market guidance – delivery on production volume and unit cost falling short of commitments 4. Departure from projected economic parameters- adverse changes in commodity prices and exchange rates 5. Health and safety performance not meeting expectations 6. Change in and introduction of new legal/ regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter etc.) 7. Cybersecurity and IT risks 8. Aggressive competition strategic actions (Including PGM production expansions in SA an other jurisdictions. Actions that influence PGM intensity of the global transportation and energy sectors). 9. Inability to close operations 10. High cost of and limited access to capital Refer to: Managing our risks and opportunities within the external operating environment Residual risks and are represented in the clear circles above: Sibanye-Stillwater Integrated Report 2020 69 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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OUR MATERIAL ISSUES CONTINUED The most material issues that this report covers that are represented on the heat map in relation to the residual risks are: Material issue Strategic focus area M1 Workplace safety Refer to: Continuous safe production Page 204 M2 Culture and values (this material issue is cross-cutting and interlinks with various risks) Refer to: Empowering our workforce Page 183 M3 Profitability Refer to: Chief Financial Officer’s report Page 91 M4 Licence to operate Refer to: Corporate governance Page 123 M5 Capital allocation Refer to: Chief Financial Officer’s report Page 94 M6 Social licence to operate Refer to: Social upliftment and community development Page 228 M7 Financing Refer to: Chief Financial Officer’s report Page 94 M8 Risk management (this material issue is cross-cutting and fundamental to all risks) Refer to: Managing our risk and pursuing opportunities within the external operating environment Page 26 M9 Tailings storage facility safety Refer to: Minimising our environmental impact Page 268 Tailings Storage Facility fact sheet M10 Energy supply and consumption Refer to: Minimising our environmental impact Page 251 M11 Water management Refer to: Minimising our environmental impact Page 257 M12 Gender diversity and transformation Refer to Empowering our workforce Page 191 M13 Employee health and wellness Refer to: Health, well-being and occupational hygiene Page 218 M14 Air, water and land contamination Refer to: Minimising our environmental impact Page 226 M15 Climate change Refer to: Minimising our environmental impact Page 247 Sibanye-Stillwater Integrated Report 2020 70 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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At the US PGM operations Sibanye-Stillwater Integrated Report 2020 71 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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ENGAGING WITH OUR STAKEHOLDERS Our business is influenced by a multiplicity of economic, legislative and social factors. Of these, the nature of our engagement with all our various stakeholders, who impact and are impacted by our operations, is certainly one of the most pertinent. By maintaining constructive relationships, which are built on trust, mutual respect and transparency, we can ensure the success and long-term sustainability of our business. Moreover, it is the quality of these stakeholder relationships that determines the validity of our social licence to operate. Our CARES values and the Stakeholder Engagement Policy Statement (https:// www.sibanyestillwater.com/sustainability/ reports-policies/) guide our approach to stakeholder engagement. In our engagement we consider the concerns and views of stakeholders so as to better understand their expectations and align them with our social performance objectives. Ultimately, we seek to balance the needs, interests and expectations of all our stakeholders with those of the Group in a robust and ongoing process. Our approach to engagement is structured but flexible, enabling us to deal with requests for engagement by interest groups and stakeholders who either elect to or fall outside the broader representative structures. Interactions with our stakeholders provides a broader operating context, inform our most material matters, risks and opportunities and provides input into the strategy and long-term direction. Safety, health and well-being Economic value CAES Clean water/ air/ land Total returns Socio- economic stability Upliftment ENVIRONMENT SHAREHOLDERS Safety, health and wellness Costs Quality Volume GOVERNMENT Fair market access COMPANY Assured product Membership COMMUNITIES CUSTOMERS SUPPLIERS ORGANISED LABOUR Better lives EMPLOYEES OPERATING PILLARS AFFECTED STAKEHOLDERS Upliftment OUTCOMES DESIRED Better lives Socio- economic stability Economic value Fair market access Membership Clean water/air/ land ORGANISED LABOUR CUSTOMERS SHAREHOLDERS EMPLOYEES COMMUNITIES SUPPLIERS GOVERNMENTS WHAT WE DID IN 2020 SUCCESSES CHALLENGES Successful year despite COVID-19 Essential person-to- person engagement with some stakeholders challenging during COVID-19 Celebrating 20 years of the US PGM operations’ Good Neighbor Agreement SA PGM operations collaborative Safety summits with stakeholders Successfully concluded Kroondal SA PGM operations wage agreement with no disruptions Providing socio-economic opportunities for stakeholders “Our mining improves lives.” Sibanye-Stillwater Integrated Report 2020 72 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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INTENSIFYING RELEVANT STAKEHOLDERS AND BUILDING CONSTRUCTIVE RELATIONSHIPS We define stakeholders as those individuals or groups that have a material interest in or are affected by our operations. They also include those who have the potential to materially influence our ability to create value and deliver on our strategy. The stakeholders with whom we engage and have partnerships include employees, unions, communities in host and labour-sending areas, various levels of government (national, state, provincial, local and municipal), investors and capital providers, non-governmental organisations (NGOs), suppliers, business and joint venture partners, regulators and the media, among others. Our stakeholder engagement process at our US PGM operations is largely guided by the Good Neighbor Agreement. The Group is envisioning a customised version for our South African stakeholders, which aims to prioritise mutually respectful relationships. We have begun laying the foundations for building a Social Compact at each of our South African operations, a process that will be continued in 2021. CEO participates in an online mining industry and regulator panel “We seek to balance the needs, interests and expectations of all our stakeholders with those of the Group, in a robust and on going process.” Sibanye-Stillwater Integrated Report 2020 73 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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ENGAGING WITH OUR STAKEHOLDERS CONTINUED COMMUNITIES: SA Why we engage It is important to build sustainable relationships with stakeholder in communities that host our operations. This is critical for business stability and is in recognition of the contribution to the success of our business. We however note the increasing challenges of poverty, unemployment and inequality in South Africa that continue to exist and the demands place on our operations to contribute to employment and socio-economic development. Due to being a significant employer and the challenges of local government to deliver on social amenities, the Group is under immense pressure to fulfill that role and therefore engagement with stakeholders to ensure clarity of roles and collaborate on socio-economic development is key. COVID-19 exacerbated the challenges in areas around our operations largely in the area of health and food security. The Group played its part in supporting the government and local stakeholders deal with the impact of COVID-19, see page 12. On the engagement front, very little meaningful engagement could take place due to lockdown regulations and largely because the majority of stakeholders are digitally excluded. While the tensions with stakeholders in areas that host our communities will always remain as a result of many factors including the continued influx of job seekers, deterioration of other economic sectors, and the demands for procurement opportunities, services and infrastructure needs. Doorstep communities are an inevitable reality of the South African mining industry’s operating context and it is vital that we co-exist amicably with these communities to ensure the sustainability of our operations. Noting that the majority of our labour is sourced from these communities, their well-being and that of their families, safe and decent living conditions are key elements of ensuring productivity and the stability required for a successful business. We remain resolute in delivering on our vision of creating superior value for our stakeholders including those in communities around our operations and therefore work with government and relevant stakeholders to contribute to socio-economic development programmes through SLPs and CSI. Ensuring a cordial relationship with our doorstep communities is vital to maintaining our social licence to operate. Nature of relationship in 2020 S C to COVID-19 had a significant impact on relationships with our community stakeholders and our ability to engage properly. As a company, we joined government and other stakeholders in responding to the immediate health and social needs in response to the challenges posed by COVID-19. Each community is inevitably different and the nature of our relationship and engagement with them naturally reflects these differences. The relationship with the doorstep communities is generally cordial. Related top strategic focus: Related top residual risks: • Socio-political instability and social unrest in South Africa • Inability to close operations Opportunities: • Strategic partnerships • ESG as an investment imperative Our material issues: • Social licence to operate • Risk management C Constructive C Cordial S Strained Sibanye-Stillwater Integrated Report 2020 74 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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COMMUNITIES: SA continued How we engage Material issues to both parties in 2020 Our response and strategy to enhance the quality of our relationship Following the spread of the COVID-19 pandemic and implementation of associated lockdown regulations and social distancing practices, virtual meetings became the preferred method of meeting rather than having face-to- face, physical meetings. Given that our communities have limited access to digital technology, there was minimum engagement for much of 2020, please refer to page 231 on how we attempt to address this constraint. However, under normal conditions, our primary methods of engaging with our communities include: • community engagement forums which meet quarterly, or as required • community complaints hotline • workshops • open days • written communications (reports and letters) The principal issues of concern continued to be the perceived lack of procurement opportunities for local suppliers and demands for employment. During 2020, we had no community protests at the SA gold operations but a few protests at the SA PGM operation. • We persevered in establishing and maintaining open and reliable channels of communication with legitimate community forums to address concerns and manage expectations • The Community Grievance Mechanism was updated and communicated at every level of engagement internally and externally • We continued to educate local community members on the requirements for successful job applications, particularly in terms of skills and medical fitness • To facilitate greater procurement opportunities among local suppliers and would-be suppliers, we engaged the services of two enterprise development service providers to coach and develop the skills of fledgling companies The national lockdown in SA delayed progress in implementing SLP projects Sibanye-Stillwater advised the DMRE on the halting of the implementation of some of the affected projects and programmes particularly in Mine Community Development and Human Resource Development in compliance with COVID-19 regulations. Refer to Social upliftment and community development Assistance to mitigate the worst of the impacts of COVID-19 Sibanye-Stillwater has undertaken various initiatives to support doorstep communities in the face of the global pandemic. Among the most prominent are: • Social relief food parcels, water tanks, blankets and mattresses • Schools and education sanitation and catch up programme • Hand sanitisers distributed to all doorstep communities Refer to COVID-19 – impact and response Marikana legacy issues In August 2020, we embarked on a programme of healing and renewal, which not only seeks to address the Marikana legacy issues but serves as a commitment to invest in and sustain our operations, our people and our communities. For more information refer to Marikana renewal fact sheet Land use rights and the relocation/resettlement of communities A policy with clear procedure guidelines was developed in 2020, which will help guide interactions of this nature going forward Outlook Our relationship and engagement with our doorstep communities in South Africa is expected to be greatly enhanced in 2021 with our efforts aimed at rebuilding trust and the ultimate objective of collaboration formalised through a Social Compact. Largely based on the tenets of the Zambezi Protocol, the Compact essentially prioritises mutually-respectful relationships with our host communities, which will help to develop a more trusting relationship with this vital stakeholder. C Constructive C Cordial S Strained Sibanye-Stillwater Integrated Report 2020 75 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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ENGAGING WITH OUR STAKEHOLDERS CONTINUED COMMUNITIES: US Why we engage Our US PGM operations are located in a pristine region of the state of Montana. Not only do our mining and processing activities physically impact the land and surrounding environment, there is also a noted level of disturbance borne by nearby landowners and our rural communities. It is on this basis that we regularly engage with the local residents of Sweet Grass county, in which our East Boulder mine is located, and Stillwater County, where our Stillwater mine is located, so that they can ensure we are undertaking our activities in a responsible manner with as little disturbance as possible. This engagement, as well as the very positive economic impact our operations have on our local communities (refer to the Mining supports Montana fact sheet) has led to a very positive, symbiotic relationship with our local communities. In addition to our communities and our neighbouring landowners, we also engage on community and environmental issues through our Good Neighbor Agreement (the GNA), which celebrated its 20th anniversary in 2020. The GNA bears testimony to our ongoing constructive relationship with local environmental and community groups. For more information refer to Good Neighbor Agreement fact sheet. Nature of relationship in 2020 C The interaction with both the local communities and the neighbouring landowners (through the GNA) are constructive. Related top strategic focus: Related top residual risks: • Health and safety performance not meeting expectations • Change in regulatory requirements Opportunities: • Strategic partnerships • ESG as an investment imperative Our material issues: • Social licence to operate • Risk management C Constructive C Cordial S Strained How we engage Material issues to both parties in 2020 Our response and strategy to enhance the quality of our relationship Routine interaction with community organisations Enhancing the nature and frequency of engagement with communities and affected parties The US PGM operations have embarked upon creating a formal stakeholder engagement process, which will be in place by the end of 2021 Emergency preparedness Over the course of 2020, the company engaged in a number of significant stakeholder interactions, including conversations with the Boulder River Watershed group and Sweet Grass County, and work with the Good Neighbor Councils on the company’s Emergency Preparedness Plan Mitigating the worst effects of the COVID-19 pandemic Through its strong stakeholder relationships with its local counties, the company collaborated with local public health officials to enact a robust COVID-19 Action Plan, which allowed continued full production through Montana’s “stay-at-home” order. The Group continues to refine this plan as state directives change and as more is learned about the virus and mitigation of it Outlook The relationship with our US community stakeholders is anticipated to remain constructive, as well as the neighbouring landowners as we continue to be guided by the tenets of the, thus far, successful Good Neighbor Agreement. Sibanye-Stillwater Integrated Report 2020 76 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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EMPLOYEES (INCLUDING ORGANISED LABOUR) Why we engage Sibanye-Stillwater is a labour-intensive business, employing and contracting more than 84,000 people at its SA and US operations in a wide variety of trades and professions. Employees, therefore, play an integral part in the achievement of our operational targets. Constructive engagement with employees ensures their buy-in to our purpose and values, and that they are motivated and committed to delivering our operational plans and strategy. Nature of relationship in 2020 C The year under review proved challenging for employees as they had to navigate the uncertainties of the pandemic, COVID-19 associated lockdowns and operational suspensions. Throughout this period, constant communication with our employees was prioritised to ensure that they were aware of all work-related developments. Both parties greatly benefited from this level of engagement. Related top strategic focus: Related top residual risks: • Health and safety performance not meeting expectations • Under delivery to plans and market guidance – delivery on production volume and unit cost falling short of commitments • Change in and introduction of new legal/ regulatory requirements (including carbon emissions regulations, financial provision regulations, Mining Charter, etc.) Opportunities: • Organic growth in a conducive SA investment climate • Digital-first organisation embracing modernised work systems Our material issues: • Workforce safety • Culture and values • Social licence to operate • Risk management • Employee health and wellness • Gender, diversity and transformation C Constructive C Cordial S Strained Sibanye-Stillwater Integrated Report 2020 77 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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C Constructive C Cordial S Strained EMPLOYEES (INCLUDING ORGANISED LABOUR) continued How we engage Material issues to both parties in 2020 Our response and strategy to enhance the quality of our relationship 2020 proved a milestone in how we engage and interact with our Group- wide employees with the launch of the WeAreOne mobile communications app. Other forms of engagement include: • Face to face engagement/meetings • Company briefs • Text messages • Podcasts We engage with recognised trade unions through: • Formal meetings • National Leadership Forum and regional meetings, which take place every quarter • Safety summits Creating a values-based organisational culture We persevered with our Group-wide culture growth programme, the aim of which is to unite and align employee behaviours and actions behind a shared, inclusive values-based culture The target of zero harm has yet to be achieved and a safe working environment remains a pressing concern for both parties We continue to learn from safety incidents to effect stronger controls to prevent incidents. As fall-of-ground incidents continue to be the leading cause of fatalities, we conducted a rock mass management study to determine ways of mitigating this particular risk. Refer to Continuous safe production Mitigating the impact of COVID-19 on our employees and operations We adopted a risk-based approach to the pandemic that sought to minimise the prolonged health and economic consequences of the virus and ensure the ongoing continuity and sustainability of our operations. We implemented a range of high-level and operational-specific measures to contain and restrict the spread of COVID-19 at our operations. Refer to COVID-19 – impact and response Remuneration during the lockdowns and ‘stay-at-home’ protocols R1.5 billion in salaries paid during lockdown period. The Group ensured that shortfalls in wage and salaries were covered by the UIF TERS benefit. Refer to COVID-19 – impact and response Wage negotiations A three-year wage agreement was signed with the NUM and AMCU, in respect of wages and conditions of service for a three- year period from 1 July 2020 to 30 June 2023 for the Kroondal operation. Refer to Empowering our workforce Gender diversity • A Women-in-Mining programme has been launched across the Group to facilitate the drive towards the greater gender diversity of our workforce • A group-wide survey was also conducted to test knowledge, attitudes and practices on gender transformation issues. Refer to Empowering our workforce Outlook The nature of our engagement with employees and trade unions is expected to be defined by upcoming wage negotiations in the SA gold segment, as well as the enduring effects of COVID-19 on our business and the broader socio-economic context of South Africa and the United States. ENGAGING WITH OUR STAKEHOLDERS CONTINUED Sibanye-Stillwater Integrated Report 2020 78 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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INVESTORS AND CAPITAL PROVIDERS Why we engage Mining is a capital-intensive business with relatively long-time horizons to achieving financial returns. Moreover, it has a commensurate risk profile. Investors and capital providers – who provide the financial capital that has, and will continue to, facilitate our growth strategy – therefore need to place significant trust in management to deliver appropriate returns. By understanding our investors and capital providers’ requirements and meeting their value expectations, we grow trust in our organisation, which, in turn, strengthens our access to capital. Nature of relationship in 2020 C Our relationship with our investors and shareholders continued to be constructive, particularly on the back of several strategic deliveries by the Group. These included degearing and returning value to shareholders. Investors are also gaining a strong appreciation for the integrity of our ESG credentials. Related top strategic focus: Related top residual risks: • High cost of capital Opportunities: • Strategic partnerships • ESG as an investment imperative Our material issues: • Profitability • Capital allocation • Financing • Risk management • Tailings storage facility safety How we engage Material issues to both parties in 2020 Our response and strategy to enhance the quality of our relationship • Investor meetings – one-on-one and group • Telephone and conference calls • Conferences • Formal, regular reporting • Company and regulatory announcements Our processes of engagement with our investor stakeholders was not materially impacted by the COVID-19 pandemic as we were largely able to engage and conduct meetings via digital platforms The deleveraging of the Group’s balance sheet • Responsible management of Sibanye-Stillwater’s financial position to ensure that we continue to meet stakeholder expectations • Investors receive regular updates relating to all material matters Safety and ESG performance The impact of COVID-19 on the Group’s ability to deliver value Market demand for our commodities Outlook The nature of the engagement is expected to remain constructive, particularly following the resumption of dividend payments to shareholders. C Constructive C Cordial S Strained Sibanye-Stillwater Integrated Report 2020 79 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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GOVERNMENT AND REGULATORS Why we engage Government and regulators set the legislative framework within which our business must operate. As we operate under licence at our mines, maintaining these licences to operate is critical to the sustainability of our business. They also provide, through state-owned enterprises, some of the basic services and resources required by our operations. Nature of relationship in 2020 C Our relationship with Government in 2020 was influenced by a range of challenging events and developments, not least of which included the COVID-19 pandemic, load shedding in South Africa, continued regulatory uncertainty, and the questioning of our empowerment status at the Beatrix operation. The mining sector in South Africa was, however, the first industry allowed to operate post the lockdown Alert Level 5, and received continued support from the Department of Minerals Resources and Energy (DMRE) during the COVID-19 pandemic. Related top strategic focus: Related top residual risks: • Socio-political instability and social unrest in South Africa • Unreliable and unaffordable electricity in South Africa • Change in and introduction of new legal/ regulatory requirements (including carbon emissions regulations, financial provision regulations, mining charter, etc.) • Inability to close operations Opportunities: • Organic growth in a conducive SA investment climate Our material issues: • Licence to operate • Energy supply and consumption • Water management How we engage Material issues to both parties in 2020 Our response and strategy to enhance the quality of our relationship • Monthly and quarterly meetings held with various government departments ad hoc meetings when the need arises • Written reports • Engagement is also undertaken through industry bodies such as the Minerals Council South Africa and the National Mining Association in the US Compliance and pace of delivery on SLP commitments Detailed project plans with defined timelines were communicated to the DMRE BEE compliance We pursued open and robust discussions with Government on the topic of BEE compliance at our Beatrix operation Safe restart of operations post COVID-19 lockdown We worked with government to facilitate a safe restart of our operations in line with all applicable regulations Regulatory uncertainty We continued to work in partnership with industry bodies to find solutions to regulatory challenges Outlook The judicial review of the Mining Charter III is yet to be completed and so the regulations relating to empowerment and procurement will remain a concern until a resolution is found ENGAGING WITH OUR STAKEHOLDERS CONTINUED Sibanye-Stillwater Integrated Report 2020 80 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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SUPPLIERS AND CUSTOMERS Why we engage A significant portion of our operating costs are spent on procured goods and services rendered to our business. It is vital that we engage with our suppliers to ensure their understanding of our requirements when engaging in contracts. The automotive industry represents the largest PGMs customer using primarily palladium and rhodium in the catalytic converters of petrol engines, and platinum in diesel vehicles. The auto demand is anticipated to grow due to tighter emissions regulations, therefore vital for engagement with our customers. Nature of relationship in 2020 C The impact of COVID-19 pandemic proved exceptionally distressing for many of our suppliers during the year. Through this period of uncertainty we endeavoured to be transparent and swift in all our engagement with our suppliers, particularly in communication relating to supply contracts. With increased PGM loadings in autocatalysts and the longer-term potential from the green hydrogen economy our relationships with our customers are mutually supportive and strategic. Confidence that our commodity production conforms with supply chain responsibility standards is sustained. Related top strategic focus: Related top residual risks: • Unreliable and unaffordable electricity in South Africa • Departure from projected economic parameters – adverse changes in commodity prices and exchange rates • High cost of and limited access to capital Opportunities: • Strategic partnerships Our material issues: • Workplace safety • Profitability • Licence to operate How we engage Material issues to both parties in 2020 Our response and strategy to enhance the quality of our relationship Continuous engagements through written media, as well as workshops Transparency in the procurement process The Coupa business spend management software system is in the process of being rolled out at our SA operations. This software is being used to streamline the supplier registration process in an attempt to ease more entrepreneurs and small companies into business and to provide more transparency across the entire procurement process. Refer to Social upliftment and community development Suspension of certain supply contracts as a result of COVID-19 The COVID-19 crisis required the suspension of certain supply contracts. This process was distressing for all parties and we maintained open lines of communication with our suppliers to reduce uncertainty and to give all parties the best chance of managing through the crisis. Refer to COVID-19 – impact and response Ensuring support during the COVID-19 pandemic • R14.5 million provided to a CEO-initiated CEO SMME support fund to stimulate local economic growth in local communities • Focused spend with local suppliers for COVID-19 related PPE of R1 million Complying with procurement targets and the empowerment status of some of our supplier base In late 2020, we embarked on a targeted approach to directly engage identified large suppliers on their empowerment status. For those companies willing to pursue empowerment transactions to enhance their BEE status, we will be providing guidance to assist with their transformative journey. Refer to Social upliftment and community development Customers are engaged through the marketing function and continuous engagement Maintaining close relationship with key customers, we acquire market intelligence and an understanding of trends. Complying to long-term supply agreements with our customers As part of the global PGM supply chain we are open to customer feedback and continue to improve our ESG performance. We obtained in 2020 certification of responsible sourcing from the LPPM Outlook As COVID-19 persists going into 2021, there are still many operational uncertainties that we, as a business, and our suppliers will have to contend with. We will, however, endeavour to remain transparent in all our engagement with our suppliers and customers so that they are adequately prepared for all eventualities. Sibanye-Stillwater Integrated Report 2020 81 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Sibanye-Stillwater Integrated Report 2020 82 ACCOUNTABILITY SECTION 03 Leadership view 83 Board and executive leadership 88 Chief Financial Officer’s report 91 Corporate governance 104 Remuneration report 126

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The year 2020 was, without doubt, dramatic and challenging. The COVID-19 pandemic that spread rapidly across the globe in the first quarter of the last year catalysed and largely drove a series of intertwined crises ranging from socio- economic disruption to extreme market volatility and deepening inequality. One year later and the pandemic continues to wreak an immense toll on human lives, although the world is steadily learning how to live and work alongside COVID-19, with social and economic activities continuing with incrementally less disruption. Sibanye-Stillwater was inevitably impacted by the pandemic, however, the Group responded rapidly, identifying and prioritising COVID-19 as a significant risk as early as February 2020. We acted swiftly in developing and implementing COVID-19 protocols – in line with the World Health Organization and host government guidelines – across the Group. Our aim was steadfastly, and remains, to protect lives as much as it was to protect livelihoods. Among the most important measures was the identification and careful management of our most vulnerable employees to reduce their risk of contracting the highly contagious virus. This, along with other measures are elaborated on further in the COVID-19 – impact and response section. Our response to the pandemic, did however, extend beyond health-related life-saving protocols. The Group provided R1.5 billion (US$91million) to non-working employees and ensured that psychological support and financial counselling was available to employees and their families. Support also extended far beyond the boundaries of our operations with much needed PPE, sanitation products and food parcels provided to our communities. Local small businesses received funding support to the value of R14.5 million (US$88million) and some R23 million (US$1.4million) was donated to relief funds established in South Africa. Looking to the future, we are particularly encouraged by the roll out of vaccines and other preventative actions being taken, which may mitigate further negative consequences of the pandemic. The Group has capacity to assist with vaccine distribution and is willing to contribute R200 million towards vaccine roll-out subject to specific conditions. OUR STRATEGY Given the rapidly changing world in which we operate and the successful delivery on various strategic goals, our strategy was reviewed and updated during 2020. Although the strategy remains largely unchanged, two key updates were made: • Following delivery on the strategic focus area of “Deleveraging our balance sheet”, this pillar evolved into “Optimising capital allocation”, representing the progression of our focus to strategic financial management. The revised focus area centres around the allocation of capital to ensure growth, sustainability and the generation of superior future returns for all stakeholders. This will be achieved through a combination of organic and inorganic investment to support value- accretive growth. See the Chief Financial Officer’s report for further detail • The focus area “Addressing our South African discount” was refined and amended to “Prospering in South Africa’s investment climate”, thereby encompassing a more pragmatic approach to operating in South Africa, where the bulk of our assets are located. While the investment climate is not yet encouraging of private sector led growth, we have confidence in our abilities to operate effectively in the South African context by maintaining the social and regulatory legitimacy to operate. We are hopeful that our commitment to prospering in South Africa will secure a meaningful shift in stakeholder sentiment to embrace business as an essential partner in social and economic development For more detail on our strategic pillars and strategic delivery and how these are linked to our risks and opportunities, refer to the Our strategy and strategic delivery and the Managing our risks and opportunities within the external operating environment within our external operating environment sections in this report. LEADERSHIP VIEW Dr Vincent Maphai Chairman Neal Froneman Chief Executive Officer “Our commitment to a better future was echoed by joining the United Nations Global Compact (UNGC) at a Participant engagement level in October 2020” Given the rapidly changing world in which we operate and the successful delivery on various strategic goals, our strategy was reviewed and updated during 2020. Sibanye-Stillwater Integrated Report 2020 83 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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EMBEDDING ESG EXCELLENCE AS A WAY OF BUSINESS While navigating the COVID-19 pandemic, Sibanye-Stillwater used the opportunity to accelerate our environmental, social and governance (ESG) ambitions. Embedding ESG excellence is a primary focus and central strategic deliverable throughout the Group. Please refer to both the Our strategy and strategic delivery section and the Embedding ESG excellence section earlier in the report for more information. From a societal perspective, a highlight of the year was our Marikana renewal project, which is not only addressing painful legacies but also seeks to restore economic viability and secure the long- term future for our stakeholders and the Marikana operation. It is a project that firmly demonstrates Sibanye- Stillwater’s commitment to engaging with stakeholders on a basis of trust and in a manner that promotes socio-economic upliftment and ensures a positive future and legacy. Another social imperative for the Group is the advancement of gender equality, particularly in the mining industry. Not only are we championing the Minerals Council South Africa’s “Women-in-Mining” initiative, we have also committed to ensuring that 30% of our workforce are female by 2025 with simultaneous focus on increasing the representation and development of women at all levels and in all functions. This ambition to contribute to a positive future equally extends to the environment. As a leading producer of green metals, Sibanye-Stillwater is well positioned to contribute to the fight against climate change and global warming. Certainly, our main product, being the platinum group metals (PGMs), plays a fundamental role in reducing global greenhouse gas and environmental emissions, particularly through the removal of noxious exhaust gases and hydrocarbons from automobile exhausts. The green credentials of our product are further cemented by the fact that some 840,000 oz of our total PGM output was recycled at our Columbus metallurgical business in Montana, in the most environmentally friendly manner possible. The environmental footprint of a recycled ounce of metal is a small fraction of the equivalent mined ounce. PGM’s will also be central elements in the future green hydrogen economy, a niche but revolutionary new industry in which we are excited to play a role. While our products are proving central to the technologies required to combat climate change, we are equally cognisant that we too, as a Group, have a fundamental role to play in addressing the global warming crisis from an operational perspective. It is in this context that Sibanye-Stillwater has committed to a transition to carbon neutrality by 2040, in support of the Paris Climate Agreement and the United Nations Sustainable Development Goals (SDGs). Our goal is underpinned by our Energy and Decarbonisation strategy and implementation plan that is both clear and achievable. Our commitment to a better future was echoed by joining the United Nations Global Compact (UNGC) at a Participant engagement level in October 2020, thereby endorsing the Ten principles of the UNGC. For more information on the Group’s alignment to the UNGC and SDGs, refer to Embedding ESG excellence in this report and the fact sheet: Sibanye- Stillwater’s alignment to the UNGCs and SDGs available at www.sibanyestillwater.com/news- investors/reports/annual/. SAFE PRODUCTION Safe production is a Group imperative and we continue to aspire towards achieving zero harm and determining further actions that are required in achieving zero fatalities. Accordingly, we continue to refine and adapt our safe production strategy and protocols in order to achieve these goals. The Group safety performance for 2020 maintained the continual improvement trajectory, considering the significant disruption and distractions caused by the COVID-19 pandemic. After recording zero fatalities during the second quarter of 2020 and the SA gold operations achieving a record and remarkable milestone of 13 million fatality-free shifts (FFS) over a close to two year period prior, the Group suffered five fatalities at the SA gold and PGM operations during H2 2020, with four fatalities previously occurring at the SA PGM operations in the first quarter of 2020. The Group Fatal Frequency Rate of 0.06 per million hours worked is higher than the ICMM 27 member companies of the 2018 average 0.022, but better than the 2019 ICMM average of 0.118 FFR per million hours worked (2019 is an outlier due to the Brumadinho tailings facility collapse fatalities.) The Group Serious Injury Frequency Rate continued to decline, falling from 4.68 in 2015 to 3.03 per million hours worked in 2020. The Total Injury Frequency Rate (TIFR) of 8.52 is up from 8.40 in 2019 but is showing an overall 18% improvement compared with 2015, despite the significant growth in our workforce over the five years. The loss of nine of our colleagues during the year, due to fatal incidents at the SA operations, caused significant distress throughout the Group. We extend our sincere condolences to the family and friends, as we mourn the departure of our fallen colleagues at the SA gold and PGM operations: Mr Jaoa Silindane, Mr Khulile Nashwa, Mr Emanoel Kaphe, Mr Rossofino Manhavele, Mr Mfuneko Manikela, Mr Bonginkosi Hlophe, Mr Hlopang Temeki, Mr Cebo Gungthwa and Mr Erens Mello. All incidents have been thoroughly investigated together with the relevant stakeholders to ensure that they are not repeated, and appropriate support provided to the families. For more information on our safety performance and statistics, refer to the Continuous safe production section in this report. At Sibanye-Stillwater, we are responsible for the well-being of more than 84,000 employees and we cannot accept our operating environment (several being medium to deep level underground and labour intensive in nature) as an inhibitor of excellent safety performance. We aim to improve the overall safety at our operations by addressing real risk reduction and behaviour related issues to ensure our safe production performance is comparable with international peers. Our risk management and values-based culture LEADERSHIP VIEW CONTINUED Sibanye-Stillwater Integrated Report 2020 84 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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programme are important aspects of the safe production strategy to improve safe production outcomes as these programmes continue to be operationalised. In future, the Group will increase its focus on the Total Recordable Injury Frequency Rate (TRIFR) in order to reduce low energy incidents without compromising efforts in the step change approach towards zero fatalities. We will continue to actively monitor and benchmark ourselves against other safety performance measures including leading indicators, Lost Time, Serious and Fatality Injury Frequency Rates. A Group TRIFR benchmark of 4.0 per million hours worked has been set to be achieved by the end of the 2025. OPERATIONAL EXCELLENCE Sibanye-Stillwater’s operational performance during the year was commendable, considering the numerous COVID-19-related disruptions and challenges. Despite the disruptions and the ongoing implementation and observance of COVID-19 protocols to support the health and well-being of our workforce, production from the three operating segments for 2020 was largely consistent with the prior year due to the Marikana operation being included for a full year compared to 2019, and the fact that the SA gold operations have recovered from the 2018/2019 strike related disruptions. The ramp-up to normalised production levels by the SA gold and PGM operations following the suspension of operations due to the COVID-19 lockdown in SA during the second quarter of 2020 exceeded forecasts. Both the SA gold and PGM operations reached normalised production rates in November 2020, positioning the Group for an improved operational performance in 2021. Conversely, while production improved in South Africa towards the end of the year, our US PGM operations were impacted by a spike in COVID-19 infections in the fourth quarter of 2020, following a severe increase in COVID-19 infections in Montana from September 2020. Accordingly, mined production from US PGM operations was marginally higher year-on-year, but below guidance due to COVID-19 disruptions. The solid Group operational performance underpinned a record financial performance, boosted by higher average precious metal prices in 2020. Although global PGM prices were initially adversely affected by a decline in manufacturing activity and retail sales globally following the initial implementation of global COVID-19 related restrictions, this demand shock was largely offset by a reduction in global supply following the hard lockdown in South Africa in late March 2020, which resulted in the suspension of all mining activity during April 2020 and a subsequent gradual build-up from May 2020 to normalised production levels in November 2020. The very encouraging operational performance was supported by the average 4E PGM basket price which increased by 83% to R36,651/4Eoz (US$2,227/4Eoz) for 2020 with the average 2E PGM basket price increasing by 36% to US$1,906/2Eoz (R31,373/2Eoz) and the average rand gold price increasing by 43% to R924,764/kg (US$1,747/oz). The average SA exchange rate depreciated by 14% to R16.46/US$ for the year. For more information about the operational performance, refer to the Delivering value from our operations and projects section in this report. RECORD FINANCIAL PERFORMANCE Our significant growth and ability to maintain operational excellence by successfully integrating and restructuring recent acquisitions enabled the Group to benefit from higher precious metal prices, driving a record financial performance during 2020, resulting in a 75% increase in revenue year on year to R127.4 billion (US$7.7 billion). Group earnings (adjusted EBITDA) of R49 billion (US$3.0 billion) and adjusted Free cash flow of R20 billion (US$1.2 billion) increased from R15 billion (US$1 billion) and R318 million (US$22 million), respectively, year-on-year. More details of our financial performance can be found in the Chief Financial Officer’s report. Crucially, this exceptional financial performance facilitated a return to an industry-leading dividend declaration of R10.7 billion (US$729 million) for 2020. During the year we were also able to undertake a significant deleveraging of our balance sheet, which led to a net cash positive position of R3.1 billion (US$210 million) at financial year-end. LOOKING TO THE FUTURE The commodity and mining sectors have largely recovered from the initial demand shock in H1 2020, due largely to the global economic recovery being more rapid than initially expected, with murmurings of a possible PGM “supercycle” recently growing in volume. This positive outlook is supported by continued stimulus and expansionary monetary policy being maintained by many countries. The improving outlook for commodities can also be attributed to a visible shift towards more socially and environmentally aware social and regulatory priorities worldwide. This swing towards prioritising a cleaner and greener global future is likely to drive future investment in infrastructure and renewable energy, which will be extremely positive for commodity prices in general, and particularly the essential metals that Sibanye-Stillwater produces and is targeting. It is in this context that Sibanye-Stillwater has continued to deliver sustainable superior value by optimising its operations in the interests of all stakeholders. Of primary significance during 2020 was the 40% increase in the 4E PGM Mineral reserves at the SA PGM operations to 39.5 million 4Eoz, primarily due to the inclusion of Mineral Reserves from the K4 project at the Marikana operation and the Klipfontein opencast project at the Kroondal operation. Gold Mineral Reserves at the SA gold operations and 2E PGM reserves at the US PGM operations remained stable at 11.3Moz and 26.9M 2Eoz respectively. We are pleased to announce that in February 2021 the Board approved the advance of three strategic capital projects: the development K4 and Kilpfontein projects at the SA PGM operations and the resumption of capital development and equipping of the Burnstone gold project. This represents a significant capital investment of approximately R6.3 billion (US$417 million) in high return organic projects in South Africa. In addition to the value accretion for investors in Sibanye-Stillwater, the ancillary benefits Sibanye-Stillwater Integrated Report 2020 85 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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for communities and other stakeholders will be significant. Approximately 7,000 jobs will be created and sustained over the life of the projects, with significant financial benefits likely to accrue to local communities and regional and national government through local procurement, taxation and foreign exchange. Equally significant is Sibanye-Stillwater’s much-anticipated initial expansion into the battery metal space through the acquisition of a 30% shareholding in Keliber Oy announced in February 2021. This Finnish- based company is developing the Keliber project, a 9.3 million tonne reserve lithium project located in the Kaustinen region of Finland. The project is anticipated to come into production in 2024. Lithium is viewed as one of the core metals to benefit from the significant growth forecast for the electric vehicle sector. Our investment in Keliber represents a strategic partnership of complementary skills and capabilities and a shared vision to be a preferred provider of responsibly sourced battery grade materials for the market. The investment offers the opportunity for further geographic diversification in an attractive mining destination and the opportunity to forge long-term relationships with established lithium industry players that have a shared vision of supplying the electric vehicle supply chain. In our in-depth analysis of the battery metals space, we have established that it is quite a fragmented market and that any acquisition steps are likely to be quite small (unlike our four-step PGM strategy which made us the biggest primary producer). Furthermore, as we return to being a leading dividend payer and we strive to ensure future sustainability of the business in order to continue to return value to shareholders and other stakeholders, we are comfortable with having gold in the portfolio due to the contracyclical nature of the metal. With our growth in PGMs over the last four years, the gold operations’ earnings contribution have, however, narrowed to less than 20% of the Group and we will continue to evaluate opportunities that are value- accretive and will improve the overall risk rating of the Group. RECOGNITION It is with much sadness that we note the tragic passing of two highly regarded members of our senior executive leadership team. Chris Bateman, Executive Vice President: US PGM operations, passed away suddenly in September 2020. Chris had been with Sibanye-Stillwater since the acquisition of the Stillwater Mining Company in May 2017. His commitment to facilitating Stillwater’s incorporation within the group was invaluable. Shadwick Bessit, Executive Vice President: SA gold operations, a veteran of the South African mining industry, passed away from COVID-19 related complications in January 2021. Shadwick had been with the Group since its establishment in February 2013 and his mindful, considered leadership was an inspiration to all. On behalf of the board, executive management and all at Sibanye- Stillwater, we extend sincere condolences to their families, friends and colleagues. NEW BOARD APPPOINTMENTS We extend a welcome to Dr Elaine Dorward-King, who joined the Board at the end of March 2020, and to Sindiswa Zilwa, who joined the board effective 1 January 2021. Elaine’s extensive ESG expertise and Sindiswe’s accounting, auditing and business management knowledge will be critical to the Board’s overall skills base. These appointments also contribute to our gender aspirations and targets, bringing Board representation by women to 30%. GRATITUDE Their names are too numerous to mention individually here, but that in no way diminishes the respect we hold for our over 84,000 colleagues across the group. These are the women and men whose dedication and commitment were fundamental to overcoming and resolving the challenges faced at the onset of the COVID-19 pandemic and whose efforts resulted in the successful, seamless re- opening of our operations. To each and every one of them go our sincere thanks. In addition, we would like to thank members of the Board and the executive committee for their leadership, guidance and tenacity to pursue and strategic value delivery. Chairman Dr Vincent Maphai Neal Froneman Chief Executive Officer 22 April 2021 LEADERSHIP VIEW CONTINUED Sibanye-Stillwater Integrated Report 2020 86 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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PGM ore being transported at the SA operations Sibanye-Stillwater Integrated Report 2020 87 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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1 5 2 6 3 4 Note: For full profiles of the directors including other details on directorships, see https://www.sibanyestillwater.com/about-us/leadership/ INDEPENDENT NON-EXECUTIVE DIRECTORS LEAD INDEPENDENT DIRECTOR CHAIRMAN 1 DR VINCENT MAPHAI (69) BA (Hons), BPhil (cum laude), MAPhil, PhD, Advanced Management Programme, Finance Certificate Appointed independent non-executive chairman of the Board on 1 June 2019 Chairman: Nominating and Governance Committee Member: • Remuneration Committee • Safety and Health Committee • Social, Ethics and Sustainability Committee 2 RICHARD MENELL (65) MA (Natural Sciences, Geology), MSc (Mineral Exploration and Management) Appointed 1 January 2013 Chairman: • Risk Committee • Investment Committee Member: • Audit Committee • Nominating and Governance Committee • Safety and Health Committee • Social, Ethics and Sustainability Committee 3 TIMOTHY CUMMING (63) BSc (Hons) (Engineering), BA (PPE), MA Appointed 21 February 2013 Chairman: Remuneration Committee Member: • Audit Committee • Risk Committee • Social, Ethics and Sustainability Committee • Investment Committee (deputy chair) 4 SAVANNAH DANSON (53) BA (Hons) Communication Science and Finance, MBA, Strategic Planning and Finance Appointed 23 May 2017 Member: • Audit Committee • Risk Committee • Remuneration Committee • Safety and Health Committee • Investment Committee 5 DR ELAINE DORWARD-KING (63) BSc (Chemistry), PhD (Analytical Chemistry) Appointed 27 March 2020 Member: • Safety and Health Committee • Social, Ethics and Sustainability Committee 6 HARRY KENYON-SLANEY (60) BSc (Hons) (Geology), International Executive Programme Appointed 16 January 2019 Chairman: Safety and Health Committee Member: • Risk Committee • Social, Ethics and Sustainability Committee • Investment Committee • Remuneration Committee BOARD AND EXECUTIVE LEADERSHIP OUR BOARD as at 22 April 2021 Sibanye-Stillwater Integrated Report 2020 88 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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EXECUTIVE DIRECTORS INDEPENDENT NON-EXECUTIVE DIRECTORS OUR BOARD CONTINUED 7 NKOSEMNTU NIKA (62) BCom, BCompt (Hons), Advanced Management Programme, CA (SA) Appointed 21 February 2013 Member: • Audit Committee • Nominating and Governance Committee • Remuneration Committee • Social, Ethics and Sustainability Committee 8 KEITH RAYNER (64) BCom, CTA, CA (SA) Appointed 1 January 2013 Chairman: Audit Committee Member: • Remuneration Committee • Risk Committee • Social, Ethics and Sustainability Committee • Investment Committee • Nominating and Governance Committee 9 SUSAN VAN DER MERWE (66) BA Appointed 21 February 2013 Member: • Audit Committee • Nominating and Governance Committee • Risk Committee • Safety and Health Committee 10 JERRY VILAKAZI (60) BA, MA, MBA Appointed 1 January 2013 Chairman: Social, Ethics and Sustainability Committee Member: • Nominating and Governance Committee • Investment Committee 11 SINDISWA ZILWA (53) BCompt (Hons), CTA, CA (SA), Chartered Director (SA) Appointed 1 January 2021 Member: • Audit Committee • Risk Committee • Safety and Health Committee • Investment Committee 12 NEAL FRONEMAN (61) Chief Executive Officer BSc Mech Eng (Ind Opt), BCompt, Pr Eng Appointed 1 January 2013 Member: • Risk Committee • Safety and Health Committee 13 CHARL KEYTER (47) Chief Financial Officer BCom, MBA, ACMA and CGMA Appointed 9 November 2012 7 11 8 12 13 9 10 Sibanye-Stillwater Integrated Report 2020 89 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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EXECUTIVE VICE PRESIDENTS 1 2 3 5 6 7 4 8 9 10 11 1 NEAL FRONEMAN (61) Chief Executive Officer 2 CHARL KEYTER (47) Chief Financial Officer 3 RICHARD STEWART (45) Group Chief Operating Officer 4 ROBERT VAN NIEKERK (56) Chief Technical Officer 5 THEMBA NKOSI (48) Corporate Affairs 6 WAYNE ROBINSON (58) US PGM operations 7 DAWIE VAN ASWEGAN (44) SA PGM operations 8 RICHARD COX (48) SA gold operations 9 LERATO LEGONG (43) Legal and Compliance 10 DAWIE MOSTERT (51) Organisational Growth 11 LAURENT CHARBONNIER (46) Business Development BOARD AND EXECUTIVE LEADERSHIP CONTINUED C-SUITE EXECUTIVE DIRECTORS EXECUTIVE COMMITTEE as at 22 April 2021 Note: For full profiles of the members of the Executive Committee, see https://www.sibanyestillwater.com/about-us/leadership/ Sibanye-Stillwater Integrated Report 2020 90 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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“Deleveraging achieved with a net cash position of R3.1 billion (US$210 million) at year end.” Our financial performance is key to delivery on our purpose, vision and strategy. Three strategic objectives in particular are relevant from a financial perspective. They are: • Optimising capital allocation • Pursuing value-accretive growth based on a strengthened equity rating • Prospering in South Africa’s investment climate The related material financial matters identified in our materiality determination process were: financing, capital allocation and profitability. Governance of our financial performance and reporting is overseen and monitored by the Audit Committee, on behalf of the board. See Corporate governance for further detail on this. Charl Keyter Chief Financial Officer CHIEF FINANCIAL OFFICER’S REPORT SUCCESSES CHALLENGES WHAT WE DID IN 2020 Balance sheet successfully deleveraged with conversion of US$ Convertible Bond – gross debt, excluding Burnstone debt, reduced by 36% to R17.1 billion (US$1.2 billion) at year-end Surging precious metal prices supported good production performance, in tandem with a weaker rand, boosted revenue and cash flow – allowed resumption of an industry leading dividend Managing financial impact of the COVID-19 pandemic to ensure profitable business continuity Managing liquidity, debt and maintaining investment grade headroom 2020 – A BRIEF OVERVIEW The events of 2020 brought new challenges that no one was prepared for, changing the way we live and how we connect with each other. The economic effects and catastrophic loss of life brought on by the COVID-19 pandemic, new effects from the climate change crisis and a highly contentious US election, was as sobering as it was defining. Closer to home in South Africa, 2020 was a year that will be remembered by all, as each and every person is part of the history that is currently being written. I would like to reassure you that Sibanye-Stillwater is a resilient company. Over the course of the last eight years, we have seen - and conquered - many challenges and I am convinced that we will overcome this one too. “... Sibanye-Stillwater is a resilient company.” The year was both challenging and noteworthy from a financial perspective but for very different reasons to those that characterised the preceding two to three years. Another highlight of the year was the surge in precious metal prices – especially rhodium, palladium, gold and iridium. Sibanye-Stillwater Integrated Report 2020 91 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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CHIEF FINANCIAL OFFICER’S REPORT CONTINUED Percentage of revenue per segment by geographical location of customers GOLD PGM Operation December 2020 December 2019 60 6 34 % South Africa United Kingdom Other 28 16 1 55 % South Africa United Kingdom United States of America Other 36 64 % South Africa United Kingdom 18 17 11 54 % South Africa United Kingdom United States of America Other The average PGM basket prices for our SA and US PGM operations were 83% and 36% higher year-on-year at R36,651/4E oz (US$2,227/4Eoz) and US$1,906/2E oz (R31,373/2Eoz), respectively. These price increases were mainly due to higher palladium and rhodium prices. For our SA gold operations, the average annual gold price increased by 43% to R924,764/kg (US$1,747/oz) compared to 2019. The significant increases in prices received for metals sold combined with the weaker rand, particularly in relation to our South African assets, led to a 75% increase in revenue year on year to R127.4 billion (US$7.7 billion). At an operational level, the higher metals prices and weaker rand, together with good management of capital expenditure and costs, boosted cash flow generated and helped to support strong liquidity. Strong cash flow generation enabled the achievement of our stated objective of gross debt reduction thereby allowing the Group to become materially deleveraged. Despite the pandemic and its impacts, we maintained our continued focus to aggressively deleverage our balance sheet. Initially, at the onset of the pandemic, our focus shifted from deleveraging to ensuring sufficient liquidity to secure our operations financially, to meet payment obligations and to cover any likely contingencies, all based on extensive scenario planning. See COVID-19 – impact and response. As the pandemic and related events unfolded and it became clear that we had more than sufficient liquidity, we resumed our focus on balance sheet deleveraging with the repayment of our revolving credit facilities and the redemption and conversion of the US$ Convertible Bonds. “Strong cash flow generation enabled the achievement of our stated objective of gross debt reduction.” By year-end 2020, we were in a net cash position of R3.1 billion (US$210 million) compared to a net debt position of R21.0 billion (US$1.5 billion) at the end of 2019. In line with this, the net debt: adjusted EBITDA ratio fell from 1.4X in 2019 to a net cash: adjusted EBITDA ratio of (0.1)X in 2020. Notably, deleveraging was supported by strong cash flow generation as well as a recovery in earnings. Adjusted free cash flow* for 2020 was R19.9 billion (US$1.2 billion). * Adjusted free cash flow is defined as cash flows from operating activities before dividends paid, net interest paid and deferred revenue advance received, less additions to property, plant and equipment. Management considers adjusted free cash flow to be an indicator of cash available for repaying debt, other investing activities, and paying dividends Sibanye-Stillwater Integrated Report 2020 92 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Managing the financial implications of COVID-19 pandemic Warning signs of the pandemic in February 2020 gained impetus in March 2020 and by the end of March 2020, its full impact was felt with implementation of a total national lockdown (level 5) in South Africa on 26 March 2020 that resulted in operations being suspended at all our South African mines, except for safeguarding critical infrastructure. In the US, where less stringent controls were in place, production at our PGM operations continued uninterrupted under the strict guidelines of local and health authorities. Debt covenants and related ratios were not of concern given the deleveraging that had taken place. Our strong operating and financial performance in Q4 2019 and Q1 2020 had substantially repaired adjusted EBITDA, ensuring a reasonable net debt: adjusted EBITDA ratio outlook even through the shutdown period and its prolonged impact on the production from the SA operations. Sibanye-Stillwater drew down fully on both its ZAR and USD revolving credit facilities in case financial and banking markets were disrupted, increasing cash on hand to R17 billion (US$917 million) at the end of April 2020. During the initial lockdown, various lenders confirmed significant appetite for additional liquidity facilities should they be needed. Fortunately, additional funding was not necessary, and through various cost savings and working capital initiatives the Group was able to maintain more than adequate levels of liquidity during the lockdown. Notably the US PGM operations continued operating, whilst capital expenditure was deferred and the recycling operations deliberately slowed to release working capital to assist with liquidity. This allowed for strong cash release from the inventory pipeline. Additionally, the first quarter smelting delays were reversed during the second quarter contributing to further cash flow generation. Key to the strong liquidity position was sustained high metal prices, continued production from the US and a concerted effort to reduce and limit fixed costs at the South African operations, partially offset by COVID-19 specific costs. With revenue generation activities reducing to zero, a decision was taken at the start of the initial three-week hard lockdown that all employees will only be paid for two weeks and one week would be unpaid. Due to the two-week extension of the national lockdown the decision was taken that one week would be paid and one week unpaid resulting in all employees receiving 60% of their salaries during the five-week period. The salary shortfall for non-working employees was claimed from the Temporary Employer/Employee Relief Scheme (TERS) as instituted by the South African government and subsequently paid over to the affected employees. Additionally, where possible high electricity consuming installations were also reduced or switched off completely. In line with our purpose of mining improving lives, various impactful actions to assist vulnerable stakeholders were implemented. For more information on all social contributions made during the year, refer to the COVID-19 – impact and response section. Maintenance work being performed at the SA gold operations Sibanye-Stillwater Integrated Report 2020 93 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Managing the financial implications of COVID-19 pandemic continued In terms of our supply chain and inventory management, at the start of the COVID-19 outbreak, we submitted questionnaires to suppliers to help determine the likely impact on them and their ability to continue supply. This enabled us to identify and implement backup plans to ensure adequate supplies of our most critical consumables and services. Supplies of personal protective equipment were the most seriously affected, and we ensured early procurement of approximately six months’ worth of supplies. The pandemic is likely to impact the global and national economic outlook as well as commodity pricing for some time. OUR MOST MATERIAL FINANCIAL MATTERS FINANCING Deleveraging our balance sheet In spite of the disruptions, good levels of production were maintained which alongside strong commodity prices, allowed for significant cash generation during 2020. Strong cash flow generation allowed for a partial settlement of revolving credit facilities and other debt as well as a very meaningful increase in cash on hand to R20.2 billion (US$1.4 billion) at 31 December 2020. During 2020, the increase in the Sibanye-Stillwater share price allowed the early conversion of the 1.875% 2023 Convertible Bond (US$ Convertible Bond). In October 2020, US$383 million of the US$383.8 million remaining US$ Convertible Bonds were exchanged for approximately 248 million Sibanye- Stillwater shares. The balance of US$0.8 million was redeemed in cash. The early conversion of the US$ Convertible Bond enabled Sibanye- Stillwater to reduce debt (including the derivative financial instrument) by approximately R12.4 billion (US$844 million), or 40% of gross debt at the time, whilst preserving cash resources. This ensured further material deleveraging, positioning the business to move away from its previous strategic focus area - 'Deleveraging our balance sheet' and adopting a new strategic focus area - 'optimising capital allocation' High recycling volumes and higher platinum, palladium and rhodium prices, at the US PGM operations during 2020, resulted in higher working capital investments. The direct correlation between rising commodity prices and inventory holdings were responsible for the almost doubling of the inventory value at the US PGM operations. The additional working capital was partially funded through drawdowns on the revolving credit facilities. The Group’s cash build-up occurred largely in South Africa and gross debt, which is predominantly US$ denominated associated with the US PGM operations, remains slightly above targeted levels. However, during 2021 further opportunities to apply surplus funds towards high yield bond restructuring will result in further gross debt reduction. Credit ratings Sibanye-Stillwater engaged with the ratings agencies towards the latter part of 2020, following the significant improvement in the financial profile. The group received improved credit ratings as tabled below: Credit Rating Agency Previous Current Fitch Ratings – BB Moody's Ba3 Ba3+ S&P Global B+ BB- The South Africa national credit ratings downgrades, during the past year, have moved the country deeper into junk status and further Sibanye-Stillwater upgrades may be difficult to obtain as the effect of the lower national rating limits the company’s potential rerating. The improved credit rating gives us access to lower interest rates for future financing. The investment grade rating we aspire to, may therefore only be achievable following production and geographical diversification, countering the negative effects of South Africa’s country rating. CAPITAL ALLOCATION In terms of our revised business strategy and the shift in emphasis from 'Deleveraging our balance sheet' to 'Optimising of capital allocation', the following capital allocation framework has been adopted. This framework will guide strategic capital allocation over the next five years. “... the shift from deleveraging to optimising capital allocation enabled the adoption of a capital allocation framework.” CHIEF FINANCIAL OFFICER’S REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 94 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Strategic capital allocation Priority Low R6.2 billion R20 billion ~R9 billion – R10 billion p.a ~R3 billion ~R1 billion Project Capital Pipeline ~R6.2 billion • K4 – R3.9 billion (8 years) • Klipfontein – R66 million (1 year) • Burnstone – R2.3 billion (14 years) • Total capital (Project, ORD & SIB) ~R27.5 billion Cash set aside for: • Liquidity buffer – R5 billion (1/3 of R15 billion) • Debt buffer – US$1 billion (R15 billion) • Improved credit metrics Industry leading dividend: • Dividend policy of 25-35% normalised earnings • 2020 dividend – R10.7 billion (8.7% yield) • Repeatability and predictability • Refinance - US$500 million 7/8 year (~Mid 2021) • 2022 bond callable at 100% (US$350 million) - June 2021 • 2025 bond callable at 103.6% (US$350 million) – June 2021 • Cash-settled Long Term Incentive Plan - 3% to 5% dilution in a 5-year cycle • Odd lot shareholders buy-out – R84 million (0.5% of shares in issue) • Forms and buybacks already implemented Overflow • Increased dividend 5 1 2 3 4 6 Project capital Cash reserves Dividend Debt reduction Share buyback Additional distribution PROFITABILITY – CREATING VALUE Increased profitability leads to improved cash flow, translating into a greater amount of capital available for the creation and distribution of economic value. Our dividend policy is to declare and pay a dividend equaling 25% to 35% of normalised earnings 1. 1 Sibanye-Stillwater defines normalised earnings as earnings attributable to the owners of Sibanye-Stillwater excluding gains and losses on financial instruments and foreign exchange differences, impairments, gain on disposal of property, plant and equipment, occupational health care expense, restructuring costs, transactions costs, share-based payment on BEE transaction, gain on acquisition, other business development costs, share of results of equity- accounted investees after tax and changes in estimated deferred tax rate Distribution of economic value generated to stakeholder: • employees – salaries and wages, training and development and health and well-being • maintaining the business (operating costs and stay-in-business expenditure) • procurement/suppliers – purchase of the goods and services necessary to conduct our business • government – taxes and royalties • communities – spend on socio- economic development and social investment • shareholders – payment of dividends • growing the business – project, mergers and acquisitions FINANCIAL IMPLICATIONS OF EMBEDDING ESG WITHIN THE BUSINESS Embedding of ESG parameters is a key pillar of our business strategy and have been fully embraced and included in operational planning. Most notably, our membership of the World Gold Council (WGC), becoming a participant to the United Nations Global Compact (UNGC) and the International Council on Mining and Metals (ICMM) is evidence of our commitment to ESG matters. Most significant ESG-related work in the finance sphere is as follows: • Financial aspects of climate change (see Minimising our environmental impact): – – planning underway to achieve net- zero emissions by 2040 – – scenario planning to quantify financial implications of climate- related risks in line with the Task Force on Climate-related Financial Disclosures (TCFD) to be interrogated and advanced in 2021 • Support for local procurement (see Social upliftment and community development) – – continuous improvement to meet supply chain related Mining Charter targets – – fully support local procurement on commercial terms – have to be competitive to manage costs – – work underway to align larger key suppliers with ICMM, UNGC and WGC principles. Work on this may include a procurement policy revision • ESG projects/improvements have been prioritised – ESG variables included in operational planning cycle Very high Sibanye-Stillwater Integrated Report 2020 95 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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GRI tax standard (GRI 207) The Global Reporting Initiative (GRI) launched a new standard GRI 207: Tax 2019, that came into effect on 1 January 2021. Companies that report in accordance with GRI and which deem tax to be a ‘material topic’ are to report on GRI 207 disclosures in its annual suite of reports from 1 January 2021. Sibanye-Stillwater, through its membership of ICMM, supports its principles and performance expectations which is inclusive of reporting against the GRI Reporting standards. As a multi-national mining company, we are subject to the laws and regulations in the jurisdictions in which we operate and have assets. We support the principles of tax transparency and honesty, which is in line with our CARES values. As a South African domiciled company, we report to the South African tax authorities, in line with their requirements. Membership of ICMM requires compliance with the GRI standards at a core option. We partially disclose information to GRI 207, please refer to our GRI disclosure checklist at https://www.sibanyestillwater.com/news- investors/reports/annual for detail. Membership of the ICMM also requires a clear endorsement of the Extractive Industries Transparency Initiative (EITI). Of the countries in which we operate or have interests, the EITI only applies to Argentina where we have exposure through the Altar project. However, Argentina joined the EITI in 2019, but still has to be assessed against the EITI standard before it becomes applicable. For more on our approach to taxation, see Corporate governance. Bribery and corruption Our approach to bribery and corruption is governed by our CARES values and covered in our Code of Ethics. We continue to strengthen our focus to combat bribery and corruption through the review of our approval framework together with appropriate policies and procedures. The approval framework specifically addresses payments and/or donations to government. For more on our approach to bribery and corruption, see Code of Ethics in Corporate governance. SUMMARY OF THE ANNUAL FINANCIAL STATEMENTS Group adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) for 2020 was R49,385 million (US$3,000 million), compared to R14,956 million (US$1,034 million) in 2019 representing a 230% increase year-on-year. The adjusted EBITDA from the US and SA PGM operations increased by 79% and 231%, respectively. The adjusted EBITDA increased at the PGM operations due to higher PGM basket prices and the inclusion of the Marikana operation for full year in the SA PGM operations. The adjusted EBITDA increased at the SA gold operations by 902% to an adjusted EBITDA of R7,770 million (US$472 million) in 2020 from an adjusted EBITDA loss of R969 million (US$67 million) in 2019 mainly due to a 43% increase in the rand gold price. In 2020, the SA PGM operations contributed 59% (2019: 59%), or R29,075 million (US$1,766 million) of Group adjusted EBITDA, the US PGM operations contributed 26% (2019: 49%) and the SA gold operations including DRDGOLD contributed 16% (2019: 6% adjusted EBITDA loss). DRDGOLD contributed 4% (2019: 5%) to Group adjusted EBITDA. From an operational perspective, the average US dollar basket price received at the US PGM operations was 36% higher at US$1,906/2Eoz (R31,373/2Eoz) compared to US$1,403/2Eoz (R20,287/2Eoz) in 2019. Mined 2E PGM production for 2020 of 603,067 2Eoz, was 2% higher than for the comparable period in 2019, with the state of Montana significantly impacted by the second wave of COVID-19 infections during Q4 2020. 3E PGM recycling for 2020 decreased by 2% to 840,170 3Eoz primarily due to lower deliveries for Q2 2020 as a result of the disrupted supply chains earlier in the year. Recycling receipts increased significantly during Q4 2020 as supply chains normalised. CHIEF FINANCIAL OFFICER’S REPORT CONTINUED The average SA rand basket price received at the SA PGM operations was 83% higher at R36,651/4Eoz (US$2,227/4Eoz) in 2020, compared with R19,994/4Eoz (US$ 1,383/4Eoz) in 2019. The operational performance from the SA PGM operations was commendable considering the sizeable challenges and operating adjustments required during the year. 4E PGM production of 1,576,507 4Eoz (including attributable ounces from Mimosa) for 2020 was 2% lower than 2019, with production building back to pre COVID-19 rates by November 2020, well ahead of expectation. 4E PGM production for H2 2020 was 40% higher than H1 2020. The average SA rand gold price received for 2020 was 43% higher at R924,764/ kg (US$1,747/oz) compared to R648,662/ kg (US$1,395/oz) in 2019. The SA gold operations achieved 54% of expected production for Q2 2020, a 32% decline compared to Q1 2020. Notwithstanding COVID-19 impacts, production from the SA gold operations for H1 2020 was higher than for the comparable period in 2019 due to the impact of the strike in H1 2019. The COVID-19 disruptions affected most of the April 2020 milling period with a steady build-up from May 2020 into June 2020. By the end of June 2020, almost 70% of the teams had returned to work and were operating at slightly above planned efficiency levels. Gold production at the managed SA gold operations of 25,190kg (809,877oz) for 2020 was 8% higher than 2019. However, due to the impact of the strike and the underground fire during 2019 compared to the impact of COVID-19 during 2020, these two periods are not directly comparable. The All-in sustaining cost (AISC) at the US PGM operations increased by 11% to US$874/2Eoz (R14,385/2Eoz) in 2020 from US$784/2Eoz (R11,337/2Eoz) in 2019, primarily due to increased PGM prices which drives an increase in royalties. AISC increases by approximately US$5/2Eoz for every US$100/2Eoz change in the prevailing PGM basket. Increases in sustaining capital accounted for approximately 56% of the increase in AISC at the US PGM operations. The AISC at the SA PGM operations of R18,280/4Eoz (US$1,111/4Eoz) in 2020 Sibanye-Stillwater Integrated Report 2020 96 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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increased by 23% from R14,857/4Eoz (US$1,027/4Eoz) in 2019 primarily due to lower production, higher royalties and the inclusion of the higher cost Marikana operation for a full year. AISC at the SA gold operations increased by 4% to R743,967/kg (US$1,406/oz) in 2020 from R717,966/kg (US$1,544/oz) in 2019 and was mainly due to higher labour costs for additional production shifts, higher production related stores costs and unplanned aggregate purchases. Capital expenditure increased to R9,616 million (US$584 million) in 2020 from R7,706 million (US$533 million) in 2019. Capital expenditure at the US PGM operations for 2020 was R4,422 million (US$269 million) of which R2,387 million (US$145 million) was spent on the Blitz and Fill the Mill projects. This compares to capital expenditure in 2019 of R3,393 million (US$235 million) of which R2,035 million (US$141 million) was spent on the Blitz project. Capital expenditure at the SA PGM operations decreased marginally by 2% from R2,248 million (US$155 million) in 2019 to R2,197 million (US$133 million) in 2020, mainly due a deferral of capital expenditure during the first half of 2020 as a result of the COVID-19 lockdown. Capital expenditure at the SA gold operations excluding DRDGOLD, increased from R1,984 million (US$137 million) in 2019 to R2,656 million (US$161 million) in 2020 due to impact of lower spend during 2019 because of the strike, partially offset by a deferral of capital expenditure during the first half of 2020 as a result of the COVID-19 lockdown. Capital expenditure at DRDGOLD increased from R82 million (US$6 million) in 2019 to R341 million (US$21 million) in 2020, due to increased capital expenditure on the Far West Gold Recoveries tailings retreatment operation. Illustrative design of platinum and gold bars Sibanye-Stillwater Integrated Report 2020 97 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Consolidated income statement for the year ended 31 December 2020 US dollar SA rand 2019 2020 Figures in million 2020 2019 5,043.3 7,739.5 Revenue 127,392.4 72,925.4 (4,378.6) (5,065.0) Cost of sales (83,368.8) (63,314.5) (3,879.7) (4,603.7) Cost of sales, before amortisation and depreciation (75,776.4) (56,100.4) (498.9) (461.3) Amortisation and depreciation (7,592.4) (7,214.1) 38.8 64.7 Interest income 1,065.4 560.4 (228.4) (191.5) Finance expense (3,151.8) (3,302.5) (25.1) (31.1) Share-based payments (512.4) (363.3) (416.0) (148.9) Loss on financial instruments (2,450.3) (6,015.1) 22.5 (15.5) (Loss)/gain on foreign exchange differences (255.0) 325.5 49.9 103.3 Share of results of equity- accounted investees after tax 1,699.8 721.0 33.5 100.7 Other income 1,657.4 484.2 (159.8) (165.7) Other costs (2,726.9) (2,310.4) 5.3 6.0 Gain on disposal of property, plant and equipment 98.8 76.6 (5.9) 7.4 Reversal of impairments/ (impairments) 121.4 (86.0) – (91.5) Loss on settlement of US$ Convertible Bond (1,506.7) – 2.7 (3.2) Occupational healthcare expense (52.3) 39.6 (86.6) (26.5) Restructuring costs (436.2) (1,252.4) – (11.3) Loss on Bulk Tailings re- Treatment (BTT) early settlement (186.2) – (31.0) (8.4) Transaction costs (138.6) (447.8) 76.3 – Gain on acquisition – 1,103.0 (59.1) 2,263.1 Profit/(loss) before royalties, carbon tax and tax 37,250.0 (856.3) (29.8) (107.2) Royalties (1,765.0) (431.0) (0.9) (0.3) Carbon tax (5.2) (12.9) (89.8) 2,155.6 Profit/(loss) before tax 35,479.8 (1,300.2) 119.9 (295.1) Mining and income tax (4,858.2) 1,733.0 30.1 1,860.5 Profit for the year 30,621.6 432.8 Attributable to: 4.5 1,780.9 Owners of Sibanye-Stillwater 29,311.9 62.1 25.6 79.6 Non-controlling interests 1,309.7 370.7 Earnings per share attributable to owners of Sibanye-Stillwater – 65 Basic earnings per share - cents 1,074 2 – 64 Diluted earnings per share - cents 1,055 2 14.46 16.46 Average Rand/US$ rate Note: The translation of the consolidated income statement into US dollar is based on the average exchange rate for the year ended 31 December 2020 of R16.46:US$1 (2019: R14.46:US$1) and is provided as supplementary information Interest income increased by 90% to R1,065 million (US$65 million) in 2020 from R560 million (US$39 million) in 2019 mainly due to higher cash balances being maintained during the year. Interest income mainly includes interest received on cash deposits amounting to R714 million (US$43 million) (2019: R264 million (US$18 million)) and interest received on rehabilitation obligation funds of R245 million (US$15 million) (2019: R266 million (US$18 million)). Finance expense decreased by 5% to R3,152 million (US$191 million) in 2020 from R3,303 million (US$228 million) in 2019, mainly due to a decrease in interest on borrowings from R1,445 million (US$100 million) in 2019 to R1,290 million (US$78 million) in 2020 following a decrease in average outstanding borrowings during 2020. The loss on financial instruments decreased from R6,015 million (US$416 million) in 2019 to R2,450 million (US$149 million) in 2020. This decrease was mainly attributable to the decrease of R1,089 million (US$66 million) in the fair value loss on the Sibanye Rustenburg Platinum BEE share- based payment obligation (R1,218 million (US$84 million) in 2019 to R129 million (US$8 million)) in 2020 and the decrease of R3,841 million (US$233 million) in the fair value loss on the derivative financial instrument relating to US$ Convertible Bond (R3,911 million (US$270 million)) in 2019 to R70 million (US$4 million) in 2020 which was settled during October 2020. These decreases were partially offset by an increase of R1,357 million (US$82 million) in the loss on the revised cash flows of the deferred payments from R724 million (US$50 million) in 2019 to R2,081 million (US$126 million) in 2020, mainly due to higher forecasted 4E PGM basket prices. CHIEF FINANCIAL OFFICER’S REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 98 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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The loss on foreign exchange differences of R255 million (US$15 million) in 2020 compared with a gain of R326 million (US$23 million) in 2019. The loss on foreign exchange differences in 2020 was mainly due to a foreign exchange loss of R2,130 million (US$129 million) on the US$ Convertible Bond and the derivative financial instrument, and a R49 million (US$3 million) loss on the Burnstone debt, both due to a weaker rand, partially offset by foreign exchange gains on intra-group loans with a real foreign exchange exposure. The loss on settlement of the US$ Convertible Bond of R1,507 million (US$92 million) arose during October 2020 when the US$ Convertible Bond was settled through cash of R13 million (US$1 million**) and the issue of 248,040,434 ordinary shares of the Group with an aggregate fair value of R12,573 million (US$757 million**). ** Conversion based on actual exchange rate when cash payment occurred and aggregate fair value calculated on actual exchange rates when bonds were redeemed in various tranches Transaction costs were R139 million (US$8 million) in 2020 compared with R448 million (US$31 million) in 2019. The transaction costs in 2020 included advisory and legal fees of R8 million (US$1 million) (2019: R284 million (US$20 million)) related to the Lonmin acquisition where the fees for 2020 were related to the restructuring of the Lonmin legal entities, advisory and legal fees of R30 million (US$2 million) (2019: Rnil (US$nil)) related to the Marathon transaction, general advisory and legal fees of R42 million (US$3 million) (2019: Rnil (US$nil)), streaming transaction costs of Rnil (US$ nil) (2019: R52 million (US$4 million)), advisory and legal fees of R25 million (US$2 million) (2019: R32 million (US$2 million)) related to the Sibanye Gold Limited internal restructuring and platinum jewellery membership costs of R47 million (US$3 million) (2019: R18 million (US$1 million)), partially offset by the reversal of a provision for legal costs relating to the dissenting shareholder claim of R26 million (US$2 million). Dividends Sibanye-Stillwater’s dividend policy is to return at least 25% to 35% of normalised earnings to shareholders. The Board declared a final dividend of approximately R9,375 million (US$570 million) or 321 SA cents (2019: nil) per share, which together with the interim dividend paid of R1,338 million (US$81 million) or 50 SA cents (2019: nil) per share, brings the total dividend for the year ended 31 December 2020 to R10,713 million (US$651 million), 371 SA cents (2019: nil) per share or 35% of normalised earnings. Royalties, mining and income tax Royalties increased by 310% to R1,765 million (US$107 million) in 2020 from R431 million (US$30 million) in 2019. The increase in 2020 was mainly due to the increase in SA revenue and profitability because of higher precious metal prices. Mining and income tax increased by R6,591 million (US$400 million) due to the higher profitability mainly as a result of higher precious metal prices, partially offset by the net recognition/ utilisation of previously unrecognised deferred tax assets of R4,447 million (US$270 million) mainly attributable to Marikana. Restructuring costs Maintaining loss-making operations is not sustainable over an extended period. Cross-subsidising loss making operations erodes value, is a drain on cash flows and, as a result, threatens the sustainability and economic viability of other operations. The Group, therefore, continually reviews and assesses the operating and financial performance of its assets. Restructuring costs of R436 million (US$27 million) for 2020 comprised mainly of R235 million (US$14 million) related to S189 restructuring at the Marikana operation which was completed on 16 January 2020 and R75 million (US$5 million) and R100 million (US$6 million) respectively at the SA PGM and SA gold operations mainly related to fragile health retrenchments in light of the COVID-19 pandemic Restructuring costs Maintaining loss-making operations is not sustainable over an extended period. Cross-subsidising loss making operations erodes value, is a drain on cash flows and, as a result, threatens the sustainability and economic viability of other operations. The Group, therefore, continually reviews and assesses the operating and financial performance of its assets. Restructuring costs of R436 million (US$27 million) for 2020 comprised mainly of R235 million (US$14 million) related to S189 restructuring at the Marikana operation which was completed on 16 January 2020 and R75 million (US$5 million) and R100 million (US$6 million) respectively at the SA PGM and SA gold operations mainly related to fragile health voluntary separations in light of the COVID-19 pandemic. The loss on the BTT early settlement arose when the subsidiaries of Sibanye- Stillwater, entered into a Release and Cancellation Agreement with RFW Lonmin Investments Limited, to purchase the entire interest in the metals purchase agreement for an amount of US$50 million (R834 million***), which was settled in cash on 6 March 2020. Western Platinum Proprietary Limited concluded a forward platinum sale arrangement on 3 March 2020 to fund the settlement of the BTT liability. *** Based on conversion on closing exchange rate of R16.67 on 6 March 2020 Share of results of equity-accounted investees after tax The share of results of equity-accounted investees after tax of R1,700 million (US$103 million) in 2020 (2019: R721 million (US$50 million)) was primarily due to share of profits of R1,300 million (US$79 million) (2019: R377 million (US$26 million)) relating to Sibanye-Stillwater’s 50% attributable share in Mimosa and R400 million (US$24 million) (2019: R344 million (US$24 million)) relating to its 44% interest in Rand Refinery. Reversal of impairments/(impairments) During 2020 the Group reversed a previously recognised impairment of R121 million (US$7 million) compared to impairments of R86 million (US$6 million) in 2019. The impairment reversals in 2020 mainly related to the historical impairment of R120 million (US$7 million) on Rand Refinery, an equity accounted investee, which was reversed due to improved profitability and a forecasted return to stable dividend payments. Sibanye-Stillwater Integrated Report 2020 99 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Revenue US dollar US dollar % change 2019 2020 Figures in million 2020 2019 % change 53 5,043.3 7,739.5 Total 127,392.4 72,925.4 75 48 1,857.8 2,743.2 US PGM operations 45,154.1 26,864.5 68 75 1,907.2 3,336.1 SA PGM operations 54,912.6 27,578.4 99 33 1,039.1 1,386.3 SA gold operations (excluding DRDGOLD) 22,817.8 15,023.2 52 23 250.4 306.9 DRDGOLD 5,051.0 3,621.0 39 195 (11.2) (33.0) Group corporate (543.1) (161.7) 236 14.46 16.46 Average Rand/US$ rate The Group’s revenue increased by 75% to R127,392 million (US$7,740 million) in 2020 from R72,925 million (US$5,043 million) in 2019, driven by higher precious metals prices and sales quantities during 2020. Revenue from the US PGM operations increased by 68% to R45,154 million (US$2,743 million) in 2020 from R26,865 million (US$1,858 million) in 2019, due to a higher average 2E basket price received, which increased by 36% to US$1,906/2Eoz (R31,373/2Eoz) in 2020 from US$1,403/2Eoz (R20,287/2Eoz) in 2019, mainly as a result of higher US dollar precious metal prices combined with a 14% weaker average rand against the US dollar exchange rate for 2020. Revenue from recycling increased by 74% mainly as a result of higher precious metal prices partially offset by lower volumes. Revenue from the SA PGM operations increased by 99% to R54,913 million (US$3,336 million) in 2020 from R27,578 million (US$1,907 million) in 2019, mainly due to higher sales volumes and a higher average 4E basket price received, which increased by 83% to R36,651/4Eoz (US$2,227/4Eoz) in 2020 from R19,994/4Eoz (US$ 1,383/4Eoz) in 2019. Notwithstanding the negative impact of COVID-19, both the Marikana and Rustenburg operations had higher sales volumes of 44% and 27% respectively, with the Marikana operation benefiting from being included for a full year in 2020. The change from purchase of concentrate (PoC) agreement to Toll agreement during 2019 at the Rustenburg operation resulted in an inventory buildup during Q1 of 2019 with the consequence of lower sales volumes. Revenue from the SA gold operations increased by 49% to R27,869 million (US$1,693 million) in 2020 from R18,644 million (US$1,289 million) in 2019. Revenue from the managed SA gold operations of R22,818 million (US$1,386 million) in 2020, excluding DRDGOLD of R5,051 million (US$307 million) (2019: R3,621 million (US$250 million)), increased by 52% due to the 42% higher rand gold price. Cost of sales, before amortisation and depreciation US dollar US dollar % change 2019 2020 Figures in million 2020 2019 % change 19 3,879.7 4,603.7 Total 75,776.4 56,100.4 35 44 1,353.3 1,944.3 US PGM operations 32,003.4 19,569.4 64 19 1,258.4 1,501.9 SA PGM operations 24,722.6 18,196.7 36 (9) 1,078.7 979.9 SA gold operations (excluding DRDGOLD) 16,128.0 15,598.0 3 (6) 189.3 177.6 DRDGOLD 2,922.4 2,736.3 7 14.46 16.46 Average Rand/US$ rate Cost of sales, before amortisation and depreciation increased by 35% to R75,776 million (US$4,604 million) in 2020 from R56,100 million (US$3,880 million) in 2019. This included cost of sales, before amortisation and depreciation of R32,003 million (US$1,944 million) from the US PGM operations, which increased by 64% mainly due to the R10,449 million (US$635 million) increase in recycling costs and higher royalties paid of 71$/oz, both due to higher PGM basket prices. Cost of sales, before amortisation and depreciation from the SA PGM operations increased by 36% or R6,526 million (US$396 million) mainly due to the inclusion of Marikana for a full year and higher sales volumes from the Rustenburg operation due to lower production volumes in Q1 of 2019 when stock levels were built up following the change from POC to Toll agreement with Anglo American Platinum Limited. Cost of sales, before amortisation and depreciation at the SA gold operations excluding DRDGOLD increased by 3% to R16,128 million (US$980 million) in 2020 from R15,598 million (US$1,079 million) in 2019 mainly due to 7% higher volumes. The higher volumes are mainly due to the lower base following the significant impact of the gold strike on 2019 volumes, where certain shafts were completely shut down during the strike, coupled with the impact of an underground fire at Kloof, partially offset by the impact of COVID-19 on the 2020 volumes. Cost of sales, before amortisation and depreciation at DRDGOLD of R2,922 million (US$178 million) increased by 7% mainly due to an increase in the tons treated. CHIEF FINANCIAL OFFICER’S REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 100 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Adjusted earnings before interest, tax depreciation and amortisation (EBITDA 1) US dollar US dollar % change 2019 2020 Figures in million 2020 2019 % change 190 1,034.3 3,000.4 Total 49,384.9 14,956.0 230 58 504.2 794.8 US PGM operations 13,083.2 7,290.9 79 190 608.3 1,766.5 SA PGM operations 29,074.5 8,796.2 231 374 (126.1) 345.4 SA gold operations (excluding DRD) 5,685.4 (1,823.4) 412 114 59.1 126.7 DRDGOLD 2,084.9 854.0 144 (195) (11.2) (33.0) Group Corporate (543.1) (161.7) (236) 14.46 16.46 Average Rand/US$ rate Adjusted EBITDA of R49,385 million (US$3,000 million) in 2020 increased by 230% from R14,956 million (US$1,034 million) in 2019, with adjusted EBITDA from the US and SA PGM operations increasing by 79% and 231%, respectively. The adjusted EBITDA increased at the PGM operations due to higher PGM basket prices and the inclusion of the Marikana operation for full year in the SA PGM operations. The adjusted EBITDA increased at the SA gold operations excluding DRDGOLD by 412% to an adjusted EBITDA of R5,685 million (US$345 million) in 2020 from an adjusted EBITDA loss of R1,823 million (US$126 million) in 2019 mainly due to a 43% increase in the rand gold price. Included in adjusted EBITDA is care and maintenance at Cooke and Burnstone of R623 million (US$39 million) and R81 million (US$5 million) for 2020, respectively. Care and maintenance at the Marikana operation was R92 million (US$6 million). Other costs include corporate and social expenditure of R258 million (US$16 million) and non-production royalties of R193 million (US$12 million). Adjusted EBITDA 1 2020 vs 2019 (US$ million) 0 500 1,000 1,500 2,000 2,500 3,500 4,000 3,000 2019 US PGM SAPGMS A gold DRDGOLD 2020 Streaming transaction 1,034 291 1,158 471 68 (22) 3,000 Adjusted EBITDA 1 2020 vs 2019 (R million) 0 10,000 20,000 30,000 DRDGOLD 40,000 50,000 60,000 2019 US PGM SAPGMS A gold 2020 Streaming transaction 14,956 5,792 20,278 7,509 1,231 (381) 49,385 1 For a reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA, refer/see- Annual Financial Report-Consolidated financial statements–Notes to the consolidated financial statements–Note 28.9: Capital management Sibanye-Stillwater Integrated Report 2020 101 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Consolidated statement of financial position as at 31 December 2020 US dollar SA rand 2019 2020 Figures in million 2020 2019 Assets 5,350.5 5,572.6 Non-current assets 81,860.5 74,908.1 4,105.7 4,125.3 Property, plant and equipment 60,600.0 57,480.2 25.8 20.1 Right-of-use assets 295.6 360.9 489.6 487.8 Goodwill 7,165.2 6,854.9 288.5 382.6 Equity-accounted investments 5,621.0 4,038.8 42.8 57.7 Other investments 847.0 598.7 328.7 335.9 Environmental rehabilitation obligation funds 4,934.0 4,602.2 48.8 55.9 Other receivables 821.3 683.5 20.6 107.3 Deferred tax assets 1,576.4 288.9 1,869.0 3,556.4 Current assets 52,242.6 26,163.7 1,107.4 1,698.6 Inventories 24,952.4 15,503.4 331.1 467.4 Trade and other receivables 6,865.6 4,635.0 3.7 2.5 Other receivables 36.8 51.2 25.4 10.1 Tax receivable 148.0 355.1 401.4 1,377.8 Cash and cash equivalents 20,239.8 5,619.0 7,219.5 9,129.0 Total assets 134,103.1 101,071.8 Equity and liabilities 2,118.8 4,661.8 Equity attributable to owners of Sibanye-Stillwater 68,480.3 29,670.6 – 1,936.2 Stated share capital 30,149.8 – 4,221.8 3,114.5 Other reserves 25,570.4 45,104.3 (2,103.0) (388.9) Accumulated loss 12,760.1 (15,433.7) 105.3 152.1 Non-controlling interests 2,235.7 1,467.7 2,224.1 4,813.9 Total equity 70,716.0 31,138.3 3,972.0 3,124.5 Non-current liabilities 45,900.0 55,606.7 1,692.7 1,191.1 Borrowings 17,497.0 23,697.9 296.1 – Derivative financial instrument – 4,144.9 19.5 15.2 Lease liabilities 223.2 272.8 622.5 587.7 Environmental rehabilitation obligation and other provisions 8,633.8 8,714.8 81.0 70.6 Occupational healthcare obligation 1,037.7 1,133.4 95.9 108.6 Share-based payment obligations 1,595.3 1,343.0 192.0 198.1 Other payables 2,910.7 2,687.5 492.6 433.1 Deferred revenue 6,362.7 6,896.5 4.2 0.6 Tax and royalties payable 8.6 59.1 475.5 519.5 Deferred tax liabilities 7,631.0 6,656.8 1,023.4 1,190.6 Current Liabilities 17,487.1 14,326.8 2.7 60.3 Borrowings 885.6 38.3 7.9 7.1 Lease liabilities 103.6 110.0 10.6 10.7 Occupational healthcare obligation 156.9 148.7 5.9 2.3 Share-based payment obligations 33.1 82.1 819.0 899.1 Trade and other payables 13,207.4 11,465.9 54.4 152.9 Other payables 2,245.9 761.4 90.8 4.6 Deferred revenue 66.9 1,270.6 32.1 53.6 Tax and royalties payable 787.7 449.8 7,219.5 9,129.0 Total equity and liabilities 134,103.1 101,071.8 14.00 14.69 Average Rand/US$ rate Note: The translation of the consolidated statement of financial position is based on the closing exchange rate as at 31 December 2020 of R14.69:US$1 (2019: R14.00:US$1) and is provided as supplementary information only CHIEF FINANCIAL OFFICER’S REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 102 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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US dollar SA rand 2019 2020 Figures in million 2020 2019 1,896.5 1,165.4 Borrowings 1 17,119.3 26,550.7 399.0 1,375.5 Cash and cash equivalents 2 20,205.9 5,586.3 1,497.5 (210.1) Net (cash)/debt 3 (3,086.6) 20,964.4 1,034.3 3,000.3 Adjusted EBITDA 49,384.9 14,956.0 1.4 (0.1) Net (cash)/debt to adjusted EBITDA (ratio) (0.1) 1.4 14.00 14.69 Average Rand/US$ rate 1 Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt and include the derivative financial instrument up to the settlement of the US$ Convertible Bond 2 Cash and cash equivalents exclude cash of Burnstone 3 Net (cash)/debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and, therefore, exclude the Burnstone Debt and include the derivative financial instrument up to the settlement of the US$ Convertible Bond. Net (cash)/debt excludes cash of Burnstone The net debt to adjusted EBITDA history is summarised as follows: 2020 2019 2018 2017 2016 Net (cash)/debt to adjusted EBITDA (0.06) 1.40 2.54 2.56 0.60 The Group was able to successfully deleverage during 2020 to a net cash to adjusted EBITDA ratio of (0.06):1 mainly attributable to an increase in adjusted EBITDA driven by higher precious metals prices and sales quantities during 2020. This ratio was further positively affected by a net cash position that is mainly attributable to a higher cash balance at year-end and the settlement of the US$ Convertible Bonds during October 2020 through R13 million (US$1 million) cash and the issue of 248,040,434 ordinary shares of the Group with an aggregate fair value of R12,573 million (US$757 million). EXTERNAL AUDIT ROTATION The Audit Committee has recommended to the Board that Ernst & Young Inc. and Lance Ian Neame Tomlinson continue in office in accordance with section 90(1) of the Companies Act and in terms of the JSE Listings Requirements, subject to shareholders approving the resolution at the next annual general meeting. Lance Ian Neame Tomlinson is the current designated group audit engagement partner, accredited by the JSE, for Sibanye-Stillwater. FOCUS AREAS – 2021 • Optimising capital allocation • Pursuing value-accretive growth based on a strengthened equity rating • Prospering in South Africa’s investment climate METAL PRICES The strong performance of higher precious metal prices is expected to continue during 2021, more specifically rhodium, platinum and palladium and should further assist with both earnings growth and cash flow generation. US dollar SA rand Average 2020 Spot prices 31 March 2021 % change Commodity prices Average 2020 Spot prices 31 March 2021 % change 1,747 1,700 (3) Gold price US$/oz and R/kg 924,764 807,585 (15) 2,227 3,700 40 SA PGM average basket price/4Eoz 36,651 54,673 33 1,906 2,271 16 US PGM average basket price/2Eoz 31,373 33,557 7 Source: IRESS ACKNOWLEDGEMENT I would like to express my sincere appreciation to the finance teams across the Group and to the Audit Committee for their unwavering support, even in light of challenging circumstances as a result of the COVID-19 pandemic, and ongoing commitment and dedication during 2020. The Group has been able to mitigate some of the adverse consequences relating to the volatile global environment in which we operate, further exacerbated during 2020 with the impact of COVID-19. This was achieved through both proactively managing costs including that of care and maintenance and revised production plans which translated into higher revenue during 2020, and deliberately managing capital; working capital and liquidity, which have contributed to the strengthening of the balance sheet. I look forward to working with the finance team and Audit Committee in 2021 as we further advance the Group’s strategic objectives. Charl Keyter Chief Financial Officer 22 April 2021 Sibanye-Stillwater Integrated Report 2020 103 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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CORPORATE GOVERNANCE COMMITMENT TO GOVERNANCE – CHAIRMAN’S STATEMENT Dear stakeholder To improve lives, which is our purpose, it is important that Sibanye-Stillwater remains successful over time so that it is able to create sustained value for all stakeholders. To support our longevity, it is important that our governance processes ensure accountability, clear role definition and delegation of responsibility, and vigilant monitoring of all aspects of our performance – financial, social, environmental, operational and ethical. The Sibanye-Stillwater Board strives to provide effective, responsible and ethical leadership and is committed to ensuring that sound standards of corporate governance guide all that we do and all our decisions. Our governance processes are underpinned by our CARES values, our policies, our Code of Ethics and procedures. The Board continuously reviews, develops and enhances governance structures to ensure sound decision making. In addition, the Board exercises independence in its decision-making while considering the interests of all stakeholders. The Board takes full responsibility for setting the Group’s strategic direction and overseeing implementation of the strategy, its management and performance. Sibanye-Stillwater subscribes to the principles of the King IV Report on Corporate Governance for South Africa, 2016 (King IV), the South African Companies Act, No.71 of 2008 (as amended), the JSE Listings Requirements, the NYSE Listed Company Manual and other relevant laws as well as the guidelines of the International Council on Mining and Metals (ICMM), United Nations Global Compact, World Gold Council, and the International Platinum Group Metals Association (IPA), all of whose principles guide the Board in its decision-making. Sibanye-Stillwater’s most significant achievements over the past year include: • significantly deleveraging the organisation • returning value to shareholders through dividends • improving gender representation across the different senior levels and the Board • review of the demographic composition and international perspective of the Board • navigating the dynamic context created by the COVID-19 pandemic • promoting a purpose-led and values-driven organisation • overseeing the elevation of ESG as a critical imperative underpinning the legitimacy and sustainability of our business • determining attractive commodity segments for the strategic growth of the Group Dr Vincent T Maphai Chairman of the Board GOVERNANCE PHILOSOPHY AND FRAMEWORK The Board is responsible for the strategic direction and control of the Group and sets the tone for ethical and effective leadership. It brings independent, informed and effective judgement and leadership to bear on material decisions. This is underpinned by an effective governance framework which is aligned with the principles of King IV, the JSE Listings Requirements, the NYSE Listed Company Manual and other relevant laws and our business requirements. In terms of King IV, the Board’s primary functions and governance outcomes are: Governance functions Governance outcomes • guide and oversee strategy and planning • ethical culture • approve policy • good performance • provide oversight and monitor performance and delivery • effective control • ensure accountability • legitimacy Sibanye-Stillwater Integrated Report 2020 104 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Primary governance responsibilities – commitment to King IV and its principles In addition, and in line with our commitment to good governance, the Sibanye-Stillwater Board has taken into account and adopted the King IV principles as follows: • Responsible, ethical leadership and corporate citizenship (principles 1 to 3) In guiding and leading the Group, the Board acts ethically, responsibly and effectively. In making decisions, the individual members of the Board act independently, competently and diligently. The Board strives to ensure that the Group acts in line with its role within society – as a significant employer and skills provider, as a taxpayer and as a contributor to and catalyst for economic growth • Strategy and value creation (principle 4) The Board provides vision and guides the Group in setting its purpose and its strategy to support delivery on the strategic objectives and thus value creation for the benefit of all stakeholders • Performance and reporting (principle 5) The Board oversees and monitors performance and delivery on the strategic objectives, and in so doing takes accountability for the Group’s performance. The related reporting is also overseen and approved by the Board – all the Group’s reporting is available at www.sibanyestillwater.com • Governance structures, effective control and delegation (principles 6 to 10) The Board ensures that the necessary governance structures are in place – at both board level and at executive management level – to ensure effective oversight and control. Through these structures, the Board ensures effective control and delegates responsibility • Functional areas of governance (principles 11 to 15) In leading and guiding the Group, the Board pays particular attention to the five functional areas of governance – risk management, assurance, remuneration, information and communication technology (ICT), and compliance. This supports sustainable growth and delivery on our purpose • Trust and legitimacy – stakeholder inclusivity (principles 16 and 17) The Board ensures that the Group follows an inclusive approach in all its dealings with stakeholders Governance Framework To permit effective maintenance and upgrading of its corporate governance, Sibanye-Stillwater’s governance framework will adopt a structured framework in 2021, that creates the required visibility, transparency and organisation around all critical elements of corporate governance. The Corporate Governance Framework application will be an effective web-hosted application affording oversight of the corporate governance arrangements of the Group. This is a digital dashboard showcasing all Governance Risk and Compliance (GRC) elements of the organisation’s business. The roll-out of the system is taking place during the course of 2021. Sibanye-Stillwater Integrated Report 2020 105 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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CORPORATE GOVERNANCE CONTINUED SHAREHOLDERS BOARD CHIEF EXECUTIVE EXECUTIVE COMMITTEE Subsidiary boards/divisions/functional unit committee and forum Social, Ethics and Sustainability Committee Remuneration Committee Safety and Health Committee Risk Committee Investment Committee Nominating and Governance Committee High Potential Incidents and Fatalities Review Committee Audit Committee ESG Committee Investment Committee Organisational Performance and Review Committee Financial Risk Committee Responsible Sourcing Committee COVID-19 Steering Committee Equities Trading Committee Disclosure Committee During 2020, the following changes were made at executive and senior management level to enhance organisational and operational governance: • In February 2020, the executive management established a COVID-19 Steering Committee to oversee and manage Sibanye- Stillwater’s response to the COVID-19 pandemic. This committee reported into the Board via the Safety and Health Committee, the Risk Committee and the Social, Ethics and Sustainability Committee. An independent third-party review of our response to the pandemic from a governance perspective was completed. The third parties were satisfied with the effectiveness of the Board processes and governance structures used during and beyond the pandemic. See Board and Board Committees effectiveness during the COVID-19 pandemic and the COVID-19 – impact and response section for a report of the Group’s performance under the constraints of COVID-19 • Following the completion of the internal restructuring in February 2020, which resulted in Sibanye Gold Limited being delisted and becoming a subsidiary of the new holding and listed company Sibanye Stillwater Limited, the Group has created a global Group leadership structure with the appointments of a Chief Operating Officer (Richard Stewart) and a Chief Technical Officer (Robert van Niekerk). These appointments are in line with our commitment to enhancing accountability, and strategic focus and delivery at executive management level • Additionally appointment was effected of a Vice President (VP) to oversee the management of tailings storage facilities and in future there will be an appointment of a dedicated Senior Vice President (SVP) for ESG to replace the current SVP: Safety and ESG who is due for retirement Sibanye-Stillwater Integrated Report 2020 106 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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GOVERNANCE AND RESPONSIBLE, ETHICAL LEADERSHIP Board and Board Committees effectiveness under the constraints of COVID-19 The Group has aligned its approach and efforts with guidelines and best practices provided by the South African and United States Governments, the World Health Organization (WHO), and the Centre for Disease Control and Prevention. We continue to engage with regulatory authorities, and industry bodies such as the Minerals Council South Africa and the International Council on Mining and Metals (ICMM), as well as partnering with organisations such as The Employment Bureau of Africa (TEBA) to manage risks posed by migratory labour (refer to the Empowering our workforce section). We also engaged continuously with stakeholder bodies representing government, communities and labour. The role of the COVID-19 Steering Committee is to provide regular oversight, guidance and counsel to a multi-disciplinary Coronavirus co-ordination team. The team is responsible for the development and implementation of measures to prevent the incidence of and limit the spread of COVID-19 among the workforce, ensure comprehensive and regular stakeholder engagement and develop business sustainability and post COVID-19 lockdown recovery plans. Refer to the COVID-19 – impact and response section. In addition, the Board ensured that regular and transparent disclosures were made to stakeholders regarding the impact of COVID-19 on the Group and continued with good corporate governance practices. Management provided regular updates to the Board. The Chief Executive Officer kept his management team cohesive, connected and effective during the crisis. This included holding regular team meetings over and above the COVID-19 Steering Committee meetings to ensure he and the Board remained up to date with important developments on Group governance issues and COVID-19-related matters. Management supported the Board’s transition to virtual-only board meetings and also took the decision to switch from an in-person to a virtual Annual General Meeting in May 2020. Responsible corporate citizenship In effecting its social, ethics and sustainability responsibilities and implementing practices consistent with good corporate citizenship, the Board and management led by example by personally contributing to the South African national relief Solidarity Fund through Board and executive salary sacrifices totalling R2.8 million. Additional corporate donations of R12.0 million were made to other South African national relief funds. Employees also had the opportunity to donate R1 million to the employee volunteerism donation scheme which was matched by the Company, which funds were utilised for Corporate Social Investment initiatives. Refer to the COVID-19 - impact and response section. Commitment to ESG performance A dedicated sub-committee of the Group Executive Committee, the ESG Committee was established in 2019 and is primarily responsible for the organisation’s ESG performance and reporting. This ensures that the Group honours the ESG performance expectations determined through the Board’s Social, Ethics and Sustainability Committee. Also refer to pages 185, 205, 217, 230, and 246 of the performance sections where disclosure on accountability, governance and assurance is made specifically in relation to ESG matters. In addition, it oversees the principles enshrined in the responsible mining and responsible business codes to which the Group subscribes. The Board monitors compliance with these codes, standards and principles through the Social, Ethics and Sustainability Committee and the Safety and Health Committee. Our commitment to ESG matters is also evidenced by our formal subscription over the past 18 months to various codes, standards and principles, such as the ICMM and its principles, performance expectations and ICMM position statements, those of the United Nations Global Compact (UNGC) and the World Gold Council (WGC)’s Responsible Gold Mining Principles. In addition, formal certification in terms of ISO standards 14001:2015 Environmental Management System and 45001:2018 Occupational health and safety management system is currently underway. This has resulted in an intense interrogation of the extent to which Sibanye-Stillwater complies with ESG best practice, which has in turn resulted in enhanced and additional layers of governance, review and compliance. International Council on Mining and Metals (ICMM) Sibanye-Stillwater was accepted as an ICMM member in February 2020, following a rigorous third-party assurance of the ICMM principles, performance expectations and the mandatory commitments of the ICMM position statements (available at https://www. icmm.com). The Group has a two-year period to address the gaps identified during the review process. Progress has been made to close the gaps. As a first step, Sibanye-Stillwater reviewed all ESG-related policy statements to the ICMM mandatory requirements as set out in ICMM Position Statements, the corporate-level Performance Expectations, and the corporate-level aspects of combined Performance Expectations. The policy statements reviewed were those on human rights and stakeholder engagement. An ESG policy statement has been drafted to incorporate the previous sustainability, community and indigenous people, environmental, carbon and water policy statements. Sibanye-Stillwater has also drafted position statements in support of the reviewed policy statements to provide relevant technical guidance. Refer to Sibanye-Stillwater’s reporting of the five subject matters, remaining ICMM gaps and the related action plans to address them (available at https://www.sibanyestillwater.com/news-investors/reports/annual/.) Sibanye-Stillwater Integrated Report 2020 107 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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CORPORATE GOVERNANCE CONTINUED World Gold Council (WGC) As the WGC RGMPs have a shared objective with the ICMM to improve ESG (including ethical, anti-corruption and anti-bribery) practices at the operational level, this audit presented an opportunity to conduct an equivalency assurance. Sibanye-Stillwater will be the first company to obtain assurance regarding the WGC Responsible Gold Mining Principles (RGMPs). The third-party WGC RGMP assurance is being effected in 2021. United Nations Global Compact (UNGC) Sibanye-Stillwater has subscribed formally to the UNGC as a participatory member and has also registered with the accelerated Sustainable Development Goals (SDGs) Ambition programme. This is an initiative to accelerate the setting of ambitious corporate targets and integration of the 17 SDGs into core business management. Please refer to the UNGC and SDG supplementary report for further information (available at https://www.sibanyestillwater.com/news-investors/reports/annual/). We have also reported in the performance section of this report against the SDGs – refer to the Embedding ESG excellence section in this report, for the relevant icons and explanation of our approach to the SDGs. London Platinum and Palladium Market (LPPM) Our Precious Metals Refinery has been certified to be in compliance with the LPPM Responsible Platinum and Palladium Guidance. This is a requirement for refiners that wish to achieve and maintain their LPPM Good Delivery Accreditation and is intended to assure investors and consumers that the LPPM Good Delivery metal is conflict-free following compliance with a certification audit. For more information refer to the disclosure on the website at https://www.sibanyestillwater.com/sustainability/. Supply chain Numerous engagements were held during the year with BASF, a customer of our PGMs, to honour commitments made by the previous owners to assure the Marikana operations against the Together for Sustainability (TfS) Audit Framework. An independent third party, together with a BASF representative, conducted a thorough assessment of the Marikana operations and its programmes, systems and governance mechanisms relating to human rights, environmental protection and labour and social standards against this framework. The audit findings were action tracked with most being closed. The progress made is reported at quarterly meetings between the Group and BASF. Ethics – overseeing a values-driven culture Our Code of Ethics is reviewed annually, with the most recent review conducted in August 2020. This Code is binding on directors and employees (full-time and part-time). We encourage its adoption and implementation by our contractors, suppliers, consultants, prospective business partners, current business partners and any other third party with which the Group has dealings with. Group wide training to further enhance/ embed understanding and emphasise the importance of compliance with the Code of Ethics has been scheduled to start in March 2021 for employees, directors and contractors. The Code of Ethics, together with supporting policies, is based on our CARES values and is the foundation on which the integrity of our organisational culture is built. This Code and policies are dynamic and evolve as we strive for ever higher standards. In its quest to build and sustain an ethical culture, the Board is assisted by the Audit Committee, which is accountable for ensuring group-wide compliance with the Code of Ethics, and the Social, Ethics and Sustainability Committee, which oversees compliance with best practice in the ethical management of Sibanye-Stillwater’s social and environmental responsibilities. Our ethical practices are reviewed regularly by external parties, for example, this was done as part of the ICMM assurance process, and more recently they were reviewed in preparation to the WGC assurance process. Our Code of Ethics requires the reporting of any contraventions to and instances of non-compliance with relevant legislation and regulations. Supported by a whistle-blowing policy, the Code of Ethics includes procedures to address corruption and bribery that are aligned with the related UNGC principles. In terms of suppliers, processes are also in place to ensure compliance with our ESG requirements and Code of Ethics. (For further details, see Social upliftment and community development: page 238). To facilitate the reporting of non-compliance, we have two toll-free lines – one for South Africa and one for the US. Employees, suppliers and customers can use the toll-free lines to report irregularities and misconduct without fear of victimisation. Whistle- blower reports, which are anonymous and confidential, are managed by Protection Services. These reports are reviewed by the Audit Committee and the Social, Ethics and Sustainability Committee. The Code of Ethics forbids Sibanye-Stillwater from making donations either in cash or in kind to political organisations. In addition to being illegal in South Africa, facilitation payments are forbidden in terms of the Code of Ethics (available at https://www.sibanyestillwater.com/about-us/governance/) Sibanye-Stillwater Integrated Report 2020 108 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Whistle-blower reports – non-compliance, bribery and corruption 2020 In all, 355 incidents (2019: 368) relating to employee dishonesty (fraud and assisting illegal mining) were reported at Sibanye-Stillwater’s gold operations leading to 413 (2019: 255) employees, including contractors, being subject to discipline. At the SA PGM operations, 98 incidents of corruption (2019: 94) were reported with 117 employees (2019: 84) implicated and being charged and disciplined in terms of our Code of Ethics. The details are provided below. A total of 307 anonymous calls (2019: 250) were received during 2020 at the SA operations, with most of these relating to fraud and corruption. Many of the calls provided valuable leads which were investigated. Those concerned were charged and disciplined in terms of our Code of Ethics, apart from also being subject to criminal investigation processes. The crimes are recorded on the crime management system, escalated to an investigation and ultimately investigated. Those concerned are charged and disciplined internally and, where warranted, charged criminally as well. No incidents of discrimination were reported during 2020 for the SA operations. The US PGM operations had two reported cases of age discrimination which were both internally and externally investigated. The Montana Human Rights Bureau ruled that they found no reasonable cause to believe that discrimination occurred in either of the claims. Anonymous calls in SA and US operations Area 2020 2019 Fraud 106 78 Breach of company policy # *108 53 Procurement fraud 6 33 Corruption 14 13 Illegal mining 21 14 Theft of mine property 14 19 Time and attendance fraud 1 7 Industrial action 0 20 Theft of GBM 6 3 Arson 1 1 Trespassing 0 3 Human resource related issues *8 3 Copper theft 2 1 Other 20 2 Total 307 250 * Includes US PGM operations – four calls for breach of company policy and one for Human resource issues # The increases in the reporting of Breaches of Company Policy are most likely attributable to our extensive communication campaign Conflicts of interest, closed periods and price-sensitive share trading As per the Companies Code of Ethics, King IV, the Companies Act, 2008 (as amended), the JSE Listings Requirements, the NYSE Listed Company Manual and other relevant laws recommendations, directors and prescribed officers are required to submit a declaration of all material financial, economic and other interests held by them. The declarations are undertaken annually, or at any time when there are material changes to their circumstances, by supplying to the Company a declarations of interest schedule or declaring through the employee self-service system. In addition, at every executive or Board-related meeting, every member is required to declare any conflicts of interest in respect of any matters on the agenda. Our securities trading policy and related information is overseen by the Equities Trading Committee, which is an executive committee. This committee determines when the Group is in a prohibited period, being either a closed period and/or a price sensitive period. Prescribed Officers, the Company Secretary and Directors of Sibanye-Stillwater and the Company Secretary and Directors of major subsidiaries require clearance to deal in Sibanye-Stillwater securities and any derivatives thereof (”Deal” or “Dealings”). Clearance to Deal may not be given during prohibited periods. Clearance for Dealings during “open” periods is given by the Chairman of the Board or the Lead Independent Director as the case may be, in consultation with the Equities Trading Committee. Compliance with the JSE Listing Requirements is monitored and ensured by the Group Company Secretary. Sibanye-Stillwater Integrated Report 2020 109 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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CORPORATE GOVERNANCE CONTINUED STRATEGY AND PERFORMANCE In line with King IV, the Board understands that Sibanye-Stillwater’s core purpose, strategy, business model, risks and opportunities, performance and our sustainable development impacts are all inseparable elements of the value creation process. The Board guides, contributes to and approves the Group’s purpose, vision and strategy. It is satisfied that the strategy and business plans do not give rise to risks that have not been thoroughly assessed by management and that considerations relating to the long-term sustainability of the business underpin and guide strategy formulation. For detail on our strategy, see Our strategy and strategic delivery. VALUE CREATION AND REPORTING We actively integrate our stakeholder engagement, material risk and opportunity evaluation process, strategy, business model and performance to create value for our shareholders and stakeholders. We commit to transparent reporting that focuses on: • our strategy and value creation process in compliance with best practice and the requirements of the exchanges on which we are listed • providing stakeholders and the financial investment community with clear, concise, accurate and timely information on our operations and financial performance • reporting integrated information to shareholders on our sustainability and ESG performance Our Board reporting includes a specific ESG report that is submitted quarterly to the Social, Ethics and Sustainability Committee. There is a strategic link between corporate citizenship and our ESG performance. This Integrated Annual Report, our primary report on value creation, demonstrates the Board’s integrated thinking and has been reviewed and approved by the Board. RELATIONSHIPS AND STAKEHOLDER INCLUSIVITY Effective and consistent stakeholder engagement is essential in identifying potential material issues and risks, and in understanding and managing stakeholder expectations. Constructive, meaningful, transparent stakeholder relationships are vital to retaining our social and regulatory licences to operate. The Board, assisted by the Audit, the Social, Ethics and Sustainability, the Safety and Health, and the Risk committees, has oversight of stakeholder engagement and the management and mitigation of material issues and risks. Stakeholder engagement is guided by our Code of Ethics. In addition, dedicated executives have been appointed with responsibility for stakeholder engagement in South Africa and in the US, respectively. A stakeholder engagement policy statement guides stakeholder interaction with clearly outlined protocols on how we manage stakeholder concerns and expectations. As a responsible corporate citizen, Sibanye-Stillwater fosters and maintains constructive engagement with all stakeholders. By doing so, we can deliver on our vision to create superior value for all stakeholders, create an enabling environment to deliver on our strategy, and maintain our social licence to operate in support of long-term success and sustainability. The Social, Ethics and Sustainability Committee monitors the extent to which we are successful in achieving this. For further information, see Engaging with our stakeholders and Managing our risks and opportunities within the external operating environment. DIVERSITY AND INCLUSIVITY Following the update to the JSE Listings Requirements, effective for years ending on or after 31 December 2020, the Board, through the Nominating and Governance Committee, amended its diversity policy to focus not only on gender and race but also on culture, age, fields of knowledge, skills and experience. In 2020, to promote understanding of inclusivity and diversity, the Group encouraged the adoption of a ‘diversity and inclusivity moment’ at the start of every meeting throughout the organisation. This is a brief discussion at the start of every meeting to address and educate each other on diversity-related issues. A gender working group was set up at our SA operations to address gender equity. (Refer to the Empowering our workforce section) The Remuneration Committee concluded its discussions on gender pay parity and an action log was compiled to bring the few outstanding instances into alignment. The smaller adjustments required will be addressed in the short term with larger ones to be phased in over two to three years. The Social, Ethics and Sustainability Committee continued to focus on women in mining, women in management and transformation. The Nominating and Governance Committee concluded its appointment of an additional female director in December 2020. See Empowering our workforce for further information on gender and racial diversity within Sibanye-Stillwater. Sibanye-Stillwater Integrated Report 2020 110 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Tax governance Our commitment to responsible corporate citizenship and ethical value creation includes the ethical and efficient management of our tax affairs. We conduct our tax affairs in good faith and comply with prevailing laws in the jurisdictions in which we operate. Our Board-approved tax risk management framework promotes governance, addresses tax risk, and enables us to report and monitor our tax obligations and associated risks. Our King IV-aligned tax strategy is supported by a tax policy that details processes and policies to ensure effective implementation and compliance. In the US, on 22 December 2017, new federal tax reform legislation, known as the Tax Cuts and Jobs Act, was enacted effective 1 January 2018, resulting in significant changes to US federal tax law. Those impacting the US PGM operations included a reduction in the US federal corporate income tax rate and the creation of a base erosion anti-abuse tax on certain inter-company transactions, among other changes. The overall impact of these changes remains fluid as the US is currently working to release related regulations regarding amendments to this Act. The US PGM operations, using internal tax specialists and external tax consultants and advisors, proactively monitors regulation releases to assess their likely impact. Status reports are reviewed by the Audit Committee at least half-yearly, or as and when necessary. A Transparency of Mineral Revenues Position Statement has been drafted stipulating our disclosure intent to endorse the Extractive Industries Transparency Initiative in implementing countries and to participate in the ICMM working groups to improve transparency on mineral revenues. OUR BOARD – UPHOLDING GOVERNANCE Our Board, which has a unitary structure, is led by an independent non-executive Chairman whose role is separate from that of the CEO. The Chairman is supported by a Lead Independent Director. Collectively, the directors have the breadth and depth of skills, knowledge and experience to effectively discharge their duties and responsibilities. This lends itself to informed, objective decision-making, and provides effective governance to ensure the Board contributes positively to value creation. The Board provides sound, effective, ethical leadership and strategic guidance, ensuring that the principles of good governance are applied, and that appropriate business and financial risk management is in place. Sibanye-Stillwater’s ability to deliver on its purpose, mission and strategic objectives is underpinned by the quality and expertise of its leadership. The Board charter is reviewed annually and is aligned with relevant legislation and listings requirements in South Africa and the USA. It is available on our website: https://www.sibanyestillwater.com/about-us/governance/ Changes to the Board A lead independent director, Rick Menell, was appointed in February 2020 to further enhance the corporate governance and Board processes of the Group. Dr Elaine Dorward-King was appointed as an independent non-executive director on 27 March 2020. Her appointment has boosted ESG expertise at Board level and brings an additional international mining sustainability perspective to the Board (please refer to her full biography at https://www.sibanyestillwater.com/about-us/leadership/dr-elaine-dorward-king/). On 21 December 2020, the appointment of another female independent non-executive director, Ms Sindiswa Zilwa (Sindi), was announced (please refer to her full biography at https://www.sibanyestillwater.com/about-us/leadership/sindiswa-zilwa/). Her appointment was effective from 1 January 2021. Sindi brings with her a wealth of knowledge on audit, risk and investment committees. The appointment of Elaine and Sindi also increases the gender diversity at Board level, which were raised in 2019. The two non- independent non-executive directors appointed on 1 January 2020 to represent Gold One International Limited (Gold One), resigned on 27 March 2020. Their appointment was pursuant to a written agreement entered into in August 2013 between the then Sibanye Gold and Gold One for the acquisition by Sibanye Gold of Gold One’s Cooke and Ezulwini operations. Sibanye-Stillwater Integrated Report 2020 111 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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CORPORATE GOVERNANCE CONTINUED Independent, non-executive Chairman Lead Independent Director 13 DIRECTORS 11 (or 85%) independent, non- executive directors Unitary board structure Independence and size Expertise and experience Gender diversity Racial diversity Age Tenure Target: A Board with an appropriate balance of relevant knowledge, experience and skills in areas appropriate to Sibanye-Stillwater Director rotation Director rotation ensures a fresh perspective while maintaining continuity of skills, institutional and industry knowledge and experience Rick Menell, Keith Rayner and Jerry Vilakazi retire by rotation and are up for re-election at the May 2021 AGM Sindiswa Zilwa 2 is expected to be elected at the AGM Achieved By gender 70 30 % By historically disadvantaged person (HDP) 38 46 15 % 31 8 61 % By tenure 23 77 % 30% Female 70% Male 46% Historically disadvantaged persons (South Africans) 8% younger than 50 Average tenure: 7 years Average age: 60 years 15% Other nationalities 38% Other South Africans 23% less than three years 31% between 50-60 61% older than 60 1 All information as at the date of this report 2 Appointed effective 1 January 2021 as an independent non-executive director BOARD CHARACTERISTICS 1 Target: Currently, the approved retirement age for directors is 72 years of age. The Board has reserved the right to extend this to 75, provided the member concerned is available and fit to carry out their duties Target: Director rotation ensures a fresh perspective while maintaining continuity of skills, institutional and industry knowledge and experience Sibanye-Stillwater Integrated Report 2020 112 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Board members, expertise and committee membership* Member Independence Expertise Committee membership Vincent Maphai ✔ • Corporate affairs and transformation • Strategy • ESG matters • Chairman of the Board • Nominating and Governance Committee (chairman) • Remuneration Committee • Safety and Health Committee • Social, Ethics and Sustainability Committee Timothy Cumming ✔ • Engineering in the mining industry • Leadership and strategic development • Financial services • ESG matters • Remuneration Committee (chairman) • Audit Committee • Risk Committee • Social, Ethics and Sustainability Committee • Investment Committee* (Deputy Chairman) Savannah Danson ✔ • Communication • Finance • Mining • Infrastructure management • Audit Committee • Risk Committee • Remuneration Committee • Safety and Health Committee • Investment Committee* Elaine Dorward-King ✔ • Mining • Health and safety • ESG matters • Safety and Health Committee • Social, Ethics and Sustainability Committee Harry Kenyon-Slaney ✔ • Operations • Geology • Health and safety • Business transformation • Business development • Safety and Health Committee (chairman) • Social, Ethics and Sustainability Committee • Risk Committee • Investment Committee* • Remuneration Committee Rick Menell ✔ • All aspects of the mining industry, operationally and at executive management and board level • Geology • Financial management • Audit Committee • Risk Committee (Chairman) • Nominating and Governance Committee • Safety and Health Committee • Social, Ethics and Sustainability Committee • Investment Committee* (Chairman) Nkosemntu Nika ✔ • Finance and accounting at both private and public sector organisations • Audit Committee • Nominating and Governance Committee • Remuneration Committee • Social, Ethics and Sustainability Committee Keith Rayner ✔ • Corporate finance and accounting • Executive management and governance • Regulatory compliance • Audit Committee (Chairman) • Risk Committee • Remuneration Committee • Social, Ethics and Sustainability Committee • Investment Committee* • Nominating and Governance Committee # Susan Van Der Merwe ✔ • Diplomacy • Foreign affairs, liaison at highest levels of government and regulators • Audit Committee • Risk Committee • Nominating and Governance Committee • Safety and Health Committee Jerry Vilakazi ✔ • Strategic investments • Shaping major public service policies in post-1994 South Africa • Advocacy • Nominating and Governance Committee • Social, Ethics and Sustainability Committee (chairman) • Investment Committee* Sindiswa Zilwa* ✔ • Corporate finance and accounting • Executive management and governance • Regulatory compliance • Audit Committee • Risk Committee • Safety and health Committee • Investment Committee* Executive directors Neal Froneman ✘ • Operations management • Mergers and acquisitions • Risk Committee • Safety and Health Committee Charl Keyter ✘ • Financial management in mining • Mergers and acquisitions • Executive Committee and sub-committees as outlined in Governance and delegation above * Investment Committee was established in February 2021 # Appointed to the committee on 15 February 2021 For more detailed biographies and information on other public directorships are available on our corporate website (www.sibanyestillwater.com) and in our annual Form 20-F 2020, available at https://www.sibanyestillwater.com/news-investors/reports/annual/. Sibanye-Stillwater Integrated Report 2020 113 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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CORPORATE GOVERNANCE CONTINUED SAFETY AND HEALTH COMMITTEE Ensures adherence to occupational health and safety laws, regulations and external standards, reviews relevant policy and monitors performance of related key indicators so as to minimise mining- related accidents and their impacts Chairman: Harry Kenyon-Slaney Members: Savannah Danson, Neal Froneman, Vincent Maphai, Sindiswa Zilwa, Rick Menell and Susan van der Merwe Number of meetings annually: four Number of meetings in 2020: four REMUNERATION COMMITTEE Ensures payment of fair rewards to attract, retain and motivate executive management with the skills and experience necessary to support and sustain the company and its strategy, and evaluates performance in relation to reward Chairman: Tim Cumming Members: Savannah Danson, Harry Kenyon-Slaney, Vincent Maphai, Nkosemntu Nika and Keith Rayner Number of meetings: four Number of meetings in 2020: four INVESTMENT COMMITTEE Established in February 2021 to discharge a pivotal role in guiding and overseeing the allocation of capital and to oversee the Group’s investment activities. Members: Tim Cumming, Harry Kenyon-Slaney, Rick Menell, Keith Rayner, Jerry Vilakazi, Savannah Danson, and Sindiswa Zilwa Meets on an ad hoc basis SOCIAL ETHICS AND SUSTAINABILITY COMMITTEE Supports and assists the Board in ensuring compliance with best practice recommendations relating to the ethical conduct of our stakeholder engagement. Oversees and monitors anti-corruption policy and performance, the company’s standing as a responsible corporate citizen particularly in relation to the Code of Ethics. Monitors compliance in terms of the UNGC principles Chairman: Jerry Vilakazi Members: Tim Cumming, Harry Kenyon- Slaney, Vincent Maphai, Rick Menell, Nkosemntu Nika and Keith Rayner Number of meetings annually: four Number of meetings in 2020: four NOMINATING AND GOVERNANCE COMMITTEE Develops our approach to matters relating to corporate governance and makes recommendations to the Board on all such matters, while keeping abreast of best practice. Monitors and evaluates effectiveness and composition of the Board and for director and senior executive succession planning Chairman: Vincent Maphai Members: Rick Menell, Nkosemntu Nika, Keith Rayner, Jerry Vilakazi and Susan van der Merwe Number of meetings annually: four Number of meetings in 2020: four AUDIT COMMITTEE Ensures financial sustainability of the Group by monitoring and reviewing financial controls and procedures, as well as the effectiveness and integrity of internal audit and control systems. Appoints independent, external auditor. Oversees regulatory and legislative compliance Chairman: Keith Rayner Members: Tim Cumming, Savannah Danson, Rick Menell, Nkosemntu Nika, Susan van der Merwe and Sindiswa Zilwa Number of meetings annually: six Number of meetings in 2020: seven RISK COMMITTEE Ensures Group sustainability by evaluating and overseeing implementation of efficient risk management processes and controls to identify, monitor and mitigate risks and to act on opportunities identified Chairman: Rick Menell Members: Tim Cumming, Savannah Danson, Neal Froneman, Sindiswa Zilwa, Harry Kenyon-Slaney, Keith Rayner and Susan van der Merwe Number of meetings annually: two Number of meetings in 2020: two OUR BOARD AND ITS COMMITTEES BOARD Chairman: Vincent Maphai Has ultimate responsibility for providing solid ethical leadership and strategic guidance, ensuring that the principles of good corporate governance are observed in delivering on our strategic objectives Members: eleven independent non-executive directors and two executive directors Number of meetings annually: four and one strategy session Number of meetings in 2020: eight and two strategy session All members attended all meetings in 2020 Sibanye-Stillwater Integrated Report 2020 114 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Board effectiveness and performance evaluations As recommended by King IV, an external assessment of the Board and its committees is undertaken bi-annually. Outstanding matters which had been highlighted by the external evaluation related to the gender diversity of the board and the further refinement of risk appetite and tolerance levels, both of which were addressed during 2020. Two additional female directors were appointed during 2020 and the Risk Committee approved risk appetite and tolerance levels. See “Changes to the Board” above and the Risk Committee later in this report. The internal assessment of the Board and its Committees was finalised in early 2021. Overall, the Board is confident in its performance and is satisfied that it was effective, adapting effectively to COVID-19 affected conditions, and that members are up to date with the latest market and regulatory developments. There is regular and effective communication between the Board and its committees, and between the committees themselves. The committees are considered to adequately fulfil their roles and responsibilities, as set out in their respective charters. In addition, board members attended training on the management of tailings storage facilities and a refresher course on director duties and responsibilities. The Board noted in its internal assessment that additional training is required. In addition, the following evaluations were conducted during 2019: Leadership role Description of responsibilities Outcome and recommendations Succession planning Chairman Leads the Board and ensures integrity and effectiveness of Board and committees, and high standards of governance and ethical behaviour Members of the Board were satisfied with the performance and leadership of the previous and new Chairman Succession planning of the Chairman was discussed both in the context of internal and external candidates. In 2020 a Lead Independent Director was appointed to further enhance the corporate governance and Board processes of the Group CEO • Provides leadership in the area of policy and strategic direction and provides management with comprehensive information, analysis and timely advice on all aspects of the business • Leads and manages daily operations • The Board was satisfied with the performance of the CEO against agreed upon performance measures and targets • The Remuneration Committee further performed an annual review of the CEO’s dual contract and approved it for the ensuing year Succession planning for the CEO was discussed and potential candidates for development and succession were noted CFO and the finance function • Financial management of the Group • Provide leadership, direction and management of the finance and accounting team • Provide strategic recommendations to the CEO/president and members of the executive management team • Manage the processes for financial forecasting and budgets, and oversee the preparation of all financial reporting • Advise on long-term business and financial planning • Review all formal finance, and IT related procedures In terms of the JSE Listings Requirements and King IV, the Audit Committee noted that it was satisfied that the financial director has the appropriate expertise and experience to fulfil his role and that the finance function was effective Succession planning for the CFO was noted Sibanye-Stillwater Integrated Report 2020 115 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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CORPORATE GOVERNANCE CONTINUED Leadership role Description of responsibilities Outcome and recommendations Succession planning Internal Audit serving as Chief Audit Executive (CAE) • Sets auditing strategies and annual work plan, oversees implementation of work plan • Oversee staff, mentor and develop their skills • Identify and implement control and compliance initiatives across the organisation • Conduct audits, communicate with departments, and report on audit results In terms of King IV, the Audit Committee noted that it was satisfied that the CAE had the necessary competence and experience to fulfil her role and that the internal audit function was effective Successors have been identified Company Secretary • Provides the directors of the company collectively and individually with guidance as to their duties, responsibilities and powers • Makes the directors aware of any law relevant to or affecting the Company and Group • Responsible for the efficient administration of the Company, and for ensuring compliance with statutory and other regulatory requirements in particular • In compliance with paragraph 3.84(h) of the JSE Listings Requirements. In its assessment, the Board considered the recommended practices of King IV and satisfied itself that the Company Secretary is competent, qualified and has the necessary expertise and experience to fulfil the role • The Company Secretary is not a director of the Group and has an arm’s-length relationship with the Board Successors have been identified Key areas of Board deliberation in 2020 • Improving gender representivity across the different senior levels and the Board • Review of the demographic composition and international perspective of the Board • Navigating the dynamic context created by the COVID-19 pandemic • Promoting a purpose-led and values-driven organisation • Overseeing the elevation of ESG as a critical imperative underpinning the legitimacy and sustainability of our business and determining attractive commodity segments for the strategic growth of the corporation • Significantly deleveraging the organisation • Returning value to shareholders through dividends and other stakeholders through our COVID-19 initiatives as outlined in the report Planned areas of focus for 2021 • Refining ESG priorities • Capital allocation • Overseeing the strategic growth of the corporation • Managing the continuous impact of COVID-19 • Continued oversight of ethical and value-driven performance and culture • Continued supervision of safe production strategy • Director training Sibanye-Stillwater Integrated Report 2020 116 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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BOARD COMMITTEES AUDIT COMMITTEE Members Appointed to Committee Meeting attendance Keith Rayner (Chairman) 1 January 2013 7/7 Tim Cumming 30 May 2018 7/7 Savannah Danson 23 May 2017 7/7 Rick Menell 1 January 2013 7/7 Nkosemntu Nika 21 February 2013 7/7 Susan van der Merwe 21 February 2013 7/7 Sindiswa Zilwa 16 February 2021 N/A 2020: Contribution to value creation 2021: Planned areas of focus Deleveraging • Continued focus on deleveraging • Continuous review of our debt facilities and replacement and use thereof was affected • A solvency and liquidity review was performed each quarter to ensure the Company and Group were viable operations • Leverage ratios came down in 2020 due to increased cash flows from revenue • Improved cash and revenue environment and declared a dividend Lonmin (now called the Marikana operations) • Integration of Lonmin (Marikana operations) across all areas of focus – operational and financial – and focus on SOX control issues for the year ended December 2020 IFRS • Ensured implementation of new International Financial Reporting Standards throughout the business • See Audit Committee Report for more detail Capital allocation • Allocation of funds organically, inorganically and as dividends to be monitored each quarter • Solvency and liquidity review to be performed quarterly to support planned capital allocation IT projects • Implementation of various IT projects throughout the group to be monitored – particularly concerning integration of accounting systems Marikana operations • Marikana integration to be confirmed as completed during FY 2021 IFRS • Ensure implementation of new International Financial Reporting Standards throughout the business For the Audit Committee’s Terms of Reference, see https://www.sibanyestillwater.com/about-us/corporate-governance RISK COMMITTEE Member Appointed to the Committee Meeting attendance Rick Menell (Chairman) 1 January 2013 2/2 Harry-Kenyon Slaney 18 February 2019 2/2 Neal Froneman 30 May 2018 2/2 Tim Cumming 13 February 2013 2/2 Keith Rayner 1 January 2013 2/2 Savannah Danson 23 May 2017 2/2 Susan van der Merwe 21 February 2013 2/2 Sindiswa Zilwa 16 February 2021 N/A Sibanye-Stillwater Integrated Report 2020 117 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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CORPORATE GOVERNANCE CONTINUED 2020: Contribution to value creation 2021: Planned areas of focus The Committee focused for the year on: • The top 10 Group strategic risks • The top 10 risks in each operational segment and their mitigation thereof. These risks were reviewed against the strategy and the changing operational landscape of the organisation • Impact of COVID-19 risks to the top 10 strategic risks of the Group • Review and approval of the updated strategic risk management responsibility matrix • Approved the risk appetite • Approved the risk tolerance • Impact of COVID-19 risks to the top 10 strategic risks of the Group • Emerging risks to be reviewed and added if necessary For the Risk Committee’s Terms of Reference see https://www.sibanyestillwater.com/about-us/corporate-governance NOMINATING AND GOVERNANCE COMMITTEE Member Appointed to the Committee Meeting attendance Vincent Maphai (Chairman) 27 August 2019 4/4 Rick Menell 1 January 2013 4/4 Nkosemntu Nika 21 February 2013 4/4 Jerry Vilakazi 1 January 2013 4/4 Susan van der Merwe 30 May 2018 4/4 Keith Rayner 16 February 2021 N/A 2020: Contribution to value creation 2021: Planned areas of focus During 2020, the Committee deliberated on the following matters: • Training of directors • Recruitment of an independent non-executive director • Nomination and appointment of a lead independent director • Review of executive leadership arrangements required to support the corporation’s strategic growth into an increasingly diversified operator by commodity and geography • Continued review of executive leadership arrangements required to support the corporation’s strategic growth into an increasingly diversified operator by commodity and geography • Director training and development The Nominating and Governance Committee Terms of Reference are available at: https://www.sibanyestillwater.com/about-us/corporate-governance REMUNERATION COMMITTEE Member Appointed to the Committee Meeting attendance Tim Cumming (Chairman) 13 February 2018 4/4 Harry Kenyon-Slaney 18 February 2019 4/4 Savannah Danson 21 February 2013 4/4 Vincent Maphai 27 August 2019 4/4 Nkosemntu Nika 1 January 2013 4/4 Keith Rayner 1 January 2013 4/4 Sibanye-Stillwater Integrated Report 2020 118 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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2020: Contribution to value creation 2021: Planned areas of focus • Holistic review of the senior management incentive plan including pay mix benchmarking for on target performance against a global mining peer reference group and review of the strategy alignment of performance conditions applicable to long term incentive awards • Ongoing review of remuneration parity and fairness • Evaluation of management’s performance in achieving safe operational delivery in 2020 under conditions severely distorted by the COVID-19 pandemic • Routine approvals relating to executive pay • See the Remuneration Report for more detail • Continued monitoring of trends and consideration of any further refinement deemed appropriate • Progressive build-out of the breadth and depth of the ESG measures used in the ESG scorecard for LTI vesting purposes • Ensuring our remuneration practices are further enhanced as needs be given the increasing multinational nature of the Group • Implementation of a “C-Suite structure” at executive management level • Revisit the introduction of a Minimum Shareholding Requirement (MSR) policy The Remuneration Committee’s Terms of Reference are available at: https://www.sibanyestillwater.com/about-us/corporate-governance SAFETY AND HEALTH COMMITTEE* Member Appointed to the Committee Meeting attendance Harry Kenyon-Slaney (Chairman) 18 February 2019 4/4 Savannah Danson 30 May 2018 4/4 Neal Froneman 1 January 2013 4/4 Rick Menell 1 January 2013 4/4 Vincent Maphai 27 August 2019 4/4 Susan van der Merwe 21 February 2013 4/4 Sindiswa Zilwa 16 February 2021 N/A 2020: Contribution to value creation 2021: Planned areas of focus • Converting the cultural and leadership transformation work into hard and improved health and safety outcomes • Ensuring that lessons learned from incidents are applied uniformly and comprehensively across the rest of the organisation • Developing and implementing practical technical tools that provide advanced warning of a heightened risk of rock mass failure • Cementing the understanding of our safety and health values, systems and processes among a large workforce, many of whom do not speak English In 2021 the Committee will focus particularly on the following areas: • Continuing to convert the ongoing cultural and leadership transformation work into hard and improved health and safety outcomes • Establishment of a post-incident review process to affirm that all actions and lessons arising from incident investigations are comprehensively and permanently implemented across the organisation • Developing and implementing practical technical tools that provide advanced warning of a heightened risk of rock mass failure • Develop and implement engineering solutions to eliminate risk to people where they are required to work in proximity to mobile, tracked or mechanical machinery • Align all existing company and regional safety standards and guidelines into a common set of group-wide standards that harmonises our approach to risk and hazard management • Cementing the understanding and application of our safety and health values, systems and processes among a large workforce, many of whom do not speak English • Ensuring increased attention on, and improvement of, occupational health outcomes across the organisation • Maintaining the high level of vigilance on containing the impact of COVID-19 across the organisation and supporting its suppression in neighbouring communities The Safety and Health Committee’s Terms of Reference are available at: https://www.sibanyestillwater.com/about-us/corporate-governance Sibanye-Stillwater Integrated Report 2020 119 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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SOCIAL, ETHICS AND SUSTAINABILITY COMMITTEE Member Appointed to the Committee Meeting attendance Jerry Vilakazi (Chairman) 21 February 2013 4/4 Tim Cumming 13 February 2018 4/4 Harry Kenyon-Slaney 18 February 2019 4/4 Rick Menell 1 January 2013 4/4 Vincent Maphai 27 August 2019 4/4 Nkosemntu Nika 30 May 2018 4/4 Keith Rayner 21 February 2013 4/4 2020: Contribution to value creation 2021: Planned areas of focus • Monitoring adherence to the Code of Ethics, compliance and improvements to the gender policy at all levels of the organisation. • Review of the baseline study conducted by the Commission on Gender Equality on a selected number of mining companies, which included Sibanye-Stillwater’s gender policies and practices. While the report had highlighted certain historical gender disparities in salaries aligned to some positions, the company conducted its own Employment Equity Barriers Audit focusing on women in mining, pay and grade inequality. The findings and recommendations of which continued to be implemented in 2020 • Review of Women-in-Mining initiative led by our Chief Executive Officer • Established a Tailings Management Working Group to design and implement a group tailings management framework aligned to the requirements of the Global Industry Standard for Tailings Management and the ICMM guides • Good stewardship in terms of water management, reduction of its carbon footprint and concurrent rehabilitation in a quest to reduce any adverse environmental impacts on people and the planet • Benchmarking against our peers to ensure that our standards align to international best practices. Membership to the ICMM was achieved in 2020. The Precious Metal Refinery has adopted the LPPM responsible sourcing principles and it has been certified following an assurance in 2020. We also participate in the UNGC accelerated programme of the 17 United Nations Sustainable Development Goals and have ensured that our ESG deliverables are aligned so we can have tangible proof points and actions geared towards meeting the set targets • Reviewed our social performance strategy to take into account the roles of different players in ensuring sustainable socio- economic development of communities in environments that host our operations. This focus is based on the principle of being a Good Neighbour and fostering a collaborative culture between the company and its stakeholders in driving long lasting and sustainable development programmes. Clawing back on the delays and backlogs by fast tracking implementation of Social Labour Plans (SLPs) in affected areas was undertaken in 2020 • Continued commitment to being part of the solution in mitigating the impact of COVID-19 on our business as well as the environments in which we operate • Integration of our values-based culture programme • Continue to work with ICMM to ensure that we close all the gaps identified in their audits in our SA PGM operations, and our SA gold operations aims for the World Gold Council Responsible Mining assurance in 2021 • Closure of all the backlogs of our SLPs The Social, Ethics and Sustainability Committee’s Terms of Reference are available at: https://www.sibanyestillwater.com/about-us/corporate- governance. CORPORATE GOVERNANCE CONTINUED Sibanye-Stillwater Integrated Report 2020 120 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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FUNCTIONAL GOVERNANCE AREAS RISK MANAGEMENT Responsible governance entity: Audit Committee and Risk Committee Our risk management framework and processes involve the systematic application of management policies, procedures and practices. It sets out the requirements for effective oversight of risks to ensure effective integration with the development and execution of Group strategy. The framework includes identifying, assessing, evaluating, mitigating and reporting of risks, together with communicating, consulting and establishing the context for risk as well as for opportunity identification. Sibanye-Stillwater’s risk-management framework and processes, including related policies, procedures and practices, are reviewed annually by the Risk Committee, prior to approval by the Board. The Risk Committee, reviews and approves the role and accountability matrix for the Group enterprise risk management. The Board has ultimate responsibility for determining tolerance levels, monitoring the achievement of tolerance levels against pre-set tolerance levels and for the monitoring of risk exposures. The Audit Committee chairman also serves as a member of the Risk Committee, while the Risk Committee chairman serves on the Audit Committee. This allows for cross-referencing and thus more effective oversight of risks and risk management. The Marikana operations are now fully aligned with and integrated into the Sibanye-Stillwater risk management framework and process. The Marikana risk registers were incorporated into the risk registers for both the Group and the SA PGM operations. Sarbanes-Oxley Act (SOX) risks and controls have been identified and implemented in relation to the Group’s operating and financial risks. The insurance periods are now aligned with those of the Group. Specific risks in relation to Marikana are discussed in the section Managing our risks and opportunities within the external operating environment. Management determined that, as of 31 December 2019, the company’s internal control over financial reporting was ineffective owing to a material weakness resulting from a control deficiency in effectively mitigating the risk relating to the timely recognition of foreign currency cash receipts as cash and cash equivalents with the corresponding settlement of trade receivables. Extensive work was conducted in 2020 to remediate the control deficiency including the implementation of primary controls and continuous reviews to refine and improve these controls. Notwithstanding the material weakness, management concluded that the consolidated financial statements presented fairly, in all material respects, our financial position, results of operations and cash flows as of and for the financial year end. Business activities were managed within approved risk-tolerance and risk-appetite levels. Details on our risk management framework, processes and the most significant risks and opportunities identified in 2020 are discussed in the section Managing our risks and opportunities within the external operating environment and in the Audit Committee and Risk Committee reports in this document as well as in the full version of the Risk Committee chairman’s report which is available online. For a more comprehensive discussion on risks, see the 2020 Form 20-F, available on our website at https://www.sibanyestillwater.com/news-investors/reports/annual/ Sibanye-Stillwater Integrated Report 2020 121 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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ASSURANCE Responsible governance entity: Audit Committee and Risk Committee The Group has adopted a combined assurance model. This model defines the five levels of defence and is presented to the Audit Committee to approve annually. The Group strategic and segment risk registers identify the five levels of defence applied on the Group strategic and segment risk registers. The management levels of assurance were contained in the first three levels of defence. Each section of the Integrated report defines the inputs of management for these levels. The adoption and implementation of the ICMM principles further strengthened the management systems and controls. Improved systems have been implemented and will continue to be strengthened in line with the ICMM principles. As part of the combined assurance and requirements of the ICMM, audits have been undertaken following the application for submission to the ICMM. There have been ISO certification, cyanide management and a third-party tailings audits conducted. Annually, independent surveys are conducted of our engineering infrastructure and systems on behalf of an insurance underwriting service. The Sarbanes-Oxley (SOX) process undertaken manages the control assessment from management and is independently audited for effectiveness by internal and external audit. The quarterly control self-assessment process covers awareness of any ethics breaches, approval frameworks, changes in the control environment and the impact on financial reporting. The internal audit function objectively and independently assures the operating effectiveness of the internal control environment. Internal audit uses predominantly in-house resources to conduct its internal audits. A risk-based internal audit plan linked to the combined assurance approach was used during the year. This ensured that there was adequate co-ordination of internal and external audit assurances over strategic and material issues. The Vice President: Internal Audit, who serves as the Chief Audit Executive (CAE), reports quarterly to the Audit Committee and, as per King IV, participates in quarterly private sessions with the Audit Committee. The quarterly control self-assessment for SOX, provides the foundation for the SOX certification by management, which is independently verified by the external auditors. Internal and external audit have adopted a combined assurance model for the auditing of sustainability key performance indicators that are assured on a yearly basis. CORPORATE GOVERNANCE CONTINUED REGULATORY COMPLIANCE Regulatory compliance Policies and procedures Regulatory framework/universe Monitoring and control (Compliance risk profiles) Reporting Other initiatives and projects Awareness, training and education Sibanye-Stillwater Integrated Report 2020 122 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

RESPONSIBLE GOVERNANCE ENTITY: ALL BOARD COMMITTEES OVERVIEW RESPONSIBILITIES MONITORING COMPLIANCE KEY CHANGES • Sibanye-Stillwater subscribes to zero tolerance for regulatory non-compliance, for which dedicated compliance officers appointed at the US and SA operations have responsibility • Sibanye-Stillwater has complied with the provisions of the Companies Act and specifically operated in conformity with its Memorandum of Incorporation during the 2020 financial year • Shortcomings in statutory and regulatory compliance could result in two main outcomes: regulatory sanction and diminished reputation. Regulatory sanction includes the penalties that may be incurred if Sibanye-Stillwater and its operating entities do not comply with all defined statutory, regulatory, supervisory and other requirements. Diminished reputation could result in Sibanye-Stillwater losing the confidence of key stakeholders and experiencing disruptions due to deterioration in our stakeholder relationships • Legislative and regulatory compliance is the responsibility of respective functional departments. The regional compliance functions assist by simplifying legislation and alerting management, through an alert system, to changes or pending changes of a legislative or regulatory nature. At the US PGM operations, a Compliance Committee comprising site and service group leadership meets quarterly to report on and strategise the compliance function. The compliance function facilitates the management of compliance risk by distributing a compliance methodology, compiling regulatory compliance risk profiles and by providing advice and guidance relating to strategic compliance issues • Compliance risk profile sessions are held with business units bi-annually to assign responsibility for all relevant compliance commitments, and to furnish the business with fit-for-purpose regulatory risk profiles, which highlight areas of improvement. Any instances of non-compliance may be reported through the toll-free number, 0800 001 987 • There were no material or repeated regulatory penalties, sanctions or fines for contraventions of, or non-compliance with, statutory or other regulatory obligations in 2020 • Recent major statutory and regulatory changes include the Carbon Tax Act, Protection of Personal Information Act and Disaster Management Act regulations Pending legislation includes: Companies Amendment Bill, 2018 In compliance with Companies Act 71 of 2008 Compensation for Occupational Injuries and Diseases Amendment Bill, 2019 In compliance with Compensation for Occupational Injuries and Diseases Act 130 of 1993 Constitution Eighteenth Amendment Bill, 2019 Subject to negotiations Cybercrimes Bill, 2017 Controls have been put in place to prevent and/or mitigate the consequences of a breach of our ICT systems and prevent any loss of information that might potentially lead to regulatory penalties and reputational harm (refer to Harnessing continuous innovation) Income Tax Amendment Bill, 2019 In compliance with Income Tax Act 58 of 1962 National Environmental Management Laws Amendment Bill, 2017 In compliance with National Environmental Management Act 107 of 1998. Additional measures in place when/where applicable National Health Insurance Bill, 2019 Subject to negotiations Sibanye-Stillwater Integrated Report 2020 123 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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CORPORATE GOVERNANCE CONTINUED TECHNOLOGY AND INFORMATION Responsible governance entity: Audit Committee and Risk Committee Digital transformation is a unique and key strategic technology pillar that is applicable to all aspects of the Group. The digital transformation executive-committee, a dedicated, functional and governing executive sub-committee comprising relevant representation from Group technical, shared services, and the SA and US operations, supports our digital transformation initiative. It is an agile, multi-disciplinary team, supported by the Group executive committee, which focuses on value realisation across the mining value chain and ancillary support functions. The governance and management of information and related communication technologies (ICT) has become increasingly critical, given our increasing dependence on the use of technology for business-critical functions. Our ICT infrastructure includes email communication; the electronic exchange of documents and information with suppliers, employees and others; and the storage of data and information. Controls have been put in place to prevent and/or mitigate the consequences of a breach of our ICT systems and prevent any loss of information that might potentially lead to regulatory penalties and reputational harm in terms of the Cybercrimes and Cybersecurity Bill 2017. Sibanye-Stillwater applies innovative technology to secure and enhance operational and knowledge performance towards continuous business improvement. Our ICT risk governance framework and strategy, which is reviewed annually, was approved for 2020, and aims to minimise risk exposure and mitigate risks. Cyber risk is a strategic, external risk rather than operational. An approved Group ICT charter, aligned with King IV and ISO 27001/2 standards, was approved by the Audit Committee. Operationally, the CFO, supported by executive management, provides high-level direction for and approves Sibanye-Stillwater’s ICT strategy. The SA and US operations each have a dedicated ICT manager. Oversight is provided by the Audit Committee, with the Board having ultimate responsibility. The Risk Committee monitors and provides oversight of the ICT risks identified. For detail on related performance in this area, see the Harnessing continuous innovation section. REMUNERATION Responsible governance entity: Remuneration Committee supported by other specialist committees Sibanye-Stillwater’s remuneration policies and practices determine our ability to attract, motivate and retain those with the talent and skills that our ongoing success requires. This is particularly pertinent at executive and senior management levels, to enable delivery on our strategic vision in the short, medium and long term. It is thus essential to motivate and reward individual, team and operational performances with reasonably equitable remuneration that underpins our remuneration philosophy. In order to maintain strong linkage of remuneration drivers with strategic imperatives for the business that are overseen by other committees, a cooperative governance arrangement is practised. In particular, the Remuneration Committee has adopted into the incentive framework the targets for safety improvement derived from the safety improvement strategy over which the Safety and Health Committee has custodianship as well as the framework for evaluating the corporation’s ESG performance in fulfilment of the ESG strategy that is under the custodianship of the Social, Ethics and Sustainability Committee. Detailed information on remuneration philosophy, policies and implementation of remuneration and significant developments of the past year as well as intentions for the coming year, is available in the Remuneration report. See also the summary of the Remuneration Committee in this Corporate governance section. Sibanye-Stillwater Integrated Report 2020 124 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Kroondal mine at the SA PGM operations Sibanye-Stillwater Integrated Report 2020 125 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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REMUNERATION REPORT REMUNERATION AT A GLANCE – REWARDING DELIVERY Our remuneration philosophy seeks to: • Enable the successful delivery of our strategy and related targets so that Sibanye-Stillwater can preserve and create sustained value and achieve its stated purpose • Encourage, recognise and reward excellent individual and organisational performance and deliver on our strategic focus areas in both the short and longer term • Promote remuneration fairness in terms of internal and external pay parity and equitable differentiation of pay by levels of employment Shareholder feedback In the form of dissenting votes at the 2020 Annual General Meeting (AGM) on remuneration-related resolutions Remuneration policy 3.0% Implementation report 5.6% Non-executive directors’ fees 8.2% REMUNERATION POLICY 2021 – A SNAPSHOT The Remuneration Committee has approved the following key changes to the remuneration policy as from 2021: • Refined the pay mix for senior and top management, tilting more towards variable pay rather than guaranteed pay to create higher performance gearing • Revised the performance conditions applicable to long-term incentive (LTI) awards • Recalibration of the LTI allocation methodology and range for performance conditions Key elements of remuneration policy – a summary Total guaranteed pay (TGP) Short-term incentives (STI) Long-term incentives (LTI) WHY – our aim Attracting and retaining skills Delivery on operational and functional strategies and targets Delivery on longer-term shareholder value creation WHO – participates All permanent employees All permanent employees Vice Presidents (VPs) and above WHEN – paid /performance period Monthly Annual, combined with an eighteen-month deferral Three years WHAT – is measured Market aligned (Peer benchmarking) Personal performance scorecard Operational delivery scorecard Shareholder value delivery scorecard HOW – paid Cash Cash and share-based cash Share-based cash Planned on-target remuneration mix for CEO, CxOs and EVPs CEO (%) Maximum Threshold TGP STI (cash bonus component) STI (deferred share-based component) LTI (ordinary stretch) LTI (max vesting) 02 04 06 08 0 100 100 28 24 16 32 18 10 12 30 30 On-target CxO (CFO,COO and CTO) (%) Maximum On-target Threshold 02 04 06 08 0 100 100 32 24 16 29 19 13 13 28 28 All EVP roles (%) Maximum Threshold 02 04 06 08 0 100 100 37 24 16 24 20 16 14 25 25 On-target Sibanye-Stillwater Integrated Report 2020 126 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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IMPLEMENTATION 2020 – A SNAPSHOT The Remuneration Committee determined and approved the following in terms of implementation: • In line with the pay mix transition, zero increase in nominal TGP for the executive directors and four other Group Executive Committee (Exco) members with five members receiving increases of only 0.5% • Adjustments to the operational plans used for STI determinations to reasonably take into account the reduced access to resources (mineral, operational and human) during the government-imposed lockdown in South Africa In addition, senior leadership voluntarily adopted base pay (TGP) sacrifices during periods of lockdown to support provision of social relief. Total single figure remuneration – summary (executive directors and prescribed officers – aggregated) (R000) Salary Pension scheme total contributions Cash bonus accrued Accrual of Forfeitable share award Other cash payment Conditional Share proceeds Other Benefits Termination/ Separation benefits Total Single Figure of Remuneration 2020 55,822 6,008 50,343 28,083 3,612 152,168 357 – 296,393 2019 56,813 5,300 41,011 27,342 7,498 2,896 1,283 – 142,143 STRUCTURE OF THE REMUNERATION REPORT BACKGROUND STATEMENT: Background to our workings and activities over the year and our approach going forward (see pages nn to nn) REMUNERATION IMPLEMENTATION: How we applied our policy to the remuneration of the executive directors and the executive vice presidents (EVPs), collectively referred to as our prescribed officers, and to the fees paid to the non- executive directors (see pages nn to nn) REMUNERATION POLICY: Information on how the main components of our executive pay packages will be determined for the 2021 remuneration cycle as informed by our remuneration philosophy (see pages nn to nn) 2 1 3 This report is presented in three parts – in compliance with King IV specifications PART 1: BACKGROUND STATEMENT Dear shareholders This section provides you a useful overview of how Sibanye-Stillwater addresses the complex subject of remuneration, how remuneration is used in the incentivisation of our employees while also enabling the creation of long-term value for shareholders and how our remuneration policies were implemented during the year under review. 2020 was an exceptional year for Sibanye-Stillwater, in all senses of the word. Not only did we, like all other enterprises and communities have to make significant operational adjustments due to the dynamic and uncertain conditions brought on by the COVID-19 public health pandemic, but, having done so, the organisation then excelled in its tactical operational response through the effective and safe utilisation of the resources it had available to work with and, aided further by favourable commodity prices and exchange rates, delivered outstanding record results for the Group in 2020. One might say that, despite all the challenges this year, Sibanye-Stillwater’s “cloud had a precious metal lining”. We continue to note feedback from stakeholders on our remuneration reporting, and we welcome their comments or suggestions so that we can continue to improve the quality of our reporting in this very important area. Sibanye-Stillwater Integrated Report 2020 127 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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REMUNERATION AND COVID-19 We are very aware of the acute attention that stakeholders have been paying towards remuneration impacts during this pandemic. While we have set out more detail in this regard in Part 3 of this report in respect of the ambit of the decisions made by the Remuneration Committee, it is important to dwell on this topic briefly upfront and also provide additional insight into what the Group did regarding pay and benefits for employees across the Group at large as opposed to just focusing on the impacts or outcomes for the Group Executive Committee members. In South Africa, for the period when ‘hard lockdown’ (Level 5) was implemented (between 27 March and 30 April 2020), only workers who were deemed ‘essential’ were allowed, and were asked, to come to work. Only 6.4% of the workforce could be categorised as ‘essential’ along with those in support roles who were able to work from home. They were paid their normal pay. The rest of the Company’s employees were paid their normal salaries for three weeks and were then asked to take two weeks as unpaid leave. During that time, the Group paid all employee benefits (medical aid, life and disability cover and retirement fund contributions etc.) for all staff during that period. Sibanye-Stillwater also used the time to register all the South African employees for Temporary Employer Relief Scheme (TERS) benefits. For the period May to November 2020, as South Africa moved progressively from Level 5 to lower levels of lockdown, the Group introduced a structured ‘return to work’ approach. This meant that we progressively recalled workers back to the operations over a number of months as management endeavoured to safely increase the scale of operations following the harsh lockdown. Employees who were not recalled to work were then generally put on unpaid leave but could still benefit from TERS. However, the Group continued to pay towards the following on their behalf: • all risk benefits (group life and disability insurances) • all medical cover and expenses • cover for Independent Counselling and Advisory Services (ICAS) and broadened the scope to cover both the employee and their families • all housing and living out allowances • all retirement fund contributions (both employer and employee contributions) which were paid directly to employees as a cash allowance (having negotiated a ‘contribution holiday’ with the retirement funds) • all leave credits to employees and allowed for leave credit build-up in instances where employees had no leave These benefits for employees amounted to approximately R700 million during that period. Furthermore, the Group continued to review pay and benefits on a monthly basis allowing people to request a cash advance, take paid leave, encash leave or go into a leave deficit subject to the required approvals. The Group made every effort to ensure that the TERS payment claims in South Africa were timeously submitted and payments were continuously monitored and managed. In addition, the Company made advance payments in lieu of processing delays by TERS to ensure impacted employees received some income. Due to the delay in administration by the UIF, the Group advanced TERS benefits to employees amounting to approximately R110 million, of which, as at the end of the reporting period, there remains a further outstanding amount of R8 million owing by the UIF. During the ‘hard lockdown’ senior management were also asked to take two weeks unpaid leave despite many of them still ‘working from home’ where applicable. In addition, in the three-month period between May and July 2020 they, along with the Board, donated 30% of their guaranteed remuneration to the South African Solidarity Fund (a national fund for private contributions aimed to provide relief to those most in need). While this donation was committed to and made by all of the Executive management, it was voluntary for SVP and VP-level employees below the Executive level. During that period, management employees who were not recalled back to work took a salary cut of 30% until they were brought back to full employment as the organisation steadily and safely built up production levels. In the US, mining was declared an ‘essential service’. This meant that the US PGM operations continued to operate albeit within strict compliance of protocols being implemented. The ability to continue operations in the US while the SA operations were not operating during lockdown reflected the benefit of the Group’s diversification, although the US initially had to reduce contractors on site and de- densify employees in transport. As mentioned, Part 3 sets out the determination of STI awards for the year. At first glance the bonus levels might intuitively seem high to some observers given the backdrop of the economic turmoil in the countries in which we operate. However, stakeholders will know that a primary basis of measurement and reward of our managers’ STI is the safe delivery of reasonably demanding operational targets that are largely within management’s control and not the financial results of the Group, which are more open to the vagaries of commodity prices and exchange rates over which management has no control. Nonetheless, it is through the LTI portion of management’s total remuneration that both shareholders’ and management’s interests are designed to be aligned to these financial outcomes – as is explained elsewhere in this report. REMUNERATION REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 128 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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In brief, management’s operational performance was measured against dynamically adjusted operational targets which were determined over the course of the year based upon the actual access they had to both the mineral resources and processing plants as well as the available human resources at any point in time. In this regard, the teams did exceptionally well under the incredibly tough and strained conditions they were enduring. We trust that shareholders feel that management have been as fairly rewarded for the operational successes they delivered in the face of the COVID-19 restrictions they endured, as much as shareholders themselves feel that they have been well rewarded by the remarkable share price gains of nearly 80% in rands, or nearly 60% in US dollars, over the year and with the Group ending the year with a net cash position and declaring a very substantial, record total dividend of R10.7 billion. INCENTIVE REDESIGN PROCESS AND CHANGES During 2020, we undertook a review of our current variable pay structures, with the assistance of PwC and Bowmans as external expert advisors, in order to ascertain whether the current pay mix, as well as variable pay structures, and the LTI structure in particular, remained fit-for-purpose considering the current economic environment and Sibanye-Stillwater’s current strategy – or whether any substantial incentive restructuring should be undertaken. As part of the agreed process, various interviews were conducted with Sibanye-Stillwater’s key internal stakeholders to obtain their insights regarding remuneration within the Group, as well as extensive research on global market practices and trends, including insights from a comparator group appropriately chosen for Sibanye-Stillwater. Various options were explored following this exercise. Although it had initially been anticipated that we would likely make some wholesale changes to our approach to incentive design, following a review of the applicable market trends and outcomes of the interview process, the committee concluded that our current scheme was fundamentally sound and provided adequate alignment to company strategy. It was resolved that some small adjustments to the pay mix at the very top levels of the organisation along with some additional amendments to the existing LTI plan would sufficiently address the identified areas of improvement. This outcome also minimises the burden associated with making wholesale changes to the existing structure. Particularly noteworthy was the introduction of environmental, social and governance factors (ESG) into the LTI performance conditions for the purposes of determining LTI vesting quantum’s – to align this with our strategic intent of embedding ESG excellence as a significant priority for our enterprise. Optimising capital allocation Focusing on safe production and operational excellence Building a values-based culture Pursuing value-accretive growth based on a strengthened equity rating Prospering in South Africa’s investment climate Embedding ESG excellence as the way we do business OUR STRATEGIC INTENT AND FOCUS AREAS Strengthen our position as a leading international precious metals mining group by: Sibanye-Stillwater Integrated Report 2020 129 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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REMUNERATION COMMITTEE ACTIVITIES Summary of activities undertaken in 2020 Focus areas for 2021 Besides the standard governance and approval items on the Remuneration Committee’s annual work plan, the following matters were addressed during the year: • Review and refinement of the existing executive pay benchmarking methodology incorporating pay mix considerations • Pay mix and variable pay review and refinement • Consideration of the 2020 operational delivery scorecard evaluation and how it should be treated in the context of the COVID-19 public health pandemic • With assistance from the Social, Ethics and Sustainability Committee, determining an appropriate ESG scorecard for use in determining the vesting of future LTI awards • Gender and race analysis to ensure pay parity at all levels in the organisation • Continued monitoring of trends and consideration of any further refinement where deemed appropriate • Progressive build-out of the breadth and depth of the ESG measures used in the ESG scorecard for LTI vesting purposes • Ensuring our remuneration practices are further enhanced as required given the increasingly multinational nature of the Group • Implementation of a “C-suite structure” at executive management level • Revisit the introduction of a Minimum Shareholding Requirement (MSR) policy NON-BINDING ADVISORY VOTES Shareholders will once again be afforded the opportunity to vote on two separate non-binding advisory resolutions at the forthcoming AGM on 25 May 2021 – one on the Remuneration Policy report (Part 2 of this report) and the other on the Remuneration Implementation report (Part 3 of this report). In the event that either or both are voted against by more than 25% of entitled voting rights exercised by shareholders, Sibanye- Stillwater commits to implement measures, including engagement with dissenting shareholders, in an attempt to address all legitimate and reasonable objections and concerns, and to disclose how these objections and concerns would be addressed in next year’s Integrated Report. At the AGM in May 2020, 3.0% and 5.6% of shares voted were against the Remuneration policy and Remuneration implementation reports respectively. While both resolutions received votes resoundingly above the required majority, we still engaged with concerned shareholders and institutional shareholder advisory services who had expressed reservations relating to how we implemented remuneration in 2019. We acknowledge the concerns expressed and the comments made, some of which have been addressed through the incentive plan review, and, consistent with our desire to be responsive to our stakeholders, we will continue to evolve our disclosure and interactions in line with deemed best practice. The table below provides an overview of the main comments and concerns raised by shareholders and proxy advisors together with our responses. Shareholder concerns and feedback Responses Linkage of performance conditions to strategy; incentive awards should be clearly disclosed and include stretching performance targets This concern was borne in mind while reviewing and revising the LTI performance conditions to provide better alignment between Sibanye-Stillwater’s strategic pillars and objectives and shareholders’ interests. The revised incentive design will provide for three performance conditions – relative total shareholder return (rTSR) (50%), return on invested capital (ROIC) (30%) and an ESG scorecard (20%) which, through stretching performance targets, will collectively align management’s interests with shareholders’ and motivate management to strive to add shareholder value. ESG has been included as a pillar but does not form part of the KPIs A thorough process was undertaken, in conjunction with the Social, Ethics and Sustainability Committee to determine an appropriate ESG scorecard, as a standalone performance metric, as part of the performance conditions applicable to future LTI awards. This reflects Sibanye-Stillwater’s ESG priorities and performance expectations. The ESG override condition, for use in the instance of extreme or severe ESG shortcomings, will nevertheless be retained. In addition, various ESG factors are contained within the personal scorecards of particular managers. REMUNERATION REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 130 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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REMUNERATION CONSULTANTS During the year, management (and the Committee) consulted with remuneration experts at PwC to assist with remuneration-related aspects including the incentive redesign process and benchmarking of remuneration for the executive directors and non-executive directors. The Remuneration Committee, separate from management, continues to engage with its expert remuneration advisor, Martin Hopkins: Head of Reward Advisory Services at Bowmans. We are satisfied that these consultants are independent, objective and well qualified, and suitably experienced for our purposes. APPRECIATION Lastly, I would like to thank my Committee colleagues for their assistance in ensuring that we pay proper attention to the key aspects of remuneration in the Group (both the development of policy and practice as well as its implementation) and that we deliver on our mandate appropriately. I also extend my thanks to the members of the management team for their hard work and dedication during this particularly challenging year and for the attainment of excellent outcomes under trying circumstances. We also acknowledge and appreciate those shareholders and proxy advisors who gave us constructive and candid feedback on our policies and practices. Tim Cumming Chairman: Remuneration Committee 22 April 2021 PART 2: REMUNERATION POLICY FUNCTION OF THE REMUNERATION COMMITTEE The Remuneration Committee assists the Board in discharging its responsibilities for setting and administering remuneration policies and practices in line with the Group’s strategies, objectives and long-term interests. It has a particular focus on the remuneration of executive directors and the EVPs, collectively our prescribed officers. Our prescribed officers are members of the Group’s Executive Committee (Group Exco), which constitutes what King IV refers to as ‘executive management’. We are mandated through, and act on the basis of, the Remuneration Committee’s Terms of reference. This document is available on our website (https://www.sibanyestillwater.com/about-us/corporate-governance). We believe these Terms of reference remain fully compliant with the requirements and principles of King IV. The Remuneration Committee is responsible for: • considering and recommending the remuneration philosophy for all employment levels in the Group with a particular focus on the remuneration of the Group Exco. The remuneration philosophy, supported by appropriate policies, is described below in accordance with applicable rules and regulations • recommending to the Board the remuneration payable and conditions of employment for executive directors and approving the remuneration payable to the prescribed officers The Terms of Reference did not change in any substantial manner during the year under review. The Remuneration Committee is satisfied that, throughout 2020, Sibanye-Stillwater complied with its Remuneration Policy and that no material deviations were noted. Sibanye-Stillwater Integrated Report 2020 131 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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COMPOSITION AND OPERATION OF THE REMUNERATION COMMITTEE • There were no changes to the committee’s membership during the year • The committee members comprise Tim Cumming (Chairman), Savannah Danson, Harry Kenyon-Slaney, Vincent Maphai, Nkosemntu Nika and Keith Rayner • All members are independent non-executive directors • The committee meets formally at least four times a year (and met four times during 2020) as well as reviews and agrees numerous resolutions between meetings via Round Robin with subsequent recordal of the Round Robin decisions at the next committee meeting • All meetings were quorate and attendance by committee members is recorded in the governance section of the Integrated Report (see page 118) • In addition to committee members, the CEO, the Executive Vice President (EVP): Organisational Growth (who has accountability for Group leadership development and growth) and the Senior Vice President (SVP): Corporate Strategy (who supports the alignment of incentive remuneration with delivery of the Group’s strategic priorities and outcomes) typically attend our meetings, with the Company Secretary performing committee administration • None of the executive management who typically attend meetings, all of whom provide material assistance to the committee, do so as of right and are specifically recused when their own remuneration is being discussed • Independent consultants include Martin Hopkins (Head of Reward Advisory Services at Bowmans) and remuneration specialists from PwC who attend meetings to provide expert advice • We agree an annual work plan that guides our agendas and areas of focus for our four meetings over the year REMUNERATION PHILOSOPHY VS REMUNERATION POLICY Sibanye-Stillwater’s remuneration philosophy aims to underpin the development of the strategic ambitions of the Group while reinforcing the desired corporate culture on a consistent basis with our CARES values. As a priority, it supports the attraction and retention of talent needed by the Group and promotes heightened levels of employee engagement. It also aims to reward employees fairly and appropriately across the organisation. We aim to be regarded as an organisation that encourages, recognises and rewards high performance and delivery on our strategic focus areas – see page 19. We strive to ensure fairness across all remuneration decisions and offer employees a rewarding work environment where they can develop their careers and earn a good living. We seek at all times to make sure that our remuneration policies allow us to attract, develop, retain and motivate talented and skilled people, particularly at senior and top management levels, taking into account our global footprint. We want our systems to encourage value accretion, to reward opportunities harnessed and to recognise continuous improvement while at the same time enjoying an appropriate work-life balance. Finally, we benchmark our remuneration structures annually against relevant peer groups to ensure reasonable external parity and competitive remuneration potential in the context of the global market for talent. In addition, employees’ remuneration levels and remuneration potential are compared internally to ensure appropriate parity or differentiation. We value the insights that benchmarking provides, which we recognise offers important data points to remain competitive and ensure fairness in our overall remuneration structure. Sibanye-Stillwater’s remuneration philosophy is founded upon the simple recognition that various forms of capital are engaged in driving the performance of the business over time and that each seeks a fair return. Shareholders and creditors (financial stakeholders) have provided the financial capital which, along with the retained income from internal capital generation, is applied in acquiring and developing resources/reserves (mining assets), physical assets (plant and equipment) and the human capital (the employees, including executives). In addition, the countries and the communities in which the mines operate should also be seen as seeking a return on their provided capital – which is afforded to them through mining royalties, incomes taxes, employee taxes, property rates and other levies and expenses paid by the Group. However, although some mining assets are clearly superior to others (in terms of the potential for extraction of value), the success of a mining business very much depends on the skills and application of its employees to deliver financial value. Furthermore, in order to drive and motivate exceptional performance, the financial stakeholders believe in the principle of sharing gains achieved on a basis that is fair and competitive. The consideration of fair and responsible pay is an inherent component of Sibanye-Stillwater’s remuneration philosophy, particularly in light of the demographic and different kinds of employees within the different jurisdictions in which the Group operate. In applying Sibanye-Stillwater’s remuneration philosophy and principles to our recommendation on its incentives, we are cognisant that there is no “one size fits all” approach and that the expected result must be contextualised to ensure that appropriate value is derived for both executives and financial stakeholders. REMUNERATION REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 132 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Flexibility External competitiveness Transparency Internal comparability Recognition To support a diverse and multi-regional organisation to accommodate differences and changes in job requirements, labour market practices and economies. To provide executives and staff with clarity on their roles and performance expectations and ensure that they understand how the remuneration practices and structures apply to them. To ensure the Group adopts appropriate pay levels and structures for comparable jobs within relevant labour markets. To provide remuneration guidelines that ensure similar jobs are paid equitably across the Group within relevant labour markets. To reward performance through appropriate base pay progression, STIs (bonuses) and, where applicable, LTIs. Extraordinary performance and contributions are rewarded at a level that signifies the value of the employee to the organisation and encourages retention and further commitment. The key guiding principles that underpin our remuneration philosophy and which provide the framework for the design of our remuneration policies and practices, are: GUIDING PRINCIPLES INFORM OUR REMUNERATION POLICY FAIR AND RESPONSIBLE REMUNERATION We remain committed to remuneration fairness across all levels of the organisation. Fairness in remuneration is a complex matter which must be considered from the perspectives of different stakeholders – employees, shareholders and the broader community in which we operate. Different groups often hold conflicting opinions on what constitutes fairness and we welcome feedback as we continually seek to balance these differences and strive to carry out our responsibilities as directors towards the interests of the Group. The two key criteria in considering what is fair are external parity and internal parity. By this we mean that all employee remuneration arrangements should be determined and reviewed for fairness with reference to how their actual and potential rewards from remuneration stack up relative to these two criteria: • External parity: How does remuneration compare relative to other people who undertake a similar role, have similar levels of skill, experience and responsibility in other similar or comparable organisations within the same country or region? • Internal parity: How does remuneration compare relative to other people who are also working at Sibanye-Stillwater, in the same or similar roles in terms of their respective levels of work, skills, experience and responsibilities? Accordingly, through application of appropriate policy, we seek to ensure that we are fair and equitable in this regard with no discrimination that could be attributed to differences in race, gender or any other personal factor that has no bearing on the person’s ability to perform acceptably on the job. Sibanye-Stillwater is committed to annually assessing its Gini coefficient (initiated two years ago), as well as analysing pay discrepancies and delving into the reasons for any discrepancies identified. We also determine our Palma ratio and monitor our internal pay gap. As in previous years, this exercise will include monitoring pay at the operator level (lowest level of pay) and the total rewards offering to all employees to determine how to improve their overall well-being. We also recognise the need to address the challenges of unreasonable income inequality (that is the difference between remuneration earned by employees at the top of the organisation as compared to those lower down in the organisation) while still remaining competitive and retaining the ability to attract the talent necessary to provide the required levels of technical skills and professional management and leadership. To that end, we are mindful of paying attention to the respective increases in remuneration between these levels over time. Part 3 of this report sets out the Palma ratio and Gini coefficient analysis undertaken this year. Sibanye-Stillwater Integrated Report 2020 133 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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REMUNERATION PRACTICES AND BENCHMARKING Sibanye-Stillwater integrates its remuneration policies and practices with employee and organisational learning and development strategies to align employee focus to the purpose and goals of the Group. It does this through ensuring that people are given meaningful and value-adding work, that they understand how their work contributes to the performance of the business, that they are incentivised appropriately at all times and that retention plans are in place where market forces dictate. Engaged employees who identify with the culture of the business will contribute positively through application of discretionary efforts towards sustained safe performance, which is a cornerstone of our vision. The Group takes care to design and implement remuneration structures which incorporate realistic performance targets with a clear line of sight to long-term sustainable value creation and that enable earnings deferral for the senior leadership group as necessary. Superior value for our stakeholders is created through the attainment of both short- and long-term operational, financial and sustainability goals and variable pay plans are specifically designed to try and avoid one being favoured over the other. Our remuneration practices prioritise the sustainability of the business, career path development of leaders and the management of emerging talent. Benchmarking approach The Group has evolved markedly in recent years as a consequence of the various acquisitions made and this has caused the organisation to alter the way in which it benchmarks its remuneration practices. We aim to ensure that any comparisons made are to companies of comparable size and scale using broadly comparable remuneration practices and levels of pay across the various components of total pay. Our approach also takes into account that Sibanye-Stillwater has evolved into a multi-national business and that the relevant ‘market’ includes companies from USA, South Africa, Canada, and Australia. The benchmarking process compares key financial and operating metrics to those of a mix of local and international comparator companies that all operate sustainable, reasonably comparable portfolios and cover both guaranteed and variable components of the total reward structure. RECOGNITION OF PERFORMANCE Sibanye-Stillwater’s pay mix Sibanye-Stillwater aims to be slightly more geared to ‘pay for performance’ than the market practice by providing for more exposure on its STI, deferred STI and LTI components with TGP pitched slightly lower while remaining competitive enough and not too distinct from market norms. While market practice is used as a reference point, due consideration is given to jurisdictional and market differences insofar as they pertain to Sibanye-Stillwater. The Sibanye-Stillwater pay mix design aims to reward management behaviours in support of outcomes that will deliver sustainable stakeholder value. This comprises a progressive increase in incentive pay with greater weighting towards LTI at the more senior roles. This is reflective of the expected timescale and impact of roles discharged by incumbents at the respective levels. A geared approach weighted towards incentive remuneration affords employees the opportunity to earn their variable remuneration where they can make the more significant contribution aligned with timescale and scope of impact of the role. Consequently the variable pay of the CEO and CxO roles (currently CFO, COO and CTO) has a greater weighting towards the LTI (shareholder value delivery scorecard) with support and operational EVPs having a more balanced approach between LTI and STI, and SVP and VP roles having a greater weighting towards the STI component of remuneration. ENSURING THE LINK BETWEEN STRATEGY AND REMUNERATION Sibanye-Stillwater continues to evolve significantly, and we regularly assess whether the scorecards utilised to determine remuneration outcomes remain fully aligned with the Group’s goals and objectives. We take care to ensure that they resonate meaningfully with our employees and that they are aligned with a reasonable set of achievable though stretching personal and business expectations. Values-based decision-making is at the core of our culture and we want our incentive systems to actively support its uptake and the associated change in leadership behaviour which is required. We regularly test our incentive measures to ensure that they are supportive of the growth and sustainability of our business, with costs and safety remaining central to this. As part of this assessment we not only consider ‘what’ we measure but ‘how’ we measure to ensure that there is always a strong link between pay and performance. Corporate strategy development and its interface with operational planning are covered with greater definition in Our strategy and strategic delivery, page 19 and Managing our risks and opportunities within the external operating environment, page 26. REMUNERATION REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 134 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Performance-based remuneration Sibanye-Stillwater uses three scorecards to determine the success of the organisation (collectively) or the Executives (individually) in delivering on the corporation’s strategy and ultimately the extent of remuneration paid to each Executive. The first two scorecards relate to measuring short-term performance and evaluate delivery on our strategic focus areas. These focus areas, which are outlined in more detail in the Strategy section of the Integrated report, are necessary and sufficient for the corporation’s strategic growth. Meaningful progress in these areas is central to our ability to deliver superior value to all stakeholders in the longer term in line with the superordinate goals for our business. The operational delivery scorecard covers attainment of objectives in the safe production and operational excellence focus area. Sustained safe performance from operations generates the financial resources and operational credibility that support the required progress on the remaining five strategic focus areas. The personal performance scorecards reflect the executive’s delivery on the other five strategic focus areas, which involve more specific contributions being delivered from each executive portfolio. Optimising capital allocation Focusing on safe production and operational excellence Building a values-based culture Pursuing value-accretive growth based on a strengthened equity rating Prospering in South Africa’s investment climate Embedding ESG excellence as the way we do business Economic value CARES Clean water/ air/ land Total returns Socio- economic stability Upliftment aout our ENVIRONMENT SHAREHOLDERS Safety, health and wellness Costs Quality Volume GOVERNMENT Fair market access COMPANY Assured product Membership COMMUNITIES CUSTOMERS SUPPLIERS ORGANISED LABOUR Better lives EMPLOYEES The third scorecard focuses on delivery of superior value to shareholders over time as a key determinant of LTI outcomes for executives including lagging and leading indicators. The shareholder value delivery scorecard has been upgraded for the 2021 cycle through the incorporation of an ESG element. This reflects the importance of social or non-financial sustainability in addition to financial sustainability of the business as a leading indicator for superior shareholder value delivery. Sibanye-Stillwater Integrated Report 2020 135 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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REMUNERATION REPORT CONTINUED Three scorecards are used to determine the overall success of the organisation and the performance of the individual executive and it is these scorecards which determine the remuneration paid to each executive. The first two scorecards relate to measuring short-term performance and the third focuses on delivery of superior value to shareholders over time and is a key determinant of LTI outcomes for executives. Covers the four key operational result areas for the Group as a whole – safety, cost, production and orebody developed state. These are described in more detail below. Contains a mix of key result areas that are deemed appropriate to judge the extent to which a particular executive has performed as a manager and leader within their specific area and range of responsibilities. Assesses the delivery of sustainable value to shareholders over a rolling three-year period according to performance conditions that determine the proportion of LTI awards that participants receive. The scorecard reflects the key leading indicators of shareholder value delivery which are the social legitimacy to operate represented by the Group’s ESG performance and financial legitimacy to operate represented by the corporation’s capital efficiency complemented by shareholder returns achieved as a lagging indicator. 3 Shareholder value delivery scorecard 2 Personal performance scorecard 1 Operational delivery scorecard The overall STI and LTI remuneration for each executive is then determined by the performance achieved against each of these scorecards which, in turn, is directly linked to the strategic objectives of the business. CHANGES TO THE REMUNERATION POLICY As discussed on page 119, a holistic review of Sibanye-Stillwater’s variable pay structures was undertaken over the 2020 financial year and the changes are summarised below: • Revised pay mix – to suitably reflect the timescale and the impact of roles as well as to place slightly more emphasis on variable pay while keeping base pay competitive and in line with market norms • Revising and recalibrating the LTI performance metrics – by incorporating an ESG element as a third factor in assessing LTI vesting levels as well as reconfiguring the TSR and ROCE ‘returns’ measures • Amending the LTI allocation methodology linked to the personal performance ratings • Altering the treatment of retiring employees to enable such employees to continue participating in the LTI plan post-retirement up until the normal vesting period limits Sibanye-Stillwater Integrated Report 2020 136 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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REMUNERATION ELEMENTS Sibanye-Stillwater’s remuneration structure includes the following elements: Description Alignment with remuneration philosophy Total Guaranteed Pay (TGP) Base salary and allowances including provision for medical and retirement contributions. With reference to the relevant market median guaranteed pay benchmark taken from remuneration surveys. This provides the foundational element of the remuneration mix. Short-term incentives (STI) Annual incentive based on a combination of operational delivery and execution of approved business strategies (split between cash and a deferred portion for senior employees). Performance-based reward providing immediate recognition for superior performance over the prior year. A deferred performance-based reward (for retention purposes) and incorporating a limited alignment with delivery of value to shareholders through medium- term exposure to share price movement. Long-term incentives (LTI) Share based award linked to recent personal performance, with the value on vesting being determined through leading and lagging indicators of shareholder value delivery. Motivation and retention with a strong performance component rewarding sustained delivery by the Company of superior shareholder value over the longer term. All remuneration elements, including those that are share-based are cash-settled as from the 2020 remuneration cycle. Only those awards made prior to 2020 that are still unvested as itemised in the implementation section of this report will be equity-settled. Exposure to in progress share-based awards provides substantial exposure to movement in the Sibanye-Stillwater equity value that is augmented by share price related performance conditions. In addition, the personal holdings that many of our executives and senior managers elect to hold in the company by investing the cash remuneration received through open market dealings reflects their confidence in the company’s future as a sound investment. COMPOSITION OF TOTAL REMUNERATION PACKAGE – EXECUTIVE DIRECTORS AND SENIOR EXECUTIVES The three performance levels illustrated are based on the three performance pillars within Sibanye-Stillwater, namely the personal performance scorecard, the operational delivery scorecard and the shareholder value delivery scorecard. The personal performance and operational delivery scorecard outcomes influence the STI that falls due, including the deferred share-based component, while the personal performance and the shareholder value delivery scorecard outcomes influence the share-based LTI. The impact of share price appreciation is not taken into account in the analysis presented. Threshold represents the scenario where the threshold performance has not been met on any of the above mentioned performance pillars with the result that only TGP is paid. ‘On-target’ represents on-target achievement on the operational delivery scorecard, a standard performance rating of 3 on the personal performance scorecard (i.e. good performer) and an expected level of performance equating to a 100% outcome on the performance conditions on the shareholder value delivery scorecard, which means that the full fair value awarded vests. Given the personal performance scorecard achievement of 3, the value of the performance share units that comprise the long-term incentive award is not adjusted upwards as indicated under Determining allocation quantum on page 143. Maximum represents the maximum incentive pay which can be received, in the unusual and extraordinary event, when stretch performance on all three performance pillars is met. This will result in STI settlement equating to 200% of the on-target STI. The performance share unit profile is adjusted for stretch personal performance at allocation (i.e. 5 rating on personal performance scorecard being regarded as a ‘top performer’) which results in an additional quantum equivalent to the on-target being allocated (i.e. performance factor of 200% of the ‘good performer’ allocation). Further to the personal performance enhancement outlined above an additional vesting quantum is also earned as a consequence of full delivery on the shareholder value delivery scorecard which adjusts the 100% performance condition outcome for on-target performance to a super stretch performance condition outcome of 250%. In the maximum performance level, for the LTI component, distinction is made between the top-up allocation made for exceptional personal performance in the year preceding the allocation (i.e. retrospective performance), and the stretch outcomes for the prospective performance conditions applied (i.e. the shareholder value delivery scorecard consisting of rTSR, ROIC and ESG). We have illustrated the above scenarios both on a Rand, US Dollar or British Pound basis where applicable as well as a representative percentage of overall pay, based on the policy pay mix. Since the transition in pay mix from the previous policy will take place over more than one remuneration cycle, Sibanye-Stillwater will not fully attain the targeted policy pay mix in the 2021 remuneration cycle. Sibanye-Stillwater Integrated Report 2020 137 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Range of performance-related pay by executive REMUNERATION REPORT CONTINUED CEO (Rm) Maximum Threshold TGP STI (cash bonus component) STI (deferred share-based component) LTI (ordinary stretch) LTI (max vesting) 0 On-target 25 50 75 100 125 CEO (%) Maximum Threshold 02 04 06 08 0 100 100 28 24 16 32 18 10 12 30 30 On-target CFO (%) Maximum Threshold 02 04 06 08 0 100 100 32 24 16 29 19 13 13 28 28 On-target CXO (Average of COO and CTO role) (%) Maximum Threshold 02 04 06 08 0 100 100 32 24 16 29 19 13 13 28 28 On-target SA EVP (%) Maximum Threshold 02 04 06 08 0 100 100 37 24 16 24 20 16 14 25 25 On-target US EVP (%) Maximum Threshold 02 04 06 08 0 100 100 37 24 16 24 20 16 14 25 25 On-target UK EVP (%) Maximum Threshold 02 04 06 08 0 100 100 37 24 16 24 20 16 14 25 25 On-target CFO (Rm) Maximum Threshold On-target 02 04 06 08 0 Maximum Threshold CXO (Average of COO and CTO role) (Rm) On-target 01 02 03 04 05 0 Maximum Threshold SA EVP (Rm) On-target 01 02 03 0 Maximum Threshold US EVP (US$m) On-target 0 1234 Maximum Threshold UK EVP (£m) On-target 0123 Sibanye-Stillwater Integrated Report 2020 138 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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TOTAL GUARANTEED PAY (TGP) TGP levels are reviewed against market benchmarks every 24 months to ensure market competitiveness, save when required by Sibanye- Stillwater’s business circumstances and strategic objectives. The benchmark used, in the first instance, for determining TGP by job level and discipline, is a market median level obtained through independent remuneration survey databases for peer mining companies with differentiation by territory. While the median is the first point of reference as a benchmark, when making comparisons and pay level determinations, other factors such as length of time in the role, and the extent to which the executive is more than, or less than, fulfilling all aspects commensurate with the role are taken into account. At the time of assessment, an executive’s actual remuneration may well be above or below the median level and may remain above or below the median for good reasons such as those mentioned above. For consistency in application, the Group makes use of relevant comparator companies as a peer group and the related survey data supplied by Mercer and Hay for the US PGM operations and PwC for the SA operations, backed by independent advice and support from external consultants. In addition, further verification was obtained by collecting comparable data from competitor company proxy statements to verify ‘pay for performance’ relativity for the executives. This practice of benchmarking by using peer group data to ensure pay parity and internal alignment with our remuneration principles is used extensively for levels below the executive. For the purposes of executive director benchmarking, a global comparator group of comparable companies was determined, bearing in mind location and type of operations, size of group (employees, turnover, assets, earnings before interest and tax (EBIT), market capitalisation) and the various exchanges on which they are listed, among others. For any non-SA comparators, a cost of living adjustment (COLA) was applied to the relevant foreign currency remuneration levels (i.e. to adjust the foreign currency denominated fees to be comparable with the cost of living for SA residents). Reversing the process provides benchmark remuneration figures for staff employed in other jurisdictions. The agreed comparator group used for the latest benchmarking conducted in 2019 that remains valid to current circumstances is set out below: Anglo American Platinum Ltd AngloGold Ashanti Ltd Barrick Gold Corporation Fresnillo Plc Gold Fields Ltd Impala Platinum Holdings Ltd Kinross Gold Corporation Kumba Iron Ore Ltd Newcrest Mining Ltd Newmont Goldcorp Corporation South32 Limited Turquoise Hill Resources Ltd Yamana Gold Inc Sibanye-Stillwater Integrated Report 2020 139 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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CALCULATION OF SHORT-TERM INCENTIVE (STI) PAYMENT OF SHORT-TERM INCENTIVE For vice presidents and above: Guaranteed remuneration (R) On-target STI incentive by job grade (%) STI performance 1 (0-200%) STI (R) paid in cash 100% paid as deferred share-based award 2 1 STI performance = operational delivery scorecard (%) + personal performance scorecard (%) 60% 40% 2 settled in two tranches at nine months and eighteen months after payment of cash STI PERFORMANCE-BASED INCENTIVE PLANS Short-term incentives (STI) While the STI component of the incentive plan rewards those elements of performance that are mostly within the control and line-of- sight of employees, the LTI is conditional on the achievement of longer-term financial hurdles that are aligned with shareholder value creation. We have set out below a graphical illustration of how the STI is calculated and settled. REMUNERATION REPORT CONTINUED STIs focus on and incentivise management to achieve safe, sustainable, and cost-effective delivery from operations and to achieve proper progress in executing the Board-approved Group strategic goals. These incentives are awarded following the assessment of the operational delivery by the area of the business influenced by the participant against agreed targets (operational performance) as well as the personal performance goals achieved during the year under review (personal performance). For 2021, weightings between the operational performance and personal performance elements will differ according to both the geographic location of the employee and their seniority in the business as follows: Deployment Operational performance (%) Personal performance (%) South Africa: those with direct line responsibility for management of production operations 80 20 Operating segment management, services functions and all US management 70 *30 Group executives and corporate office 70 30 * There is a split between personal and service area delivery performance for SA services employees, half of personal performance is accounted for by performance in the service area in which they work. Sibanye-Stillwater Integrated Report 2020 140 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Operational delivery performance As discussed earlier, operational delivery performance is determined through a scorecard using safety, production, cost and orebody developed state as the KPIs. This achieves a balance between achieving safe production delivery in the current performance cycle and preparing the orebody for effective safe production in forthcoming cycles. Given the scale and strategic impact of the various operating segments on overall Group performance in terms of planned revenue and nett asset value, a greater weighting has been assigned to the SA PGM and US PGM operations, with SA gold operations contributing 20% to the Group outcome. The framework of KPIs and measures for the 2021 operational delivery scorecard is as follows: KPI Weight (%) Parameter Sub- weight (100%) SA gold operations (20% contribution to Group) Safety 30 Total Recordable Injury Frequency Rate 100 Production 30 Gold produced 100 Cost 20 Underground operating cost (R/underground tonne milled) 50 Total operating cost (R/kg produced) 50 Orebody developed state 20 Primary on reef development 50 Primary off reef development 50 SA PGM operations (40% contribution to Group) Safety 30 Total Recordable Injury Frequency Rate 100 Production 30 4E PGM produced 100 Cost 20 Underground operating cost (R/underground reef tonne hoisted) 50 Total operating cost (R/4E oz produced) 50 Orebody developed state 20 Primary on reef development 50 Primary off reef development 50 US PGM operations (40% contribution to Group) Safety 30 Total Recordable Injury Frequency Rate 100 Production 25 2E PGM produced ('000 oz) 70 Recycling throughput 30 Cost 20 Underground operating cost (US$/underground reef ton milled) 40 Total operating cost (US$/ mined oz produced) 40 Recycling EBITDA 20 Orebody developed state 25 Primary development advance 15 Secondary development advance 15 Blitz project primary development advance 35 Blitz project secondary development advance 35 Targets in the forthcoming year’s approved business plans are used to set the operational delivery targets applicable for the STI calculations. The Board pursues an intensive process to prepare business plan commitments that are a fair statement of what Sibanye- Stillwater’s orebodies are capable of delivering. In determining the targets, consideration is given to performance that is realistically achievable given the levels of operational risk that would normally be experienced while allowing for an element of continuous improvement in safe production effectiveness from the organisation’s performance over the past few years. The on-target level of operational delivery is therefore set on a basis that, with diligent and assiduous management, the expected performance will be exceeded on a monthly basis on as many occasions as there is a shortfall. This provides management with reasonable expectations of earning incentives in accordance with the target remuneration mix in respect of solid operations management. The typical historical monthly variability in operational delivery is used to determine a suitable performance range spanning from the threshold to maximum performance levels for the year. Maximum performance reflects exemplary management of operational risks to substantially below the historical exposure. It represents the performance that can be achieved through an exceptional management effort that results in monthly operating results consistently and substantially closing the gap to full potential delivery. While a symmetrical performance range is to be preferred, history reflects that, due to the disruptive impact of risk events, performance shortfalls that result when risks eventuate tend to be more substantial than the outperformance when risk is exceptionally well controlled. The threshold is therefore typically positioned further from the on-target performance level than the maximum. Sibanye-Stillwater Integrated Report 2020 141 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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At the start of each performance cycle and based on these principles, the Remuneration Committee approves the KPIs, target performance levels and ranges that will be used to determine the quality of the Group’s operational delivery. Overall Group operational delivery is a weighted aggregate of the performance of the major operating areas of the business. The threshold and stretch targets are set with threshold performance resulting in a 0% rating for each measure, and a maximum performance outcome resulting in a 200% rating for each measure. Criteria to determine and adjust performance targets The Remuneration Committee has the discretion to adjust targets during the course of the year where significant anomalous and unforeseeable events occur which are outside the control of management, or where there are conscious value-adding (or loss-saving) operational departures from the Board-approved plan and where these events cause material deviations from the approved targets. Examples of such events may be force majeure such as unavailability of the national utilities that are necessary for the safe conduct of operations or extreme weather events. Personal performance The Remuneration Committee and the Audit Committee also approve, respectively, the individual scorecards of the CEO and the CFO that reflect strategic business imperatives for the Group. In turn, the CEO develops specific individual objectives, aligned with the organisation’s strategic objectives, with those who report directly to him at the beginning of each year. On conclusion of each cycle, the Remuneration Committee reviews the performance determinations of the executive directors and the rest of the Group Exco as the basis of approving STI payments and LTI awards. The personal performance scorecards are structured around the strategic focus areas that are defined as the critical areas for attention to improve the strategic positioning of the Group as discussed in the strategy, risks and opportunities section of the Integrated Report on pages 19 to 59. The Group uses a rating scale of 1 – 5 where an on-target outcome would be rated 3 resulting in a 100% rating for the performance component, with the highest rating of 5 resulting in a 200% rating for this component. If the personal performance evaluation of any executive falls below 2.5 then no STI (cash or deferred share price linked incentive) will be awarded. Maximum STI achievable If stretch targets are achieved or exceeded on both operational and personal performance scorecards, the maximum incentive is set at double the on-target bonus level. Deferral of a portion of STI into share price-based remuneration All employees who are at VP level or above have 40% of their overall STI settled in two equal tranches incorporating share price appreciation over the deferral period at nine months and eighteen months after the award date. The deferred portion of the incentive is forfeited in the event of resignation or termination for cause, with a pro-rata pay out applicable in the case of no-fault terminations, except in the case of retirement at normal retirement age where the awards will run to the scheduled date for vesting. REMUNERATION REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 142 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Long-term incentives (LTI) Determining allocation quantum Annual LTI awards are made under the current Sibanye-Stillwater senior management incentive plan to VP level and above. The value of the award is a function of the annual TGP by a factor related to the executive or management job grade (on-target percentage) and further multiplied by a factor related to their assessed personal performance for the relevant period preceding the award. The performance factor applied in this latter case is determined by reference to the figure and table below. As the on-allocation modifier applies, a revised approach has been adopted for awards to be made in 2021 to eliminate the previous step interval approach that did not provide for linear interpolation between performance levels. Personal performance rating Value as a % of value for on-target performance 1.0 – 2.5 0 2.6 – 2.9 20-80 3.0 – 3.5 100-150 3.6 – 4.1 157-193 4.2 – 5.0 200 The awards vest on the third anniversary of the award date dependent on the extent to which the performance conditions have been met. The award is forfeited in the event of resignation of an executive or termination for cause. In the case of no-fault terminations, a pro-rata pay out will be applicable, except in the case of retirement at normal retirement age where the awards will run to the scheduled date for vesting. Performance conditions for vesting The proportion of the LTI awards that vests after the three-year period depends on the extent to which Sibanye-Stillwater has performed relative to performance criteria over the applicable performance period. As part of the incentive redesign process undertaken, a detailed process was performed to align the performance conditions with the refreshed strategy of Sibanye-Stillwater, with a strong focus on effective capital allocation and simplicity. Since the March 2016 award cycle when the previous adjustment to the performance conditions was adopted, there were two performance conditions to assess namely, TSR and ROCE weighted 70% and 30% respectively. Following the review, the Remuneration Committee has now approved the use of three performance conditions going forward, being relative TSR, ROIC and ESG weighted 50%; 30% and 20% respectively. These weightings are applicable for the 2021 award cycle but may be adjusted for future award cycles as required to optimise strategic alignment. On award multiple (%) % 0 50 100 150 200 22 .5 33 .5 44 .5 Personal performance rating Sibanye-Stillwater Integrated Report 2020 143 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Social legitimacy to operate Financial legitimacy to operate Superior shareholder value delivery ESG deduction in respect of major ESG shortcomings (20% downward adjustment) ESG leading indicator 20% ROIC leading indicator 30% Relative TSR lagging indicator 50% REMUNERATION REPORT CONTINUED Relative TSR constitutes the greatest weighting and represents a ‘lagging indicator of value delivery’ and market sentiment, with ROIC and ESG collectively providing a counterbalance, representing a set of factors that can be considered as ‘leading indicators’ of market performance. The selection of ROIC enables a more agile and simplistic approach in measuring performance, relative to Sibanye-Stillwater’s capital allocation strategy, as it focuses on sweating assets with a dual purpose to generate cash and quality earnings to enable the funding of acquisitions, growth capital expenditure, and ESG projects which ensures the overall sustainability of the Company. It was also considered that, since the Sibanye-Stillwater share based awards are cash-settled, in addition to the share price appreciation inherent to the settlement value of the LTI awards, a higher weighting for rTSR would be appropriate to ensure strong focus on shareholder returns through share price growth and dividends. Despite the inclusion of a standalone ESG measure, the Remuneration Committee retains the discretion to reduce the amount that would otherwise have vested by up to 20% in the event of any serious poor performance relating to the Group’s ESG track record. Accordingly, the proportion of the award that will vest at the end of each award cycle ranges from 0% to 250% of the initial award amount based on the relevant performance levels of Threshold, Target, Stretch and Super stretch. The detail and further rationale for each performance condition appear below. Relative TSR – 50% contribution to the performance condition One of the aspects raised during the incentive redesign process related to the appropriateness of the current rTSR comparator group in light of the disadvantages of having a comparator group consisting of only “pure-play” companies while the Group mines both gold and PGMs. In order to overcome this, and better reflect Sibanye-Stillwater’s commodity exposure, it was decided that for future LTI awards, TSR will be assessed using a market-cap weighted rTSR and to determine this with a two-year trailing performance period and a three-year prospective performance period, resulting in a five-year window for assessing this performance condition. The trailing performance period will be phased in to ensure that the awards are not based on performance periods which are already partly underway. The weighted reference TSR will be constructed from two comparator groups, being a PGM comparator group and gold comparator group as reflected on the table on the next page, with performance being measured over a three-year prospective period. Each constituent’s associated contribution to the reference TSR will be determined with reference to market cap of the constituent company at award date relative to the cumulative market cap of all constituents in the respective platinum and gold peer group. Sibanye-Stillwater Integrated Report 2020 144 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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PGMs Gold Anglo American Platinum AngloGold Ashanti Impala Platinum Gold Fields Northam Platinum Harmony Gold Fresnillo Kinross Gold Corporation Sibanye-Stillwater’s rTSR performance over the performance period will be evaluated against the reference TSR on the following four levels: • Threshold: performance at reference TSR or below – resulting in 0% vesting • Target: performance at reference TSR (measured as a CAGR) + 4% – resulting in 100% vesting • Stretch: performance at reference TSR (measured as a CAGR) + 8% – resulting in 200% vesting • Super stretch: performance at reference TSR (measured as a CAGR) + 10% – resulting in 250% vesting Where the rTSR outcome is determined to lie between these levels, the percentage vesting will be determined on a linear proportional basis. rTSR performance condition outcome (%) % Reference TSR outperformance -2 04 26 81 2 10 0 50 100 150 200 250 Sibanye-Stillwater Integrated Report 2020 145 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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ROIC– 30% contribution to the performance condition In considering the performance conditions for future allocations and Sibanye-Stillwater’s strategic focus areas, it was determined that the financial returns measure be reconfigured from the previously used ROCE as described in the previous year’s remuneration report to a more agile and relatively simple capital allocation performance measure. Taking into account the limited agility and associated complexity inherent to other returns measures, it was determined that ROIC be adopted. Return is represented by Net Operating Profit After Tax (NOPAT) using EBIT x (1 - effective tax rate) with Invested Capital quantified as Total Assets - Current Liabilities - Cash. ROIC is a capital efficiency measure which calculates how efficiently a company allocates its controllable capital to profitable investments. It therefore provides an indicator of a company’s quality of earnings with reference to the risk categorisation of the company’s underlying asset portfolio. This places a significant focus on management’s ability to sweat the operational assets and also take accountability for the outcome of investment decisions made through its investment assets. The same approach for the performance period will be used as for TSR (2-year trailing period and 3-year prospective performance period), with performance being evaluated on the following levels: • Threshold: performance below or equal to 5 to 10-year SARB long bond rate + 2% – resulting in 0% vesting • Target: performance below or equal to 5 to 10-year SARB long bond rate + 4% – resulting 100% vesting • Stretch: performance below or equal to 5 to 10-year SARB long bond rate + 6% – resulting in 200% vesting • Super stretch: performance below or equal to 5 to 10-year SARB long bond rate + 7% – resulting in 250% vesting Where the ROIC outcome is determined to lie between these levels, the percentage vesting will be determined on a linear proportional basis REMUNERATION REPORT CONTINUED ESG Scorecard – 20% contribution to the performance condition To support the introduction of ESG into the performance evaluation for LTI purposes, the initial scorecard for the first year addresses a limited range of priority issues being addressed through the Group’s ESG strategy that is overseen by the Social, Ethics and Sustainability Committee (refer to the Embedding ESG excellence section, page 64). Scorecards for subsequent years will progressively embrace a broader span of ESG issues with an expectation of achieving comprehensive coverage by year 3. The ESG element of the performance condition will be determined as the average of the annual scorecard outcomes over the three years in the performance period, with a trailing two-year provision to be phased in on the same basis as for the rTSR and ROIC elements. Development of an ESG scorecard on an annual basis in the context of long-term objectives provides the required flexibility for new ESG priorities to be incorporated as global ESG standards develop and normalise or as specific issues become more or less topical. This will allow the Group to maximise relevance to issues of concern to stakeholders. The approach also provides scope for the evaluation protocol to evolve in line with progress as the ESG maturity of our operations develops. The scorecard for 2021 that has been developed and calibrated in consultation with the Social, Ethics and Sustainability Committee is presented on the next page. It comprises 15 indicators with objectively measurable outcomes organised under 10 strategic thrusts that will be equally weighted under the three major dimensions of ESG. ROIC performance condition outcome (%) % Outperformance of SA 5 to 10-year long bond yield as reported by SARB 04 26 81 0 0 50 100 150 200 250 Sibanye-Stillwater Integrated Report 2020 146 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Environmental MINIMUM SHAREHOLDING REQUIREMENT POLICY In order to encourage leadership of the Group to take on further personal exposure to the Sibanye-Stillwater share price, thereby increasing the extent of alignment with shareholder interests, the Remuneration Committee initially contemplated the introduction of a Minimum Shareholding Requirement (MSR) policy for implementation with effect from March 2019. However, at the time, the basis for matching share awards still needed to be determined as well as clarification of the performance conditions that would be applied to them. Following the decision to switch from equity-settled to cash-settled LTI share awards, this also added a further layer of complexity to the way in which executives would build up their Minimum Shareholdings in terms of an MSR policy. Given all the other areas requiring attention and review in 2020, particularly in respect of the revision of the performance conditions applicable to the LTI, the Remuneration Committee did not attend to this aspect of policy but will address it further in 2021. NON-EXECUTIVE DIRECTOR FEES In terms of Sibanye-Stillwater’s Memorandum of Incorporation, fees for the services of non-executive directors are determined by the Group’s shareholders at AGMs under the oversight of the Remuneration Committee as from the previous cycle. The appropriate level of fees and increases thereon are determined through benchmarking exercises in a similar manner to assessing executive remuneration. Accordingly, the relevant fees for Board and committee membership are reviewed with comparable governance responsibilities for companies with characteristics in terms of operational size, complexity, regional spread and listing locations similar to Sibanye-Stillwater. Given the growth and transformation of Sibanye-Stillwater into a multinational precious metals mining group listed on both the JSE and the NYSE, a detailed benchmarking analysis was performed in 2019 and a further review was undertaken in 2020. More detail on the approach can be found in last year’s report, available at https://www.sibanyestillwater.com/news-investors/reports/annual/2019/. During the year it was determined that an Investment Committee should be constituted to provide assistance on developing Sibanye- Stillwater’s investment objectives and policies on investments and capital allocations. This committee was initiated with effect from February 2021 and the Remuneration Committee was asked to consider and determine an appropriate fee basis for the Investment Committee members. Carbon and Climate Land management and closure Water conservation and demand management Energy and fuel efficiency Concurrent rehabilitation Tailings management Water intensity Human rights Safety and wellness Community partnerships Transformation Absence of infringements Health care strategy Good Neighbor Agreement Community development Diversity and inclusion Ethics Corporate governance Compliance Code of conduct Management policies, systems and disclosure Social (SLP’s) Environmental IT governance, cybersecurity and data privacy Approval framework Social Governance SCOPE OF 2021 ESG SCORECARD (30%) (40%) (30%) Strategic thrust Indicator The evaluation of performance at year-end will also be conducted with the support of the Social, Ethics and Sustainability Committee. Performance will be adjudicated against the objectively specified Threshold, On-target, Stretch and Super Stretch performance levels that have been defined for each indicator on the scorecard. This will yield a 0%, 100%, 200% or 250% outcome on a consistent basis with the rTSR and ROIC elements. ESG ELEMENT OF LTI AWARD PERFORMANCE CONDITION Sibanye-Stillwater Integrated Report 2020 147 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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The employment contracts for the current two executive directors provide that, in the event of the relevant executive director’s employment being terminated solely as a result of a ‘change of control’ as defined below within 12 months of the ‘change of control’, the executive director is entitled to: • for the CEO, payment of an amount equal to two and a half times TGP and for the CFO, payment of an amount equal to twice TGP • payment of an amount equal to the average of the incentive bonuses paid to the executive director during the previous two completed financial years • any other payments and/or benefits due under the contracts • payment of any annual incentive bonus he has earned during the financial year notwithstanding that the financial year is incomplete • an entitlement to awards, in terms of the Sibanye-Stillwater incentive plan, shall accelerate on the date of termination of employment and settle with the full number of shares previously awarded REMUNERATION REPORT CONTINUED A thorough benchmarking analysis was performed in order to determine an appropriate basis for the Investment Committee fees as well as appropriate level of fees. In the first instance, it was determined that, due to the ad hoc nature of this committee, the fee should be set on a ‘per meeting’ basis. The proposed fee scale is set out in Part 3 below and will be included as a Special resolution for shareholder approval at the AGM. We are also requesting that shareholders approve the retroactive application of this fee to the date of the first meeting of the committee in 2021. No fees have been charged or paid out in the meantime. Besides these new fees proposed for the recently constituted Investment Committee, the Remuneration Committee is only recommending a nominal increase of 3.5% on all fees for the coming year (effective 1 June 2021). This is slightly below the inflation rate and lower than the average standard salary increase of the Group’s employees. This will be put to shareholders for consideration and approval at the AGM. No provision is made for travel allowances besides the introduction of a per diem allowance for non-SA resident directors in respect of travel required in connection with Board duties outside their country of residence, as indicated in last year’s report. However, directors may claim for a refund of reasonable expenses if they incur these directly as opposed to having the Company make the travel arrangements on their behalf. These figures are disclosed in the relevant table on fees in Part 3 of this report. In terms of the intention to introduce a per diem allowance in 2020, it was noticed that the proposal for this allowance was not in fact put forward to the shareholders for their approval at the AGM in May 2020. Accordingly, it will be included as a special resolution for shareholder consideration and approval in the upcoming AGM on 25 May 2021. In any event, no per diem amounts have been paid out to any directors to date. EXECUTIVE DIRECTORS’ CONTRACTS OF EMPLOYMENT The employment of an executive director will continue until terminated upon (i) 24 or 12-months’ notice by either party for the CEO and CFO, respectively, or (ii) retirement of the relevant executive director (currently provided for at age 65 in the contract). Sibanye-Stillwater can also terminate an executive director’s employment summarily for any reason recognised by law as justifying summary termination. Except for the two current executive directors, none of the prescribed officers have employment contracts that provide for any compensation for severance because of change of control. The service agreements of the two executive directors contain ‘change of control’ conditions, which are set out for information below. These contracts and conditions will be honoured until they terminate. However, any future appointments of executive directors will be made without provision for any compensation for severance because of ‘change of control’. The employment contracts further provide that payments will also cover any compensation or damages the executive director may have under any applicable employment legislation. ‘Change of control’ in terms of the above is defined as the acquisition by a third party or concerned parties of 30% or more of Sibanye- Stillwater ordinary shares. In the event of the consummation of an acquisition, merger, consolidation, scheme of arrangement or other re-organisation, whether or not there is a change of control, if the executive director’s services are terminated, the ‘change of control’ provisions summarised above also apply. Sibanye-Stillwater Integrated Report 2020 148 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Going forward, we will not include any contractual provisions in any employment contracts or variable pay contracts allowing for accelerated vesting without the testing of performance conditions. NON-BINDING VOTE ON REMUNERATION POLICY The Remuneration Policy, as set out here in Part 2 of this report, will be tabled for a separate non-binding advisory vote at the AGM. PART 3: IMPLEMENTATION REPORT TGP ADJUSTMENTS DURING 2021 Our remuneration practice makes provision for annual salary increments in March of each year. In line with direction received from the Remuneration Committee, annual increases for Group Exco members are to be treated as cost of living adjustments with performance not included as a factor. The projected increase parameters for South Africa are between 4% (2021 CPI projection) and 5% (2021 market forecast), with corresponding figures for the United States between 1.5% and 1.6% and the United Kingdom around 1.5%. CPI increases are proposed across all jurisdictions. Furthermore, as set out in Part 2 of this report, a revised pay mix will apply going forward with transitioning measures put in place to migrate to the new pay mix. The transition to a lower guaranteed remuneration will be managed through suppressed annual increases, over a two-to-three-year period where necessary to avoid nominal reductions in guaranteed pay. Accordingly, as can be seen in the table below, despite the prevailing salary increases per region noted above, only five members of Exco received TGP increases of 0.5% in March 2021 and the remainder, including the two executive directors, received no increase in nominal TGP this year. For employees below the Group Executive Committee, it remains an ongoing imperative and management focus to progressively reduce the wage gap. In South Africa, the increase in base salary for middle management and supervisory level SA employees ranged from 4% to 5.5% and at operator level from 7% and 7.5%. In the US, the base salary for senior employees was increased by 1.5% and, at supervisory and operator levels, the increases averaged 2.5%. For the UK the increases were between 1.5% and 1.8%. Executive 2 2020 cycle guaranteed remuneration (R000/US$000/£000) Increase based on transition pay-mix implementation 2021 cycle guaranteed remuneration (R000/ US$000/£000) Neal Froneman 1 R13,689 0.0% R13,689 Charl Keyter R7,544 0.0% R7,544 Richard Stewart R5,758 0.0% R5,758 Robert van Niekerk R5,924 0.0% R5,924 Dawie Mostert R4,568 0.5% R4,592 Dawie van Aswegen R4,500 0.5% R4,524 Laurent Charbonnier £425 0.0% £ 425 Lerato Legong R3,900 0.5% R3,920 Richard Cox R4,500 0.5% R4,523 Themba Nkosi R4,274 0.5% R4,296 Wayne Robinson US$492 0.0% US$492 1 Neal Froneman’s approved TGP is maintained in South African rand with a portion covering the time spent in the provision of strategic and technical leadership to the Sibanye-Stillwater operations based in the United States to be paid under the dual services contract converted into US dollars at a 12-month trailing exchange rate 2 Guaranteed pay reflected pre-application of annual increases REMUNERATION FAIRNESS In Part 2 of this report, we set out our policy and the principles relevant to fair and responsible remuneration. The Group has implemented a deliberate and integrated programme since 2013 to reduce income inequality levels within Sibanye-Stillwater, while retaining a competitive total reward construct at management levels. As a result, at the operator level (i.e. lowest levels of pay) the average level of salaries since 2013 has increased by approximately 78% compared to 51% for supervisory employees and 41% for management over the same time period. In addition to the deliberate action to implement higher salary increases over time at the lower employee levels, there has been a focused effort to also implement job enlargement and job enrichment wherever practically possible in order to stimulate employee mobility and job re-grading. Sibanye-Stillwater Integrated Report 2020 149 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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As with the 2019 report, a calculation of both the Gini coefficient and Palma ratio was performed on actual total remuneration paid (including the LTI awarded to senior staff). All employees across Sibanye-Stillwater (both the US and SA based operations) have been included. In performing the calculations, a COLA has not been applied to the dollar-based salaries, as the US employees are based in the US and are remunerated in accordance to the US laws and regulations. PALMA RATIO The Palma ratio is determined by taking the aggregate amount earned by the top 10% of a group of employees divided by the aggregate amount earned by the bottom 40% of that group. Based on the modified approach, employees comprising the top 10% of the payroll were earning total remuneration on aggregate about 1.6 times that earned by employees in the bottom 40% earned in 2019. Although the Palma ratio increased from 2019, the increase can be attributed to the decrease in number of employees from 2019 to 2020. Sibanye-Stillwater compares favourably to the REMchannel® database (Mining and National circle) where rates of 1.9 times and 2.2 times respectively are observed. GINI COEFFICIENT The Gini coefficient is an internationally accepted measure of the distribution of income within a society or even within a group, with a value of 0 indicating complete equality, and 1 meaning that one person receives all the income. The Gini coefficient also demonstrates declining differentials in TGP. While not directly comparable, it is interesting to note by way of contrast, that South Africa’s sovereign Gini coefficient, as latest reported by the Organisation for Economic Co-operation and Development (OECD) at 0.62, is one of the highest, or most unequal, in the world, although this is primarily due to the high levels of unemployment in the country. The Gini coefficient based on total remuneration is 0.37 which represents an increase from last year which as with the Palma ratio, should be evaluated in context of the decrease in lower-level employees from 2019 to 2020 and is lower than that of the REMchannel® Mining industry (0.42) and National All industries (0.44). These outcomes in terms of progression of the Palma ratio and Gini coefficient are presented below. REMUNERATION REPORT CONTINUED GENDER PARITY ANALYSIS Towards the end of 2019 a benchmarking exercise conducted for skills identified as scarce and critical in the SA gold and SA PGM operations revealed the need for market related adjustments which were implemented during 2020. From the scarce skill benchmarking exercise conducted it became apparent that a pay parity audit was required for senior officials and the findings indicated that, where disparities in salary levels across gender and race existed, these were predominately linked to longer lengths of service between the persons being compared. On further analysis of some of the roles in the business, it became evident that these disparities mostly arose due to legacy issues, namely mergers and acquisitions which have had a significant impact on the demographics and distribution of pay in the Company due to the variation in pay philosophy and pay practices i.e. promotion and benefit policies between commodities (gold vs PGM and even between the operations in the commodity group). Remuneration differential indicators (%) 2014 2016 2015 2017 2018 2020 2019 1.3 1.4 1.5 1.6 1.7 1.8 1.9 0.30 0.32 0.34 0.36 0.38 0.40 Palma ratio (left axis) (based on GRP only)G ini coefficient (right axis) (based on GRP only)( Based on total remuneration) (Based on total remuneration) Sibanye-Stillwater Integrated Report 2020 150 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Sibanye-Stillwater acknowledges the status-quo and notes that these legacy issues are being addressed as a priority over two pay cycles, starting with the 2021 review of annual salary cycle. A pay model has been developed which integrates defensible criteria (experience, skills, performance and talent retention) and will serve as a guide for Human Resources and line management when setting pay levels during the annual increase. The status of pay parity will be tracked and corrected where required annually and the model refined accordingly. EXECUTIVE DIRECTORS’ AND PRESCRIBED OFFICERS’ SINGLE FIGURE OF REMUNERATION The remuneration outcomes for executive directors and prescribed officers (who constitute executive management as per King IV) for 2020 are set out below. We have included comparative tables for 2019. Two perspectives are provided, the first being a single total figure of remuneration that reflects earnings attributable to the performance delivered during the relevant cycle and the second, total cash remuneration, reflecting earnings received by each executive director and prescribed officer during the cycle. This should be considered in conjunction with the table of unvested awards, which provides a view of the ‘inflight’ LTI share awards for each executive during the cycle. In this report, both the short-term cash incentive and forfeitable share awards, which are in proportion to the cash incentive with deferred vesting, are reported on an accrued basis in the single total figure of remuneration. Conditional shares, as before, are reported at vesting. To determine cash earnings in the cycle, amounts of shares accrued in 2019 but not settled are subtracted, while shares accrued in previous years and which were settled in 2019 are added back in. Finally, adjustments are included to take account of market movements on shares that were settled in 2019. Remuneration paid to Sibanye-Stillwater executive directors and prescribed officers for the year ended 31 December 2020 2020 (R000) Salary Pension scheme total contributions Cash bonus accrued Accrual of forfeitable share award Other cash payment Conditional share proceeds Other benefits Termination/Separation benefits Total single figure of remuneration Less: Amount accrued not settled in 2020 Plus: Amount of previous accruals settled in 2020 Adjustments for market movements on accruals settled Total cash remuneration Executive directors Neal Froneman ¹ Paid in SA 7,318 838 7,617 5,078 68 17,212 – – 38,131 (12,695) 11,765 7,437 44,638 Paid in US 6,018 - 5,788 3,859 34 4,143 – – 19,842 (9,647) 5,085 2,812 18,092 Total 13,336 838 13,405 8,937 102 21,355 – – 57,973 (22,342) 16,850 10,249 62,730 Charl Keyter 6,353 937 6,526 4,351 48 10,716 32 – 28,963 (10,877) 8,071 4,782 30,939 Prescribed officers Chris Bateman 2 7,058 959 3,484 - 2,729 6 52,404 325 – 66,959 (3,484) 7,362 4,686 75,523 Dawie Mostert 3,870 545 3,660 2,440 27 6,113 – – 16,655 (6,100) 4,528 2,662 17,745 Hartley Dikgale 3 977 65 712 - 553 6 26,852 – – 29,159 (712) 2,846 534 31,827 Laurent Charbonnier 4 1,315 11 773 515 - - – – 2,614 (1,288) – – 1,326 Lerato Legong 5 1,144 156 945 630 - - – – 2,875 (1,575) – – 1,300 Richard Stewart 4,075 467 3,669 2,446 27 8,189 – – 18,873 (6,115) 4,604 2,798 20,160 Robert van Niekerk 5,156 588 5,486 3,658 44 8,043 – – 22,975 (9,144) 7,163 3,790 24,784 Shadwick Bessit 4,218 769 4,022 - 31 5,749 – – 14,789 (4,022) 4,955 2,308 18,030 Themba Nkosi 3,788 292 3,178 2,118 23 5,887 – – 15,286 (5,296) 3,901 2,279 16,170 Wayne Robinson 4,532 381 4,483 2,988 28 6,860 – – 19,272 (7,471) 4,733 2,767 19,301 Total 55,822 6,008 50,343 28,083 3,612 152,168 357 – 296,393 (78,426) 65,013 36,855 319,835 1 Dual service contract with effect 1 January 2020, remuneration paid in US$ was converted at the average exchange rate of R16.46/US$ applicable for the 12-month period ending 31 December 2020 2 Ceased performing a prescribed officer role on 6 September 2020, remuneration paid in US$ was converted at the average exchange rate of R16.46/US$ applicable for the 12-month period ending 31 December 2020 3 Ceased performing a prescribed officer role on 31 March 2020 4 Assumed a Prescribed Officer role on 16 November 2020, remuneration paid in GBP was converted at the average exchange rate of R20.21/GBP applicable for the 12-month period ending 31 December 2020 5 Assumed a prescribed officer role on 1 September 2020 6 Accelerated vesting provisions applied due to no-fault termination Sibanye-Stillwater Integrated Report 2020 151 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Remuneration paid to Sibanye-Stillwater executive directors and prescribed officers for the year ended 31 December 2019 2019 (R000) Salary Pension scheme total contributions Cash bonus accrued Accrual of forfeitable share award Other cash payment Conditional share proceeds Other benefits Termination/Separation benefits Total single figure of remuneration Less: Amount accrued not settled in 2019 Plus: Amount of previous accruals settled in 2019 Adjustments for market movements on accruals settled Total cash remuneration Executive directors Neal Froneman ¹ Paid in SA 8,208 912 7,141 4,761 – 909 104 – 22,035 (11,902) 12,111 4,859 27,103 Paid in US 4,313 – 3,341 2,228 – – – – 9,882 (5,569) 2,520 589 7,422 Total 12,521 912 10,482 6,989 – 909 104 – 31,917 (17,471) 14,631 5,448 34,525 Charl Keyter 6,295 899 4,994 3,329 – 413 94 – 16,024 (8,323) 7,187 2,663 17,551 Prescribed officers Chris Bateman 2, 4 8,919 318 4,481 2,988 7,498 – 1,085 – 25,289 (7,469) 6,421 3,405 27,646 Shadwick Bessit ³ 4,186 739 3,252 2,168 – 250 – – 10,595 (5,420) 3,558 1,536 10,269 Hartley Dikgale 3,721 260 2,235 1,490 – 192 – – 7,898 (3,725) 3,460 1,241 8,874 Dawie Mostert 3,833 523 2,808 1,872 – 248 – – 9,284 (4,680) 3,995 1,483 10,082 Themba Nkosi 3,797 280 2,424 1,616 – – – – 8,117 (4,040) 3,469 1,318 8,864 Wayne Robinson 4,511 366 2,940 1,960 – 267 – – 10,044 (4,900) 4,029 1,434 10,607 Richard Stewart 3,947 438 2,828 1,885 – 330 – – 9,428 (4,713) 4,276 1,603 10,594 Robert van Niekerk 5,083 565 4,567 3,045 – 287 – – 13,547 (7,612) 5,792 2,321 14,048 Total 56,813 5,300 41,011 27,342 7,498 2,896 1,283 – 142,143 (68,353) 56,818 22,452 153,060 ¹ Dual service contract with effect 1 January 2019, remuneration paid in US$ was converted at the average exchange rate of R14.46/US$ applicable for the 12-month period ending 31 December 2019 ² Remuneration paid in US$ was converted at the average exchange rate of R14.46/US$ applicable for the 12-month period ending 31 December 2019 ³ Appointed in a prescribed officer role on 1 December 2018, the value of the previous accruals settled in 2019 are in respect of the accruals for the prescribed officer position as well as accruals for the position held prior to the prescribed officer appointment 4 The final tranche payable of the other cash payment represents the contracted payout of benefits arising from the treatment of unvested share based remuneration in respect of the Stillwater Mining Company share plan, which comprised shares granted in the form of RSUs (retention based) and PSUs (performance based). In accordance with the change of control provisions of the Stillwater Mining Company share plan, on the acquisition of Stillwater by Sibanye-Stillwater all shares (RSUs and PSUs) were converted to a cash settlement with phased payments at US$18/share. No further performance criteria were to be applied with settlement subject to the prescribed officer remaining in the employment of Sibanye-Stillwater at 31 December of the year in question to qualify for the payment STI OUTCOMES As set out in Part 2 of this report, STI bonus payments are based on measuring and rating the performance of the Group Exco against operational measures, as itemised in the Group operational delivery scorecard and personal performance of each executive based on their personal performance scorecards. Operational delivery scorecard outcomes during 2020 Operational delivery performance in 2020 was evaluated taking into account the impact of interruptions and government-imposed restrictions on Sibanye-Stillwater’s operations as a result of the COVID-19 pandemic. While adjustments were made to the operational delivery targets, the safety objectives were not altered at all and the outcomes were evaluated in all operating segments against the original targets set for the full year. At the US PGM operations, production targets for the mining operations were moderated by less than 5% to accommodate the reduced operational productivity and additional costs involved in operating with COVID-19. Recycling throughput was inhibited due to disruption to global logistics to a slightly greater extent at 6%. In South Africa, the stringent lockdown during the second quarter, during which the restrictions on operations were amended on a dynamic basis, made meaningful evaluation against a realistic target impractical. Nonetheless, the Remuneration Committee recognised the exceptional achievement of management in maintaining stability at the operations and delivering safe and solid operating results under arduous circumstances by granting a discretionary 200% outcome for the quarter. The remaining nine months of the year were evaluated against targets adjusted for the lost production days at the end of Q1 and the proportion of planned labour available during the progressive ramp-up as labour was progressively recalled and re-engaged during the second half. Allowance was also made for the increased costs incurred to implement COVID-19 precautions. Overall, the targets for commodity production and development ended up between 80% and 85% of the original budget for the nine-month period. Through an exceptional management effort involving optimised deployment of resources, it was possible to attain higher levels of productivity than planned thereby enabling the proportional targets to be exceeded. It is particularly pleasing to the Remuneration Committee REMUNERATION REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 152 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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that this was achieved without a regression in the safety performance especially because mining team compositions were inevitably disrupted due to the employees who were stranded off site – and it should be noted that recalled employees were often reassigned to newly constituted teams as they returned to work, thus requiring the rebuilding of cohesion, trust and effectiveness that one would typically find in teams that had got used to working well together before the lockdowns. The overall evaluation of operational delivery performance for 2020 is presented in the table below. Sibanye-Stillwater operational delivery scorecard evaluation 2020 KPI Weight Parameter Sub-weight (%) Threshold 0% On target 100% Maximum 200% Actual Rating (%) SA gold operations (one third contribution to Group) Safety 30% Serious Injury Frequency Rate (per million hours) 100% 3.60 3.24 3.15 3.57 8.3% Production 30% Gold produced (kg) 100% 17,344 19,271 19,753 21,124 200.0% Cost 20% Total operating cost (R/tonne treated) (excluding capex and non controllables) 100% 1,381 1,255 1,224 1,099 200.0% Developed state 20% Primary on reef development (m) 50% 4,666 5,185 5,314 6,318 200.0% Primary off reef development (including capex) (m) 50% 15,835 17,594 18,034 18,338 200.0% SA gold operations 9 months result (excluding Safety) 200.0% SA gold operations Q2 discretionary result (excluding Safety) 200.0% SA gold operations overall result 142.5% SA PGM operations (one third contribution to Group) Safety 30% Serious Injury Frequency Rate (per million hours) 100% 2.81 2.53 2.39 2.44 164.3% Production 30% Ounces produced ('000 4E oz) 100% 1,143 1,270 1,302 1,382 200.0% Cost 20% Total operating cost (R/tonne treated) (excluding capital development and non controllables) 100% 934 849 828 806 200.0% Developed state 20% Primary on reef development (m) 50% 42,545 47,272 48,454 60,410 200.0% Primary off reef development (m) 50% 19,415 21,572 22,111 25,102 200.0% SA PGM operations 9 months result (excluding Safety) 200.0% SA PGM operations Q2 discretionary result (excluding Safety) 200.0% SA PGM operations overall result 189.3% US PGM operations (one third contribution to Group) Safety 30% Total Injury Frequency Rate (per million hours) 100% 12.50 10.89 10.29 12.67 0.0% Production 30% Returnable 2E PGM produced ('000 oz) 70% 604 690 707 603 0.0% Recycling throughput (tons smelted per day) 30% 24.9 26.2 27.5 29.1 200.0% Cost 20% Total operating cost ($/ton treated excluding recycling) (excluding capex and non controllables) 75% 318 284 278 277 200.0% Recycling EBITDA (US$ million) 25% 20.9 22.0 23.1 70.0 200.0% Developed state 20% Development advance (equivalent 000 ft) 100% 77.6 88.7 90.9 86.5 80.0% US PGM operations result 74.0% Group result 135.3% Sibanye-Stillwater Integrated Report 2020 153 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Personal performance outcomes for the executive directors during 2020 As set out in Part 2 of this report, a performance scale of 1-5 is used for each factor on the executives’ scorecard and then a weighted average score is determined based on the outcomes for each factor. A performance of 3 corresponds to the on-target level and equates to a rating of 100% whereas a performance of 5 representing exceptional achievement is afforded a rating of 200%. Neal Froneman – Chief Executive Officer Neal achieved a personal performance rating of 4.2 which translated to a score of 160% for the personal performance component of his STI payment. We have set out a summary of the achievement against his personal performance scorecard in the table below: Objective Weighting (%) Performance rating Building a values-based organisational culture 20 4.5 Embedding ESG excellence as the way we do business 20 4.0 Deleveraging our balance sheet 20 4.5 Addressing our SA discount from an investment context 20 4.0 Pursuing value-accretive growth, based on a strengthened equity rating. 20 4.2 Performance highlights include: • Adoption of purpose driven and values-based leadership enabling a dynamic and effective response to the challenges of the COVID-19 pandemic through strongly empowered and aligned leadership and management • ICMM membership approved based on solid ESG credentials substantially in conformance with the ICMM performance standards, and self-assessment reflecting conformance to the World Gold Council’s Responsible Gold Mining Principles • ESG performance improvement targets formalised and incorporated into the performance conditions applicable to long-term incentive awards from the 2021 cycle • Social and relationship capital enhanced through interventions that sustained community well-being and alleviated social distress during the COVID-19 outbreaks in South Africa • Commitment demonstrated to prospering in South Africa’s investment climate through capital commitments to major organic growth projects on the back of feasibility studies demonstrating solid returns despite elevated hurdle rates for investment • Balance sheet deleveraging concluded ahead of the expected timeframe with debt funding of the corporation at a healthy level of gearing • Preparing the Group for operation as a global precious metals major through the corporate restructuring as Sibanye-Stillwater Limited and the top leadership transition to C-suite • Strategy developed for broadening Sibanye-Stillwater’s gold presence to build a meaningful international footprint • Strategic assessment of entry points into the global battery metals sector that enabled announcement of an initial battery metals transaction with Keliber Oy early in 2021 Charl Keyter – Chief Financial Officer Charl achieved a personal performance rating of 4.3 which translated into a score of 165% for the personal performance component of his STI payment. A summary of his achievements against his personal performance scorecard are set out below: Objective Weighting (%) Performance rating Building a value based organisational culture 20 4.0 Embedding ESG excellence as the way we do business 10 3.5 Focus on safe production and operational excellence 20 3.5 Deleveraging our balance sheet 40 5.0 Address our SA discount from an investment context 10 4.5 REMUNERATION REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 154 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Performance highlights include: • Cash positive position attained by year-end well ahead of expectations for the Group’s deleveraging trajectory enabling payment of an industry leading dividend for 2020 • Successful early redemption of convertible bond • Improving credit ratings with a positive outlook attained from ratings agencies • Promoted the strengthening of institutional investor confidence alleviating the South African discount on the corporate market value • Dynamic financial and strategic risk management through the volatile COVID-19 affected phase • Capital allocation policy and priorities developed for implementation • Digital enablement of the corporation supporting the transition to digital first operations • Improvements in global cost curve positioning supported by above expected synergies realised through Marikana integration and shared service delivery enhancements • Exemplary governance credentials supporting the corporation’s ESG positioning Overall STI outcomes for executive directors and prescribed officers for 2020 The following table provides the 2020 individual performance assessments made for STI award purposes, together with the applicable cash and deferred share-based incentive awards made to the executive directors and prescribed officers. Overall performance is based 70% on operational delivery and 30% on personal performance. Executive Operational delivery performance Personal performance Overall performance Approved annual TGP (for STI) (000’s) Cash incentive (000’s) Value of deferred share-based award (000’s) Neal Froneman RSA 135.3% 165.0% 144.2% R8,213 R7,698 R5,132 USA US$379 US$355 US$237 Charl Keyter 135.3% 165.0% 144.2% R7,544 R6,526 R4,351 Richard Stewart 135.3% 160.0% 142.7% R4,600 R3,304 R2,203 135.3% 100.0% 124.7% R5,750 R364 R243 R3,669 R2,446 Robert van Niekerk 135.3% 160.0% 142.7% R5,924 R3,506 R2,337 189.3% 160.0% 180.5% R5,924 R1,981 R1,320 R5,486 R3,657 Chris Bateman 74.0% 125.0% 89.3% US$631 US$212 Dawie Mostert 135.3% 170.0% 145.7% R4,568 R3,660 R2,440 Hartley Dikgale 135.3% 100.0% 124.7% R4,174 R712 Laurent Charbonnier 135.3% 100.0% 124.7% £425 £37 £24 Lerato Legong 135.3% 125.0% 132.2% R 3,900 R945 R630 Shadwick Bessit 142.5% 140.0% 141.8% R5,159 R4,022 Themba Nkosi 135.3% 135.0% 135.2% R4,274 R3,178 R2,118 Wayne Robinson 189.3% 160.0% 180.5% R5,112 R2,246 R1,498 135.3% 160.0% 142.7% R5,112 R2,236 R1,491 R4,483 R2,988 Since Robert van Niekerk and Wayne Robinson switched roles on 23 April 2020, they have separate operational delivery performance ratings for the period that they served in the respective capacities. In addition, although Wayne Robinson took over responsibility for the US PGM operations from 2 October 2020 at short notice in the aftermath of Chris Bateman’s passing, since he could not re-locate pending conclusion of visa formalities, the overall Group operational delivery performance has been applied for that period. Richard Stewart has different personal performance ratings for the periods served as EVP and as COO, with his personal performance in the latter role subject to a default rating due to the limited period served towards the end of the year. Chris Bateman and Lerato Legong’s incentives are for the portion of the year they were in service at an EVP level. Lerato’s incentive for the period served as SVP is not eligible for disclosure in this report. Chris Bateman and Shadwick Bessit are unfortunately not eligible for the deferred portion of the short-term incentive due to their untimely passing’s on 6 September 2020 and 16 January 2021, respectively. Sibanye-Stillwater Integrated Report 2020 155 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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LTI OUTCOMES LTI awards made in march 2020 As disclosed in the 2019 Integrated Report, LTI awards were made to executive directors and prescribed officers in March 2020, based on the relevant parameters and their personal performance during 2019. Details for the determination of the conditional (performance) share-based, LTI awards made to executive directors and prescribed officers on 1 March 2020 are shown below. These full value awards are subject to the performance conditions in effect at the time that provide an outcome ranging between 0 and 100% and will be evaluated over the performance period from award date to vesting on 1 March 2023. Executive Award for on target personal performance rating % of on target award based on 2019 personal performance rating % of annual TGP awarded Value of share- based long-term incentive award (000’s) Neal Froneman 195% 200% 390% R53,387 Charl Keyter 180% 175% 315% R23,763 Chris Bateman 165% 150% 248% $1,562 Shadwick Bessit 165% 175% 289% R14,897 Hartley Dikgale 165% 100% 165% R6,888 Dawie Mostert 165% 175% 289% R13,191 Themba Nkosi 165% 150% 248% R10,578 Wayne Robinson 165% 150% 248% R12,653 Richard Stewart 165% 175% 289% R13,284 Robert van Niekerk 180% 200% 360% R21,325 LTI awards made in March 2021 The details for the determination of share-based long-term incentive awards made to executive directors and prescribed officers on 1 March 2021 are shown below. The basis on which these share-based awards are determined is explained in Part 2 of this report. LTIs are awarded in accordance with the on-target percentages as stipulated in the senior management incentive plan approved by the Board as moderated by personal performance ratings using the on-award multiples as presented in Part 2 of this report. The fair value awards presented in the table below are determined based on the annual TGP post the proposed March 2021 increases presented above and will be subject to a performance condition that ranges from 0 to 250% on vesting. The awards will be cash-settled after three years taking into account the performance conditions and share price appreciation that has been achieved by the time of settlement. Executive LTI on target award during transition plan % of on target award based on 2020 personal performance rating % of annual TGP awarded Value of share- based long term incentive award (000’s) Number of share units awarded Neal Froneman 90.2% 200.0% 180.4% R24,700 348,463 Charl Keyter 80.9% 200.0% 161.8% R12,207 172,214 Laurent Charbonnier 66.5% 100.0% 66.5% £283 83,251 Richard Cox 65.0% 100.0% 65.0% R2,940 41,481 Lerato Legong 65.0% 150.0% 97.5% R3,822 53,926 Dawie Mostert 65.0% 200.0% 130.0% R5,970 84,220 Themba Nkosi 65.0% 164.3% 106.8% R4,588 64,724 Wayne Robinson 66.5% 200.0% 133.0% $654 33,973 Richard Stewart 80.9% 200.0% 161.8% R9,305 131,277 Dawie van Aswegen 65.0% 171.4% 111.4% R5,040 71,111 Robert van Niekerk 80.9% 200.0% 161.8% R9,585 135,230 REMUNERATION REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 156 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Vesting outcomes for 2017 conditional (performance) share awards vesting in March 2020 As reported in the 2019 Remuneration Report, over the three-year performance period, Sibanye-Stillwater delivered a total shareholder return of 29.8% per year, which was superior to four of the companies in the peer group. As a result, Sibanye-Stillwater was adjudged to have yielded a higher return than 41.9% of the market capitalisation of the peer group, which yielded a performance condition of 22.8%. The return on capital employed over the 2017, 2018 and 2019 financial years was 11.7%, which exceeded the cost of equity of 8.8% by 2.9% giving a performance condition of 48.6%. As a result, by combining these components using the approved weightings (70%:30%), the overall performance condition resulted in 30.6% of the shares awarded in March 2017 vesting to participants. There were no significant ESG failures during the year resulting in no adjustments to the vesting outcome. Vesting outcomes for 2018 conditional (performance) share awards vesting in March 2021 Over the three-year performance period to March 2021, the TSR result was assessed at 85.89% as illustrated below and carries a 70% weight in the total vesting determination. Sibanye-Stillwater’s TSR of 75.1% per annum exceeded the TSR of seven companies in the peer group and was adjudged to be superior to 77.1% of the market capitalisation in the peer group. The return on capital employed, applicable to 30% of the LTI award, over the 2018, 2019 and 2020 financial years has been determined as 21.86% against a cost of equity of 13.12%. Since the return on capital employed exceeded the cost of equity by 8.74%, the ROCE performance condition applicable to 30% of the shares awarded evaluated at 100%. In applying its discretion in respect of the ESG condition, and considering the company’s ESG performance over the vesting period, it was concluded that there were no material or severe ESG shortcomings that would warrant the imposition of a deduction on the vesting of the conditional shares and as such, by combining the components of the TSR and ROCE, using the approved weightings, there was a resultant 90.12% of the shares awarded in March 2018 vesting to participants. TSR performance condition 0% 0% 0% 20% 40% 60% 80% 100% 50% 100% 20% 40% 60% 80% 100% Peer group TSR (market cap weighted)P erformance condition curve Sibanye position TSR (annualised) Performance condition Award date = 1 March 2018; Vesting date = 1 March 2021 Performance condition = 85.89% IMP AMS NHM GFI HAR ANG ARI EXX EXX = Exxaro Resources Ltd; ARI = African Rainbow Minerals Ltd; ANG = AngloGold Ashanti Ltd; HAR = Harmony Gold Mining Company Ltd; GFI = Gold Fields Ltd; NHM = Northam Platinum Ltd; AMS = Anglo American Platinum Ltd; IMP = Impala Platinum Holdings Ltd Sibanye-Stillwater Integrated Report 2020 157 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Share equity summary Award Award date Award price Vesting date Long Term Incentive awards at 31 December 2019 Number of shares or share units awarded inclusive of performance condition award Long Term Incentive awards forfeited during the year Long Term Incentive awards exercised during the year Unvested Long Term Incentive awards at 31 December 2020 Cash Flow Face value at award date Fair value at award date Fair value at 31 December 2020 Executive Directors Neal Froneman Conditional Share Awards PS - 1 Mar 2017 01 Mar 2017 R0.00 02 Mar 2020 2,092,222 – 1,452,461 639,761 – 21,354,484 35,715,680 31,279,832 – PS - 1 Mar 2018 01 Mar 2018 R0.00 01 Mar 2021 4,440,824 – – – 4,440,824 – 48,749,999 29,292,358 231,899,829 PS - 1 Mar 2019 01 Mar 2019 R0.00 01 Mar 2022 2,926,591 – – – 2,926,591 – 44,971,031 32,690,021 140,739,761 Conditional Share Unit Awards CSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Mar 2023 – 1,530,927 – – 1,530,927 – 53,387,099 27,189,264 57,210,742 Forfeitable Share Awards BS - 1 Mar 2019 01 Mar 2019 R0.00 01 Sep 2020 187,926 – – 187,926 – 10,834,632 2,884,296 2,927,887 – Forfeitable Share Unit Awards FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Dec 2020 – 102,710 – 102,710 – 5,875,151 3,581,744 3,343,211 – FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Sep 2021 – 102,706 – – 102,706 3,581,605 3,343,080 6,162,360 Total 9,647,563 1,736,343 1,452,461 930,397 9,001,048 38,064,267 192,871,453 130,065,652 436,012,692 Charl Keyter Conditional Share Awards PS - 1 Mar 2017 01 Mar 2017 R0.00 02 Mar 2020 1,060,261 – 736,054 324,207 – 10,716,241 18,099,396 15,851,467 – PS - 1 Mar 2018 01 Mar 2018 R0.00 01 Mar 2021 2,261,131 – – – 2,261,131 – 24,821,996 14,914,765 118,076,261 PS - 1 Mar 2019 01 Mar 2019 R0.00 01 Mar 2022 1,276,041 – – – 1,276,041 – 19,584,558 14,253,378 61,364,812 Conditional Share Unit Awards CSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Mar 2023 – 681,415 – – 681,415 – 23,762,576 12,101,930 25,464,479 Forfeitable Share Awards BS - 1 Mar 2019 01 Mar 2019 R0.00 01 Sep 2020 92,013 – – 92,013 – 5,238,981 1,412,106 1,433,563 – Forfeitable Share Unit Awards FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Dec 2020 – 47,734 – 47,734 – 2,666,087 1,664,599 1,553,742 – FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Sep 2021 – 47,733 – – 47,733 – 1,664,564 1,553,709 2,863,980 Total 4,689,446 776,882 736,054 463,954 4,266,320 18,621,309 91,009,795 61,662,554 207,769,531 REMUNERATION REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 158 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Share equity summary continued Award Award date Award price Vesting date Long Term Incentive awards at 31 December 2019 Number of shares or share units awarded inclusive of performance condition award Long Term Incentive awards forfeited during the year Long Term Incentive awards exercised during the year Unvested Long Term Incentive awards at 31 December 2020 Cash Flow Face value at award date Fair value at award date Fair value at 31 December 2020 Prescribed officers Chris Bateman Conditional Share Awards PS - 1 Sep 2017 01 Sep 2017 R0.00 01 Sep 2020 430,477 – 301,334 – 129,143 – 8,536,615 9,767,702 7,748,580 PS - 1 Mar 2018 01 Mar 2018 R0.00 06 Sep 2020 1,810,808 – 928,402 429,704 452,702 22,562,640 19,878,498 11,944,371 23,640,098 PS - 1 Mar 2019 01 Mar 2019 R0.00 06 Sep 2020 1,638,388 – 862,947 529,682 245,759 27,812,120 25,145,815 18,300,794 11,818,550 Conditional Share Unit Awards CSU - 2 Mar 2020 02 Mar 2020 R0.00 06 Sep 2020 698,404 626,088 37,396 34,920 2,029,737 24,355,024 12,403,655 1,304,960 Forfeitable Share Awards BS - 1 Mar 2019 01 Mar 2019 R0.00 01 Sep 2020 96,341 – – 96,341 – 5,105,658 1,478,632 1,500,993 – Forfeitable Share Unit Awards FSU - 2 Mar 2020 02 Mar 2020 R0.00 06 Sep 2020 – 46,200 15,400 30,800 – 1,671,727 1,611,105 1,503,810 – FSU - 2 Mar 2020 02 Mar 2020 R0.00 06 Sep 2020 – 46,200 30,800 15,400 – 835,863 1,611,105 1,503,810 – Total 3,976,014 790,804 2,764,971 1,139,323 862,524 60,017,745 82,616,793 56,925,135 44,512,189 Dawie Mostert Conditional Share Awards PS - 1 Mar 2017 01 Mar 2017 R0.00 02 Mar 2020 604,874 – 419,915 184,959 – 6,113,579 10,325,626 9,043,195 – PS - 1 Mar 2018 01 Mar 2018 R0.00 01 Mar 2021 1,098,264 – – – 1,098,264 – 12,056,403 7,244,318 57,351,346 PS - 1 Mar 2019 01 Mar 2019 R0.00 01 Mar 2022 708,333 – – – 708,333 – 10,871,437 7,912,080 34,063,734 Conditional Share Unit Awards CSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Mar 2023 – 378,255 – – 378,255 – 13,190,660 6,717,809 14,135,389 Forfeitable Share Awards BS - 1 Mar 2019 01 Mar 2019 R0.00 01 Sep 2020 51,077 – – 51,077 – 2,908,192 783,919 795,780 – Forfeitable Share Unit Awards FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Dec 2020 – 26,844 – 26,844 – 1,499,318 936,115 873,772 – FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Sep 2021 – 26,843 – – 26,843 – 936,080 873,740 1,610,580 Total 2,462,548 431,942 419,915 262,880 2,211,695 10,521,089 49,100,239 33,460,693 107,161,049 Sibanye-Stillwater Integrated Report 2020 159 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Share equity summary continued Award Award date Award price Vesting date Long Term Incentive awards at 31 December 2019 Number of shares or share units awarded inclusive of performance condition award Long Term Incentive awards forfeited during the year Long Term Incentive awards exercised during the year Unvested Long Term Incentive awards at 31 December 2020 Cash Flow Face value at award date Fair value at award date Fair value at 31 December 2020 Prescribed officers Hartley Dikgale Conditional Share Awards PS - 1 Mar 2017 01 Mar 2017 R0.00 02 Mar 2020 603,742 – 419,130 184,612 – 6,102,110 10,306,271 9,026,250 – PS - 1 Mar 2018 01 Mar 2018 R0.00 31 Mar 2020 861,041 – 477,818 383,223 – 12,867,287 9,452,243 5,679,559 – PS - 1 Mar 2019 01 Mar 2019 R0.00 31 Mar 2020 647,274 – 413,536 233,738 – 7,848,104 9,934,303 7,230,051 – Conditional Share Unit Awards CSU - 2 Mar 2020 02 Mar 2020 R0.00 31 Mar 2020 – 197,513 194,325 1,542 1,646 34,919 6,887,752 3,507,831 61,511 Forfeitable Share Awards BS - 1 Mar 2019 01 Mar 2019 R0.00 31 Mar 2020 43,907 – 12,196 31,711 – 1,064,744 673,882 684,071 – Forfeitable Share Unit Awards FSU - 2 Mar 2020 02 Mar 2020 R0.00 31 Mar 2020 – 21,364 18,990 2,374 – 53,759 745,014 695,398 – FSU - 2 Mar 2020 02 Mar 2020 R0.00 31 Mar 2020 – 21,364 20,177 1,187 – 26,880 745,014 695,398 – Total 2,155,964 240,241 1,556,172 838,387 1,646 27,997,803 38,744,479 27,518,558 61,511 Laurent Charbonnier Conditional Share Unit Awards CSU - 1 Dec 2020 01 Dec 2020 R0.00 01 Dec 2023 – 68,962 – – 68,962 – 3,577,431 1,999,208 2,257,126 Retention Share Unit Awards RSU - 16 Nov 2020 16 Nov 2020 R0.00 16 Nov 2021 – 39,962 – – 39,962 – 2,045,223 1,920,174 2,184,723 RSU - 16 Nov 2020 16 Nov 2020 R0.00 16 Nov 2022 – 19,981 – – 19,981 – 1,022,612 884,958 1,011,838 RSU - 16 Nov 2020 16 Nov 2020 R0.00 16 Nov 2023 – 9,990 – – 9,990 – 511,280 404,595 463,936 Total – 138,895 – – 138,895 – 7,156,546 5,208,936 5,917,622 Lerato Legong Conditional Share Unit Awards CSU - 1 June 2020 01 Jun 2020 R0.00 01 Jun 2023 – 131,253 – – 131,253 – 4,289,991 2,361,241 4,974,489 CSU - 1 Sep 2020 01 Sep 2020 R0.00 01 Sep 2023 – 17,109 – – 17,109 – 877,471 521,482 624,479 Total – 148,362 – – 148,362 – 5,167,462 2,882,724 5,598,967 REMUNERATION REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 160 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Share equity summary continued Award Award date Award price Vesting date Long Term Incentive awards at 31 December 2019 Number of shares or share units awarded inclusive of performance condition award Long Term Incentive awards forfeited during the year Long Term Incentive awards exercised during the year Unvested Long Term Incentive awards at 31 December 2020 Cash Flow Face value at award date Fair value at award date Fair value at 31 December 2020 Prescribed officers Richard Stewart Conditional Share Awards PS - 1 Mar 2017 01 Mar 2017 R0.00 02 Mar 2020 810,279 – 562,512 247,767 – 8,189,616 13,832,016 12,114,094 – PS - 1 Mar 2018 01 Mar 2018 R0.00 01 Mar 2021 1,260,423 – – – 1,260,423 – 13,836,534 8,313,943 65,819,289 PS - 1 Mar 2019 01 Mar 2019 R0.00 01 Mar 2022 832,221 – – – 832,221 – 12,772,856 9,295,909 40,021,508 Conditional Share Unit Awards CSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Mar 2023 – 380,925 – – 380,925 – 13,283,769 6,765,228 14,235,167 Forfeitable Share Awards BS - 1 Mar 2019 01 Mar 2019 R0.00 01 Sep 2020 54,296 – – 54,296 – 3,091,473 833,329 845,932 – Forfeitable Share Unit Awards FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Dec 2020 – 27,033 – 27,033 – 1,509,874 942,706 879,924 – FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Sep 2021 – 27,032 – – 27,032 – 942,671 879,892 1,621,920 Total 2,957,219 434,990 562,512 329,096 2,500,601 12,790,963 56,443,880 39,094,921 121,697,884 Robert van Niekerk Conditional Share Awards PS - 1 Mar 2017 01 Mar 2017 R0.00 02 Mar 2020 795,750 – 552,425 243,325 – 8,042,791 13,583,997 11,896,886 – PS - 1 Sep 2017 01 Sep 2017 R0.00 01 Sep 2020 116,143 – 81,300 – 34,843 – 2,303,196 2,635,328 2,090,580 PS - 1 Mar 2018 01 Mar 2018 R0.00 01 Mar 2021 1,773,860 – – – 1,773,860 – 19,472,894 11,700,656 92,630,969 PS - 1 Mar 2019 01 Mar 2019 R0.00 01 Mar 2022 1,169,008 – – – 1,169,008 – 17,941,833 13,057,819 56,217,595 Conditional Share Unit Awards CSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Mar 2023 – 611,519 – – 611,519 – 21,325,135 10,860,577 22,852,465 Forfeitable Share Awards BS - 1 Mar 2019 01 Mar 2019 R0.00 01 Sep 2020 69,956 – – 69,956 – 3,983,113 1,073,671 1,089,914 – Forfeitable Share Unit Awards FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Dec 2020 – 43,656 – 43,656 – 2,438,319 1,522,389 1,421,003 – FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Sep 2021 – 43,655 – – 43,655 – 1,522,355 1,420,970 2,619,300 Total 3,924,717 698,830 633,725 356,937 3,632,885 14,464,223 78,745,470 54,083,155 176,410,909 Sibanye-Stillwater Integrated Report 2020 161 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Share equity summary continued Award Award date Award price Vesting date Long Term Incentive awards at 31 December 2019 Number of shares or share units awarded inclusive of performance condition award Long Term Incentive awards forfeited during the year Long Term Incentive awards exercised during the year Unvested Long Term Incentive awards at 31 December 2020 Cash Flow Face value at award date Fair value at award date Fair value at 31 December 2020 Prescribed officers Shadwick Bessit Conditional Share Awards PS - 1 Mar 2017 01 Mar 2017 R0.00 02 Mar 2020 568,821 – 394,887 173,934 – 5,749,162 9,710,167 8,504,172 – PS - 1 Mar 2018 01 Mar 2018 R0.00 01 Mar 2021 737,114 – – – 737,114 – 8,091,805 4,862,114 38,492,093 PS - 3 Dec 2018 03 Dec 2018 R0.00 03 Dec 2021 49,288 – – – 49,288 – 424,945 335,651 2,496,930 PS - 1 Mar 2019 01 Mar 2019 R0.00 01 Mar 2022 533,319 – – – 533,319 – 8,185,336 5,957,173 25,647,311 Conditional Share Unit Awards CSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Mar 2023 – 427,194 – – 427,194 – 14,897,280 7,586,965 15,964,240 Forfeitable Share Awards BS - 1 Mar 2019 01 Mar 2019 R0.00 01 Sep 2020 40,315 – – 40,315 – 2,295,431 618,754 628,108 – Forfeitable Share Unit Awards FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Dec 2020 – 31,085 – 31,085 – 1,736,190 1,084,009 1,011,817 – FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Sep 2021 – 31,084 – – 31,084 – 1,083,974 1,011,784 1,865,040 Total 1,928,857 489,363 394,887 245,334 1,777,999 9,780,783 44,096,270 29,897,784 84,465,614 Themba Nkosi Conditional Share Awards PS - 1 Sep 2016 01 Sep 2016 R0.00 02 Sep 2019 32,682 – 19,971 12,711 – 420,146 3,850,000 1,443,316 – PS - 1 Mar 2017 01 Mar 2017 R0.00 02 Mar 2020 540,941 – 375,532 165,409 – 5,467,379 9,234,225 8,087,352 – PS - 1 Mar 2018 01 Mar 2018 R0.00 01 Mar 2021 883,240 – – – 883,240 – 9,695,934 5,825,985 46,122,793 PS - 1 Mar 2019 01 Mar 2019 R0.00 01 Mar 2022 662,698 – – – 662,698 – 10,171,037 7,402,337 31,869,147 Conditional Share Unit Awards CSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Mar 2023 – 303,330 – – 303,330 – 10,577,845 5,387,141 11,335,442 Forfeitable Share Awards BS - 1 Mar 2019 01 Mar 2019 R0.00 01 Sep 2020 43,635 – – 43,635 – 2,484,463 669,709 679,833 – Forfeitable Share Unit Awards FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Dec 2020 – 23,170 – 23,170 – 1,294,114 807,994 754,184 – FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Sep 2021 – 23,169 – – 23,169 – 807,959 754,151 1,390,140 Total 2,163,196 349,669 395,503 244,925 1,872,437 9,666,102 45,814,703 30,334,298 90,717,522 REMUNERATION REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 162 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Share equity summary continued Award Award date Award price Vesting date Long Term Incentive awards at 31 December 2019 Number of shares or share units awarded inclusive of performance condition award Long Term Incentive awards forfeited during the year Long Term Incentive awards exercised during the year Unvested Long Term Incentive awards at 31 December 2020 Cash Flow Face value at award date Fair value at award date Fair value at 31 December 2020 Prescribed officers Wayne Robinson Conditional Share Awards PS - 1 Mar 2017 01 Mar 2017 R0.00 02 Mar 2020 678,762 – 471,210 207,552 – 6,860,361 11,586,960 10,147,864 – PS - 1 Mar 2018 01 Mar 2018 R0.00 01 Mar 2021 1,055,500 – – – 1,055,500 – 11,586,956 6,962,241 55,118,210 PS - 1 Mar 2019 01 Mar 2019 R0.00 01 Mar 2022 792,701 – – – 792,701 – 12,166,308 8,854,470 38,120,991 Conditional Share Unit Awards CSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Mar 2023 – 362,835 – – 362,835 – 12,652,927 6,443,950 13,559,144 Forfeitable Share Awards BS - 1 Mar 2019 01 Mar 2019 R0.00 01 Sep 2020 52,984 – – 52,984 – 3,016,771 813,199 825,491 – Forfeitable Share Unit Awards FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Dec 2020 – 28,103 – 28,103 – 1,569,637 980,019 914,753 – FSU - 2 Mar 2020 02 Mar 2020 R0.00 02 Sep 2021 – 28,102 – – 28,102 – 979,984 914,720 1,686,120 Total 2,579,947 419,040 471,210 288,639 2,239,138 11,446,769 50,766,353 35,063,489 108,484,465 Sibanye-Stillwater Integrated Report 2020 163 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

NON-EXECUTIVE DIRECTOR FEES Fees and reimbursements paid in respect of directors’ 2020 Board and committee duties are presented in the table below reflecting the total amount paid to each non-executive director (exclusive of 15% VAT where applicable), as approved by shareholders. Non-executive director Directors’ fees Committee fees Expenses reimbursed Total Tim Cumming 1,042,346 742,833 123,736 1,908,915 Savannah Danson 1,042,346 637,501 0 1,679,847 Rick Menell 2,032,869 0 81,125 2,113,993 Nkosemntu Nika 1,042 346 637,501 27,604 1,707,452 Keith Rayner 1,042,346 821,560 0 1,863,906 Sue van der Merwe 1,042,346 637,501 35,777 1,715,624 Jerry Vilakazi 1,042,346 370,871 0 1,422,217 Vincent Maphai 2,669,455 0 87,388 2,756,843 Harry Kenyon-Slaney 1,042,346 717,032 140,361 1,899,738 Elaine Jay Dorward-King 787,701 556,082 0 1,343,783 Wang Bing 254,645 71,930 0 326,575 Lu Jiongjie 254,645 71,930 0 326,575 Total 13,295,735 5,273,743 495,990 19,065,468 As has been indicated in Part 2 above, the Remuneration Committee believes that non-executive director fees remain suitably aligned following the benchmarking exercise done in 2019 and is therefore only recommending an across-the-board increase of 3.5% for the coming year (effective 1 June 2021), which is in line with the CPI rate in South Africa and lower than SA-based salary inflation. It is also less than the standard increase generally applied in the salary review in the Company in March 2021. The table on the next page shows the current and future proposed fee levels that will be put to the shareholders for consideration and approval at the AGM. These amounts are exclusive of 15% VAT which will be added where applicable according to the circumstances of the directors involved. Note that, given the ad hoc nature anticipated for the convening of meetings of the newly constituted Investment Committee as well as the recommended ‘per meeting’ fees (see next section) then, should the Lead Independent Director and/or the Chairman be members of the Investment Committee, it is proposed that they should earn the appropriate ad hoc Investment Committee fees on top of their ‘all-inclusive fees’ shown in this table. REMUNERATION REPORT CONTINUED Sibanye-Stillwater Integrated Report 2020 164 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Per year 2020 2021 % year-on-year increase 2021 fees converted at R/US$15.00 Chair of the Board, who is not eligible to receive fees in respect of committee chairmanship or membership except in the event of being a member of the Investment Committee which meets on an ad hoc basis and is remunerated on that basis R3,200,000 R3,312,000 3.5% US$220,800 Lead independent director, who is not eligible to receive fees in respect of committee chairmanship or membership except in the event of being a member of the Investment Committee which meets on an ad hoc basis and is remunerated on that basis R2,150,000 R2,225,300 3.5% US$148,353 Chair of the Audit Committee R383,387 R396,800 3.5% US$26,453 Chair of the Remuneration Committee R270,547 R280,000 3.5% US$18,667 Chairs of the Nominating and Governance Committee, Risk Committee, Social, Ethics and Sustainability Committee, and Safety and Health Committee R236,444 R244,700 3.5% US$16,313 Members of the Board R1,059,322 R1,096,400 3.5% US$73,093 Members of the Audit Committee R199,042 R206,000 3.5% US$13,733 Members of the Nominating and Governance Committee, Risk Committee, Remuneration Committee, Social, Ethics and Sustainability Committee and Safety and Health Committee R149,614 R155,000 3.6% US$10,333 FEES FOR INVESTMENT COMMITTEE MEMBERS As mentioned in Part 2, following the establishment of the Investment Committee, a thorough benchmarking exercise was done with the assistance of PwC’s remuneration experts. Accordingly, it is proposed that shareholders consider and approve a new fee scale for the Investment Committee as follows: Due to the ad hoc nature and uncertain frequency of committee meetings, it is proposed that Members of the newly constituted Investment Committee shall be remunerated on a per-meeting basis at a rate of R40,000 per meeting and, for the Chairman, or Deputy Chairman in instances where they are chairing meetings in lieu of the Chairman, at a rate of R75,000 per meeting with effect from 1 June 2021. Again, these fees are quoted exclusive of VAT, which shall be added where applicable. Furthermore, it is proposed that these fees may be charged retroactively by the relevant non-executive directors who attended Investment Committee meetings held between the date of inception of the Committee on 15 January 2021 and 31 May 2021. APPROVAL FOR A PER DIEM ALLOWANCE FOR NON-SA RESIDENT NON-EXECUTIVE DIRECTORS Following the benchmarking exercise done last year, the Remuneration report set out a recommendation that a per diem allowance of R20,000 (US$1,333 at R15/US$) be paid to non-SA resident non-executive directors in respect of each day for which they are required to be away from their home country to attend a committee meeting, a board meeting or visits to the company’s operations in support of their director responsibilities, with an additional day to be allowed for travel time. However, due to an oversight, this proposal was not actually captured in a special resolution for the AGM and therefore was not put formally in front of shareholders for approval. This will now be corrected and a special resolution will be included for shareholders’ determination at the AGM in May 2021. In any event, no per diem allowances have been charged or paid in this respect to date or would have fallen due as all meetings were held virtually due to COVID-19 restrictions. Sibanye-Stillwater Integrated Report 2020 165 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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SECTION 04 PERFORMANCE Capital trade-offs – strategic management for optimum value creation 167 Delivering value from our operations and projects 170 Empowering our workforce 182 Continuous safe production 204 Health, well-being and occupational hygiene 216 Social upliftment and community development 228 Minimising our environmental impact 244 Harnessing continuous innovation 276 Four-year statistical review 284 Rowland shaft at the SA PGM Marikana operation Sibanye-Stillwater Integrated Report 2020 166 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Sibanye-Stillwater’s purpose to improve lives through our mining and fulfill our vision to create superior value for all stakeholders is dependent on effectively delivering on our strategy. However, how we deliver on this strategy inevitably requires trade-offs in how value is created, preserved and eroded. The following are some of the major events and trade-offs through which our capitals were either enhanced or depleted. Strategic focus area Capitals increased/enhanced Primary SDGs impacted Capitals depleted Embedding ESG excellence as the way we do business Social and relationship capital • Became a member of the ICMM in February 2020 demonstrating a commitment to responsible mining practices • Adopted an approach to the COVID-19 pandemic that prioritised the safety, health and well-being of employees, contractors and communities • Continued constructive engagement with all stakeholders, invested in communities, paid taxes and royalties, and ensured regulatory compliance • A three-year wage deal for the Kroondal operations was signed with AMCU and NUM Natural capital • Advanced our contribution to the fight against climate change with the development of a climate change position paper and response programme • Driving water independence which will result in more water availability for our doorstep communities Manufactured capital • Applying innovation through the development of digital twins for particularly energy-intensive sections as part of the energy and decarbonisation strategy NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS Financial capital Costs incurred in the implementation of our ESG initiatives Natural capital While we mitigate and manage the environmental impact of our activities Focusing on safe production and operational excellence Human capital • Roll-out of bowtie risk assessment methodology and critical control management to realistically manage and control all safety-related risks • Rock mass management study was undertaken to reduce exposure risk to fall-of-ground incidents • The G.E.T. Safe and Zero Harm Strategic Framework continued to prioritise the safety of our employees and contractors Intellectual capital • Introduced a digital first strategy that seeks to use digital technology in a way that applies and adopts digital solutions to realise opportunities and address challenges across the spectrum of the business NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS Financial capital Capital spent on various programmes and initiatives to promote and ensure operational excellence Human capital Notwithstanding all our efforts to prevent harm, regrettably incidents occurred with resulted in fatalities and serious injury CAPITAL TRADE-OFFS – STRATEGIC MANAGEMENT FOR OPTIMUM VALUE CREATION Sibanye-Stillwater Integrated Report 2020 167 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Strategic focus area Capitals increased/enhanced Primary SDGs impacted Capitals depleted Building a values-based culture Human capital • The organisational culture and growth strategy continued in 2020, despite the impact of COVID-19. This is facilitating the development of a far more empowered workforce that is equipped to make values-based decisions, and encourage the right behaviour • A ‘Women-in-Mining’ programme was launched in 2020 the aim of which is to facilitate and promote greater gender diversity and inclusivity across the Group Intellectual capital • An emphasis on Future Ready Leadership and value-based decision making, while incorporating employee wellness and employee learning and development continued across the Group, building capacity of the individual, teams and the Group NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS Financial capital Investment in order to equip all individuals with the requisite training and qualifications to perform their work efficiently, effectively and in a safe manner and for enhancing the capability of all individuals to reach their full working potential requires training investment Optimising capital allocation Financial capital The Group significantly improved its balance sheet by reducing its debt by some R24bn (US$1.7bn). This has long-term benefits for not only the Group but stakeholders as well NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS Prospering in SA’s investment climate Financial capital S&P Global Ratings upgraded Sibanye-Stillwater’s issuer credit rating to ‘BB-’ from ‘B+’ with a Stable outlook. This was a significant achievement for the Group and its stakeholders reflecting an improvement its operating and financial position. The upgrade will improve the Group’s ability to raise money less expensively in capital markets and facilitate more favourable repayment terms Social and relationship capital Strengthening institutional capacity and unlocking and mobilising partnerships and resources to resolve collective challenges NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS Social and relationship capital Challenges arises as a result of the local socio-economic context and the escalating criminal activity remains an ongoing threat and contribute to an increasing cost burden Natural capital Given the continued risk Eskom poses to our SA operations, in the form of unreliable electricity supply, above-inflation tariff increases and carbon- intensive electricity, a priority initiative was the formulation of a South Africa-focused Energy and Decarbonisation strategy CAPITAL TRADE-OFFS – STRATEGIC MANAGEMENT FOR OPTIMUM VALUE CREATION CONTINUED Sibanye-Stillwater Integrated Report 2020 168 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Strategic focus area Capitals increased/enhanced Primary SDGs impacted Capitals depleted Pursuing value-accretive growth Manufactured capital • Increased the Group’s shareholding in DRDGOLD Limited to 50.1%. This transaction not only gives Sibanye-Stillwater majority control of the subsidiary, it cements and extends its longevity in the South African gold mining industry and secures access to proven knowledge and skills in the retreatment of surface tailings • In February 2021, Sibanye-Stillwater announced the acquisition of a 30% stake in Keliber Oy, which owns the Keliber lithium project in Finland currently in development stage. This acquisition not only gives the Group a stake in a new mining project it also facilitates its entry into the battery metals space Natural capital • DRDGOLD’s proven capabilities particularly in terms of reversing the environmental legacy of mining through the retreatment of tailings storage facilities • This investment into Keliber represents the first strategic step by Sibanye-Stillwater’s into the “battery metals” sector, which is complementary to its leading PGM position, with both battery metals and PGMs essential to achieving a “greener” future NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS Financial capital • Just over R1 billion was paid for the additional 12.05% in DRDGOLD • The Keliber Oy acquisition cost €30 million for the initial 30% holding Sibanye-Stillwater Integrated Report 2020 169 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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WHAT WE DID IN 2020 OVERVIEW OF THE OPERATIONAL PERFORMANCE FOR THE YEAR US PGM OPERATIONS The US PGM operations reported mined 2E PGM production of 603,067 2Eoz. This was 2% higher than that reported in 2019, although 3% below the lower end of the revised production guidance for 2020 on account of the fact that the state of Montana was significantly impacted by the second wave of COVID-19 infections during the fourth quarter of the year. All-in sustaining costs (AISC) for 2020 increased by 11% to US$874/2Eoz due to significantly higher sustaining capital, which increased by 32% year- on-year to US$124 million. Higher royalties, taxes and insurance – which increased by approximately US$24 million (US$38/2Eoz of the AISC increase) owing to a 36% higher 2E PGM average basket price at US$1,906/2Eoz - also contributed to higher AISC for the year as did unbudgeted COVID-19 costs of approximately US$6 million or US$10/2Eoz. Despite COVID-19 challenges, total development increased by 3% year-on-year to 27,038m, with development rates improving towards year-end. The Fill the Mill (FTM) project at the East Boulder mine was brought in on time achieving a sustainable annual run rate of 40,000oz per annum in December 2020. 3E PGM recycling for 2020 decreased by 2% to 840,170 3Eoz primarily due to lower deliveries in the second quarter of the year as a result of the disrupted supply chains. Recycling receipts increased significantly in the fourth quarter as supply chains normalised. The recycling operations fed an average of 26.4 tonnes per day of spent catalysts in 2020, 2% lower than 2019, although the rate picked up from 25.4 tonnes per day in H1 2020 to 27.5 tonnes per day in H2 2020, consistent with rates in the second half of 2019. Increased recycling receipts resulted in recycling inventory building to approximately 600 tonnes in Q3 2020 before being drawn down to approximately 400 tonnes by year- end. Recycling inventory is expected to normalise to below 200 tonnes during the first half of 2021, with a resultant release of working capital. The average 2E PGM basket price of US$1,906/2Eoz for 2020 was 36% higher than in 2019, resulting in adjusted EBITDA from US PGM operations of US$795 million, 58% higher than the previous year. The recycling operation contributed approximately US$53 million to this total. Capital expenditure for 2020 was 15% higher than that reported in 2019 at US$269 million with sustaining capital 32% higher at US$124 million and growth capital 3% higher at US$145 million. This was mainly incurred at Stillwater East and in completing the FTM project. Safety, health and well-being Costs Quality Volume Economic value CARES Clean water/ air/ land Total returns Socio- economic stability Upliftment about our... ENVIRONMENT SHAREHOLDERS Safety, health and wellness Costs Quality Volume GOVERNMENT Fair market access COMPANY Assured product Membership COMMUNITIES CUSTOMERS SUPPLIERS ORGANISED LABOUR Better lives EMPLOYEES OPERATING PILLARS AFFECTED STAKEHOLDERS Total returns OUTCOMES DESIRED Assured product Economic value ORGANISED LABOUR CUSTOMERS SHAREHOLDERS EMPLOYEES SUPPLIERS GOVERNMENTS DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS SUCCESSES CHALLENGES Great operational delivery despite COVID-19, further supported by strong metal prices Additional COVID-19 protocols and related adjustment at all segments Stillwater East (Blitz) delay exacerbated by losing summer construction with contractors demobilised during initial COVID-19 period US PGM’s Fill the Mill project brought on line as planned Completed review and approved SA PGM’s K4 and Klipfontein projects, and the Burnstone gold project Sibanye-Stillwater Integrated Report 2020 170 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Stillwater East (Blitz project) update As previously updated, the operating review on the Stillwater East (Blitz) project has indicated a delay of up to two years, with production from the project expected to reach a steady state run rate of approximately 300,000 2Eoz per year in 2024. Stillwater East has experienced various operational challenges and disruptions over the last 18 months, including: • Ground conditions necessitated modifications to mining methods and ground support to ensure safe extraction • Ventilation constraints temporarily resulted in concentrated mining fronts leading to sporadic elevated diesel particulate matter (DPM) levels that required ventilation modifications to remedy • Higher than expected water ingress required extensive grouting campaigns which negatively impacted primary and secondary development efficiencies • COVID-19 negatively affected productivity and caused equipment and material delays as a result of associated supply chain challenges. As a consequence, capital projects not on the project critical path, were delayed in the interest of contractor deployment efficiency. Key project build components were also negatively impacted by some suppliers of key project components declaring a force majeure Following a review, replanning and subsequent project optimisation undertaken during the second half of the year, we are confident that a run rate of 300,000 2Eoz per year will be achieved in 2024. The delay in the production build- up does, however, impact on forecast capital and operating costs. Approximately US$375 million in project capital will be required to reach a steady state of production in the next three years of which AISC for the total US PGM operations is forecast to reduce to an average of US$750/2Eoz (in 2021 monetary terms) once steady state production at Stillwater East is achieved. This will include around US$210/oz of US PGM operations: production and recycling (ounces) annual stay in business capital. US PGM operations: production and recycling (ounces) Mined 2E production 2020 2019 Stillwater 373,625 376,395 East Boulder 229,442 217,579 Total mined 603,067 593,974 Recycling 3E1 at Columbus Metallurgical Complex PGM fed 840,170 853,130 PGM sold 673,893 750,087 PGM tolled returned 100,090 126,758 1 2E PGM production represent platinum and palladium, while 3E represent platinum, palladium and rhodium SA PGM OPERATIONS The operational performance of the SA PGM operations was commendable considering the sizeable challenges and operating adjustments required during the year. The operations recorded 4E PGM production of 1,576,507 4Eoz for 2020 (including attributable ounces from Mimosa), which was 9% above the upper limit of revised annual guidance of 1.35 – 1.45 million 4Eoz. This performance owed to production building back to pre-COVID-19 levels by November 2020, well ahead of expectations with PGM production for H2 2020 40% higher than for H1 2020. Production for 2020 was 2% lower than 2019 but, due to the acquisition of Lonmin (the Marikana operation) in June 2019, it is not directly comparable. The integration of the Marikana operation progressed smoothly notwithstanding the COVID-19 interruptions, delivering corporate and operational synergies of approximately R1.83 billion a year by year-end. This was well above initial transaction estimates of approximately R730 million a year. Considering the impact of COVID-19 on production and additional COVID-19- related expenses, costs for 2020 were well contained with AISC of R18,280/4Eoz (US$1,111/4Eoz) below the revised market guidance of R18,500-R20,500/4Eoz. As a result of the transition of the Rustenburg operation from a purchase of concentrate processing arrangement with Anglo American Platinum to toll processing (explained in detail in the 2019 Integrated Stillwater valley at our US PGM operations Sibanye-Stillwater Integrated Report 2020 171 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Report), as well as the inclusion of the Marikana operations from June 2019, which significantly impacted AISC on a production weighted basis, full-year AISC comparison between 2020 and 2019 is not appropriate. Comparing AISC for H2 2020 with H2 2019 is more representative. AISC of R17,586/4Eoz (US$1,082/4Eoz) in H2 2020 was 11% higher than that of H2 2019, primarily owing to lower production year-on-year (6% lower due to the build-up after the COVID-19 lockdown) and higher royalties, which added R975 million or R1,061/4Eoz (US$65/4Eoz) to AISC. Capital expenditure of R2,197 million (US$133 million) for 2020 was lower than the guidance of R3,100 million (US$214 million) at the beginning of the year due to the impact of the COVID-19 lockdown and restrictions on the operations. The capital underspend in 2020 will be caught up during 2021, which includes delayed equipment deliveries such as trackless mobile machinery rebuilds for mechanised operations, fire retardant belting and the rehabilitation of tailing storage facilities at Marikana operations. Underpinned by the consistently strong operational performance and significantly higher PGM prices, with the average 4E PGM basket price of R36,651/4Eoz (US$2,227/4Eoz) for 2020 – 83% higher than in 2019 – the profitability of the SA PGM operations was significantly higher. Adjusted EBITDA for 2020 of R29,075 million (US$1,767 million) was 231% higher than adjusted EBITDA of R8,796 million (US$608 million) in 2019, with the average adjusted EBITDA margin increasing from 32% in 2019 to 53% in 2020. SA GOLD OPERATIONS Gold production for 2020 from the SA gold operations (including DRDGOLD) increased by 5% to 30,561kg (982,559oz) with production from the managed SA gold operations (excluding DRDGOLD) recorded at 25,190kg (809,877oz). This was 3% above the upper end of revised guidance for the year and only 13% below the lower end of the initial pre- COVID-19 guidance for 2020. This was primarily due to the operations achieving normalised production levels from the COVID-19 lockdown sooner than expected. Total tonnes milled for 2020 declined by 1% compared to 2019, with the yield increasing by 6% to 0.74g/t driven by an 8% increase in underground yield to 5.22g/t. This was a function of the preferential deployment of returning employees to higher grade areas in order to maximise revenue post lockdown. With underground operations back to full production in November 2020, we expect to see underground yields moderating to long-term averages. AISC for the SA gold operations (including DRDGOLD) was well contained for 2020 despite the initial disruptive impact of COVID-19, increasing by 4% to 743,967/ kg (US$1,406/oz) compared to 2019 (9% lower in USD terms, from US$1,544/oz to US$1,406/oz). This was despite ore reserve development (ORD) expenditure and sustaining capital increasing by 34% and 88% respectively for 2020 compared to 2019, which was affected by the strike in the first half of the previous year. Capital spend on ORD and sustaining capital is likely to remain elevated until 2023 due to catch up from the 2019 and 2020 disruptions in order to maintain mining. In addition to the above costs which impacted AISC, royalties for the SA operations (excluding DRDGOLD) and community costs increased by 93% to R142 million and 138% to R135 million respectively. This solid operational performance together with a 43% higher average gold price received of R924,764/kg (US$1,747/ oz) in 2020, resulted in the adjusted EBITDA margin for the SA gold operations increasing to 28% in 2020 compared to a negative 5% adjusted EBITDA margin for 2019 and a significantly higher positive adjusted EBITDA of R7,770 million (US$472 million) compared with an adjusted EBITDA loss of R969 million (US$67 million) for 2019. Approximately 78% of adjusted EBITDA in 2020 was generated in the second half of the year, which was a more representative period, suggesting a significant upside in 2021. DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS CONTINUED SA gold’s Beatrix operation Sibanye-Stillwater Integrated Report 2020 172 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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SA and US PGM operations (2020) Total PGM operations SA PGM operations US PGM operations Total Marikana Kroondal Mimosa Platinum Mile Rustenburg Stillwater Production (attributable)1 Ore milled 000t 33,903 32,416 9,056 2,997 1,414 8,489 10,460 1,487 Underground 000t 16,911 15,424 5,609 2,997 1,414 – 5,404 1,487 Surface 000t 16,992 16,992 3,447 – – 8,489 5,056 – Plant head grade g/t 2.56 2.04 2.62 2.46 3.60 0.77 2.24 13.84 Underground g/t 4.26 3.34 3.70 2.46 3.60 – 3.38 13.84 Surface g/t 0.86 0.86 0.86 – – 0.77 1.02 – Plant recoveries % 78.17 74.14 79.56 83.05 75.02 18.48 74.57 90.38 Underground % 86.01 83.96 84.94 83.05 75.02 – 85.83 90.38 Surface % 39.63 39.63 42.05 – – 18.48 34.70 – Yield g/t 2.00 1.51 2.08 2.04 2.70 0.14 1.67 12.51 Underground g/t 3.67 2.80 3.14 2.04 2.70 – 2.90 12.51 Surface g/t 0.34 0.34 0.36 – – 0.14 0.35 – PGM production (4E/2E) 000oz 2,180 1,577 656 197 123 39 562 603 Underground 000oz 1,993 1,390 566 197 123 – 504 603 Surface 000oz 187 187 90 – – 39 58 – PGM sales (4E/2E) 000oz 2,171 1,576 677 197 116 39 548 594 Price and costs2 Average PGM basket price received3 R/oz 35,125 36,651 35,763 40,435 30,871 28,574 36,962 31,373 US$/oz 2,134 2,227 2,173 2,457 1,876 1,736 2,246 1,906 Adjusted EBITDA margin4 % 42 53 48 64 57 32 53 61 All-in sustaining cost5 R/oz 17,138 18,280 19,836 13,512 14,380 11,161 18,624 14,385 US$/oz 1,041 1,111 1,205 821 874 678 1,131 874 All-in cost5 R/oz 18,323 18,317 19,886 13,512 14,380 11,668 18,624 18,339 US$/oz 1,113 1,113 1,208 821 874 709 1,131 1,114 Capital expenditure2 Ore reserve development Rm 2,364 1,125 708 – – – 417 1,239 Sustaining capital Rm 1,847 1,052 515 188 414 23 326 795 Growth projects Rm 2,405 15 – – – 20 – 2,385 Total Rm 6,615 2,197 1,223 188 414 43 743 4,419 US$m 402 133 74 11 25 3 45 269 Average exchange rate in 2020 was R16.46/US$ Figures may not tally as they are rounded independently The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation treats various recycling material which is excluded from the statistics shown above 1 Kroondal and Mimosa represent 50% attributable production while Platinum Mile is 91.7% owned and 100% incorporated 2 The Group and total SA PGM operations’ unit cost benchmarks and capital expenditure excludes the financial results of Mimosa, which is equity accounted, and excluded from revenue and cost of sales 3 The average PGM basket price is the PGM revenue per 4E/2E ounce prior to a purchase-of-concentrate adjustment 4 Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue 5 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) is calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period Sibanye-Stillwater Integrated Report 2020 173 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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SA and US PGM operations (2019) Total PGM operations SA PGM operations US PGM operations Total Marikana Kroondal Mimosa Platinum Mile Rustenburg Stillwater Production (attributable)1 Ore milled 000t 33,035 31,624 6,793 4,060 1,357 8,035 11,379 1,411 Underground 000t 18,540 17,129 4,717 4,060 1,357 0 6,995 1,411 Surface 000t 14,495 14,495 2,076 0 0 8,035 4,384 0 Plant head grade g/t 2.70 2.18 2.78 2.46 3.58 0.73 2.59 14.29 Underground g/t 4.12 3.28 3.61 2.46 3.58 0 3.48 14.29 Surface g/t 0.89 0.89 0.91 0 0 0.73 1.16 0 Plant recoveries % 76.78 72.44 80.06 82.53 75.26 10.89 73.74 91.61 Underground % 85.22 82.93 85.43 82.53 75.26 0 82.82 91.61 Surface % 26.52 26.52 31.65 0 0 10.89 30.27 0 Yield g/t 2.07 1.58 2.23 2.03 2.69 0.08 1.91 13.09 Underground g/t 3.51 2.72 3.08 2.03 2.69 0 2.88 13.09 Surface g/t 0.23 0.23 0.29 0 0 0.08 0.35 0 PGM production (4E/2E) 000oz 2,202 1,608 508 265 118 21 698 594 Underground 000oz 2,093 1,499 468 265 118 0 648 594 Surface 000oz 109 109 39 0 0 21 49 0 PGM sales (4E/2E) 000oz 1,884 1,305 472 265 118 21 431 578 Price and costs2 Average PGM basket price received3 R/oz 20,090 19,994 20,601 20,253 18,640 17,583 19,305 20,287 US$/oz 1,389 1,383 1,425 1,401 1,289 1,216 1,335 1,403 Adjusted EBITDA margin4 % 30 32 22 43 43 21 37 55 All-in sustaining cost5 R/oz 13,854 14,857 17,735 10,771 12,058 11,006 14,429 11,337 US$/oz 958 1,027 1,226 745 834 761 998 784 All-in cost5 R/oz 14,843 14,875 17,756 10,771 12,058 11,658 14,432 14,763 US$/oz 1,026 1,029 1,228 745 834 806 998 1,021 Capital expenditure2 Ore reserve development Rm 2,065 1,029 529 0 0 0 501 1,036 Sustaining capital Rm 1,525 1,203 660 213 343 13 316 322 Growth projects Rm 2,050 15 0 0 0 13 2 2,035 Total Rm 5,641 2,248 1,189 213 343 27 819 3,393 US$m 390 155 82 15 24 2 57 235 Average exchange rate in 2019 was R14.46/US$ Figures may not tally as they are rounded independently The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into South African rand. In addition to the US PGM operations’ underground production, recycled material is treated, which is excluded from the statistics 1 Kroondal and Mimosa represent 50% attributable production while Platinum Mile is 91.7% owned and 100% incorporated 2 The Group and total SA PGM operations’ unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted, and excluded from revenue and cost of sales 3 The average PGM basket price is the PGM revenue per 4E/2E ounce prior to a purchase-of-concentrate adjustment 4 Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue 5 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) is calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS CONTINUED Sibanye-Stillwater Integrated Report 2020 174 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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SA gold operations (2020) Unit Total Driefontein Kloof Beatrix Cooke DRDGOLD Production Ore milled 000t 41,226 1,224 6,895 1,908 4,569 26,630 Underground 000t 4,202 1,224 1,569 1,409 – – Surface 000t 37,024 – 5,326 499 4,569 26,630 Yield g/t 0.74 6.36 1.59 2.77 0.26 0.20 Underground g/t 5.22 6.36 5.77 3.62 – – Surface g/t 0.23 – 0.36 0.35 0.26 0.20 Gold production kg 30,561 7,790 10,948 5,280 1,172 5,371 000oz 983 250 352 170 38 173 Underground kg 21,953 7,790 9,057 5,106 – – 000oz 706 250 291 164 – – Surface kg 8,608 – 1,891 174 1,172 5,371 000oz 277 – 61 6 38 173 Gold sales kg 30,136 7,554 10,752 5,286 1,125 5,419 000oz 969 243 346 170 36 174 Price and costs Gold price received R/kg 924,764 899,325 910,984 882,312 924,089 932,091 US$/oz 1,747 1,699 1,721 1,667 1,746 1,761 Adjusted EBITDA margin1 % 28 27 29 18 (26) 41 All-in sustaining cost2 R/kg 743,967 788,708 764,007 816,591 661,422 604,650 US$/oz 1,406 1,490 1,444 1,543 1,250 1,143 All-in cost2 R/kg 756,351 788,708 778,460 816,629 661,422 613,176 US$/oz 1,429 1,490 1,471 1,543 1,250 1,159 Capital expenditure Ore reserve development Rm 1,786 742 722 322 – – Sustaining capital Rm 967 187 392 93 – 295 Growth projects3 Rm 244 – 155 – – 46 Total Rm 2,997 929 1,270 415 – 341 US$m 182 56 77 25 – 21 Average exchange rate in 2020 was R16.46/US$ Figures may not tally as they are rounded independently 1 Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue 2 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) is calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period 3 Growth project expenditure for 2020 includes corporate project expenditure to the value of R42 million (US$3 million) – the majority of which was related to various IT projects and the Burnstone project Sibanye-Stillwater Integrated Report 2020 175 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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SA gold operations (2019) Unit Total Driefontein Kloof Beatrix Cooke DRDGOLD Production Ore milled 000t 41,498 906 7,357 2,489 4,328 26,418 Underground 000t 4,084 898 1,489 1,622 75 0 Surface 000t 37,414 8 5,868 867 4,253 26,418 Yield g/t 0.70 5.69 1.48 2.46 0.30 0.21 Underground g/t 4.85 5.74 5.96 3.54 0.43 0 Surface g/t 0.25 0.38 0.34 0.43 0.30 0.21 Gold production kg 29,009 5,155 10,863 6,118 1,291 5,582 000oz 933 166 349 197 42 179 Underground kg 19,801 5,152 8,872 5,745 32 0 000oz 637 166 285 185 1 0 Surface kg 9,208 3 1,991 373 1,259 5,582 000oz 296 0 64 12 40 179 Gold sales kg 28,743 5,096 10,829 5,978 1,288 5,552 000oz 924 164 348 192 41 179 Price and costs Gold price received R/kg 648,662 648,175 628,728 635,430 643,168 652,197 US$/oz 1,395 1,394 1,352 1,367 1,383 1,403 Adjusted EBITDA margin1 % (5) (40) (3) (1) (43) 24 All-in sustaining cost2 R/kg 717,966 1,016,228 722,698 685,346 520,497 514,932 US$/oz 1,544 2,186 1,555 1,474 1,120 1,108 All-in cost2 R/kg 735,842 1,016,228 732,755 685,698 520,497 521,956 US$/oz 1,583 2,186 1,576 1,475 1,120 1,123 Capital expenditure Ore reserve development Rm 1,337 513 590 233 0 0 Sustaining capital Rm 514 163 238 71 0 43 Growth projects3 Rm 215 0 109 2 0 39 Total Rm 2,066 676 937 306 0 82 US$m 143 47 65 21 0 6 Average exchange rate in 2019 was R14.46/US$ Figures may not tally as they are rounded independently 1 Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue 2 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period 3 Growth project expenditure for 2019 included corporate project expenditure to the value of R65 million (US$5 million) – the majority of which was related to the Burnstone project DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS CONTINUED Sibanye-Stillwater Integrated Report 2020 176 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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FUTURE FOCUS – OPERATIONAL OUTLOOK In addition to the 2021 production guidance, the Group shared a four-year guidance to enable the market to understand the outlook of the segments based on current operations at 18 February 2021. 2021 Production guidance 3 2021 Production All-in sustaining costs Total capital US PGM operations (2E mined) 670 – 680 koz US$840 – 860/oz 4 US$300 – 320m (incl US$175– 185m project capex) US Recycling (3E) 790 – 810 koz n/a n/a SA PGM operations 2 (4E PGMs) 1.75 –1.85 moz² R18,500 – 19,500/4Eoz (US$1,230 – 1,295/4Eoz)¹ R3,800m (US$253m)¹ SA gold operations (excluding DRDGOLD) 27,500 – 29,500kg (884koz – 948koz) R760,000 – R815,000/kg (US$1,576 – 1,690/oz) R4,025m (incl R425m project capex) (US$268m incl. US$28m)1 1 Estimates are converted at an exchange rate of R15.00/US$ 2 SA PGM operations’ production guidance includes 50% of the attributable Mimosa production, although AISC and capital excludes Mimosa due to it being equity accounted; SA PGM excludes production and costs from the K4 and Klipfontein projects 3 Guidance does not take into account the impact of unplanned events (including unplanned COVID-19 related disruptions) 4 US PGM AISC was impacted by tax and royalties paid based on PGM prices, current guidance was based on spot 2E PGM prices of US$1,680/oz FOUR-YEAR PRODUCTION GUIDANCE US PGM OPERATIONS All operations include Stillwater East • Underground production building up to ~850koz 2E by 2024 and recycling of ~850koz 3E • AISC to stabilise at ~ US$750/oz (in 2021 terms) 1 Cost and capital are in 2021 terms. Royalties and taxes included in AISC have been assumed based on a US$1,680/oz 2E price for year 2021 and US$1,440/oz for 2022 to 2024. Royalties and taxes increase by approximately US$5/oz for every US$100 increase in the PGM basket (2E) US PGM s - C 1 2020 Capital – ORD and sustaining (US$m) 2021 (FC) 2022 (FC) 2023 (FC) 2024 (FC) US$m 0 50 100 150 200 250 300 350 Capital – project (US$m) US PGM s - P AISC 1 2020 2021 (FC) 2022 (FC) 2023 (FC) 2024 (FC) 2E/3E koz PGM Produc tion US$/oz AISC 0 500 1,000 1,500 2,000 0 200 400 600 800 1,000 Recycling (3Ekoz) Mine production (2Ekoz) AISC (US$/oz) (RHS) (excluding recycling) Sibanye-Stillwater Integrated Report 2020 177 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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SA PGM OPERATIONS SA GOLD OPERATIONS 1 Cost and capital are in 2021 terms. Royalties and taxes included in AISC have been assumed based on a US$1,680/oz 2E price for year 2021 and US$1,440/oz for 2022 to 2024. Royalties and taxes increase by approximately US$5/oz for every US$100 increase in the PGM basket (2E) 2 All costs are in 2021 terms. Exchange rate of R/US$15.00 was used for relevant conversions for the period between 2021 to 2024. SA PGM profiles exclude production and costs from the K4 and Klipfontein projects 3 All costs are in 2021 terms. Outlook numbers exclude DRDGOLD. Exchange rate of R/US$15.00 was used for relevant conversions from year 2021 – 2024 Stillwater East (previously referred to as the Blitz project) • The Stillwater East (Blitz project) production building-up to steady state run-rate of ~300koz 2E oz in 2024 • Project capital forecast at US$375m over next three years • US PGM operations steady state AISC forecast to reduce to ~US$750/oz 1 from 2024 DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS CONTINUED AISC 1 (2E) Working costs 2021 (FC) 2022 (FC) 2023 (FC) 2024 (FC) US$/oz 0 200 400 600 800 1,000 Royalties and taxes Other SIB US PGM - ss 1 2021 (FC) 2022 (FC) 2023 (FC) 2024 (FC) 2E mine productio n US$/2Eoz 0 300 600 900 0 200 400 600 800 1,000 1,200 AISC (US$/oz) AIC (US$/oz) East Boulder Stillwater West 2E oz Stillwater East 2E oz SA s C (R US) 2021 (FC) 2020 2022 (FC) 2023 (FC) 2024 (FC) Rm US$m 0 1,000 2,000 3,000 4,000 5,000 0 50 100 150 200 250 300 Capital (Rm) excluding Burnstone Capital (RHS) excluding Burnstone SA s P AISC (R) 2021 (FC) 2020 2022 (FC) 2023 (FC) 2024 (FC) Production (kg) R/kg AISC 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 0 300,000 600,000 900,000 Production (kg) excl Burnstone AISC (R/kg) (RHS) excluding Burnstone SA PGM s C (R US) 2 2021 (FC) 2020 2022 (FC) 2023 (FC) 2024 (FC) Rm US$m 0 1,000 2,000 3,000 4,000 0 50 100 150 200 250 300 Capital (Rm) Capital (US$m) (RHS) SA PGM s P AISC (R) 2 2021 (FC) 2020 2022 (FC) 2023 (FC) 2024 (FC) 4E PGM Productio n R/oz AISC 0 0.5 1.0 1.5 2.0 0 5,000 10,000 15,000 20,000 25,000 Reduction (4Emoz) excluding projects AISC (R/oz) (RHS) Sibanye-Stillwater Integrated Report 2020 178 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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MAJOR CAPITAL PROJECTS NEW PROJECTS In February 2021, the Group’s board approved three new major projects with returns demonstrated to exceed our South African investment hurdle rate, which remains elevated due to the adverse investment climate. The K4 SA PGM project, the Klipfontein SA PGM project (50% attributable to the Group) and the SA gold Burnstone project will be initiated during 2021. Summary of the approved projects are as follows: Description Project capex* Steady state production p.a and costs Employment potential IRR NPV* (@15% real discount rate) Payback period K4 project (PGMs) • Mining both Merensky and UG2 reefs (high rhodium content) at 1.3km • R4.4 billion sunk capital invested by Lonmin • ~11.5m 4Eoz produced 50-year life of mine ~R3.9bn (US$260m) over 8 years • ~250koz • ~ R16,051/4Eoz (US$1,070/4Eoz) average operating cost 4,380 jobs 33% or 80% at spot R3bn (US$200m) or R21bn (US$1.4bn) at spot 6 years or 4 years at spot Klipfontein (PGMs)# • Shallow open pit operation – UG2 reef at depth of approx. 45m • 50/50 JV with Anglo American Platinum (under the current PSA) R66m (US$4.4m) project capital* • ~37,000 4Eoz • ~R8,754/4Eoz (US$584/4Eoz) average operating cost 124 jobs 70% or 110% at spot R740m (US$49m) or R2.1bn (US$140m) at spot 4 months or 2 months at spot Burnstone • Mining Kimberly reef to an average depth of 550m (deepest 1.05km) • Existing infrastructure with sunk capital - acquired for R1 with the Wits Gold acquisition in 2015 Project capex* of ~R2.3bn (US$153m) over 14 years • ~138,000oz • ~R415,866/ kg (US$862/ oz) average operating cost 2,500 jobs 24% or 39% at spot ~R1.4bn (US$93m) or ~R3.8bn (US$253m) at spot 7 years or 6 years at spot * Project capital exclude ORD and SIB capex. Note all Rand (ZAR) amounts disclosed have been converted at R/US$15.00 # Numbers disclosed represent 100% of the Klipfontein project, of which 50% is attributable to Sibanye-Stillwater Commodity price and exchange rate assumptions Metal price Unit 2021 Thereafter Spot prices (8 Feb 2021) Platinum US$/oz 900 880 1,117 Palladium US$/oz 1,900 1,600 2,328 Rhodium US$/oz 8,500 5,650 21,800 Gold US$/oz 1,605 1,500 1,806 ZAR/USD R/US$ 15.50 15.00 15.03 Sibanye-Stillwater Integrated Report 2020 179 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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DELIVERING VALUE FROM OUR OPERATIONS AND PROJECTS CONTINUED Notes: Circles illustrate the potential ounces, colour of the circles indicates the current status of the project (based on the Project Status legend in the top left corner); the grouping of the years reflects when the projects are envisioned to be taken to the next level from a project status point of view such as feasibility level or even to the Investment Committee for approval. Some of these projects might be developed at a later time, however, their position in the timeline is determined on the respective amount of work required. More information about the projects in South Africa is available in the 2020 year-end results booklet available at https://www.sibanyestillwater.com/news-investors/reports/quarterly/2020/ and the Mineral Reserves and Resources report available at: www.sibanyestillwater.com/news-investors/reports/annual/. INCREASING CONFIDENCE / LESS RISK 15 9 21 24 14 12 13 11 19 18 20 7 4 17 10 8 6 23 5 21 22 2 1 3 16 2-5 years To complete 2021 Completed 2020 5-10 years >10 years The Group also has a considerable number of projects in South Africa (at various stages) which could potentially be developed consistent with developments in the economic and regulatory environment. PGM and gold projects Reserve Est (Moz) 1 Marikana K4 (Both) 13.30 2 Marikana E3D (UG2) 2.75 3 KDL Klipfontein (UG2) 0.18 4 Siphumelele 2 (Both) 2.76 5 Siphumelele 1 (UG2) 12.99 6 Marikana E4 (UG2) 6.03 7 Boschfontein (Both) 0.95 8 Kroondal 5# (UG2) 2.16 9 MK2 Decline (Both) 5.26 10 Newman (MER) 1.44 11 Saffy Deeps (UG2) 12.89 12 Pandora Deeps (UG2) 7.69 13 TURK (Both) 7.41 14 Thembelani extension (Both) 13.39 15 Bathopele Opencast (30%) 0.08 16 KDL Tailings (3 dams) 2.37 17 Baobab 5.04 18 Akanani 27.6 19 Blue Ridge 1.8 20 Marikana tailings 0.75 21 Kloof 4 Decline 0.34 22 Burnstone 2.18 23 De Bron Merriespruit 2.10 24 Bloemhoek 0.70 Feasibility complete Pre-feasibility phase Concept phase Infrastructure at the SA gold Burnstone project The K4 hear gear at the SA PGM operations Sibanye-Stillwater Integrated Report 2020 180 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Project in Europe - Keliber lithium hydroxide (LiOH) project In February 2021, Sibanye-Stillwater announced its entry into the battery metals space following an acquisition of a 30% stake in the Keliber LiOH project at a cost of EUR30 million. The Group has the option to increase the stake over 50% after the advance definitive feasibility has been completed in 18 to 24 months. Keliber is expected to be the first fully- integrated lithium producer in Europe with direct access to market from Port of Kokkola into the heart of Europe. The project is located in Finland, an ideal geography rated in the top five mining jurisdictions by the Frazer Institute. The project is at an advanced stage and currently has declared Mineral Reserves of 9.3 million tonnes with an estimated 13 years of life of mine. Based on previous estimates, first production is expected in 2024 with 15,000 tonnes of annual run rate. More information is available at https://www.sibanyestillwater.com/news- investors/news/transactions/keliber/. Projects in the Americas The Group advances its exploration assets through strategic relationships with focused exploration companies. Altar The Altar project, located within the San Juan province, Argentina, is an advanced stage porphyry copper-gold exploration project. Aldebaran Resources Inc (Aldebaran), a subsidiary of Regulus Resources Ltd, has entered into a JV and option agreement with Stillwater Canada LLC, an indirect subsidiary of Sibanye-Stillwater, to acquire up to an 80% interest in Peregrine Metals Ltd (Peregrine), a wholly-owned subsidiary of Sibanye-Stillwater, which owns the Altar copper-gold project. Sibanye-Stillwater also retains an indirect exposure to all Aldebaran assets (including the Rio Grande project) through its 19.9% shareholding in Aldebaran. Aldebaran is the operator of the JV. As at 31 December 2020, Sibanye- Stillwater’s interest in Altar was 40%. Rio Grande The Rio Grande exploration stage project (owned and managed by Aldebaran) is a copper-gold porphyry deposit with an associated iron oxide copper-gold (IOCG) style alteration, located in north-western Argentina. The Mineral Resource of the Rio Grande deposit is reported on an attributable basis based on the Group’s 19.9% shareholding in Aldebaran. Marathon The Marathon project is a PGM-gold- copper project, situated 10km north of Marathon, Ontario province, Canada. Sibanye-Stillwater concluded an acquisition agreement with Generation Mining Limited (Gen Mining) in 2019 through which Gen Mining acquired a 51% interest in the Marathon project and formed an unincorporated JV with Stillwater Canada Inc, in exchange for a cash consideration of CAD$3 million and a 12.9% equity interest in Gen Mining. Gen Mining has the option to earn up to an 80% interest through spending of CAD$10 million and preparing a preliminary economic assessment within four years of the property acquisition date, marked as 11 July 2019. Gen Mining is the operator of the JV and has assumed all liabilities of the property. During 2020, Gen Mining increased its stake, reducing Sibanye-Stillwater’s effective interest to 26%. This includes the direct interest of 19.3% in the project and indirect interest through the Group’s investment in Gen Mining. Denison The Denison project was acquired as part of the Lonmin transaction in June 2019. The Denison project is a PGM exploration project on the Sudbury Igneous Complex (SC), approximately 30km to the west- southwest of the town of Sudbury, Canada, and includes two zones adjacent to the old workings of the Crean Hill mine (the 109FW and 9400 zones). During 2019, a binding letter agreement with Wallbridge Mining was executed whereby Wallbridge was appointed as the operator of the revised Denison property with responsibilities including the raising of necessary funding, implementation of the business plan and management of the daily operations of Loncan. At the end of December 2020, Wallbridge owned 18% of the project and Sibanye-Stillwater owns 64.9%. Lithium hydroxide ore from the Keliber project Sibanye-Stillwater Integrated Report 2020 181 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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EMPOWERING OUR WORKFORCE SUCCESSES CHALLENGES WHAT WE DID IN 2020 Fast-tracked leadership development through online development conversations Adjusting to living and working with COVID-19 and the impact of the lockdown and pandemic on the employee morale and availability of labour Managing vulnerable employees, the well-being of employees and the return to work processes No industrial action recorded across the Group in 2020 Total percentage of female employees increased to 13.3% (2019: 12.6%) with female board members increasing from 18% to 25% Safety, health and well-being Costs Quality Volume Economic value CARES Clean water/ air/ land Total returns Socio- economic stability Upliftment about our... ENVIRONMENT SHAREHOLDERS Safety, health and wellness Costs Quality Volume GOVERNMENT Fair market access COMPANY Assured product Membership COMMUNITIES CUSTOMERS SUPPLIERS ORGANISED LABOUR Better lives EMPLOYEES OPERATING PILLARS AFFECTED STAKEHOLDERS OUTCOMES DESIRED Economic value Membership Better lives Upliftment Socio- economic stability ORGANISED LABOUR GOVERNMENT EMPLOYEES Benchmarks Status Page reference Group 30% of the Group’s entire workforce to be women by 2025 In progress Refer to page 191 SA operations 50% representation of historically disadvantaged persons at Board and Group Exco level by 2023 In progress Refer to page 193 60% representation of historically disadvantaged persons at senior and middle management level by 2023 In progress Refer to page 193 20% of historically disadvantaged people who are female at Board and Executive level by 2023 In progress Refer to page 191 23% of historically disadvantaged people who are female at middle management level by 2023 In progress Refer to page 191 30% of historically disadvantaged people who are female at junior management level by 2023 In progress Refer to page 191 Representation of employees with disabilities to be 1.5% by 2023 In progress Refer to page 193 Human resource development expenditure increased to 5% of the total payroll expenditure by 2023 In progress Refer to page 197 US operations Evaluate implementation of Learning Management System In progress Refer to page 195 Complete succession plan down to superintendent level Completed Refer to page 196 Create a Women-in-Mining chapter that include research opportunities in benefits to support diversity efforts In progress Added infertility benefits to health plans Refer to page 192 SDGs reflected in this section: NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS NO POVERTY ZERO HUNGER GOOD HEALTH AND WELL-BEING QUALITY EDUCATION GENDER EQUALITY CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION SUSTAINABLE CITIES AND COMMUNITIES REDUCED INEQUALITIES INDUSTRY, INNOVATION AND INFRASTRUCTURE DECENT WORK AND ECONOMIC GROWTH AFFORDABLE AND CLEAN ENERGY CLIMATE ACTION LIFE BELOW WATER LIFE ON LAND PEACE, JUSTICE AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS SA gold operations, SA PGM operations and SA Integrated Services, were given provisional accreditation by the SABPP, with SA PGM operations taking top honours in the awards in recognition of true transformation in HR strategy and services. The SA gold operations were also nominated in this category Sibanye-Stillwater Integrated Report 2020 182 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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APPROACH Sibanye-Stillwater is a labour-intensive business, employing and contracting more than 84,000 people at its SA and US operations in a wide variety of trades and professions. Employees, therefore, play an integral part in the achievement of our operational targets and, ultimately, in the delivery of our strategy to create superior value for all stakeholders. It is only when our workforce is motivated and productive that our strategy can be most effectively accomplished. It is our objective to equip and empower our employees with the right skills and resources so that they are able to perform at their peak. Culture and values has been identified as one of our material focus areas and we strive to instil a values-based workforce that is committed, accountable and respectful – all key values in our CARES value proposition. For more information, refer to Our material issues section. Diversity, in all its forms, is considered a great source of strength and is materially important for the Group and vital to driving and achieving superior value creation for all stakeholders. It is also a key agenda of the Organisational growth strategy to promote greater diversity and inclusivity across the Group. We aim to recruit and retain a highly qualified, skilled and diverse workforce. We pay competitive salaries that, in addition to a basic wage, include significant variable incentives and other benefits, which enable our employees to provide for their families and indirectly, the broader community (see Remuneration report and Social upliftment and community development). Sibanye- Stillwater provides employment and rewarding career growth opportunities as well as opportunities for personal development (refer to page 196 on Talent management and career growth). In an effort to retain our employees we provide opportunities for a rewarding career as well as learning and skills development. To support the Group’s social performance objectives of the ESG strategy, our approach is to prioritise local recruitment so that these employees can not only provide for their families but also facilitate economic upliftment of the broader community. It is estimated that in South Africa specifically, each person employed in mining supports 10 direct dependants and for every job in mining at least two more jobs are created up and downstream 1. This suggests that Sibanye-Stillwater’s business in South Africa benefits well over one million people. 1 Minerals Council South Africa: Putting SA back on the global mining map – 06 September 2019 ORGANISATIONAL GROWTH Sibanye-Stillwater has undergone significant growth and geographical diversification over the last few years. The 2017 HR strategy, ‘People@Sibanye- Stillwater’ was re-envisioned and the Organisational Growth department was established in 2019 operating on the philosophy of “integral, inclusivity and interconnectedness”. Proactive leadership is required to guide the Group through this growth period and anticipate, prevent and prepare for any negative impacts on the operations and our employees. This creates the need for future-ready leadership, an agile and responsive leadership style that provides and translates a clear and transformational vision, while taking all strategic, operational and interpersonal elements into account. Leadership has to be role-models of the desired values-based decision-making culture and have future-ready leadership characteristics. This requires deep introspection and growth in all leaders and their respective teams. The pictorial below sets out which future-ready leadership characteristics are required to move the organisation forward. Growth will not occur spontaneously or be sustained without formal interventions and re-enforcement. It is for this reason that the Organisational Growth department was established. This department adopted a purpose that by 2025, the Organisational Growth team will co-create an integrally informed, values-based global leader in mining that delivers sustainable value through engaged stakeholders. Strategic human resources were repositioned with an emphasis on future ready leadership and values-based decision making, while incorporating employee wellness and employee learning and development. The capacity in this area was built to focus on the optimisation of individual, group and organisational behaviour in the context of the society in which we operate. Leadership development will continue to drive the leadership agenda in 2021. Talent, performance and leadership development have been clustered under the function of the Organisational Development department – a deliberate shift to an integral synthesis of concepts resulting in a pro-active leadership management pipeline, the ability to use psychometric assessments to determine return on investment of individuals and collective growth and the ability to build the employee value proposition of the Group. Future ready dialogue: Defining future leader characteristics Sibanye-Stillwater Integrated Report 2020 183 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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• Purpose and ethics • Transparency • Investments in people • Visionary, inclusive leadership • Team mechanics and dynamics • Programmes from all directions • Systematic enablement • COVID-19 vaccination • Employee assistance • Nine areas of well-being • SOHO • Humanistic workplace • Culture of inclusivity • Fair • Clear goalsetting • Coaching and mentoring • Development of managers • Leadership development • People job fit • People culture fit • Autonomy • Levels of work • Question of existence Trust and leadership credibility Shared vision and purpose and CARES values Integral well-being Growth opportunities through focused career pathing Integral talent, leadership and performance management Strategy in Action and virtual engagement across boundaries Enabling and engaging work environment Meaningful work EMPLOYEE VALUE PROPOSITION INTEGRAL COMMUNITIES EMPOWERING OUR WORKFORCE CONTINUED Supportive management Employees working at the SA PGM Precious metals refinery Sibanye-Stillwater Integrated Report 2020 184 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Accountability, governance and assurance ACCOUNTABILITY Board • Remuneration Committee • Audit Committee • Social, Ethics and Sustainability Committee • The Health and Safety Committee of the Board • Nominating and Governance Committee Executive Committee • Executive Vice President – Organisational Growth • The ESG committee of the Group Executive Committee • Transformation Committee Operational • Human Resouces (HR) Transactional Service Centres are de-centralised • Operational heads are supported by the Senior Vice Presidents (SVP) for human resources and organisational development at the operations • Vice President (VP) for transformation supports and drives transformation • Employment Equity committees at each mining right area with a centralised employment equity oversight committee • Gender-related matters are progressed through the various women in mining committee structures within the business. All operations have set up gender working groups to address gender equality • Under the tree sessions to engage with the employees RELEVANT LEGISLATION AND REGULATIONS • UN Global Compact Principles • International Labor Organization (ILO) Conventions on Labor Standards South Africa • Revised Broad-Based Black Socio-Economic Empowerment Charter for the South African Mining and Minerals Industry (Mining Charter III), 2018 • The Labour Relations Act • Employment Equity Act United States • Montana Human Rights Bureau • Fair Labor Standards Act • National Labor Relations Act • Civil Rights Act • Equal Pay Act • Age Discrimination in Employment Act ASSURANCE Sibanye-Stillwater’s human resources performance is monitored and audited by several external agencies such as the Department of Employment and Labour (and in the US by the Department of Labor and Industry) and the Department of Mineral Resources and Energy. The South African Commission on Gender Equality as well as the Human Rights Commission also externally review certain practices. South African Board of People Practices audited our Human Resources practices during 2020. Employment equity key performance indicators are externally assured by PwC (page 307). South African business policy and procedures audits were conducted forming the baseline for the business human resources service delivery framework. The project will continue to review processes in the employee life cycle. GOVERNANCE Key supporting policies and policy statements CARES values, Human Rights policy statement, Management of Diversity policy statement, Child labour policy statement, Code of Ethics, Leave policy that includes the maternity aspects, Sexual harassment policy statement, Overtime policy and Remote working policy Sibanye-Stillwater Integrated Report 2020 185 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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CULTURE GROWTH PROGRAMME Sibanye-Stillwater has experienced significant growth and change over the last few years on the back of several value- accretive acquisitions. The consolidation resulted in the combination of various cultures and behaviour characteristics of the acquired companies. To address this and to build a united organisational culture across the Group, Sibanye-Stillwater launched the Culture growth programme in November 2019. The objective of this programme is to transform the culture of the organisation to be more inclusive and one on our CARES values. It also seeks to create a values-based decision-making culture and facilitate future ready leadership competencies. For more information as it relates to safe production in an enabling environment, empowering our people and implementing and maintaining systems, refer to Continuous safe production, page 207. Initiatives managed by the Organisational Development department are designed to support the culture growth programme and are categorised as diagnostics, design, and delivery. Diagnostics The first step of the Culture growth programme, being the extensive employee engagement phase, began in earnest at the start of 2020 through what is known as “Under the tree” sessions at the SA PGM operations. These sessions, consisting of focus groups and in-depth interviews, were initiated to understand how employees feel about Sibanye-Stillwater and the Marikana (formally Lonmin) integration. We conducted 148 focus groups and 240 individual interviews to inform operational specific initiatives to improve the level of employee engagement. It also assessed the level of employee engagement by means of the Behavioural emotional intelligence training model (BeQTM) model. This model measures underlying beliefs and assumptions to achieve organisational goals. Results are also used to identify opportunities to build trust and to understand the underlying beliefs that may result in improved safety performance and productivity issues. While the spread of the COVID-19 pandemic impeded progress, the programme was rejuvenated and the approach adjusted during the third and fourth quarters of 2020. Another objective of this process is to create a benchmark of BeQTM measures across the various operations which can be used to track the impact of the culture transformation programme over time. This an ongoing initiative and further engagements are planned for 2021 in other operations of the organisation, including the US PGM operations. 3,822 No. of participants: Under the tree sessions 473 56 SA PGM operations SA gold operations SA integrated services Mirror assessments (values as well as leadership competencies) A 360-degree assessment was developed in-house to measure how employees live the CARES values and Sibanye-Stillwater leadership competencies. The first pilot assessments were initiated in October 2020 and by December 2020, 58 assessments were completed on E- and D-band level employees. An additional 407 manager, peer and subordinate assessments were completed as part of this ongoing process. The results are also used for team and individual development purposes. Design The formulation of an Organisational Development philosophy in 2020 was an important step in the culture transformation journey. This philosophy seeks to ensure awareness of self and others, creating trust and enabling interconnectedness across organisational boundaries. An ultimate focus is to create organisational identity, where the values of the individual align with organisational values to enable a safe and productive work environment. EMPOWERING OUR WORKFORCE CONTINUED At the US PGM operations’ Columbus Metallurgical facility in Columbus Sibanye-Stillwater Integrated Report 2020 186 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Specific emphasis was placed on designing online delivery capability, a database to track online interventions, online and face- to-face team mechanics sessions, online and face-to-face team dynamics sessions, dynamic capability to deal with executive recruitment and the adaptation of a philosophy to measure culture. An Organisational change management framework was also developed to provide this capacity across functionality and operations. Delivery A structured organisational development strategy was developed and implemented at the start of the COVID-19 lockdown in South Africa in March 2020. It largely focused on the interplay of interventions on individual, group and leadership level. Individual leadership development journeys and group interventions were implemented to alleviate behavioural reactions to the changes resulting from COVID-19 and enable employees to move through the emotional change curve quicker. Initiatives also focused on providing leadership with ways to focus on the optimal level of work. Organisational learning initiatives were aimed at formal, facilitated, leadership interventions. Virtual academy for collective leadership development The ‘Virtual academy’ was established as one of the initiatives in response to the COVID-19 lockdown, with the purpose of collapsing boundaries between operations, regions and levels, and to build collective leadership. Emphasis is placed on exposing the Group to many different styles and perspectives to create an inter-related network of approaches that is mutually enriching (integral), diverse, inclusive and interconnected. Various international thought leaders contributed to the capacitation of our future readiness and strategic leadership capability in 57 virtual sessions over the year, with an average participation of 110 leaders from all operations per session. The Virtual academy supported the Small Office, Home Office (SOHO) transition, created an integrated collective leadership conversation and embedded our new way of doing business. A supervisory (C-band) virtual academy (named Conversation zone or C-zone) was initiated in March 2021. Based on individual interviews with several leaders, it is evident that this initiative has contributed significantly to building resilience in our leadership group to effectively and efficiently deal with the impact of the COVID-19 pandemic in our operations. 21-day leadership dialogue (Henley) An initiative was developed and delivered in collaboration with Henley Business School, consisting of key topics from distinguished thought leaders focusing on various aspects related to leadership agility over 21 days. A total of 141 leaders were acknowledged in a virtual graduation in July 2020. Focused interventions to build talent During the COVID-19 lockdown emphasis was placed on the execution of individual development plans to counter the expected negative impact of the pandemic on the adaptive capability of leaders in the system. As is the practice since 2019, the BarOn EQ-i and the Change State Indicator (CSI) are used in performance ratings of E-bands and higher at Sibanye-Stillwater. A deliberate effort was made to develop emotional intelligence, by definition “ways in which our leaders deal with environmental demands”. This became important due to the human reaction to change implications of COVID-19. Seventeen leaders participated in an EQ-i journey pilot and the result perceived to be successful. This will continue in 2021. The initial analysis of the pre- and post- EQ-i scores indicated that: • Executive vice presidents recorded a growth in score from 111EQ-i in 2016 to 119EQ-i in 2020. This is indeed significant as 2.5% of EQ-i’s globally fall in the category higher than 115 • Senior vice presidents and vice presidents indicated a growth in the pre- and post-EQ-i’s scores from 105 and 106 respectively in 2016 to 112 and 114 respectively in 2020 These scores fall in the leadership range and are considered very high. Considering the challenging conditions posed by the COVID-19 pandemic and the leadership response to these, it is evident that interventions focused on maintaining and growing individual functioning in this category had the desired effect. In 2020, an online version of Adaptive Intelligence as described by Spiral Dynamics Level 1 training was rolled out in collaboration with Mandala Consulting, allowing individuals to attend the same sessions from different locations via an online platform. This intervention resulted in a containing environment where interconnectedness was created, trust relationships across the business built and deep bonds were formed. It addressed the way in which people adjusted to SOHO and COVID-19 realities directly. Furthermore, a common language was created to deal with diversity of thought. At the SA operations a total of 85 individuals completed the Spiral Dynamics Level 1 training, while 12 people from the US PGM operations successfully completed this initiative and certified in Spiral Dynamics Levels 1 and 2. A new narrative of dealing with diversity of thought has been introduced and the initiative will continue in 2021. Accelerated Development Initiative (ADI) The programme is focused on accelerating the development of our senior talent pipeline according to the individual development plans and enhancement of our employee value proposition. This initiative caters exclusively for future talent development and focuses on Stratified Systems levels 4 mode 5. Thirty-six leaders participated in four intakes during 2020. A second phase of the journey is envisioned for 2021 where the focus will be on systems thinking, design thinking and digital transformation. To ensure that we manage our leadership pipeline, the Enhanced leadership development initiative was developed and implemented in March 2020. Sibanye-Stillwater Integrated Report 2020 187 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Leadership development programmes A learnership for supervisory leaders will be implemented to support middle management through the Da Vinci Institute for Innovation and Technology with the first intake in March 2021. Further, a longer-term relationship with Henley Business School will provide internationally accredited programmes on various NQF levels. At our US PGM operations, the Leadership Development 2.0 initiative was continued during the course of 2020 albeit at a reduced rate on account of COVID-19 restrictions. This is the second round of modules of our leadership training programme and is geared towards providing tools for employees to use in their day-to-day work activities to continue growing our values-based culture. At the organisational level, there continues to be an effort to develop an organisational structure that supports the right work being done at the right level by employees capable of doing that level of work. Psychometric assessments are playing a larger role in this development effort as access to that material becomes more available. Assessments are now routinely being conducted with all senior managers as well as high potential employees that have been identified lower in the organisation. These assessments help to confirm observed performance and indicated potential, as well as guiding career paths as appropriate. Team establishment workshops, consisting of team mechanics and team dynamics The team mechanics workshops focus on translating organisational values in a team context and linking to Sibanye- Stillwater’s strategic objectives, value- based decision making and working together better as a team. This process was initiated at all operations from an executive team level in 2020, rolling down to the level of mine management teams during 2021. Twenty-seven workshops have been delivered since September 2020 and 129 workshops will be delivered across all operations. EMPOWERING OUR WORKFORCE CONTINUED Cultural programmes by operation Operation specific culture transformation strategies have been co-designed and initiated at all the operations. HR SYSTEMS The COVID-19 pandemic accelerated the digitalisation of Sibanye-Stillwater’s HR system, a process that was completed at all the SA operations in 2020. This has resulted in streamlined and standardised HR reporting, which, in turn, has facilitated increased responsiveness and a greater ability to facilitate management decision-making. The digitalisation of employee self-service related transactions has streamlined many of the day-to-day HR functions and transactions. It has also created an enabled environment for both employees and line managers as they have full accessibility and oversight of these processes. Furthermore, it has strengthened our ability to manage legal compliance aspects such as overtime, induction and medical certificates of fitness. An overtime policy is in place and manages excessive working hours, according to relevant legislation. A comprehensive review of the entire onboarding process was undertaken in 2020. A roadmap has been adopted to automate the associated business processes to achieve greater efficiencies and improve the overall experience. Sibanye-Stillwater recognises the strategic importance of socialising employees and contractors into our business. It is with this in mind that an automated recruitment and onboarding system will become a key focus area for implementation in 2021. SABPP Audit awards During 2020, the SA operations participated in the South African Board of People Practices (SABPP) audit project in accordance with the stated objective of professionalising our HR practices and ensuring the credibility of our HR solutions. These audits go beyond compliance, linking HR systems and services to organisational objectives and the business needs of employees. All three areas audited, including SA gold operations, SA PGM operations, and SA Integrated Services, were given provisional accreditation. Sibanye-Stillwater’s SA PGM operations took top honours in the awards in recognition of true transformation in HR strategy and services. The SA gold operations were also nominated in this category. Underground drilling at the US PGM operations Sibanye-Stillwater Integrated Report 2020 188 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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OUR WORKFORCE PROFILE The composition of our workforce both in South Africa and the US is outlined below. There were no forced retrenchments at our operations during 2020. Workforce by operation at December 2020 2020 2019 2018 1 Employees 2 Contractors Total 1 Employees Contractors Total 1 Employees Contractors Total SA operations Beatrix 6,577 1,579 8,156 6, 374 735 7,109 7,329 929 8,258 Driefontein 8,609 1,537 10,146 8, 547 1,164 9,711 10,576 1,072 11,648 Kloof 9,549 2,055 11,604 9,858 1,271 11,129 9,776 1,160 10,936 Burnstone 98 33 131 103 23 126 114 66 180 Cooke 480 426 906 493 353 846 486 260 746 SA gold operations 25,313 5,630 30,943 25,375 3,546 28,921 28,281 3,487 31,768 Kroondal (100%) 5,489 3,155 8,644 5,445 1,904 7,349 5,673 2,617 8,290 Rustenburg 7 12,378 3,047 15,425 11,458 1,704 13,162 13,023 2,354 15,377 Marikana 18,461 3,855 22,316 20,200 3,385 23,585 n/a n/a n/a SA PGM operations 36,328 10,057 46,385 37,103 6,993 44,096 18,696 4,971 23,667 Group and Integrated services 3 2,682 1,852 4,534 2,748 2,617 5,365 2,251 1,239 3,490 2,368 1,043 3,411 1,720 806 2,526 SA operations – total 64,323 17,539 81,862 67,594 14,199 81,793 50,948 10,503 61,451 US PGM operations Stillwater 1,163 462 1,625 1,090 480 1,570 962 280 1,242 East Boulder 446 264 710 436 239 675 411 45 456 Columbus Metallurgical Complex 217 233 450 196 149 345 186 54 240 Regional services 4 55 2 57 67 4 71 67 5 72 Other 5 0 0 0 0 0 0 2 0 2 US PGM operations – total 1,881 961 2,842 1,789 872 2,661 1,628 384 2,012 Corporate office 6 71 71 67 – 67 55 0 55 Group – total 66,275 18,500 84,775 69,450 15,071 84,521 52,631 10,887 63,518 1 Employees include permanent and fixed term employees 2 Contractors exclude ‘fee’ contractors who receive a fee for service irrespective of the number of contractor employees on site (not compensated on a fee-per-head basis but a fee for the service or work performed) 3 Previous years data was split between Regional services and SA other. From 2020 figures are combined with the Property employees incorporated in the operations. Regional services includes executive management of the SA operations and employees providing a service to all SA operations 4 Regional services in the US includes executive management located in Columbus and Montana offices 5 Other represents two employees at Marathon, Canada (no contractors at 31 December 2018). Altar employees are included with Aldebaran from 2018 (non-managed) 6 Blue Ridge included Workforce by age 2020 2019 2018 1 Employees Contractors Total % Employees Contractors Total % Employees Contractors Total % SA operations 18<30 years 2,823 4,411 7,234 9 3,458 3,261 6,719 8 3,402 2,950 6,352 10 30-50 years 47,187 11,102 58,289 71 49,530 9,222 58,752 72 37,230 6,492 43,722 71 >50 years 14,384 2,026 16,410 20 14,606 1,716 16,322 20 10,316 1,061 11,377 19 US PGM operations 2 19<30 years 265 265 14 246 246 14 194 194 12 30-50 years 994 994 53 990 990 55 904 904 55 >50 years 622 622 33 553 553 31 530 530 33 1 Employees include permanent and fixed term employees 2 Ages of contractors at US PGM operations not available Sibanye-Stillwater Integrated Report 2020 189 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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EMPLOYEE TURNOVER The annual turnover for management level employees at the SA operations in 2020 was 0.20% (2019: 0.36%), including 0.10% of HDPs (2019: 0.16%) and 0.03% of women in management (2019: 0.05%). The total turnover for the Group was 8.6% (2019: 12.8%), with 8.1% and 8.8% recorded at the SA gold and PGM operations, respectively (2019: 6.1% at the gold operations and 6.3% at the PGM operations). Of our total turnover rate 1% were women. The higher turnover rate at the SA operations could be ascribed to employees opting for voluntary medical separation as a result of increased vulnerability and the impact of COVID-19. Annualised attrition in the US PGM operations in 2020 was 8.39% while the attrition rate among mineworkers was 6.11% (2019: 9.44% and 7.17% respectively). ABSENTEEISM The year-on-year trend in absenteeism, particularly at our SA operations, was greatly impacted by the COVID-19 pandemic. However, there was no negative impact to absenteeism in 2020 specifically as most employees who were recalled back to work once lockdown restrictions began to be eased were eager to start work. Nevertheless, absenteeism continued to be monitored on a monthly basis by means of an attendance management programme. The Organisational Development department and the various operating segments are focused on planning and delivering culture initiatives as part of segment specific transition journeys that will improve the level of employee engagement in our system. Scientific research has shown that there is a reduction in absenteeism when employees are engaged, and that they are inspired to go above and beyond the normal call of duty in order to exceed organisational goals. Assistance to employees with the impact of personal and work-related concerns was also offered through the Employee Assistance Programmes (EAPs) in an effort to reduce absenteeism that might occur as a result of personal or work issues. PERFORMANCE Our relationship and engagement with our employees in 2020 was shaped and characterised by uncertainty stemming from the COVID-19 pandemic and associated lockdown. In turn, their productivity and performance was equally influenced by the pandemic with most being uncertain of their future, both from a personal and work perspective. (For more specific details refer to COVID-19 – impact and response.) While employees did endure some hardship during a period of unpaid leave – the length of which varied substantially depending on employees and operations – Sibanye-Stillwater did not initiate forced retrenchments at any of its operations. Moreover, the Group used this unprecedented opportunity to increase its engagement and interaction with employees, particularly through more digitalised platforms, so that they were kept constantly informed of the latest developments. This was largely effected through the WeAreOne mobile application (app), which was developed in early 2020. It was launched just prior to the implementation of South Africa’s national lockdown on 27 March 2020 and proved a vital tool to engaging with employees in the midst of uncertainty. Through this app leadership and operational engagement in the form of information briefs, posters or alert sms’s are circulated to employees. Surveys are also conducted through this mechanism and it is also used to create awareness on various matters such as heritage and activism against gender-based violence. The application saw over 6,600 surveys on measuring various aspects being completed through the WeAreOne app. The most popular content that was viewed by users through the app related to the COVID-19 vaccines. At the time of writing, more than half of all employees are users of the application. It is in this context that Sibanye-Stillwater experienced a strengthening of its employee relationship during the period under review. It was inevitable, however, that many of our employee-related programmes and initiatives that had originally been planned to commence or continue in 2020 were hampered by the outbreak of COVID-19. EMPOWERING OUR WORKFORCE CONTINUED SA s ss ss () SA Operations 2020 SA PGM 2020 SA Gold 2020 0 5 10 15 20 25 SA Operations 2019 SA PGM 2019 SA Gold 2019 0 5 10 15 20 Absent without permission Leave Mine accident Sick Training Other COVID-19 Sibanye-Stillwater Integrated Report 2020 190 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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PROMOTING GENDER DIVERSITY AND INCLUSIVITY A particular focus of 2020 was the promotion of gender diversity driven by our CEO as the Minerals Council South Africa’s Women-in- Mining co-champion. It is the CEO’s stated objective that, by 2025, 30% of the Group’s entire workforce will comprise women. The overall female representation for the Group 2 increased from 12.6% in 2019 to Gender diversity per employee level in 2020 Female (number) excluding foreign employees % Female (Number) including foreign employees % Board 2 16.7 3 25.0 Executive 5 14.7 5 14.7 Senior management 1 7 17.9 7 17.9 Middle management 1 20 14.0 21 14.7 Junior management 1 236 23.6 240 24.0 Core and critical skills 1 5,562 10.0 5,779 10.4 Non-core 1 2,530 34.1 2,593 34.9 1 South African operations Gender diversity of permanent employees (2020) 2020 2019 2018 Female % Male % Female % Male % Female % Male % SA operations 8,645 13 55,749 87 8,588 13 59,006 87 6,751 13 44,197 87 SA gold operations 3,126 12 22,187 88 2,783 11 22,592 89 3,003 10 26,229 90 SA PGM operations 4,536 12 31,792 88 4,235 11 32,868 89 2,742 15 15,954 85 Regional services and other 983 36 1,770 64 1,601 77 3,582 123 1,032 80 2,043 120 US PGM operations 2 171 9 1,710 91 167 9.3 1,622 90.7 139 9 1,487 92 Group 8,816 13.3 57,456 86.7 8,786 12.6 60,664 87.4 6,916 13.1 45,713 86.9 2 Includes services and other 13.3% in 2020. Furthermore, female board representation 2 increased from 18% to 25% year-on-year and further to 30% in early 2021. (Refer to Corporate governance, pages 110-111 for more information). Thirty percent of promotions approved in 2020 were women while 31% of new recruits were also women. 2 Includes foreign female employees for South African operations Work from home – Small office – home office (SOHO) implemented Sibanye-Stillwater has launched an exciting initiative called “SOHO” or “Small Office, Home Office”. This initiative aims to provide employees who are office based with the opportunity to continue working from home and become “full-time” home-based employees. “Hot Desks” will be available for those times when an employee needs to be in the office. Work is ongoing to make this initiative a success. Two surveys were conducted to gain input from employees on the possibility of working from home with the first survey receiving 587 responses and the second survey receiving 913 responses. The survey was aimed at those that were able to work from home and excluded our US PGM operations. 68% of employees indicated that they are very satisfied to work from home and 71% indicated that they are more productive working remotely. With the implementation of SOHO, 37% of participants would make use of the small office once a month with 17% using it once a week. Challenges mentioned in the surveys included long hours, work life balance and social isolation. Employees being trained on COVID-19 protocols during 2020 at the start of the pandemic Sibanye-Stillwater Integrated Report 2020 191 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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Women leadership programme A crucial initiative connected with the promotion of gender diversity has been the women’s leadership programme launched in July 2017 in partnership with Duke Corporate Education. The objective is to provide short leadership development sessions to empower women leaders within Sibanye-Stillwater at junior to middle management level. The first phase of the programme covered personal mastery, growth mind-set, community outreach, personal finance and women in mining. The first session of the programme, undertaken in November 2019, focused on feedback from the employment equity barriers audit. It also looked at developing an internal framework based on the UN HeforShe campaign, a global solidarity movement for gender equality. Men were invited to the event as they are seen as pivotal in building a cross-gender alliance for advancing women within the Group. Women-in-Mining A gender working group and subsequently a Women-in-Mining (WiM) initiative was established which aims to accelerate diversity efforts with the objective of championing women in all levels of the organisation and increasing gender representation across the board. The specific objectives of the WiM Initiative are to: • increase the number of women in positions of leadership at Sibanye- Stillwater, including at senior management and executive level • cultivate and promote a culture of gender inclusion and equality amongst the workforce • position Sibanye-Stillwater as an attractive employment option for female graduates • develop policies and promote a culture that aims to support the attraction, onboarding and retention of women in the workplace • identify interventions and programmes for employees related to diversity and inclusivity • provide high-potential women with access to leadership and mentorship programmes to assist career advancement and leadership development Infusion Consulting was engaged to identify the contextual factors at Sibanye- Stillwater that will facilitate or impede the implementation of the initiative and to ascertain the risks associated with the intervention. This was done through in-depth ethnographical research that rendered rich data, insights, and a theory of change. The study explored employees’ perceptions and experiences of working for Sibanye-Stillwater and identified deep underlying patterns in our organisation and in our different societies that contributes to gender inequality. These issues will be actively addressed in the years to come through the WiM initiative, thereby supporting the diversity and inclusivity drive. PwC Consulting was appointed to do a quantitative analysis of Sibanye-Stillwater’s baseline and develop a roadmap of activities focused on reaching the 30% target. This roadmap will also support the UN Sustainable Development Goal 5.1 and strengthen sound policies for the promotion of gender equality (SDG 5.6c). As a first step towards policy strengthening, the Group reviewed the maternity policy to make provision for paternity leave. Refer to page 220 of our health coverage on the progress our US PGM operations made to include reproductive health as part of the medical coverage. In April 2021, the US PGM operations partnered with Women in Mining USA (WIM USA) as the first ever Platinum level Corporate member. Gender-based violence Key challenges to driving gender diversity in the organisation are sexual harassment and gender-based violence (GBV). Sexual harassment or GBV is not tolerated as it violates our values. While no cases of sexual harassment or GBV were recorded in 2020 at the SA operations, this is not to say that both are not prevalent in Sibanye-Stillwater. It is rather a case that women may be reluctant to report such incidents. In 2020, we continued our regular sexual harassment campaigns to create awareness in the aim to eliminate all forms of violence against women as per objective of the UN’s SDG 5.2. The UN Secretary-General’s UNiTE by 2030 to End Violence Against Women campaign was promoted by the 16 Days of Activism against Gender-based Violence between 25 November and 10 December 2020. The campaign also formed the centre point of the government’s comprehensive 365 Days of Activism for No Violence Against Women and Children. Sibanye-Stillwater participated in this campaign through daily virtual workshops, renowned external speakers, podcasts from each of the Exco members and numerous other senior leaders and Sibanye-Stillwater role models. The campaign culminated in a final session with Dr Mamphela Ramphele about the impact of GBV in society and the workplace. More than 4,800 employees participated in the various online sessions during the 16 days campaign. The focus on GBV is an ongoing initiative in support of our diversity and inclusivity focus. Similarly, this issue continued to be addressed in employee ‘return from leave’ refresher induction training. Our sexual harassment policy statement governs procedures to be followed in dealing with sexual harassment. A sexual misconduct unit of Protection Services handles all reported sexual harassment cases with information from anonymous tip-offs or HR managers, and counselling is provided to affected employees. During 2020 the US PGM operations continued with harassment awareness and training; also in an effort to reduce inappropriate graffiti in the underground environment. Twenty audits were performed across the US PGM operations and a significant decrease of graffiti was noted. For other areas addressing gender please refer to page 237 on human rights. Pay parity In 2020, a pay parity audit was conducted for senior officials and the findings indicated that disparities in salary levels across gender and race are linked to longer lengths of service. The analysis indicated that the disparities are due to legacy issues, namely mergers and acquisitions which had an impact on the demographics and distribution of pay in the company due to the variation in pay philosophy and pay practices. The status of pay parity will be tracked and corrected where required annually and the model refined accordingly. For further information please refer to the Remuneration report. EMPOWERING OUR WORKFORCE CONTINUED Sibanye-Stillwater Integrated Report 2020 192 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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DISCRIMINATION Two complaints of age discrimination were received at the US PGM operations of which one case also alleged sex discrimination. Cases were investigated and the Montana Human Rights Bureau concluded that no discrimination occurred in either case. The Group has a grievance procedure for its employees in place that is communicated during initial onboarding of an employee and annually during refresher training. General communications of the process are also distributed on a regular basis. Grievance processes are in place allowing employees to lodge a complaint formally or informally. Discrimination cases deemed to be part of the priority misconduct will be referred to a Dispute Resolution Unit (DRU), which will subsequently appoint an investigator. An employee can lead their own grievance or it can be led by the DRU. A presiding chairperson makes a ruling to be ratified by management. DIVERSITY AND TRANSFORMATION (ALIGNED WITH MINING CHARTER III) Sibanye-Stillwater is committed to transforming and diversifying its workforce. This is particularly important in South Africa, a country that is still redressing the historical disadvantages in employment experienced by certain groups of the population. Diversity training is provided during onboarding of employees as well as refresher training when an employee returns from leave. Our transformation journey in South Africa is guided and determined by the Mining Charter. The main objectives of the Mining Charter are to deracialise ownership of the industry, expand business opportunities for HDPs, redress the imbalances of historical injustices, and enhance the social and economic welfare of employees and mine communities. The third iteration of the Mining Charter came into effect in 2019, containing transformation targets to be achieved by 2023. SA operations employment equity by category as at 31 December 2020 Measure Target for 2023 Target for 2020 year 1 Actual achieved SA operations 2 Actual achieved SA operations (Mining Charter III) Representation of historically disadvantaged persons (HDP) Board: 50% 50% 41.67% 41.67% Executive management: 50% 50% 41.18% 41.18% Senior management: 60% 60% 41.03% 41.03% Middle management: 60% 36% 48.25% 46.24% Junior management: 70% 50% 54.15% 53.54% Core and critical skills: 60% 74% 73.84% 73.85% Representation of HDP women as % of total HDPs Board: 20% 20% 40% 40% Executive management: 20% 20% 35.71% 35.71% Senior management: 25% 25% 43.75% 43.75% Middle management: 25% 7% 28.99% 28.99% Junior management: 30% 15% 43.54% 36.64% Employees with disabilities 1.5% 1.7% 0.16% 0.16% 1 Includes Integrated Services 2 Excludes Integrated Services People with disabilities Meeting the 1.5% target by 2023 of employing people with disabilities remains a challenge. The difficulty stems from the definition of disability, which in this instance is a long-term chronic illness that has an impact on your ability to do your job. The Group is in the process of exploring various possibilities of encouraging employees with long-term chronic illnesses, such as diabetes, to disclose these. LOCAL EMPLOYMENT Some 79% of our SA workforce is made up of South African citizens (2019: 79%), and of those 29.08% were employed from our doorstep communities. The remaining 21% is sourced from our Southern African countries of Lesotho, Mozambique, Eswatini, Botswana, Zimbabwe. Our local recruitment policy stipulates that priority is given to persons from the local community, women as well as persons with disabilities should the position be suitable for a person with disabilities. Employment Equity Mining Charter III has increased employment equity targets across all divisions and includes a clause reserving 1.5% of jobs for people with disabilities. A significant feature of the new Charter is the focus on women and of increasing the representation of women across the entire workforce. While every effort is being made to comply with the new targets, in 2020, Sibanye- Stillwater experienced a slight regression in its employment equity status due to a number of appointments of white males in senior management. The main shortfall in our compliance stems from the under representation of women at middle management level and above. In the US, the majority of the workforce is made up of local residents of Montana. The supervisory roles and specialised skill positions are, however, filled by individuals who come from more far afield and with the states of Nevada, Washington, Alaska being the most dominant. Sibanye-Stillwater Integrated Report 2020 193 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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SA operations: origin of employees (2020) Province Gold PGMs Services Total % Eastern Cape 7,447 9,830 399 17,676 27 Free State 2,928 1,271 302 4,501 7 Gauteng 3,387 3,311 1,164 7,862 12 KwaZulu-Natal 2,563 781 211 3,555 6 Limpopo 747 1,861 136 2,744 4 Mpumalanga 573 705 52 1,330 2 North West 664 11,740 287 12,691 20 Northern Cape 48 401 10 459 1 Western Cape 21 26 9 56 0 Non-South African 6,935 6,388 183 13,506 21 Total 25,313 36,328 2,753 64,394 100 SA operations: citizenship of non-South Africans (2020) Country Gold PGM Services Total % Australia 1 0 0 1 0 Botswana 193 21 6 220 2 DRC 2 4 2 8 0 Germany 0 1 0 1 0 Ghana 0 0 1 1 0 Hong Kong 0 0 0 0 0 India 0 1 1 2 0 Lesotho 2,991 2,053 91 5,135 38 Malawi 2 0 1 3 0 Mozambique 3,110 4,180 46 7,336 54 Namibia 1 2 0 3 0 Nigeria 0 1 0 1 0 Peru 0 0 0 0 0 Eswatini 620 82 24 726 5 United Kingdom 0 1 2 3 0 Zambia 2 5 2 9 0 Zimbabwe 13 37 5 55 0 Poland 0 0 1 1 0 United States of America 0 0 1 1 0 Total non-South African 6,935 6,388 183 13,506 100 SA operations: local 1 community recruitment 2020 2019 2018 PGM Gold PGM Gold PGM Gold Appointments 937 1,271 992 1,190 659 1,931 Local recruits 411 542 971 968 650 1,726 % 44 43 97.9 81.3 98.6 89.4 1 Within a 50 kilometre radius of the mines Employment of local communities decreased compared to 2019 due to the lockdown period as a result of COVID-19 that required the business to be halted and restarted over a period of time with an overall moratorium on recruitment. During the lockdown period a force majeure notice were issued to all non-essential service contractors further limiting opportunities to source local labour. US operations: employee distribution by county (Montana) 2020 2019 2018 Stillwater 596 571 561 Yellowstone 623 540 457 Sweet Grass 152 180 167 Park 166 172 165 Carbon 158 138 133 Other locations 186 188 143 EMPOWERING OUR WORKFORCE CONTINUED Sibanye-Stillwater Integrated Report 2020 194 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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UPSKILLING OUR WORKFORCE TRAINING AND DEVELOPMENT SA operations In 2020, we followed a risk-based approach to prioritise the review and enhancement of our training and development programmes. The analysis of the health and safety performance indicators completed during the year identified rock mass management as the most significant risk exposure. Refer to the Continuous safe production for more about safety related training. Overcoming the language barrier One of the legacy challenges that continues to confront the mining industry is the language barrier. Employees in the South African mining industry speak numerous different languages: among them English, isiZulu, isiXhosa, Sesotho, Setswana, Portuguese and Afrikaans. To overcome this language barrier the lingua franca of Fanagalo has been used by most miners in the South African mines since the late 19th century. Despite its usefulness, the continued use of Fanagalo has become highly politicised and undesirable. More importantly, delivering industry-specific training to a multi-lingual population is inevitably challenging. Unfortunately, a pilot initiative undertaken in 2020 to provide function-based English language training to employees was unsuccessful, however it did provide critical learnings, which provided the foundation for developing a new strategic approach to this challenge. One of the key learnings of this pilot was that that the phasing out of Fanagalo is an infeasible target, and that this is a multi- faceted problem, rooted in a multi-lingual workforce and as such will require a multi- tiered solution. Instead, Sibanye-Stillwater is re- evaluating the language that is used in the various training and development programmes, while at the same time investigating new vocabularies, to make it easier to understand by employees whose first, or even second language, may not be English. US PGM operations At our US PGM operations the primary focus has been the move towards e-learning capability and modernised learning. During the course of the year, an agreement was signed with LinkedIn Learning to enable salaried employees access to a range of focused e-learning programmes and capabilities. The next phase of e-learn enhancement will be the implementation of a full learning management system that will allow for access to multiple external learning sources and provide internally created content that can be presented to employees. This system will also allow for detailed tracking for compliance training as well as automated delivery of content when employees assume new roles. A new leader training programme was also introduced to support the increased number of new supervisors and managers that have been onboarded recently. This programme provides initial training on roles, expectations, and general Group HR policy. TRAINING AND THE FOURTH INDUSTRIAL REVOLUTION Despite the influence of COVID-19 we progressed various initiatives to bring about the modernisation of the learning and development programmes while adopting a two-tier implementation approach. The first tier involves the implementation of a learner management system (LMS) platform which does not just store training records but enables employees to login to the system and access their coursework. The formal e-learning courses are linked to their job profiles, running concurrent with the development of technology enhanced methodologies for facilitated learning and integrated with stand-alone e-learning modules accessed via the company IT network. The second tier will see further application of technology to evolve the facilitated e-learning programme into pure online e-learning programmes accessible via smart phone technology directly, with the option to download/ upload from the LMS for offline application. The LMS was successfully launched at the Marikana operation during October 2020, post the go-live of the Symplexity HRMIS at Marikana and all new functionalities of the system were tests conducted. With the infrastructure and dedicated server capacity in place the team will commence the full roll out to all major Learning and Development campuses across the SA operations. Other initiatives associated with the fourth industrial revolution include: • Desktop induction Induction information can be accessed by anyone on the Group network who has access to a company computer, whether in the office or remotely from home. • Academy e-Library or S-Tube portal The Academy S-Tube online went live in August 2020 providing access to video- based learning, simulated job specific training and videos containing learnings from previous fatalities. • Electronic assessment tools (tablets) Learner assessment using tablets linked via wi-fi was tested at the SA PGM operations during 2020 for all practical assessments within the simulated mining environment. • Audience Response Tools (clickers) The Clicker systems are used for formative assessment during facilitated learning programmes as well as summative assessments post training. The Clicker seamlessly feeds results, real time, to the smart learning hub platform to update learner records, while also feeding Qlikview via Symplexity to allow real time reporting. The Clicker has been fully introduced across the SA PGM operations training campuses and is currently being piloted for the SA gold operations, as part of the Trigger Action Response Procedure (TARP) training which was started in October 2020. Sibanye-Stillwater Integrated Report 2020 195 SETTING THE SCENE WHAT DRIVES US ACCOUNTABILITY DELIVERING ON OUR STRATEGY AND OUTLOOK ANCILLARY INFORMATION

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TALENT MANAGEMENT AND CAREER GROWTH SA operations In 2020 further impetus was provided to this area with the development of a new talent management framework model, which was shared with the SA operations in the last quarter of the year. When attracting employees to fill vacant positions, we ensure that our internal talent pool is reviewed and that all possible successors are interviewed so that we can achieve 80% self-sufficiency with a blend of external hires. The career growth model and career paths embed the philosophy that career development is a series of interventions aimed at developing a career through skills training, lateral critical experiences, moving to higher job responsibilities and cross-functional positions within the same organisation. One factor that is making Sibanye- Stillwater’s talent management efforts increasingly vital is the dire shortage of critical mining skills in South Africa. With the limited availability of skills, competition for talented individuals is becoming increasingly fierce, particularly in the occupations relating to engineering, mining, rock engineering, surveying and geology. In particular, competitors are approaching HDP employees with higher remuneration offers and promises of rapid promotional opportunities. This is resulting in a higher turnover of HDP senior staff, which, in turn, is negatively impacting our employment equity targets. Our career development, progression and promotion targets are set and incorporated as part of the Social and Labour Plans (SLP). US PGM operations In the US, talent is managed through an iterative series of assessments. The first is a typical performance management assessment, completed annually and then reviewed with employees on a quarterly basis. Following tabulation of performance results, management employees are then reviewed by site and regional leadership to evaluate potential for advancement in addition to performance. From this exercise, development opportunities are identified for individual employees and employees showing both high performance and potential are then assigned to a high potential track where they work with sponsors to create individual development plans and specialised resources are made available to them. The ultimate outcome of this effort is to ensure that there is a pool of viable candidates available to fill vacancies throughout the organisation, reducing our dependence on outside recruitments to fill key positions. During 2020, clarity of expectations for each role and defining performance criteria remained a focus and this was successfully achieved, creating a better tie to pay for performance. Training specific to work levels began with modules for new supervisor training. In 2021, General Foreman specific training will be introduced. Improvements have been made to our system to screen our internal database for specific talent. Through the Drive Applicant Tracking System (ATS) talent pools of approximately 17,000 applications can be screened using a particular keyword or TAG. The system helps us to identify geology and metallurgy candidates. We have also added 11 new employees this year to our High Potential Programme. HUMAN RESOURCE DEVELOPMENT Human resource development (HRD) refers to formal and explicit activities aimed at equipping all individuals with the requisite training and qualifications to perform their work efficiently, effectively and in a safe manner and for enhancing the capability of all individuals to reach their full working potential. Mining Charter III requires companies to spend 5% of their total payroll on the essential skills and HR development of employees and communities. Owing to challenges associated with the COVID-19 pandemic there was a shortfall in achieving this target with HRD spend across the SA operations amounting to 3.7% of total payroll in 2020. SA operations: talent pool 1 2020 2019 2018 Talent pool size (A-D band) 3,186 2,205 1,787 Successors promoted 403 172 131 1 Employees identified as potential leaders for development EMPOWERING OUR WORKFORCE CONTINUED Sibanye-Stillwater sanitizing at a local minibus taxi rank to reduce the risk of spreading COVID-19 Employee operating equipment underground (photo taken pre-COVID-19 Sibany