Sibanye Stillwater Limited

11/05/2026 | Press release | Distributed by Public on 11/05/2026 05:48

Current Report by Foreign Issuer (Form 6-K)

Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 1
Johannesburg, 5 November 2026: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE and A2X: SSW; and NYSE: SBSW) is
pleased to provide an operating update for the quarter ended 30 September 2026. Comparisons include year-on-year (Q3 2026 on Q3
2025), year-to-date (YTD) from 1 January 2026 to 30 September 2026, and Q3 2026 compared with the previous Q2 2026 quarter (quarter-
on-quarter or Q3-on-Q2) where appropriate. Group financial results are only provided on a six-monthly basis.
SALIENT FEATURES - QUARTER ENDED 30 SEPTEMBER 2026 (Q3 2026)
•Quarter-on-Quarter improvement in operating performance across the SA PGM and SA gold operations, steady output at the Century
zinc retreatment operation, while the US PGM operations were negatively impacted by industrial action
•The Group remains on track to meet annual operating guidance with the exception of the US PGM operations following the strike
•Group adjusted EBITDA increased 9% year-on-year to R10.8 billion (US$662 million), supported by higher commodity prices
•Continued improvements across key safety metrics quarter-on-quarter and year-to-date
•Finalisation of the US PGM labour agreement and introduction of team-based incentives represent a significant milestone in the
transition to a more productive and sustainable mechanised operating model at the US PGM operations
KEY STATISTICS - GROUP
US dollar
SA rand
Quarter ended
Quarter ended
Sep 2025
Jun 2026
Sep 2026
KEY STATISTICS
Sep 2026
Jun 2026
Sep 2025
GROUP
560
755
662
US$m
Adjusted EBITDA1
Rm
10,773
12,471
9,872
17.64
16.48
16.28
R/US$
Average exchange rate using daily closing rate
TABLE OF CONTENTS
Page
Stock data for the Quarter ended 30 September 2026
2
Number of shares in issue*
3
- at 30 September 2026
2,830,567,264
7
- weighted average
2,830,567,264
11
Free Float
100%
Unit operating cost - quarters
15
Bloomberg/Reuters
SSWSJ/SSWJ.J
17
JSE Limited - (SSW)
18
Price range per ordinary share (High/Low)
R32.69 to R53.51
19
Average daily volume
16,073,920
20
NYSE - (SBSW); one ADR represents four ordinary shares
Price range per ADR (High/Low)
US$7.67 to US$12.58
Average daily volume
5,315,599
* Sibanye-Stillwater's ordinary shares have been listed on the A2X exchange (A2X) in South Africa, with effect from 6 October 2026. Sibanye-Stillwater's primary listing on the JSE Limited, secondary
listing of American depositary shares on the New York Stock Exchange, and its issued share capital remain unaffected by the secondary listing on A2X.
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 2
KEY STATISTICS BY REGION
US dollar
SA rand
Quarter ended
Quarter ended
Sep 2025
Jun 2026
Sep 2026
KEY STATISTICS
Sep 2026
Jun 2026
Sep 2025
SOUTHERN AFRICA (SA) OPERATIONS
PGM operations
493,863
406,406
439,802
oz
4E PGM production2,3
kg
13,679
12,641
15,361
1,839
2,486
2,288
US$/4Eoz
Average basket price
R/4Eoz
37,250
40,967
32,438
281
408
354
US$m
Adjusted EBITDA1
Rm
5,767
6,758
4,961
1,278
1,685
1,634
US$/4Eoz
All-in sustaining cost1,4
R/4Eoz
26,598
27,767
22,537
Gold operations
175,929
154,259
155,449
oz
Gold produced
kg
4,835
4,798
5,472
3,402
4,440
4,219
US$/oz
Average gold price
R/kg
2,208,545
2,352,512
1,929,491
212
261
210
US$m
Adjusted EBITDA1
Rm
3,419
4,290
3,731
2,442
3,097
3,189
US$/oz
All-in sustaining cost1,4
R/kg
1,668,973
1,640,802
1,385,189
INTERNATIONAL OPERATIONS
US PGM underground operations
73,171
69,544
59,417
oz
2E PGM production2,5
kg
1,848
2,163
2,276
1,184
1,524
1,411
US$/2Eoz
Average basket price
R/2Eoz
22,971
25,116
20,886
33
18
36
US$m
Adjusted EBITDA1,6
Rm
580
309
579
1,165
1,401
1,617
US$/2Eoz
All-in sustaining cost1,4,6
R/2Eoz
26,322
23,093
20,555
Recycling operations7
26
66
40
US$m
Adjusted EBITDA1
Rm
652
1,085
475
Keliber lithium project
(3)
(2)
(9)
US$m
Adjusted EBITDA1
Rm
(153)
(41)
(58)
Century zinc retreatment operation
24
25
25
ktZn
Payable zinc production8
ktZn
25
25
24
2,696
4,177
4,059
US$/tZn
Average equivalent zinc concentrate price9
R/tZn
66,085
68,842
47,562
28
26
57
US$m
Adjusted EBITDA1
Rm
925
433
486
2,015
2,143
2,520
US$/tZn
All-in sustaining cost1,4
R/tZn
41,022
35,323
35,539
1The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt
covenant. The Group also reports All-in sustaining costs (AISC) for comparison to similar industry metrics used in the mining industry. See "Non-IFRS measures" for more information on these metrics
presented by Sibanye-Stillwater. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA and AISC are not measures of performance under IFRS
Accounting Standards and should be considered in addition to and not as a substitute for any other measure of financial performance and liquidity. The adjusted EBITDA amount in US$m for the
quarter ended 30 June 2026 is calculated using the adjusted EBITDA amount in US$m for half-year ended 30 June 2026 less the adjusted EBITDA amount in US$m for the quarter ended 31 March
2026. For a reconciliation of profit/(loss) before royalties and tax to adjusted EBITDA, see "Adjusted EBITDA reconciliation - Quarters"
2The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au) and measured at the concentrator, and the
US underground operations is principally platinum and palladium, referred to as 2E (2PGM)
3The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production and third party PoC, refer to the
"Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters"
4See "Salient features and cost benchmarks - Quarter" for the calculation of All-in sustaining cost (AISC). The SA PGM All-in sustaining cost excludes the production and costs associated with third
party PoC
5The US PGM operations' underground production is converted to metric tonnes and kilograms, and financial performance is translated to SA rand (Rand)
6The Section 45X Advance Manufacturing Production Credits relating to US PGM underground operations for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 were
R186 million (US$11 million), R228 million(US$14 million) and R181 million (US$10 million) respectively
7Recycling operations includes Reldan Pennsylvania (PA), Metallix North Carolina (NC) and Montana recycling sites. The acquisition of the NC site was concluded on 4 September 2025 and
financial results were included from the quarter ended 31 December 2025.
8Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions
9Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc
sales
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 3
STATEMENT BY RICHARD STEWART, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER
The Group continued to make progress on its strategic priorities during Q3 2026, delivering encouraging safety improvements, consistent
operating results and a significantly stronger financial position. Supported by higher commodity prices and stable operational
performance from the SA PGM, SA gold, Recycling and Century zinc retreatment operations, adjusted EBITDA increased by 9% year-on-
year to R10.8 billion (US$662 million). The Group remains on track to achieve annual operating guidance for 2026, with the exception of
the US PGM operations, where production and cost guidance has been revised to reflect the impact of the approximate five-week strike.
At the Keliber lithium project, mining and hot commissioning of the concentrator continued during the quarter, resulting in the increased
build-up of the ore stockpile of 330kt while ongoing improvements were achieved in concentrator throughput and spodumene
specification.
Q3 2026 saw continued improvements in the Group's injury-frequency metrics, including year-on-year reductions in both serious and total
reportable injuries. Key milestones included one year fatality-free at Driefontein. The Group serious injury frequency rate (SIFR) per million
hours worked improved year-on-year to 1.82 from 2.31 for Q3 2025, while sustained near-miss incident reporting strengthened risk
awareness, operational transparency and confidence in the incident reporting process. The quarter was however marred by the tragic
loss of two colleagues at our Beatrix operations. Mr Lwandile Kohliso, was found deceased underground on 21 September 2026 and Mr
Chinonge Kalie a protection services officer was fatally injured in a shooting involving illegal miners on 23 July 2026. The Board and
management extend our sincere condolences to the families and friends of Mr Kohliso and Mr Kalie.
Disciplined investment in organic growth projects requires focused execution. Production at the Marikana K4 shaft continues to ramp-up
successfully, and the Siphumelele and Thembelani extension projects are progressing on schedule. The Mt Lyell and Burnstone projects
have advanced to the execution stage, with the necessary planning, mobilisation and preparatory work now underway to support
successful project delivery.
Further details are provided in the safe production and operational review sections of this Q3 2026 operating update.
Following the approximately five-week strike at the Stillwater operations and Columbus processing facilities, the four month long US PGM
negotiations concluded in early October 2026. I would like to thank the Stillwater East, Columbus metallurgical and East Boulder
employees and affiliated United Steelworkers Union (USW) members for their constructive engagement throughout the negotiations.
Despite the impact on the performance for Q3 2026, the conclusion of the multi-year collective bargaining agreements supports the long-
term sustainability and competitiveness of the US PGM operations, in the interests of all stakeholders. In South Africa at our Rustenburg
operations, the Kwezi Section 189 consultation process, associated with the potential closure of the Kwezi shaft, commenced on 8
September 2026, and I wish to acknowledge the constructive engagement and professionalism demonstrated by all parties throughout
the process to date. We are assessing available options to mine the Kwezi Shallows project as the consultation process continues. The
Sandouville consultation process with employee representatives, relating to the future of the Sandouville refinery was initiated in
September 2026 and is ongoing.
The macroeconomic outlook remains volatile, with weaker global growth expectations, persistent inflation and higher interest rates
continuing to weigh on economic activity and consumer spending, including vehicle demand. Precious metals markets remained mixed
during Q3 2026, with gold spot prices strengthening towards quarter-end on continued geopolitical uncertainty and investment demand,
while platinum and rhodium spot prices rallied despite softer automotive demand expectations. PGM market development remains
important, and we continue to progress strategic market development initiatives with our partners. Kleantha Pillay, EVP: Sales and
Marketing, who has played a pivotal role in the development of the Group's sales and marketing function, will leave the Group on 31
January 2027. Kleantha will be succeeded by Henk de Hoop, who has been appointed as Global Head of Sales and Marketing with
effect from 1 November 2026. Further, Emma Chapman declined the appointment as Head of Investor Relations. The search for a suitably
qualified candidate is ongoing.
Significant volatility in precious metals prices has been seen during October 2026. Lithium prices remained under pressure as global lithium
supply forecasts were upgraded, outpacing demand growth and resulting in a larger than expected market surplus for 2026. Despite
navigating geopolitical complexity and macroeconomic volatility we remain resolute in our purpose to create a better future for people
and planet and we achieve this through a simple philosophy - produce the metals the world needs, invest in our people, strengthen the
communities in which we operate and create and deliver sustainable value for all stakeholders.
As we enter the final quarter of 2026 and finalise our life-of-mine plans for 2027, we remain focused on creating long-term stakeholder
value through portfolio and operational simplification, safe and sustainable production, operational excellence, disciplined capital
allocation, and the delivery of our value-accretive life extension projects.
SAFE PRODUCTION
The safety and health of our workforce remains our highest priority. Safe production is the cornerstone of performance excellence and is
fundamental to delivering the Group's strategic objectives.
The Group recorded a 10% improvement in the SIFR, with the rate declining from 2.29 for the nine months ended 30 September 2025 to
2.05 for the nine months ended 30 September 2026. The total recordable injury frequency rate (TRIFR) improved by 9%, decreasing from
3.96 to 3.61. The fatal injury frequency rate (FIFR) improved from 0.041 in 2025 to 0.025. High-potential incidents declined by 30%
compared to the nine months ended 30 September 2025.
Despite these positive trends, Q3 2026 was marked by the tragic loss of Mr Lwandile Kohliso, a team member at Beatrix, who was found
deceased underground on 21 September 2026. The cause of death has not yet been determined and a thorough investigation by
management and the relevant authorities is continuing. On 23 July 2026, Mr Chinonge Kalie, a contractor within the protection services
team, was fatally injured in a shooting involving illegal miners at Beatrix. The Board and management of Sibanye-Stillwater extend their
sincere condolences to the families and friends of our late colleagues during this difficult time.
To support our goal of zero fatalities, the Group is intensifying implementation of its Fatal Elimination Strategy, with a focus on leadership
accountability, critical risk management and operational discipline. The safety culture uplift programme, launched in 2025 and in support
of the Fatal Elimination Strategy, has evolved into an integrated safety and performance acceleration programme. The programme is
being rolled out across the South African operations, supported by additional leadership engagement and executive sponsorship, with
the objective of delivering sustainable improvements in safety and overall operational performance.
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 4
OPERATIONAL REVIEW
Southern Africa (SA) operations
SA PGM operations
Reflecting the seasonally stronger third quarter, the SA PGM operations delivered their best quarterly production performance of 2026 and
are expected to deliver in line with full-year guidance. Year-on-year production performance (including third party purchase of
concentrate (PoC)) decreased by 10% to 458,202 4Eoz, mainly due to planned lower surface production and expected lower production
from Rustenburg (specifically the Kroondal operations).
Adjusted EBITDA increased by 16% year-on-year to R5.8 billion (US$354 million) in Q3 2026, driven by stable 4E PGM sales volumes and a
15% increase in the average 4E PGM basket price to R37,250/4Eoz (US$2,288/4Eoz).
Production from underground mining (excluding Mimosa) decreased by 10% (41,484 4Eoz) year-on-year, primarily due to lower production
from the Kroondal mechanised operation, in line with its life-of-mine profile as ore reserves are progressively depleted, particularly at the
Kwezi operation, and the closure of the Klipfontein opencast operations. Production from the Marikana operation was supported by the
build-up at the K4 shaft, which contributed 30,453 4Eoz in Q3 2026, an increase of 8% quarter-on-quarter.
Surface production (excluding PoC) declined by 36% year-on-year due to the depletion of surface reserves primarily due to the transition
to a new feed source at Marikana, the depletion of surface reserves at Rustenburg and lower feed availability at Platinum Mile as
previously reported.
Third party PoC increased by 7% (1,211 4Eoz) year-on-year to 18,400 4Eoz, mainly due to higher tonnages received from third parties.
All-in sustaining cost (AISC) excluding PoC, for the managed operations increased by 5% in absolute terms. Costs increased due to higher
sustaining and ore reserve development capital expenditure, inflationary pressure on input costs, higher consumables expenditure driven
by increased fuel, lubricant and steel costs, and higher royalty taxes associated with the stronger PGM basket price. Year-on-year, unit
AISC was also negatively impacted by 11% lower production.
Total capital expenditure for Q3 2026 increased by 33% year-on-year to R1.9 billion (US$119 million). Ore reserve development capital
expenditure increased by 4% to R672 million (US$41 million), while sustaining capital expenditure increased by 46% to R961 million (US$59
million), driven mainly by the Thembelani extension project and the refurbishment work at the precious metals refinery (PMR). Project
capital expenditure increased by 97% to R303 million (US$19 million) as the Marikana K4 project advanced towards steady-state
production and development commenced at the Siphumelele UG2 project.
Total chrome production from the SA PGM operations was 545kt for Q3 2026, 19% lower year-on-year due to the cessation of the
Marikana bulk tailings treatment (BTT) chrome plant in Q4 2025. Chrome sales volumes increased by 14% to 585kt, mainly due to the
release of stock.
Please refer to page 7,11,12 and 15 for further operational results statistics.
SA gold operations
Supported by a strong gold price environment, the SA gold operations continued to advance their transition to a shallower, higher-
margin, longer-life portfolio. Year-on-year, the 17% increase in surface production to 1,712kg (55,042oz) and a 14% higher gold price
received of R2,208,545/kg (US$4,219/oz) partially offset the impact of a 22% decline in underground production, resulting in an 8% lower
adjusted EBITDA of R3.4 billion (US$210 million) for Q3 2026.
Underground production declined year-on-year by 17% at Beatrix, 21% at Driefontein and 31% at Kloof. Reduced operational flexibility at
Beatrix as mining advanced to deeper levels of the mine, coupled with challenging ground conditions in high-grade areas, impacted
productivity and average mining grade. Production at Driefontein was adversely affected by flooding at the Khomanani 8 Shaft in
August, which resulted in a six-week suspension of mining activities and constrained operational flexibility. Lower production at Kloof was
consistent with its planned rebased life-of-mine profile.
AISC (excluding DRDGOLD) increased by 7% in absolute terms mainly due to inflationary increases in input costs, higher royalties,
additional pumping costs incurred at Driefontein and additional working crews at Beatrix. Unit AISC (excluding DRDGOLD) increased by
23% year-on-year to R1,868,560/kg (US$3,570/oz) in Q3 2026, primarily due to lower gold sales driven by the 18% decline in production. The
SA gold operations unit AISC including DRDGOLD is 11% lower at R1,668,973/kg (US$3,189/oz) (when compared to unit AISC excluding
DRDGOLD) reflecting the growing surface contribution as the SA gold portfolio transitions towards a shallower, lower risk and lower cost
production profile.
Capital expenditure for Q3 2026 (excluding DRDGOLD) decreased by 23% year-on-year to R792 million (US$49 million), largely reflecting
the cessation of capitalisation at Kloof. This was partially offset by increased capital expenditure at Driefontein and Beatrix to develop
mining areas and enable safe, sustainable production and processing operations.
The Burnstone Restart Project has transitioned positively into the execution phase, with project governance structures being established
and key personnel appointments underway to support successful delivery.
DRDGOLD production increased by 10% year-on-year to 1,307kg (42,021oz) in Q3 2026, driven by a 15% improvement in yield to 0.21g/t,
despite a 5% decrease in tonnes treated. Operating unit costs increased by 3% to R1,040,551/kg (US$1,988/oz) as higher labour, diesel,
reagent costs and electricity tariffs were partially offset by increased production.
Project capital expenditure at DRDGOLD declined by 29% year-on-year to R556 million (US$34 million) from R782 million (US$44 million), as
several of DRDGOLD's Vision 2028 projects advanced towards completion and moved beyond their peak capital investment phase.
Please refer to page 9, 13 and 16 for further operational results statistics.
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 5
International and recycling operations
US PGM operations
Operating metrics in Q3 2026 were significantly impacted by the USW strike, which commenced on 3 September 2026 affecting the
Stillwater mine and the metallurgical complex. The strike ended following the ratification of a new collective bargaining agreement, with
employees returning to work on 9 October 2026.
The new agreement covers a broad range of terms, including wage increases of 4.5% in the first year, the greater of 3.5% or US consumer
price index (CPI) in the second year, and the greater of 3.0% or CPI in third year. Key however, is the introduction of team-based
incentives and work practices aligned with the transition to fully mechanised mining. This represents an important milestone in the
transformation of the US PGM operations that will contribute to ensuring the operations sustainability and competitiveness.
The US PGM operations have a clear, sustainable and executable productivity-led plan, targeting a structurally lower AISC of
~US$1,000/2Eoz by the end of 2028. This is underpinned by productivity improvements that support an estimated 45% increase in steady-
state production to approximately 410k 2Eoz from East Boulder and Stillwater East as the mechanisation programme is completed by H2
2028.
Production decreased by 19% to 59,417 2Eoz. Production sold declined by 7% to 72,514 2Eoz, as built-up concentrate inventories were
processed during the strike. As a result, the strike's full impact on sales volumes will only become evident in Q4 2026, when inventory levels
are expected to normalise.
Adjusted EBITDA increased by 9% year-on-year to US$36 million (R580 million), primarily driven by a 19% increase in the 2E PGM basket
price to US$1,411/2E oz (R22,971/2Eoz), compared with US$1,184/2E (R20,886/2Eoz) oz in Q3 2025.
AISC increased by 39% year-on-year to US$1,617/2Eoz (R26,322/2Eoz), reflecting lower production and higher capital expenditure.
Excluding Section 45X credits, AISC increased to US$1,809/2Eoz (R29,445/2Eoz) from US$1,306/2Eoz (R23,034/2Eoz) in Q3 2025.
Total capital expenditure increased to US$38 million (R617 million) (Q3 2025: US$22 million, R396 million). Sustaining capital expenditure rose
to US$16 million (R268 million) from US$3 million (R57 million) in Q3 2025, in line with the mechanisation strategy and primarily driven by
investments in mobile and underground equipment, including bolters, transport equipment, surface fleet and supporting infrastructure.
Labour attrition increased significantly across all operations during the wage negotiation period, leaving staffing levels approximately 25%
below the planned 2027 mechanised workforce. Q4 2026 will focus on rebuilding work teams, restoring operational momentum and
supporting the ramp-up to planned production levels.
The impact of the strike, together with the time required to rebuild operational performance in Q4 2026, has resulted in revised production
guidance of 245k - 255k 2Eoz and cost guidance of AISC of US$1,700 - US$1,760/2Eoz, including Section 45X: US$1,510 - US$1,570/2Eoz
(previous 2026 annual guidance of 280k - 300k 2Eoz and AISC of US$1,520 - US$1,580/2Eoz, including Section 45X: US$1,360 -
US$1,420/2Eoz).
Please refer to page 7, 11 and 15 for further operational results statistics.
Recycling operations
Adjusted EBITDA from the Recycling operations increased by 54% year-on-year to US$40 million (R652 million), driven by higher precious
metal prices, the successful integration of North Carolina (NC) and higher production at Pennsylvania (PA). The Recycling operations
adjusted EBITDA excluding Section 45X credits from the Montana site increased by 41% year-on-year to US$25 million (R406 million).
1.2 million ounces of precious metals were sold during the quarter, comprising 89% silver, 8% 3E PGMs and 3% gold. Continued feed
optimisation and integration across the PA, NC and Montana facilities enhanced asset utilisation and supported improved commercial
performance.
Keliber lithium project
Hot commissioning of the Keliber concentrator began in April 2026 and continued throughout Q3 2026, with efforts focused on achieving
target lithium grades within product specifications. Q4 2026 will focus on completing the hot commissioning and testing the concentrator
at design capacity, with encouraging progress having been made since the end of Q3 2026.
Keliber project capital expenditure for Q3 2026 was €16 million, or R0.3 billion, (year to date €75 million or R1.4 billion) including capitalised
interest and expenditure outside the project's initial forecast scope. Cumulative construction-phase capital expenditure at 30 September
2026 was €726 million (R13.8 billion), excluding capitalised interest and exploration. The project remains within the approved capital
forecast of €783 million (R14.9 billion) in 2024 real terms.
In response to lithium market volatility, the staged commissioning approach prioritises stable mining and concentrator performance
before the refinery start-up, reducing integrated ramp-up risk and preserving capital flexibility.
* The figures have been translated where relevant at an average exchange rate of R19.01/€
Sandouville nickel refinery
Sandouville remains on care and maintenance, with site activities focused on asset integrity and regulatory compliance.
During September 2026, a consultation process regarding the future of the Sandouville refinery was initiated with employee
representatives in accordance with applicable French labour law requirements. The Company continues to work with the French
government to find the best possible solution that is in the interest of all stakeholders. No final decisions have been taken and the ongoing
consultation process will inform the assessment of available options.
Century zinc retreatment operation
Payable zinc production increased by 2% year-on-year to 25kt in Q3 2026, from 24kt in Q3 2025. The increase primarily reflects the lower
comparative production base following the planned shutdown in Q3 2025. The next planned shutdown is scheduled for Q4 2026.
AISC increased by 25% year-on-year to US$2,520/tZn (15% to R41,022/tZn), primarily driven by inflationary cost pressures, including higher
fuel and reagent cost (primarily copper sulphate).
Payable zinc sales increased by 72% to 29kt, compared with 17kt in Q3 2025, largely due to shipment timing.
Adjusted EBITDA more than doubled to US$57 million (R925 million) from US$28 million (R486 million) in Q3 2025. The improvement was
driven by higher payable zinc sales volumes, a 51% increase in equivalent zinc concentrate prices and lower treatment charges.
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 6
Sustaining capital expenditure increased to US$2 million (R28 million), compared with US$1 million (R11 million) in Q3 2025. The increase
primarily reflects rehabilitation equipment rebuilds and additional hydro-mining cannon equipment to support the optimisation of dam-
floor mining. Capital expenditure remains focused on maintaining the reliability of critical infrastructure as the operation approaches the
end of its mine life.
Options to realise value from the existing Century and Karumba infrastructure and to evaluate potential life-extension opportunities
beyond the current zinc retreatment operations continue to be assessed.
Please refer to page 10 and 14 for further operational results statistics.
Mt Lyell copper project
Following the Board's approval of the restart investment in Q3 2026, pre-execution planning and preparatory activities have commenced.
Front-end engineering and design, project team recruitment, initial accommodation works and the progression of key regulatory and
operational approvals are underway.
OPERATING GUIDANCE FOR 2026*
Annual operating guidance is updated for the US PGM operations to reflect the impact of the strike and operational normalisation in Q4
2026. The annual 2026 operating guidance for all remaining operations is unchanged as in the table below.
2026 Annual guidance
Production
All-in sustaining cost
Total capital
SA
operations
SA PGM operations
(4E PGMs)
1.65 - 1.75Moz3,4
R26,500 - 27,500/4Eoz
(US$1,453 - 1,508/4Eoz)²
R8bn (US$439m)²
(incl. R1.79bn (US$98m) for
project capital)
SA gold operations
(excl. DRDGOLD)
13,700 - 14,700kg
(440 - 473koz)
R1,750k - 1,840k/kg
(US$2,984 - 3,138/oz)²
R3bn (US$164m)² (incl. R98m
(US$5m) for Burnstone
project capital)
SA gold operations
(incl. DRDGOLD)7
19,100 - 19,750kg
(614 - 635koz)
R1,565k - R1,685k/kg
(US$2,670 - 2,870/oz)2
R6.6bn (US$364m)2
(incl. R3.1bn (US$172m) for
DRDGOLD project capital)
International
operations
US PGM operations
(2E mined)
245 - 255koz
US$1,700 - 1,760/2Eoz
Including Section 45X:
US$1,510 - 1,570/2Eoz
US$125m - US$135m (incl.
US$6m growth)
(R2.3bn - R2.5bn incl. R109m
growth)²
Recycling operations
(Columbus, PA and NC)
(PGM autocats, industrial
and e-waste precious metals
bearing waste)
Total 400 - 420koz
gold equivalent ounces5
n/a
US$12.2m (R223m)²
Keliber lithium project
15k - 20k
tonnes of spodumene
concentrate
n/a
€180m - €190m6 (R3.7bn -
R3.9bn)²
(incl. €90m (R1.8bn) for
project capital)
Century zinc operations
86.3k - 98.3k
tonnes (payable)
A$3,400 - 3,800/t (R42,160 -
47,120/t)² (US$2,311 - 2,583/
t)²
A$5m - A$5.5m
(US$3.4m - US$3.7m, R62m -
R68.2m)²
Mt Lyell
n/a
n/a
A$11m
(US$7.5m, R136m)2,8
Source: Company forecasts, Note: Guidance does not take into account the impact of unplanned events
*As at 5 November 2026
1.US PGM AISC is impacted by tax and royalties paid based on PGM prices, current guidance was based on spot 2E PGM prices of US$1,500/oz; By product credit assumptions of Rh US$9,000/oz
and gold US$4,400/oz
2.Estimates are converted at an exchange rate of R18.24/US$, R20.43/€ and R12.40/A$
3.SA PGM operations production guidance includes third party PoC and 50% attributable production from Mimosa
4.SA PGM operations AISC excludes the purchase cost of third party PoC and Mimosa costs and capital (equity accounted)
5.Gold equivalent ounce production calculated using the following metal pricing: Au US$2,506/oz, Ag US$38/oz, Pt US$1,150/oz, Pd US$1,050, Ir US$4,000/oz, Rh US$4,800/oz, Ru US$500/oz and Cu
US$4.4/lb
6.2026 guided capital includes construction phase start-up capital, sustaining cost and capitalised cost. The current production profile includes the Syväjärvi and Rapasaari open pit mining areas
7.DRDGOLD included at 100%
8.An accrual of A$14.7 million (US$10 million, R182 million) was recognised during Q3 2026 as deferred acquisition consideration arising from the positive investment decision relating to Mt Lyell as
announced in September 2026. This is only payable on first production, expected early 2029
RICHARD STEWART
CHIEF EXECUTIVE OFFICER
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 7
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS
US and SA PGM operations
US PGM
operations
Total SA PGM operations2
Rustenburg
Marikana2
Plat Mile
Mimosa
Under-
ground1
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Surface
Attribu-
table
Production
Tonnes milled/treated
kt
Sep 2026
177
8,205
4,773
3,432
2,757
1,107
1,667
645
1,680
349
Jun 2026
199
7,524
4,368
3,156
2,535
876
1,475
802
1,478
357
Sep 2025
198
10,343
5,283
5,061
3,152
1,407
1,760
960
2,694
370
Plant head grade
g/t
Sep 2026
11.44
2.25
3.22
0.91
2.95
1.24
3.69
0.91
0.69
3.13
Jun 2026
11.62
2.29
3.29
0.91
3.03
1.24
3.75
0.92
0.70
3.22
Sep 2025
12.73
2.12
3.23
0.96
2.97
1.15
3.67
1.36
0.72
3.39
Plant recoveries
%
Sep 2026
91.64
74.10
85.26
18.42
84.85
24.89
86.86
8.06
16.09
78.69
Jun 2026
90.89
73.37
84.37
17.98
84.10
27.10
86.98
8.14
15.64
74.03
Sep 2025
90.61
70.05
84.73
18.60
84.77
22.55
86.68
20.52
13.98
73.42
Yield
g/t
Sep 2026
10.48
1.67
2.75
0.17
2.50
0.31
3.21
0.07
0.11
2.46
Jun 2026
10.56
1.68
2.78
0.16
2.55
0.34
3.26
0.07
0.11
2.38
Sep 2025
11.53
1.49
2.74
0.18
2.52
0.26
3.18
0.28
0.10
2.49
PGM production3
4Eoz - 2Eoz
Sep 2026
59,417
439,802
421,303
18,499
221,878
10,980
171,795
1,522
5,997
27,630
Jun 2026
69,544
406,406
389,811
16,595
207,693
9,460
154,721
1,932
5,203
27,397
Sep 2025
73,171
493,863
464,803
29,060
255,126
11,731
180,031
8,612
8,717
29,646
PGM sold4
4Eoz - 2Eoz
Sep 2026
72,514
449,658
202,319
11,333
199,663
5,997
30,346
Jun 2026
63,159
426,134
175,044
12,522
203,294
5,203
30,071
Sep 2025
78,340
457,197
195,282
13,760
200,872
8,717
38,566
Price and costs5
Average PGM basket price6
R/4Eoz - R/2Eoz
Sep 2026
22,971
37,250
37,588
32,982
37,187
35,019
32,994
Jun 2026
25,116
40,967
41,280
36,987
40,919
38,318
36,473
Sep 2025
20,886
32,438
32,732
29,629
32,387
29,929
29,172
US$/4Eoz - US$/2Eoz
Sep 2026
1,411
2,288
2,309
2,026
2,284
2,151
2,027
Jun 2026
1,524
2,486
2,505
2,244
2,483
2,325
2,213
Sep 2025
1,184
1,839
1,856
1,680
1,836
1,697
1,654
Operating cost7,9
R/t
Sep 2026
6,570
1,505
2,246
377
2,170
119
1,889
Jun 2026
6,255
1,544
2,360
340
2,028
111
1,785
Sep 2025
6,706
1,122
1,942
197
1,684
77
1,881
US$/t
Sep 2026
404
92
138
23
133
7
116
Jun 2026
380
94
143
21
123
7
108
Sep 2025
380
64
110
11
95
4
107
R/4Eoz - R/2Eoz
Sep 2026
19,540
28,694
27,907
37,978
28,953
33,350
23,851
Jun 2026
17,859
29,195
28,812
31,501
29,486
31,520
23,287
Sep 2025
18,122
24,094
23,988
23,613
24,279
23,861
23,511
US$/4Eoz - US$/2Eoz
Sep 2026
1,200
1,763
1,714
2,333
1,778
2,049
1,465
Jun 2026
1,084
1,772
1,748
1,911
1,789
1,913
1,413
Sep 2025
1,027
1,366
1,360
1,339
1,376
1,353
1,333
All-in sustaining cost7,8,9
R/4Eoz - R/2Eoz
Sep 2026
26,322
26,598
26,024
27,372
26,513
23,634
Jun 2026
23,093
27,767
28,045
27,456
25,562
25,331
Sep 2025
20,555
22,537
23,241
21,697
19,961
23,410
US$/4Eoz - US$/2Eoz
Sep 2026
1,617
1,634
1,599
1,681
1,629
1,452
Jun 2026
1,401
1,685
1,702
1,666
1,551
1,537
Sep 2025
1,165
1,278
1,318
1,230
1,132
1,327
All-in cost7,8,9
R/4Eoz - R/2Eoz
Sep 2026
27,366
27,333
26,381
28,520
26,513
23,634
Jun 2026
24,100
28,276
28,404
28,190
25,562
25,331
Sep 2025
21,716
22,869
23,297
22,434
19,961
23,410
US$/4Eoz - US$/2Eoz
Sep 2026
1,681
1,679
1,620
1,752
1,629
1,452
Jun 2026
1,462
1,716
1,724
1,711
1,551
1,537
Sep 2025
1,231
1,296
1,321
1,272
1,132
1,327
Capital expenditure5
Ore reserve development
Rm
Sep 2026
293
672
217
455
-
-
Jun 2026
362
622
210
412
-
-
Sep 2025
263
644
203
441
-
-
Sustaining capital
Rm
Sep 2026
268
961
472
489
-
123
Jun 2026
143
693
395
297
1
132
Sep 2025
57
656
367
278
11
75
Project capital
Rm
Sep 2026
56
303
83
199
-
-
Jun 2026
59
193
78
115
-
-
Sep 2025
76
154
15
139
-
-
Total capital expenditure
Rm
Sep 2026
617
1,936
772
1,143
-
123
Jun 2026
564
1,508
683
824
1
132
Sep 2025
396
1,454
585
858
11
75
US$m
Sep 2026
38
119
47
70
-
8
Jun 2026
34
92
41
50
-
8
Sep 2025
22
82
33
49
1
4
Average exchange rate for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively
Figures may not add as they are rounded independently
1The US PGM operations' underground production is converted to metric tonnes and kilograms, and financial performance is translated into Rand
2Total SA PGM operation and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC
and AIC excluding third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters" and "Reconciliation of AISC and
AIC excluding third party PoC for Total SA PGM operations and Marikana - Quarters"
3The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au) and measured at the concentrator, and in
the US underground operations is principally platinum and palladium, referred to as 2E (2PGM)
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 8
4PGM sold includes the third party PoC ounces sold
5Total 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
6The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
7Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures
of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining
costs and All-in costs are considered pro-forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of
Directors and is presented for illustration purposes only, and because of its nature, All-in sustaining costs and All-in costs should not be considered as a representation of financial performance
8All-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. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"
9The Section 45X Advance Manufacturing Production Credits relating to US PGM underground operations for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 were
R186 million (US$11 million), R228 million(US$14 million) and R181 million (US$10 million) respectively
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 9
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS (continued)
SA gold operations
SA OPERATIONS
Total SA gold
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Surface
Surface
Production
Tonnes milled/treated
kt
Sep 2026
8,354
729
7,625
248
62
180
204
302
-
1,188
6,170
Jun 2026
8,381
721
7,660
271
62
150
172
300
-
1,080
6,345
Sep 2025
8,408
864
7,544
296
-
237
74
332
-
989
6,481
Yield
g/t
Sep 2026
0.58
4.28
0.22
7.24
1.14
3.37
0.45
2.39
-
0.20
0.21
Jun 2026
0.57
4.25
0.23
6.50
0.26
3.87
0.64
2.42
-
0.30
0.20
Sep 2025
0.65
4.64
0.19
7.66
-
3.68
0.73
2.63
-
0.22
0.18
Gold produced
kg
Sep 2026
4,835
3,123
1,712
1,794
71
606
92
723
-
242
1,307
Jun 2026
4,798
3,066
1,732
1,760
16
581
110
725
-
323
1,283
Sep 2025
5,472
4,010
1,462
2,263
-
874
54
873
-
217
1,191
oz
Sep 2026
155,449
100,407
55,042
57,678
2,283
19,483
2,958
23,245
-
7,780
42,021
Jun 2026
154,259
98,574
55,685
56,585
514
18,680
3,537
23,309
-
10,385
41,249
Sep 2025
175,929
128,924
47,004
72,757
-
28,100
1,736
28,068
-
6,977
38,292
Gold sold
kg
Sep 2026
4,915
3,215
1,700
1,883
42
606
72
726
-
262
1,324
Jun 2026
4,936
3,171
1,765
1,725
10
627
145
819
-
288
1,322
Sep 2025
5,361
3,911
1,450
2,258
-
831
30
822
-
262
1,158
oz
Sep 2026
158,021
103,365
54,656
60,540
1,350
19,483
2,315
23,341
-
8,423
42,568
Jun 2026
158,696
101,950
56,746
55,460
322
20,159
4,662
26,331
-
9,259
42,503
Sep 2025
172,360
125,742
46,619
72,596
-
26,717
965
26,428
-
8,423
37,231
Price and costs
Gold price received
R/kg
Sep 2026
2,208,545
2,214,026
2,150,442
2,210,744
2,209,924
2,228,852
Jun 2026
2,352,512
2,355,043
2,283,679
2,366,300
2,368,056
2,377,458
Sep 2025
1,929,491
1,857,396
1,744,483
1,843,066
1,908,397
1,947,323
US$/oz
Sep 2026
4,219
4,230
4,108
4,224
4,222
4,258
Jun 2026
4,440
4,445
4,310
4,466
4,469
4,487
Sep 2025
3,402
3,275
3,076
3,250
3,365
3,434
Operating cost1,4
R/t
Sep 2026
835
6,861
259
8,562
577
9,068
593
4,150
-
384
220
Jun 2026
803
6,522
265
7,353
673
9,914
1,040
4,072
-
488
201
Sep 2025
757
5,435
221
7,055
-
6,435
282
3,276
-
450
186
US$/t
Sep 2026
51
421
16
526
35
557
36
255
-
24
14
Jun 2026
49
396
16
446
41
602
63
247
-
30
12
Sep 2025
43
308
13
400
-
365
16
186
-
26
11
R/kg
Sep 2026
1,443,226
1,602,626
1,152,453
1,182,274
507,042
2,691,419
1,315,217
1,733,057
-
1,884,298
1,040,551
Jun 2026
1,402,251
1,533,594
1,169,746
1,131,250
2,625,000
2,564,544
1,627,273
1,684,138
-
1,631,579
996,103
Sep 2025
1,163,743
1,171,571
1,142,271
921,343
-
1,747,140
388,889
1,243,986
-
2,050,691
1,010,915
US$/oz
Sep 2026
2,757
3,062
2,202
2,259
969
5,142
2,513
3,311
-
3,600
1,988
Jun 2026
2,647
2,894
2,208
2,135
4,954
4,840
3,071
3,179
-
3,079
1,880
Sep 2025
2,052
2,066
2,014
1,625
-
3,081
686
2,193
-
3,616
1,782
All-in sustaining cost1,2
R/kg
Sep 2026
1,668,973
1,594,286
2,547,198
1,964,187
1,854,962
1,156,344
Jun 2026
1,640,802
1,636,888
2,349,741
1,804,640
1,940,972
1,071,104
Sep 2025
1,385,189
1,267,936
2,119,628
1,397,810
1,988,550
1,045,769
US$/oz
Sep 2026
3,189
3,046
4,867
3,753
3,544
2,209
Jun 2026
3,097
3,089
4,435
3,406
3,663
2,022
Sep 2025
2,442
2,236
3,737
2,465
3,506
1,844
All-in cost1,2
R/kg
Sep 2026
1,784,741
1,594,286
2,547,198
1,964,187
1,854,962
1,576,284
Jun 2026
1,875,000
1,636,888
2,349,741
1,804,640
1,940,972
1,922,088
Sep 2025
1,533,483
1,267,936
2,119,628
1,397,810
1,988,550
1,721,071
US$/oz
Sep 2026
3,410
3,046
4,867
3,753
3,544
3,012
Jun 2026
3,539
3,089
4,435
3,406
3,663
3,628
Sep 2025
2,704
2,236
3,737
2,465
3,506
3,035
Capital expenditure
Ore reserve development
Rm
Sep 2026
600
524
-
76
-
-
Jun 2026
581
517
-
64
-
-
Sep 2025
821
473
281
67
-
-
Sustaining capital
Rm
Sep 2026
306
145
-
41
-
120
Jun 2026
253
127
-
28
-
98
Sep 2025
253
112
64
26
-
51
Project capital3
Rm
Sep 2026
562
-
-
-
-
556
Jun 2026
1,135
-
-
-
-
1,125
Sep 2025
786
-
-
-
-
782
Total capital expenditure4
Rm
Sep 2026
1,468
669
-
117
-
676
Jun 2026
1,969
644
-
92
-
1,223
Sep 2025
1,860
585
345
93
-
833
US$m
Sep 2026
90
41
-
7
-
42
Jun 2026
119
39
-
6
-
74
Sep 2025
105
33
20
5
-
47
Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively
Figures may not add as they are rounded independently
1Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures
of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining
costs and All-in costs are considered pro forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of
Directors and is presented for illustration purposes only, and because of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance
2All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to
normalise earnings. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"
3The total project capital expenditure for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 includes R6 million (US$- million), R10 million (US$1 million) and R4 million
(US$- million), respectively, which relates mainly to various security capital requirements and the Burnstone project not included under specific operations above
4Due to the Kloof operations having a life of mine of 1 year as of 31 December 2025, all capital expenditure is expensed
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 10
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS (continued)
Australian operations
Century zinc retreatment operation
Production
Ore mined and processed
kt
Sep 2026
2,160
Jun 2026
2,196
Sep 2025
2,063
Zinc ore grade processed
%
Sep 2026
2.83
Jun 2026
2.75
Sep 2025
2.87
Plant recoveries
%
Sep 2026
49.73
Jun 2026
49.37
Sep 2025
49.97
Concentrate produced1
kt
Sep 2026
68
Jun 2026
66
Sep 2025
64
Concentrate zinc grade2
%
Sep 2026
44.79
Jun 2026
45.00
Sep 2025
46.11
Zinc in concentrate produced3
kt
Sep 2026
30
Jun 2026
30
Sep 2025
30
Payable zinc production4
kt
Sep 2026
25
Jun 2026
25
Sep 2025
24
Payable zinc sales5
kt
Sep 2026
29
Jun 2026
18
Sep 2025
17
Price and costs
Average equivalent zinc concentrate price6
R/tZn
Sep 2026
66,085
Jun 2026
68,842
Sep 2025
47,562
US$/tZn
Sep 2026
4,059
Jun 2026
4,177
Sep 2025
2,696
All-in sustaining cost7,8
R/tZn
Sep 2026
41,022
Jun 2026
35,323
Sep 2025
35,539
US$/tZn
Sep 2026
2,520
Jun 2026
2,143
Sep 2025
2,015
All-in cost7,8
R/tZn
Sep 2026
41,022
Jun 2026
35,730
Sep 2025
36,560
US$/tZn
Sep 2026
2,520
Jun 2026
2,168
Sep 2025
2,073
Capital expenditure
Sustaining capital
Rm
Sep 2026
28
Jun 2026
4
Sep 2025
11
Project capital
Rm
Sep 2026
-
Jun 2026
10
Sep 2025
25
Total capital expenditure
Rm
Sep 2026
28
Jun 2026
14
Sep 2025
36
US$m
Sep 2026
2
Jun 2026
1
Sep 2025
2
Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively
Figures may not add as they are rounded independently
1Concentrate produced contains zinc, lead, silver and waste material, which is exported as a relatively dry product
2Concentrate zinc grade is the percentage of zinc contained in the concentrate produced
3Zinc in concentrate produced is the zinc metal contained in the concentrate produced
4Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions
5Payable zinc sales is the payable quantity of zinc metal sold after applying smelter content deductions
6Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc
sales
7All-in sustaining costs and all-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures of financial
performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and
All-in costs are considered pro forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is
presented for illustration purposes only, and because of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance
8All-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. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 11
ALL-IN COSTS - QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
US PGM
operations1
Total SA
PGM
operations2
Rustenburg
Marikana2
Plat Mile
Mimosa
Corporate
Cost of sales, before amortisation and depreciation3
Sep 2026
1,251
12,399
6,376
5,790
233
745
(745)
Jun 2026
1,415
11,668
5,679
5,803
186
693
(693)
Sep 2025
1,259
10,919
5,435
5,257
227
926
(926)
Royalties
Sep 2026
-
367
207
160
-
42
(42)
Jun 2026
-
434
256
178
-
72
(72)
Sep 2025
-
267
229
38
-
51
(51)
Carbon tax
Sep 2026
-
-
-
-
-
-
-
Jun 2026
-
1
-
1
-
-
-
Sep 2025
-
1
-
1
-
-
-
Community costs
Sep 2026
-
48
7
41
-
-
-
Jun 2026
-
37
3
34
-
-
-
Sep 2025
-
67
21
46
-
-
-
Inventory change
Sep 2026
(90)
406
349
57
-
(86)
86
Jun 2026
(173)
410
707
(297)
-
(55)
55
Sep 2025
67
1,220
1,179
41
-
(229)
229
Share-based payments4
Sep 2026
19
71
40
31
-
-
-
Jun 2026
25
91
48
42
1
-
-
Sep 2025
18
47
27
26
1
-
-
Rehabilitation interest and amortisation5
Sep 2026
14
68
43
25
-
3
(3)
Jun 2026
14
67
48
19
-
2
(2)
Sep 2025
8
47
37
10
-
2
(2)
Leases
Sep 2026
-
16
3
12
1
-
-
Jun 2026
-
10
2
8
-
-
-
Sep 2025
-
12
5
7
-
-
-
Ore reserve development
Sep 2026
293
672
217
455
-
-
-
Jun 2026
362
622
210
412
-
-
-
Sep 2025
263
644
203
441
-
-
-
Sustaining capital expenditure
Sep 2026
268
961
472
489
-
123
(123)
Jun 2026
143
693
395
297
1
132
(132)
Sep 2025
57
656
367
278
11
75
(75)
Less: By-product credit
Sep 2026
(191)
(3,448)
(1,654)
(1,719)
(75)
(174)
174
Jun 2026
(180)
(2,854)
(1,258)
(1,541)
(55)
(150)
150
Sep 2025
(168)
(2,919)
(1,301)
(1,553)
(65)
(131)
131
Total All-in-sustaining costs6,7
Sep 2026
1,564
11,560
6,060
5,341
159
653
(653)
Jun 2026
1,606
11,179
6,090
4,956
133
694
(694)
Sep 2025
1,504
10,961
6,202
4,592
174
694
(694)
Plus: Corporate cost, growth and capital expenditure
Sep 2026
62
303
83
199
-
-
21
Jun 2026
70
193
78
115
-
-
-
Sep 2025
85
154
15
139
-
-
-
Total All-in-costs6,7
Sep 2026
1,626
11,863
6,143
5,540
159
653
(632)
Jun 2026
1,676
11,372
6,168
5,071
133
694
(694)
Sep 2025
1,589
11,115
6,217
4,731
174
694
(694)
PGM production
4Eoz - 2Eoz
Sep 2026
59,417
458,202
232,858
191,717
5,997
27,630
-
Jun 2026
69,544
428,342
217,153
178,589
5,203
27,397
-
Sep 2025
73,171
511,052
266,857
205,832
8,717
29,646
-
kg
Sep 2026
1,848
14,252
7,243
5,963
187
859
-
Jun 2026
2,163
13,323
6,754
5,555
162
852
-
Sep 2025
2,276
15,895
8,300
6,402
271
922
-
All-in-sustaining cost6,7
R/4Eoz - R/2Eoz
Sep 2026
26,322
26,848
26,024
27,859
26,513
23,634
-
Jun 2026
23,093
27,882
28,045
27,751
25,562
25,331
-
Sep 2025
20,555
22,769
23,241
22,309
19,961
23,410
-
US$/4Eoz - US$/2Eoz
Sep 2026
1,617
1,649
1,599
1,711
1,629
1,452
-
Jun 2026
1,401
1,692
1,702
1,684
1,551
1,537
-
Sep 2025
1,165
1,291
1,318
1,265
1,132
1,327
-
All-in-cost6,7
R/4Eoz - R/2Eoz
Sep 2026
27,366
27,552
26,381
28,897
26,513
23,634
-
Jun 2026
24,100
28,363
28,404
28,395
25,562
25,331
-
Sep 2025
21,716
23,089
23,297
22,985
19,961
23,410
-
US$/4Eoz - US$/2Eoz
Sep 2026
1,681
1,692
1,620
1,775
1,629
1,452
-
Jun 2026
1,462
1,721
1,724
1,723
1,551
1,537
-
Sep 2025
1,231
1,309
1,321
1,303
1,132
1,327
-
Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively
Figures may not add as they are rounded independently
1The US PGM operations' underground production is converted to metric tonnes and kilograms, and financial performance is translated into Rand
2Total SA PGM operations and Marikana includes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC
and AIC excluding third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters" and "Reconciliation of AISC and
AIC excluding third party PoC for Total SA PGM operations and Marikana - Quarters"
3Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
4Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date
fair value
5Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
6All-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 All-in cost per ounce are
calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced (excluding Mimosa) in the same period
7The Section 45X Advance Manufacturing Production Credits relating to US PGM underground operations for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 were
R186 million (US$11 million), R228 million(US$14 million) and R181 million (US$10 million) respectively
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 12
ALL-IN COSTS - QUARTERS (continued)
Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters
Total SA PGM operations
Marikana
Rm
Sep 2026
Jun 2026
Sep 2025
Sep 2026
Jun 2026
Sep 2025
Cost of sales, before amortisation and depreciation as reported per table above
12,399
11,668
10,919
5,790
5,803
5,257
Inventory change as reported per table above
406
410
1,220
57
(297)
41
Less: Chrome cost of sales
(177)
(155)
(306)
(28)
(29)
(70)
Total operating cost including third party PoC
12,628
11,923
11,833
5,819
5,477
5,228
Less: Purchase cost of PoC
(801)
(858)
(648)
(801)
(858)
(648)
Total operating cost excluding third party PoC
11,827
11,065
11,185
5,018
4,619
4,580
PGM production as reported per table above
4Eoz- 2Eoz
458,202
428,342
511,052
191,717
178,589
205,832
Less: Mimosa production
(27,630)
(27,397)
(29,646)
-
-
-
PGM production excluding Mimosa
430,572
400,945
481,406
191,717
178,589
205,832
Less: PoC production
(18,400)
(21,936)
(17,189)
(18,400)
(21,936)
(17,189)
PGM production excluding Mimosa and third party PoC
412,172
379,009
464,217
173,317
156,653
188,643
PGM production including Mimosa and excluding third party PoC
439,802
406,406
493,863
173,317
156,653
188,643
Tonnes milled/treated
kt
8,205
7,524
10,343
2,312
2,278
2,720
Less: Mimosa tonnes
(349)
(357)
(370)
-
-
-
PGM tonnes excluding Mimosa and third party PoC
7,856
7,166
9,973
2,312
2,278
2,720
Operating cost including third party PoC
R/4Eoz-R/2Eoz
29,328
29,737
24,580
30,352
30,668
25,399
US$/4Eoz-US$/2Eoz
1,802
1,804
1,393
1,864
1,861
1,440
R/t
1,607
1,664
1,187
2,516
2,405
1,922
US$/t
99
101
67
155
146
109
Operating cost excluding third party PoC
R/4Eoz-R/2Eoz
28,694
29,195
24,094
28,953
29,486
24,279
US$/4Eoz-US$/2Eoz
1,763
1,772
1,366
1,778
1,789
1,376
R/t
1,505
1,544
1,122
2,170
2,028
1,684
US$/t
92
94
64
133
123
95
Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana - Quarters
Total SA PGM operations
Marikana
Rm
Sep 2026
Jun 2026
Sep 2025
Sep 2026
Jun 2026
Sep 2025
Total All-in-sustaining cost as reported per table above
11,560
11,179
10,961
5,341
4,956
4,592
Less: Purchase cost of PoC
(801)
(858)
(648)
(801)
(858)
(648)
Add: By-product credit of PoC
204
203
149
204
203
149
Total All-in-sustaining cost excluding third party PoC
10,963
10,524
10,462
4,744
4,301
4,093
Plus: Corporate cost, growth and capital expenditure
303
193
154
199
115
139
Total All-in-cost excluding third party PoC
11,266
10,717
10,616
4,943
4,416
4,232
PGM production excluding Mimosa and third party PoC
4Eoz- 2Eoz
412,172
379,009
464,217
173,317
156,653
188,643
All-in-sustaining cost excluding third party PoC
R/4Eoz-R/2Eoz
26,598
27,767
22,537
27,372
27,456
21,697
US$/4Eoz-US$/2Eoz
1,634
1,685
1,278
1,681
1,666
1,230
All-in-cost excluding third party PoC
R/4Eoz-R/2Eoz
27,333
28,276
22,869
28,520
28,190
22,434
US$/4Eoz-US$/2Eoz
1,679
1,716
1,296
1,752
1,711
1,272
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 13
ALL-IN COSTS - QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
SA OPERATIONS
Total SA
gold
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Corporate
Cost of sales, before amortisation and depreciation1
Sep 2026
7,063
2,263
1,711
1,249
457
1,383
-
Jun 2026
6,995
2,049
1,795
1,310
532
1,309
-
Sep 2025
6,218
2,130
1,454
992
489
1,153
-
Royalties
Sep 2026
121
125
7
24
3
-
(38)
Jun 2026
178
127
9
50
2
-
(10)
Sep 2025
38
135
8
38
2
-
(145)
Carbon tax
Sep 2026
-
-
-
-
-
-
-
Jun 2026
-
-
-
-
-
-
-
Sep 2025
(4)
-
-
(4)
-
-
-
Community costs
Sep 2026
22
1
2
12
-
7
-
Jun 2026
3
-
-
-
-
3
-
Sep 2025
7
-
-
-
-
7
-
Share-based payments2
Sep 2026
41
12
7
7
1
14
-
Jun 2026
45
16
9
8
-
12
-
Sep 2025
31
7
6
5
1
12
-
Rehabilitation interest and amortisation3
Sep 2026
43
(2)
1
13
25
4
2
Jun 2026
39
5
2
14
25
(9)
2
Sep 2025
59
6
10
22
29
(10)
2
Leases
Sep 2026
13
4
1
5
-
3
-
Jun 2026
11
2
1
5
-
3
-
Sep 2025
8
-
2
3
-
3
-
Ore reserve development
Sep 2026
600
524
-
76
-
-
-
Jun 2026
581
517
-
64
-
-
-
Sep 2025
821
473
281
67
-
-
-
Sustaining capital expenditure
Sep 2026
306
145
-
41
-
120
-
Jun 2026
253
127
-
28
-
98
-
Sep 2025
253
112
64
26
-
51
-
Less: By-product credit
Sep 2026
(6)
(3)
(2)
(1)
-
-
-
Jun 2026
(6)
(3)
(2)
(1)
-
-
-
Sep 2025
(5)
-
-
-
-
(5)
-
Total All-in-sustaining costs4
Sep 2026
8,203
3,069
1,727
1,426
486
1,531
(36)
Jun 2026
8,099
2,840
1,814
1,478
559
1,416
(8)
Sep 2025
7,426
2,863
1,825
1,149
521
1,211
(143)
Plus: Corporate cost, growth and capital expenditure
Sep 2026
569
-
-
-
-
556
13
Jun 2026
1,156
-
-
-
-
1,125
31
Sep 2025
795
-
-
-
-
782
13
Total All-in-costs4
Sep 2026
8,772
3,069
1,727
1,426
486
2,087
(23)
Jun 2026
9,255
2,840
1,814
1,478
559
2,541
23
Sep 2025
8,221
2,863
1,825
1,149
521
1,993
(130)
Gold sold
kg
Sep 2026
4,915
1,925
678
726
262
1,324
-
Jun 2026
4,936
1,735
772
819
288
1,322
-
Sep 2025
5,361
2,258
861
822
262
1,158
-
oz
Sep 2026
158,021
61,890
21,798
23,341
8,423
42,568
-
Jun 2026
158,696
55,782
24,820
26,331
9,259
42,503
-
Sep 2025
172,360
72,596
27,682
26,428
8,423
37,231
-
All-in-sustaining cost4
R/kg
Sep 2026
1,668,973
1,594,286
2,547,198
1,964,187
1,854,962
1,156,344
-
Jun 2026
1,640,802
1,636,888
2,349,741
1,804,640
1,940,972
1,071,104
-
Sep 2025
1,385,189
1,267,936
2,119,628
1,397,810
1,988,550
1,045,769
-
All-in-sustaining cost
US$/oz
Sep 2026
3,189
3,046
4,867
3,753
3,544
2,209
-
Jun 2026
3,097
3,089
4,435
3,406
3,663
2,022
-
Sep 2025
2,442
2,236
3,737
2,465
3,506
1,844
-
All-in-cost4
R/kg
Sep 2026
1,784,741
1,594,286
2,547,198
1,964,187
1,854,962
1,576,284
-
Jun 2026
1,875,000
1,636,888
2,349,741
1,804,640
1,940,972
1,922,088
-
Sep 2025
1,533,483
1,267,936
2,119,628
1,397,810
1,988,550
1,721,071
-
All-in-cost
US$/oz
Sep 2026
3,410
3,046
4,867
3,753
3,544
3,012
-
Jun 2026
3,539
3,089
4,435
3,406
3,663
3,628
-
Sep 2025
2,704
2,236
3,737
2,465
3,506
3,035
-
Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively
Figures may not add as they are rounded independently
1Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
2Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date
fair value
3Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
4All-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
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 14
ALL-IN COSTS - QUARTERS (continued)
Australian operations
Figures are in rand millions unless otherwise stated
Century zinc retreatment operation
Cost of sales, before amortisation and depreciation1
Sep 2026
962
Jun 2026
855
Sep 2025
392
Royalties
Sep 2026
97
Jun 2026
61
Sep 2025
50
Community costs
Sep 2026
15
Jun 2026
15
Sep 2025
15
Inventory change
Sep 2026
(60)
Jun 2026
(30)
Sep 2025
425
Share-based payments2
Sep 2026
11
Jun 2026
13
Sep 2025
5
Rehabilitation interest and amortisation3
Sep 2026
19
Jun 2026
18
Sep 2025
18
Leases
Sep 2026
13
Jun 2026
11
Sep 2025
24
Sustaining capital expenditure
Sep 2026
28
Jun 2026
4
Sep 2025
11
Less: By-product credit
Sep 2026
(61)
Jun 2026
(80)
Sep 2025
(70)
Total All-in-sustaining costs4
Sep 2026
1,024
Jun 2026
867
Sep 2025
870
Plus: Corporate cost, growth and capital expenditure
Sep 2026
-
Jun 2026
10
Sep 2025
25
Total All-in-costs4
Sep 2026
1,024
Jun 2026
877
Sep 2025
895
Payable zinc production
kt
Sep 2026
25
Jun 2026
25
Sep 2025
24
All-in-sustaining cost4
R/tZn
Sep 2026
41,022
Jun 2026
35,323
Sep 2025
35,539
US$/tZn
Sep 2026
2,520
Jun 2026
2,143
Sep 2025
2,015
All-in-cost4
R/tZn
Sep 2026
41,022
Jun 2026
35,730
Sep 2025
36,560
US$/tZn
Sep 2026
2,520
Jun 2026
2,168
Sep 2025
2,073
Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively
Figures may not add as they are rounded independently
1Cost of sales, before amortisation and depreciation includes all mining and processing costs, corporate general and administrative costs, and permitting costs
2Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date
fair value
3Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current zinc production
4All-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 tonne and All-in cost per tonne are
calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total tonnes of payable zinc production in the same period
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 15
UNIT OPERATING COST - QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
US PGM
operations
Total SA
PGM
operations2,3
Rustenburg3
Marikana3
Plat Mile3
Mimosa
Under-
ground1
Total
Under-
ground
Surface
Under-
ground
Surface
Surface
Attribu-table
Cost of sales, before amortisation and
depreciation
Sep 2026
1,251
12,399
5,982
394
5,790
233
745
Jun 2026
1,415
11,668
5,325
354
5,803
186
693
Sep 2025
1,259
10,919
5,077
358
5,257
227
926
Inventory change
Sep 2026
(90)
406
326
23
57
-
(86)
Jun 2026
(173)
410
763
(56)
(297)
-
(55)
Sep 2025
67
1,220
1,260
(81)
41
-
(229)
Less: Chrome cost of sales
Sep 2026
-
(177)
(116)
-
(28)
(33)
-
Jun 2026
-
(155)
(104)
-
(29)
(22)
-
Sep 2025
-
(306)
(217)
-
(70)
(19)
-
Less: Purchase cost of PoC
Sep 2026
-
(801)
-
-
(801)
-
-
Jun 2026
-
(858)
-
-
(858)
-
-
Sep 2025
-
(648)
-
-
(648)
-
-
Total operating cost excluding third party PoC
Sep 2026
1,161
11,827
6,192
417
5,018
200
659
Jun 2026
1,242
11,065
5,984
298
4,619
164
638
Sep 2025
1,326
11,185
6,120
277
4,580
208
697
Tonnes milled/treated
kt
Sep 2026
177
7,856
2,757
1,107
1,667
645
1,680
349
Jun 2026
199
7,166
2,535
876
1,475
802
1,478
357
Sep 2025
198
9,973
3,152
1,407
1,760
960
2,694
370
PGM production excluding third party PoC4
4Eoz
Sep 2026
59,417
412,172
221,878
10,980
173,317
5,997
27,630
Jun 2026
69,544
379,009
207,693
9,460
156,653
5,203
27,397
Sep 2025
73,171
464,217
255,126
11,731
188,643
8,717
29,646
Operating cost5,6
R/t
Sep 2026
6,570
1,505
2,246
377
2,170
119
1,889
Jun 2026
6,255
1,544
2,360
340
2,028
111
1,785
Sep 2025
6,706
1,122
1,942
197
1,684
77
1,881
US$/t
Sep 2026
404
92
138
23
133
7
116
Jun 2026
380
94
143
21
123
7
108
Sep 2025
380
64
110
11
95
4
107
R/4Eoz - R/2Eoz
Sep 2026
19,540
28,694
27,907
37,978
28,953
33,350
23,851
Jun 2026
17,859
29,195
28,812
31,501
29,486
31,520
23,287
Sep 2025
18,122
24,094
23,988
23,613
24,279
23,861
23,511
US$/4Eoz -
US$/2Eoz
Sep 2026
1,200
1,763
1,714
2,333
1,778
2,049
1,465
Jun 2026
1,084
1,772
1,748
1,911
1,789
1,913
1,413
Sep 2025
1,027
1,366
1,360
1,339
1,376
1,353
1,333
Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively
Figures may not add as they are rounded independently
1 The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into Rand
2Total SA PGM operations exclude the results of Mimosa (financial and production results), which is equity accounted
3Cost of sales, before amortisation and depreciation for Total SA PGM operations, Rustenburg, Marikana and Platinum Mile includes the Chrome cost of sales, but is excluded for operating unit
cost calculation purposes as Chrome production is excluded from the concentrate production
4For a reconciliation of the production excluding Mimosa and third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana -
Quarters"
5Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation, adjusted for change in
inventory, less chrome- and PoC cost of sales in a period by the tonnes milled/treated in the same period, and operating cost per ounce is calculated by dividing the cost of sales, before
amortisation and depreciation, adjusted for change in inventory, less chrome- and PoC cost of sales in a period, by the PGM produced in the same period
6 The Section 45X Advance Manufacturing Production Credits relating to US PGM underground operations for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 were
R186 million (US$11 million), R228 million(US$14 million) and R181 million (US$10 million) respectively
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 16
UNIT OPERATING COST - QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
Total SA gold operations
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Surface
Surface
Cost of sales, before
amortisation and depreciation
Sep 2026
7,063
5,075
1,988
2,227
36
1,599
112
1,249
-
457
1,383
Jun 2026
6,995
4,913
2,082
2,007
42
1,596
199
1,310
-
532
1,309
Sep 2025
6,218
4,561
1,657
2,130
-
1,439
15
992
-
489
1,153
Inventory change
Sep 2026
(85)
(70)
(15)
(106)
-
32
9
4
-
(1)
(23)
Jun 2026
(267)
(211)
(56)
(16)
-
(106)
(20)
(89)
-
(5)
(31)
Sep 2025
150
137
13
(45)
-
88
6
94
-
(44)
51
Total operating cost
Sep 2026
6,978
5,005
1,973
2,121
36
1,631
121
1,253
-
456
1,360
Jun 2026
6,728
4,702
2,026
1,991
42
1,490
179
1,221
-
527
1,278
Sep 2025
6,368
4,698
1,670
2,085
-
1,527
21
1,086
-
445
1,204
Tonnes milled/treated
kt
Sep 2026
8,354
729
7,625
248
62
180
204
302
-
1,188
6,170
Jun 2026
8,381
721
7,660
271
62
150
172
300
-
1,080
6,345
Sep 2025
8,408
864
7,544
296
-
237
74
332
-
989
6,481
Gold produced
kg
Sep 2026
4,835
3,123
1,712
1,794
71
606
92
723
-
242
1,307
Jun 2026
4,798
3,066
1,732
1,760
16
581
110
725
-
323
1,283
Sep 2025
5,472
4,010
1,462
2,263
-
874
54
873
-
217
1,191
oz
Sep 2026
155,449
100,407
55,042
57,678
2,283
19,483
2,958
23,245
-
7,780
42,021
Jun 2026
154,259
98,574
55,685
56,585
514
18,680
3,537
23,309
-
10,385
41,249
Sep 2025
175,929
128,924
47,004
72,757
-
28,100
1,736
28,068
-
6,977
38,292
Operating cost1,2
R/t
Sep 2026
835
6,861
259
8,562
577
9,068
593
4,150
-
384
220
Jun 2026
803
6,522
265
7,353
673
9,914
1,040
4,072
-
488
201
Sep 2025
757
5,435
221
7,055
-
6,435
282
3,276
-
450
186
US$/t
Sep 2026
51
421
16
526
35
557
36
255
-
24
14
Jun 2026
49
396
16
446
41
602
63
247
-
30
12
Sep 2025
43
308
13
400
-
365
16
186
-
26
11
R/kg
Sep 2026
1,443,226
1,602,626
1,152,453
1,182,274
507,042
2,691,419
1,315,217
1,733,057
-
1,884,298
1,040,551
Jun 2026
1,402,251
1,533,594
1,169,746
1,131,250
2,625,000
2,564,544
1,627,273
1,684,138
-
1,631,579
996,103
Sep 2025
1,163,743
1,171,571
1,142,271
921,343
-
1,747,140
388,889
1,243,986
-
2,050,691
1,010,915
US$/oz
Sep 2026
2,757
3,062
2,202
2,259
969
5,142
2,513
3,311
-
3,600
1,988
Jun 2026
2,647
2,894
2,208
2,135
4,954
4,840
3,071
3,179
-
3,079
1,880
Sep 2025
2,052
2,066
2,014
1,625
-
3,081
686
2,193
-
3,616
1,782
Average exchange rates for the quarters ended 30 September 2026, 30 June 2026 and 30 September 2025 was R16.28/US$, R16.48/US$ and R17.64/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost is the average cost of production and operating cost per tonne is 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 produced in the same period
2 Due to the Kloof operations having a life of 1 year as of 31 December 2025, all capital expenditure is expensed
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 17
ADJUSTED EBITDA RECONCILIATION - QUARTERS
Quarter ended 30 Sep 2026
Quarter ended 30 Jun 2026
Quarter ended 30 Sep 2025
Group
Southern Africa (SA)
region
Americas region
European (EU)
region
Australian (AUS)
region
Group
Group
Southern Africa (SA)
region
Americas region
European (EU)
region
Australian (AUS)
region
Group
Group
Southern Africa (SA)
region
Americas region
European (EU)
region
Australian (AUS)
region
Group
Figures in million - SA rand
Group
SA PGM
SA gold
Total US
operations
US Under-
ground
PGM
Recycling
Total EU
Keliber OY
Total AUS
Century
zinc
retreatmen
t operation
Corporate
Group
SA PGM
SA gold
Total US
operations
US Under-
ground
PGM
Recycling
Total EU
Keliber OY
Total AUS
Century
zinc
retreatmen
t operation
Corporate
Group
SA PGM
SA gold
Total US
operations
US Under-
ground
PGM
Recycling
Total EU
Keliber OY
Total AUS
Century
zinc
retreatmen
t operation
Corporate
Profit/(loss) before royalties,
carbon tax and tax
7,075
4,463
2,844
299
(285)
584
(615)
(227)
753
788
(669)
10,727
6,601
3,659
1,232
(242)
1,474
(410)
(158)
195
227
(550)
4,994
3,453
2,052
18
(193)
211
(419)
(91)
365
399
(475)
Adjusted for:
-
-
Amortisation and
depreciation
2,525
1,189
754
565
481
84
16
16
1
-
-
2,233
1,111
736
375
275
100
5
5
7
6
(1)
2,592
1,172
1,019
398
347
51
3
3
-
-
-
Interest income
(386)
(196)
(162)
(56)
(29)
(27)
37
37
(4)
(4)
(5)
(366)
(169)
(183)
(44)
(25)
(19)
43
43
(6)
(5)
(7)
(316)
(93)
(133)
(11)
(10)
(1)
(14)
(14)
(2)
(2)
(63)
Finance expense
1,105
140
230
279
268
11
26
19
37
32
393
1,118
152
240
397
385
12
(37)
(44)
34
31
332
1,265
201
252
453
442
11
25
22
55
51
279
Share-based payments
504
188
120
102
92
10
64
22
27
27
3
(187)
(58)
(33)
(61)
(59)
(2)
(26)
(8)
(8)
(8)
(1)
728
268
177
158
147
11
94
23
26
26
5
Loss/(gain) on financial
instruments
64
53
(82)
(8)
-
(8)
-
-
101
101
-
(111)
14
120
(475)
-
(475)
125
85
93
93
12
757
66
557
80
-
80
26
-
28
28
-
(Gain)/loss on foreign
exchange movements
(23)
(32)
12
(2)
(2)
-
8
(14)
(7)
(6)
(2)
(55)
(55)
(118)
18
10
8
70
42
18
18
12
(11)
27
(54)
14
8
6
(18)
1
10
8
10
Share of results of equity-
accounted investees after
tax
(56)
(27)
(36)
4
5
(1)
-
-
-
-
3
(990)
(805)
(190)
2
7
(5)
-
-
-
-
3
(251)
(157)
(103)
2
5
(3)
-
-
-
-
7
Change in estimate of
environmental rehabilitation
obligation, and right of
recovery liability and asset
(229)
38
(265)
-
-
-
-
-
-
-
(2)
65
-
(13)
-
-
-
-
-
78
82
-
-
-
-
-
-
-
-
-
-
-
-
(Gain)/loss on disposal of
property, plant and
equipment
(42)
(40)
(7)
5
4
1
-
-
-
-
-
(29)
(17)
(17)
5
1
4
-
-
-
-
-
32
45
(15)
2
2
-
-
-
-
-
-
Impairments
14
14
-
-
-
-
-
-
-
-
-
2
2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Restructuring costs
188
3
18
(1)
(1)
-
168
-
-
-
-
68
3
48
3
3
-
14
-
-
-
-
2
-
2
-
-
-
-
-
-
-
-
Lease payments
(67)
(26)
(17)
(2)
-
(2)
(9)
(6)
(13)
(13)
-
(55)
(21)
(13)
(2)
-
(2)
(9)
(6)
(10)
(11)
-
(65)
(21)
(12)
(1)
-
(1)
(7)
(2)
(24)
(24)
-
Other non-recurring costs
101
-
10
47
47
-
42
-
-
-
2
51
-
54
(56)
(46)
(10)
84
-
-
-
(31)
145
-
(11)
(59)
(169)
110
113
-
-
-
102
Adjusted EBITDA
10,773
5,767
3,419
1,232
580
652
(263)
(153)
895
925
(277)
12,471
6,758
4,290
1,394
309
1,085
(141)
(41)
401
433
(231)
9,872
4,961
3,731
1,054
579
475
(197)
(58)
458
486
(135)
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 18
Non-IFRS measures
Sibanye-Stillwater presents certain non-IFRS figures to provide readers with additional financial information that is regularly reviewed by
management to assess the operational performance of the Group and is the responsibility of the Group's Board of Directors. These non-
IFRS measures should not be considered as alternatives to IFRS Accounting Standards measures, including cost of sales, net operating
profit, profit before taxation, cash from operating activities or any other measure of financial performance presented in accordance with
IFRS Accounting Standards, and may not be comparable to similarly titled measures of other companies.
The non-IFRS financial measures discussed in this document are listed below:
Non-IFRS measure
Definition
Purpose why these non-IFRS measures are
reported
Reconciled
on page
Adjusted EBITDA
Adjusted earnings before interest, tax,
depreciation and amortisation, and is reported
based on the formula included in Sibanye-
Stillwater's facility agreements for compliance
with the debt covenant formula and involves
eliminating the effects of various one-time,
irregular, and non-recurring items from the
standard EBITDA calculation
Used in the calculation of the debt covenant
ratio: net debt/(cash) to adjusted EBITDA
17
All-in sustaining
costs (AISC)
Cost of sales before amortisation and
depreciation plus additional costs which
include community costs, inventory change
(PGM operations only), share-based payments,
royalties, carbon tax, rehabilitation, leases, ore
reserve development (ORD), sustaining capital
expenditure and deducting the by-product
credit
Developed by the World Gold council for the
purpose of the gold mining industry, AISC
provides metrics and aims to reflect the full
cost to sustain the production and sale of our
commodities, and reporting this metric allows
for a meaningful comparisons across our
operations and different mining companies
All-in costs (AIC)
AISC plus additional costs relating to corporate
and major capital expenditure associated with
growth
Developed by the World Gold council for the
purpose of the gold mining industry, AIC
provides metrics and aims to reflect the full
cost to sustain the production and sale of our
commodities, after including growth capital,
and reporting this metric allows for a
meaningful comparisons across our operations
and different mining companies
AISC/AIC per unit
AISC/AIC divided by the total PGM produced/
gold sold/zinc produced (payable)
Developed by the World Gold council for the
purpose of the gold mining industry, AISC/AIC
per unit provides a metric that aims to reflect
the full cost to sustain the production and sale,
after including growth capital (AIC), of an
ounce/kilogram/tonne of commodity and
reporting this metric allows for a meaningful
comparisons across our operations and
different mining companies
Operating costs
The average cost of production, and
operating cost per tonne is 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 ounce
(and kilograms) is calculated by dividing the
cost of sales, before amortisation and
depreciation and change in inventory in a
period by the gold kilograms produced or
PGM 2E and 4E ounces produced in the same
period
Report a measure that aims to reflect the
operating cost to produce our commodities,
and reporting this metric allows for a
meaningful comparisons across our operations
and different mining companies
12,15,16
Pro-forma financial information
Certain financial information, including non-IFRS measures, presented in this operating update constitutes pro forma financial information.
The responsibility for preparing and presenting the pro forma financial information for the completeness and accuracy of the pro forma
financial information is that of the directors of Sibanye-Stillwater. This pro forma financial information is presented for illustrative purposes
only. Because of its nature, the pro forma financial information may not fairly present Sibanye-Stillwater's financial position, changes in
equity, and results of operations or cash flows. This pro forma financial information has not been audited or reviewed or otherwise
reported on by Sibanye-Stillwater's external auditor.
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 19
ADMINISTRATION AND CORPORATE INFORMATION
SIBANYE STILLWATER LIMITED
(SIBANYE-STILLWATER)
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share code: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701
LISTINGS
JSE: SSW
A2X: SSW
NYSE: SBSW
WEBSITE
www.sibanyestillwater.com
REGISTERED AND CORPORATE OFFICE
Constantia Office Park
Bridgeview House, Building 11, Ground floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park 1709
South Africa
Private Bag X5
Westonaria 1780
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863
COMPANY SECRETARY
Lerato Matlosa
DIRECTORS
Dr Vincent Maphai* (Chairman)
Dr Richard Stewart (CEO)
Charl Keyter (CFO)
Dr Elaine Dorward-King*
Harry Kenyon-Slaney*^
Prof Jeremiah Vilakazi#
Dr Lindiwe Mthimunye*
Keith Rayner#
Dr Peter Hancock*
Philippe Boisseau*
Richard Menell#
Sindiswa Zilwa*
Terence Nombembe*
* Independent non-executive
# Non-executive
^ Lead independent director
INVESTOR ENQUIRIES
Please send any investor enquiries to:
JSE SPONSOR
JP Morgan Equities South Africa Proprietary Limited
Registration number 1995/011815/07
1 Fricker Road, Illovo
Johannesburg 2196
South Africa
Private Bag X9936
Sandton 2146
South Africa
AUDITORS
BDO SOUTH AFRICA INC.
Wanderers Office Park
52 Corlett Drive
Illovo 2196
South Africa
Private Bag X60500
Houghton 2041
South Africa
Tel: +27 11 488 1700
AMERICAN DEPOSITARY RECEIPTS
TRANSFER AGENT
BNY Mellon Shareowner Correspondence (ADSs)
Mailing address of agent:
BNY Shareowner Services
PO Box 43006
Providence, RI 02940
United States of America
US toll free: + 1 888 269 2377
Tel: +1 201 680 6825
BNY Depositary Receipts Client Service Management
Tel: +1 212 815 4836
TRANSFER SECRETARIES SOUTH AFRICA
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank 2196
PO Box 61051
Marshalltown 2107
South Africa
Tel: +27 11 370 5000
Fax: +27 11 688 5248
Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 20
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