Sibanye Stillwater (SBSW) investor relations material

Strategic overview and business model

• Operates as a global mining and metals processing group with a diversified portfolio across five continents, producing platinum, palladium, rhodium, gold, cobalt, and battery metals, and engaging in recycling and secondary mining.

• Focuses on responsible resource stewardship, integrating primary, secondary, and recycling operations to optimize supply and support the circular economy.

• Strategic priorities include simplification of the operating model, performance excellence, safe production, resource optimization, and disciplined capital allocation.

• Emphasizes stakeholder value creation, sustainability, and innovation as core pillars.

Financial performance and capital allocation

• 2025 revenue reached R129.7bn (US$7.3bn), with a market cap of R151.7bn (US$9.2bn) as of April 2025.

• Declared a full-year 2025 dividend of R10.56bn (US$591m), more than double the previous comparable period, with a 2.1% yield.

• Maintains strong liquidity with R17.1bn (US$1.0bn) cash and R22.9bn (US$1.4bn) undrawn facilities; net debt at R22.1bn (US$1.3bn) as of year-end 2025.

• Capital allocation prioritizes stakeholder returns, debt reduction, and life extension/growth, targeting <1.0x net debt/EBITDA and a 50% gross debt reduction in 2–3 years.

Operational performance and asset base

• Sustained safety improvements with a 42% reduction in serious injury frequency rate since 2021; six fatalities in 2025.

• Global footprint includes major PGM and gold operations in South Africa and the US, battery metals in Finland, and zinc retreatment in Australia.

• Long-life asset base with significant mineral resources (356.7Moz precious metals) and reserves (58.2Moz), supporting multi-decade production.

• SA PGM operations delivered 1.8Moz 4E in 2025, with cost control and ramp-up of the K4 project; US PGM operations restructured for resilience amid low palladium prices.

• Recycling contributed 48% of group precious metals production and 16% of revenue in 2025, with stable margins and rapid working capital turnover.