Sibanye Stillwater (SBSW) Investor presentation summary

Strategic overview and market context

• Strategy focuses on performance excellence, operational simplification, and disciplined capital allocation to drive shareholder returns and sustainable growth in future-facing metals, especially PGMs and lithium.

• Market volatility in precious metals and lithium is driven by geopolitical tensions, tariff threats, and supply chain disruptions, with medium-term supply deficits expected for both PGMs and lithium.

• Demand for catalysed vehicles remains robust, with BEV forecasts lowered and regulatory changes supporting longer-term PGM demand.

• Recycling and secondary supply are increasingly important for supply resilience and sustainability, with stable margins and low capital intensity.

US PGM operations transformation

• US PGM operations underwent restructuring to address low palladium prices, focusing on higher-margin mines and mechanisation to reduce costs and improve productivity.

• Mechanisation strategy aims to achieve AISC of ~$1,000/2Eoz by 2029, with a 45% production uplift to ~410koz 2E steady-state and productivity targeting ~28 2Eoz per employee.

• Operational changes include fully mechanised in-stope bolting, larger headings, and increased development, with phased implementation through 2028.

• Enhanced safety, workforce upskilling, and digital integration support the transition to a modern, resilient mining operation.

Keliber lithium project ramp-up

• Keliber is the first fully integrated lithium hydroxide project in the EU, with construction completed on schedule and staged ramp-up underway.

• Project targets 15,000 tpa battery-grade LiOH production from 2028, leveraging low-carbon Finnish energy and proximity to EU battery markets.

• Optimisation initiatives aim to extend mine life beyond 20 years, reduce unit costs by $1,000/t, and enable early cash flow via spodumene concentrate sales.

• All key environmental permits are in place, with ongoing stakeholder engagement and regulatory support under the EU Critical Raw Materials Act.