Sibanye Stillwater (SBSW) Strategy update summary

Safety and Sustainability as Strategic Foundations

• Safety is the top priority, underpinning operational delivery, workforce engagement, and public perception.

• The company has seen improvements in safety performance but remains committed to eliminating fatalities.

• Sustainability is integrated into operations, with legal agreements like the Good Neighbor Agreement in Montana as examples.

• Social responsibility and stakeholder value creation are emphasized, with significant investments in communities and a focus on long-term positive impact.

• Achieved responsible sourcing accreditations and significant environmental progress, including renewable energy and emissions reductions.

Strategic Vision, Business Model Evolution, and Operating Context

• The strategy focuses on building a future-focused metals business, adapting to changing capital, supply chains, and metal demand.

• Emphasis on integrating into value chains, leveraging a Resource Stewardship Model: primary mining, secondary mining, and recycling to embrace the circular economy.

• Geopolitical shifts, regulatory changes, and rising demand for critical minerals shape the operating environment.

• Growth in the global middle class and electrification drive increased demand for gold and energy transition metals.

• Entrepreneurial growth and diversification have transformed the business from a gold-focused miner to a top global precious metals producer.

Portfolio Optimization, Operational Focus, and Entrepreneurial Growth

• The current strategy centers on unlocking unrealized potential within the existing portfolio, prioritizing organic growth over acquisitions.

• Portfolio simplification is underway, with assets evaluated for strategic fit, competitive advantage, and value realization potential.

• South African gold and PGM operations, Keliber Lithium, DRDGOLD, and recycling are strategic priorities; other assets are under review for possible divestment.

• Built a diversified operating base with extended life of mine and increased production profile.

• Revenue and EBITDA contributions are now underpinned by a mix of gold, PGMs, nickel, zinc, and recycling.