Intervals are Estimated True Widths. The Company use s this measure as a comparative indication of the cash costs related to production and processing in its mining operations in any pe riod. Broker research, FactSet, Bloomberg Note: Market data as of 30 January Notes: When divided by PGM ounces produced in the respective period, Total Combined Cash Costs, net of by-products and recycling income credits Non-GAAP , measured for each mine or combined, provides an indication of the level of combined cash costs incurred per PGM ounce produced in that period. These forward-looking statements speak only as of the date of this presentation. Company filings, FactSet Note:

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Because the objective of PGM mining ac tivity is to extract PGM material, the all-in cash costs per PGM mined ounce to produce PGM material, administer the business and sustain the operating capacity of the mines is a useful measure for comparing overall extraction efficiency between periods.

Market data as of 30 January Note: Total Combined Cash Costs is a measure of extraction efficiency. In this presentation, for example, statements related to expected timings of the transactions including completionpotential transaction benefits including financial re-ratingspricing expectations, levels of output, supply and demand, information related to the Blitz Project, mvco-02 estimations or expectations of enterprise value, EBTIDA and net asset values, are forward-looking statements.

For Sibanye, Transaction conditional on approval of the acquisition and the rights issue Expected closing in Q2 following customary regulatory and stakeholder approvals 14 Post-Closing 1HY Transaction summary issue Source: Value analysis and financing plan. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction is included in the proxy statement that Stillwater has filed with the SEC.

Our PGM view is positive over the long-term Platinum: Factset as of 8 December Note: Au-eq production figures for Rustenburg, Aquarius and Stillwater calculated using average prices for illustration; Au: Neither Sibanye nor Stillwater undertake any obligation to update publicly or release any revisions to matey forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.

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Disclaimer Additional Information and Where to Find It This presentation does not constitute the solicitation of any vote, proxy or approval. The proxy statement and other relevant documents may also be obtained, free of charge, on the SEC’s website http: Project profile is based on pre-feasibility and feasibility studies as at December Based on Reserves declared as at 31 December Assumptions: Near-term, low-cost growth Gold equivalent production1 koz In addition, Stillwater recycled c.

Securities Act of and may not be offered, exercised or sold in the United States absent registration or an applicable exemption from registration requirements.

Recoverable PGM ounces from produ ction are an indication of the amount of PGM product extracted through mining in any period. The measure is calculated beginning with costs of metal sold – Mine Production, the Company’s most directly comparable GAAP financial measure and adding to it the change in mined inventories, and adjusting for the by-product and recycling income credits, domestic corporate general and administrative costs excluding any depreciation and general and administrative costs of foreign subsidiaries and that portion of total capital expenditures associated with sustaining the current level of mining operations.

Company guidance Complementary gold and PGM production profiles Factset and Broker research.

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Borrowings exclude related party loans. Overview and strategic recap. These forward-looking statements speak only as of the date of this presentation. The Company use s this measure as a comparative indication of the cash costs related to production and processing in its mining operations in any pe riod.

Industry leading relative dividend yield Current dividend yield last twelve months LTM dividends paid 5. NAV accretive Broker target share price for Stillwater vs. Dividend yield calculated using actual dividend paid and average share price for the period, since public listing Cumulative R3. This measure is affected by the total level of spending in the period and by the grade and volume of mined ore produced.

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This non-GAAP financial measure is used as an indicator from period to period of the level of total cash required by the company to maintain and operate the existing mines, including corporate administrative costs and replacement capital.

When divided by PGM ounces produced in the respective period, Total Combined Cash Costs, net of by-products and matthey income credits Non-GAAPmeasured for each mine or combined, provides an indication of the level of combined cash costs incurred per PGM ounce produced in that period. From this calculation, the Company deducts by-product and recycling income credits to arrive at Total Combined Cash Costs, net of by-product and recycling income credits.

Booysendal Afriore 16 14 12 10 Aquarius: Sibanye EBITDA annualised for the year ended 30 June and Pro forma for full year Rustenburg contribution Excludes Burnstone debt and cash, as per mid year results presentation January average price based on January 1st to January 30thPF net debt as of year end excludes Burnstone debt and cash and pro forma for transaction.

Non-GAAP financial measure, please refer to appendix for definition Balanced acquisition funding plan preserves future flexibility No Offer or Solicitation This presentation is for informational purposes only and does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States or any other jurisdiction. Includes growth projects and assumes sustained operational efficiencies Sibanye diligence suggests NAV opportunity beyond the average broker target price 29