Keliber project update

November 28, 2022

Green light for Sibanye-Stillwater’s Keliber lithium hydroxide project

14h00 (CAT) / 12h00 BST / 07h00 (EST) / 06h00 (MDT)

Strategic delivery in a chosen ecosystem	Neal Froneman
Overview of the Keliber project	Mika Seitovirta
Permitting, production and capital	Hannu Hautala
ESG and biodiversity	Hannu Hautala
Lithium market outlook	Neal Froneman
Conclusion	Neal Froneman

PRESENTATION

WEBCAST

CONFERENCE CALL

PRESS RELEASE

Keliber lithium hydroxide project approved by Sibanye-Stillwater board
Progressing our European battery metals strategy and delivering superior value for all stakeholders
- A high quality, integrated lithium project, positioned to supply LiOH into the growing European Battery ecosystem
Keliber project economics robust at conservative forecast lithium prices
- Significantly leveraged to higher prices
Construction of the Kokkola lithium hydroxide refinery commencing and viable on a standalone basis
Positive outlook for Lithium market
Significant scalability of both primary supply and refining capacity

Progress in building our portfolio of green metals and energy solutions
Increased Keliber shareholding to 85% -strategic value accretive, majority shareholding achieved
Increased exposure to the high-quality scalable Keliber lithium hydroxide project; in a favourable location, at opportune time in cycle
Enhancing established presence in European regional ecosystem -Keliber, Sandouville and Verkor Giga factory investment

Strategically located, fully integrated lithium hydroxide project, close to critical regional end user ecosystems
Delivering 15,000tpa integrated LiOH into the European battery Ecosystem for at least 16 years
17m tonnes of scalable lithium oxide mineral resources in a highly prospective region
Finland rated the best mining destination in Europe and Top 10 in the world

NPV of €887m (8% discount rate) and IRR of 20% at LiOH long term price of US$26,034/t*
NPV of €1.72bn (8% discount rate) and IRR of 27% at LiOH long term price of US$37,000/t#

Consensus for elevated lithium price forextended period due to looming deficits increasing
Projected BEV demand driven by legislation –lithium is essential to reduce global CO2emissions
Constraints on new supply to meet implied demand

Substantial investment into key industries identified by Finnish state as of strategic importance
First and greenest integrated battery metals project in Europe -competitively low CO2emissions a differentiator
Important benefits for Finland fiscus and regional stakeholders –local employment and procurement for the region
Biodiversity impact studies conducted and considered in the development of the project

* February 2022 DFS amended during October 2022 for inflation impact on costs and capex, assuming long-term price LiOH of US$26,034/tonne and exchange rate of €/US$1.1, NPV at 8% discount
#Long-term LiOH price of US$37,000/tonne (SFA Oxford real forecast LT price) applied to amended October 2022 DFS. NPV at 8% discount