Stillwater acquisition

“We thank our shareholders for their support for this transaction which represents a unique and transformative opportunity to acquire world class, low-cost international PGM assets. Stillwater offers near-term organic production growth through the Blitz project, further enhancing Sibanye’s asset portfolio and will create in Sibanye, a globally competitive South African mining champion with a unique commodity mix” Neal Froneman, CEO of Sibanye

Strong transaction rationale

Enhance Sibanye’s asset base and create a globally competitive South African mining champion by:

• Adding two low-cost, low-risk, steady state producing PGM mines to its portfolio
• Expanding its portfolio with high-grade reserves that support over 25 years of mine life
• Providing near term, organic and low-cost growth through the Blitz Project
• Providing significant upside and growth potential through extensive regional resources
• Creating a mine-to-market PGM business with a metallurgical processing complex
• Significant PGM recycling business provides a steady margin and strategic insight into the market
• Further operational optimisation potential through transfer of “best practices”

Position Sibanye shareholders for potential valuation re-rating by:

• Being value accretive, per detailed management due diligence
• Balancing its portfolio operationally and geographically with the addition of a world class operation in an attractive mining jurisdiction
• Positioning its Platinum Division further down the global cost curve, with potential for further cost reductions
• Enhancing its cash flow generation to sustain its industry-leading dividend
• Improving its access to lower-cost global financing

A closer look