Sibanye Stillwater Ltd

In terms of Clause 4 of the Company’s Memorandum of Incorporation, the borrowing powers of the Sibanye Stillwater Limited (the Company) are

unlimited. As at 31 December 2025, the borrowings of the Group, excluding the Burnstone Debt was R 39,252 million (2024: R 39,426 million), see –

Consolidated financial statements – Notes to the consolidated financial statements – Note 27: Borrowings and derivative financial instrument.

Sibanye-Stillwater is subject to financial and other covenants and restrictions under its credit facilities from time to time. Such covenants may

include restrictions on Sibanye-Stillwater incurring additional financial indebtedness and obligations to maintain certain financial covenant ratios

for as long as any amount is outstanding under such facilities.

At 31 December 2025, Sibanye-Stillwater had committed undrawn facilities of R 21,255 million (31 December 2024: R 26,743 million) available under

the US$1 billion RCF, the R6.5 billion RCF and on other short-term borrowing facilities.

The consolidated financial statements have been prepared using appropriate accounting policies, supported by reasonable judgements and

estimates. The directors believe that the Group has adequate resources to continue as a going concern, and therefore realise its assets and

settle its liabilities in the ordinary course of business for the foreseeable future.

The directors believe that the cash generated by its operations, cash on hand, the committed unutilised debt facilities as well as additional

funding opportunities will enable the Group to continue to meet its obligations as they fall due in the ordinary course of business for a period of at

least eighteen months after the reporting date. The consolidated financial statements for the year ended 31 December 2025, have been

prepared on a going concern basis, see –Consolidated financial statements – Notes to the consolidated financial statements – Note 36.2: Risk

management activities – Working capital and going concern assessment.