Sibanye Stillwater Ltd

Sibanye-Stillwater’s revenues are derived primarily from the sale of the PGMs and gold produced from its own mines and processed at its

recycling facilities, which include the U.S. Columbus (U.S. PGM recycling) PGM, Reldan and Metallix operations. At these facilities, the Group

generates revenue from the sale of gold, silver, copper, and PGMs recovered from reclaimed industrial manufacturing scrap, post-consumer

electronic scrap, and jewellery scrap, as well as from the sale of silver and mixed scrap. The Group also derives revenues from the sale of zinc

and silver in concentrate from the Century zinc retreatment operation. The Group also derived revenues from the sale of nickel metal and

nickel salts at the Sandouville nickel refinery which ramped down and ceased production during 2025. For mined production, Sibanye-

Stillwater does not generally enter into forward sales, commodity derivatives or other hedging arrangements in order to establish a price in

advance of the sale of its production, unless these derivatives are used for risk mitigation and project funding initiatives. As a result, Sibanye-

Stillwater is normally exposed to changes in commodity prices for its mined production.

However, Sibanye-Stillwater has policies in areas such as counterparty exposure, hedging practices and prudential limits, which have been

approved by Sibanye-Stillwater’s Board of Directors (Board). Management of financial risk is centralised at Sibanye-Stillwater's treasury

department (Treasury), which acts as the interface between Sibanye-Stillwater’s operations and counterparty banks. Treasury manages

financial risk in accordance with the policies and procedures established by the Board and executive committee. The Board has approved

dealing limits for money market, foreign exchange and commodity transactions, which Treasury is required to adhere to. Among other

restrictions, these limits describe which instruments may be traded and demarcate open position limits for each category as well as

indicating counterparty credit-related limits.

Metals recovered from recycled materials at the Columbus metallurgical facilities in Montana, the Reldan facilities in Pennsylvania, and the

Metallix facilities in North Carolina are normally price-hedged at the time the material is purchased. The recovered metal ounces are then

delivered against the hedge instrument once the metals are processed and recovered. This process mitigates exposure to commodity price

volatility during the outturn period, which is approximately sixty to ninety days for Columbus and thirty to one hundred and eighty days for

Pennsylvania and North Carolina sites.

As detailed previously, PGM, gold, nickel and zinc hedging is normally considered under one or more of the following circumstances: to

protect cash flows at times of significant capital expenditures; financing projects; or to safeguard the viability of higher cost operations. For a

list of commodity price hedges for the year ended 31 December 2025, see– Consolidated financial statements – Notes to the consolidated

financial statements – Note 35.2: Risk management activities.

Historically, platinum, palladium and rhodium prices have been subject to wide fluctuations and are affected by numerous factors beyond

Sibanye-Stillwater’s control, including international macroeconomic conditions and outlook, levels of supply and/or demand, any actual or

potential threats to the stability of supply and/or demand, inventory levels maintained by users and producers, liquidity of above ground

excess inventories, actions of participants in the commodities markets and currency exchange rates, particularly the rand to the US dollar.