Sibanye Stillwater Ltd

For the period ended Dec 31, 2025. Filed Apr 24, 2026.

About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Apr 24, 2026

Use the contents to explore the available documents and sections.

SBSW$9.50+0.8%Stored close · as of Nov 6, 2026

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Contents

FORM 20-F CROSS REFERENCE GUIDE

Item	Form 20-F Caption	Location in this document	Page
1	Identity of directors, senior management and advisers	NA	NA
2	Offer statistics and expected timetable	NA	NA
3 · Key information
(1)Reserved · NA · NA
(2)Capitalisation and indebtedness · NA · NA
(c)Reasons for the offer and use of proceeds · NA · NA
	(4)Risk factors	Additional information—Risk factors	1
4	Information on the Company
	(1)History and development of the Company	Additional information—Memorandum of incorporation—General	65
Annual Financial Report—Administration and Corporate Information · AFR 173
Integrated Report—About Sibanye-Stillwater and our leadership—Chairman and Chief Executive Officer’s review · IR 16
Integrated Report—Performance and strategy—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report · IR 25
Integrated Report—Performance and strategy—Chief Financial Officer’s report—Maintaining a profitable business and optimising capital allocation—Summary of the annual financial statements—Capital expenditure · IR 28
Integrated Report—Chairman and Chief Executive Officer's review—Operating context and our refreshed strategy · IR 21
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye-Stillwater’s performance—Capital expenditure · AFR 18
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Liquidity and capital resources · AFR 34
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 16: Acquisitions · AFR 110
Integrated Report—Performance and strategy—How we create value: Our business model · IR 12
Presentation of Financial and Other Information—Significant capital expenditures and divestitures · ix
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Ability to generate and obtain adequate cash to meet its funding requirements · AFR 38
Annual Financial Report—Shareholder information · AFR 170
		Additional information—Documents on display	80
(2)Business overview · Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements · AFR 8
Integrated Report—About Sibanye-Stillwater and our leadership—About Sibanye-Stillwater · IR 4
Annual Financial Report—Four-year financial performance · AFR 2
Integrated Report—Performance and strategy—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report—2025 – A brief overview · IR 26
Integrated Report—Performance and strategy—How we create value: Our business model · IR 12

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Integrated Report—Performance and strategy—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report—Focus areas – 2026—Metal prices	IR 29
Integrated Reports—About Sibanye-Stillwater and our leadership—Chairman's and Chief Executive Officer's review—Mineral resources and	IR 17
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye-Stillwater’s performance—Commodity prices	AFR 11
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Introduction	AFR 8
Integrated Report—About Sibanye-Stillwater and our leadership—Chairman’s and Chief Executive Officer’s review	IR 16
Additional Information—Environmental and regulatory matters	45
Additional information—Refining and marketing	81
Integrated Report—About Sibanye-Stillwater and our leadership—Chairman's and Chief Executive Officer's review—Operational and	IR 16
Integrated Report—About Sibanye-Stillwater and our leadership—Corporate governance—Ethical leadership and compliance	IR 56
(3)Organisational structure · Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 1.3: Consolidation · AFR 62
(4)Property, plant and equipment · Integrated Report—About Sibanye-Stillwater and our leadership—Chairman's and Chief Executive Officer's review—Shared value to all · IR 20
Additional Information—Environmental and regulatory matters	45
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 14: Property, plant and equipment	AFR 103
Mineral Resources and Reserves Report—Our business—Group summary of mining properties—Encumbrances	R&R 8
Summary Disclosure (Item 1304) · Mineral Resources and Reserves Report—Our business—Introduction · R&R 3
Mineral Resources and Reserves Report—Our business—Group summary of mining properties	R&R 8
Individual Property Disclosure (Item 1304) · Mineral Resources and Mineral Reserves Report—Americas—PGM Operations—Stillwater and East Boulder · R&R 71
Mineral Resources and Mineral Reserves Report—Southern Africa—PGM Operations—Marikana	R&R 27
Mineral Resources and Mineral Reserves Report—Southern Africa—PGM Operations—Rustenburg	R&R 33
Mineral Resources and Mineral Reserves Report—Southern Africa—Gold Operations—Kloof	R&R 54
Mineral Resources and Mineral Reserves Report—Southern Africa—Gold Operations—Drienfontein	R&R 46
Mineral Resources and Mineral Reserves Report—Europe—Battery Metals Development—Lithium—Keliber	R&R 81
Internal Controls Disclosure (Item 1305) · Mineral Resources and Reserves Report—Our business—Corporate Governance and Regulatory Compliance · R&R 4
Mineral Resources and Reserves Report—Americas—PGM Operations—Internal Controls (QA/QC)	R&R 73
Mineral Resources and Reserves Report—Southern Africa—PGM Operations—Internal Controls (QA/QC)	R&R 25
Mineral Resources and Reserves Report—Southern Africa—Gold Operations—Overview—Internal Controls (QA/QC)	R&R 44

Mineral Resources and Mineral Reserves Report—Europe—Battery Metals Development—Internal Controls (QA/QC)	R&R 83
4A · Unresolved staff comments · NA · NA
5	Operating and financial review and prospects
(1)Operating results · Annual Financial Report—Consolidated financial statements—Consolidated income statement · AFR 53
Annual Financial Report—Consolidated financial statements—Consolidated statement of financial position	AFR 54
Annual Financial Report—Consolidated financial statements—Consolidated statement of cash flows	AFR 55
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye Stillwater's performance	AFR 11
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 1.2: Basis of preparation—Significant accounting judgements and estimates	AFR 61
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 27: Borrowings and derivative financial instrument	AFR 134
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 27: Borrowings and derivative financial instrument—Note 27.9: Fair value of financial instruments and risk management	AFR 142
Integrated Report—Performance and strategy—Chief Financial Officer's report—Financial result	IR 19
Additional Information—Environmental and regulatory matters	45
(2)Liquidity and capital resources · Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Liquidity and capital resources · AFR 34
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Statement of financial position	AFR 54
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Ability to generate and obtain adequate cash to meet its funding requirements	AFR 38
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 27: Borrowings and derivative financial instrument	AFR 134
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 36: Commitments	AFR 164
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 29: Environmental rehabilitation	AFR 147
(3)Research and development, patents and licences, etc. · Integrated Report—Context, risk and opportunities—Unpacking the top 10 group strategic risks · IR 43
(4)Trend information · Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye Stillwater's performance · AFR 11
(5)Critical accounting estimates · Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 1: Accounting policies · AFR 57
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 1.2: Basis of preparation—Significant accounting judgements and estimates	AFR 61

Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 3: Revenue—Significant accounting judgements and estimates · AFR 73
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 3: Revenue—Accounting policy · AFR 73
6 · Directors, senior management and employees
(1)Directors and senior management · Integrated Report—About Sibanye-Stillwater and our leadership—About our board · IR 6
		Additional Information—Directors and executive management	38
(2)Compensation · Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 37: Related-party transactions · AFR 164
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 6: Share-based payments · AFR 80
Integrated Report—Remuneration: Performance and Strategy—Remuneration report, Part 3: Implementation report—Executive directors' and prescribed officers' single figure of remuneration · IR 99
Integrated Report—Remuneration: Performance and Strategy—Remuneration report, Part 3: Implementation report—Non-executive director · IR 100
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 38: Directors' and prescribed officers' remuneration · AFR 165
(3)Board practices · Integrated Report—Governance—Corporate governance—Functional governance areas · IR 62
Integrated Report——Governance—Corporate governance—Independence, tenure, diversity and inclusivity · IR 59
Integrated Report—Remuneration: Performance and Strategy—Remuneration report, Part 2: Remuneration policy—Executive director · IR 83
Integrated Report—About Sibanye-Stillwater and our leadership—About our board · IR 6
Integrated Report—Ancillary Information—Detail on board committees · IR 102
(4)Employees · Integrated Report—Context, risk and opportunities—Employees and organised labour · IR 51
Integrated Report—Ancillary Information—Four-year statistical review—Sustainability statistics · IR 108
	(5)Share ownership	Additional information—Memorandum of incorporation—Voting rights	65
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 6: Share-based payments · AFR 80
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 37: Related-party transactions · AFR 164
7	Major Shareholders and Related Party Transactions
	(1)Major shareholders	Additional information—Material contracts—US holders	74
		Additional information—Memorandum of incorporation—Voting rights	65
Annual Financial Report—Shareholder information · AFR 170
Integrated Report—Ancillary information—Shareholder information · IR 119
(2)Related party transactions · Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 37: Related-party transactions · AFR 164
		Additional information—Refining and marketing	81

Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 38: Directors' and prescribed officers' remuneration · AFR 165
(3)Interests of experts and counsel · NA · NA
8 · Financial information
(1)Consolidated statements and other financial information · Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements · AFR 8
Annual Financial Report—Consolidated financial statements—Consolidated income statement · AFR 53
Annual Financial Report—Consolidated financial statements—Consolidated statement of financial position · AFR 54
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 13: Dividends · AFR 101
Annual Financial Report—Directors’ report—Litigation · AFR 47
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements · AFR 57
Annual Financial Report—Report of independent registered public accounting firm · AFR 49
		Additional information—Dividend policy and dividend distribution	63
(b)Significant changes · Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 39: Events after reporting date · AFR 167
9	The Offer and listing
	(1)Listing details	Additional information—The listing	64
(2)Plan of distribution · NA · NA
	(3)Markets	Additional information—The listing	64
(d)Selling shareholders · NA · NA
(e)Dilution · NA · NA
(f)Expenses of the issue · NA · NA
10	Additional information
(1)Share capital · NA · NA
	(2)Memorandum and articles of association	Additional information—Memorandum of incorporation	65
		Additional information—Taxation—South African exchange control limitations affecting security holders	76
	(3)Material contracts	Additional information—Material contracts	71
	(4)Exchange controls	Additional information—Taxation—South African exchange control limitations affecting security holders	76
		Additional information—Environmental and regulatory matters—Exchange controls	52
	(5)Taxation	Additional information—Taxation	75
(6)Dividends and paying agents · NA · NA
(7)Statement by experts · NA · NA
	(8)Documents on display	Additional information—Documents on display	80
(9)Subsidiary information · NA · NA

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11	Quantitative and qualitative disclosures about market risk	Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 35.2: Risk management activities	AFR 159
12	Description of securities other than equity securities	NA	NA
(1)Debt securities · NA · NA
(2)Warrants and rights · NA · NA
(3)Other securities · NA · NA
	(4)American depositary shares	Additional information—Material contracts—Deposit agreement	73
13	Defaults, dividend arrearages and delinquencies	NA	NA
14	Material modifications to the rights of security holders and use of proceeds	NA	NA
15	Controls and procedures	Additional information—Item 15: Controls and procedures	86
		Additional information—Item 15: Controls and procedures—Management's report on internal control over financial reporting	86
		Additional information—Item 15: Controls and procedures—Changes in internal control over financial reporting	87
Annual Financial Report—Report of independent registered public accounting firm · AFR 49
16A	Audit Committee financial expert	Additional information—Directors and executive management—Terence Nombembe	40
16B	Code of ethics	Integrated Report—Governance—Corporate governance	IR 56
Integrated Report—Governance—Corporate governance—Ethical leadership and compliance · IR 56
16C	Principal accountant fees and services	Annual Financial Report—Auditor independence and fees	AFR 44
16D	Exemptions from the listing standards for audit committees	NA	NA
16E	Purchase of equity securities by the issuer and affiliated purchasers	NA	NA
16F	Change in registrant’s certifying accountant	NA	NA
16G	Corporate governance	Additional information—JSE corporate governance practices compared with NYSE Listing Standards	82
16H	Mine safety disclosure	Additional information—Environmental and regulatory matters—Health and safety	48
16I	Disclosure regarding foreign jurisdictions that prevent inspections	NA	NA
16J	Insider trading policies	Additional Information—Sibanye-Stillwater Information and Securities Transactions Policy	82
16K	Cybersecurity	Integrated Report—Ancillary Information—2026: Planned areas of focus for the combined Audit and Risk Committee	IR 104
		Additional Information—Risk Factors	1
		Additional Information—Cybersecurity	83
17	Financial statements	NA	NA
18	Financial statements	Annual Financial Report—Report of independent registered public accounting firm (PCAOB ID: 1368)	AFR 49
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements · AFR 57
19	Exhibits	Exhibits	88

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