Sibanye Stillwater Ltd

Since 2022 the Group has continued its expansion into the future-facing metals and recycling space with a number of strategic acquisitions and

investments in the United States and Europe. The transactions completed during the last three financial years are summarised below:

*Keliber: Following on from its initial investment in the Keliber lithium project in 2021, between 2022 and 2023, Sibanye-Stillwater has

completed several transactions to augment its ownership in the project. In 2022, Sibanye-Stillwater increased its total shareholding in

Keliber to 85.9% at a total cost of EUR338 million. In 2023 the Finnish Minerals Group increased its holding in Keliber from 14% to 20% by

subscribing for EUR53.9 million of a EUR104 million rights issue. The Group's portion of the subscription (through wholly-owned subsidiary,

Keliber Lithium Proprietary Limited) amounted to EUR50.2 million. In addition to the rights issue, other minority shareholders in Keliber

(which held 0.79% of the total Keliber shareholding) for which the Group previously recognised an accelerated put option liability at 31

December 2022, received and accepted voluntary offers at the same share price (EUR157.28 per share) as the voluntary offer that

concluded in 2022. A total payment of EUR5.2 million was made by the Group to all the shareholders who accepted the voluntary

offers during June 2023. Following these transactions, the Finnish Minerals Group holds 20% in Keliber, the Group retained 79.82%, while

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other minority shareholders hold the balance of the shares in Keliber. See – Annual Financial Report – Consolidated financial

statements – Notes to the consolidated financial statements – Note 1.3: Consolidation and Note 26.1: Subsequent NCI transactions.

*Century: In February 2023, Sibanye-Stillwater obtained a controlling shareholding of 50.15% in New Century Resources Limited

(Century), an Australian tailings reprocessing business, following acquisition of an initial 19.9% stake in 2021, and further on-market

purchase of shares for a cash consideration of AUS$46 million. Subsequent to obtaining control, through on-and off-market trades for a

cash consideration of AUS$74 million, the Group obtained a 100% interest in Century by 10 May 2023. See– Annual Financial Report –

Consolidated financial statements – Notes to the consolidated financial statements – Note 1.3: Consolidation. In November 2023, the

Group exercised its option, obtained through the acquisition of Century, to acquire 100% of the Mt Lyell Copper mine in Tasmania,

Australia for a cash consideration of US$10 million. See– Annual Financial Report – Consolidated financial statements – Notes to the

consolidated financial statements – Note 1.1: Reporting entity and Annual Financial Report – Consolidated financial statements –

Notes to the consolidated financial statements – Note 1.3: Consolidation.

*Reldan: On 15 March 2024, the Group completed the acquisition of the Reldan Group of Companies (Reldan), a Pennsylvania-based

recycling group which reprocesses various waste streams, for a final cash purchase consideration of US$160.9 million. See– Annual

Financial Report – Consolidated financial statements – Notes to the consolidated financial statements – Note 16.2: Reldan business

combination (revised).

*Metallix: In September 2025, the Group concluded the acquisition of Metallix Refining (Metallix), which operates two processing and

recycling operations in Greenville, North Carolina and produces recycled precious metals, including gold, silver and platinum group

metals, primarily from industrial waste streams, for a cash purchase consideration of US$129 million. See– Annual Financial Report –

Consolidated financial statements – Notes to the consolidated financial statements – Note 16.1: Metallix Refining (Metallix) business

combination.