Sibanye Stillwater Ltd

The Group’s financial performance is exposed to movements in commodity prices, exchange rates and operating costs. The following

sensitivity analysis illustrates the effect of reasonably possible changes in these key variables on adjusted EBITDA for the year ended

31 December 2025, assuming all other variables remain constant.

A 10% decrease or increase in the gold price, at the SA gold operations, would have resulted in an approximate increase or decrease,

respectively, of R3,199 million in adjusted EBITDA.

A 10% decrease or increase in the 4E PGM basket price, at the SA PGM operations, would have resulted in an approximate increase or

decrease, respectively, of R4,971 million in adjusted EBITDA.

A 10% decrease or increase in the 2E PGM basket price, the US PGM underground operations, would have resulted in an approximate

increase or decrease, respectively, of R539 million in adjusted EBITDA.

A 10% decrease or increase in the average equivalent zinc concentrate price price would have resulted in an approximate increase or

decrease, respectively, of R420 million in adjusted EBITDA.

A 10% decrease or increase in the price of all commodities of the Group i.e. gold, 2E PGM basket, 3E PGM basket, 4E PGM basket,

average equivalent zinc concentrate and nickel equivalent basket price would have resulted in an approximate decrease or increase in

adjusted EBITDA of R8,099 million and R9,898 million, respectively.

The above sensitivities ares based on attributable production for the year and excludes the impact of any hedging arrangements.

The Group’s operating cost base is predominantly denominated in South African rand. A 10% strengthening of the rand against the US dollar

would have resulted in an approximate decrease in the Group adjusted EBITDA of R10,137 million and a 10% weakening of the rand against

the US dollar would have resulted in an approximate increase in the Group adjusted EBITDA of R10,531 million.

A 10% decrease or increase in operating costs would have resulted in an approximate decrease or increase, respectively, of R8,902 million in

adjusted EBITDA.

These sensitivities are intended to provide an indication of the potential impact of changes in key variables and do not reflect the effects of

any mitigating actions that management may take in response to such changes.