Sibanye Stillwater Ltd

For the period ended Dec 31, 2023. Filed Apr 26, 2024.

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.

FY2023 · Filed Apr 26, 2024

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

See the whole filing, with its images and exhibits

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
(A)Reserved · NA · NA
(B)Capitalisation and indebtedness · NA · NA
(C)Reasons for the offer and use of proceeds · NA · NA
	(D)Risk factors	Additional information—Risk factors	1-24
4	Information on the Company
	(A)History and development of the Company	Additional information—Memorandum of incorporation—General	45-49
Annual Financial Report—Administration and Corporate Information · AFR 169
Integrated Annual Report—Our business and leadership—Chairman’s and Chief Executive Officer’s review · IAR 13-18
Integrated Annual Report—Our performance—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report · IAR 90-102
Integrated Annual Report—Our performance—Operational excellence and optimise LT resource value—Delivering value from our operations and projects · IAR 104-113
Integrated Annual Report—Our performance—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report—Summary of the annual financial statements—Capital expenditure · IAR 94-97
Integrated Annual Report—Our performance—Major investment in operational sustainability · IAR 111-113
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye-Stillwater’s performance—Capital expenditure · AFR 17-18
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Liquidity and capital resources · AFR 33-35
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 16: Acquisitions · AFR 109-114
Integrated Annual Report—Our performance—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report—Expected capital expenditure · IAR 93
Presentation of Financial and Other Information—Significant capital expenditures and divestitures · vii-viii
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 35-36
Annual Financial Report—Shareholder information · AFR 166-168
		Additional information—Documents on display	57
(B)Business overview · Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements · AFR 8-38
Annual Financial Report—Four year financial performance · AFR 2-7
Integrated Annual Report—Our performance—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report—2023 – A brief overview · IAR 91
Integrated Annual Report—Our performance—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report—Focus areas – 2024—Metal prices · IAR 102
Integrated Annual Reports—Our performance—Mineral resources and mineral reserves: a summary · IAR 114-123
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye-Stillwater’s performance—Commodity prices · AFR 11-13
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Introduction · AFR 8

//ii

Item	Form 20-F Caption	Location in this document	Page
Integrated Annual Report—What drives us—Leadership view—Chairman’s and Chief Executive Officer’s review · IAR 13-18
		Additional Information—Environmental and regulatory matters	30-42
		Additional information—Refining and marketing	58
Integrated Annual Report—Our performance—Social upliftment and community development · IAR 219-221
Integrated Annual Report—Our business and leadership—Corporate governance—Ethical leadership and corporate citizenship · IAR 20-22
(C)Organisational structure · Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 1.3: Consolidation · AFR 68-70
(D)Property, plant and equipment · Integrated Annual Report—Delivering on our strategy and outlook—Minimising our environmental impact · IAR 186-212
Integrated Annual Report—Our performance—Maintaining a profitable business and optimising capital allocation—Chief Financial Officer’s report—Expected capital expenditure · IAR 93
		Additional Information—Environmental and regulatory matters	30-42
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 14: Property, plant and equipment · AFR 102-107
Mineral Resources and Reserves Report—Section 1: Our business—Group Summary—Encumbrances · R&R 8
Summary Disclosure (Item 1304) · Mineral Resources and Reserves Report—Section 1: Our business—Introduction · R&R 3
Mineral Resources and Reserves Report—Section 1: Our business—Group Summary · R&R 8-14
Individual Property Disclosure (Item 1304) · Mineral Resources and Mineral Reserves Report—Section 2: Americas—PGM Operations—Stillwater and East Boulder · R&R 23-30
Mineral Resources and Mineral Reserves Report—Section 3: Southern Africa—SA PGMs—Marikana · R&R 43-47
Mineral Resources and Mineral Reserves Report—Section 3: Southern Africa—SA PGMs—Rustenburg · R&R 48-51
Mineral Resources and Mineral Reserves Report—Section 3: Southern Africa—SA PGMs—Kroondal · R&R 52-55
Mineral Resources and Mineral Reserves Report—Section 3: Southern Africa—Gold—Gold Operations—Kloof · R&R 63-68
Mineral Resources and Mineral Reserves Report—Section 3: Southern Africa—Gold—Gold Operations—Drienfontein · R&R 69-73
Mineral Resources and Mineral Reserves Report—Section 4: Europe—Battery Metals Development—Lithium—Keliber · R&R 89-93
Internal Controls Disclosure (Item 1305) · Mineral Resources and Reserves Report—Section 1: Our business—Corporate Governance and Regulatory Compliance · R&R 4
Mineral Resources and Reserves Report—Section 2: Americas—PGM Operations—Internal Controls (QA/QC) · R&R 25
Mineral Resources and Reserves Report—Section 3: Southern Africa—SA PGMs—Overview—Internal Controls (QAQC) · R&R 40
Mineral Resources and Reserves Report—Section 3: Southern Africa—Gold—Overview—Internal Controls (QA/QC) · R&R 62
Mineral Resources and Mineral Reserves Report—Section 4: Europe—Battery Metals Development—Internal Controls (QA/QC) · R&R 90
4A	Unresolved staff comments	NA	NA
5	Operating and financial review and prospects
(A)Operating results · Annual Financial Report—Consolidated financial statements—Consolidated income statement · AFR 59
Annual Financial Report—Consolidated financial statements—Consolidated statement of financial position · AFR 60
Annual Financial Report—Consolidated financial statements—Consolidated statement of cash flows · AFR 62
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye Stillwater's performance · AFR 11-18
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Significant accounting judgements and estimates · AFR 67
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 28: Borrowings and derivative financial instrument · AFR 135-144

iii

Item	Form 20-F Caption	Location in this document	Page
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 28: Borrowings and derivative financial instrument—Note 28.8: Fair value of financial instruments and risk management · AFR 141-143
Integrated Annual Report—Our performance—Chief Financial Officer's report—Summary of the annual financial statements · IAR 94-102
Integrated Annual Report—Our performance—Chief Financial Officer’s report—Our most notable financial matters · IAR 92
		Additional Information—Environmental and regulatory matters	30-42
(B)Liquidity and capital resources · Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Liquidity and capital resources · AFR 33-35
Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Statement of financial position · AFR 35-36
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 35-36
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 28: Borrowings and derivative financial instrument · AFR 135-144
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 37: Commitments · AFR 161
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 38: Contingent liabilities/assets · AFR 161-162
(C)Research and development, patents and licences, etc. · Integrated Annual Report—Our performance—Harnessing innovation—Innovation, digital transformation, and technology development and adoption · IAR 171-174
(D)Trend information · Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements—Factors affecting Sibanye Stillwater's performance · AFR 11-18
(E)Critical accounting estimates · NA · NA
6	Directors, senior management and employees
(A)Directors and senior management · Integrated Annual Report—Our business and leadership—Board and executive leadership · IAR 8-12
		Additional Information—Directors and executive management	25-29
(B)Compensation · Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 39: Related-party transactions · AFR 162
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 6: Share-based payments · AFR 82-90
Integrated Annual Report—Rewarding delivery—Remuneration report Part 3: Implementation report—Executive directors' and prescribed officers' single figure of remuneration · IAR 268-269
Integrated Annual Report—Rewarding delivery—Remuneration report Part 3: Implementation report—Non-executive director fees · IAR 270
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 40: Directors' and prescribed officers' remuneration · AFR 163-165
(C)Board practices · Integrated Annual Report—Our business and leadership—Corporate governance—Functional governance areas · IAR 29-32
Integrated Annual Report—Our business and leadership—Corporate governance—Independence, tenure, diversity and inclusivity · IAR 25-26
Integrated Annual Report—Rewarding delivery—Remuneration report Part 2: Remuneration policy—Executive director contracts of employment · IAR 252
(D)Employees · Integrated Annual Report—Our performance—Empowering our workforce—Labour relations · IAR 163
Integrated Annual Report—Delivering on our strategy and outlook—Empowering our workforce—Our workforce profile · IAR 153-154
	(E)Share ownership	Additional information—Memorandum of incorporation—Voting rights	45
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 6: Share-based payments · AFR 82-90
Integrated Annual Report—Delivering on our strategy and outlook—Empowering our workforce—Employee share ownership programme (ESOP) · IAR 165

Item	Form 20-F Caption	Location in this document	Page
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 39: Related-party transactions · AFR 162
7 · Major Shareholders and Related Party Transactions
	(A)Major shareholders	Additional information—US holders	52
		Additional information—Memorandum of incorporation—Voting rights	45
Annual Financial Report—Ancillary information—Shareholder information · AFR 166-168
(B)Related party transactions · Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 39: Related-party transactions · AFR 162
		Additional information—Refining and marketing	58
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 40: Directors' and prescribed officers' remuneration · AFR 163-165
(C)Interests of experts and counsel · NA · NA
8	Financial information
(A)Consolidated statements and other financial information · Annual Financial Report—Overview—Management’s discussion and analysis of the financial statements · AFR 8-38
Annual Financial Report—Consolidated financial statements—Consolidated income statement · AFR 59
Annual Financial Report—Consolidated financial statements—Consolidated statement of financial position · AFR 60
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 13: Dividends · AFR 100-101
Annual Financial Report—Directors’ report—Litigation · AFR 53
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements · AFR 63-165
Annual Financial Report—Report of independent registered public accounting firm · AFR 55-58
		Additional information—Dividend policy and dividend distribution	43
(2)Significant changes · Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 41: Events after reporting date · AFR 165
9	The Offer and listing
	(A)Listing details	Additional information—The listing	44
(B)Plan of distribution · NA · NA
	(C)Markets	Additional information—The listing	44
(D)Selling shareholders · NA · NA
(E)Dilution · NA · NA
(F)Expenses of the issue · NA · NA
10	Additional information
(A)Share capital · NA · NA
	(B)Memorandum and articles of association	Additional information—Memorandum of incorporation	45-49
		Additional information—Taxation—South African exchange control limitations affecting security holders	54
	(C)Material contracts	Additional information—Material contracts	50-52
	(D)Exchange controls	Additional information—Taxation—South African exchange control limitations affecting security holders	54
		Additional information—Environmental and regulatory matters—Exchange controls	35
	(E)Taxation	Additional information—Taxation	53-56
(F)Dividends and paying agents · NA · NA
(G)Statement by experts · NA · NA
	(H)Documents on display	Additional information—Documents on display	57
(I)Subsidiary information · NA · NA
11	Quantitative and qualitative disclosures about market risk	Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements—Note 36.2: Risk management activities	AFR 156-160
12	Description of securities other than equity securities	NA	NA
(A)Debt securities · NA · NA
(B)Warrants and rights · NA · NA
(C)Other securities · NA · NA
	(D)American depositary shares	Additional information—Material contracts—Deposit agreement	51-52

Item	Form 20-F Caption	Location in this document	Page
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—Controls and procedures	60-61
		Additional information—Controls and procedures—Management's report on internal control over financial reporting	60-61
		Additional information—Controls and procedures—Changes in internal control over financial reporting	61
Annual Financial Report—Report of independent registered public accounting firm · AFR 55-58
16A	Audit Committee financial expert	Additional information—Directors and executive management—Keith Alfred Rayner	26
16B	Code of ethics	Integrated Annual Report—Our business and leadership—Corporate governance	IAR 19-32
Integrated Annual Report—Our business and leadership—Corporate governance—Ethical leadership and corporate citizenship · IAR 20-22
16C	Principal accountant fees and services	Annual Financial Report—Auditor independence and fees	AFR 42-43
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	59
16H	Mine safety disclosure	Additional information—Environmental and regulatory matters—Health and safety	37
16J	Insider trading policies	NA	NA
16K	Cybersecurity	Integrated Annual Report—Our performance—Information and communication technology (ICT)—Risks—Cybersecurity	IAR 176-179
		Additional Information—Risk Factors	5-6
17	Financial statements	NA	NA
18	Financial statements	Annual Financial Report—Report of independent registered public accounting firm (PCAOB ID: 1698)	AFR 55-58
Annual Financial Report—Consolidated financial statements—Notes to the consolidated financial statements · AFR 63-165
19	Exhibits	Exhibits	61-62

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.