Sibanye Stillwater (SBSW) Strategy update summary

Strategic vision and transformation

• Focus on building a future-focused metals business, integrating into value chains beyond traditional mining and delivering metals essential for clean energy and global progress.

• Emphasis on performance excellence, operational basics, and a precious metals base to support clean energy demand.

• Resource stewardship model leverages primary mining, secondary (waste) mining, and recycling for diversified supply and environmental impact, embracing the circular economy.

• Strategy aims to unlock unrealized potential within the existing portfolio, prioritizing organic growth, operational efficiency, and value creation.

• Commitment to stakeholder value creation, sustainability, and a culture of care and performance.

Portfolio optimization and capital allocation

• Ongoing review of all assets to align with strategic priorities, focusing on South African gold and PGMs, Keliber Lithium, and DRDGOLD.

• Non-core or non-strategic assets are being evaluated for potential divestment or value realization.

• Capital allocation prioritizes sustaining operations, maintaining liquidity, shareholder returns, debt reduction, and growth in roughly equal proportions.

• Targeting a 50% reduction in gross debt over the next two to three years, with refinancing plans for upcoming bond maturities and a net debt/EBITDA target of <1.0x.

• Dividend policy set at 25%-35% of normalized earnings, with additional contributions to a foundation.

Operational excellence and growth projects

• Operational model shift to hybridized structure: decentralized operational teams with centralized growth and capital allocation.

• Targeting ZAR 3 billion in cost savings and a 2.5% revenue increase through productivity improvements and synergies by 2027.

• South African PGM operations prioritized for growth, leveraging contiguous assets and mechanized mining to unlock new resources and realize >R2.85bn per annum in synergies.

• Gold business transitioning from deep-level, high-cost mines to shallower, higher-margin operations, with DRDGOLD and Burnstone as key assets.

• Keliber Lithium project in Finland ramping up in phases, supporting EU supply security and maintaining flexibility based on market conditions.