Sibanye-Stillwater: Operating Update for the Quarter Ended 30 September 2021

Johannesburg, 28 October 2021: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW - https://www.commodity-tv.com/ondemand/companies/profil/sibanye-stillwater-ltd/) is pleased to provide an operating update for the quarter ended 30 September 2021. Financial results are only provided on a six-monthly basis.

SALIENT FEATURES - QUARTER ENDED 30 SEPTEMBER 2021 (Q3 2021) COMPARED TO QUARTER ENDED 30 SEPTEMBER 2020 (Q3 2020)

-          Solid operational results confirm the stabilisation of operations at pre-COVID-19 levels

-          Robust financial performance - Group adjusted EBITDA of R14.9 billion (US$1 billion)

-          Successful vaccine rollout to date - approximately 78% of employees in South Africa vaccinated

-          Capital allocation discipline - early redemption of 2022 notes and 5% share buy-back successfully concluded

-          Significant progress on green metals strategy - strategic acquisitions announced, shaping a meaningful initial footprint

-          Precious metal prices stabilising - outlook positive

1   The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand). In addition to the US PGM operations’ underground production, the operation treats recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM recycling represents palladium, platinum, and rhodium ounces fed to the furnace

2   Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US operations is principally platinum and palladium, referred to as 2E (2PGM) and US PGM recycling is principally platinum, palladium and rhodium referred to as 3E (3PGM)

3   The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute for other measures of financial performance and liquidity. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see "Adjusted EBITDA reconciliation - Quarters". Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue

4   See “Salient features and cost benchmarks - Quarters” for the definition of All-in sustaining cost (AISC) and the “Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana – Quarters”

5   The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production including third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"

*The number of shares in issue at 30 September 2021 includes 23,941,416 ordinary shares which were repurchased as part of the share buy-back programme but not yet cancelled as at 30 September 2021

OVERVIEW FOR THE QUARTER ENDED 30 SEPTEMBER 2021 COMPARED TO QUARTER ENDED 30 SEPTEMBER 2020

The Group recorded another solid operational performance for Q3 2021. Consistent results from the Group operating segments for a second consecutive quarter at pre-pandemic levels, while continuing to adhere to COVID-19 protocols, is a significant achievement.

South Africa was significantly impacted by a third and more severe wave of COVID-19 infections which extended into Q3 2021. Despite an associated increase in infection rates among our employees resulting in staffing challenges during July and August 2021, due to the integrity of our COVID-19 protocols, the South African operations were able to continue without significant disruption throughout the quarter. While infection rates in South Africa have fallen since the end of September 2021, the ongoing impact of the COVID-19 pandemic has highlighted the imperative of taking bolder steps to ensure the safety and well-being of employees in the workplace.

SAFE PRODUCTION

The roll out of our Group wide safe production intervention, the "Rules of Life” campaign continued during Q3 2021, delivering positive results through most of the quarter, including a significant decline in injuries and an increase in the number of consecutive workdays during which no recordable/reportable safety incidents occurred.

Regrettably, we were unable to report a fatality free quarter due to a tragic incident at our SA gold operations on 19 September 2021, which resulted in the loss of three colleagues.

While conducting a search and rescue operation to locate an employee, Vittalis Matanhire, a supervisor engineering electrician, who went missing after completing routine maintenance work with his team on 19 September 2021, two members of our Driefontein mine rescue team (proto team) Leon Peacock (team captain) and George Kolbe (team member) were overcome by heat in a back area at the Kloof Thuthukani shaft, on the evening of 19 September 2021. Following continued search and rescue efforts by the proto teams, Mr Matanhire's body was located on 22 September 2021 some distance from, and a level below, where he had been carrying out electrical maintenance work with his team. Mr Matanhire is survived by his wife and two children, Mr Peacock by his wife and child and Mr Kolbe by his three children. The Board and management of Sibanye-Stillwater extends heartfelt condolences to the families, friends and colleagues of the deceased employees. The incident is being investigated with all relevant stakeholders and appropriate support is being provided to the families of the deceased.

The health and safety of our employees remains the most important priority and we remain committed to continuous improvement in health and safety at our operations. We are enhancing our focus on ensuring a safe work environment and instilling a values-based culture throughout the organisation.

Our ongoing efforts to ensure the safety and well-being of our employees, included applying for accreditation to administer COVID-19 vaccines earlier in the year. After approval was granted by the South African Department of Health on 24 June 2021, our planned COVID-19 vaccination programme was rolled out to eligible employees in South Africa and extended to the entire workforce as soon as blanket authorisation was obtained. As a result of detailed pre-planning, including the preparation of vaccination sites with world class protocols and sufficient refrigeration capacity as well as training and registering healthcare employees well ahead of accreditation, the vaccine roll out has been a notable success. About 50,000 (approximately 76%) of our full time employees in South Africa had been vaccinated by 21 October 2021. We continue to drive the vaccine roll out through high visibility communication campaigns and have extended it to dependents of our employees. There has however, been a noticeable slow-down in vaccination rates and due consideration is now being given to the next steps that will be required to ensure healthy and safe working environments at our operations, with minimal risk of transmission of COVID-19.

The SA PGM operations again delivered outstanding results during Q3 2021, with 4E PGM production increasing by 20% and all-in sustaining cost (AISC) declining by 4% year-on-year. This decline in costs is notable in the context of significant inflationary pressures with annual electricity tariffs in South Africa in particular continuing to rise at rates well above inflation. As highlighted during the PGM investor day on 23 September 2021 (https://www.sibanyestillwater.com/news-investors/reports/quarterly/2021/), the consistent operational performance and excellent cost management delivered by the SA PGM operations, has resulted in the SA PGM operations migrating down the industry cost curves. With unit costs at the US PGM operations forecast to decline significantly by 2025 as production from Stillwater East builds up, our relative competitiveness in the global PGM industry expected to continue to improve.

As previously highlighted (in our H12021 results at https://www.sibanyestillwater.com/news-investors/reports/quarterly/2021/), a production shortfall of approximately 40,000 2Eoz is anticipated from the US PGM operations during H2 2021. This is primarily due to the temporary loss of producing blocks at the Stillwater West mine following the imposition of operational restrictions by the Mine Safety and Health Administration (MSHA) after the fatal incident at the Stillwater West mine in June 2021. Consequently, mined 2E PGM production from the US PGM operations was marginally lower than for the comparable period in 2020, with AISC 11% higher. Cost management is a priority for management at the US PGM operations to counter inflationary cost pressures, and the 6% reduction in AISC for Q3 2021 relative to Q2 2021 is positive.

3E PGM production from the PGM recycling operations was 11% lower than for the comparable period in 2020 as a result of temporary processing disruptions, which have since been resolved with feed rates recovering towards the end of the quarter. The recycling operations continued to benefit from robust PGM prices, in particular for rhodium, resulting in adjusted EBITDA increasing to US$30 million for Q3 2021 compared with US$10 million for Q3 2020.

Production from the SA gold operations was 2% higher than for Q3 2020 reflecting normalisation of operations after the COVID-19 disruptions in 2020, with mined grades returning to planned levels. AISC increased 11% year-on-year due to a higher operating costs associated with the increase in production and carry-over of ore reserve development (ORD) and maintenance capital from 2020. AISC for Q3 2021 was however marginally lower than for the previous quarter and well below average AISC guidance for the year, achieving a positive adjusted EBITDA margin of 19% for the quarter.

Despite the solid operational performance, lower average PGM and gold prices for Q3 2021 resulted in a decline in Group adjusted EBITDA from record levels achieved in previous quarters. Group adjusted EBITDA of R14,877 million (US$1,017 million) for Q3 2021 was 5% lower than for Q3 2020. PGM prices continued to decrease during Q3 2021 as a result of the ongoing global chip shortage that continues to negatively impact PGM demand in the automobile industry. Prices have since stabilised and we remain confident that the automobile supply chain constraints should start easing during the course of 2022.

Consistent with the Group capital allocation framework and the robust operational and financial outlook, a decision was made to redeem the US$353 million June 2022 corporate bonds early. This was successfully concluded on 2 August 2021, reducing future financing costs and further enhancing balance sheet flexibility. The share buy-back programme which commenced on 2 June 2021, was also successfully concluded on 4 October 2021, well ahead of schedule. The buy-back was executed during a period of relative market weakness, enabling the purchase of 147,700,000 ordinary shares (5%) for an aggregate purchase price of R8.1 billion (excluding costs). The repurchased shares have been cancelled and their listing removed.

We have significantly advanced our green metals strategy (covered in detail at our interim results presentation on 26 August 2021 and available at https://www.sibanyestillwater.com/news-investors/reports/quarterly/2021/), announcing two transactions during Q3 2021 and two further transactions during the past week. In summary:

-          On 30 July 2021 the proposed acquisition of 100% of Eramet’s Sandouville nickel processing facilities in Le Havre, France for an effective cash cost of Euro 65 million, was announced. This existing hydrometallurgical facility which is already zoned for heavy industrial purposes, is scaleable for nickel, cobalt and lithium battery grade products with potential to introduce recycling operations, and will provide strategic access to extensive logistical infrastructure supporting future supply of battery metal products into the European end user markets

-          On 16 September 2021 a proposed 50:50 joint venture (JV) with ioneer with respect to ioneer’s Rhyolite Ridge Lithium-Boron project in Nevada, USA, was announced. In terms of the proposed transaction, Sibanye-Stillwater will, after various conditions have been met and relevant permits have been obtained, contribute US$490 million for a 50% interest in the JV and subscribe for a 7.1% direct equity share in ioneer for approximately US$70 million. Rhyolite Ridge is a world-class lithium project with the potential to become the largest and lowest cost lithium mine in the US and is strategically positioned close to the rapidly developing battery production facilities in the region

-          On 26 October 2021, the proposed US$1 billion acquisition of the low cost Santa Rita nickel and Serrote copper mines in Brazil from Appian Capital, was announced. The transaction represents a unique opportunity for Sibanye-Stillwater to acquire significantly pre-developed and pre-capitalised, low-cost, producing nickel and copper assets with strong ESG credentials and will provide a platform for growth in South America. The assets will continue to be managed by the existing high-quality team which has a wealth of operating experience in Brazil

-          On 27 October the proposed acquisition of a 19.9% stake in New Century, a leading Australian tailings reprocessing Group for a maximum cash consideration of US$46 million, was announced. This transaction represents a significant next step in our strategy of building a leading global tailings retreatment business, diversified by commodity and geography, which is a critical element in building our portfolio of green metals, and complements the position we have established in the mineral resources circular economy through our investment in DRDGOLD

These transactions are the outcome of over two years of detailed analysis of the battery metals markets and provide the Group with a solid initial platform for sustained value creation establishing it as a meaningful participant at a formative stage in the growth of the future green global economy.

Notwithstanding the acceleration of our green metals strategy, we continue to invest in the sustainability of our existing operations. The R6.3 billion investment in high return SA PGM and gold projects (K4, Klipfontein and Burnstone) that we announced at our year-end results on 18 February 2021, has now commenced and we estimate that around R850 million will be spent in 2021. In the US, we continue to invest in growth at Stillwater East. These investments will secure employment and deliver significant economic value to all stakeholders over the long term.

OPERATING REVIEW

US PGM operations

Mined 2E PGM production for Q3 2021 of 144,325 2Eoz was 2% lower than for Q3 2020. Production from the Stillwater operation (including Stillwater West and Stillwater East) was 90,262 2Eoz, or 2% lower than for Q3 2020, primarily due to reduced heading availability in key production stopes constrained by rail restrictions, resulting in mining of lower grade areas. East Boulder delivered 54,063 2Eoz, 3% lower than for Q3 2020, due to reduced high grade sublevel mining throughput. Tonnes milled for Q3 2021 totalled 384kt, 4% higher than for Q3 2020. Plant head grade of 12.9g/t for Q3 2021 was 5% lower than for Q3 2020, impacted by the lack of operational flexibility, primarily at Stillwater West where the revised rail standard operating procedures were being implemented by the site teams.

Returnable ounce sales for Q3 2021 of 132,637 2Eoz, were 8% lower year-on-year and also 8% lower than 2E oz produced, mainly due to operational outages, resulting in lower concentrate production, coupled with downtime at the metallurgical complex.

Total development was also impacted by the MSHA restrictions resulting from the Q2 2021 accident but increased by 4% year-on-year to 7,262 metres. Total Stillwater East expansion development of 2,568 metres was 25% higher than Q3 2020, as a result of the focus on increasing operational flexibility.

AISC of US$968/2Eoz for Q3 2021 was 11% higher than for the comparable period in 2020 (US$875), primarily due to the ongoing impact of the safety incident and associated restrictions. AISC declined by 6% quarter-on-quarter from US$1,031/2Eoz for Q2 2021. Higher royalties, insurance and taxes added US$195/2Eoz to AISC for Q3 2021 compared with US$174/2Eoz for Q3 2020, a 12% increase.

PGM recycling operations

The recycling operations fed an average of 22.7 tonnes per day (tpd) for Q3 2021, 7% lower than for the comparable period in 2020. Reduced feed rates were largely a consequence of unplanned downtime at the Columbus Metallurgical Complex during the quarter. These issues have been addressed, with feed rates recovering to approximately 29 tpd for Q4 2021 to date. The recycling operation is currently expending approximately US$8 million per day on recycle advances compared with US$10 million per day for H1 2021, resulting in a recycle working capital of approximately US$624 million at the end of September 2021. This represents a reduction of around US$200 million during Q3 2021 with the segment's working capital reducing due to lower PGM prices during the quarter. Recycle inventory of approximately 449 tonnes at the quarter end reflects a 17 tonnes increase from approximately 432 tonnes at the end of Q2 2021. Assuming constant feed rates are maintained during Q4 2021, recycle inventory should reduce to approximately 300 tonnes by year-end.

SA PGM operations

The SA PGM operations continue to perform strongly in Q3 2021 with 4E PGM production (excluding third party purchase of concentrate (PoC)) of 500,073 4Eoz, 20% higher than for the comparable period in 2020 (which was impacted by the slow start-up of operations post the COVID-19 lockdown) and 7% higher than for Q2 2021, confirming the sustainable return to normalised operating levels at all the operating sites while continuing to adhere to COVID-19 protocols. Third party PoC processed at Marikana smelting and refining operations increased by 27% to 13,703 4Eoz year-on-year. AISC (excluding the cost of third party PoC) for Q3 2021 of R15,992/4Eoz (US$1,093/4Eoz), was 4% lower than for Q3 2020 (R16,597/4Eoz (US$981) despite higher royalties of R573 million (US$39 million) compared to R444 million (US$26 million) for Q3 2020.

4E PGM production from the Rustenburg operation for Q3 2021 of 183,606 4Eoz, was 19% higher year-on-year. Surface production increased by 9% with underground production increasing by 20%. This reflects the normalisation of production from the COVID-19 disruptions in 2020 as well as improved plant head grades at both the underground and surface operations. AISC for the Rustenburg operations decreased by 6% year-on-year to R17,701/4Eoz (US$1,210/4Eoz) as a result of the increase in production.

Kroondal continued to perform strongly, with 4E PGM production of 61,083 4Eoz for Q3 2021, 15% higher than for the comparable period in 2020. Kroondal AISC of R12,327/4Eoz (US$843/4Eoz), was 4% lower than Q3 2020 as a result of increased production.

4E PGM production from the Marikana operations (excluding third party PoC) of 212,888 4Eoz for Q3 2021, was 28% higher than for Q3 2020. Underground mined production increased by 28% to 205,340 4Eoz and surface production increased by 12% to 7,548 4Eoz. Third party concentrate processed at the Marikana smelting and refining operation increased by 27% year-on-year to 13,703 4Eoz compared to 10,781 4Eoz in Q3 2020. Processing of third party concentrate generates meaningful profit for Marikana smelting and refining operations through more effective utilisation of available capacity. AISC (excluding cost of third party PoC) for the Marikana operations of R15,933/4Eoz (US$1,089/4Eoz), was consistent with the comparable period in 2020, with the increased production output offsetting a significant inventory build of R1,043 million (US$62 million) in Q3 2020.

Attributable 4E PGM production from Mimosa of 28,770 oz was 9% lower than for Q3 2020. The focus is currently to optimise the reagent suite and cell settings across the flotation circuit to improve recoveries. AISC increased by 14% year-on-year to US$1,045/4Eozmainly due to reduced volumes.

Chrome sales for Q3 2021of approximately 561kt were 31% higher than for Q3 2020 underpinning a 97% increase in chrome revenue. The chrome price received of US$170/tonne was 23% higher than for Q3 2020 (US$138/tonne).

Capital expenditure of R948 million (US$65 million) for Q3 2021 was 85% higher than for the corresponding period in 2020, reflecting an increase in ORD and maintenance capital to more normalised levels and capital expenditure at organic projects. R56 million (US$4 million) was spent on the K4 project at the Marikana operation during Q3 2021.

SA gold operations

Production from the SA gold operations for Q3 2021 increased by 2% to 9,137kg (293,761oz) compared with Q3 2020). Gold production excluding DRDGOLD, increased by 3% to 7,688kg (247,175oz), with Beatrix mainly responsible for the increase. Underground tonnes milled increased by 22% from Q3 2020 which had been impacted by a slow build-up post COVID-19 lockdown in March 2020. Surface tonnes milled decreased by 5% year-on-year with significantly lower tonnages treated at Beatrix and Kloof. Underground yields decreased by 12% year-on-year in line with the increase in throughput as the operational mix normalised from a specific focus on higher grade panels for Q3 2020, as mining crews returned from COVID-19 lockdowns.

Total gold sold increased by 4% to 9,069kg (291,575oz) and excluding DRDGOLD the gold sold of 7,641kg (245,664oz) is 6% higher than for the same period in 2020 with 665kg (21,380oz) (2020: 338kg (10,867oz)) of unsold gold at the end of the current financial period.

AISC increased by 11% to R796,008/kg (US$1,692/oz) reflecting normalisation of operations with a significant increase in stoping and development rates compared with Q3 2020, when available crews were specifically deployed to stoping areas. AISC excluding DRDGOLD increased by 10% to R822,144/kg (US$1,748/oz) compared to Q3 2020. The increase was mainly due to the 14% increase in working cost and 64% increase in stay-in-business (SIB) capital, partly offset by a 4% increase in gold sold.

Capital expenditure (excluding DRDGOLD) increased by 48% to R1,076 million (US$74 million) compared to the same period in 2020. This was primarily due to a 38% increase in ORD (R199 million (US$14 million)) as the operations returning to normal production levels after the COVID-19 lockdown and some catchup in development to restore flexibility that was lost in 2020 with development meters 28% higher year-on-year.

Underground production from the Driefontein operation increased by 2% to 2,470kg (79,412oz) compared to the same period in 2020. Although the underground throughput increased significantly, this was offset by a normalisation of underground grades from the focus on high grade stopes during the phased production build up in 2020. AISC for Q3 2021 increased by 7% to R790,669/kg (US$1,681/oz) mainly due to a 9% increase in working cost and 45% increase in capital expenditure, partly offset by a 7% increase in gold sold.

Underground production from the Kloof operation decreased by 3% to 2,801kg (90,054oz) despite a 4% increase in tonnes milled, with higher throughput offset by lower grades as explained above. Surface production for the Kloof operation decreased by 45% to 253kg (8,134oz) due to ongoing depletion of the available surface reserves. AISC for Q3 2021 increased by 18% to R848,444/kg (US$1,804/oz) compared to the same period in 2020. The increase in unit cost is mainly due to the 10% decrease in gold sold together with the 4% increase in working cost and 31% increase in capital expenditure.

Underground production of 1,777kg (57,132oz) from the Beatrix operation was 35% higher year-on-year, with a 55% increase in throughput offset by a 13% decline in underground grade as a result of a change in focus from higher grade stopes during Q3 2020. Gold production from surface sources decreased by 53% to 30kg (965oz) as a result of depletion of higher grade sources. AISC for Q3 2021 decreased by 3% to R825,593/kg (US$1,755/oz) compared to the same period in 2020 primarily due to the increase in gold sold, which offset increased costs.

No underground production took place in 2021 from the Cooke operations. Surface gold production decreased by 12% to 290kg (9,324oz) due to lower throughput. Third party material continues to be toll treated at both the Cooke and Ezulwini plants. Care and maintenance cost at Cooke operations decreased by R9 million (US$1 million) to R154 million (US$11 million) due to lower infrastructure maintenance requirements.

DRDGOLD surface tonnes milled increased by 2% year-on-year, but due to a 7% decrease in grade, gold production of 1,449kg (46,586oz) was, 4% lower than for Q3 2020. AISC of R649,860/kg (US$1,382/oz) increased by 10% year-on-year.

OPERATING GUIDANCE FOR 2021

The previously revised 2E PGM production forecast from the US PGM operations is maintained at between 620,000 2Eoz and 650,000 2Eoz, with AISC of between US$910/2Eoz to US$940/2Eoz. Capital expenditure is forecast to be between US$285m and US$295m of which 55% to 60% is growth capital. Estimated PGM recycling for the year is unchanged at between 790,000 to 810,000 3Ekoz.

Forecast 4E PGM production from the SA PGM operations for 2021 is maintained at between 1,750,000 4Eoz and 1,850,000 4Eoz with AISC between R18,500/4Eoz and R19,500/4Eoz (US$1,230/4Eoz and US$1,295/4Eoz). Capital expenditure is forecast at R3,850 million (US$257 million) which includes R350 million (US$23 million) of project capital expenditure expected for the K4 and Klipfontein projects for the year. Due to the consistently strong operational performance from the SA PGM operations during 2021, 4E PGM production for 2021 is likely to be at the upper end of the guidance range with AISC at the lower end of guidance.

Forecast gold production from the SA gold operations for 2021 is maintained at between 27,500 kg (884,000 oz) and 29,500 kg (948,000 oz) with AISC of between R815,000/kg and R840,000/kg (US$1,690/oz and US$1,742/oz, revised higher due to higher electricity tariffs and other above inflation cost increases. Capital expenditure has been revised due to delays in delivery of certain capital assets due to the recent industrial action in South Africa and is now forecast to be approximately 4,100 million (US$273 million), including carry-over of unspent capital from 2020, due to the COVID-19 disruptions. R500 million (US$33 million) of project capital expenditure is included in the forecast, primarily for the Burnstone project and the Kloof 4 deepening project.

The dollar costs are based on an average exchange rate of R15.00/US$.

NEAL FRONEMAN

CHIEF EXECUTIVE OFFICER

SALIENT FEATURES AND COST BENCHMARKS - QUARTERS

US and SA PGM operations

Average exchange rate for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively

Figures may not add as they are rounded independently

1   The Total US and SA PGM, Total SA PGM and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana – Quarters”

2   The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation treats recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below

3   The Eastern Tailings Treatment Plant (ETTP) processing facility ounce production resulting from the processing of material from the Marikana underground operation was previously reported under the surface operation. These produced ounces are now appropriately included in the Marikana underground production resulting in a revision of previously reported plant recoveries and yield for the Marikana underground and surface operations

4   Production per product – see prill split in the table below

5   PGM sold includes the third party PoC ounces sold

6   The Total US and SA PGM and Total SA PGM operations’ unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales

7   The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment

8   Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per ounce (and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period, by the PGM produced in the same period. The operating cost of Marikana operations for 2020 includes the purchase of concentrate from Rustenburg, Kroondal and Platinum Mile

9   All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters”

Mining - PGM Prill split including third party PoC, excluding recycling operations