Johannesburg, 17 August 2022: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) provides a trading statement
and operating update for the six months ended 30 June 2022 (H1 2022 or the Period).
In terms of paragraph 3.4(b)(i) of the Listing Requirements of the JSE Limited (JSE), a company listed on the JSE is
required to publish a Trading statement as soon as it is satisfied that a reasonable degree of certainty exists that
the financial results for the next period to be reported on, will differ by at least 20% from the financial result for the
previous corresponding period.
Trading Statement for H1 2022
The Group advises that Earnings per share (EPS) and Headline earnings per share (HEPS) for H1 2022, are expected
to be between 402 SA cents (26 US cents) and 447 SA cents (29 US cents) compared with EPS and HEPS of 843 SA
cents (58 US cents) for H1 2021, representing a decline of 47% to 52% compared to H1 2021.
The decrease in EPS and HEPS for the period compared to the comparative period in 2021 is primarily due to the
following:
• A reduction in gold production from the SA gold operations for Q2 2022 due to the industrial action which
commenced on 9 March 2022 and was finally resolved on 13 June 2022. In addition and as reported the
suspension of processing activities in late December 2021, to allow for the reinforcement of the Beatrix tailings
storage facility (TSF), resulted in no ore being processed or sold from the Beatrix operations for Q1 2022
• Production from the US PGM operations for Q2 2022 was also significantly impacted by the severe regional
flooding in Montana on 12 and 13 June 2022, with the Stillwater operations being suspended for a sevenweek period
• Lower relative precious metals prices, with the average rand 4E PGM basket price 19% lower for H1 2022 and
the average US dollar 2E PGM basket price 15% lower than H1 2021
• This decline in average commodity prices also resulted in the Group recording a 45% decline in share of results
of equity-accounted investees after tax compared to H1 2021
• These negative financial impacts were partially offset by lower royalties and mining and income taxes
The conversion of rand amounts into US dollar is based on an average exchange rate of R15.40/US$ for H1 2022
and R14.55/US$ for H1 2021. This is provided as supplementary information only.
The financial information on which this trading statement is based has not yet been reviewed or reported on by
Sibanye-Stillwater’s auditors.
Operating update for H1 2022 compared to H1 2021
4E PGM production from the SA PGM operations, including purchase of concentrate (POC) of 849,152 4Eoz, was
9% lower than for the comparative period in 2021. A 9% decrease in underground 4E PGM production to 751,717
4Eoz was partly offset by a 6% increase in surface production of 72,089 4Eoz, with third-party purchase of
concentrate treated at the Marikana smelting and refining operations of 25,346 4Eoz, 27% lower due to the
winding down of two third party purchase of concentrate contracts in Q4 2021.
Mined 2E PGM production from the US PGM operations of 230,039 2Eoz (H1 2021: 298,301 2Eoz) was 23% lower
year-on-year primarily due to the temporary cessation of operations at the Stillwater mine following the regional
flooding in Montana on 12 and 13 June 2022 and mining flexibility and labour constraints which continued to
impact productivity at both operations. 2E PGM production from the Stillwater mine was 15,000 2Eoz lower
compared to Q1 2022 due to the flood impact, with a total 60,000 2Eoz of planned production impacted during
the seven-week suspension of operations at the Stillwater mine.
Recycling ounces fed during H1 2022 decreased by 10% to 361,333 3Eoz year-on-year mainly due to ongoing
logistical constraints globally and adjustments to the blend ratio of high grade recycle feed following the
reduction in volumes of mined concentrate post the flood event.
Production from the SA managed gold operations (excluding DRDGOLD) decreased by 77% in H1 2022 to 3,128kg
(100,568 oz) compared with H1 2021 due to no material gold production occurring during the three-month
industrial action and from the Beatrix operation during Q1 2022, due to the suspension of processing operations
to allow for precautionary reinforcement and buttressing of the Beatrix TSF from 28 December 2021. Maintenance
work on the Beatrix TSF was completed by the end of May 2022.
During Q1 2022, the acquisition of the Sandouville nickel refinery in Le Havre, France was concluded. Sandouville
produced 3,499 tonnes of nickel metal, 1,066 tonnes of nickel salts and 113 tonnes of cobalt chloride since
acquisition. Integration of the Sandouville refinery continues. Further detail will be provided in our H1 2022 results.

Results webcast and conference call
Sibanye-Stillwater will release its results for the six-months ended 30 June 2022 on Thursday, 25 August 2022 and
will host a live presentation shared via a webcast (link:
https://78449.themediaframe.com/links/sibanye210826.html) and conference call (register on:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=4552862&li
nkSecurityString=7ab5fd95a) at 12h00 (CAT) / 06h00 (EST) / 04h00 (MDT).