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Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
(“Sibanye-Stillwater”,”the Company” and/or “the Group”)
Registered Address:
Constantia Office Park
Bridgeview House • Building 11 • Ground Floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park • 1709
Postal Address:
Private Bag X5 • Westonaria • 1780
Tel +27 11 278 9600 • Fax +27 11 278 9863
Website: www.sibanyestillwater.com
MARKET RELEASE
Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2025
Johannesburg, 17 February 2025: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) is pleased to report
attributable Group Mineral Resources and Mineral Reserves as at 31 December 2025.
The declared Mineral Resources and Mineral Reserves for the Group's managed operations and projects are
the outcome of a detailed annual operational and life of mine (LoM) planning process and are indicative of
the considerable underlying mineral assets base which supports sustainable, long-life production. In addition,
attributable Mineral Resources and Mineral Reserves are also declared based on our legal interest in non-
managed mineral properties.
This Mineral Resources and Mineral Reserves declaration represents a condensed and consolidated summary
of the full Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration, which will be available in the
Group Mineral Resources and Mineral Reserves Report. The report will be published on 24 April 2026 at
www.sibanyestillwater.com/news-investors/reports/annual/.
1.Salient features
•4E PGM Mineral Resources of 138.2Moz (-4.5%) and Mineral Reserves of 29.4Moz (+4.7%) at our SA PGM
operations
–The inclusion of the Marikana E4 mechanised UG2 project Mineral Reserves added +2.9Moz to Mineral
Reserves following the completion of a feasibility study
•2E PGM Mineral Resources of 57.5Moz (+2.8%) and Mineral Reserves of 19.4Moz (+2.1%) at our US PGM
operations
•Gold Mineral Resources of 25.2Moz (-31.7%) and Mineral Reserves of 9.4Moz (-6.3%) at our SA gold
operations (including DRDGOLD) and development projects (including Burnstone)
–At the Kloof operation, production constraints, including geotechnical considerations which led to the
removal of isolated blocks of ground,  have impacted the economic viability of the operation, leading
to a writedown of the majority of the Mineral Reserves (-1.4Moz)
•Uranium Oxide (U3O8) Mineral Resources of 33.1Mlb (-44.1%) and Mineral Reserves of 25.2Mlb at our SA gold
operations
–The maiden uranium Mineral Reserve is based on the completion of the Cooke TSF feasibility study
–The reduction in Mineral Resources is informed by the conversion to Mineral Reserves
•Lithium Mineral Resources of 263kt lithium carbonate equivalent (LCE) (-38.0%) and Mineral Reserves of
248kt (unchanged)
–The change in Mineral Resource is informed by the disposal of our interest in Ioneer Ltd (-201kt) and an
updated Mineral Resource estimate at the Keliber lithium project (+40kt) in Finland following successful
exploration
•Zinc Mineral Resources of 568kt (unchanged year-on-year) and Mineral Reserves of 308kt (-44.2%)
–Informed by the ongoing depletion of the tailings Mineral Reserve at the Century operation, which now
has ~18 months of reserve life left
•Copper Mineral Resources of 5,006kt (-37.3%) and Mineral Reserves of 478kt
–At the Mt Lyell copper project in Tasmania, Australia, the completion of the feasibility study has resulted
in a maiden Mineral Reserve under Sibanye-Stillwater. This also informed a reduction in Mineral
Resources at Mt Lyell
–At the Altar project in Argentina, a reduction in project ownership (40% to 20%) following a further earn-
in by Aldebaran Resources, has resulted in an attributable Mineral Resource reduction  (-2,478kt)
2
2.Group overview
Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
PGM
Tonnes
Grade
PGM
PGM
Tonnes
Grade
PGM
PGM
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Southern Africa¹
Operations
Measured
308.1
4.0
39.2
53.6
329.2
4.0
41.9
56.0
Indicated
476.1
4.3
66.2
84.2
538.8
4.1
70.3
89.4
Measured + Indicated
784.1
4.2
105.4
137.8
868.1
4.0
112.2
145.5
Inferred
237.1
4.3
32.7
41.9
236.9
4.3
32.5
41.8
Exploration
Measured
1.8
4.2
0.2
0.3
1.8
4.2
0.2
0.3
Indicated
244.5
4.1
32.5
45.1
244.5
4.1
32.5
45.1
Measured + Indicated
246.2
4.1
32.7
45.4
246.2
4.1
32.7
45.4
Inferred
158.8
3.7
18.8
26.2
158.8
3.7
18.8
26.2
Americas²
Operations
Measured
20.5
13.8
9.1
9.1
16.3
14.1
7.4
7.4
Indicated
20.6
11.1
7.3
7.3
18.8
12.4
7.5
7.5
Measured + Indicated
41.0
12.4
16.4
16.4
35.1
13.2
14.8
14.8
Inferred
96.5
13.2
41.1
41.1
91.2
14.0
41.1
41.1
Exploration
Measured
19.9
0.7
0.5
3.9
22.0
0.8
0.6
4.1
Indicated
9.7
0.5
0.2
1.4
10.0
0.6
0.2
1.3
Measured + Indicated
29.6
0.7
0.6
5.3
31.9
0.7
0.7
5.4
Inferred
3.6
0.5
0.1
0.5
4.0
0.5
0.1
0.4
Total Measured + Indicated
1,101.1
4.4
155.2
205.0
1,181.4
4.2
160.5
211.1
Grand total
1,597.1
4.8
247.9
314.6
1,672.3
4.7
253.0
320.6
Attributable
100%
Attributable
100%
GOLD
Tonnes
Grade
Gold
Gold
Tonnes
Grade
Gold
Gold
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Southern Africa
Operations
Measured
145.4
2.1
9.7
10.1
234.3
2.3
17.2
17.8
Indicated
97.8
2.7
8.3
8.6
276.8
1.4
12.1
13.7
Measured + Indicated
243.2
2.3
18.0
18.7
511.2
1.8
29.3
31.5
Inferred
20.9
2.5
1.7
1.7
21.9
2.9
2.0
2.1
Development
Measured
0.3
5.0
0.1
0.1
0.4
4.6
0.1
0.1
Indicated
8.8
5.2
1.5
1.5
10.5
4.8
1.6
1.6
Measured + Indicated
9.1
5.2
1.5
1.5
10.9
4.8
1.7
1.7
Inferred
28.7
4.4
4.0
4.0
27.8
4.3
3.9
3.9
Exploration
Measured
—
—
—
—
—
—
—
—
Indicated
44.1
4.5
6.4
6.4
44.1
4.5
6.4
6.4
Measured + Indicated
44.1
4.5
6.4
6.4
44.1
4.5
6.4
6.4
Inferred
4.0
3.6
0.5
0.5
4.0
3.6
0.5
0.5
Americas
Exploration
Measured
270.6
0.1
0.90
3.07
409.2
0.1
1.4
3.1
Indicated
519.8
0.1
0.9
3.0
797.8
0.1
1.4
3.0
Measured + Indicated
790.4
0.1
1.8
6.1
1,207.0
0.1
2.8
6.1
Inferred
386.6
0.04
0.5
1.8
595.5
0.04
0.8
1.8
Australia
Development
Measured
2.3
0.3
0.02
0.02
3.7
0.2
0.03
0.03
Indicated
21.1
0.3
0.2
0.2
71.5
0.3
0.6
0.6
Measured + Indicated
23.4
0.3
0.2
0.2
75.2
0.3
0.6
0.6
Inferred
11.3
0.3
0.1
0.1
11.3
0.3
0.1
0.1
Total Measured + Indicated
1,110.2
0.8
28.0
33.0
1,848.4
0.7
40.8
46.3
Grand total
1,561.7
0.7
34.8
41.0
2,508.9
0.6
48.1
54.6
3
Attributable
100%
Attributable
100%
LITHIUM³
Tonnes
Li
Li₂O
LCE
LCE
Tonnes
Li
Li₂O
LCE
LCE
(Mt)
(%)
(%)
(kt)
(kt)
(Mt)
(%)
(%)
(kt)
(kt)
Europe
Development
Measured
0.5
0.54
1.16
13
16
0.5
0.58
1.26
15
18
Indicated
4.6
0.52
1.11
127
159
2.9
0.55
1.19
86
108
Measured + Indicated
5.1
0.52
1.12
140
175
3.4
0.56
1.20
101
126
Inferred
4.3
0.54
1.16
123
154
4.5
0.51
1.10
122
153
Americas
Exploration
Measured
—
—
—
—
—
4.6
0.18
0.40
45
734
Indicated
—
—
—
—
—
11.3
0.17
0.36
102
1,645
Measured + Indicated
—
—
—
—
—
16.0
0.17
0.37
147
2,379
Inferred
—
—
—
—
—
5.8
0.18
0.38
54
874
Total Measured + Indicated
5.1
0.52
1.12
140
175
19.4
0.24
0.52
248
2,505
Grand total
9.4
0.53
1.14
263
329
29.6
0.27
0.58
424
3,532
Attributable
100%
Attributable
100%
URANIUM
Tonnes
Grade
U₃O₈
U₃O₈
Tonnes
Grade
U₃O₈
U₃O₈
(Mt)
(kg/t)
(Mlb)
(Mlb)
(Mt)
(kg/t)
(Mlb)
(Mlb)
Southern Africa
Operations
Measured
3.6
1.09
8.5
8.5
63.8
0.24
33.2
41.0
Indicated
42.2
0.26
24.5
26.4
47.5
0.25
25.9
28.3
Measured + Indicated
45.8
0.33
33.0
35.0
111.4
0.24
59.1
69.3
Inferred
0.04
1.10
0.1
0.1
0.04
1.10
0.1
0.1
Grand total
45.8
0.33
33.1
35.1
111.4
0.24
59.2
69.4
Attributable
100%
Attributable
100%
COPPER
Tonnes
Grade
Copper
Copper
Tonnes
Grade
Copper
Copper
(Mt)
(%)
(kt)
(kt)
(Mt)
(%)
(kt)
(kt)
Australia
Development
Measured
2.3
1.04
24
24
3.7
0.93
35
35
Indicated
21.9
1.10
241
241
75.1
0.96
724
724
Measured + Indicated
24.2
1.10
265
265
78.8
0.96
759
759
Inferred
14.2
0.86
123
123
14.2
0.86
123
123
Americas
Exploration
Measured
270.6
0.40
1,092
3,668
409.2
0.41
1,671
3,668
Indicated
519.8
0.41
2,114
6,822
797.8
0.41
3,255
6,809
Measured + Indicated
790.4
0.41
3,206
10,491
1,207.0
0.41
4,926
10,478
Inferred
386.6
0.37
1,412
4,527
595.5
0.37
2,177
4,525
Total Measured + Indicated
814.6
0.43
3,471
10,756
1,285.8
0.44
5,685
11,237
Grand total
1,215.4
0.41
5,006
15,406
1,895.6
0.42
7,985
15,885
Attributable
100%
Attributable
100%
ZINC⁴
Tonnes
Grade
Zinc
Zinc
Tonnes
Grade
Zinc
Zinc
(Mt)
(%)
(kt)
(kt)
(Mt)
(%)
(kt)
(kt)
Australia
Exploration
Measured
1.0
4.80
48
48
1.0
4.80
48
48
Indicated
8.9
5.66
504
504
8.9
5.66
504
504
Measured + Indicated
9.9
5.58
552
552
9.9
5.58
552
552
Inferred
0.6
2.67
16
16
0.6
2.67
16
16
Grand total
10.5
5.41
568
568
10.5
5.41
568
568
Note: Mineral Resources are reported on an attributable basis, and metal content is additionally stated on a 100% ownership basis
1For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)
2For the US PGM operations, PGM is represented by the 2E (Pt and Pd)
3For the Lithium Mineral Resources, Li (%) was derived from Li2O by dividing by a factor of 2.153. LCE content was calculated by multiplying
the Li (%) content by a factor of 5.323. Lithium Hydroxide Monohydrate (LiOH.H2O) can be derived from LCE by dividing by a factor of 0.88
4Silver and lead content excluded, please refer to detailed operational tables
4
Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
PGM
Tonnes
Grade
PGM
PGM
Tonnes
Grade
PGM
PGM
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Southern Africa¹
Operation
Proven
118.9
3.5
13.3
18.3
115.3
3.5
13.0
18.0
Probable
178.3
2.8
16.2
20.2
147.2
3.2
15.1
18.9
Proven + Probable
297.2
3.1
29.4
38.6
262.5
3.3
28.1
37.0
Americas²
Operation
Proven
7.9
14.8
3.7
3.7
9.5
13.1
4.0
4.0
Probable
37.1
13.1
15.6
15.6
35.1
13.3
15.0
15.0
Proven + Probable
45.0
13.4
19.4
19.4
44.5
13.3
19.0
19.0
Grand total Proven + Probable
342.2
4.4
48.8
57.9
307.1
4.8
47.1
56.0
Attributable
100%
Attributable
100%
GOLD
Tonnes
Grade
Gold
Gold
Tonnes
Grade
Gold
Gold
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Southern Africa
Operation
Proven
181.1
0.6
3.7
5.4
197.9
0.8
4.9
6.7
Probable
221.8
0.4
2.9
4.3
119.6
0.7
2.6
3.5
Proven + Probable
402.9
0.5
6.7
9.7
317.5
0.7
7.5
10.2
Development
Proven
—
—
—
—
—
—
—
—
Probable
19.9
4.2
2.7
2.7
20.0
4.0
2.5
2.5
Proven + Probable
19.9
4.2
2.7
2.7
20.0
4.0
2.5
2.5
Grand total Proven + Probable
422.8
0.7
9.4
12.4
337.4
0.9
10.0
12.7
Attributable
100%
Attributable
100%
LITHIUM³
Tonnes
Li
Li₂O
LCE
LCE
Tonnes
Li
Li₂O
LCE
LCE
(Mt)
(%)
(%)
(kt)
(kt)
(Mt)
(%)
(%)
(kt)
(kt)
Europe
Development
Proven
3.5
0.51
1.09
93
117
3.5
0.51
1.09
93
117
Probable
6.9
0.42
0.91
155
195
6.9
0.42
0.91
155
195
Grand total Proven + Probable
10.3
0.45
0.97
248
311
10.3
0.45
0.97
248
311
Attributable
100%
Attributable
100%
URANIUM
Tonnes
Grade
U₃O₈
U₃O₈
Tonnes
Grade
U₃O₈
U₃O₈
(Mt)
(kg/t)
(Mlb)
(Mlb)
(Mt)
(kg/t)
(Mlb)
(Mlb)
Southern Africa
Operations
Proven
—
—
—
—
—
—
—
—
Probable
62.2
0.18
25.2
33.2
—
—
—
—
Grand total Proven + Probable
62.2
0.18
25.2
33.2
—
—
—
—
Attributable
100%
Attributable
100%
COPPER
Tonnes
Grade
Copper
Copper
Tonnes
Grade
Copper
Copper
(Mt)
(%)
(kt)
(kt)
(Mt)
(%)
(kt)
(kt)
Australia
Development
Proven
1.4
0.75
10
10
—
—
—
—
Probable
53.2
0.88
467
467
—
—
—
—
Grand total Proven + Probable
54.6
0.88
478
478
—
—
—
—
Attributable
100%
Attributable
100%
ZINC⁴
Tonnes
Grade
Zinc
Zinc
Tonnes
Grade
Zinc
Zinc
(Mt)
(%)
(kt)
(kt)
(Mt)
(%)
(kt)
(kt)
Australia
Operation
Proven
10.1
3.05
308
308
18.7
2.95
553
553
Probable
—
—
—
—
—
—
—
—
Grand total Proven + Probable
10.1
3.05
308
308
18.7
2.95
553
553
Note: Mineral Reserves are reported on an attributable basis, and metal content is additionally stated on a 100% ownership basis
1For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)
2For the US PGM operations, PGM is represented by the 2E (Pt and Pd)
3For the Lithium Mineral Reserves, Li (%) was derived from Li2O by dividing by a factor of 2.153. LCE content was calculated by multiplying
the Li (%) content by a factor of 5.323. Lithium Hydroxide Monohydrate (LiOH.H2O) can be derived from LCE by dividing by a factor of 0.88
4Silver and lead content excluded, please refer to detailed operational tables
5
3.About our disclosure and related assumptions
The Group reports in accordance with both the JSE and the US Securities and Exchange Commission (SEC) rules
and guidelines for the estimation of Mineral Resources and Mineral Reserves at all managed operations,
development, and exploration properties. This specific disclosure is in compliance with the SEC rules, while the
JSE compliant version can be located at https://www.sibanyestillwater.com/download/reserves-resources-
dec2025-jse.
The exchange rate applied for the South African Mineral Resources and Mineral Reserves calculations as at 31
December 2025 is ZAR18.24:US$ (unchanged year-on-year). Other rates applied are US$1.12:EUR (unchanged
year-on-year), ZAR20.43:EUR (up from ZAR19.80:EUR at end 2024) and US$0.68:AUD (down from US$0.71:AUD at
end 2024).
Price assumptions as at 31 December 2025 for managed Mineral Resources & Mineral Reserves (excluding SA
gold Mineral Reserves)
31 Dec 2025
31 Dec 2024
MINERAL RESOURCES
MINERAL RESERVES
MINERAL RESERVES
Precious metals
US$/oz
R/oz
R/kg
US$/oz
R/oz
R/kg
US$/oz
R/oz
R/kg
Gold1
2,650
48,336
1,554,037
2,421
44,159
1,419,745
1,750
31,920
1,026,251
Platinum
1,350
24,624
791,679
1,250
22,800
733,036
1,250
22,800
733,036
Palladium
1,350
24,624
791,679
1,150
20,976
674,394
1,150
20,976
674,394
Rhodium
5,000
91,200
2,932,146
4,500
82,080
2,638,931
4,500
82,080
2,638,931
Iridium
5,500
100,320
3,225,360
4,015
73,234
2,354,513
5,500
100,320
3,225,360
Ruthenium
450
8,208
263,893
400
7,296
234,572
400
7,296
234,572
Base and other metals
US$/lb
US$/tonne
R/tonne
US$/lb
US$/tonne
R/tonne
US$/lb
US$/tonne
R/tonne
Nickel
8.50
18,739
341,804
8.00
17,640
321,754
8.00
17,640
321,754
Copper
4.54
10,009
182,654
4.20
9,259
168,892
4.06
8,950
163,248
Cobalt
20.00
44,092
804,245
18.50
40,785
743,927
22.00
48,502
884,670
Zinc
1.30
2,866
52,276
1.20
2,646
48,255
1.15
2,535
46,244
Uranium oxide (U3O8)2
100.00
220,462
4,021,232
90.00
198,416
3,619,108
63.00
138,891
2,533,373
Chromium oxide (Cr₂O₃, 40.5%
UG2 conc.)2
0.11
250
4,560
0.10
230
4,195
0.10
230
4,195
Lithium hydroxide monohydrate
9.98
22,000
401,280
9.07
20,000
364,800
9.07
20,000
364,800
1 Long term (2030 onwards)
2 Long term contract prices
Price assumptions as at 31 December 2025 for Mineral Reserves at managed gold operations
2026
2027
2028
2029
Long Term
(US$/oz)
2,837
2,655
2,589
2,484
2,421
(R/kg)
1,663,911
1,557,089
1,518,355
1,456,397
1,419,745
6
4.Group Mineral Resources and Mineral Reserves per geographical region & commodity
4.1. Southern Africa
4.1.1. Platinum group metals
4.1.1.1. SA PGM operations
•Total 4E PGM Mineral Resources of 138.2Moz, a year-on-year decrease of -4.5%
•Total 4E PGM Mineral Reserves of 29.4Moz, a year-on-year increase of +4.7%
PGM Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
PGM
Southern Africa
Tonnes
Grade
PGM
PGM
Tonnes
Grade
PGM
PGM
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Operations
Marikana¹
Measured
50.4
4.1
6.6
8.2
48.3
4.7
7.3
9.0
Indicated
390.8
4.2
52.3
64.9
441.4
3.8
54.5
67.6
Measured + Indicated
441.1
4.2
58.9
73.1
489.6
3.9
61.8
76.6
Inferred
212.8
4.3
29.3
36.3
211.5
4.3
29.0
35.9
Rustenburg²
Measured
239.8
4.0
30.6
41.4
170.8
5.1
28.0
37.8
Indicated
77.1
5.2
12.9
17.5
84.4
5.3
14.3
19.4
Measured + Indicated
316.9
4.3
43.6
58.9
255.3
5.2
42.3
57.2
Inferred
10.9
5.6
2.0
2.6
10.9
5.6
2.0
2.6
Kroondal³
Measured
—
—
—
—
93.1
1.6
4.8
5.5
Indicated
—
—
—
—
4.8
3.3
0.5
0.6
Measured + Indicated
—
—
—
—
97.9
1.7
5.3
6.1
Inferred
—
—
—
—
—
—
—
—
Mimosa⁴
Measured
17.9
3.4
2.0
3.9
17.1
3.4
1.9
3.8
Indicated
8.2
3.6
0.9
1.9
8.2
3.6
0.9
1.9
Measured + Indicated
26.1
3.5
2.9
5.8
25.3
3.5
2.8
5.6
Inferred
13.4
3.4
1.5
3.0
14.5
3.4
1.6
3.2
Total Measured + Indicated
784.1
4.2
105.4
137.8
868.1
4.0
112.2
145.5
Grand total
1,021.2
4.2
138.2
179.8
1,105.0
4.1
144.7
187.2
PGM Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
PGM
Southern Africa
Tonnes
Grade
PGM
PGM
Tonnes
Grade
PGM
PGM
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Operations
Marikana¹
Proven
30.1
3.7
3.5
4.4
17.7
3.9
2.2
2.7
Probable
167.9
2.8
15.2
18.9
125.8
3.4
13.9
17.3
Proven + Probable
198.0
2.9
18.8
23.3
143.5
3.5
16.1
20.0
Rustenburg²
Proven
77.2
3.4
8.5
11.4
76.6
3.6
8.8
11.9
Probable
9.5
2.7
0.8
1.1
19.9
1.6
1.0
1.4
Proven + Probable
86.7
3.3
9.3
12.6
96.5
3.2
9.8
13.2
Kroondal³
Proven
—
—
—
—
9.1
2.5
0.7
0.8
Probable
—
—
—
—
—
—
—
—
Proven + Probable
—
—
—
—
9.1
2.5
0.7
0.8
Mimosa⁴
Proven
11.6
3.4
1.3
2.5
12.0
3.4
1.3
2.6
Probable
0.9
3.4
0.1
0.2
1.4
3.3
0.2
0.3
Proven + Probable
12.5
3.4
1.4
2.7
13.5
3.4
1.5
2.9
Grand total Proven + Probable
297.2
3.1
29.4
38.6
262.5
3.3
28.1
37.0
180.64% Attributable, managed; 274% Attributable managed; 387% Attributable, managed; 450% Attributable, non-managed
The Mineral Resources were largely stable, only
impacted by mining depletion and conversion to
Mineral Reserves at KTD1 TSF and the Marikana E4
project. Noteworthy is that the Kroondal and SRPM
Mineral Resources and Mineral Reserves have been
consolidated under SRPM due to the
amalgamation of the operations.
A detailed reconciliation of the 2024 to 2025 SA
PGM operations Mineral Reserves is shown in the
table below.
7
SA PGM operations – Mineral Reserves reconciliation
Factors
4E PGM
(Moz)
31 Dec 2024
28.1
Depletion
-1.8
Post depletion
26.3
Area inclusions/exclusions (E4, KTD1)
3.5
Geological interpretation
-0.1
Estimation methodology
-0.1
Economic valuation
-0.1
Modifying factors
-0.2
31 Dec 2025
29.4
For the Mineral Reserves, apart from depletion
(-1.8Moz), the following aspects informed the
changes:
•Marikana operation, where the E4 Mechanised
UG2 project, for which a feasibility study has
been completed, has been included in the
Mineral Reserves for the first time (+2.9Moz). This
project is a capital efficient, high margin,
shallow, mechanised room and pillar, 
brownfields opportunity
•The inclusion of the Marikana KTD1 TSF (+0.6Moz)
•Minor adjustments due to geological
interpretation, estimation methodology,
economic valuation and a change in modifying
factors (-0.5Moz)
4.1.1.2. SA PGM exploration projects
•Total 4E PGM Mineral Resources of 51.5Moz, unchanged year-on-year
PGM Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
PGM
Southern Africa
Tonnes
Grade
PGM
PGM
Tonnes
Grade
PGM
PGM
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Exploration
Akanani¹
Measured
—
—
—
—
—
—
—
—
Indicated
164.5
4.2
22.0
27.5
164.5
4.2
22.0
27.5
Measured + Indicated
164.5
4.2
22.0
27.5
164.5
4.2
22.0
27.5
Inferred
87.9
3.4
9.6
12.0
87.9
3.4
9.6
12.0
Limpopo²
Measured
1.8
4.2
0.2
0.3
1.8
4.2
0.2
0.3
Indicated
80.0
4.1
10.5
17.6
80.0
4.1
10.5
17.6
Measured + Indicated
81.7
4.1
10.7
17.9
81.7
4.1
10.7
17.9
Inferred
70.9
4.0
9.2
14.2
70.9
4.0
9.2
14.2
Total Measured + Indicated
246.2
4.1
32.7
45.4
246.2
4.1
32.7
45.4
Grand total
405.0
4.0
51.5
71.6
405.0
4.0
51.5
71.6
180.13% Attributable, managed, 2Attributable for Baobab and Doornvlei (80.64%), and Dwaalkop (40.32%)
8
4.1.2. Gold
4.1.2.1 SA gold operations
•Total gold Mineral Resources of 19.7Moz, a year-on-year decrease of -37.3%
•Total gold Mineral Reserves of 6.7Moz, a year-on-year decrease of -10.8%
Gold Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
GOLD
Southern Africa
Tonnes
Grade
Gold
Gold
Tonnes
Grade
Gold
Gold
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Operations
Kloof
Measured
7.2
7.6
1.7
1.7
22.5
11.4
8.2
8.2
Indicated
11.1
6.1
2.2
2.2
22.1
6.4
4.5
4.5
Measured + Indicated
18.3
6.7
3.9
3.9
44.7
8.9
12.8
12.8
Inferred
2.4
4.8
0.4
0.4
6.2
5.3
1.0
1.0
Driefontein
Measured
13.1
10.4
4.4
4.4
13.4
11.1
4.8
4.8
Indicated
7.3
7.7
1.8
1.8
8.0
8.2
2.1
2.1
Measured + Indicated
20.4
9.4
6.2
6.2
21.4
10.0
6.9
6.9
Inferred
3.3
6.0
0.6
0.6
3.3
6.2
0.7
0.7
Beatrix
Measured
14.5
5.6
2.6
2.6
14.7
5.6
2.6
2.6
Indicated
23.3
5.1
3.8
3.8
22.3
5.0
3.6
3.6
Measured + Indicated
37.7
5.3
6.4
6.4
37.0
5.3
6.3
6.3
Inferred
4.2
4.9
0.7
0.7
1.7
4.9
0.3
0.3
Cooke¹
Measured
88.0
0.2
0.7
0.9
150.6
0.3
1.2
1.6
Indicated
34.9
0.3
0.3
0.4
40.8
0.3
0.4
0.5
Measured + Indicated
122.9
0.3
1.0
1.4
191.3
0.3
1.6
2.2
Inferred
—
—
—
—
—
—
—
—
DRDGOLD²
Measured
22.6
0.3
0.2
0.4
33.2
0.3
0.3
0.6
Indicated
21.3
0.3
0.2
0.4
183.6
0.2
1.4
2.9
Measured + Indicated
43.9
0.3
0.4
0.8
216.7
0.2
1.7
3.4
Inferred
11.1
0.1
—
0.1
10.7
0.2
0.1
0.2
Total Measured + Indicated
243.2
2.3
18.0
18.7
511.2
1.8
29.3
31.5
Grand total
264.1
2.3
19.7
20.4
533.0
1.8
31.3
33.6
Gold Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
GOLD
Southern Africa
Tonnes
Grade
Gold
Gold
Tonnes
Grade
Gold
Gold
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Operations
Kloof
Proven
0.7
4.3
0.1
0.1
6.6
5.8
1.2
1.2
Probable
—
—
—
—
2.4
5.2
0.4
0.4
Proven + Probable
0.7
4.3
0.1
0.1
8.9
5.6
1.6
1.6
Driefontein
Proven
6.6
6.6
1.4
1.4
5.6
6.9
1.2
1.2
Probable
3.9
7.6
1.0
1.0
5.4
6.8
1.2
1.2
Proven + Probable
10.5
7.0
2.4
2.4
11.0
6.8
2.4
2.4
Beatrix
Proven
5.6
3.1
0.6
0.6
4.6
3.9
0.6
0.6
Probable
2.1
3.3
0.2
0.2
1.4
2.6
0.1
0.1
Proven + Probable
7.7
3.1
0.8
0.8
6.0
3.6
0.7
0.7
Cooke¹
Proven
—
—
—
—
—
—
—
—
Probable
67.6
0.3
0.58
0.8
5.4
0.3
—
0.1
Proven + Probable
67.6
0.3
0.58
0.8
5.4
0.3
—
0.1
DRDGOLD²
Proven
168.3
0.3
1.7
3.4
181.1
0.3
1.8
3.6
Probable
148.1
0.2
1.2
2.4
105.0
0.3
0.9
1.7
Proven + Probable
316.4
0.3
2.9
5.7
286.1
0.3
2.7
5.4
Grand total Proven + Probable
402.9
0.5
6.7
9.7
317.5
0.7
7.5
10.2
176% Attributable, managed, 250.10% Attributable, non-managed. Based on a gold price of ZAR1,689,997/kg
The change in the Mineral Resources, apart from
mining depletion, were principally driven by:
•Kloof operation, due to the exclusion of Mineral
Resources below 35 level (due to 7 shaft closure)
and the exclusion of the majority of high-grade
VCR Resources due to rock engineering
constraints
•Driefontein operation, due to the exclusion of
inaccessible areas relating to infrastructure
constraints at 8 shaft
•DRDGOLD, with the removal of the
Daggafontein TSF due to being reclassified as a
depositional site; and the Grootvlei TSF due to
regulatory and legal  considerations
A detailed reconciliation of the 2024 to 2025 SA
Gold operations Mineral Reserves is shown in the
below table.
9
SA gold operations – Mineral Reserves reconciliation
Factors
Gold (Moz)
31 Dec 2024
7.5
Depletion
-0.6
Post depletion
6.9
Area inclusions/exclusions
0.6
Attributable adjustment
0.3
Geological interpretation
-0.2
Economic parameters
-0.9
31 Dec 2025
6.7
For the Mineral Reserves, apart from depletion
(-0.6Moz), the following aspects informed the
changes:
•Kloof operation, where production constraints,
including geotechnical considerations which led
to the removal of isolated blocks of ground, 
have impacted the economic viability of the
operation, leading to a writedown of the
majority of the Mineral Reserves (1.4Moz)
•Driefontein operation, where the depletion
(0.2Moz) was offset by one year life extensions at
4 shaft and 5 shaft (0.3Moz)
•Beatrix operation, where the LoM was extended
by three years through the inclusion of below
infrastructure mining, an extension into the
Vlakpan area and a reduced production rate
•Cooke operation, where the gold content from
the Cooke TSF uranium project is included for
the first time following the successful feasibility
study
•DRDGOLD, where the Daggafontein TSF
(0.7Moz) was excluded, and the Crown
Complex (1.1Moz) was added
4.1.2.2. SA gold - Burnstone development project
•Total gold Mineral Resources of 5.5Moz, a year-on-year decrease of -0.3%
•Total gold Mineral Reserves of 2.7Moz,  a year-on-year increase of +7.2%
Gold Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
GOLD
Southern Africa
Tonnes
Grade
Gold
Gold
Tonnes
Grade
Gold
Gold
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Development
Burnstone
Measured
0.3
5.0
0.1
0.1
0.4
4.6
0.1
0.1
Indicated
8.8
5.2
1.5
1.5
10.5
4.8
1.6
1.6
Measured + Indicated
9.1
5.2
1.5
1.5
10.9
4.8
1.7
1.7
Inferred
28.7
4.4
4.0
4.0
27.8
4.3
3.9
3.9
Grand total
37.8
4.6
5.5
5.5
38.7
4.5
5.5
5.5
Gold Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
GOLD
Southern Africa
Tonnes
Grade
Gold
Gold
Tonnes
Grade
Gold
Gold
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Development
Burnstone
Proven
—
—
—
—
—
—
—
—
Probable
19.9
4.2
2.7
2.7
20.0
4.0
2.5
2.5
Grand total Proven + Probable
19.9
4.2
2.7
2.7
20.0
4.0
2.5
2.5
A feasibility study into the re-commencement of
construction at the Burnstone project is ongoing,
with a decision expected during 2026. As part of
this work, the Mineral Resource and Mineral Reserve
estimates were revisited, leading to minor
adjustments, largely relating to a change in
geological domaining and mine design and
scheduling.
SA gold development – Mineral Reserves reconciliation
Factors
Gold (Moz)
31 Dec 2024
2.5
Area inclusions/exclusions
0.2
31 Dec 2025
2.7
4.1.2.3. SA gold - Southern Free State (SOFS) exploration project
•Total gold Mineral Resources of 6.9Moz, unchanged year-on-year
Gold Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
GOLD
Southern Africa
Tonnes
Grade
Gold
Gold
Tonnes
Grade
Gold
Gold
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Exploration
SOFS
Measured
—
—
—
—
—
—
—
—
Indicated
44.1
4.5
6.4
6.4
44.1
4.5
6.4
6.4
Measured + Indicated
44.1
4.5
6.4
6.4
44.1
4.5
6.4
6.4
Inferred
4.0
3.6
0.5
0.5
4.0
3.6
0.5
0.5
Grand total
48.1
4.4
6.9
6.9
48.1
4.4
6.9
6.9
The SOFS project in the Free State, adjacent to our Beatrix mining right, remains a fully mining permitted project.
10
4.1.3. Uranium exploration projects
•Total uranium oxide (U3O8) Mineral Resources of 33.1Mlb, a year-on-year decrease of -44.1%
•A maiden uranium oxide (U3O8) Mineral Reserve of 25.2Mlb
Uranium Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
URANIUM
Southern Africa
Tonnes
Grade
U₃O₈
U₃O₈
Tonnes
Grade
U₃O₈
U₃O₈
(Mt)
(kg/t)
(Mlb)
(Mlb)
(Mt)
(kg/t)
(Mlb)
(Mlb)
Exploration
Beatrix (Beisa)
Measured
3.6
1.09
8.5
8.5
3.6
1.09
8.5
8.5
Indicated
7.8
1.07
18.3
18.3
7.8
1.07
18.3
18.3
Measured + Indicated
11.4
1.07
26.9
26.9
11.4
1.07
26.9
26.9
Inferred
0.04
1.10
0.1
0.1
0.04
1.10
0.1
0.1
Operations
Cooke¹
Measured
—
—
—
—
60.3
0.19
24.7
32.5
Indicated
34.4
0.08
6.2
8.1
39.7
0.09
7.6
9.9
Measured + Indicated
34.4
0.08
6.2
8.1
100.0
0.15
32.2
42.4
Inferred
—
—
—
—
—
—
—
—
Total Measured + Indicated
45.8
0.33
33.0
35.0
111.4
0.24
59.1
69.3
Grand total
45.8
0.33
33.1
35.1
111.4
0.24
59.2
69.4
Uranium Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
URANIUM
Southern Africa
Tonnes
Grade
U₃O₈
U₃O₈
Tonnes
Grade
U₃O₈
U₃O₈
(Mt)
(kg/t)
(Mlb)
(Mlb)
(Mt)
(kg/t)
(Mlb)
(Mlb)
Operations
Cooke¹
Proven
—
—
—
—
—
—
—
—
Probable
62.2
0.18
25.2
33.2
—
—
—
—
Grand total Proven + Probable
62.2
0.18
25.2
33.2
—
—
—
—
176% Attributable, managed
The feasibility study into the exploitation of the Cooke TSF (gold and uranium) was completed, leading to a
maiden uranium Mineral Reserve. This informed the decrease in Mineral Resources. The gold Mineral Resources
and Mineral Reserves within the TSF is reported within the SA gold tables.
The Beisa Mineral Resource, previously reported as subject to a pending transaction with Neo Energy Metals,
expected to close in 2026, is still included.
11
4.2. Americas
4.2.1. Platinum group metals (PGM)
4.2.1.1. US PGM  operations
•Total 2E PGM Mineral Resources of 57.5Moz, a year-on-year increase of +2.8%
•Total 2E PGM Mineral Reserves of 19.4Moz, a year-on-year increase of +2.1%
PGM Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
PGM
Americas
Tonnes
Grade
PGM
PGM
Tonnes
Grade
PGM
PGM
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Operations
Stillwater and
Measured
20.5
13.8
9.1
9.1
16.3
14.1
7.4
7.4
East Boulder
Indicated
20.6
11.1
7.3
7.3
18.8
12.4
7.5
7.5
Measured + Indicated
41.0
12.4
16.4
16.4
35.1
13.2
14.8
14.8
Inferred
96.5
13.2
41.1
41.1
91.2
14.0
41.1
41.1
Grand total
137.6
13.0
57.5
57.5
126.3
13.8
55.9
55.9
PGM Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
PGM
Americas
Tonnes
Grade
PGM
PGM
Tonnes
Grade
PGM
PGM
(Mt)
(g/t)
(Moz)
(Moz)
(Mt)
(g/t)
(Moz)
(Moz)
Operations
Stillwater and
Proven
7.9
14.8
3.7
3.7
9.5
13.1
4.0
4.0
East Boulder
Probable
37.1
13.1
15.6
15.6
35.1
13.3
15.0
15.0
Grand total Proven + Probable
45.0
13.4
19.4
19.4
44.5
13.3
19.0
19.0
2E PGM = Pt (22%) + Pd (78%)
The year-on-year change in Mineral Resources,
apart from mining depletion and conversion to
Mineral Reserves, were primarily driven by an
adjustment in estimation methodology and an
update to the  geological loss calculation.
A detailed reconciliation of the 2024 to 2025 US
PGM operations Mineral Reserves is shown in the
below table.
US PGM operations – Mineral Reserves reconciliation
Factors
2E PGM
(Moz)
31 Dec 2024
19.0
Depletion
-0.3
Post depletion
18.7
Area inclusions/exclusions
0.4
Geological interpretation
0.0
Estimation methodology
1.3
Economic valuation
-0.2
Modifying factors
-0.8
31 Dec 2025
19.4
For the Mineral Reserves, apart from depletion
(-0.3Moz), the following aspects informed the
changes:
•Area inclusions due to Mineral Resource
expansion, an adjustment in estimation
methodology, revised economic valuation and
a change in modifying factors (0.7Moz)
12
4.2.1.2. US PGM - Marathon exploration project
•Total 2E PGM Mineral Resources of 0.7Moz, a year-on-year decrease of -12.7%
PGM Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
PGM
Americas
Tonnes
PGM
PGM
Copper
Copper
Tonnes
PGM
PGM
Copper
Copper
(Mt)
(g/t)
(Moz)
(%)
(kt)
(Mt)
(g/t)
(Moz)
(%)
(kt)
Exploration
Marathon¹
Measured
19.9
0.7
0.5
0.20
39
22.0
0.8
0.6
0.20
45
Indicated
9.7
0.5
0.2
0.21
21
10.0
0.6
0.2
0.22
22
Measured + Indicated
29.6
0.7
0.6
0.20
60
31.9
0.7
0.7
0.21
67
Inferred
3.6
0.5
0.1
0.22
8
4.0
0.5
0.1
0.23
9
Grand total
33.3
0.7
0.7
0.21
68
35.9
0.7
0.8
0.21
76
112.14% Attributable, non-managed, excluding gold and silver by-products which are not considered economically material. Reported
within an optimised pit shell at a cut-off net smelter royalties (NSR) value of C$13.60/t (Marathon), and C$13/t (Geordie and Sally). Based on
US$ metal prices of US$1,550/oz for palladium, US$1,100/oz for platinum, US$4.50/lb for copper, US$2,300/oz for gold and US$27/oz for silver
and US$:C$ of 0.74(Marathon). Based on US$ metal prices of US$1,600/oz for palladium, US$900/oz for platinum, US$3.00/lb for copper,
US$1,500/oz for gold and US$18/oz for silver and US$:C$ of 0.77(Geordie and Sally).The NSR estimates for the project use flotation recoveries
of 94.0% for copper, 89.5% for palladium, 84.0% for platinum, 83.1% for gold, 68.0% for silver and smelter payables of 96.5% for copper, 95.0%
for palladium, 93.0% for platinum, 93.5% for gold and 93.5% for silver. The open-pit optimisation used a mining cost of C$2.90/t, combined
processing, general and administration, sustaining capital, rehabilitation and closure of C$13.60/t with pit slopes of 50º
The Mineral Resource estimate for the Marathon project in Canada has been updated as part of a revised NI
43-101 compliant feasibility study, leading to a small upward adjustment at the Marathon deposit.
The Group's shareholding in Generation Mining Ltd changed from 13.85% to 12.14% during the year, resulting in
the associated decrease in attributable Mineral Resources.
4.2.2. Battery metals
4.2.2.1.Rhyolite Ridge lithium exploration project
Lithium Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
LITHIUM
Americas
Tonnes
Li
LCE
H₃BO₃
H₃BO₃
Tonnes
Li
LCE
H₃BO₃
H₃BO₃
(Mt)
(%)
(kt)
(%)
(kt)
(Mt)
(%)
(kt)
(%)
(kt)
Exploration
Rhyolite Ridge¹
Measured
—
—
—
—
—
4.6
0.18
45
5.2
243
Indicated
—
—
—
—
—
11.3
0.17
102
3.3
377
Measured + Indicated
—
—
—
—
—
16.0
0.17
147
3.9
619
Inferred
—
—
—
—
—
5.8
0.18
54
3.0
174
Grand total
—
—
—
—
—
21.8
0.17
201
3.6
793
As announced on 26 February 2025, Sibanye-Stillwater chose not to proceed with Ioneer Ltd in the joint venture
to develop the Rhyolite Ridge Lithium-Boron project. The Group also divested of its 6.19% equity interest in
Ioneer Ltd, resulting in no attributable Mineral Resources being recognised.
4.2.2.2. Altar copper exploration project
•Total copper Mineral Resources of 4,549kt, a year-on-year decrease of -35.3%
Copper Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
COPPER
Americas
Tonnes
Copper
Copper
Gold
Gold
Tonnes
Copper
Copper
Gold
Gold
(Mt)
(%)
(kt)
(g/t)
(Moz)
(Mt)
(%)
(kt)
(g/t)
(Moz)
Exploration
Altar¹
Measured
250.7
0.42
1,053
0.1
0.9
387.2
0.42
1,626
0.1
1.3
Indicated
510.0
0.41
2,093
0.1
0.9
787.8
0.41
3,233
0.1
1.4
Measured + Indicated
760.7
0.41
3,146
0.1
1.8
1,175.1
0.41
4,859
0.1
2.7
Inferred
383.0
0.37
1,404
0.04
0.5
591.6
0.37
2,168
—
0.8
Grand total
1,143.7
0.40
4,549
0.1
2.3
1,766.6
0.40
7,027
0.1
3.6
131.47% Attributable, non-managed. Contained within a conceptual pit shell, using cut-off grades based on a net smelter return (NSR) and
metal prices of $3.75/lb copper, $1,800/oz gold, $23.00/oz silver
Aldebaran Resources Ltd (Aldebaran), the operator of the project, has acquired an additional 20% interest in
the Altar project, after satisfying the requisite earn-in expenditure threshold, bringing its total interest to 80% (up
13
from 60% as at 31 December 2024). Following this, the Group's combined attributable interest of 31.47% (48.61%
in 2024) derives from a 14.34% equity interest in Aldebaran and a direct 20% (40% in 2024) project level interest.
This has led to a reduction in attributable Group Mineral Resources.
Noteworthy is that Aldebaran has completed a Preliminary Economic Assessment (PEA) during the year for an
open pit mining operation of what is one of the largest undeveloped copper Mineral Resources worldwide.
4.3. Europe
4.3.1. Battery metals
4.3.1.1. Keliber lithium development project
•LCE Mineral Resources of 263kt, a year-on-year increase of +18.0%
•LCE Mineral Reserves of 248kt, unchanged year-on-year
Lithium Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
LITHIUM
Europe
Tonnes
Li
Li₂O
LCE
LCE
Tonnes
Li
Li₂O
LCE
LCE
(Mt)
(%)
(kt)
(kt)
(kt)
(Mt)
(%)
(kt)
(kt)
(kt)
Development
Keliber¹
Measured
0.5
0.54
1.16
13
16
0.5
0.58
1.26
15
18
Indicated
4.6
0.52
1.11
127
159
2.9
0.55
1.19
86
108
Measured + Indicated
5.1
0.52
1.12
140
175
3.4
0.56
1.20
101
126
Inferred
4.3
0.54
1.16
123
154
4.5
0.51
1.10
122
153
Grand total
9.4
0.53
1.14
263
329
7.9
0.53
1.14
223
279
Lithium Mineral Reserves
31 Dec 2025
31 Dec 2024
Attributable
100%
Attributable
100%
LITHIUM
Europe
Tonnes
Li
Li₂O
LCE
LCE
Tonnes
Li
Li₂O
LCE
LCE
(Mt)
(%)
(%)
(kt)
(kt)
(Mt)
(%)
(%)
(kt)
(kt)
Development
Keliber¹
Proven
3.5
0.51
1.09
93
117
3.5
0.51
1.09
93
117
Probable
6.9
0.42
0.91
155
195
6.9
0.42
0.91
155
195
Grand total Proven + Probable
10.3
0.45
0.97
248
311
10.3
0.45
0.97
248
311
179.82% Attributable, managed
The increase in Mineral Resource is due to ongoing,
successful exploration activities which led to the
identification of further mineralisation at the
Leviäkangas and Tuoreetsaaret deposits. This 
prompted a Mineral Resource estimate update
(+40kt). In parallel, adjustments have also been
made to our  Mineral Resource cut-off grade
(reduced to 0.18% Li2O), to bring it in line with the
latest estimated mining cut-off grades.
The Mineral Reserves at the Syväjärvi and Rapasaari
open pit mines for the first 18 years of the
production are unchanged.
14
4.4. Australia
4.4.1. Zinc tailings retreatment
4.4.1.1. Century zinc operation (including on-lease in-situ exploration projects)
•Zinc Mineral Resources of 568kt, unchanged year-on-year
•Zinc Mineral Reserves of 308kt, a year-on-year decrease of -44.2%
Zinc Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
ZINC
Australia
Tonnes
Zinc
Zinc
Silver
Silver
Lead
Lead
(Mt)
(%)
(kt)
(g/t)
(Moz)
(%)
(kt)
Exploration
Century
Measured
1.0
4.80
48
56.0
1.8
5.4
54
Indicated
8.9
5.66
504
44.4
12.7
2.4
211
Measured + Indicated
9.9
5.58
552
45.6
14.5
2.7
265
Inferred
0.6
2.67
16
31.1
0.6
6.2
37
Grand total
10.5
5.41
568
44.7
15.1
2.9
302
31 Dec 2024
ZINC
Australia
Tonnes
Zinc
Zinc
Silver
Silver
Lead
Lead
(Mt)
(%)
(kt)
(g/t)
(Moz)
(%)
(kt)
Exploration
Century
Measured
1.0
4.80
48
56.0
1.8
5.4
54
Indicated
8.9
5.66
504
44.4
12.7
2.4
211
Measured + Indicated
9.9
5.58
552
45.6
14.5
2.7
265
Inferred
0.6
2.67
16
31.1
0.6
6.2
37
Grand total
10.5
5.41
568
44.7
15.1
2.9
302
Zinc Mineral Reserves
31 Dec 2025
ZINC
Australia
Tonnes
Zinc
Zinc
Silver
Silver
Lead
Lead
(Mt)
(%)
(kt)
(g/t)
(Moz)
(%)
(kt)
Operations
Century
Proven
10.1
3.05
308
15.7
5.1
0.6
57
Probable
—
—
—
—
—
—
—
Grand total Proven + Probable
10.1
3.05
308
15.7
5.1
0.6
57
31 Dec 2024
ZINC
Australia
Tonnes
Zinc
Zinc
Silver
Silver
Lead
Lead
(Mt)
(%)
(kt)
(g/t)
(Moz)
(%)
(kt)
Operations
Century
Proven
18.7
2.95
553
14.3
8.6
0.5
97
Probable
—
—
—
—
—
—
—
Grand total Proven + Probable
18.7
2.95
553
14.3
8.6
0.5
97
The year-on-year change in Mineral Reserves were driven solely by mining depletion of the finite TSF Mineral
Reserves. The TSF will be depleted by mid-2027, and the Group is studying commercial options (regional
phosphate mining partnerships) to extend the life of the significant fixed infrastructure which includes a
processing plant, pipeline, port facility and maritime shipping vessel.
4.4.1.1. Mt Lyell copper project
•Copper Mineral Resources of 388kt, a year-on-year decrease of -56.0%
•A maiden copper Mineral Reserve of 478kt
Copper Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
31 Dec 2024
COPPER
Australia
Tonnes
Copper
Copper
Gold
Gold
Tonnes
Copper
Copper
Gold
Gold
(Mt)
(%)
(kt)
(g/t)
(Moz)
(Mt)
(%)
(kt)
(g/t)
(Moz)
Development
Mt Lyell
Measured
2.3
1.04
24
0.3
0.02
3.7
0.93
35
0.2
0.03
Indicated
21.9
1.10
241
0.3
0.2
75.1
0.96
724
0.3
0.6
Measured + Indicated
24.2
1.10
265
0.3
0.2
78.8
0.96
759
0.3
0.6
Inferred
14.2
0.86
123
0.3
0.1
14.2
0.86
123
0.3
0.1
Grand total
38.5
1.01
388
0.3
0.3
93.1
0.95
882
0.2
0.7
15
Copper Mineral Reserves
31 Dec 2025
31 Dec 2024
COPPER
Australia
Tonnes
Copper
Copper
Grade
Gold
Tonnes
Copper
Copper
Grade
Gold
(Mt)
(%)
(kt)
(g/t)
(Moz)
(Mt)
(%)
(kt)
(g/t)
(Moz)
Development
Mt Lyell
Proven
1.4
0.75
10
0.2
0.01
—
—
—
—
—
Probable
53.2
0.88
467
0.2
0.4
—
—
—
—
—
Grand total Proven + Probable
54.6
0.88
478
0.2
0.4
—
—
—
—
—
The Class 2 feasibility study into the reopening of the historic Mt Lyell mine in Tasmania has been concluded,
leading to a maiden copper-gold Mineral Reserve. The project envisages a 3Mtpa operation, with an initial 23
year LoM, producing approximately 26ktpa of copper and 16kozpa of gold in concentrate. This also informed
the reduction of the Mineral Resources.
16
5.Corporate governance
This Mineral Reserves and Mineral Resources declaration represents a condensed and consolidated summary
of the full Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration, available in the Group
Mineral Resources and Mineral Reserves Report. The report will be published on 24 April 2026 and will be
available at www.sibanyestillwater.com/news-investors/reports/annual/.
The Mineral Resources and Mineral Reserves are estimates at a particular date, and are affected by
fluctuations in mineral prices, exchange rates, operating costs, mining permits, changes in legislation and
operating factors.
Sibanye-Stillwater prepares and reports its Mineral Resources and Mineral Reserves in accordance with the
SAMREC Code, the updated Section 12 of the JSE Listings Requirements, and the SEC regulation S-K Sub-part
1300. For non-managed mineral properties, Mineral Resources and Mineral Reserves are in certain cases
prepared under different codes, such as JORC and NI 43-101. These codes are closely aligned with SAMREC,
and form part of CRIRSCO (Committee for Mineral Reserves International Reporting Standards). Therefore, the
estimates are deemed to be consistent with SAMREC and S-K1300.
Production volumes are reported in metric tonnes (t). By-product metals that do not constitute material
contribution to potential revenue flows are typically excluded from the estimates, but are included in the
economic assessments.
All financial models used to determine the managed Mineral Reserves are based on current tax regulations as
at 31 December 2025. Rounding of figures may result in minor computational discrepancies. Where this
happens, it is not deemed significant.
There are Competent Persons (CPs), designated in terms of the respective national reporting codes, who take
responsibility for the reporting of Mineral Resources and Mineral Reserves at the respective operations and
projects. Corporate governance on the overall compliance of the Group’s figures and responsibility for the
generation of a Group consolidated statement has been overseen by the Group's lead CP, included below.
The Group has the written confirmation of the lead CP that the information, as disclosed in this report, is
compliant with the relevant security exchanges’ listing requirements (Section 14 of the JSE listing requirements,
SAMREC Table 1 and the US SEC SK1300), and that it may be published in the form and context in which it was
intended.
For the managed operations, Stephan Stander, full-time employee of Sibanye-Stillwater is the Group Lead CP
for Mineral Resources and Mineral Reserves. Stephan is a registered member of the South African Council for
Natural Scientific Professions (SACNASP 400089/96).
Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
EVP: Investor Relations and Corporate Affairs
Tel: +27 (0) 83 453 4014
www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
About Sibanye-Stillwater
Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio of operations,
projects and investments across five continents. The Group is also one of the foremost global recyclers of PGM
autocatalysts and has interests in leading mine tailings retreatment operations.
Sibanye-Stillwater has established itself as one of the world’s largest primary producers of platinum, palladium,
and rhodium and is a top tier gold producer. It also produces and refines iridium and ruthenium, nickel,
chrome, copper and cobalt. The Group has recently begun to diversify its asset portfolio into battery metals
mining and processing and increase its presence in the circular economy by growing its recycling and tailings
reprocessing exposure globally. For more information refer to www.sibanyestillwater.com.
Ends.
17
6.Forward looking statements
The information in this document may contain forward-looking statements within the meaning of the “safe harbour” provisions of the United
States Private Securities Litigation Reform Act of 1995 with respect to Sibanye Stillwater Limited’s (Sibanye-Stillwater or the Group) financial
condition, results of operations, business strategies, operating efficiencies, competitive position, growth opportunities for existing services,
plans and objectives of management for future operations, markets for stock and other matters. These forward-looking statements,
including, among others, those relating to Sibanye-Stillwater’s future business prospects, revenues and income, climate change-related
targets and metrics, the potential benefits of past and future acquisitions (including statements regarding growth, cost savings, benefits
from and access to international financing and financial re-ratings), gold, PGM, nickel and lithium pricing expectations, levels of output,
supply and demand, information relating to Sibanye-Stillwater’s  new or ongoing development projects, any proposed, anticipated or
planned expansions into the battery metals or adjacent sectors and estimations or expectations of enterprise value, adjusted EBITDA and
net asset, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve
a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking
statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those
set forth in this document.
All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking
statements also often use words such as “will”, “would”, “expect”, “forecast”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”,
"intend", “target”, “estimate” and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances and should be considered in light of various important factors, including those set
forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from estimates
or projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater’s future financial position, plans,
business strategies and other strategic initiatives, business prospects, industry forecasts, objectives, capital expenditures, projected costs
and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social
conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of management for future operations;
Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to
comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s
ability to service its bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of its Mineral Resources and Mineral
Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in connection with,
and the ability to successfully integrate, past, ongoing and future acquisitions (including Metallix), as well as at existing operations; the
ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s business strategy and
exploration and development activities, including any proposed, anticipated or planned expansions into the battery metals or adjacent
sectors and estimations or expectations of enterprise value; the ability of Sibanye-Stillwater to comply with requirements that it operate in
ways that provide progressive benefits to affected communities; changes in the market price of gold, silver, PGMs, battery metals (e.g.,
nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among other commodities and supply requirements; the
occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa’s credit rating; the impact
of South Africa's greylisting; a challenge regarding the title to any of Sibanye-Stillwater’s properties by claimants to land under restitution
and other legislation; Sibanye-Stillwater’s ability to implement its strategy and any changes thereto; the outcome of legal challenges to the
Group’s mining or other land use rights; the occurrence of labour disputes, disruptions and industrial actions; the availability, terms and
deployment of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations,
particularly environmental, sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and
business ownership, including any interpretation thereof which may be subject to dispute; increasing regulation of environmental and
sustainability matters such as greenhouse gas emissions and climate change; being subject to, and the outcome and consequence of,
any potential or pending litigation or regulatory proceedings, including in relation to any environmental, health or safety issues; the ability
of Sibanye-Stillwater to meet its decarbonisation targets, including by diversifying its energy mix with renewable energy projects; failure to
meet ethical standards, including actual or alleged instances of fraud, bribery or corruption; the effect of climate change or other extreme
weather events on Sibanye-Stillwater’s business; the concentration of all final refining activity and a large portion of Sibanye-Stillwater’s
PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and internal
controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African
Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility; operating in new geographies and regulatory environments where
Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain disruptions and shortages
and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s operations; fluctuations in exchange
rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages or
precautionary suspension of operations at its mines for safety or environmental incidents (including natural disasters) and unplanned
maintenance; Sibanye-Stillwater’s ability to hire and retain senior management and employees with sufficient technical and/or production
skills across its global operations necessary to meet its labour recruitment and retention goals, as well as its ability to achieve sufficient
representation of historically disadvantaged South Africans in its management positions, or maintain required board gender diversity; failure
of Sibanye-Stillwater’s information technology, communications and systems, evolving cyber threats to Sibanye-Stillwater's operations and
the impact of cybersecurity incidents or breaches; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or
natural or man-made disaster in surrounding mining communities, including informal settlements in the vicinity of some of Sibanye-
Stillwater’s South African-based operations; and the impact of contagious diseases, including global pandemics.
Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the
Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the 2024 Integrated Report and the
Annual Financial Report for the fiscal year ended 31 December 2024 on Form 20-F filed with the United States Securities and Exchange
Commission on 25 April 2025 (SEC File no. 333-234096).
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or
undertaking to update or revise any forward-looking statement (except to the extent legally required). These forward-looking statements
have not been reviewed or reported on by the Group’s external auditors.
Non-IFRS Measures
The information contained in this document may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted
EBITDA margin, AISC, AIC, and normalised earnings. These measures may not be comparable to similarly-titled measures used by other
companies and are not measures of Sibanye-Stillwater’s financial performance under IFRS. These measures should not be considered in
isolation or as a substitute for measures of performance prepared in accordance with IFRS. Sibanye-Stillwater is not providing a
reconciliation of the forecast non-IFRS financial information presented in this document because it is unable to provide this reconciliation
without unreasonable effort. These forecast non-IFRS financial information presented have not been reviewed or reported on by the
Group’s external auditors.
Mineral Resources and Mineral Reserves
Sibanye-Stillwater reports its Mineral Resources and Mineral Reserves in accordance with the rules and regulations promulgated by the
United States Securities and Exchange Commission at all managed operations, development and exploration properties. Any material
changes to the Group's Technical Report Summaries will be filed with its annual report on Form 20-F for the year ended 31 December 2025.
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Websites
References in this document to information on websites (and/or social media sites) are included as an aid to their location and such
information is not incorporated in, and does not form part of, this document.