Sibanye Stillwater : 2021 Integrated Report

Using this Integrated report

This Integrated report describes Sibanye-Stillwater's progress in delivering on our strategy, purpose and vision. It shows how we create and preserve value for our stakeholders over the short, medium and long term, across the six capitals: human, financial, intellectual, natural, manufactured, social and relationship, noting that value creation in some areas can lead to value erosion in others. This report also includes all relevant and material information on where our activities eroded value.

Value Reporting Foundation: International Integrated Reporting Framework

Global Reporting Initiative (GRI) StandardsKing Report on Corporate Governance for South Africa, 2016 (King IV)

International Council on Mining and Metals (ICMM) assurance and validation procedure

Listed Company Requirements for the Johannesburg Stock Exchange (JSE) and the New York Stock Exchange (NYSE)South Africa's Companies Act 71 of 2008 as amendedUnited Nations Global Compact (UNGC) Principles and the Sustainable Development Goals (SDGs)

South Africa's Mining Charter III and social and labour plans (SLPs)

International Financial Reporting Standards (IFRS)Value Reporting Foundation: Sustainability Accounting Standards Board (SASB) Metals and Mining StandardWorld Gold Council (WGC)'s Responsible Gold Mining Principles (RGMPs)

Task Force on Climate-Related Financial Disclosures (TCFD)

LEGEND OF ICONS USED IN THIS REPORT

Links to supplementary information

8

SDGs, shown on pages	4	Refers to related
that relate to one or	information elsewhere
more SDGs - also see	in the report
Progressing the UN's SDGs
supplementary disclosure
Refers to related	1	Refers to a related fact
information available	sheet or supplementary
online at the URL provided	information available
online

Note: Some of the photographs used in this report were taken before the COVID-19 pandemic and do not reflect Sibanye-Stillwater's standard operating protocols for the pandemic

OUR 2021 REPORTS

These reports cover the financial year from 1 January to 31 December 2021*

INTEGRATED

REPORT

GROUP ANNUAL FINANCIAL REPORT

MINERAL RESOURCES

AND MINERAL RESERVES REPORT

SUMMARISED REPORT AND NOTICE OF ANNUAL

GENERAL MEETING

COMPANY FINANCIAL

STATEMENTS

About our cover designs: Inspired by the earth's strata and the characteristics of layered rocks at different depths; an abstract interpretation of the 'alchemical' transformation of raw materials into useful commodities. The covers also include images of employees, the people who embody our purpose and vision.

8

All of our 2021 reports, together with supporting documents, are available on our website at:www.sibanyestillwater.com/newsinvestors/reports/annual

SUPPORTING FACT SHEETS

AND SUPPLEMENTARY INFORMATION AVAILABLE ONLINE

• • Progressing the UN's SDGs

• • Environmental incidents in 2021

• • Biodiversity management

• • Social and Labour Plans: Summary of projects in South Africa

• • Care for iMali: Taking care of personal finance

• • GRI content index

• • Tailings management

• • Combating illegal mining

• • ICMM self-assessment

• • Working together: The Good Neighbor Agreement

• • Definitions for sustainability/ESG indicators

• • King IV disclosure

• • Climate change related disclosure: TCFD recommendations

*

Inclusive of information of year to date 22 April 2022 and forward-looking guidance

'01

OUR BUSINESS AND LEADERSHIP

About Sibanye-Stillwater

4

Our timeline

6

Board and executive leadership

7

Corporate governance

12

£ Core Integrated report:

These demarcated sections comprise our core Integrated report communication and encompass how we consider value creation, preservation, and erosion over the short, medium, and long term. The remaining content within our broader report provides additional detail relating to our sustainability performance.

'02

WHAT DRIVES US

Our purpose, vision, strategy and values

23

Progress on our strategy in 2021

27

Leadership view

28

Managing our risks and opportunities within the external environment

38

Our material issues

71

Engaging with our stakeholders

73

How we create value: our business model

80

Capital trade-offs: strategic management for optimum value creation

84

'03

OUR PERFORMANCE

Optimising capital allocation

89

Chief Financial Officer's report

90

Focusing on safe production and operational excellence

103

Delivering value from our operations and projects

104

Mineral Resources and Mineral Reserves: a summary

112

Harnessing continuous 123 innovation

Building a values-based culture

Continuous safe production

Health, well-being and occupational hygiene

130 131 143

Empowering our workforce

Embedding ESG excellence

Social, Ethics and Sustainability Committee: Chairman's report

153 174 175

Our Sustainability strategy: a summary

Minimising our environmental impact

Socioeconomic development

Governance in sustainability: our considered decision-making

178 179 207 224

'04

REWARDING DELIVERY

Remuneration report

227 Detail on Board committees

'05

ANCILLARY INFORMATION

262

Four-year statistical review

266

Statement of assurance

274

Shareholder information

277

Forward-looking statements

280

Administrative and corporate information

281

The green-shaded sections provide a view of our performance against four of our 2021 strategic focus areas for the year under review

We welcome your feedback

Your feedback and suggestions are welcome. Please direct them to James Wellsted,

Head of Investor Relations and Corporate Affairs:[e-mail]

8www.sibanyestillwater.com

DIRECTORS' STATEMENT OF RESPONSIBILITY

As required by King IV, our Board acknowledges that it is responsible for good governance, ethical leadership and responsible corporate citizenship. The Board applies the principles of King IV, by which it recognises the triple context (society, economy, environment) in which the Group operates and its responsibility to create value sustainably, over the long term, across the six capitals. Noting that to create value in one area will sometimes lead to depletion in another; and that leadership often involves the difficult decision to sacrifice value in one area for the sake of long-term value in others.

The Board, supported by the Audit Committee, has ultimate responsibility for this report and for vouchsafing its integrity and completeness.

Having applied its collective expertise, the Board confirms that this report is a fair and transparent review of Sibanye-Stillwater, its principal material matters, its current profile and performance, and its ability to create value in the short, medium and long term.

Sibanye-Stillwater's Integrated Report, presented in line with the Value Reporting Foundation's Framework, was approved for release to stakeholders by the Board on 22 April 2022 and signed on its behalf by:

Dr Vincent Maphai

Chairman of the Board and the Nomination and Governance Committee

Charl Keyter

Chief Financial Officer

Harry Kenyon-Slaney

Safety and Health Committee: Chairman

Keith Rayner

Audit Committee:

Chairman

Neal Froneman

Chief Executive Officer

Timothy Cumming

Remuneration Committee: Chairman

Richard Menell

Risk Committee: Chairman

Jeremiah Vilakazi

Social, Ethics and Sustainability

Committee: Chairman

About this report

APPROACH AND PHILOSOPHY

This Integrated report describes performance across operational, financial, social, environmental and governance activities of Sibanye Stillwater Limited (Sibanye-Stillwater) for the financial year 1January2021to 31 December 2021.

We include some information, if relevant, up to 22 April 2022.We do not have separate sustainability, governance or remuneration reports; those are part of this report with further information available in the supplemental documents.

This report shows how our strategy creates value over the short to long term and how performance and governance during the year helped deliver on this strategy. The report also offers facts, figures and narrative on how value was created or depleted across the six capitals: human, financial, intellectual, natural, manufactured, social and relationship.

Our process in compiling this report has been guided by, but not limited to, the Value Reporting Foundation's Framework, King IV, the GRI Sustainability Reporting Standards, JSE Listings Requirements and the South African Companies Act 71 of 2008. A separate King IV disclosure report is available online (1 See King IV supplementary disclosure,www.sibanyestillwater.com/newsinvestors/reports/annual). Furthermore, in line with our listing on the NYSE, a Form 20-F is filed with the United States Securities and Exchange Commission (SEC). We are a member of the ICMM, and the report aligns to its principles as it does with those of the United Nations Global Compact, to which we are a participant.

MATERIALITY

This report provides detail of material relevance to investors and to interested stakeholders, e.g. government, doorstep communities and unions.

It informs these stakeholders - and particularly investors - about our approach to value creation over the short, medium and long term and how we delivered on this approach during the year.

Our material issues were identified after independently facilitated discussions involving all relevant decision-makers; with due reference given to the materiality principles contained in the aforementioned reporting frameworks. Our materiality review considered the issue in reference to: our business model (how we create value), our operating context (risks and opportunities presented by global trends), our stakeholders (the communities for whom we create value) and our strategy (leadership's chosen path to create value).

These themes are woven throughout the report. (4 See page 71 for

Our material issues).

DETAIL AND INCLUSION

In the interests of conciseness not all detail is included here. However, we reference other non-financial documents, publicly available on our website at 8www.sibanyestillwater.com.

Scope and boundary

For the 2021 financial year annual data is provided where possible by region, segment and at Group level.

Any material event occurring post year-end and before the date of Board approval of this report

(22 April 2022) is covered in this report and/or in the Group Annual Financial statement (note 41) available on 8www.sibanyestillwater.com/newsinvestors/reports/annual.

Given that our South African operations account for 85% of total production and 97% of our workforce, and that the bulk of our material ESG-related activities take place in South Africa, the major emphasis of this report is on our South African activities. However, we also offer extensive detail on our US operations. We do not report (or report very minimally) on operations we do not manage and in which we are minority shareholders.

ASSURANCE

Our internal audit function assesses financial, governance, operational, business, compliance and risk management controls, and assures the accuracy of specific key indicators presented here. Factual mistakes are unintentional and should any be brought to our attention they will be rectified in the online version of the report.

Internal audit is overseen by the Chief Financial Officer and reports functionally into the Audit Committee. These committees report, in turn, to the Board. The internal audit function was externally reviewed in 2021 against the Institute of Internal Auditors Standards and was rated as Generally Conforms.

Independent external assurance provider, PwC, provided limited assurance on selected sustainable development performance indicators, in accordance with the International Standards on Assurance Engagements (ISAE) 3000 (revised) and the ISAE 3410. PwC's 4 Statement of assurance is on page 274.

The financial information here is derived from our annual financial statements, independently audited by EY. However, EY did not audit or review this Integrated report.

In terms of environmental, social and governance (ESG), we embrace various global standards, guidelines, indices and principles.

OUR BUSINESS AND LEADERSHIP

About Sibanye-Stillwater Our timeline

Board and executive leadership Corporate governance

4 6 7 12