SIBANYE STILLWATER LIMITED - Sibanye-Stillwater welcomes positive amendments to section 45X of the US IRA regulations

Sibanye-Stillwater welcomes positive amendments to section 45X of the US IRA regulations

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" or the "Group" or the "Company")
Website: www.sibanyestillwater.com


Sibanye-Stillwater welcomes positive amendments to section 45X of the US IRA regulations

Johannesburg, 25 October 2024: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) welcomes
the US Department of the Treasury's publication of the final regulations for Section
45X of the Inflation Reduction Act (IRA) yesterday, 24 October 2024. We anticipate that
these regulations will benefit our US PGM operations in Montana.

In August 2022, the US Congress passed the IRA to encourage the domestic production of
qualified clean energy components. The US treasury introduced Section 45X (S 45X) of
the IRA in 2023, which proposed a 10% Advance Manufacturing Production credit (AMP
credit) for the production of products including critical minerals (palladium and
platinum classified as critical minerals).

In December 2023, additional guidance was provided, which excluded the extraction costs
of producing critical minerals (primary mining) from those costs eligible for the 10%
AMP credit, with the final refiner of critical minerals entitled to claim the majority
of the AMP credit, resulting in a much narrower benefit for the industry. The omission
of extraction costs from the proposed S 45X credit regulations excluded the vast majority
of the costs incurred by the US PGM operations from being eligible resulting in little
financial benefit or support for the operations.

This omission led the Group to file extensive written submissions to the proposed
regulations, participating and lobbying Congress and Government for amendments to the
proposed regulations to allow for the inclusion of costs associated with extracting,
processing, recycling, as well as the refining of critical minerals.

Pleasingly, the final IRA and S 45X regulations published yesterday, appear to have
adopted the proposed amendments submitted by the Group, allowing for the inclusion of
extraction costs when claiming the critical minerals production AMP credit along with
processing and refining costs.

While we are still examining the final S 45X regulations thoroughly with our tax
advisors, these amendments seem very favourable and are likely to provide substantial
relief for the US PGM operations in Montana, supporting their continued operations and
long-term sustainability.

Commenting on the US Treasury announcement CEO Neal Froneman said, "We welcome the
amendments to the S 45x regulations made by the US Treasury and applaud its foresight
and willingness to understand our industry and operations. We firmly believe that such
proactive and supportive legislation will deliver real benefits for mining and
processing critical minerals in the US. This will ensure the future sustainability and
growth of the regional critical minerals value chain in a responsible manner.

The final release of S 45X is particularly significant for our Group. By providing
essential financial support for our US PGM operations as we focus on reducing costs and
increasing productivity to stabilise our US PGM operations we will be able to secure
the long-term viability of these strategic assets."
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 is 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.


Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted, Executive Vice President: Investor Relations and Corporate Affairs
Tel: +27 (0) 83 453 4014
Website: www.sibanyestillwater.com

LinkedIn: https://www.linkedin.com/company/sibanye-stillwater
Facebook: https://www.facebook.com/SibanyeStillwater
YouTube: https://www.youtube.com/@sibanyestillwater/videos
X: https://twitter.com/SIBSTILL

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

FORWARD LOOKING STATEMENTS
This announcement contains forward-looking statements within the meaning of the "safe harbour" provisions
of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements
of historical fact included in this presentation may be forward-looking statements. Forward-looking
statements may be identified by the use of words such as "will", "would", "expect", "forecast", "potential",
"may", "could" "believe", "aim", "anticipate", "target", "estimate" and words of similar meaning.

These forward-looking statements, including among others, those relating to Sibanye Stillwater Limited's
(Sibanye-Stillwater or the Group) future financial position, business strategies, business prospects,
industry forecasts, production and operational guidance, climate and ESG-related targets and metrics, and
plans and objectives for future operations, project finance and the completion or successful integration
of acquisitions, are necessarily estimates reflecting the best judgement of Sibanye-Stillwater's senior
management. Readers are cautioned not to place undue reliance on such statements. Forward-looking statements
involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult
to predict and generally beyond the control of Sibanye-Stillwater that could cause its actual results and
outcomes to be materially different from historical results or from any future results expressed or implied
by such forward-looking statements. As a consequence, these forward-looking statements should be considered
in light of various important factors, including those set forth in Sibanye-Stillwater's 2023 Integrated
Report and annual report on Form 20-F filed with the Securities and Exchange Commission (SEC) on 26 April
2024 (SEC File no. 333-234096). These forward-looking statements speak only as of the date of this
presentation. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any
forward-looking statement (except to the extent legally required). This information has not been reviewed
by the Group's external auditors.

WEBSITES
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aid to their location and such information is not incorporated in, and does not form part of, this
announcement.

Date: 25-10-2024 08:00:00
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