SIBANYE STILLWATER LIMITED - Sibanye-Stillwater to unlock significant shared value from enhanced and new chrome agreements with the Glencore

Sibanye-Stillwater to unlock significant shared value from enhanced and new chrome agreements with the Glencore

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 to unlock significant shared value from enhanced and new chrome
agreements with the Glencore Merafe Venture

Johannesburg, 19 February 2025: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) is pleased
to announce that a strategic, mutually beneficial enhancement to the historical Marikana
Contract (Marikana Contract) and a new Chrome Management Agreement (CMA) have been
signed with the Glencore Merafe Venture (GM Venture), which is expected to optimise
value from future chrome production for all parties (the Transaction).

Sibanye-Stillwater partnered with various third parties, including the GM Venture, to
recover and market chrome produced by its SA PGM operations. Chrome is an important by-
product of PGM production, and the SA PGM operations are collectively, a significant
global chrome ore producer.

The enhanced Marikana Contract provides for the accelerated completion of delivery of
the required chrome volumes which will expedite the close out of the legacy agreement
previously concluded between Lonmin and the GM Venture. Together with the CMA, this
will allow greater exposure to chrome prices and incentivise future chrome production
growth, realising significant value for Sibanye-Stillwater and enhance value creation
opportunities for the Marikana operation. The majority of the Chrome Recovery Plants
(CRPs) at Sibanye-Stillwater's SA PGM operations, will be operated by the GM Venture
once the CMA is effective, enabling both parties to leverage synergies and increase
chrome output.

Key transaction highlights

•   Accelerated volumes to increase future cash flow: The enhancements to the Marikana
    Contract are expected to accelerate the completion of delivery of contracted chrome
    volumes by approximately 20 years, through increasing feed and improving recoveries
    from the Marikana CRPs. Accelerated delivery will, upon expiry of the Marikana
    Contract and the Marikana CRPs becoming subject to the CMA, increase Sibanye-
    Stillwater's share of free cash flow from chrome production from the Marikana CRPs

•   Immediate benefits: Other than the Marikana CRPs, Sibanye-Stillwater CRPs will
    immediately be subject to and benefit from the value-enhancing provisions of the
    CMA, once the transaction becomes effective

•   Operational synergies: Glencore will leverage its processing expertise to optimise
    chrome production yields and reduce operational costs across all relevant CRPs

•   Project benefits: The improved economics of Sibanye-Stillwater's chrome production
    resulting from the Transaction, is expected to enhance the inherent value and
    commercial viability of development and extension projects at the SA PGM operations,
    which are currently being assessed

CEO Neal Froneman commented, "We are excited about the continued relationship with the
Glencore Merafe Venture. We expect the CMA to immediately enhance cash flow from the
SA PGM operations and by leveraging potential operational synergies and reducing costs,
deliver substantial value over the longer term."
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 announcement 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's future
business prospects, revenues and income, the ability to fully realise the anticipated benefits of this
transaction (including statements regarding accelerated delivery of chrome volumes, cost savings and other
synergies), levels of output, chrome pricing expectations, cash flows, and information relating to Sibanye-
Stillwater's operations, are necessarily estimates reflecting the best judgement of Sibanye Stillwater
Limited's ("Sibanye-Stillwater") 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 United States Securities
and Exchange Commission on 26 April 2024 (SEC File no. 333-234096). These forward-looking statements speak
only as of the date of this announcement. Sibanye-Stillwater expressly disclaims any obligation or
undertaking to update or revise any forward-looking statement (except to the extent legally required).

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.

Date: 19-02-2025 10:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.