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”, “goal”, “vision”, “potential”, “may”, “could”, “believe”,
“aim”, “anticipate”, “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,
strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, 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, 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 (including the Rhyolite
Ridge project); 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, 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; failure of Sibanye-Stillwater’s information technology,
communications and systems; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made
disaster at informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV,
tuberculosis and the spread of other 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 2023 Integrated Report and the
Annual Financial Report for the fiscal year ended 31 December 2023 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 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, AISC, AIC,
sustaining capital, Nickel equivalent sustaining cost and average equivalent zinc concentrate price. 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.
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.
