Sibanye Stillwater Limited

Good morning and good morning to all and a very warm welcome to our results and strategic update for the year ended 31 December 2021. There are forward-looking statements in this presentation, so please take note of the safe harbour statement. The agenda for today is safety and ESG first. Those are our single and most important priorities. I will be assisted in presenting that section by Jeven Martin and Grant Stewart. I'll then do a strategic update, which is titled Positioning for Positive Impact. And I think you will find that very interesting. We do use our year end results to provide strategic guidance to the market and our shareholders. I will then hand over to Dr. Richard Stewart, our Chief Operating Officer, who will present the results of the operations in detail. As you can see, we've called it operational excellence. We've had an outstanding year considering all the challenges of COVID and safety and so on. Richard will then hand over to our CFO, Charles Carter, who will then conduct the financial review, which I think you will also enjoy an outstanding year from a financial perspective as well. And then I'll wrap up with a brief outlook and conclusion. So as I said let's start with safety and it gives me absolutely no pleasure to talk about fatalities. We've had a very very tough year where we've lost 20 of our colleagues throughout the group tragically in 15 incidents. A majority of those happened in the second half of the year and We really stepped in and took very decisive actions, including in October, a five day suspension of all operations across the group to audit workplaces, refresh safety focus. And then in December, we actually shut down portions of our operations in the gold sector at CLUF 1 shaft, Beatrix 1 and 3 shaft, and then a partial closure at Driefffontein to arrest these unacceptable incidents. We had to do the same within our South African PGM business and one of those shafts, Tembalani, was a result of a lack of supervision due to COVID-19 and we just deemed it Thank you very much. Thank you very much. that it is aligned and consistent with global industry standards and practices. So that gave us the confidence that we don't have a flawed safety approach. We did, through that independent assessment, identify opportunities to further operationalize and institutionalize The commitment and responsibility for safety among the line management of the organization and at the same time we have developed a very comprehensive fatal elimination plan which is being rolled out and I have no doubt will have a very positive impact on reducing fatality. We are totally focused on our efforts to get to zero harm. I think it's always important when you have these type of dramatic and very serious incidents to look at the underlying data. and I do get confidence from the fact that we are clearly doing many of the right things. It doesn't change the fact that we lost 20 of our employees. But if you look at the rate of increase in the left-hand graph of our workforce, you can see the rate of increase in terms of the number of employees in the group and many more. Thank you. to Zero Harm. I think it's also important to note that we do lump all our fatalities together, but we need to remember we have a very substantial PGM division, both in South Africa and in the US. And of course, we have a large gold business as well. And what's very clear to us is that the gold business is challenging, being ultra deep, But we also notice something else and I've seen references in other CEO presentations to the industry in general, whether it's in South Africa or in the US is also regressing or regressed in 2021. If you look at South Africa, it regressed by about 22% and in the US it regressed by 25%. There is something behind the current regression that seems to be an international issue regarding safety. Nevertheless, we remain very focused on making a difference. And as I say, we do look for confidence and comfort in the things that we are doing along this journey. If you look at some of the highlights, all our operations received ISO 45001 and 14001 accreditization. We have seen an improving trend in all injury frequency measures since H1. We also had a number of safety milestones such as at Marikana, we achieved 4 million fatality free shifts. At Kluwer Floor, one of our deepest operations, we went scratch free. for six weeks. And of course, the more you can duplicate this, the more you're going to impact on reducing injuries and hence reducing fatalities. And then at our surface processing business, we achieved 13 million fatality free shifts on the 16th of September 2021. So those give us the confidence to continue down this very challenging and tough road to zero harm. Last year I presented our sustainability strategy as a basis for our ongoing commitment to ESG excellence and in fact The basis of our green metal strategy is based on the sustainability strategy. And last year I presented building a green metals business and I will just recap on that briefly shortly. But today what we wanted to share with you in more detail was our road to carbon neutrality. We've made good progress since we made the commitments earlier last year to get to carbon neutrality by 2040. We certainly do believe we can do that much earlier. And then we've really made some outstanding progress on water demand and intensity. And Grant Stewart will present that to you. Just as I said, I wanted to just remind you of building a green metals portfolio, and that's based on building a climate change resilient business. And we've made, again, significant progress and nothing has changed in terms of our focus area. As we said last time, we spent two years doing due diligence before we entered the battery metals market. We did four transactions in 2021, Kelleber, Sandoval, the Raya Light Ridge project, and the acquisition of a stake in New Century. Just to remind you again, the battery metals together with the PGMs will provide a very significant green metals portfolio. We do intend to complement that with other metals such as copper, maybe manganese. uranium is a byproduct of gold and we are working on our uranium strategy but nuclear energy is now considered green and therefore the underlying metal must be considered green as well and to complement that we have advanced our thinking in recycling and of course tailings retreatment is another area that is similar to recycling but We do and we are increasing our exposure in the circular economy. So that's the basis on which we make acquisitions and it's the basis on which we will enhance our green credentials. At this stage, I'm going to hand over to Jevon Martin to talk to you regarding our path to carbon neutrality by 2040. Thanks, Jevon.

Thanks, Neil. The Bund for Water believes climate change to be the most pressing threat to our planet and global challenge of our time, as recognised by the Paris Agreement and the UN Sustainable Development Goals. As a force for good, Savannah Steelworks has a role to play in the urgent global response to the threat of climate change. And as such, we have aligned our governance strategy, risk management and targets across the group to align with the recommendations of the TCFD. First and foremost, we produce green metals, as Niels indicated, that support in the reduction of greenhouse gases and the reversal of climate change. In 2021, we committed to achieving carbon neutrality by 2040 in advance of the requirements of climate science. Over the last year, we have refined our pathway in supporting interventions and have grown in confidence in our ability to deliver on this commitment. In the graph depicted here, we have forecasted our greenhouse gas emissions profile over the life of our mines based on a bottom-up analysis of their production profiles and energy requirements. In terms of business as usual, we expect a short-term increase in emissions through production growth, followed by a decline from 2025 through life of mine closures and carbonization. If we overlay a science-based pathway, we're able to understand the operational decarbonisation required to contribute to limiting global warming to 1.5 degrees Celsius and adhere to science-based targets, which we plan to update in 2022, including Marikana and Scope 3. Through the introduction of demand-side energy management, renewable energy, electrification and fuel switching opportunities, including hydrogen, we are able to demonstrate an active decarbonisation pathway This pathway will be converted to internal annual carbon budgets prescribed at a group and segment level to inform our long-term incentive planning. Recognizing that there will be remnants hard to abate emissions towards the end of our carbon neutral journey, we have compiled a carbon offset strategy that will generate the required offsets to neutralize the remaining emissions. Combined, these elements present a definitive pathway through to carbon neutrality supported by internal carbon budgets to drive group decarbonisation and deliver on our commitments. Due to the infrastructure and extensive energy requirements of our South African operations, combined with the carbon intensive electricity supply from ESCOM, 93% of our group greenhouse gas emissions emanate from grid supplied electricity. ESCOM also continues to pose risk to our business through above inflation tariff increases and unreliable electricity supply. The extensive electrification of our operations, however, presents an opportunity to mitigate these risks and accelerate decarbonization through the deployment of renewable energy. Relaxing of regulatory requirements and anticipated ability to trade electricity in South Africa has allowed us to grow our portfolio of renewable projects to 557 megawatts, including solar and wind projects. We have appointed a local project developer for our SA Gold 50 MW Solar PV project and two local project developers for three shovel wind projects across South Africa. Steady progress is also being made in the permits and consents required for our SAPGM Solar project. These projects have been structured to limit capital outlay whilst enabling significant decarbonisation and savings benefits. The total anticipated capital cost of the project is anticipated to be around 11 billion rand and will be funded by third parties through power purchase agreements. The projects will enable 25% reduction in scope to emissions by 2025 and deliver substantial operational benefits. We plan to also leverage these projects to promote local socio-economic development through our infrastructure for inflation program. The project also contributes in closing of the South African electricity supply deficit and bringing an end to load shedding to the benefit of all South Africans and the economy. I'll now hand over to Grant. Thank you.

Thanks, Jeff. Water stewardship is the use of water in ways that are socially equitable, environmentally sustainable, and economically beneficial. We are strongly committed to comprehensive and transparent water governance, effective management of our water at site level, and collaboration to achieve responsible and sustainable water use. We've been recognized for these efforts in 2021 by the CDP. In 2021, the South African Gold Operations purchased 8% less potable water. Our reliance on purchased potable water at our gold operations reduced by some 1,278 million liters or 17% year on year and 344 megaliters or 2.8% at our South African PGM operations year on year. This despite an increase in 4% and 15% in tonnes treated at the SA Gold and SA PGM operations respectively. As we move forward into 2022, we have committed to further reducing our reliance on the integrated Vail River system, the economic muscle of Gauteng, by 15% from a 2020 base year. During 2021, we remain true to our course of water independence and our Gold operations. boreholes to supply the Cook Plant completed in Q1 of 2020 and boreholes to supply Cook 2 and Cook 3 shafts in Q4 of 2021 have rendered that complex entirely independent of municipal supply. Ezoweni has also been independent of rainwater since Q1 of 2021. Although Drie Fonteyn is already 90% independent of rainwater, an extension to Drie Fonteyn's 20 million litre treatment plant per day by an additional five megalitres per day will see Drieft Fortein's independence from municipal water supply by Q3 of this year. The Kluwerf water treatment plant, which forms part of the phase one of the operations independence drive, has reduced the reliance of the Kluwerf by a third, with full independence envisaged by Q1 of 2023. Our efforts to reduce water independence have not only reduced our reliance on the integrated Vol River system, but has also had a significant savings to the gold operations of some 85 million rand per annum or last year rather with phase two of Driefontein and Klerf expected to bring an additional saving of some 50 million rand per annum going forward. Our US PGM operations are located in the water rich catchments and have similar challenges to the SA gold operations in respect of managing the risks associated with water pumping, treatment of water and the discharging into a pristine environment. The newly installed disc filters at the Stillwater Mine and East Boulder Mine have demonstrated our ability to move beyond compliance with an average of 30% removal of the total nitrogen and 45% removal of metals from those compliance levels. At the SA Gold operations, following the installation of the Cook surface treatment plant to replace the underground treatment strategy, the Cook No. 1 and 2 shaft water quality has shown a 9% improvement in water quality year on year. The threat of theft, vandalism, and sabotage shall ever remain a concern. On the 13th of December 2021, the Department of Mineral Resources and Energy granted Rand Uranium the environmental authorization for the rehabilitation, decommissioning, and closure of our cook shafts. That's cook one, two, and three, which means we are a step closer to closing those operations and removing some 300 million Rand care and maintenance costs from those operations. Neil, I think I'll leave it there and over to you. Thanks very much.