Sibanye Stillwater Limited

Ladies and gentlemen, good morning, good afternoon and good evening. A very warm welcome to our H1 2025 results presentation. Please take note of the safe harbour statement. It's important. There are forward-looking statements within our presentation. Thank you. If we can move on to the next slide. As you are well aware, today is my last results presentation with Sabania as I retire at the end of September. As such, the format for today is I will Essentially start with an introduction covering the salient features and of course all of that is focused on the first half of 2025 or the six month period of 2025. And then I'll literally hand over the baton to Richard Stewart, our CEO designate. Richard will manage the rest of the presentation delivery. and the Q&A. Of course, I'll also be available for questions, but I'd ask you to please address your questions to Richard. And if you specifically have something for myself, I would be happy to answer. Thank you. We can move on to the salient features. Safety, of course, is our single biggest priority and regrettably, we did have three fatalities during this reporting period. However, and as sad as that is, we need to see the progress we're making and we're making good progress with an improvement in our safety frequency rates. But of course, that will be covered in more detail. in the rest of the presentation. Generally, in my view, H1 has been a period of solid delivery, except for a disappointing performance at our QLIRF gold operations. And again, this will be well covered later in the presentation. Pleasingly, group-adjusted EBITDA was 120% higher All my references to previous periods will be the same period in 2024. Even if you strip out the 45x credits, it was still 51% higher than that same period at 10 billion Rand. Obviously, from my point of view, due to solid operational performance, and of course, later in the quarter, we had the benefit, sorry, later in the latter half of the first six months, we did have the benefit of increasing basket prices. It was retained. and together with increased earnings, our leverage measured in net debt to adjusted EBITDA to 0.89 times. Again, well below one and certainly very far below some of the numbers that were projected by the market earlier on in this year and late last year. Importantly, 45X credits to date amount to 5.2 billion rand. You can see the US dollar in brackets. And at current conservative production rates, the total fair value of these 45 X credits out until 2034 increases to 12.6 billion rand. I want to point out That is 32% of the acquisition value of the Stillwater operations in Montana. Remembering we also raised a $500 million stream on that. and also important to remember that this asset has been paid for out of previous earnings but money raised that is not related to operations from 45X in the stream on a conservative basis amounts to 54% of the original acquisition value of the Stillwater operations, making it a very, very good acquisition. You would have also noted that we have launched or filed a petition for a palladium trade remedy and again that's all part of our multi-polarity strategy and when you look at both 45X and Assuming a Successful Outcome Committee, these are testament to the value already created and to value we expect to be created from completing this strategy in the US. When you look at the graphs below, a lot of good quality information, but you will note the punchline is the trend is your friend. And I'm very pleased to say that I leave this company with an increasing earnings trend and a decreasing leverage trend. and I have no doubt that Richard will take this company forward to new heights. So let's look at the last slide before I really refer to the CEO position. Again, relative total shelter returns since listing, so not an arbitrary date. You will note we're right at the top of the list. And again, I know that Richard and his team especially with an increase in commodity price will take us back to number one but a position I'm very proud that we have achieved under quite difficult market circumstances.

If we can go to the next slide please.

Thank you and at this point it would be nice Richard if you could join me. I have at previous results presentations spoken about best practice in succession planning. highlighted the fact that I believe we have followed best practice and in fact I believe we've had a world-class transition and not just at CEO level. We have in place and later on in the presentation Richard will certainly introduce the C-Team and the new members in his office. And as I've just said, I know that Richard will take this company together with his world-class team to new heights. So Richard, all that really remains for me to say, I will follow your progress as an interested shareholder. I will watch your progress carefully. I'm not going to be one of those shareholders that asks those type of questions at results presentations. But Richard, I want to wish you all the best in your new chapter.