Sibanye Stillwater Limited

Good morning, ladies and gentlemen. Welcome. I think it's a real pleasure to have you with us today as we present our operating and financial results for 2025. So thank you very much for joining us today. I think just in terms of the agenda that we've got, I will start off with a few high-level salient points. Then we'll move into the performance excellence, which will be presented by a number of the team. We'll then move into growth and just touch briefly on the resources, the mineral resources and reserves that we've recently published. Charles will take us through the financial performance and Kiantha touch on how we're interpreting these very volatile markets we're seeing and a little bit of the outlook in that regard before I wrap up with the way forward. I think there are several forward-looking statements in the document, so I would urge you please to just take note of the safe harbour statement. Thank you. I think when we reflect on December 1, 2025, I think certainly during the latter half of the year, it was a time of significant change at Savania. We of course had the leadership transition, and with that we also undertook a refresh of our strategy. This was something that we presented to the market at the end of January, but for anybody who was not able to make that, if I could try and summarize our strategic refresh in one word, it would be simplification. Specifically, what we're really focusing on in the short term is around maximizing and driving our operating margins. We're doing that through a keen focus on operational excellence and simplifying the operating model that we have. and then further simplification through our portfolio such that we're focusing on the highest return assets, of course cash generative assets and ensuring an appropriate management focus in that regard. This is all coupled with a very disciplined capital allocation framework which we shared as being roughly a third towards shareholder returns, a third towards reducing our gross debt and a third towards growth. and again, Charles will unpack that in a little bit more detail. And in terms of growth, we certainly see the best value at the moment for us in terms of returns as being internal, in terms of the resource value that we have. We have a significant resource base, particularly in South Africa, our PGM operations and organic growth will be our immediate focus. But we did also share a value creation framework that we have put together that will help us assess any external growth opportunities moving forward. In addition to the strategic refresh, I think there were some quite key decisions that we needed to make towards the end of last year, especially amongst several of our operations. One of the big ones was the startup of the Caliber Lithium project in Finland. That is a greenfields project that we have built and given the volatility in the lithium market, we had to make a decision how best to proceed with that project. And I think very pleasingly towards the end of last year, together with our partners, the Finnish Minerals Group, came to a way forward which really considers a staged ramp-up of the Kelleber project. And we'll share a bit more of those details with you in the presentation. But it really is an approach that mitigates some of the risk of the market while allowing us a lot of strategic optionality around the project. And we'll unpack that for you in the coming slides. The second big decision we had to make was around cliff. We did share with the market that early on in the year, due to increased risk of seismicity and what we deemed to be an unacceptable safety risk, We ceased mining at quite a few of the deeper level areas at CLIRF and this had a material impact not only on the output from the CLIRF operations but also the future of that operation. Towards the end of last year, we did make a decision that Cliff would continue to operate on a year-by-year basis, assessing the profitability each year as we proceed, so very dependent on sustained higher gold prices. And then there were several priority projects that we have been evaluating during the year and we'll be making financial investment decisions on during the course of this year. There was also some overhangs from previous or legacy issues. We had to address the Apian Court case. We came to a settlement there in November. ultimately a settlement payment of $215 million and then we also had these South African gold wage negotiations that had been continuing from about the middle of the year and I think credit to the team we successfully settled that also towards the end of the year and again credit to all stakeholders I think a very good outcome considering the environment we're currently operating in. But I share this because I guess it was a rather busy, a transformational and actually quite a noisy second half of the year with lots of decisions being made in terms of how we will continue going forward. And that has also reflected in our finances which are complex and again I dare say a lot of noise. But hopefully, certainly the way I feel and hopefully you can see that what this has done is simplified our operations going forward. It's already simplified where our focus needs to be. and I think it's set up a solid operational base which we have launched into 2026 and I look forward to that simplification also starting to feature in the financial numbers as we ultimately simplify the total portfolio. I think looking at our operational output, safety, and I'll unpack safety in a bit more detail in a coming slide, but very pleased with the continuous improvements that we've seen in many of our indicators, both lagging and leading indicators. We have seen some of our best numbers ever, which is pleasing in terms of the progress that we've made over the years, but our focus on eliminating fatals remains our absolute priority as a company. I think I have to give full credit to many of our operational teams. As I say, this was a busy period. It was a very volatile period in the markets. And yet our operational teams delivered solidly across most of our business. All of our operations came in largely within guidance, recognizing we did have to revise guidance at the gold operations because of the cliff decision I mentioned earlier. But to have come in within guidance or better than guidance across the board was very pleasing and full credit to our teams in that regard. We also made some great strides on our sustainability strategy. across many aspects, including water, including the social investments in South Africa. But one that really is a bit of a standout is our positioning with regards to our renewable energy, where I think we really are now positioned as a leader in renewable energy and South African mining. and certainly that is not only going to have a material impact on our carbon footprint going forward in our ability to provide responsible metals but also a significant commercial benefit. Just during the year to date on a small portion of the projects we've commissioned, we've already achieved close on 100 million rands worth of savings and avoided over 300,000 tonnes of carbon dioxide and we see that going up to close on a billion rands worth of savings over the coming years. Like I mentioned, I think with much of the decisions and complexity we had in the business over the second half of the year, that does reflect in our numbers. But looking through those numbers, I guess sort of really through to the core financials, I think what we really see is stability, a real turnaround, and I think a solid base of which to build into 2026. We achieved the highest EBITDA that we have in three years at just under $38 billion or just over $2 billion. and to see a headline earnings per share up by just under 300% I think is very pleasing, particularly given that most of that just came during the second half of the year. Our balance sheet remains strong. Our total net debt to adjusted EBITDA has declined to below 0.6 times, so very comfortably within government limits. But as we shared during our strategy, a renewed focus on gross debt to ensure stability through a cycle is where our focus will be going forward. Overall, with a good operational output, with a strong financial stability and underpinned, I think as a company and a board, the board is very comfortable to declare a dividend of 131 cents per share. That equates to roughly a 2% dividend yield, and again, I think reflecting largely just the earnings over the second half of the year. and that dividend declaration is at the top end of our dividend policy. So very glad to be back into dividend paying territory. As we look at performance excellence, we did share at the end of January during our strategic update that our strategy is based on four pillars. A simplification I've mentioned already, simplification of how we operate, driving accountability, simplification of our portfolio, getting our focus and capital allocation in the right place. And the second pillar was performance excellence. Performance excellence really covers a holistic improvement, and within there we have safe production, we have the operational excellence, which I think will be well understood by many, resource optimization, how best we can extract our resources, maximizing long-term economic value, and of course embedding sustainability in the way we operate. And for us, sustainability is really about people, the planet, and prosperity for both. I will specifically touch today on safe production and then hand over to the two COOs Richard and Charles to look at operational excellence and Melanie on sustainability. So I think touching on safe production, as I mentioned earlier, it's been extremely pleasing to see the trend that we have seen since 2021 in particular, and I raise 2021 because that's the time when we started our fatal elimination strategy. Since then we've seen over a 40% reduction in serious injuries and the reason we look at serious injuries is that is very often associated with high energy incidents. So high energy incidents that could result in either fatal incidents or certainly life-changing incidents. I think we've also seen a very similar pleasing decline in terms of the high potential incidents that we measure. Some of those are associated with injuries, some not. but it certainly gives us a good data point to understand whether or not we are decreasing risk within our operations and whether we look at our own history, whether we benchmark ourselves against peers who have similar underground narrow tabular labour intensive operations Generally across the board I think we've seen a significant reduction in risk in our operations and that is a trend we would like to see continue and we continue to benchmark ourselves against ICMM peers, many of whom of course operate in very different environments. I think what's always tough talking about these safety trends is as pleasing as it is to look in the rearview mirror and understand that we're doing the right things to reduce risk, As a management team, we also recognize that that is unfortunately very cold comfort to family and friends of colleagues who we have lost on our operations. And tragically, during 2025, we did experience six fatal incidents across our operations. And in this regard, I would really like to extend our heartfelt condolences on behalf of the management team and the board to the family and the friends of Umberto Xavier, Omkazi Drozana, Nomsa Matsolo, Brian Hanson, Vasiswe Ramalia, and Klaas Nkosana. Eliminating fatal incidents is absolutely our number one priority as a board, as a management team, and as a company. Our focus moving forward into 2026 remains on how we can more effectively embed our fatal elimination strategy. The strategy fundamentally hangs on three pillars of critical controls, what we call critical management routines, or effectively management practices, and then life-saving behaviors. Those are the three key pillars that will mitigate risk within our operations. The focus for 2026 is how we can enhance compliance in this regard, but most importantly enhancing it through a transformation of culture which will also drive behaviour. I think what we have seen historically within the mining industry is that compliance is driven through force, through instruction, and we recognise the opportunity to change that culture and to drive compliance through a culture of accountability and a culture of care. and through that we truly believe we will eliminate fatal incidents from our operations. Thank you very much and with that I will hand over to Richard Cox to take us through the South African operations. Over to you Richard. Thank you.

Thanks Rich. Hello everyone. As Chief Operating Officer of our South African operations, my focus is on delivering performance excellence through safe production. operational efficiency and holistic improvement. Our strategy ensures we consistently improve delivery across our portfolio. So let's take a look into our 2025 results for the South African business. Turning to our SAPGM operations, we've maintained consistent delivery, meeting or exceeding guidance each year since 2017. More specifically, for 2025, total 4-year PGM production reached 1.8 million ounces, including attributable production from Mimosa at 117,000 ounces and third-party purchase of concentrate at 73,000 ounces. And all aggregated, aligning with our 1.75 to 1.85 million ounce guidance, hand-stable year-on-year. Since the Lonman acquisition in 2019, production has remained steady between 1.73 and 1.83 million ounces annually, reflecting our operational resilience and ongoing progress toward the second quartile of the industry cost curve. Breaking it down, underground production increased 2% to over 1.6 million ounces, supported by improvements at Rustenburg's mechanized body-peeler shaft, and more stable output compared to 2024's disruptions at Sipumalele and Kruendal operations. At Marikana, output was affected by safety-related stoppages at the high-performing SAFI shaft, but this was partially offset by K4's ramp-up, where production rose 41% to almost 100,000 ounces, contributing to Marikana's improved cost position. Surface production was lower by 29%, at 108,000 ounces, influenced by high first quarter rainfall and the commencement to transition feed resources such as Rustenburg's Waterfowl West TSF and Marikana's ETD1 to ETD2 tailings facilities. We are evaluating long-term surface opportunities at Rustenburg to support the sustainability of the surface business. Purchase of concentrate volumes were reduced by 24% in line with contractual terms. We remained focused on cost discipline. Operating costs increased by just 7.3% in absolute terms. All-in sustaining cost rose 10% to just over R24,000 per 40 oz and that was within our R23.5 to R24.5,000 an oz guidance. by by-product credits of $11.1 billion. Now these credits were enhanced by stronger ruthenium and iridium contributions helping offset the 261% increase in royalties to $765 million from higher prices and a 12% rise in sustaining capital to $2.9 billion for key mining equipment and precious metal refinery infrastructure. Project Capital was lowered by 16% at $675 million, which was below guidance due to completed Rustenburg initiatives and deferred Maracana expenditures. Total capex came in at $5.9 billion under our $6.5 billion estimate. So this foundation we are creating enables us to capitalise on stronger PGM prices, The 2025 average for e-basket price increased 28% to over 31,000 grand per ounce, driving e-justed EBITDA up 125% to 16.7 billion. Early 2026 prices have risen 43% to over 44,000 per ounce as shown in the chart, following an even higher and brief January adjustment. With supported fundamentals, we anticipate potential for additional earnings and cash flow improvements in 2026. We will continue investing through the cycle in low-risk, low-capital intensity projects with quick paybacks, all supporting stable, high-performing operations with optionality to extend our portfolio. Overall, our SA PGM operations are very well positioned to benefit long term and also from the current market upside. This slide illustrates our advancement on the PGM cost curve and based upon end December 2025 data and highlights our positioning relative to peers. Starting on the right, Marikana's total cost, including CapEx, has been influenced by K4's project build-up phase, but as K4 approaches steady state, we're seeing a shift towards lower costs. This combined Russenburg and Kruendal position has moved slightly higher due to the Kruendal transition to toll treatment, which does introduce processing costs, however, enhances profitability through improved revenue and margins. While we are at or below the 50th percentile now, and our low capital intensity groundfields projects are poised to further strengthen competitiveness against peers, spot 4E and 6E, which includes base metal basket prices, are positioned well above our costs, underscoring our leverage in the prevailing market. And so our progression from the fourth to the second quarter The value of our strategic investments in building long-term sustainable advantage in this business. Now to our gold operations. These mature assets are highly geared to gold prices and continue to generate strong cash flows in the current supportive price environment. Total production, including BRD gold, was lower by 10% at 19.7 tonnes. Underground production reduced by 8%. primarily due to operational challenges that are true of operations including seismicity and infrastructure constraints while surface production was down 16% influenced by lower yields as we transitioned from higher grade to lower grade tailings and lower grade third party sources. A 39% increase in the gold price received helped mitigate this impact all in sustaining cost increased 15% to 1.4 million per kilogram with 14% lower gold sold. At our clue of operations, persistent challenges including a shaft incident at Amaniano 7 shaft in May of 25, infrastructure age showing in ventilation pass and all-pass systems, logistics constraints in seismic, risk in high-grade isolated blocks of ground or RBGs, resulted in production lower by 31% year-on-year at 3,374 kilograms. This prompted a rebasing of the plan and a life of mine adjustment to one year. Safety remains our number one priority. We did relocate a number of CLUF teams from higher risk IBGs to Drift and Tang operations and subsequently Post the comprehensive review process, remove those areas that clue of operations from the long-term plan to align with our risk tolerance. That said, the sustained rise in the Rand Gold price over the period boosted adjusted EBITDA 115% to $12.5 billion, representing 33% of Group EBITDA and surpassing 2020's record. Excluding VRD Gold, EBITDA increased 111% to R6.1 billion on average price of R1.8 million. For the whole gold business, we are pleased to have concluded a three-year wage agreement with Labour and that provides a degree of cost certainty moving forward. There is a lot of work underway supporting our strategic transitioning of the SA Gold business. and this effort is to ensure long-term sustainability. Our investment in DRD Gold is a prime example, providing long life, high margin, surface gold exposure that is cash generative. We are also focusing on a higher margin, shallow gold mining business, with Burnstone's feasibility study underway and final investment decision being targeted for the first half of 2026. As you see in the image here, the Burnstone project exemplifies this strategic shift. We are also focusing on high margin, shallow gold mining, where we have added over 1 million ounces in reserves at Cook Surface, Burnstone, attributable VRD and Beatrix operations. Turning to the charts, the gearing and all-in-sustaining cost margin chart illustrates how rising prices are opening up expanding margins. with the average gold price received climbing steadily against controlled all-in sustaining costs. The adjusted free cash flow bar chart highlights the magnitude and rapid cash flow turnaround moving from negative in 2024 to positive and significant in 2025. Looking forward, our core operations will continue to drive performance excellence and we're excited about the prospects in our current portfolio. For 2026, the outlook is positive. Spot prices are up 9% year-to-date to over 2.5 million Rand per telegram and 20% above second half 2025 levels. All boding well for another successful year with potential earnings and cash flow growth. I'll now hand over to Charles.

Thank you, Richard. The US PGM operations have had a solid year with production of 284,000 2E ounces, and an all-in sustaining cost of $1,203 an ounce each in our gardens, combined with a strongly improving safety performance into year end. The significant downsizing in late 2024, while turning around the cash bleed at the time in the context of depressed prices, also sowed the seeds of improved mining productivities and cost efficiencies that we have built on through the year under review. Certainly with improved pre-GM prices later in the year, we return to profitability, and when you overlay Section 45x benefits, you have a competent outcome. During this period of getting our operating performance right, albeit at lower volumes, the team led by Kevin Robertson has also done a significant amount of work on setting up the Montana operations for long-term success. You have seen in the earlier global cost curve that we are now sitting in the middle of the pack and have been for two consecutive quarters. But our drive towards $1,000 an ounce is aimed at being a lowest quartile PGM producer on a sustainable basis through price cycles. In the Montana operations, we have a legacy of semi-mechanized mining with narrow headings and small scopes using a range of small equipment such as 2-yard LHDs and CMAQ bolting. which ultimately constrains you with lower tons per cycle and a higher cost per ounce notwithstanding the fact that our miners are incredibly good at what they do and bring significant skills and experience to the process. Through last year we trialled mechanised bolting with success and we are right now rolling out a significant transformation program which will see amongst many changes a stepwise introduction of mechanised equipment, a progressive increase in heading size and advance, with associated workforce and supervisory upskilling and a shift from legacy captive stoping to task mining. The benefits of these changes really start bearing fruit in 2027 because we have a phased introduction of new equipment and changes to work practices running in parallel with our established approach. Where this takes us in the next 18 months is a fully mechanized and scaled operation with higher productivities and lower costs. Improved Safety and Wellness Benefits, and a business that we believe will be resilient through price cycles. We are starting these change interventions at Stillwater East and then moving to East Boulder. And once we know that we can deliver around $1000 an ounce, we will consider bringing back Stillwater West, although this will require infrastructure upgrades and a range of capital spend, which means that we have that decision point further down the road. and it will need to be based on an extensive feasibility study. If I turn to the US-based recycling business, 2025 has also been a busy year for us. We bedded down and integrated the Reldon acquisition and late year added the Metallics acquisition. Together with our Columbus AutoCat recycling business, we believe that we have a compelling PGM and precious metals recycling platform that has low capital intensity and which can provide stable margins through price cycles. The team led by Grant Stewart is moving very quickly to integrate the management teams and optimize which feeds go to which site, while leveraging a single source hit and sales platform that now has very wide reach both in the Americas but also into Asia and elsewhere. As investors and analysts will appreciate, there is significant change underway in global metals recycling. where we are seeing consolidation, vertical integration and indeed some companies in various parts of the value chain going to the wall. Within the significant shifts underway, I think we are well positioned. We know what our value proposition is, the niches that we play in and which differentiates us against some of our very large competitors. And we now have the ability to organically grow an integrated recycling platform without needing to necessarily chase new acquisitions. Our Century Zinc Retreatment business in Australia has also had a very good year, from a stellar safety performance through to increased production of 101 kilotons of payable metal and a 17% decrease in all its sustaining costs to $1,920 a ton, which exceeded guidance. This team is very ably led by Barry Harris, and I want to thank Robert Van Niekerk, who was the executive lead through the last couple of years, for a seamless handover. As you will be aware, the team has been working on two feasibility studies, FOSS-1 and Mount Lyle. The Mount Lyle feasibility study is currently under Assurance review and evaluation. We expect to have a close-out review in early May. The FOSS1 study is expected to be completed end of March, with assurance targeted to be completed end of May. Final decisions will be made within our disciplined capital allocation framework that Richard has spoken to. Given the remaining short life at Century, a pathway to new opportunities in Australia is important and I'm looking forward to spending time with the team on the ground next week and working through the opportunities set. With that, let me hand over to Robert. Thank you.