Significant accounting judgements and estimates

Joint arrangements

Judgement is required to determine when the Group has joint control, which requires an assessment of the relevant activities and when the

decisions in relation to those activities require unanimous consent. The Group has determined that the relevant activities for its joint

arrangements are those relating to the operating and capital decisions of the arrangement, such as the approval of the budget and the

capital expenditure programme for each year, and appointing, remunerating and terminating the key management personnel or service

providers of the joint arrangement. The considerations made in determining joint control are similar to those necessary to determine control

over subsidiaries.

Judgement is also required to classify a joint arrangement as either a joint operation or a joint venture. Classifying the arrangement requires

the Group to assess their rights and obligations arising from the arrangement. Specifically, it considers:

•The structure of the joint arrangement – whether it is structured through a separate vehicle

•When the arrangement is structured through a separate vehicle, the Group also considers the rights and obligations arising from:

–the legal form of the separate vehicle

–the terms of the contractual arrangement

This assessment often requires significant judgement, and a different conclusion on joint control and also whether the arrangement is a joint

operation or a joint venture may materially impact the accounting.

Carrying value of Mimosa and related mineral reserves and mineral resources estimates

The Group reviews and tests the carrying value when events or changes in circumstances suggest that the carrying amount may not be

recoverable by comparing expected future cash flows to the carrying value. Expected future cash flows used to determine the value in

use and fair value less costs to sell of Mimosa are inherently uncertain and could materially change over time. These are significantly

affected by a number of factors including reserves and production estimates, together with economic factors such as spot and future

PGM prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure.

Mimosa functional currency

The functional currency of Mimosa, which is domiciled in Zimbabwe, has been determined as US dollar. During 2024, the Zimbabwean

government introduced a new gold-backed currency replacing the Zimbabwean dollar, referred to as the Zimbabwe Gold (ZiG). As a

result of this change, management reassessed whether there is a change in the functional currency of Mimosa. This assessment depends

on the primary economic environment in which the company operates, which is considered to be the environment in which it generates

and expends cash. These considerations include the currency primarily influencing sales prices, the country whose competitive forces and

regulations mainly determine sales prices and the currency that influences labour, material and other costs of production. Judgements and

assumptions made in determining the functional currency may have a significant impact on the results presented for the Group.

The determining factors in the above assessment were:

•The currency that mainly influences sales prices: Sales are invoiced and settled in US dollar

•The currency of the country whose competitive forces and regulations mainly determine the sales prices: The competitive forces and

regulations of the US primarily influences sales prices

•The currency that mainly influences labour, material and other costs: The majority of operating costs are settled in US dollar

Accounting policy

The Group’s interest in equity-accounted investees comprise interests in associates and joint ventures.

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating

policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the

arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in associates and joint ventures are accounted for using the equity method. The interests are initially recognised at cost using the

same principles as with business combinations. Subsequent to initial recognition, the consolidated financial statements include the Group’s

share of profit or loss and other comprehensive income of equity-accounted investees until the date on which significant influence or joint

control ceases. For so-called farm-in/farm-out arrangements where another party is earning into a joint venture, the Group does not

recognise any expenses incurred by the other participant to the arrangement and no equity accounted earnings are recognised until the

farm-in/farm-out arrangement is completed.

Results of associates and joint ventures are equity-accounted using the results of their most recent audited annual financial statements or

unaudited management accounts. Any losses from associates are brought to account in the consolidated financial statements until the

interest in such associates is written down to zero. The interest includes any long-term interests that in substance form part of the entity’s net

investment in the equity-accounted investee, for example long-term receivables for which settlement is neither planned nor likely to occur

in the foreseeable future. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such

associates.

The carrying value of an equity-accounted investment represents the cost of the investment, including goodwill, the proportionate share of

the post-acquisition retained earnings and losses, any other movements in reserves, any impairment losses and loans to or from the equity-

accounted investee. The carrying value together with any long-term interests that in substance form part of the net investment in the

equity-accounted investee is assessed annually for existence of indicators of impairment and if such exist, the carrying amount is

compared to the recoverable amount, being the higher of value in use or fair value less costs to sell. If an impairment in value has

occurred, it is recognised in the period in which the impairment arose. Indicators of impairment include a significant or prolonged decline

in the investments fair value below its carrying value.

The Group holds the following equity-accounted investments:


Figures in million – SA rand	Notes	2025	2024	2023
Rand Refinery1	18.1	1,282	766	660
Mimosa2	18.2	3,784	4,920	5,146
Peregrine2	18.3	1,191	1,260	1,247
Other equity-accounted investments3		303	377	95
Total equity-accounted investments		6,560	7,323	7,148

1Associate

2Joint venture

3Includes the Group's investment in Glint Incorporated (associate) acquired during 2022. The investment has a carrying value of R77 million (2024: R118 million, 2023:

R92 million) at 31 December 2025. The balance also includes the Group's equity-accounted investments in Mexico and India, acquired through the Reldan business

combination (see note 16.2) which has a combined carrying value of R223 million (2024: R258 million) at 31 December 2025

18.1 Rand Refinery

Sibanye-Stillwater has a 44.4% interest in Rand Refinery Proprietary Limited (Rand Refinery), a company incorporated in South Africa, which

is involved in the refining of bullion and by-products sourced from, inter alia, South African and foreign gold producing mining companies.

Rand Refinery is accounted for using the equity method.

The movement in the equity-accounted investment in Rand Refinery for the year is as follows:


Figures in million – SA rand	2025	2024	2023
Balance at beginning of the year	766	660	578
Share of results of equity-accounted investee after tax1	516	327	315
Dividends received	—	(221)	(233)
Balance at end of the year	1,282	766	660

1Since Rand Refinery has a 31 August year end, it is equity-accounted based on its latest management accounts for the period ended 30 November

The Group’s interest in the summarised financial statements of Rand Refinery is as follows:


Figures in million – SA rand	2025	2024	2023
Revenue	2,644	2,129	1,738
Total comprehensive income	1,140	735	708
Non-current assets	923	803	761
Current assets	2,956	2,238	1,890
Non-current liabilities	(103)	(117)	(44)
Current liabilities	(752)	(529)	(688)
Net assets (100%)	3,024	2,395	1,919
Reconciliation of the total investment in Rand Refinery with attributable net assets:
Net assets (44.4%)	1,344	1,065	853
Dividend received1	—	(221)	(116)
Fair value adjustment2	(36)	(36)	(36)
Reconciling items3	(26)	(42)	(41)
Total investment in Rand Refinery	1,282	766	660

1The dividend received relates to the dividend received from Rand Refinery after 30 November. The total dividend received for 2024 amounted to R221 million (2023:

R233 million)

2The investment in equity-accounted investee was fair valued at 1 July 2002, the date when significant influence was obtained

3Reconciling items relate to adjustments on consolidation of DRDGOLD’s interest in Rand Refinery

18.2 Mimosa

Sibanye-Stillwater has a 50% interest in Mimosa Investments Limited (Mimosa), which owns and operates the Mimosa mine. The mine

produces platinum and is situated in Zimbabwe.

The movement in the equity-accounted investment in Mimosa for the year is as follows:


Figures in million – SA rand	Note	2025	2024	2023
Balance at the beginning of the year		4,920	5,146	6,650
Share of results of equity-accounted investee after tax		(148)	(97)	(1,479)
Impairment	10	(64)	—	(423)
Dividends received		(359)	(180)	(208)
Foreign currency translation		(565)	51	606
Balance at end of the year		3,784	4,920	5,146

The Group’s interest in the summarised financial statements of Mimosa is as follows:


Figures in million – SA rand	2025	2024	2023
Revenue	7,225	6,207	6,433
Amortisation and depreciation	(824)	(667)	(951)
Interest income	28	12	64
Finance expense	(116)	(89)	(56)
Income and royalty tax	(400)	(374)	554
Income tax	(90)	(112)	820
Royalty tax	(310)	(262)	(266)
Profit or loss	(296)	(194)	(2,957)
Other comprehensive income	(1,129)	101	1,213
Total comprehensive income	(1,425)	(93)	(1,744)
Non-current assets	4,268	6,062	5,675
Property, plant and equipment1	4,268	6,062	5,675
Right-of-use assets	—	—	—
Current assets	6,323	6,406	6,997
Cash and cash equivalents	878	274	770
Other current assets	5,445	6,132	6,227
Non-current liabilities	(1,106)	(1,216)	(1,037)
Non-current financial liabilities2	—	—	—
Other non-current liabilities	(1,106)	(1,216)	(1,037)
Current liabilities	(942)	(573)	(403)
Current financial liabilities2	(942)	(573)	(403)
Other current liabilities	—	—	—
Net assets (100%)	8,543	10,679	11,232
Reconciliation of the total investment in Mimosa with attributable net assets:
Net assets (50%)	4,272	5,340	5,616
Impairment of investment in Mimosa	(64)	—	(423)
Reconciling items3	(424)	(420)	(47)
Total investment in Mimosa	3,784	4,920	5,146

1The Group impaired the property, plant and equipment of Mimosa at 31 December 2025 (see note 10) which amounted to R1,071 million (2023: R3,728 million of which the

Group's 50% share amounted to R535 million (2023: R1,864 million) amounting to R461 million (2023:R1,384 million) net of tax (see note 12.3))

2Non-current and current financial liabilities (excluding trade and other payables and provisions) were zero for all periods presented

3The reconciling items include the difference between the carrying amount and fair value of the Mimosa’s identifiable assets and liabilities on acquisition less accumulated

amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign joint venture

Repatriation of funds from Zimbabwe is subject to regulatory approval in Zimbabwe.

18.3 Peregrine

On 29 June 2018, Sibanye-Stillwater announced that it had entered into an agreement with Regulus Resources Inc. (Regulus) and a newly

formed subsidiary of Regulus, Aldebaran, creating a strategic partnership in order to unlock value at its Altar copper-gold project in San

Juan Province, Argentina (Altar Project), currently held in the US PGM operations. Under the terms of the agreement, Stillwater Canada LLC,

an indirect, wholly-owned subsidiary of Sibanye-Stillwater (Stillwater Canada), entered into an option and joint venture agreement with

Aldebaran, whereby Aldebaran has the option to earn into a maximum 80% interest in a wholly-owned subsidiary of Stillwater Canada,

Peregrine Metals Limited (Peregrine) which owns the Altar Project (Arrangement Agreement).

The consideration for Aldebaran to acquire up to an 80% interest in the Altar Project, included:

•An upfront cash payment of US$15 million to Sibanye-Stillwater on closing of the Arrangement Agreement

•19.9% of the shares of Aldebaran

•A commitment from Aldebaran to carry the next US$30 million of exploration spend at the Altar Project over a maximum of five

years(inclusive of 2018 drilling that was conducted between February and May of 2018) as an initial earn-in of a 60% interest in the Altar

Project (the Initial Earn-in)

Pursuant to the Arrangement Agreement, Aldebaran also received the right to elect to earn-in an additional 20% interest in the Altar

Project by spending an additional US$25 million exploration expenditure over a three-year period following the Initial Earn-in.