Other receivables and other payables

Significant accounting judgements and estimates

Expected future cash flows used to determine the carrying value of the other payables (namely the Rustenburg operation deferred

payment, right of recovery payable, Marikana dividend obligation and contingent consideration), the right of recovery receivable and the

fair value of hedge instruments are inherently uncertain and could materially change over time. The expected future cash flows are

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

expected commodity price, currency exchange rates, and estimates of production costs, future capital expenditure and discount rates.

Accounting policy

Financial instruments included in other receivables are categorised as financial assets measured at amortised cost and those included in

other payables are categorised as other financial liabilities as applicable. These assets and liabilities are initially recognised at fair value.

Subsequent to initial recognition, financial instruments included in other receivables and other payables are measured at amortised cost,

except where fair value through profit or loss measurement is appropriate. Contingent consideration, and derivative financial instruments

such as the metals borrowings liability and hedges are measured at fair value through profit or loss.

Reimbursements, such as rehabilitation reimbursements from other parties are not financial instruments, and are recognised as a separate

asset where recovery is virtually certain. The amount recognised is limited to the amount of the relevant rehabilitation provision. If the party

that will make the reimbursement cannot be identified, then the reimbursement is generally not virtually certain and cannot be recognised.

If the only uncertainty regarding the recovery relates to the amount of the recovery, the reimbursement amount often qualifies to be

recognised as an asset.

Other receivables and payables that do not arise from contractual rights and obligations, such as receivables on rates and taxes, are

recognised and measured at the amount expected to be received or paid.

Statement of cash flows

The acquisition date fair value of deferred payments and contingent consideration relating to business combinations is part of

the aggregate consideration for obtaining control of the underlying net assets. Therefore, unless the obligations are clearly part of the

borrowing structure of the group, repayments of the acquisition date fair value are classified as investing activities. Additional deferred/

contingent payments in excess of the acquisition date fair value are considered to be operating activity cash flows by nature.

21.1 Other receivables


Figures in million – SA rand	Note	2025	2024	2023
Rates and taxes receivable		93	94	74
Pre-paid royalties		282	296	310
Section 45X credit receivable	4	5,858	—	—
Other		511	257	165
Total other receivables		6,744	647	549
Reconciliation of the non-current and current portion of the other receivables:
Other receivables		6,744	647	549
Current portion of other receivables		(4,816)	(156)	(26)
Non-current portion of other receivables		1,928	491	523


Figures in million – SA rand	2025	Revised 2024	2023
Contingent consideration (Kroondal acquisition)	—	—	1,570
Deferred/contingent consideration (Pandora acquisition)	—	—	44
Marikana dividend obligation	810	730	1,626
Keliber dividend obligation	—	388	1,147
Metals borrowings liability	1,667	855	—
NCI put liability	96	109	—
Gold and zinc hedge derivative liability	468	494	173
Other1	640	969	862
Total other payables	3,681	3,545	5,422
Reconciliation of the non-current and current portion of the other receivables:
Other payables	3,681	3,545	5,422
Current portion of other payables	(2,279)	(1,730)	(2,015)
Non-current portion of other payables	1,402	1,815	3,407

1The revised 2024 balance includes the additional payment in respect of the Reldan business combination amounting to R96 million (see note 16.2)

Contingent consideration (Kroondal acquisition)

The Group (through SRPM) assumed full ownership of Kroondal on 1 November 2023 (effective date) by acquiring RPM's 50% in the

Kroondal PSA. The Group agreed to pay RPM a contingent consideration based on a percentage of the cumulative pre-tax cash flows of

the Kroondal PSA until a total of 1,350,000 4E ounces (on a 100% basis) was delivered to RPM (agreed PSA ounces). At the effective date,

approximately 204,517 4E ounces were still outstanding in terms of the Kroondal PSA and continued to be delivered under the terms of the

PoC arrangement. The percentage was determined based on a sliding scale/specific ranges of the PGM basket price included in the sale

agreement. The Group would not make any payment to RPM if the cumulative pre-tax cash flows of the Kroondal PSA was negative. The

remaining ounces were delivered during 2024 and resulted in the Group settling this portion of the contingent consideration amounting to

cash payments of R292 million. The Group also agreed to pay RPM an amount equal to 50%of the amount receivable from RPM at the end

of the final measurement period in respect of the agreed PSA ounces (agreed PSA ounces receivable). The Group determined the

contingent consideration at the effective date as 50% of the agreed PSA ounces receivable. RPM withheld 50% of each payment of the

agreed PSA ounces receivable until the payment of R882 million was paid in full. This payment is a non-cash transaction for the Group, as

the contingent consideration was offset with the 50% of the PSA ounces. During 2025, the assets and liabilities of Kroondal were transferred

to SRPM (see note 1.1).

The Kroondal contingent consideration movement for the year is as follows:


Figures in million – SA rand	Note	2025	2024	2023
Balance at the beginning of the year		—	1,570	—
Contingent consideration on acquisition of subsidiary		—	—	1,433
Payment made		—	(1,174)	—
(Gain)/loss on revised estimated cash flows	7	—	(396)	137
Balance at end of the year		—	—	1,570

Deferred/contingent consideration (Pandora acquisition)

The Lonmin group acquired the remaining 50% stake in Pandora Joint Venture in 2017. The purchase price included a deferred and

contingent consideration element. The deferred payment element represented a minimum consideration of R400 million, which was settled

through a cash payment based on 20% of the distributable free cash flows generated from the Pandora E3 operations on an annual basis

for a period of 6 years, ended on 30 November 2023. The fair value of the deferred consideration at acquisition of Lonmin by the Group

was determined using the present value of the future cash flows at a discount rate of 12.5%. The contingent consideration element was

based on the extent to which 20% of the distributable free cash flows exceeded R400 million. This element was valued at R44 million at 31

December 2023. The distributable free cash flow was derived from forecast cash flow models. These models used several key assumptions,

including estimates of future sales volumes, PGM prices, operating costs and capital expenditure. The Group settled the remaining

R44 million liability on 1 February 2024.

The Pandora deferred consideration movement for the year is as follows:


Figures in million – SA rand	Note	2025	2024	2023
Balance at the beginning of the year		—	44	128
Interest charge	5.2	—	—	3
Loss on revised estimated cash flows		—	—	39
Payment made		—	(44)	(126)
Balance at end of the year		—	—	44

Marikana dividend obligation

The Marikana dividend obligation relates to amounts payable to external shareholders through an intermediate company holding

structure. The obligation is classified as a financial liability measured at amortised cost. At year end, the dividend obligation was measured

applying the same assumptions as set out in note 6.4, except for the discount rates of 11.64% (EPL) and 11.71% (WPL), which remains

consistent over the life of the obligation (see note 6.4 for additional detail regarding the Marikana B-BBEE transaction).

The following table summarises the changes in the Marikana dividend obligation:


Figures in million – SA rand	Notes	2025	2024	2023
Balance at the beginning of the year		730	1,626	2,129
Interest — unwinding of amortised cost	5.2	85	188	236
Gain on revised estimated cash flows	7	(5)	(1,046)	(548)
Payments made		—	(38)	(191)
Balance at end of the year		810	730	1,626

Keliber dividend obligation

During April 2023, Sibanye-Stillwater (through its wholly-owned subsidiary, Keliber Lithium Proprietary Limited) signed a revised shareholders'

agreement with the Finnish Minerals Group, which resulted in a contractual obligation to declare dividends amounting to 40% of the free

cash flow of Keliber. A dividend obligation was recognised for the NCI of Keliber on the effective date of the agreement (25 April 2023) at

R792 million, with a corresponding reduction in NCI (see note 26.1 for other NCI changes). The Group's attributable portion of the dividend

obligation eliminates on consolidation. The dividend obligation is a financial liability and was initially measured at fair value less any directly

attributable costs, and subsequently measured at amortised cost.

At 31 December 2025 the following assumptions were applied in measuring the Keliber dividend obligation:


		2025	2024	2023
Average lithium hydroxide price	US$/t	17,475	18,640	22,933
Real discount rate	%	9.83	9.83	9.83
Inflation rate	%	2.5	2.5	2.5
Life-of-mine	years	20	23	24

The following table summarises the changes in the Keliber dividend obligation:


Figures in million – SA rand	Note	2025	2024	2023
Balance at the beginning of the year		388	1,147	—
Initial recognition of the Keliber dividend obligation		—	—	792
(Gain)/loss on revised estimated cash flows1	7	(427)	(811)	287
Interest — unwinding of amortised cost		34	109	52
Foreign currency translation reserve		5	(57)	16
Balance at end of the year		—	388	1,147

1The gain on revised estimated cash flow for the year ended 31 December 2025 is primarily as a result of a decrease in the long term lithium hydroxide price, which resulted

in decreased expected future cash flows from Keliber

Metals borrowings liability

The metals borrowings liability relates to precious metals that are borrowed and repaid under a consignment arrangement with a financial

institution for working capital cash management purposes, by the Pennsylvania recycling site. The precious metals traded are gold, silver,

platinum and palladium, and transactions with the lender are recorded at the daily market prices on the day the metals are traded.

Settlement of transactions is usually within two to three business days after the trade date. The liability is measured at fair value according to

the market borrowing position, with fair value movements recognised in profit or loss.

The following table summarises the changes in the metals borrowings liability:


Figures in million – SA rand	2025	2024	2023
Balance at the beginning of the year	855	—	—
Initial recognition on acquisition of subsidiary	—	956	—
Cash advances received	7,985	4,337	—
Non-cash advances received	1,222	—	—
Settlements (cash)	(1,129)	—	—
Settlements through delivery of metals (non-cash)	(7,645)	(4,308)	—
Loss/(gain) on commodity price movements	534	(136)	—
Foreign currency translation reserve	(155)	6	—
Balance at end of the year	1,667	855	—

Deferred/contingent payments made

The table below summarises the cash deferred/contingent payments made during the year on the obligations set out above:


Figures in million – SA rand	2025	2024	2023
Deferred payment (Rustenburg operation)	—	—	3,607
Deferred/contingent consideration (Pandora acquisition)	—	44	126
Contingent consideration (Kroondal acquisition)	—	292	—
Total cash payments made	—	336	3,733
Payments in excess of the original fair value (operating cash flows)	—	44	3,733
Payments up to initial fair value (investing cash flows)	—	292	—

Fair value of other receivables and other payables

Due to the approaches applied in calculating the carrying values as described above, the fair values approximate the respective carrying

values, except for the Marikana dividend obligation and the Keliber dividend obligation. At 31 December 2025, the fair value (level 3) of

the Marikana dividend obligation amounted to R777 million (2024: R559 million, 2023: R1,257 million) and the fair value of the Keliber

dividend obligation (level 3) at 31 December 2024 amounted to R532 million (2023: R1,434 million). The fair values were calculated by

applying a market-related discount rate to expected future cash flows available for dividends at each year end (see note 35.1).

The deferred/contingent consideration relating to Pandora (up to 31 December 2023), Kroondal contingent consideration (up to 31

December 2023) and the Marikana dividend obligation are sensitive to changes in the 4E basket price. A one percentage point increase in

the 4E basket price would have impacted profit/loss before tax by R38 million (2024: R34 million, 2023: R70 million). The Keliber dividend

obligation (up to 31 December 2024) was sensitive to changes in the lithium hydroxide price. A one percentage point increase in the lithium

hydroxide price would have impacted profit/loss before tax by R26 million at 31 December 2024 (2023: R27 million).

The carrying value of the other receivables represents the maximum credit risk exposure of the Group in relation to these receivables. The

Group has reduced its exposure to credit risk by dealing with a limited number of approved counterparties (see note 35.2).