Accounting policy

On initial recognition, a financial asset is classified as measured at either amortised cost, fair value through other comprehensive income,

or fair value through profit or loss.

The Group initially recognises debt instruments issued and trade and other receivables, on the date these are originated. All other

financial assets and financial liabilities are recognised initially when the Group becomes a party to the contractual provisions of the

instrument.

The classification of financial assets at initial recognition that are debt instruments depends on the financial asset’s contractual cash flow

characteristics and the Group’s business model for managing them. In order for a financial asset to be classified and measured at

amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount

outstanding. This assessment is performed at an instrument level. Financial assets that are debt instruments with cash flows that are not

SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

The Group’s business model for managing financial assets that are debt instruments refers to how it manages its financial assets in order to

generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the

financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to

hold financial assets in order to collect contractual cash flows.

The Group recognises an allowance for expected credit losses (ECLs) on all debt instruments not held at fair value through profit or loss to

the extent applicable. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and

all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial

recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month

ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is

required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

For trade and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted

by IFRS 9. The Group considers customers with balances 60 days past due an appropriate indicator of default. These balances are

investigated to establish the probability that the funds will be received. The Group Legal Department determines whether to proceed

with a collection process through external attorneys and where considered appropriate, a collection process is initiated to secure

payment. Following this process, trade and other receivables are written off when there is no reasonable expectation of recovering the

contractual cash flows. Impairment losses are recognised through profit or loss.

The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the

rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of the ownership of the financial

asset are transferred. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of

recovering a financial asset in its entirety or a portion thereof. The Group derecognises a financial liability when its contractual obligations

are discharged, cancelled or expired.

Any interest in such transferred financial asset that is created or retained by the Group is recognised as a separate asset or liability. The

particular recognition and measurement methods adopted are disclosed in the individual policy statements associated with each item.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid is

recognised in profit or loss.

35.1 Accounting classifications and measurement of fair values

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments:

•Level 1: unadjusted quoted prices in active markets for identical asset or liabilities

•Level 2: inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly

(derived from prices)

•Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

•Other receivables and other payables

Due to the methods applied in calculating the carrying values as described in note 21, the carrying values approximate fair value,

except for the Marikana dividend obligation and the Keliber dividend obligation (see note 21). The fair value at 31 December 2023 of

the contingent consideration relating to the Kroondal acquisition was derived from discounted cash flow models. The models used

several key assumptions, including estimates of future production volumes, PGM basket prices, operating costs, capital expenditure and

market related discount rate (see note 21). The extent of the fair value changes would depend on how inputs change in relation to

each other. The fair value of the metals borrowing liability was calculated based on spot prices of the relevant metals owed to the

financial institution.

•Trade and other receivables/payables, and cash and cash equivalents

The carrying amounts approximate fair values due to the short maturity and/or the method applied in calculating the carrying value of

these instruments for financial instruments measured at amortised cost. The fair value for trade receivables measured at fair value

through profit or loss (PGM concentrate sales and zinc provisional price sales) are determined based on ruling market prices, volatilities

and interest rates.

•Environmental rehabilitation obligation funds

Environmental rehabilitation obligation funds comprise a fixed income portfolio of bonds, rehabilitation policies, investment in a cell

captive as well as fixed and notice deposits. The environmental rehabilitation obligation funds, not measured at amortised cost, are

stated at fair value based on the nature of the fund’s investments. For investments measured at fair value classified as level 2, the fair

value is determined through valuation techniques that include inputs other than quoted prices in level 1 that are observable for the

asset, either directly or indirectly. The valuation techniques applied make reference to the net asset value of the underlying assets in

the relevant policy or cell captive, adjusted for any entity-specific risk. These underlying assets comprise predominantly money-market

and similar highly liquid investments for which the carrying values approximate fair value.

•Other investments

The fair values of listed investments are based on the quoted prices available from the relevant stock exchanges. The carrying amounts

of other short-term investment products with short maturity dates approximate fair value. The fair values of non-listed investments are

determined through valuation techniques that include inputs that are not based on observable market data. These inputs include

price/book ratios as well as marketability and minority shareholding discounts which are impacted by the size of the shareholding. The

level 3 balance consists primarily of an investment in Verkor, the value of which is supported by a range of values determined through

multi-criteria valuation analysis which includes valuation techniques such as an income valuation approach which indicates the value

of Verkor based on its expected future cash flows and trading multiples. These valuation techniques use several key assumptions,

including discount rate (8.8%), growth rate (2.5%) and EV multiples. The fair value estimate of Verkor is sensitive to changes in the key

assumptions, for example, increases in the market related discount rate and decreases in the growth rate and EV multiples would

decrease the fair value if all other inputs remain unchanged. The extent of the fair value changes would depend on how inputs change

in relation to each other. The difference between other investments in the statement of financial position and note 19, relates to

investments measured at amortised cost, with carrying amounts that approximate fair value.

•Borrowings

The carrying value of variable interest rate borrowings approximates fair value as the interest rates charged are considered marked

related. However, since there are also fixed interest rate borrowings, fair values are disclosed in note 27.

•Derivative financial instruments

The fair value of derivative financial instruments is estimated based on ruling market prices, volatilities and interest rates, and option

pricing methodologies based on observable quoted inputs. All derivatives are carried on the statement of financial position at fair

value. The fair value of the gold, platinum, palladium and silver hedges are determined using a Monte Carlo simulation model based

on market forward prices, volatilities and interest rates. Since the SA gold hedge contracts ceased in December 2025, majority of the

gold hedge value relates to the contract liability at 31 December 2025, rather than a valuation of existing hedge contracts. The fair

value of the zinc hedge is determined by using a Monte Carlo simulation model based on historical zinc market spot and forward

prices, volatilities and interest rates and the relevant foreign exchange forward curve data.

The following table sets out the Group’s significant financial instruments measured at fair value by level within the fair value hierarchy:


Figures in million - SA rand	2025			2024			2023
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets measured at fair value
Environmental rehabilitation obligation funds	—	3,915	—	—	3,750	—	—	3,212	—
Trade receivables — PGM concentrate sales	—	1,286	—	—	965	—	—	3,407	—
Trade receivables — Zinc provisional price sales	—	84	—	—	356	—	—	108	—
Other investments	1,968	752	1,287	1,517	504	1,151	1,241	411	1,233
Financial liabilities measured at fair value
Derivative financial instrument	—	—	—	—	—	—	—	3,810	—
Gold hedge contracts	—	453	—	—	282	—	—	140	—
Zinc hedge contracts	—	15	—	—	208	—	—	33	—
Other hedge contracts	—	80	—	—	—	—	—	—	—
Metals borrowing liability	1,667	—	—	855	—	—	—	—	—
Contingent consideration	—	—	—	—	—	—	—	—	1,570

The table below summarises the movement in financial assets and financial liabilities classified as level 3 in the table above:


Figures in million - SA rand	2025	2024	2023
Financial assets measured at fair value
Balance at beginning of the year	1,151	1,233	855
Fair value movement recognised in profit or loss	5	(113)	108
Fair value movement recognised in other comprehensive income	131	31	(59)
Additions	—	—	323
Foreign currency translation	—	—	6
Balance at end of the year	1,287	1,151	1,233

Financial liabilities measured at fair value
Balance at beginning of the year	—	1,570	—
Initial recognition	—	—	1,433
Fair value movement recognised in profit or loss	—	(396)	137
Payment made	—	(1,174)	—
Balance at end of the year	—	—	1,570

35.2 Risk management activities

Controlling and managing risk in the Group

In the normal course of its operations, the Group is exposed to market risks, including commodity price, equity price risk, foreign currency,

interest rate, liquidity and credit risk associated with underlying assets, liabilities and anticipated transactions. In order to manage these risks,

the Group has developed a comprehensive risk management process to facilitate the control and monitoring of these risks.

Sibanye-Stillwater has policies in areas such as counterparty exposure, hedging practices and prudential limits, which are approved by

Sibanye-Stillwater’s Board of Directors (the Board) on an annual basis, or more frequent if changes are required. Management of financial

risk is centralised at Sibanye-Stillwater's treasury department (Treasury). Treasury manages financial risk in accordance with the policies and

procedures established by the Board and the Audit Committee.

The Board has approved dealing limits for money market, foreign exchange and commodity transactions, which Treasury is required to

adhere to. Among other restrictions, these limits describe which instruments may be traded and demarcate open position limits for each

category as well as indicating counterparty credit-related limits. The dealing exposure and limits are checked and controlled each day

and any breaches of these limits and exposures are reported to the CFO.

The objective of Treasury is to manage all significant financial risks arising from the Group’s business activities in order to protect profit and

cash flows. Treasury activities of Sibanye-Stillwater and its subsidiaries are guided by the Treasury Policy, the Treasury Framework as well as

domestic and international financial market regulations. Treasury activities are currently performed within the Treasury Framework with

appropriate resolutions from the Board, which are reviewed and approved annually by the Audit Committee.

The financial risk management objectives of the Group are defined as follows:

•Counterparty exposure: the objective is to only deal with a limited number of approved counterparts that are of a sound financial

standing and who have an official credit rating. The Group is limited to a maximum investment of 2.5% of the financial institutions’

equity, which is dependent on the institutions’ credit rating. Credit ratings from reputable credit rating agencies are used for financial

institutions.

•Liquidity risk management: the objective is to ensure that the Group is able to meet its short-term commitments through the effective

and efficient management of cash and usage of credit facilities.

•Funding risk management: the objective is to meet funding requirements timeously and at competitive rates by adopting reliable

liquidity management procedures.

•Currency risk management: the objective is to maximise the Group’s profits by minimising currency fluctuations.

•Commodity price risk management: commodity risk management takes place within limits and with counterparts as approved in the

Treasury Framework.

•Interest rate risk management: the objective is to identify opportunities to prudently manage interest rate exposures.

•Investment risk management: the objective is to achieve optimal returns on surplus funds at acceptable risk.

Credit risk

Credit risk represents risk that an entity will suffer a financial loss due to the other party of a financial instrument not discharging its

obligations.

The Group manages its exposure to credit risk by dealing with a limited number of approved counterparties. The Group approves these

counterparties according to its risk management policy and ensures that they are of good credit quality.

The carrying value of the financial assets represents the combined maximum credit risk exposure of the Group. Concentration of credit risk

on cash and cash equivalents and non-current assets is considered minimal due to the above mentioned investment risk management

and counterparty exposure risk management policies (see notes 20, 21, 23 and 24).

The credit risk exposure on the Group’s financial assets is further expressed through the credit ratings of the Group's counterparties (source

– Fitch ratings, S&P Global and Global Credit Ratings):

•Cash and cash equivalents: the Group's cash and cash equivalents are held with a small number of financial institutions and banks

which are rated between BB- and AA+ (long term issuer default ratings). The high credit ratings support a low probability of default and

indicates that the Group's exposure to credit risk is minimal

•Environmental rehabilitation funds: these funds are invested with financial institutions and banks that are rated between BB- and AA+

(long term issuer default ratings) and therefore do not expose the Group to material credit risk

•Trade receivables: the Group's trade and other receivables consist largely of gold, PGM, chrome, silver, cobalt, nickel and zinc metals

sales. The Group's exposure to credit risk on these sales is limited due to payment terms of the agreements as well as dealings with a

small number of reputable customers. External credit ratings on these customers range between BBB- and A+, therefore exposure to

credit risk is minimal. The risk of default on other receivables is low due to the Group's approval process followed when entering into

these transactions.

There has been no significant increase in credit risk on the Group's financial assets since initial recognition.

Liquidity risk

In the ordinary course of business, the Group receives cash proceeds from its operations and is required to fund working capital and capital

expenditure requirements. The cash is managed to ensure surplus funds are invested to maximise returns whilst ensuring that capital is

safeguarded to the maximum extent possible by investing only with top financial institutions.

Uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group’s normal and contingency

funding requirements (see note 21.2, 27.9 and 32).

The following are contractually due, undiscounted cash flows resulting from maturities of financial liabilities including interest payments:


Figures in million – SA rand	Total	Within one year	Between one and two years	Between two and three years	Between three and five years	After five years
31 December 2025
Other payables	4,982	2,205	224	111	212	2,230
Trade and other payables	10,706	10,706	—	—	—	—
Borrowings
- Capital
R6.5 billion RCF	2,500	—	—	2,500	—	—
US$ Convertible Bond	8,285	—	—	8,285	—	—
2026 and 2029 Notes	19,884	11,185	—	—	8,699	—
Burnstone Debt	2,707	—	—	—	129	2,578
Keliber loan facilities	9,720	—	700	1,868	4,167	2,985
Other borrowings	97	12	12	12	26	35
Franco-Nevada liability	2	2	—	—	—	—
- Interest	15,553	1,734	1,340	1,184	1,609	9,686
Total	74,436	25,844	2,276	13,960	14,842	17,514
31 December 2024
Other payables	6,758	1,644	94	175	245	4,600
Trade and other payables	10,374	10,374	—	—	—	—
Borrowings
- Capital
R6.5 billion RCF	3,000	—	—	3,000	—	—
US$ Convertible Bond	9,380	—	—	—	9,380	—
2026 and 2029 Notes	22,512	—	12,663	—	9,849	—
Burnstone Debt	146	—	—	—	—	146
Keliber loan facilities	5,858	—	—	422	2,314	3,122
Other borrowings	438	331	12	13	28	54
Franco-Nevada liability	4	4	—	—	—	—
- Interest	17,407	1,930	1,880	1,317	1,680	10,600
Total	75,877	14,283	14,649	4,927	23,496	18,522
31 December 2023
Other payables	12,757	2,203	188	277	477	9,612
Trade and other payables	11,678	11,678	—	—	—	—
Borrowings
- Capital
R5.5 billion RCF	4,000	4,000	—	—	—	—
US$ Convertible Bond	9,285	9,285	—	—	—	—
2026 and 2029 Notes	22,284	—	—	12,535	—	9,749
Burnstone Debt	145	—	—	—	145	—
Other borrowings	40	11	5	5	10	9
Franco-Nevada liability	3	3	—	—	—	—
Stillwater Convertible Debentures	4	4	—	—	—	—
- Interest	17,328	1,339	941	876	1,049	13,123
Total	77,524	28,523	1,134	13,693	1,681	32,493

Working capital and going concern assessment

For the year ended 31 December 2025, the Group incurred a loss of R4,739 million (2024: loss of R5,710 million and 2023: loss of

R37,430 million). As at 31 December 2025, the Group’s current assets exceeded its current liabilities by R26,595 million (2024: R27,458 million

and 2023: R25,415 million) and the Group’s total assets exceeded its total liabilities by R44,167 million (2024: R48,289 million and 2023:

R51,607 million). During the year ended 31 December 2025 the Group generated net cash from operating activities of R21,407 million (2024:

R10,113 million and 2023: R7,095 million).

The Group has committed undrawn debt facilities of R21,255 million at 31 December 2025 (2024: R26,743 million and 2023: R20,755 million)

and cash balances of R17,178 million (2024: R16,049 million and 2023: R25,560 million). The Group’s leverage ratio (net debt/(cash) to

adjusted EBITDA) as at 31 December 2025 was 0.59:1 (2024 was 1.79:1 and 2023 was 0.58:1) and its interest coverage ratio (adjusted EBITDA

to net finance charges/(income)) was 25.4:1 (2024 was 11:1 and 2023 was 66:1). The maximum permitted leverage ratio up to 31

December 2025 is 3.0:1 and thereafter 2.5:1. The maximum required interest coverage ratio up to 31 December 2025 is 3.5:1 and 4.0:1

thereafter.

Included under current borrowings on the consolidated statement of financial position is the 2026 Notes, amounting to R11,185 million

which matures by November 2026. The Group has commenced its planning for the refinancing of these Notes and is expecting to

conclude the process before 30 June 2026. In addition, at the date of approving these consolidated financial statements for issue, the

US$1 billion RCF and R6.5 billion RCF were totally undrawn. There were no significant events which had a significant negative impact on the

Group’s strong liquidity position.

Management believes that the cash forecasted to be generated by operations, cash on hand, the committed unutilised debt facilities as

well as additional funding opportunities will enable the Group to continue to meet its obligations as they fall due for a period of at least

eighteen months after the reporting date. The consolidated financial statements for the year ended 31 December 2025 have therefore

been prepared on a going concern basis.

Market risk

The Group is exposed to market risks, including foreign currency, commodity price, and interest rate risk associated with underlying assets,

liabilities and anticipated transactions. The Group is also exposed to changes in share prices in respect of listed investments (see note 19).

Following periodic evaluation of these exposures, the Group may enter into derivative financial instruments to manage some of these

exposures.

The effects of reasonable possible changes of relevant risk variables on profit or loss or shareholders’ equity are determined by relating the

reasonable possible change in the risk variable to the balance of financial instruments at period end date.

The amounts generated from the sensitivity analyses are forward-looking estimates of market risks assuming certain adverse or favourable

market conditions occur. Actual results in the future may differ materially from those projected results and therefore should not be

considered a projection of likely future events and gains/losses.

Foreign currency risk

Sibanye-Stillwater’s operations are located in South Africa, US, Zimbabwe, Finland, France, Mexico, India, UK, South Korea and Australia. The

Group's revenues are sensitive to changes in the US dollar gold and PGM price and the SA rand/US dollar and to a lesser extent Euro/US

dollar and AUD/US dollar exchange rates (the exchange rates). Depreciation of the SA rand against the US dollar results in Sibanye-

Stillwater’s revenues and operating margin increasing. Conversely, should the rand appreciate against the US dollar, revenues and

operating margins would decrease. The impact on profitability of any change in the exchange rate can be substantial. Furthermore, the

exchange rates obtained when converting US dollars to rand are set by foreign exchange markets over which Sibanye-Stillwater has no

control. The relationship between currencies and commodities, which includes the gold price, is complex and changes in exchange rates

can influence commodity prices and vice versa.

In the ordinary course of business, the Group enters into transactions, such as gold, PGM and other metal sales, denominated in foreign

currencies, primarily US dollar. Although this exposes the Group to transaction and translation exposure from fluctuations in foreign currency

exchange rates, the Group does not generally hedge this exposure. However, hedging could be considered for significant expenditures

based in foreign currency or those items which have long lead times to produce or deliver. Also, the Group on occasion undertakes

currency hedging to take advantage of favourable short-term fluctuations in exchange rates when management believes exchange rates

are at unsustainably high levels.

Currency risk also exists on account of financial instruments being denominated in a currency that is not the functional currency and being

of a monetary nature. This includes but is not limited to US$1 billion RCF, to the extent drawn (see note 27.1), Burnstone Debt (see note 27.6)

and the Franco-Nevada liability.

For additional disclosures, see notes 3 and 27.

Foreign currency economic hedging exposure

During 2025, 2024 and 2023 a number of intra month (i.e. up to 21 days) forward exchange rate contracts were executed to hedge a

known currency inflow.

At 31 December 2025, the Group had no material outstanding foreign currency contract positions.