Other investments

Significant accounting judgements

Where the Group holds less than 20% interest in a company, the assessment of whether there is significant influence and hence an equity-

accounted investment may involve judgement. These judgements typically include the extent of representation on the board of directors,

other involvement in the company such as technical committee, any other contractual arrangements as well as the effective influence

that the particular shareholding interest provides. A different conclusion could have a significant impact on the measurement,

presentation and disclosure of the particular investment.

Accounting policy

On initial recognition of an equity investment that is not held for trading, the Group may make an irrevocable election to present

subsequent changes in the investment’s fair value in other comprehensive income (FVTOCI). This election is made on an investment-by-

investment basis. These investments are subsequently measured at fair value, with dividends recognised in profit or loss unless the dividend

clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI (in the mark-to-market

reserve) and are never reclassified to profit or loss.

Investments, other than investments in equity instruments, are measured at amortised cost if not measured at fair value through profit or loss

(FVTPL), and is held with the objective to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows

that are solely payments of principal or interest on the principal amount outstanding.

All investments not classified as measured at amortised cost or at FVTOCI as described above are measured at FVTPL, with subsequent

changes in the investment's fair value recognised in profit or loss. In addition, on initial recognition, the Group may irrevocably designate an

investment that otherwise meets the requirements to be measured at amortised cost as measured at FVTPL if doing so eliminates or

significantly reduces an accounting mismatch that would otherwise arise.

The Group holds the following investments:


Figures in million – SA rand	2025	2024	2023
Designated at FVTOCI investments:
Rand Mutual Assurance Company Limited	329	197	166
Furuya Metal Company Limited1	444	515	500
Aldebaran2	1,080	608	304
Generation Mining Limited3	325	64	106
ioneer Limited4	—	272	277
Other	12	8	22
Mandatorily measured at FVTPL investments:
Verkor S.A. (Verkor)5	933	904	951
EnHyWhere	18	41	107
Other	865	562	452
Amortised cost investments	265	336	294
Total other investments	4,271	3,507	3,179

1The Group holds approximately 4.88% in Furuya Metal Company Limited which is incorporated in Japan and listed on the Tokyo Stock Exchange. Its main business is the

manufacture/sale of industrial-use precious metals

2The Group holds 14.34% in Aldebaran which is incorporated in Canada and listed on the Toronto Stock Exchange (TSX). Aldebaran is a mineral exploration company.

Subsequent to the reporting date, the Group's shareholding in Aldebaran reduced to 13.2% due to a capital raising transaction executed by Aldebaran

3The Group holds 12.14% in Generation Mining Limited which is incorporated in Canada and listed on the TSX. Generation Mining Limited is in the process of developing the

Marathon copper-palladium project. Subsequent to the reporting date, the Group's shareholding in Generation Mining Limited reduced to 10.2% due to a capital raising

4During 2025, the Group successfully disposed of its investment in ioneer through a block trade on the Australian Stock Exchange at AUD0.11 per share with total proceeds

amounting to R186 million

5On 22 March 2022, the Group, through its wholly-owned subsidiary, Sibanye Battery Metals Proprietary Limited, invested in Verkor by subscribing for a €25 million

(R409 million) convertible bond. Verkor is a French Gigafactory project aiming to enter the European battery materials market as a manufacturer of low-carbon footprint

batteries for application in electric vehicles and large-scale stationary storage markets. The convertible bond was converted into preference shares during September

2023. The convertible bond was recognised as an investment measured at fair value, with net gains and losses recognised in profit or loss. Subsequent to conversion, the

preference shares continue to be measured at fair value through profit or loss. During September 2023, the Group also subscribed for a further €15 million (R303 million)

preference share investment, which is measured at fair value through profit or loss. The fair value of the total investment in Verkor amounted to R933 million at 31

December 2025 (2024: R904 million, 2023: R951 million), with R29 million (2024: R46 million loss, 2023: R93 million gain) recognised as a fair value gain for the year ended 31

Fair value of other investments

Other investments consists primarily of listed investments and other short-term investment products, which are measured at fair value or

have carrying amounts that approximates fair value. The fair values of non-listed investments included in other investments are determined

through valuation techniques that include inputs that are not based on observable market data. Fair value measurements of listed

investments are categorised as level 1 under the fair value hierarchy and non-listed investments as level 3 (see note 35.1).

Other market price risk

The primary goal of the Group's investments in equity securities is to hold the investments for long-term strategic purposes in line with the

Group's investment strategy. These investments are continuously assessed by management, assisted by the Group's business development

processes, to determine the appropriate outcome in respect of these investments based on changes in share prices and other available

information (see note 35.2 for further market risk information). A one percentage point change in the various stock exchange prices would

have impacted other comprehensive income by R22 million.