Significant accounting judgements and estimates

Borrowings

Expected future cash flows used to determine the carrying amount of the Burnstone Debt are inherently uncertain and could materially

change over time. They are significantly affected by a number of factors including reserves and production estimates, together with

economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future

capital expenditure and discount rates, and ultimately the timing and amount of capital and interest that are expected to be repaid, as

well as the timing and repayment on Sibanye-Stillwater funding provided to date.

Derivative financial instrument

Gains and losses on the derivative financial instrument are attributable to changes in various valuation inputs, including the movement in

the Company's share price, change in US dollar/rand exchange rate, the volatility of the Company's shares, the Company's credit risk

spreads, and the market value of the US$ Convertible Bond. Although many inputs into the valuation are observable, the valuation method

separates the fair value of the derivative from the quoted fair value of the US$ Convertible Bond by adjusting certain observable inputs.

These adjustments require the application of judgement and certain estimates. Changes in the relevant inputs impact the fair value gains

and losses recognised.

Accounting policy

Borrowings

Borrowings are non-derivative financial liabilities categorised as other financial liabilities. Borrowings are recognised initially at fair value, net

of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12

months after the reporting date. For borrowings that can be settled in shares, the Group disregards conversion options that are recognised

as equity when assessing the host liability's classification as current or non-current.

Derivative financial instruments

Derivatives are initially recognised at fair value that is determined by using appropriate option pricing methodologies. Any directly

attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair

value, and changes are recognised in profit or loss.

For assets and liabilities that are recognised at fair value in the financial statements on a recurring basis, the Group determines whether

transfers have occurred between levels in the fair value hierarchy by re-assessing categorisation (based on the lowest level input that is

significant to the fair value measurement as a whole) at the end of each reporting period.

Borrowings


Figures in million – SA rand	Notes	2025	2024	2023
US$1 billion RCF	27.1	—	—	—
R5.5 billion RCF	27.2	—	—	4,000
R6.5 billion RCF	27.3	2,500	3,000	—
2026 and 2029 Notes	27.4	19,824	22,354	22,042
US$ Convertible Bond	27.5	7,291	7,921	7,538
Burnstone Debt	27.6	4,005	2,260	2,991
Keliber loan facilities	27.7	9,547	5,724	—
Other borrowings	27.8	88	424	40
Franco-Nevada liability		2	4	3
Stillwater Convertible Debentures		—	—	4
Total borrowings		43,257	41,687	36,618
Reconciliation of the non-current and current portion of the borrowings:
Borrowings		43,257	41,687	36,618
Current portion of borrowings		(11,402)	(552)	(11,672)
Non-current portion of borrowings		31,855	41,135	24,946

The current portion of borrowings will be repaid out of operational cash flows or it will be refinanced by utilising available Group facilities.

Included in the current portion of borrowings at 31 December 2023 is the US$ Convertible Bond, which was subject to approval by a

general meeting of Sibanye-Stillwater shareholders to be convertible into ordinary shares of Sibanye-Stillwater. Following the shareholder

approval in 2024, the bond component of the US$ Convertible Bond was reclassified to non-current and the derivative component

derecognised (see note 27.5).

The roll forward of borrowings in the current year is as follows:


Figures in million - SA rand	Notes	2025	2024	2023
Balance at beginning of the year		41,687	36,618	22,728
Borrowings acquired on acquisition of subsidiary		—	84	6
Loans raised1		7,912	8,278	12,758
Loans repaid		(4,883)	(3,335)	(1,323)
Unwinding of loans recognised at amortised cost	5.2	640	688	359
Accrued interest2	5.2	1,793	1,946	1,192
Accrued interest paid		(2,086)	(1,947)	(1,175)
Borrowing costs capitalised		409	64	—
Loss/(gain) on the revised cash flow of the Burnstone Debt	27.6	1,805	(1,053)	(32)
Loss on foreign exchange differences and foreign currency translation		(4,020)	344	2,105
Balance at end of the year		43,257	41,687	36,618

1Total loans raised per the statement of cash flows for the year ended 31 December 2023 included the initial recognition of the derivative element of the US$ Convertible

Bond of R1,673 million (see note 27.5)

2Relates to the 2022 and 2025 Notes, 2026 and 2029 Notes, US$ Convertible Bond and the RCFs

27.1 US$1 billion RCF

Sibanye-Stillwater concluded the refinancing of its undrawn US$600 million RCF on 6 April 2023. The facility will be used in financing of the

Group's ongoing capital expenditure, working capital and general corporate expenditure requirements, which may include the financing

of future acquisitions or business combinations. The RCF is linked to a Secured Overnight Financing Rate (SOFR), which is a recently effective

interest rate published as part of the interbank offered rate (IBOR) reform initiative.

Terms of the US$1 billion RCF


Facility:	US$1 billion
Interest rate:	Linked term SOFR
Interest rate margin:	1.60% if net debt to adjusted EBITDA is equal to or less than 1.0x
	1.80% if net debt to adjusted EBITDA is greater than 1.0x and less than or equal to 2.0x
	2.00% if net debt to adjusted EBITDA is greater than 2.0x and less than or equal to 3.0x
	2.20% if net debt to adjusted EBITDA is greater than 3.0x
Term of facility:	Three years, subject to two optional one-year extensions depending on lenders' approval. During April 2025, all facility lenders approved the second extension with the facility now maturing on 6 April 2028
Borrowers:	The Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL and Sibanye Stillwater UK Financing PLC (Sibanye UK Financing)
Security and/or guarantors:	The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Sibanye UK Financing, Keliber Technology Oy and Keliber


Figures in million – SA rand	2025	2024	2023
Balance at beginning of the year	—	—	—
Loans raised	—	—	—
Loans repaid	—	—	—
Accrued interest1	233	185	73
Accrued interest paid	(233)	(185)	(73)
Loss on foreign exchange differences	—	—	—
Balance at end of the year	—	—	—
Current portion of balance	—	—	—
Non-current portion of balance	—	—	—

1Includes commitment fees

27.2 R5.5 billion RCF

The purpose of the facility was to refinance facilities, finance ongoing capital expenditure and general corporate expenditure

requirements. This facility was refinanced by the Group through a new R6.5 billion RCF (see note 27.3).


Terms of the R5.5 billion RCF
Facility:	R5.5 billion
Interest rate:	JIBAR
Interest rate margin:	2.4% if net debt to adjusted EBITDA is equal to or less than 2.0x
	2.6% if net debt to adjusted EBITDA is greater than 2.0x
Term of facility:	Three years, subject to two optional one-year extensions depending on lenders' approval. All facility lenders have approved the first and second extension with the loan facility matured on 11 November 2024.
Borrowers:	The Company, SGL, Kroondal, SRPM, EPL and WPL
Security and/or guarantors:	The facility was unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL and WPL


Figures in million –SA rand	Note	2025	2024	2023
Balance at beginning of the year		—	4,000	—
Loans raised		—	—	5,000
Loans repaid		—	—	(1,000)
Accrued interest1		—	319	125
Accrued interest paid		—	(319)	(125)
Inter bank transfer	27.3	—	(4,000)	—
Balance at end of the year		—	—	4,000
Current portion of balance		—	—	(4,000)
Non-current portion of balance		—	—	—

1Includes commitment fees

27.3 R6.5 billion RCF

Sibanye-Stillwater refinanced its R5.5 billion RCF on 16 August 2024, which was to mature on 11 November 2024, by entering into a new

R6 billion RCF including an option for Sibanye-Stillwater to increase the RCF by a further R1 billion during the term through inclusion of

additional lenders. The Group executed a R500 million increase in the facility on 6 December 2024. The purpose of the facility is to refinance

facilities, finance ongoing capital expenditure and general corporate expenditure requirements.

Terms of the R6.5 billion RCF


Facility:	R6.5 billion
Interest rate:	JIBAR1
Interest rate margin:	2.2% if net debt to adjusted EBITDA is equal to or less than 1.0x
	2.4% if net debt to adjusted EBITDA is greater than 1.0x but less than or equal to 2.0x
	2.6% if net debt to adjusted EBITDA is greater than 2.0x but less than or equal to 3.0x
	2.8% if net debt to adjusted EBITDA is greater than 3.0x
Term of facility:	Three years, subject to two optional one-year extensions depending on lenders' approval. During H2 2025, all facility lenders have approved the first one-year extension resulting in the facility now maturing in August 2028
Borrowers:	The Company, SGL, Kroondal, SRPM, EPL and WPL
Security and/or guarantors:	The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Sibanye UK Financing, Keliber and Keliber Technology Oy

1The facility will transfer to the newly published interest rate ((South African Rand Overnight Index Average) (ZARONIA)) in accordance with IBOR reform amendments prior

to the date on which the JIBAR will no longer be available for use


Figures in million – SA rand	Note	2025	2024	2023
Balance at beginning of the year		3,000	—	—
Inter bank transfer	27.2	—	4,000	—
Loans raised		3,000	1,000	—
Loans repaid		(3,500)	(2,000)	—
Accrued interest1		248	97	—
Accrued interest paid		(248)	(97)	—
Balance at end of the year		2,500	3,000	—
Current portion of balance		—	—	—
Non-current portion of balance		2,500	3,000	—

1Includes commitment fees

27.4 2026 and 2029 Notes

On 16 November 2021 the Group completed a two-tranche corporate bond offering 4.0% Notes (US$675 million) due 16 November 2026

(the 2026 Notes) and 4.5% Notes (US$525 million) due 16 November 2029 (the 2029 Notes) (together the 2026 and 2029 Notes). The

proceeds were applied towards the redemption of the 2025 Notes and will also be applied for general corporate purposes, including

advancing the Group’s green metals strategy through investments and accretive acquisitions. The bonds were issued through the Group's

wholly-owned subsidiary Stillwater.

Terms of the 2026 and 2029 Notes


Facility:	US$675 million 4.0% Senior Notes due 2026
	US$525 million 4.5% Senior Notes due 2029
Interest rate:	2026 Notes: 4.0%
	2029 Notes: 4.5%
Term of the Notes:	2026 Notes: Five years
	2029 Notes: Eight years
Issuer:	Stillwater Mining Company
Guarantors:	Each of the Notes are fully and unconditionally guaranteed, jointly and severally by the Guarantors (the Company, SGL, Kroondal, SRPM, EPL, WPL, Sibanye UK Financing, Keliber Technology Oy and Keliber). The guarantees rank equally in right of payment to all existing and future senior debt of the Guarantors.


Figures in million – SA rand	2025	2024	2023
Balance at beginning of the year	22,354	22,042	20,140
Interest charge	905	928	932
Unwinding of amortised cost	101	98	80
Accrued interest paid	(911)	(932)	(951)
(Gain)/loss on foreign exchange differences	(2,625)	218	1,841
Balance at end of the year	19,824	22,354	22,042
Current portion of balance	(11,241)	(118)	(116)
Non-current portion of balance	8,583	22,236	21,926

27.5 US$ Convertible Bond

Sibanye-Stillwater (through its wholly-owned subsidiary Stillwater) launched an offering of US$500 million senior, unsecured, guaranteed

bonds, due in November 2028 and subject to the receipt of the requisite approval by a general meeting of the shareholders of Sibanye-

Stillwater, will be convertible into new and/or existing Sibanye-Stillwater ordinary shares (Convertible Bonds). Prior to, and/or absent of such

approval, holders of the Convertible Bonds would, on conversion, receive a cash amount equal to the value of the underlying ordinary

shares. The proceeds of the bonds will be applied to the advancement of the Group's growth strategy including the funding of future

acquisitions, whilst preserving the current balance sheet for funding existing operations and projects through a lower commodity price

environment.

Terms of the US$500 million Convertible Bond


Issue size:	US$500 million
Coupon:	4.25%
Maturity date:	28 November 2028 (five years)
Conversion premium:	32.5%
Reference share price:	US$1.0088 (R18.55), being the volume weighted average price of Sibanye-Stillwater's shares listed on the JSE Limited between opening of trading and close of trading on 21 November 2023, converted into US$ at R18.388/US$
Initial conversion price:	US$1.3367
Issuer:	Stillwater Mining Company
Guarantors:	The Company, SGL, Kroondal, SRPM, EPL, WPL

The US$ Convertible Bond consisted of two components. The option component was recognised as a derivative financial instrument

(financial liability), measured at fair value, with changes in fair value recognised in profit or loss. The non-derivative host instrument (i.e.

bond component) was recognised as a financial liability measured at amortised cost using the effective interest method. On 28 May 2024,

Sibanye-Stillwater shareholder approval was obtained for the US$ Convertible Bond to be convertible into ordinary shares of the Company

at the option of the holders. The share conversion start date was 28 June 2024, with the last day that cash conversion could be requested

being 26 June 2024. The derivative element was transferred to equity on 26 June 2024 as a result of the removal of the cash conversion

option. At 31 December 2023, the bond component and derivative financial instrument was fully classified as current liabilities while

shareholder approval for the conversion option remained outstanding. Upon removal of the cash conversion option, the bond component

was reclassified as a non-current liability.

Convertible bond at amortised cost


Figures in million – SA rand	2025	2024	2023
Balance at beginning of the year	7,921	7,538	—
Loans raised	—	—	7,455
Interest charge	380	389	36
Interest paid	(376)	(385)	—
Unwinding of amortised cost	318	298	27
(Gain)/loss on foreign exchange differences	(952)	81	20
Balance at end of the year	7,291	7,921	7,538
Current portion of balance	(33)	(37)	(7,538)
Non-current portion of balance	7,258	7,884	—

Derivative financial instrument


Figures in million – SA rand	Note	2025	2024	2023
Balance at beginning of the year		—	3,810	—
Initial recognition of derivative instrument		—	—	1,673
Transfer to equity		—	(2,009)	—
(Gain)/loss on financial instruments1	7	—	(1,733)	2,136
Loss on foreign exchange differences		—	(68)	1
Balance at end of the year		—	—	3,810
Current portion of balance		—	—	(3,810)
Non-current portion of balance		—	—	—

1The fair value gain for 2024 on the derivative financial instrument is mainly due to a decrease in the Sibanye-Stillwater share price since the previous reporting date

27.6 Burnstone Debt

Sibanye Gold Eastern Operations (SGEO) has bank debt of US$178 million (the Burnstone Debt) outstanding as part of the net assets

acquired on 1 July 2014.

Terms of the Burnstone Debt


Facility:	A1: US$0.2 million
	A2: US$7.8 million
	A3: US$51.0 million
	A4: US$119.1 million
Interest rate:	A1 and A2: Interest free
	A3 and A4: Interest free until 1 July 2017, then at term Secured Overnight Financing Rate (SOFR)
Interest rate margin:	A3 and A4: 4% from 1 July 2017
Term of loan:	No fixed term
Repayment period:	A1: Repaid on 1 July 2014
	A2: From 1 July 2017 the first 50% of Burnstone’s free cash flow (as defined in the settlement agreement) will be used to repay the intercompany Wits Gold Shareholder Loan and the balance of 50% to repay A2.
	A3 and A4: On settlement of A2, 90% of Burnstone’s free cash flow will be used to repay the intercompany Wits Gold Shareholder Loan and the balance of 10% to repay the Burnstone Debt. On settlement of the intercompany Wits Gold Shareholder Loan and interest, 30% of Burnstone’s free cash flow will be used to repay the Burnstone Debt and the balance will be distributed to Wits Gold.
	The Bank Lenders will continue to participate in 10% of Burnstone’s free cash flow after the Burnstone Debt has been repaid in full to a maximum amount of US$63.0 million under a revenue participation agreement.
Security:	The Burnstone Debt is fully secured against the assets of Burnstone (of R2.0 billion) and there is no recourse to the Group. The security package includes a cession over the bank accounts, insurance policies’ proceeds, special and general notarial bonds over movable assets and mortgage bonds over property. Wits Gold has ceded and pledged its shares in K2013 (a dormant entity) and K2013 has ceded and pledged it shares in SGEO in favour of the lenders of the Burnstone Debt.


Figures in million – SA rand	Note	2025	2024	2023
Balance at beginning of the year		2,260	2,991	2,540
Unwinding of amortised cost		221	284	252
Loss/(gain) on revised estimated cash flows1	7	1,805	(1,053)	(32)
(Gain)/loss on foreign exchange differences		(281)	38	231
Balance at end of the year		4,005	2,260	2,991
Current portion of balance		—	—	—
Non-current portion of balance		4,005	2,260	2,991

1.At 31 December 2024, the expected free cash flows to repay the loan as detailed above were revised as a result of updated estimated cash flows over the life-of-mine

plan due to a change in the allocation between SGL and the financial institutions in terms of the shareholder loan agreement and the terms of the loan agreement. The

cash flows over the life of mine were also revised at 31 December 2025 due to:

•Revised forecast costs and capital expenditure

•Revised weighted average gold prices 2025: R1,670,512/kg (2024: R1,189,493/kg and 2023: R1,012,625/kg) and long term exchange rates 2025: R17.25/US$ (2024:

R18.00/US$ and 2023: R18.50/US$) based on a LOM of 23 years. A2 is discounted using a 5.9% discount rate and A3 and A4 is discounted at 9.5%

•In line with the Group's Capital Allocation Framework, the Burnstone project was delayed and a decision to complete the development is expected to later in the 2026

financial year. The loss recognised in 2025 results from a significantly higher gold price outlook which resulted in increased expected future cash flows from Burnstone.

The gain recognised in 2024 resulted from the additional costs during the delay and the deferral of mine ramp-up which resulted in a decrease in the expected future

net cash flows from Burnstone, offsetting the impact of the increase in the weighted average gold price. The amount is included in the corporate and reconciling items

of the SA gold section of the segment report

27.7 Keliber loan facilities

Sibanye-Stillwater executed a EUR500 million green loan financing facility (Green loan) for the Keliber lithium project, through the Group's

subsidiary, Keliber Technology Oy. The Green loan secures capital expenditure funding required for the construction and development

Keliber's lithium mining, processing and refining facilities. The Green loan is a distinctive credit facility, comprising a bank financed

EUR250 million export credit agency (ECA) guaranteed tranche, a EUR150 million tranche provided by the European Investment Bank (EIB)

and a EUR100 million syndicated commercial bank tranche.

Terms of the EUR250 million ECA facility


Facility:	EUR250 million
Interest rate:	EURIBOR
Interest rate margin:	1.30%
Term of facility:	Seven years, with final payment on 20 August 2031
Borrowers:	Keliber Technology Oy
Security and/or guarantors:	The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Keliber and Sibanye UK Financing

Terms of the EUR150 million EIB facility


Facility:	EUR150 million
Interest rate:	EURIBOR
Interest rate margin:	2.05%
Term of facility:	Eight years, with final payment on 20 August 2032
Borrowers:	Keliber Technology Oy
Security and/or guarantors:	The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Keliber and Sibanye UK Financing

Terms of the EUR100 million commercial bank facility


Facility:	EUR100 million
Interest rate:	EURIBOR
Interest rate margin:	2.1% if net debt to adjusted EBITDA is less than 2.5x
	2.3% if net debt to adjusted EBITDA is greater than 2.5x but less than or equal to 3.0x
	2.5% if net debt to adjusted EBITDA is greater than 3.0x
Term of facility:	Seven years, with final payment on 20 August 2031
Borrowers:	Keliber Technology Oy
Security and/or guarantors:	The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Keliber and Sibanye UK Financing


Figures in million – SA rand	2025	2024	2023
Balance at beginning of the year	5,724	—	—
Loans raised	3,851	5,618	—
Unwinding of amortised cost	60	8	—
Accrued interest	350	64	—
Interest paid	(293)	—	—
(Gain)/loss on foreign exchange differences	(145)	34	—
Balance at end of the year	9,547	5,724	—
Current portion of balance	(116)	(66)	—
Non-current portion of balance	9,431	5,658	—

27.8 Other borrowings

Short-term credit facilities and other borrowings

Sibanye-Stillwater has committed and uncommitted short term loan facilities with various banks to fund capital expenditure, general

corporate expenses as well as provide financing flexibility at its operations. These facilities have no fixed terms, are short-term in nature and

interest rates are market related. Other borrowings also include borrowings acquired on and after acquisition of Sandouville, Keliber,

Century and Reldan.


Figures in million – SA rand	2025	2024	2023
Balance at beginning of the year	424	40	42
Loans raised	1,061	1,660	303
Loans repaid	(1,383)	(1,335)	(323)
Accrued interest	27	28	6
Accrued interest paid	(25)	(29)	(6)
Borrowings acquired on acquisition of subsidiary	—	84	6
(Gain)/loss on foreign exchange differences	(16)	(24)	12
Balance at end of the year	88	424	40
Current portion of balance	(12)	(328)	(11)
Non-current portion of balance	76	96	29

27.9 Fair value of financial instruments and risk management

Fair value of borrowings

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

related. The fair value of fixed interest rate borrowings was determined through reference to ruling market prices and interest rates.

The table below shows the fair value and carrying amount of borrowings where the carrying amount does not approximate fair value:


	Carrying value	Fair value
Figures in million - SA rand		Level 1	Level 2	Level 3
31 December 2025
2026 and 2029 Notes1	19,824	19,367	—	—
Burnstone Debt2	4,005	—	—	4,395
US$ Convertible Bond3	7,291	23,003	—	—
Total	31,120	42,370	—	4,395
31 December 2024
2026 and 2029 Notes1	22,354	20,327	—	—
Burnstone Debt2	2,260	—	—	2,235
US$ Convertible Bond3	7,921	8,734	—	—
Total	32,535	29,061	—	2,235
31 December 2023
2026 and 2029 Notes1	22,042	18,949	—	—
Burnstone Debt2	2,991	—	—	2,509
US$ Convertible Bond3	7,538	—	7,471	—
Total	32,571	18,949	7,471	2,509

1The fair value is based on the quoted market prices of the notes

2The fair value of the Burnstone Debt is derived from discounted cash flow models. These models use several key assumptions, including estimates of future sales volumes,

gold prices, operating costs, capital expenditure and discount rate. See note 27.6 for the key assumptions used, except for the discount rate applied in the fair value

disclosure above of 8.69% (2024: 9.55%, 2023: 10.74%), which was adjusted to a market-related rate. The fair value estimate is sensitive to changes in the key assumptions,

for example, increases in the market related discount rate 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

3The fair value at 31 December 2025 represents the quoted price of the US$ Convertible Bond. The fair value of the amortised cost component amounts to R7,990 million

(2024: R8,231 million) (level 2) at 31 December 2025 and is calculated by deducting the fair value of the share conversion option from the quoted price. Following the

transfer of the derivative component to equity (see note 27.5), it is no longer remeasured to fair value through profit or loss. The fair value at 31 December 2023 represents

the fair value of the amortised cost component of the US$ Convertible Bond, which was calculated based on the quoted price of the instrument after separating the fair

value of the derivative component

Liquidity risk

The Group's liquidity risk management and maturity analysis of financial liabilities are disclosed in note 35.2.

Market risk

Foreign currency sensitivity

Certain of the Group’s foreign currency borrowing facilities are repayable by companies with SA rand as their functional currency,

therefore some of the Group’s borrowings are sensitive to changes in the rand/US dollar exchange rate. The Group is also exposed to

foreign currency risk on intercompany loans denominated in USD, EUR and AUD to the extent that foreign exchange differences are

recognised in profit or loss. A one percentage point change in the SA rand closing exchange rate of R16.57/US$ (2024: R18.76/US$ and

2023: R18.57/US$), R19.44/€ (2024: R19.53/€, 2023: R20.53/€) and R11.05/A$ (2024: R11.67/A$, 2023: R12.66/A$) would have changed profit

or loss before tax by R31 million (2024: R13 million and 2023: R25 million).

Interest rate sensitivity

As at 31 December 2025, the Group’s total borrowings amounted to R43,257 million (2024: R41,687 million and 2023: R36,618 million). The

Group generally does not undertake any specific action to cover its exposure to interest rate risk, although it may do so in specific

circumstances.

The portion of Sibanye-Stillwater’s interest-bearing borrowings at period end that is exposed to interest rate fluctuations is R15,944 million

(2024: R10,898 million and 2023: R6,873 million). This debt is normally rolled for periods between one and three months and is therefore

exposed to the rate changes in this period. See the Group's exposure to interest rate changes presented further in this note.

The Burnstone debt and the R6.5 billion RCF are affected by the amendments to IFRS 9 relating to interest rate benchmark reform, in

particular the replacement of IBORs, which came into effect on 1 January 2021. However, the R6.5 billion RCF is linked to JIBAR and is only

expected to be impacted by the IBOR reform at a later stage when it will transition to the ZARONIA prior to the last publication of the JIBAR.

Any impact thereof can only be considered when this occurs since it is unknown if the RCF will be drawn down at that stage. The Burnstone

Debt was linked to a US LIBOR at 31 December 2023 and on 1 March 2024, the Group transitioned the Burnstone Debt to a term SOFR

(consistent with the US$1 billion RCF). Management performed an assessment on the transition of the Burnstone Debt to the new interest

rate and there was no material impact on the Group.

The table below summarises the effect of a change in finance expense on the Group’s profit or loss before tax had JIBAR, term SOFR,

EURIBOR or LIBOR (up to 2023) differed as indicated. The analysis is based on the assumption that the applicable interest rate increased/

decreased with all other variables remaining constant. All financial instruments with fixed interest rates that are carried at amortised cost

are not subject to the interest rate sensitivity analysis.

Interest rate sensitivity analysis


	Change in interest expenses for a change in interest rate1
Figures in million - SA rand	(1.5)%	(1.0)%	(0.5)%	0.5%	1.0%	1.5%
31 December 2025
- JIBAR	(38)	(25)	(13)	13	25	38
- Term SOFR	(58)	(39)	(19)	19	39	58
- EURIBOR	(143)	(95)	(48)	48	95	143
Change in finance expense	(239)	(159)	(80)	80	159	239
31 December 2024
- JIBAR	(45)	(30)	(15)	15	30	45
- Term SOFR	(33)	(22)	(11)	11	22	33
- EURIBOR	(86)	(57)	(29)	29	57	86
Change in finance expense	(164)	(109)	(55)	55	109	164
31 December 2023
- JIBAR	(60)	(40)	(20)	20	40	60
- LIBOR	(43)	(29)	(14)	14	29	43
Change in finance expense	(103)	(69)	(34)	34	69	103

1Interest rate sensitivity analysis is performed on the borrowings balance at 31 December

The exposure to interest rate changes and the contractual repricing dates

The exposure of the Group’s borrowings to interest rate changes and the contractual repricing dates at the reporting dates is as follows:


Figures in million - SA rand	2025	2024	2023
Floating rate with exposure to change in JIBAR	2,500	3,000	4,000
Floating rate with exposure to change in term SOFR	3,897	2,174	—
Floating rate with exposure to change in LIBOR	—	—	2,873
Floating rate with exposure to change in EURIBOR	9,547	5,724	—
Non-current borrowings exposed to interest rate changes	15,944	10,898	6,873
The Group has the following undrawn borrowing facilities:
Committed	21,255	26,743	20,755
Uncommitted	1,673	2,933	3,274
Total undrawn facilities	22,928	29,676	24,029
All of the above facilities have floating rates. The undrawn committed facilities have the following expiry dates:
- within one year	685	685	2,185
- later than one year and not later than two years	—	—	—
- later than two years and not later than three years	20,570	22,260	18,570
- later than three years	—	3,798	—
Total undrawn committed facilities	21,255	26,743	20,755

27.10 Capital management

The Group’s primary objective relating to managing its capital, is to ensure that there is sufficient capital available to support the funding

requirements of the Group, including capital expenditure, in a way that: optimises the cost of capital; maximises shareholders’ returns; and

ensures that the Group remains in a sound financial position.

The Group manages and makes adjustments to the capital structure as and when borrowings mature or as and when funding is required.

This may take the form of raising equity, market or bank debt or hybrids thereof. Opportunities in the market are also monitored closely to

ensure that the most efficient funding solutions are implemented.

The Group monitors capital using the ratio of net debt/(cash) to adjusted earnings before interest, taxes, depreciation and amortisation

(EBITDA), but does not set absolute limits for this ratio.


Figures in million - SA rand	2025	2024	2023
Adjusted borrowings1	39,252	39,426	37,437
Adjusted cash and cash equivalents2	17,129	16,002	25,519
Net debt3	22,123	23,424	11,918
Adjusted EBITDA4	37,800	13,088	20,556
Net debt to adjusted EBITDA (ratio)5	0.59	1.79	0.58

1Adjusted borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Adjusted borrowings, therefore, exclude the Burnstone Debt and include the

derivative financial instrument relating to the US$ Convertible Bond, until it was derecognised on 26 June 2024

2Adjusted cash and cash equivalents exclude cash of Burnstone

3Net debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and,

therefore, exclude the Burnstone Debt and include the derivative financial instrument relating to the US$ Convertible Bond, until it was derecognised on 26 June 2024. Net

debt excludes cash of Burnstone

4The adjusted EBITDA calculation is based on the definitions included in the facility agreements for compliance with the debt covenant formula, except for impact of new

accounting standards and acquisitions, where the facility agreements allow the results from the acquired operations to be annualised. Adjusted EBITDA may not be

comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS Accounting Standards and should be

considered in addition to, and not as a substitute for, other measures of financial performance and liquidity

5Net debt to adjusted EBITDA ratio is defined as net debt as of the end of a reporting period divided by adjusted EBITDA of the 12 months ended on the same reporting

date. Non-IFRS measures such as net debt to adjusted EBITDA is presented for illustration purposes only, and because of its nature, net debt to adjusted EBITDA should not

be considered as a representation of financial performance under IFRS Accounting Standards and should be considered in addition to, and not as a substitute for, other

measures of financial performance and liquidity


Figures in million - SA rand	2025	2024	2023
Profit/(loss) before royalties, carbon tax and tax	734	(3,669)	(38,794)
Adjusted for:
Amortisation and depreciation	9,367	8,810	10,012
Interest income	(1,568)	(1,337)	(1,369)
Finance expense	5,000	4,571	3,299
Share-based payments	2,114	251	113
Loss/(gain) on financial instruments	3,794	(5,433)	(235)
(Gain)/loss on foreign exchange differences	(155)	215	(1,973)
Share of results of equity-accounted investees after tax	(337)	(212)	1,174
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable	495	447	(45)
Gain on disposal of property, plant and equipment	14	(55)	(105)
Impairments and reversal of impairments	14,007	9,173	47,454
Onerous contract provision	(124)	(817)	1,865
Gain on acquisition	—	—	(898)
Cyber security costs	—	67	—
Provision for community costs post closure	—	24	—
Corporate leadership costs	50	—	—
Gain on remeasurement of previous interest in Kroondal	—	—	(298)
Gain on increase in equity-accounted investment	(5)	(2)	(5)
Restructuring costs	247	550	515
Transaction costs	4,543	851	474
Gain on assets held for sale	(16)	—	—
IFRS 16 lease payments	(267)	(244)	(263)
Compensation for losses incurred	(142)	(26)	—
Occupational healthcare loss/(gain)	49	(76)	(365)
Adjusted EBITDA	37,800	13,088	20,556