Mineral Resources and Mineral Reserves Report 2016 SECTION 01 GROUP OVERVIEW

Home , Bushveld Igneous Complex, East Driefontein, Hans Merensky, Kroondal, Merensky Reef, R340 (South Africa)

HEADLINE NUMBERS 2016

GOLD Mineral Resources 102.03Moz Mineral Reserves 28.69Moz

URANIUM Mineral Resources 159.51Mlb Mineral Reserves 113.23Mlb

ASSURANCE 4E PGM With Sibanye’s asset base growing and diversifying the Group Mineral Resources is committed to ensuring integrity and responsibility when reporting Mineral Resources and Mineral Reserves. 126.48Moz This is achieved through compliant public reporting and Mineral Reserves maintaining internal regulatory measures of the highest standard allowing for competency, transparency and 23.19Moz materiality, when informing all stakeholders of the Group’s fundamental position in the industry.

Kroondal processing plant feed IFC Assurance and headline numbers 2016

SECTION 01 GROUP OVERVIEW 3 Introduction 5 Location 6 Headline numbers 8 Corporate governance 14 Operations and projects

SECTION 02 GOLD DIVISION 16 Overview Operations 28 Beatrix 35 Cooke 41 Driefontein 47 Kloof Projects 54 Burnstone 58 West Rand Tailings Retreatment 61 Southern Orange Free State 66 Beisa North

SECTION 03 PLATINUM DIVISION CONTENTS 68 Overview Operations 76 Kroondal 84 Rustenburg 96 Mimosa Projects 103 Sheba’s Ridge 103 Zondernaam 103 Vygenhoek 104 Millenium/Blue Ridge

SECTION 04 SUPPLEMENTARY INFORMATION 108 Professional organisations 108 SAMREC code definitions 110 Glossary of terms 111 Conversion table 112 Abbreviations 113 Disclaimer 116 Administrative and corporate information

Sibanye Mineral Resources and Mineral Reserves 2016 1 SECTION 01 GROUP OVERVIEW GROUP OVERVIEW

Driefontein 10 Shaft

2 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 01 GROUP OVERVIEW

INTRODUCTION

Sibanye has two divisions: the Gold Division and the newly acquired Platinum Division.

The Gold Division comprises four underground and surface operations producing gold in South Africa – Cooke, Driefontein and Kloof Operations in the West Wits region and Beatrix Operation in the southern Free State. In addition to its mining activities, Sibanye owns and manages significant extraction and processing facilities at its operations where gold-bearing COMMITMENT ore is treated and beneficiated. Three significant projects are under current development Despite the fluctuating while three major projects are in study phase. commodity prices The Platinum Division, the platinum group metals (PGM) division of Sibanye, acquired Aquarius Platinum Limited (Aquarius) in April 2016. The Platinum Division, announced influencing the mining on 9 September, 2015 that it had entered into a series of agreements to acquire the industry, Sibanye (the Rustenburg Operations from Rustenburg Platinum Mines Limited. The transaction, Group) has diversified transferring Rustenburg Operations to Sibanye was concluded in November 2016. Neither Aquarius nor Anglo American Platinum (AAP), the previous owner of the Rustenburg into a multi-commodity Operations, was listed on the New York Stock Exchange (NYSE) and therefore, neither was mining company, required to, nor did, comply with the requirements of the SEC’s Industry Guide 7 (Guide 7) at the time of publishing their Mineral Reserves on 30 June 2015 and 31 December 2015, strengthening its respectively. Under Sibanye, the 2016 Mineral Reserve estimates are SEC compliant.

position in the South The geology and evaluation models of the Group’s operational assets have been updated to African mining industry, reflect the latest available data and have proved to be stable year-on-year. Sibanye Mineral Resource and Mineral Reserve protocols have been implemented at all operations and while maintaining project portfolios. Operational models are coupled with an integrated and holistic mine its core value: design and scheduled plan that are based on historic and expected performance levels. to improve lives. The Mineral Resources and Mineral Reserves, and the mineral asset valuations supporting the Mineral Reserve estimates, have been prepared in compliance with and to the extent required by the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (the SAMREC Code), 2016 edition the South African Code for the Reporting of Mineral Asset Valuation (SAMVAL Code) 2016 edition.

At 31 December 2016 Sibanye had total attributable Mineral Resources, inclusive of projects, of 102.0Moz of gold, 159.5Mlb of uranium, and 126.5Moz of 4E PGM (platinum (Pt), palladium (Pd), rhodium (Rd) and gold (Au)). Non-South African Mineral Resources account for 7.0Moz of 4E PGM (included above).

Ore silos feed into 1 plant

Sibanye Mineral Resources and Mineral Reserves 2016 3 SECTION 01 GROUP OVERVIEW

INTRODUCTION CONTINUED

IMPORTANT NOTICES

• The SEC permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally exploit. Certain terms are used in this report, such as ‘Mineral Resources’, that the SEC guidelines strictly prohibit companies from including in filings. United States investors are urged to closely consider the disclosure in the Form 20-F submission • Mineral Resources and Mineral Reserves reported are managed by Sibanye unless otherwise stated • All Mineral Resource estimates stated are inclusive of Mineral Reserves. • Sibanye acquired the Kroondal Operations in April 2016 and the Rustenburg Operations in November 2016. Previous public reporting of the Mineral Resources and Mineral Reserves from these operations were not required to be reported in line with SEC guidelines. However, current reporting, as at 31 December 2016, is SEC compliant and as a result material differences have been recorded • Rounding-off of figures in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant • The 31 December 2016 Mineral Resources and Mineral Reserves are net of depletion • Above infrastructure (AI) is that part of the Mineral Resources and/or Mineral Reserves which is above the lowest mining level and can be accessed via the current mine infrastructure (shafts and underground haulages) • Below infrastructure (BI) is that part of the Mineral Resources and/or Mineral Reserves which is below the lowest mining level and can only be accessed following approved capital expenditure • Platinum Mineral Resource and Mineral Reserve reporting only accounts for the 4E PGMs, although the other metals (ruthenium, iridium and base metals) are extracted in conjunction with these PGMs • With the exception of Rustenburg Operations (100% attributable), the Kroondal and Mimosa Operations report as follows: • Kroondal Pool and Share Agreement (PSA) with AAP – 50% attributable • Mimosa – 50% attributable, not managed • Kroondal Extension – mined under a royalty agreement with AAP of which the Kroondal Operations have exclusive Mining Rights (MR). These are included in the Kroondal LoM plan and are reported as (50%) attributable to Sibanye Internal technical reviews have been conducted by the Competent Persons who gave their consent for the disclosure of the 2016 Mineral Resource and Mineral Reserve statement. All have sufficient experience relative to the type and style of mineral deposit under consideration and are full-time employees of Sibanye.

Kroondal processing plant

4 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 01 GROUP OVERVIEW

LOCATION

Sibanye’s gold producing assets are located throughout the Witwatersrand Basin and LOCATION OF our platinum producing assets are along the Western Limb of the Bushveld Complex in SIBANYE’S OPERATIONS South Africa, near Rustenburg, and in the south of the Great Dyke in Zimbabwe. AND PROJECTS

GOLD DIVISION Bushveld Complex Great Dyke A WEST WITS LINE Witwatersrand Basin OPERATION Vredefort Dome Kloof Platinum operations ZIMBABWE Cooke Gold operations Sibanye gold projects Driefontein Sibanye platinum projects PROJECT National roads (N) F WRTRP Regional roads (R) B SOUTH RAND PROJECT IE OETION BOTSWANA Burnstone C FREE STATE OPERATION Beatrix PROJECT SOFS: De Bron Merriespruit Bloemhoek Limpopo Beisa North

PLATINUM DIVISION

D WESTERN LIMB OPERATION E Kroondal (50% attributable) Rustenburg R D Mpumalanga E EASTERN LIMB North West W PROJECT A Sheba’s Ridge P Zondernaam B Vygenhoek V Millenium/Blue Ridge

F ZIMBABWE (GREAT DYKE) R OPERATION W Mimosa (50% attributable) V C SOUTH AFRICA R KwaZulu-Natal Free State

T N LESOTHO 0 100km 200km Northern Cape Sibanye Mineral Resources and Mineral Reserves 2016 5

Eastern Cape

Western Cape

SECTION 01 GROUP OVERVIEW

HEADLINE NUMBERS

GOLD

DIVISION CAPEX OPERATING PROFIT GOLD PRODUCED MAIN DEVELOPMENT AREA MINED YIELD Beatrix R597m R1,452m 0.323Moz 21,281m 437,216m2 2.3g/t Beatrix Cooke R337m R(4)m 0.182Moz 7,115m 175,097m2 1.1g/t Cooke Driefontein R994m R3,002m 0.519Moz 13,456m 311,155m2 2.7g/t Driefontein Kloof R1,130m R1,914m 0.489Moz 16,166m 278,409m2 3.3g/t Kloof

31 December 20151 12 months production depletion Gold Mineral Resources 98.790Moz Gold Mineral Resources 1.595Moz Gold Mineral Reserves 30.988Moz Gold Mineral Reserves 1.600Moz Uranium Mineral Resources 229.852Mlb Uranium Mineral Resources 0.283Mlb Uranium Mineral Reserves 113.814Mlb Uranium Mineral Reserves 0.146Mlb

4E PGM Mineral Resources 141.487Moz 4E PGM Mineral Resources 1.880Moz 4E PGM Mineral Reserves1 35.703Moz 4E PGM Mineral Reserves 1.716Moz

PLATINUM

DIVISION CAPEX OPERATING PROFIT 4E PGM (Moz) PRODUCED MAIN DEVELOPMENT AREA MINED YIELD Rustenburg2 R128m (R8m) 0.175Moz 4,054m 237,145m2 3.6g/t Rustenburg2 Kroondal2 R387m R79m 0.436Moz 11,220m 571,374m2 2.5g/t Kroondal2 Mimosa3 $29.4m $4.13m 0.280Moz 283m 520,129m2 3.6g/t Mimosa3

Gold and uranium Mineral Resources and Mineral Reserves split per operation and project as at 31 December 2016

Gold Mineral Resources (102.0Moz) Gold Mineral Reserves (28.7Moz) Uranium Mineral Resources (159.5Mlb)

26 26 26 18 13 12.8Moz 15 13 3 3.8Moz 22 17 13.9Moz 0.9Moz 14 6 17.8Moz 6.9Moz 27.0Mlb 14 22 14 14 WRRP 97.2Mlb 32.6Moz 24 6.7Moz % WRRP 6.2Moz % WRRP 6.2Moz % P 35.4Mlb 17 32 P 18.8Moz P 4.2Moz 5 5 23 5 61

6 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 01 GROUP OVERVIEW

GOLD

CAPEX OPERATING PROFIT GOLD PRODUCED MAIN DEVELOPMENT AREA MINED YIELD DIVISION Beatrix R597m R1,452m 0.323Moz 21,281m 437,216m2 2.3g/t Beatrix Cooke R337m R(4)m 0.182Moz 7,115m 175,097m2 1.1g/t Cooke Driefontein R994m R3,002m 0.519Moz 13,456m 311,155m2 2.7g/t Driefontein Kloof R1,130m R1,914m 0.489Moz 16,166m 278,409m2 3.3g/t Kloof

Notes: • The 31 December 2016 Mineral Resources and Mineral Reserves are net of production depletion 31 December 2016 • Mineral Reserve gold price of R490,000/kg and long-term contract Mineral Reserve uranium price of R1,260/kg • Mineral Resources are inclusive of Mineral Reserves Gold Mineral Resources 102.035Moz • Gold Mineral Resources and Mineral Reserves are 100% attributable and managed by Sibanye Gold Mineral Reserves 28.694Moz • Platinum Mineral Resources and Mineral Reserves are inclusive of projects and reflect the attributable portions only Uranium Mineral Resources 159.507Mlb • Year-on-year 4E PGM Mineral Reserve changes are associated with the sales of Everest and economic valuation undertaken Uranium Mineral Reserves 113.226Mlb (Further detail in the sub-section for Mineral Resource and Mineral Reserve Statement) • Refer to tables in following sub-sections for detailed Mineral Resource and Mineral Reserve classifications 4E PGM Mineral Resources 126.478Moz 1 4E PGM Mineral Reserves 2015 includes: Rustenburg 4E PGM as at 31 December 2015, Kroondal 4E PGM as at 30 June 2015 and 4E PGM Mineral Reserves 23.186Moz Mimosa 4E PGM as at 30 June 2015 2 Rustenburg (Nov-Dec 2016), Kroondal (Apr-Dec 2016) being the period of ownership under Sibanye 3 Mimosa reports in US dollars and for the full financial year 2016 PLATINUM

CAPEX OPERATING PROFIT 4E PGM (Moz) PRODUCED MAIN DEVELOPMENT AREA MINED YIELD DIVISION Rustenburg2 R128m (R8m) 0.175Moz 4,054m 237,145m2 3.6g/t Rustenburg2 Kroondal2 R387m R79m 0.436Moz 11,220m 571,374m2 2.5g/t Kroondal2 Mimosa3 $29.4m $4.13m 0.280Moz 283m 520,129m2 3.6g/t Mimosa3

Platinum Mineral Resources and Mineral Reserves split per operation and project as at 31 December 2016

Uranium Mineral Reserves (113.2Mlb) 4E PGM Mineral Resources (126.5Moz) 4E PGM Mineral Reserves (23.2Moz)

26 26 14 14 26 20 R 84.0Moz R 16.1Moz 2 7.4Moz 7 16.1Mlb 2.3Moz 14 6 14 7.0Moz WRRP 97.2Mlb 10 14 1.7Moz 6 3.1Moz % % % 3.1Moz 66 P 25.0Moz 69 86 5 5 * Excluding tailings 5 * Excluding tailings ** 50% attributable ** 50% attributable

Sibanye Mineral Resources and Mineral Reserves 2016 7 SECTION 01 GROUP OVERVIEW

CORPORATE GOVERNANCE

Sibanye’s Mineral Resources and Mineral Reserves are reported in accordance with the SAMREC Code, and are considered to be fully compliant in all material respects with the requirements of the code.

COMPLIANCE Sibanye reports its Mineral Resources and Mineral Reserves in accordance with the SAMREC Code, the SAMVAL Code and other relevant international codes such as the SEC Industry Guide 7 for the reporting of Mineral Reserves. The assessment and reporting criteria, as outlined in the SAMREC Code, have been used in the preparation of Competent Persons reports for the Mineral Resources and Mineral Reserves for each of the operations and projects, from which the numbers, stated in this supplement, are drawn.

The process followed in producing the declaration is in alignment with the guiding principles of SOX, and covers the entire Group’s Mineral Resource Management (MRM) function. SOX audits run in parallel with external Mineral Resource and Mineral Reserve audits and strengthen the internal control process, leading to world-class corporate governance practices being followed.

The Sibanye operations operate under New Order Mining Rights in terms of the Mineral and Petroleum Resources Development of Act, 2002 (Act No 28 of 2002) (MPRDA). All required operating permits have been obtained and are in good standing.

The gold Mineral Reserve price used for estimation is in accordance with the SEC guidelines and approximates the three-year trailing average price, as calculated on a monthly basis, based on the London afternoon gold price fix. The Mineral Resource gold price used has a premium of ~10% over the R/kg Mineral Reserve gold price, representing upside potential leverage to the spot price of gold. The uranium Mineral Reserve price used for estimation is based on an approximate three-year average, long- term projected price, in South African Rand terms.

The 4E PGM Mineral Reserve price used for estimation is in accordance with the SEC guidelines and approximate the three-year trailing average metal prices. The Platinum Division will declare 4E PGM Mineral Reserves as at 31 December 2016 and the price, in South African Rand, will apply a foreign exchange rate of R12.70/US$.

The prill split is the ratio of the 4E PGMs for a particular reef. Merensky Reef (MER) has a higher Pt content (64%) as compared to UG2 (55%). UG2 has a higher Pd content (34%) as compared to Merensky Reef (27%).

Sensitivities with a variance of ±10% will be reported in support of the Mineral Reserve estimates.

Driefontein processing plant

8 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 01 GROUP OVERVIEW

Currency prices used in this declaration are as follows:

31 Dec 2016 31 Dec 2015 Commodity Unit Resource Reserve Resource Reserve Gold Division R/oz 16,713 15,200 14,619 13,397 Gold R/kg 540,000 490,000 470,000 430,000 $/oz 1,316 1,200 1,277 1,170 Uranium R/kg 1,260 1,260 1,140 1,140 R/lb 572 572 517 517 $/lb 45 45 45 45 Platinum Division* Platinum R/oz 15,500 $/oz 1,222 Palladium R/oz 9,100 $/oz 717 Rhodium R/oz 10,000 $/oz 787 Gold R/oz 15,200 $/oz 1,200

* Platinum Division previous metal prices are unavailable as this is the first occasion that the Platinum Division is reporting as per the SEC guidelines

The Group has proven expertise in exploration, resource modelling, mine planning and reconciliation methodologies for shallow and deep to ultra-deep underground mining operations. Sibanye constantly reviews and considers the application of international leading practices in Mineral Resource and Mineral Reserve management at all its operations and projects.

ESTIMATION PRINCIPLES • Mineral Resource tonnages and grades are estimated in-situ over an estimated mining width and include mineralisation below the selected cut-off grade to ensure that the Mineral Resources comprise practical mining blocks of adequate size and continuity. Measured and Indicated Mineral Resources are reported inclusive of those Mineral Resources modified to produce Mineral Reserves. • Mineral Reserves are that portion of the Mineral Resources which technical and economic studies have demonstrated can justify extraction at the time of disclosure (to a minimum pre-feasibility study (PFS) level). Estimates of tonnages and grades quoted as Mineral Reserves include allowances for mining dilution, mining factors (modifying factors) and consequently are reported as net tonnes and grades delivered to the mill. • Estimation and modelling protocols includes the following: • The Mineral Resource is divided into domains based on the geological models. The domains may be further sub-divided, so as to ensure homogeneity and are used as the basis for the geostatistical estimation. Detailed exploratory data analyses, including sample verification, histogram and cumulative frequency plots for distributional analysis, additive constant estimates, outlier checks, trend analyses, and de-clustering, are carried out on individual domains.

• The main interpolation methodology utilised is ordinary and simple Kriging of various block sizes including macro-Kriging. Detailed checks are carried out on the estimates by compiling Kriging efficiencies and Kriging regression slopes on an individual Kriged Driefontein processing plant block basis.

Sibanye Mineral Resources and Mineral Reserves 2016 9 SECTION 01 GROUP OVERVIEW

CORPORATE GOVERNANCE CONTINUED

• For gold and uranium variography, studies are carried out on point and regularised data. Relative and traditional variograms are used for Kriging purposes. The resource block widths are projections of the stoping width (SW), and are estimated using a study of the historical channel width/stoping width (CW/SW) relationship derived from the stope sampling records. • For platinum variography, studies are carried out on point and regularised data. Traditional variograms are used for Kriging purposes. The Mineral Resource block widths are based on the estimated widths of the UG2, and Mineral Resource cuts for Merensky Reef. The Mineral Reserve widths include additional varying thickness overbreak material. • Historical statistics are calculated where unavoidable unpay areas to be mined and are included in the Mineral Resource. The historical percentage unpay is added to the portion of blocks above the pay limit, while ensuring there are sufficient Mineral Resources available. • Mineral Resource classification is based on the 90% lower confidence limits expressed as a percentage of the original estimate as a means of quantitatively indicating relative confidence. • Confidence limit percentage ranges include: Confidence Range Measured 65 – 100% Indicated 1 55 – 65% Indicated 2 45 – 55% Indicated 3 35 – 45% Inferred <35% • The geological confidence is based on the above range criteria however applies to structural and sedimentary facies confidence. • The final accepted confidence is that combining the two overall criteria and accepting the lower confidence of the two. • All operations have documented the guidelines and modifying factors, used in Reserving, that underpin the life of mine (LoM) plans, which are supported by mine designs and Cooke schedules. • After application of modifying factors indicated and measured Mineral Resources become probable and proved Mineral Reserves respectively. • A detailed one-year operating and capital cost budget is produced and, where appropriate, extended for the LoM production schedule. The operational plan is based on detailed monthly scheduling and zero-based costing. Of critical importance is the utilisation of historically achieved data to estimate planned productivity and operating cost. • Only Measured and Indicated Mineral Resources have been included in any PFS or feasibility study (FS). No Inferred Mineral Resources have been included in any of the mentioned studies. • Caution should be exercised when interpreting the grade tonnage curves presented. The ability to selectively mine the deposits may be precluded by the deposit geometry, mining method and the need for practical development of the orebody. • Gold and uranium are reported separately. Therefore, no gold equivalents are stated to avoid potential anomalies because of year-on-year metal price differentials. • Gold Mineral Reserves are estimated using a total cost (excluding capital) pay limit/cut-off grade, historic cost levels and mining efficiencies at each operation. The conversion ratio from Mineral Resources to Mineral Reserves is further affected by the following key factors: • Mining constraints applied to the extraction, based on the geometry of the geological structures as presently interpreted; and • Mining quality factors, such as mine call factor (MCF) and dilution. • Power and utility escalation has been factored into all financial models. • All financial models are based on tax laws as at 31 December 2016. • The Sibanye operations are entitled to mine all declared material located within their MRs and all necessary statutory mining authorisations and permits are in place or have reasonable expectation of being granted. However, the duration taken for final approval may impact the production schedules. • All tabulated numbers represent Sibanye’s total Mineral Resources and Mineral Reserves unless otherwise stated and all references to tonnes are metric units. Kroondal processing plant

10 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 01 GROUP OVERVIEW

Classification relationship between exploration results, Mineral Resources and Mineral Reserves (SAMREC code)

Exploration results

Mineral Resources Mineral Reserves

Reported as in situ Reported as mineable mineralisation estimates production estimates Increasing Inferred level of geoscientific knowledge and confidence Indicated Probable

Measured Proved

Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the modifying factors)

LEGISLATION CONSIDERATIONS As part of the Sibanye Integrated, Compliance, Governance and Risk (ICGR) framework, the company has initiated a process for improved regulatory risk profile and action plans to address any gaps in the identification of risk, level of adequacy and effectiveness of control measures. This has provided the Environmental and Corporate Affairs Departments with a much clearer picture of all the legal requirements, its risk exposure and what mitigatory actions (compliance risk management plans) need to be put in place Cooke to improve and ensure compliance. The following key environmental legislation and its associated subsequent amendments was identified for every operation and project (where applicable), and will be further subjected to the compliance methodology: • Constitution of the RSA, 1996 • Mineral and Petroleum Resources Development Act, 2002 (Act No 28 of 2002) • National Environmental Management Act, 1998 (Act No 107 of 1998) (NEMA) • National Environmental Management: Biodiversity Act, 2004 (Act No 10 of 2004) • National Environmental Management Waste Act, 2008 (Act No 59 of 2008) (Waste Act) • National Nuclear Regulator Act, 1999 (Act No 47 of 1999) (NNR) • National Environmental Management: Air Quality Act, 2004 (Act No 39 of 2004) (Air Quality Act) • National Water Act, 1998 (Act No 36 of 1998) • Water Services Act, 1997 (Act No 108 of 1997) • Mineral and Petroleum Resources Royalty Act, 2008 (Act No 28 of 2008) • Hazardous Substances Act, 1973 (Act No 15 of 1973) • National Heritage Resources Act, 1999 (Act No 25 of 1999) • National Forests Act, 1998 (Act No 84 of 1998) • National Road Traffic Act, 1996 (Act No 93 of 1996) • Road Transportation Act, 1977 (Act No 74 of 1977) • Conservation of Agricultural Resources Act, 1983 (Act No 43 of 1983) • National Veld and Forest Fire Act, 1998 (Act No 101 of 1998) • Fertilisers, Farm Feeds, Agricultural Remedies and Stock Remedies Act, 1947 (Act No 36 of 1947) • Promotion of Access to Information Act, 2000 • Agricultural Pest Act, 1983 (Act No 36 of 1983) • Mine Health and Safety Act, 1990 (Act No 29 of 1996) For details on special aspects and the risk management of financial, safety, health and Kroondal processing plant environment refer to the Sibanye Integrated Annual Report 2016.

Sibanye Mineral Resources and Mineral Reserves 2016 11 SECTION 01 GROUP OVERVIEW

CORPORATE GOVERNANCE CONTINUED

QUALITY ASSURANCE AND QUALITY CONTROL Sibanye upholds rigorous Quality Assurance and Quality Control (QA/QC) procedures on all of its drilling and sampling programmes (including underground chip sampling). It follows industry best practice in data acquisition, ensuring data reliability, and utilises analytical laboratories which are frequently reviewed, both internally and externally. Analytical QA/QC is maintained and enforced through the submission of blanks, certified reference material, duplicate samples, umpire laboratory checks and density measurements.

Laboratories currently used by Sibanye and their related South African National Accreditation System (SANAS) facility accreditation numbers are as follows:

• Sibanye Analytical Laboratory (Driefontein), Reg No 2002/031431/07 (SANAS Facility Accreditation No T0379) • Performance Laboratory (Randfontein), Reg No 1996/01447/07 (now part of SGS South Africa (Pty) Ltd (SGS)) (SANAS Facility Accreditation No T0265) • Performance Laboratory (Allanridge), Reg No 1996/01447/07 (now part of SGS) (SANAS Facility Accreditation No T0385) • Sibanye Beatrix Analytical Laboratory (SANAS Facility accreditation in progress) • Quality Laboratory Services (Pty) LTD (Rustenburg) Reg No 2008/004664/07) (SANAS Facility Accreditation No T0487) The QA/QC of gold borehole data is handled through the Sibanye Borehole Management System. This software is developed by Century Systems and Datamine and comprises ‘DH Logger’ for borehole log inputs, and the Fusion sequel (SQL) databases. The platinum software includes SABLE and Integrated Geological Solutions through Visual Geobase. The underground gold and PGMs assay are kept in digital format in Sibanye Integrated Resource and Reserve Information System (IRRIS) under the MineRP Sampling System. The database’s integrity is maintained by the initial authorisation of all sampling data. Final submission of each sample into the IRRIS database is only completed following a series of checks and approvals in the Borehole Management System or the MineRP Sampling System. Beatrix 4 Shaft

The long mining history and the quantity and quality of the data upon which the Mineral Resource and Mineral Reserve estimates are based, are sufficient to support the estimates as derived. The Borehole Management and IRRIS Systems provide an auditable trail from sampling through to the Mineral Resource and Mineral Reserve estimates.

MINERAL RESOURCE AND MINERAL RESERVE EVALUATION The Mineral Resource and Mineral Reserve evaluation is based on systematic and sustainable mineral reporting practices compliant with the SAMREC Code. Data from exploration drilling, underground mapping and prospect drilling is used to generate or update the geological models which, in turn, are used as the basis of each declaration. At current operations ongoing grid-based sampling of all development and stoping provides additional data which is incorporated into a detailed evaluation model.

Mineral Resource categories are based upon the quantity, distribution and quality of data available and confidence attached to the data, i.e. drilling, geological understanding, interpretation and mapping, sampling, analytical data and geostatistical relationships. Drilling, sampling and analytical QA/QC also plays a major part in the data confidence applied for the final classification.

Peer reviews, together with internal and external audits, ensure consistency and compliance with regulatory codes. Mineral Resources and Mineral Reserves are reported within each individual mining or prospecting right and are adjusted to show the separation between AI and BI current shaft infrastructure.

Sibanye Mineral Resources and Mineral Reserves are reviewed and audited on an ongoing basis by internal Competent Persons with formal audits conducted as follows: • Ongoing technical review of all the operations and projects • Annual executive review of all operations and projects In addition to the internal audits, the December 2016 Gold Statement was reviewed and audited by external auditors AMEC Foster Wheeler Plc (Mineral Resources) and by the Kroondal Shaft silo

12 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 01 GROUP OVERVIEW

Mineral Corporation Pty Ltd (Mineral Reserves), and was found to comply with the relevant codes. No material shortcomings were identified in any of the processes by which the gold Mineral Resources and Mineral Reserves were compiled and evaluated.

The 31 December 2016 declaration reports on Mineral Resource and Mineral Reserve information that is rated important for disclosure and that reflects a level of detail required for competency, transparency and materiality in reporting. COMPETENT PERSONS AND DECLARATION CONSENT The Competent Persons, designated in terms of SAMREC, who take responsibility for the reporting of Mineral Resources and Mineral Reserves are the respective operation (per mining unit) and project based Mineral Resource Manager or Manager Geology. The Competent Persons have sufficient experience relative to the type and style of mineral deposit under consideration and are full-time employees of Sibanye. Competent Persons consent and confirmation signatures are presented in each individual Competent Person’s report per operation and project, which can be viewed on request. Operational and project based Competent Persons are acknowledged in the pertinent section concerned in this Mineral Resources and Mineral Reserves Report.

Corporate governance on the overall compliance of the company’s figures and responsibility for the generation of a Group consolidated statement has been overseen by the Technical Services team listed below. This team, whose members consent to the disclosure of the 2016 Mineral Resource and Mineral Reserve Statement, are permanent employees of Sibanye, and function independently of the operating mines and projects.

Competent Person Title Qualifications Years Gold Division Gerhard Janse van Vuuren VP Mine Technical Services BTech (Mineral Resource Management); 29 SAIMM 706705 GDE (Mining Engineering); MBA; MSCC Johan van Eeden Manager Geology MSc (Geology) 33 SACNASP 400043/09 Leon Tolmay SAIMM 704140 Manager Evaluation NHD (Mine Survey); GDE (Mining Engineering); MSCC 40 Steven Wild SAIMM 706556 Manager Mine Planning GDE (Mining Engineering); NHD MRM 21 Werner de Klerk IMSSA 2242 Manager Survey GDE (Mining Engineering); MSCC; ND Survey 34 Chris Opperman SAIMM 706906 Mineral Resource Manager ND Mine Survey; LDP; MAP 35 Gerhard Becker ECSA H875564 Mineral Resource Manager BEng; Mining Engineering; MMCC 34 Stephan Stander Mineral Resource Manager BSc Hons Geology; GDE Mining; BCom; MBL; DPL PM 14 SACNASP 400089/96 Charl Labuschagne Mineral Resource Manager GDE (Mining Engineering); BSc (Hons) (Geology); 19 SACNASP 400237/08 MSc ENV Management Masigan Tandree SAIMM 706330 Mineral Resource Manager ND Mine Survey; MSCC GDE (Mining) 19 Manie Keyser Mineral Resource Manager MEng (Mining Engineering); GDE; NHD MRM; 23 SACNASP 400284/06 ND Survey Lance Madondo Mineral Resource Manager BSc Geology 12 SACNASP 200016/09 Stephanus Louw SAIMM 707018 Mineral Resource Manager MMCC 35 Hansie Engelbrecht SAIMM 706905 Mineral Resource Manager GDE (Mining Engineering); NHD Mine Survey; MCSS 34 Shadrack Dekeda SAIMM 703902 Mineral Resource Manager BTech MRM;MSCC 15 Iain Davidson SAIMM 706805 Mineral Resource Manager BSc (Hons) (Geology) 34 Quartus Meyer SACNASP 4006388 Project Geologist MSc Geology; Pr.Sci.Nat 31 Platinum Division Andrew Brown SAIMM 705060 VP Mine Technical Services MSc (Mining Engineering) 32 Leonard Changara Resource Geologist MSc (Geology); Pr.Sci.Nat 18 SACNASP 400089/08 Etienne Malherbe Resource Geologist BSc Hons (Geology); Pr.Sci.Nat 21 SACNASP 400131/08 Brian Smith SAIMM 702313 Chief Surveyor NHD (Mine Survey); MEng MRM;MSCC 30 Gawie van Heerden Planning, LoM and MEng (Mining Engineering); BEng (Hons) (MOT); 19 SAIMM 702828 Mineral Resources MMCC

Sibanye Mineral Resources and Mineral Reserves 2016 13 SECTION 01 GROUP OVERVIEW

Sibanye’s portfolio of South African operating OPERATIONS assets include the Beatrix, Cooke, Driefontein, Kloof, Rustenburg and Kroondal Operations. Mimosa is Sibanye’s non-South African AND PROJECTS operating asset.

In addition to the operations, work is being done on numerous projects some which have even progressed into different levels of early production and some are still in study phase. Projects in execution phase: • Kloof and Driefontein Drop-down Extension • Burnstone Project Build-up Phase Projects in study phase: • The Beatrix Beisa Project (high grade uranium) and Bloemhoek Drop-down Extension • Southern Orange Free State Projects (SOFS) • West Rand Tailings Retreatment Project (WRTRP) • Sheba’s Ridge Project • Zondernaan Project • Vygenhoek Project • Millenium Project Project details are further described in the relevant sections.

Driefontein Shaft

Forecast on ore and plant ounces

Projects UG P UG P UG P WRR P R P P

4E PGM are reflected as 4E oz delivered

14 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 01 GROUP OVERVIEW

BEATRIX COOKE 0.323Moz 0.182Moz GOLD PRODUCED 2016 GOLD PRODUCED 2016 Mineral Reserves 3.775Moz Mineral Reserves 0.872Moz (as at December 2016) (as at December 2016)

GOLD DIVISION

DRIEFONTEIN KLOOF 0.519Moz 0.489Moz GOLD PRODUCED 2016 GOLD PRODUCED 2016 Mineral Reserves 6.926Moz Mineral Reserves 6.650Moz (as at December 2016) (as at December 2016)

KROONDAL RUSTENBURG 0.436Moz 4E PGM PRODUCED 2016* 0.175Moz Mineral Reserves 2.29Moz 4E PGM PRODUCED 2016* (as at December 2016) Mineral Reserves 16.07Moz (as at December 2016)

PLATINUM DIVISION

MIMOSA 0.280Moz 4E PGM PRODUCED 2016* Mineral Reserves 1.69Moz (as at December 2016)

* Production for period of ownership in 2016. For Kroondal and Mimosa this is for the nine months from April to December 2016 and for Rustenburg for November and December 2016

Sibanye Mineral Resources and Mineral Reserves 2016 15 SECTION 02 GOLD DIVISION

OVERVIEW

DISCOVERY AND EXPLORATION The discovery of gold in quartz-pebble conglomerates on the farm Langlaagte near Johannesburg in March 1886 focused the world’s attention on a sequence of rocks that was to become the greatest source of gold on earth. Initial activities were confined to outcrops but prospectors quickly realised, through geological synthesis and technological innovation, the extension of these rocks under younger cover rocks. Diamond drilling was used as early as 1889 and together with geophysical methods, led to the discovery of the Carletonville Goldfields (West Wits Line) in the 1930s and the Welkom Goldfields in 1946. After the initial discoveries extensive exploration, using a combination of surface exploration drilling and geophysical methods, led to the discovery of the Sibanye operations (a detailed history of each operation is captured on the back of the shareholder plan attached as fold-outs at the

end of this report). GOLD DIVISION

Exploration drilling during the discovery period of the Sibanye operations and projects was executed from surface, on irregular grids of 500m to 2,000m depending on the exploration strategy, depth of the mineralised horizons and geological uncertainty. Once in operation, with underground access established, infill grade control drilling is conducted from access haulages and cross-cuts to provide a 30m to 100m grid depending on geological requirements, evaluation and safety.

In the interests of proactive geological understanding, Sibanye’s exploration strategy 102.035Moz includes the following: 2016 gold • Initial (discovery and secondary reefs) and infill (resource definition enhancement) Mineral Resources exploration drilling (current and new projects) • Timeous prospect development • Reducing localised uncertainty inherent to the deposit at current operations • Grade-control drilling on current operations • Exploratory visits to previously mined areas to confirm structure and facies and the 28.694Moz presence of secondary reefs 2016 gold A continuous Mineral Resource definition programme is in place at each operation and Mineral Reserves project in order to facilitate better planning and optimisation with appropriate lead time, and to ensure robust geological and evaluation models that will underpin the resource definition of the various reefs mined. The programme will confirm the orebody potential in all areas of operation, including secondary reefs and/or uranium potential. 159.507Mlb 2016 uranium Mineral Resources

113.226Mlb 2016 uranium Mineral Reserves

Cooke processing plant gold pour

16 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Gold and uranium operations and projects

W Limpopo G V R R

Mpumalanga North West W A P B V

R W V C SOUTH AFRICA

R KwaZulu Free State

T N

LESOTHO 0 100km 200km

E G P WG

A FAR WEST RAND B SOUTH RAND C FREE STATE OPERATION PROJECT OPERATION PROJECT O PROJECT WRRP

Sibanye Mineral Resources and Mineral Reserves 2016 17 SECTION 02 GOLD DIVISION

OVERVIEW CONTINUED

GEOLOGICAL SETTING Gold in quartz-pebble conglomeratic units (traditionally termed reefs) occurs in a 6,000m thick succession of principally argillaceous and arenaceous sediments of the Witwatersrand Basin.

The basin is geographically located in the central north to north-eastern part of South Africa and extends from Johannesburg in the north to some 40km south of Welkom, and covers an area of approximately 70,000km2. More than 150 mines have operated in the basin since gold was first discovered, primarily producing gold, but since the early 1950s additionally uranium. Together, these mines have produced approximately 150,000 tonnes of uranium and more than 46,000 tonnes of gold, amounting to no less than 39% of all gold ever mined in the world. The Sibanye operations are hosted in this unique and renowned basin, which remains the world’s single largest gold-producing region.

The Gold Division operations and projects are located in three geographical regions of the Witwatersrand Basin, namely the Far West Rand Goldfield (West Rand and West Wits Line), some 30km to 80km west to south-west of Johannesburg, the Free State Goldfield, 240km south-west of Johannesburg and the South Rand Goldfield, some 75km south-east of Johannesburg. The operations of the Far West Rand Goldfield are the Driefontein, Kloof and Cooke Operations between the towns of Carletonville and Randfontein, in the Free State Goldfield, the Beatrix Operation near Virginia and in the South Rand Goldfield, the Burnstone Project near Balfour some 30km east of Heidelberg.

The Witwatersrand Basin is overlain by outliers of Karoo Supergroup shales and sandstones at the surface, followed by Pretoria Group sediments and the Chuniespoort Group dolomites. The dolomite overlies the Klipriviersberg Group volcanic rocks which, in turn, cap the Ventersdorp Contact Reef (VCR) and sediments of the Central Rand Group that host the other gold-bearing reefs exploited.

The reefs, which are generally less than 2m thick, are widely considered to represent extensive Kroondal fluvial deposits into structurally controlled basin edges. The gold is mainly of detrital origin, deposited syngenetically with the conglomerates interrelated with sedimentary features such as unconformities and fluvial channels. Deposition took place along the interface between a fluvial system that brought the sediments and heavy minerals from an elevated source- area, and a lacustrine littoral system that reworked the material and redistributed the finer sediments along the shoreline of an intra-cratonic lake or shallow inland sea.

Although the gold generally occurs in native form and is usually associated with pyrite, carbon and uranium, most of it has been subsequently modified and remobilised during secondary hydrothermalism. This has informed the use of the modified palaeo-placer model, which emphasises a control on the occurrence of ore minerals by placer-forming mechanisms, while accepting some modification by metamorphism. It is the generally accepted model for the origin of gold and uranium mineralisation of the Witwatersrand Basin.

For several decades, models using sedimentological principles have been successfully used to define gold distribution on mine properties. The most fundamental control to the gold distribution remains the association with quartz-pebble conglomerates on intra-basinal unconformities. The reefs are continuous, as a consequence of the regional nature of the erosional surfaces. Bedrock (footwall) controls govern the distribution of many of the reefs. Consequently, the identification and modelling of erosional/sedimentary features are the keys to in-situ resource estimation.

As early as 1923, the presence of uranium was noted in the Witwatersrand conglomerates. The changing economics regarding uranium near the end of World War II prompted a second look at the Witwatersrand conglomerates as a source of supply. It was found that on average, the conglomerates contain about 0.03% uranium and, as a by-product of gold, relatively low uranium grades can be recovered.

Notwithstanding different opinions as to the origin of the uranium in the conglomerates of the Witwatersrand Basin, most theories accept localisation of both gold and uranium as a function of sedimentary processes. Mineral concentrations are directly related to conglomerate formations. Exploration programmes and evaluation of uranium, as per the placer philosophy, have proved to be successful. Driefontein 3 processing plant infrastructure

18 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Geological schematic of the Witwatersrand Basin

SOUTH AFRICA FAR WEST RAND GOLDFIELD Driefontein, Kloof Cooke and WRTRP V Burnstone T N SOUTH RAND 0 20 40 60 80 100km GOLDFIELDS

I R G SOUTHERN FREE STATE R G W GOLDFIELDS W R G G O Beatrix, Beisa and De Bron Merriespruit G P O

Driefontein 3 processing plant infrastructure

Sibanye Mineral Resources and Mineral Reserves 2016 19 SECTION 02 GOLD DIVISION

OVERVIEW CONTINUED

EXPLORATION ACTIVITIES 2016 Over the past 12 months on-mine exploration activities focused mainly on Mineral Resource definition drilling, the timeous conversion of Mineral Resources to Mineral Reserves, delineating secondary reef potential and exploring white areas. The table below summarises exploration metres drilled and expenditure for the 12 months ending 31 December 2016 with the 2017 planned details added for comparison. Unique operation and project detail are further described in the relevant sections to follow.

Exploration drilling details for 12 months ending 31 December 20161 Total 2017 Total 2016 Planned Planned Metres Expenditure Operation metres (m) expenditure (Rm) drilled (Rm) Beatrix 12,213 10.123 15,183 12.592 Cooke 8,600 8.400 8,279 7.700 Driefontein 20,520 17.820 15,711 17.430 Kloof 21,616 22.530 15,476 14.340 Burnstone 1,616 1.373 3,754 4.217 Total 64,565 60.246 58,403 56.279

1 Total figures are inclusive of exploration expenditure but exclusive of cover drilling

Schematic section of the Witwatersrand Basin

20 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

GOLD DIVISION CONSOLIDATED MINERAL RESOURCE AND MINERAL RESERVE STATEMENT

Gold and uranium Mineral Resource and Mineral Reserve classification details are itemised in the respective tables below.

All stated Mineral Resources and Mineral Reserve estimates are net of 12 months production depletion with the 31 December 2015 declaration, where appropriate, also tabulated for comparison purposes.

Classified gold Mineral Resource and Mineral Reserve statement1 Mineral Resources Mineral Reserves 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015 Gold classification per Tonnes Grade Gold Gold Gold classification Tonnes Grade Gold Gold operation/project (Mt) (g/t) (Moz) (Moz) per operation/project (Mt) (g/t) (Moz) (Moz) OPERATIONS OPERATIONS BEATRIX BEATRIX Measured AI 34.3 5.3 5.786 4.857 Proved AI 15.8 4.0 2.048 2.389 Indicated AI2 35.0 5.5 6.150 3.677 Probable AI2 20.2 2.6 1.675 1.875 Inferred AI 0.0 3.3 0.004 0.004 Total AI 69.4 5.4 11.940 8.538 Total AI 36.0 3.2 3.723 4.264 Indicated BI3 6.7 3.7 0.789 0.991 Beatrix – Beatrix – total underground 76.1 5.2 12.729 9.530 total underground 36.0 3.2 3.723 4.264 COOKE COOKE Measured AI 11.6 8.3 3.113 1.566 Proved AI 4.3 5.3 0.728 1.014 Indicated AI 15.8 8.1 4.091 7.969 Probable AI 0.6 4.8 0.097 0.457 Inferred AI 6.0 13.6 2.635 2.326 Total AI 33.5 9.1 9.839 11.862 Total AI 4.9 5.2 0.826 1.471 Inferred BI4 40.7 3.1 3.998 3.998 Cooke – Cooke – total underground 74.2 5.8 13.837 15.860 total underground 4.9 5.2 0.826 1.471 DRIEFONTEIN DRIEFONTEIN Measured AI 20.7 11.6 7.741 6.503 Proved AI 20.7 6.6 4.420 4.133 Indicated AI 5.2 7.2 1.207 3.053 Probable AI 5.8 4.0 0.737 1.846 Inferred AI 0.4 13.8 0.181 0.314 Total AI 26.3 10.8 9.129 9.870 Total AI 26.5 6.1 5.157 5.980 Measured BI 8.5 8.0 2.180 Indicated BI5 22.0 9.0 6.376 9.821 Probable BI5 8.8 6.0 1.694 2.122 Total BI 30.4 8.7 8.556 9.821 Total BI 8.8 6.0 1.694 2.122 Driefontein – Driefontein – total underground 56.7 9.7 17.684 19.691 total underground 35.3 6.0 6.851 8.102 KLOOF KLOOF Measured AI 14.4 17.1 7.928 6.196 Proved AI 18.4 7.9 4.700 4.857 Indicated AI 3.2 11.8 1.231 0.468 Probable AI 6.2 5.9 1.184 1.024 Total AI 17.6 16.1 9.159 6.664 Total AI 24.6 7.4 5.884 5.881 Indicated BI6 44.9 13.4 19.371 11.246 Probable BI6 2.5 7.2 0.566 0.502 Inferred BI6 7.4 16.2 3.831 10.112 Total BI 52.2 13.8 23.202 21.359 Total BI 2.5 7.2 0.566 0.502 Kloof – Kloof – total underground 69.9 14.4 32.361 28.023 total underground 27.1 7.4 6.450 6.383 Operations – Operations – total underground 276.8 8.6 76.611 73.103 total underground 103.2 5.4 17.849 20.219

Sibanye Mineral Resources and Mineral Reserves 2016 21 SECTION 02 GOLD DIVISION

OVERVIEW CONTINUED

GOLD DIVISION CONSOLIDATED MINERAL RESOURCE AND MINERAL RESERVE STATEMENT CONTINUED

Classified gold Mineral Resource and Mineral Reserve statement1 continued Mineral Resources Mineral Reserves 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015 Gold classification per Tonnes Grade Gold Gold Gold classification per Tonnes Grade Gold Gold operation/project (Mt) (g/t) (Moz) (Moz) operation/project (Mt) (g/t) (Moz) (Moz) OPERATIONS OPERATIONS SURFACE ROCK DUMPS (SRD) AND TAILINGS STORAGE FACILITIES (TSF) SURFACE ROCK DUMPS (SRD) AND TAILINGS STORAGE FACILITIES (TSF) Beatrix (Indicated) 4.5 0.4 0.052 0.062 Beatrix (Probable) 4.5 0.4 0.052 0.062 Randfontein surface 4.5 0.3 0.047 0.052 Randfontein surface 4.5 0.3 0.047 0.052 (Measured) (Proved) Driefontein (Indicated) 4.0 0.6 0.076 0.094 Driefontein (Probable) 4.0 0.6 0.076 0.094 Kloof (Indicated) 11.9 0.5 0.200 0.163 Kloof (Probable) 11.9 0.5 0.200 0.163 Operations – total Operations – total surface (SRD and TSF) 24.8 0.5 0.375 0.372 surface (SRD and TSF) 24.8 0.5 0.375 0.372 TOTAL OPERATIONS (INCL SRD AND TSF – EXCL PROJECTS) TOTAL OPERATIONS (INCL SRD AND TSF – EXCL PROJECTS) Beatrix 80.6 4.9 12.781 9.592 Beatrix 40.5 2.9 3.775 4.326 Cooke 78.6 5.5 13.883 15.911 Cooke 9.4 2.9 0.872 1.523 Driefontein 60.7 9.1 17.760 19.786 Driefontein 39.2 5.5 6.926 8.196 Kloof 81.8 12.4 32.561 28.186 Kloof 39.0 5.3 6.650 6.546 Operations – total Operations – total (excl SRD and TSF) 301.7 7.9 76.985 73.475 (excl SRD and TSF) 128.1 4.4 18.224 20.591 PROJECTS PROJECTS BURNSTONE BURNSTONE Indicated 25.4 5.3 4.350 4.350 Probable 17.5 3.8 2.137 1.799 Inferred 28.7 4.9 4.540 4.540 Burnstone – Burnstone – total underground 54.1 5.1 8.890 8.890 total underground 17.5 3.8 2,137 1.799 BLOEMHOEK* BLOEMHOEK Indicated 27.4 4.7 4.163 4.163 Inferred 0.9 4.9 0.135 0.135 Bloemhoek – Bloemhoek – total underground 28.3 4.7 4.297 4.297 total underground DE BRON MERRIESPRUIT* DE BRON MERRIESPRUIT Indicated 23.0 4.5 3.307 3.307 Probable 15.4 4.3 2.112 2.112 Inferred 5.3 4.2 0.715 0.715 De Bron Merriespruit – De Bron Merriespruit – total underground 28.3 4.4 4.022 4.022 total underground 15.4 4.3 2.112 2.112 BEISA NORTH* BEISA NORTH Inferred 14.8 3.4 1.619 1.619 Beisa North – Beisa North – total underground 14.8 3.4 1.619 1.619 total underground Projects – Projects – total underground 125.5 4.7 18.828 18.828 total underground 32.9 4.0 4.248 3.911

22 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Mineral Resources are inclusive of Mineral Reserves All tonnes (t) are expressed as metric units Cut-off grades have been calculated in accordance with SEC Guidelines for mineral pricing and approximate the historic three-year average commodity prices Mineral Resources were declared at a premium of 10% over the Mineral Reserve metal price Gold Mineral Resources were determined at R540,000/kg and the Gold Mineral Reserves at R490,000/kg 1 Managed, unless otherwise stated 2 Beatrix Indicated Mineral Resources AI and Probable Mineral Reserves includes Beisa Central 3 Beatrix Indicated Mineral Resources BI refers to material below 26 Level (1,341mbs) 4 Cooke Inferred Mineral Resources BI refers to material within Cooke 4 Shaft Prospecting Right (Zuurbekom) 5 Driefontein Indicated and Inferred Mineral Resources and Probable Mineral Reserves BI refers to material below 50 Level (3,300mbs) 6 Kloof Indicated and Inferred Mineral Resources and Probable Mineral Reserves BI refers to material below 45 Level (3,347mbs) * SOFS Projects

Classified uranium Mineral Resource and Mineral Reserve statement1 Mineral Resources Mineral Reserves 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

Uranium classification Tonnes Grade U3O8 U3O8 Uranium classification Tonnes Grade U3O8 U3O8 per operation/project (Mt) (kg/t) (Mlb) (Mlb) per operation/project (Mt) (kg/t) (Mlb) (Mlb) OPERATIONS OPERATIONS BEATRIX2 BEATRIX2 Measured AI 3.6 1.086 8.548 8.548 Proved AI Indicated AI 7.8 1.069 18.330 18.330 Probable AI 10.2 0.711 16.060 11.654 Inferred AI 0.0 1.101 0.090 0.090 Beatrix Beatrix (Beisa Central) – (Beisa Central) – total underground 11.4 1.074 26.968 26.968 total underground 10.2 0.711 16.060 11.654 COOKE COOKE Measured AI 4.873 Proved AI 2.056 Indicated AI 11.546 Probable AI 1.017 Inferred AI 8.020 Total AI 24.439 Total AI 3.073 Inferred BI3 43.984 Cooke – Cooke – total underground 68.423 total underground 3.073 Operations – Operations – total underground 11.4 1.074 26.968 95.391 total underground 10.2 0.711 16.060 14.727

Sibanye Mineral Resources and Mineral Reserves 2016 23 SECTION 02 GOLD DIVISION

OVERVIEW CONTINUED

GOLD DIVISION CONSOLIDATED MINERAL RESOURCE AND MINERAL RESERVE STATEMENT CONTINUED

Classified uranium Mineral Resource and Mineral Reserve statement1 continued Mineral Resources Mineral Reserves 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

Uranium classification Tonnes Grade U3O8 U3O8 Uranium classification Tonnes Grade U3O8 U3O8 per operation/project (Mt) (kg/t) (Mlb) (Mlb) per operation/project (Mt) (kg/t) (Mlb) (Mlb) PROJECTS PROJECTS BEISA NORTH BEISA NORTH Inferred 14.8 1.084 35.373 35.373 Beisa North – Beisa North – total underground 14.8 1.084 35.373 35.373 total underground Projects – Projects – total underground 14.8 1.084 35.373 35.373 total underground WRTRP WRTRP Measured 625.0 0.063 87.230 89.151 Indicated 52.3 0.086 9.936 9.936 Probable 677.3 0.065 97.166 99.088 Projects – Projects – total surface 677.3 0.065 97.166 99.088 total surface 677.3 0.065 97.166 99.088 Projects – total 692.1 0.087 132.539 134.461 Projects – total 677.3 0.065 97.166 99.088 Grand total – Grand total – underground and underground and surface 703.5 0.103 159.507 229.852 surface 687.5 0.075 113.226 113.814

Mineral Resources are inclusive of Mineral Reserves For uranium Mineral Reserves, a long-term contract price of R1,260/kg was used 1 Managed, unless otherwise stated 2 Beatrix includes uranium Mineral Resources and Mineral Reserves from the Beisa Central Project 3 Cooke Inferred Mineral Resources BI refers to material within the Cooke 4 Shaft Prospecting Right (Zuurbekom) DEPLETION AND GROWTH OUTLINE Quality Mineral Reserves are the foundation of wealth and future security of Sibanye and Mineral Reserve sustainability is reliant on a sound brownfield and growth project stream.

Key aspects that impacted the 31 December 2016 Statement of Mineral Resources and Mineral Reserves were: • Gold Mineral Reserves decreased by 7% to 28.694Moz from 30.988Moz declared at 31 December 2015 • Gold Mineral Reserves at the operations decreased by 11% to 18.224Moz, from 20.591Moz as was declared at the end of December 2015. Depletions of 1.600Moz, and the closure of Cooke 4 amounted to 0.518Moz • Lower values of gold intersected at Driefontein 5 Shaft resulted in a reduction of 0.574Moz • Tail end management, primarily due to lower grade values at Beatrix 4 Shaft and 1 Shaft, resulted in exclusions of 0.363Moz • Tail end management due to lower average values as a result of VCR “white area” exclusion at Kloof, amounted to 0.317Moz • Significant gains were made in the exploration of ‘secondary reefs’ at Kloof and Driefontein, specifically in the Middelvlei and Kloof Reef horizons. There is also a comprehensive review and investigation programme in place to identify previously unmined areas with economic potential (‘white areas’). These interventions resulted in additional Mineral Reserves of 1.469Moz • Uranium Mineral Reserves decreased negligibly to 113.226Mlb. The exclusion of 2.926Mlb from the Cooke Operations and 1.921Mlb from WRTRP was offset by the gains from the Beisa Project at Beatrix SUMMARISED OPERATION REVIEW Beatrix Beatrix is a low-cost, high productivity asset with a life of mine (LoM) extending to 2035. The Mineral Resources include 12.781Moz gold and 26.968Mlb uranium. Gold Mineral Reserves decreased by 5% net of production depletion to 3.775Moz in 2016, primarily as a result of tail management applied at Beatrix South and Beatrix West sections.

The underground Mineral Reserve grade decreased from 3.5g/t in 2015 to 3.2g/t in 2016, primarily due to the inclusion of additional ground from the lower grade Beisa project at Beatrix West (a uranium rich project which is currently in Feasibility Study stage). The underground production is supplemented by processing of historic rock dumps, with an estimated gold Mineral Reserve of 0.052Moz at a grade of 0.4g/t.

24 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Cooke SUMMARISED Cooke is a short- to medium-term asset, with gold Mineral Resources of approximately PROJECT REVIEW 13.883Moz and gold Mineral Reserves of 0.872Moz. With the closure of the Cooke 4 Operation, and the uranium processing circuit at the Ezulwini plant, the gold and uranium Mineral Reserve Burnstone Project decreased by 0.518Moz and 2.926Mlbs respectively. With the exclusion of Cooke 4, as well The development of the as the inclusion of the Grout Project (which comprises the proven method of mining of high Burnstone Project commenced grade crush pillars, the Mineral Reserve Grade increased from 4.7g/t to 5.2g/t. Underground in 2015, with the first gold production is supplemented by processing of historic tailings facilities at Cooke Plant, with production expected by 2018. Mineral Reserves of 0.047Moz. With Mineral Reserves of 2.137Moz, the project envisages Driefontein steady state production of Driefontein is a high-yield, medium to long-term operation with gold Mineral Resources of approximately 115,000oz per 17.760Moz, gold Mineral Reserves of 6.926Moz and a LoM that extends to 2036. The Mineral annum from 2021, with a LoM Reserves is based on the current operations, as well as the 5 Shaft Depth Extension project extending up to 2042. which commenced in 2016. West Rand Tailings Gold Mineral Reserves decreased by 9% net of production depletion year on year. This Retreatment Project reduction was primarily due to the intersection of a large geological anomaly (overbank area) The West Rand Tailings at 5 Shaft and the 5 Shaft Depth Extension Project, resulting in a reduction of 0.574Moz. As a Retreatment Project (WRTRP) result of this geological anomaly, the Mineral Reserve Grade at 5 Shaft also decreased by 0.5g/t will process the historical to 6.5g/t, and by 1.3g/t to 6.0g/t at the 5 Shaft Depth extension project. The total underground tailings storage facilities of the Mineral Reserve grade at Driefontein decreased from 7.1g/t to 6.0g/t. Further exploration is Driefontein, Kloof and Cooke being conducted in the area, but it is expected that the extent of this lower grade zone is well Operations for gold and uranium. delineated and should not have any further impact on the Mineral Reserves. The project has an estimated gold and uranium Mineral Reserve Underground production is supplemented by processing of an estimated 0.076Moz of gold of 6.222Moz and 97.166Mlb, Mineral Reserves contained in historic rock dumps. Further exploration of historic rock dumps respectively. extended the life of the surface operation by another year. The project, which will utilise Kloof current metallurgical capacity as Kloof is a high-yield medium to long-term operation with a LoM extending to 2034 and gold well as a Central Processing Plant Mineral Resources of 32.561Moz and gold Mineral Reserves of 6.650Moz. Gold Mineral and Central TSF, will have an Reserves increased by 10% net of production depletion year on year, with the underground annual steady state production of Mineral Reserve grade decreasing from 7.5g/t to 7.4g/t. The Mineral Reserves is based on the ~0.100Moz gold and ~0.9Mlbs current operations, as well as the 4 Shaft Depth Extension project which commenced in 2015. uranium. The project life will The increase in Mineral Reserves is largely due to additional Secondary Reefs (Middelvlei Reef extend to beyond 2068, and and Kloof Reef) of 0.178Moz, as well as white areas (0.335Moz). Underground production is will have the additional benefit supplemented by processing of historic rock dumps with an estimated gold Mineral Reserve of of reducing the environmental 0.200Moz, an increase of 22% from last year. liability posed by historical tailings. Southern Orange Free State Projects (SOFS) De Bron Merriespruit Project Gold Mineral Reserves of 2.112Moz for the De Bron Merriespruit Project are based on the original feasibility study previously conducted by Royal HaskoningDHV in 2013. However, the production design and schedule was modified during 2015 in line with enhanced geological and estimation models, with the extraction plan optimised in line with new cut-off grades.

Driefontein 1 Shaft

Sibanye Mineral Resources and Mineral Reserves 2016 25 SECTION 02 GOLD DIVISION

OVERVIEW CONTINUED GOLD DIVISION MINERAL RESOURCE AND MINERAL RESERVE DEPLETION AND GROWTH

Gold Mineral Resource reconciliation Factors Gold (Moz) 31 December 2015 98.790 2016 depletion (1.595) Post-depletion Changes in geology structure at operations (2.702) Changes in estimation models at operations due to additional sampling (0.182) Changes in geostatistical modelling parameters at operations (0.238) Specific inclusions: Beatrix 4 Shaft inclusions 2.918 Kloof EBA Project 3.036 Additional SRDs at Driefontein, Kloof and Beatrix 0.204 Pay limit changes 6.008 Specific exclusions: Exclusion of uranium areas at Cooke 3 Shaft (0.607) WRTRP unpay exclusions (0.265) Closure of Cooke 4 Shaft (2.080) Mining criteria (1.251) 31 December 2016 102.035

2016 Mineral Resource depletion includes actuals up until October 2016 and the remaining depletions were estimates for November – December 2016

Gold Mineral Reserve reconciliation Factors Gold (Moz) 31 December 2015 30.988 2016 depletion (1.600) Post-depletion LoM Changes in geology structure at operations (0.240) Changes in estimation models at operations (0.236) Technical factors (MCF, % waste mining) (0.017) Specific inclusions: Extension of Beisa Central and Beatrix 4 Shaft 0.184 Burnstone Project inclusion of additional areas 0.338 White areas and general additions 0.898 Secondary reefs at Driefontein 8 Shaft and Kloof 2 Shaft and Cooke 3 Shaft 0.620 Additional SRDs at Driefontein, Kloof and Beatrix 0.204 Specific exclusions: Overbank area at Driefontein 5 Shaft (0.574) Tail management, pay limit changes and unpay exclusions (1.089) WRTRP unpay exclusions (0.265) Closure of Cooke 4 Shaft (0.518) 31 December 2016 28.694

Kloof 7 Shaft

26 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

GOLD MINERAL RESERVE SENSITIVITY The sensitivities of gold Mineral Reserve ounces at all the operations are shown in the accompanying chart at -10%, -5%, Base (R490,000), +5% and +10%, and are derived from a factored application of the base-case scheduled Mineral Reserve, reflecting the impact of a changing gold price on the prevailing cut-offs.

The Mineral Reserve sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only. WRTRP included across the range at the base declaration price and growth projects (Beisa North, Beatrix Beisa Central, Bloemhoek and Burnstone) were declared at a premium of 10% over the reserve price.

Gold Mineral Reserve sensitivities 2,162 2,207 2,112 2,240 2,137 2,191 6,222 6,222 6,222 1,431 1,874

G 6,195 6,375 6,650 6,867 6,996 6,369 6,633 6,926 7,242 7,569 766 815 872 926 954 2,696 2,930 3,775 3,890 3,968 R G R WRRP P

Uranium Mineral Resource reconciliation

Factors U3O8 (Mlb) 31 December 2015 229.852 2016 depletion (0.283) Post-depletion Specific inclusions: Cooke Exclusions (68.141) WRTRP unpay (1.921) 31 December 2016 159.507

Uranium Mineral Reserve reconciliation

Factors U3O8 (Mlb) 31 December 2015 113.814 2016 depletion (0.146) Post-depletion Specific inclusions: Beisa additions 4.406 Specific exclusions: Cooke exclusions (2.926) WRTRP unpay exclusions (1.921) 31 December 2016 113.226

Rounding off of figures may result in minor computational discrepancies. Where this happens, it is not Kloof 7 Shaft deemed significant

Sibanye Mineral Resources and Mineral Reserves 2016 27 SECTION 02 GOLD DIVISION

The current Mineral Reserves of Beatrix are estimated BEATRIX to sustain the operation until 2035.

Key plan to mining sections (shaft zones)

BEISA NORTH

BEATRIX R

4 Shaft SOFS 3 Shaft Vlakpan (BI)

SOUTH AFRICA 3 Shaft

1 Shaft

BEISA SOUTH T N 012km

R R O HARMONY P R E R HARMONY HARMONY O Welkom HARMONY HARMONY R R R O VE PR Virginia EI OR PR

R SOFS

R BEATRIX

HARMONY

EI OU PR

T N

0 2.5km 5km Theunissen Co-ordinates G P E

28 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

OVERVIEW GOLD Beatrix, a shallow to intermediate level gold mine, has been producing gold since 1983, in MINERAL RESOURCES the southern portion of the Free State Goldfields. 12.781Moz Beatrix is located in the Matjhabeng Magisterial District, a semi-arid, relatively flat region, near the towns of Welkom and Virginia, approximately 240km south-west of Johannesburg, (+39% post-production in the Free State province of South Africa. Before the advent of mining the land was used for depletion of 0.384Moz) agricultural purposes and very little natural vegetation remains.

No extreme climatic conditions are experienced that may affect mining operations. GOLD The current mine infrastructure consists of three producing shaft complexes. Mining is MINERAL RESERVES focused on open ground and pillars (white areas) of differing reef horizons with the deepest 3.775Moz operating level some 2,055m below surface (22 Level at 4 Shaft). The principal mining takes place on the Beatrix Reef (BXR) and local facies variations thereof, which include the VS5 (-5% post-production depletion and Aandenk Reefs (AAR), which constitutes almost 52% of the Mineral Reserve ounces, of 0.341Moz) the Kalkoenkrans Reef (KKR) 29% and the Beisa Reef 18%, with the remaining 1% from surface sources.

URANIUM Beatrix makes use of two gold processing plants, both treating underground and MINERAL RESOURCES surface material. 26.968Mlb All legal aspects and tenure are in order. The process to extend the MR period to be in line (no change year-on-year) with the LoM has commenced. It is also planned to include the SOFS MR and ore PRs adjacent to Beatrix MR into the Beatrix MR. URANIUM MINERAL RESERVES 16.060Mlb (Increased by 4.406Mlb or 38%)

Schematic 3D section through the Beatrix orebody looking north-north-east

N T

Sibanye Mineral Resources and Mineral Reserves 2016 29 SECTION 02 GOLD DIVISION

BEATRIX CONTINUED

Beatrix overview Strategic intent • Optimise the Mineral Resource • Stabilise production profiles at current performance levels • Reduce pay limits through quality mining and cost reduction • Fast track Mineral Resource to Mineral Reserve conversion • Regional synergies with the acquisition of Wits Gold focused on value creation Mineralisation • Palaeo-placer style

Mineralisation • Hosted by auriferous and uraniferous predominantly quartz pebble conglomerates (reefs) characteristics • Laterally continuous with relatively long-range predictability • Clear patterns of mineralisation governed by sedimentary characteristics Deposit type • Shallow to intermediate-depth gold mine exploiting the BXR and the underlying KKR/AAR Reefs, both of the Kimberley Conglomerate Formation

Licence status • Beatrix has a New Order Mining Right in terms of the MPRDA, valid from 7 February 2007 to and holdings 6 February 2019 in respect of a mining area totalling 16,817ha • The process for an extension of the MR is underway with the amendment to include adjacent prospecting rights • All required operating permits have been obtained and are in good standing. In accordance with Section 24 of the MPRDA, 2002 (Act No 28 of 2002) • Beatrix has begun the process of applying for the extension, renewal and amendment of the valid MR (Ref FS30/5/1/2/2(81) MR) • This application is to include the valid and lapsed Prospecting Rights (PR (FS30/5/1/1/2(10134) PR), PR (FS30/5/1/1/2(10324)PR), and FS30/5/1/1/2 (10145) respectively • An application for the extension of the valid MR period (2035) will be submitted in due course Infrastructure • Three shaft complexes (one sub-shaft) • Two mineral processing plants • All supporting infrastructure to service an operating gold mine Mining method • Conventional breast mining, scattered mining, some pillar mining and SRD mining

Mineral • No 1 Carbon-in-leach (CIL) plant processing underground ore and low-grade SRD material processing • No 2 CIL plant processing underground ore and low-grade SRD mining

Tailings disposal • Two TSFs with LoM deposition estimated at 40.5Mt against a combined capacity of 113.1Mt (surplus of 72.6Mt)

Climate • Surface climatic conditions minimally affect the underground mining operations

Environmental/ • Beatrix’s systems, procedures and training are in line with international best practice health and safety • The procedures and status of all the programmes that drive environmental, health and safety goals are detailed in the Integrated Annual Report 2016 Life of mine • It is estimated that the current Mineral Reserves will sustain the operation until 2035 • Historical operational detail is included on the back of shareholders plan, attached to the end of this Mineral Resource and Mineral Reserve Report

30 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Beatrix overview continued Key • Beatrix is accessing the Vlakpan area over the LoM, as part of the strategy of optimising the developments Mineral Resource to Mineral Reserve conversion and brownfield • The Vlakpan Project comprises ground between 16 and 22 Level to the west of the Beatrix 3 projects Shaft and 1 Shaft (on-mine) • Access to the area is by means of twin haulages, and a winze from 1 Shaft • A detailed mine design and schedule, based on the current geological interpretation, evaluation and economic parameters, coupled with a detailed engineering layout, cost and cash flow models, have been completed for the project, and as a consequence has been incorporated into the current LoM plan • The PFS for the Beisa Project was completed in December 2014 with the project requiring dual mining consideration with 4 Shaft as it was sub-economic at the reported uranium price as a stand-alone project • The mine schedule was optimised during 2015 and the project has been subsequently included in the LoM plan for Beatrix 4 Shaft • A PFS is to be finalised in 2017 to assess the potential below current infrastructure at 3 Shaft, to access part of the Bloemhoek area to the north of 3 Shaft (outside the current Beatrix MR) and inside the SOFS MR • Additional drilling to firm up the structure and grade of the target area will be completed in 2017

REVIEW Year-on-year changes in Mineral Resource and Mineral Reserve are as a result of the following: • Gold Mineral Resources at Beatrix increased approximately 3.189Moz (33%) to 12.781Moz (inclusive of Beisa at 1.194Moz) • Gold Mineral Reserves decreased by 13% to 3.775Moz due to a lower average mining value at Beatrix West as well as geological changes and tail management • Mineral Reserve development will remain a key performance indicator for 2017. The table details the development advanced for the last 12 months to December 2016 (2015 numbers included for comparison) • A total of 21.3km was developed in 2016, a decrease of 1% year-on-year. Geological changes at 3 and 4 Shafts resulted in a decrease in onreef metres to 5.8km. Average main reef development value was 1,000cm.g/t due to decreases at 1 and 3 Shafts A full account of the operating statistics for Beatrix is posted on the back of the Beatrix shareholders plan, attached to the end of this Mineral Resources and Mineral Reserves Report.

Gold Mineral Resource classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Gold classification Dec 2016 Dec 2015 Dec 2016 Dec 2015 Dec 2016 Dec 2015 Underground Measured 34.3 26.6 5.3 5.7 5,786 4,857 Indicated AI 35.0 22.2 5.5 5.2 6,150 3,677 Indicated BI 6.7 6.9 3.7 4.4 789 991 Inferred AI 0.0 0.0 3.3 3.3 4 4 Inferred BI 0.0 0.0 0.0 0.0 0 0 Total underground 76.1 55.8 5.2 5.3 12,729 9,530 Total above infrastructure 69.4 48.8 5.4 5.4 11,940 8,538 Total below infrastructure 6.7 6.9 3.7 4.4 789 991 Surface stockpiles Indicated SRD 4.5 5.3 0.4 0.4 52 62 Total surface 4.5 5.3 0.4 0.4 52 62 Total gold Mineral Resources 80.6 61.1 4.9 4.9 12,781 9,592

Sibanye Mineral Resources and Mineral Reserves 2016 31 SECTION 02 GOLD DIVISION

BEATRIX CONTINUED

Uranium Mineral Resource classification

Tonnes (Mt) Grade (kg/t) U3O8 (‘000 lb) Uranium classification Dec 2016 Dec 2015 Dec 2016 Dec 2015 Dec 2016 Dec 2015 Measured AI 3.6 3.6 1.086 1.086 8,548 8,548 Indicated AI 7.8 7.8 1.069 1.069 18,330 18,330 Inferred AI 0.037 0.037 1.101 1.101 90 90 Total uranium Mineral Resources 11.4 11.4 1.074 1.074 26,968 26,968

Annual development results Financial year total

Category Unit Beatrix KKR 2016 2015 Main development (advanced) km 18.0 3.3 21.3 21.6 Main on-reef development (advanced) km 5.2 0.7 5.8 6.3 Channel width cm 130 113 128 136 Average reef value g/t 7.2 13.5 7.8 8.1 cm.g/t 932 1,522 1,000 1,100

Gold Mineral Resource reconciliation

2.918 0.605 0.006 12.781 9.592 0.110 0.054 (0.384) (0.120) G G P Dec 2015 Dec 2016 I E

Depletion includes actuals up until end of October 2016 and depletion estimates for November – December 2016

Gold grade tonnage curve Modifying factors (underground) The grade tonnage curve represents undiluted grade Parameter Unit Dec 2016 Dec 2015 (at block width) and tonnes within the total Mineral Resources (all reefs at zero cut-off). Mineral Resource pay limit cm.g/t 650 760 Mineral Reserve pay limit cm.g/t 720 840 Mined value* cm.g/t 643 774 Mine call factor % 85 84 Mining factor % 100 100

Shortfall % 6 7

Mill width factor % 23 16 Stoping width cm 140 158

Mill width cm 171 189 Plant recovery factor UG % 95 96 Plant recovery factor SRD % 84 88 G * Includes lower grade Beisa Reef, which will be mined for both gold and uranium

32 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Gold Mineral Reserve classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Gold classification Dec 2016 Dec 2015 Dec 2016 Dec 2015 Dec 2016 Dec 2015 Underground Proved 15.8 20.1 4.0 3.7 2,048 2,389 Probable AI 20.2 18.1 2.6 3.2 1,675 1,875 Probable BI – – – – – – Total underground 36.0 38.2 3.2 3.5 3,723 4,264 Surface Probable SRD 4.5 5.3 0.4 0.4 52 62 Total gold Mineral Reserves 40.5 43.5 2.9 3.1 3,775 4,326

Gold Mineral Reserves per mining area Total Mineral Reserves Total Proved Mineral Reserves Probable Mineral Reserves 31 Dec 2016 Dec 2015 Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold Gold Mining area (Mt) (g/t) (‘000 oz) (Mt) (g/t) (‘000 oz) (Mt) (g/t) (‘000 oz) (‘000 oz) North Section (3 Shaft) 9.4 3.5 1,072 5.0 2.3 375 14.4 3.1 1,447 1,825 South Section (1 Shaft) 2.7 3.3 292 2.3 3.0 218 5.0 3.2 510 499 West Section (4 Shaft) 3.7 5.8 684 2.6 4.7 403 6.3 5.4 1,087 1,444 Beisa (4 Shaft) 0.0 0.0 0 10.2 2.1 679 10.2 2.1 679 495 Total underground 15.8 4.0 2,048 20.2 2.6 1,675 36.0 3.2 3,723 4,264 SRD 0.0 0.0 0 4.5 0.4 52 4.5 0.4 52 62 Total gold Mineral Reserves 15.8 4.0 2,048 24.7 2.2 1,728 40.5 2.9 3,775 4,326

Uranium Mineral Reserve classification

Tonnes (Mt) Grade (kg/t) U3O8 (‘000 lb) Uranium classification Dec 2016 Dec 2015 Dec 2016 Dec 2015 Dec 2016 Dec 2015 Probable AI 10.2 7.4 0.711 0.715 16,060 11,654 Total AI 10.2 7.4 0.711 0.715 16,060 11,654 Total underground 10.2 7.4 0.711 0.715 16,060 11,654

Gold Mineral Reserve reconciliation

4.326 0.194 0.184 0.179 0.034 0.006 3.775 (0.341) (0.182) (0.076) (0.016) (0.268) (0.267)

G O G Dec 2015 Dec 2016 E W P R E

Sibanye Mineral Resources and Mineral Reserves 2016 33 SECTION 02 GOLD DIVISION

BEATRIX CONTINUED

Hoisting and production capacities Operating Operational hoisting Planned production shaft capacity (ktpm) (ktpm)* 3 170 140 1 138 52 4** 120 79 4SV 120 44

* Planned production is five-year hoisted average from 2017 onwards ** 4 Shaft includes Beisa Central

Plant capacities Design Current Average capacity operational recovery Material Plant (ktpm) capacity (ktpm) factor (%) treated 1 (CIL) 233 235 95.5 UG 83.0 Surface 2 (CIP) 130 130 94.0 UG

85.8 Surface Beatrix

Beatrix silos: feed to 2 Plant

34 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Cooke is a large, established, shallow to intermediate- level gold mine. The mine has been producing gold COOKE and uranium and gold since 1961.

Key plan to mining sections (shaft zones) Cooke 1 and 2 Shafts

R Zuurbekom Prospecting Right

Cooke 3 Shaft

Cooke SOUTH AFRICA 4 Shaft

IIE O E IUE IO R R OOE O G R Randfontein RO R E R R T N O 0 2.5km 5km RO

G P HARMONY E WG R COOKE R R 1,2,3 EEIO O EEIO O OO RIEOEI R Westonaria

R COOKE 4 Carletonville R UUREO O E IUE IO OOE DRIEFONTEIN OOE OU O E R IUE IO OOE GOLDFIELDS

BLYVOOR MINE KLOOF ANGLOGOLD ASHANTI HARMONY Fochville EEIO O Co-ordinates OO R E

Sibanye Mineral Resources and Mineral Reserves 2016 35 SECTION 02 GOLD DIVISION

COOKE CONTINUED

OVERVIEW GOLD The underground mining activities at Cooke and Randfontein Surface Operations (RSO) are MINERAL RESOURCES located in the West Rand District Municipality of the Gauteng province, South Africa. Cooke shafts are located approximately 30km to 40km south-west of Johannesburg. The sites are 13.883Moz accessed via the R28 highway between Randfontein and Westonaria or via the N12 national (+1% increase inclusive of road between Johannesburg and Potchefstroom. The RSO assets include several TSFs on depletion of 0.168Moz) the West Rand near Randfontein. The topography of the surface area is relatively flat and the vegetation is classified as GOLD Bankenveld consisting of grassland. Livestock farming is widespread in the surrounding MINERAL RESERVES area and no climate extremes are experienced that affect mining operations. The current mine infrastructure consists of three producing shaft complexes that mine 0.872Moz open ground and pillars (white areas). Cooke 4, previously operated at 1,634m below (+9% post-production surface (58 Level at Cooke 4 SV Shaft), was declared non-economical for exploitation depletion of 0.174Moz) from August 2016 and into the future. The decision was made to close the UG workings. The principal mining takes place on the Upper Elsburg Reef, which constitutes 75% of the underground Mineral Reserve ounces. The remainder of the mining takes place on the secondary reefs, namely the Kimberly formations (10%) and the VCR (10%). The remaining 5% is mined from historical surface TSF. The production from the previously four, now three, Cooke shafts is hoisted to surface separately. Underground material from Cooke 1,2 and 3 is processed at the Doornkop Plant, operated by Harmony Gold Mining Company Ltd (Harmony), on a toll treatment basis. Overflow from the Cooke 3 Shaft can be treated at Ezulwini along with ore from SRDs belonging to Kloof gold mine.

Schematic 3D section through the Cooke orebody looking north-north-west

T N

36 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Cooke overview Strategic intent • Optimise the Mineral Resource • Stabilise production profiles and performance levels • Reduce pay limits through quality mining and cost reduction • Unlock secondary reef potentials Mineralisation Palaeo-placer style

Mineralisation • Hosted by auriferous and uraniferous, quartz pebble conglomerates (reefs) R characteristics • Laterally extensive with relatively long-range predictability 1 • Clear patterns of mineralisation governed by sedimentary M R characteristics COOKE 1

1 COOKE 2 AND COOKE 4 or 3 COOKE Deposit type • Shallow to intermediate-depth gold mine exploiting the UE1A Reef, various secondary reefs of the Elsburg and Kimberley Conglomerate Formations and the VCR

Licence status Cooke has a New Order Mining Right in terms of the MPRDA, separated into three individual and holdings rights with granted durations as follows: • Cooke 1,2,3 (DMR Ref. GP30/5/1/2/2(07) MR), valid from 18 December 2007 to 17 December 2037 and covering a total area of 7,875ha • Cooke 4 (Ezulwini) (DMR Ref. GP30/5/1/2/2(38) MR), valid from 20 November 2006 to 19 November 2036 and covering a total area of 3,718ha • RSO (DMR Ref GP30/5/1/2/2(173) MR) valid from 7 May 2009 to 6 May 2039 with a total area of 3,130ha • Cooke 4 held a Prospecting Right (DMR Ref GP (10151)PR) in respect of a contiguous area (6,842ha) to the east of Cooke 1,2,3 and Cooke 4, which lapsed in October 2016. However, Cooke 4 is in the process of finalising a Section 102 application to amend the Cooke 4 MR through the inclusion of this Prospecting Right (Zuurbekom) • Cooke 1,2,3 holds a Prospecting Right GP (10055)PR over the Cooke 4 South TSF, measuring 244ha. A S102 application was submitted in 2015 for GP (10055)PR to be included into C123MR and is pending approval Infrastructure • Three shaft complexes and a surface mining operation

Mining method • Cooke 1,2,3: conventional breast mining, scattered mining and pillar mining • RSO: hydraulic reclamation (water jets), gravity feed to sump pump station and pumped via pipeline to a processing plant Mineral • Three processing plants (one external) processing

Tailings disposal • Cooke 1,2,3 tailings via the Harmony Doornkop Plant are deposited on the Doornkop TSF and Ezulwini South TSF • Currently RSO tailings are deposited down old, defunct open-cast mine workings estimated to accommodate all planned residue over the LoM Climate • No extreme climate conditions are experienced that affect mining operations

Environmental/ • Cooke systems, procedures and training are on par with international best practice health and safety

Sibanye Mineral Resources and Mineral Reserves 2016 37 SECTION 02 GOLD DIVISION

COOKE CONTINUED

Cooke overview continued Life of mine • It is estimated that the current Mineral Reserves will sustain the operation until 2023 • The procedures and status of all programmes that drive environmental, health and safety goals are detailed in the Integrated Annual Report 2016 • Historical operational detail is included on the back of shareholders plan, attached to the end of this Mineral Resource and Mineral Reserve Report Key • The Gold Mineral Resources and Mineral Reserves for Cooke 4 UG have been removed developments following the shaft being declared uneconomical and brownfield • In addition the uranium Mineral Resource and Mineral Reserve for Cooke 3 and 4 Shafts projects have been excluded due to the uranium circuit at Ezulwini Plant being placed on care (on-mine) and maintenance

REVIEW

• U3O8 exclusions, as a result of logistics and the closure of Cooke 4 UG have resulted in no uranium being reported as at December 2016 • Biggest gain in Mineral Resource estimate was as a result of pay limit changes • The Mineral Reserve is relatively unchanged after depletion and the Cooke 4 UG exclusions • Development in 2016 was optimised to improve focus and reduce unnecessary cost of exploration, excluding development with a lower expected success rate. As a result main development decreased to 7.1km, with onreef development of 2.6km. The annual development results table details the development advanced for the last 12 months to Dec 2016 A full account of the operating statistics for Cooke is posted on the back of the Cooke shareholders plan attached to the end of this Mineral Resources and Mineral Reserves Report.

Gold Mineral Resource classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Gold classification Dec 2016 Dec 2015* Dec 2016 Dec 2015* Dec 2016 Dec 2015* Underground Measured 11.6 3.8 8.3 8.4 3,113 1,034 Indicated AI 15.8 29.5 8.1 7.3 4,091 6,947 Inferred AI 6.0 7.0 13.6 7.9 2,635 1,766 Total AI 33.5 40.3 9.1 7.5 9,839 9,747 Inferred BI Total underground 33.5 40.3 9.1 7.5 9,839 9,747 Zuurbekom 40.7 40.7 3.1 3.1 3,998 3,998 Total UG 74.2 81.0 5.8 5.3 13,837 13,745 Indicated 4.5 4.7 0.3 0.3 47 52 Total surface 4.5 4.7 0.3 0.3 47 52 Total gold Mineral Resources 78.6 85.7 5.5 5.0 13,883 13,797

* Cooke 1, 2, 3 and RSO only

Annual development results Financial year total Elsburg Elsburg Kimberley Category Unit VCR Reefs Massives Reefs 2016 2015 Main development (advanced) km 1.2 5.0 0.2 0.8 7.1 12.9 Main on-reef development (advanced) km 0.5 1.8 0.1 0.2 2.6 5.6 Channel width cm 241 243 352 223 246 117 Average reef value g/t 3.0 4.0 4.7 3.6 3.9 7.7 cm.g/t 725 982 1,654 807 948 898

38 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Gold Mineral Resource reconciliation

13.797 1.620 0.038 13.883 (0.168) (0.621) (0.175) (0.607)

G G P Dec 2015 Dec 2016 E E Depletion includes actuals up until end of October 2016 and depletion estimates for November – December 2016

Gold grade tonnage curve Modifying factors (underground) The grade tonnage curve represents undiluted grade Parameter Unit Dec 2016 Dec 2015 (at block width) and tonnes within the total Mineral Mineral Resource pay limit cm.g/t 870 970 Resources (all reefs at zero cut-off). Mineral Reserve pay limit cm.g/t 980 1,090 Mined value cm.g/t 1,193 1,150

Mine call factor % 83 79 Mining factor % 98 100 Shortfall % 1 0 Mill width factor % 17 17

Stoping width cm 173 188 Mill width cm 203 235 Plant recovery factor UG % 96 95 Modifying factors (surface) Parameter Unit Dec 2016 Dec 2015 G Mineral Resource pay limit g/t 0.30 0.26 Mineral Reserve pay limit g/t 0.33 0.29 Mined value g/t 0.33 0.34 Plant recovery factor % 58 60

Gold Mineral Reserve classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Gold classification Dec 2016 Dec 2015* Dec 2016 Dec 2015* Dec 2016 Dec 2015* Underground Proved 4.3 4.7 5.3 5.2 728 782 Probable AI 0.6 1.0 4.8 4.3 97 137 Total AI 4.9 5.7 5.2 5.0 826 920 Probable BI 0.0 0.0 0.0 0.0 0 0 Total underground 4.9 5.7 5.2 5.0 826 920 Surface TSFs Proved 4.5 4.7 0.3 0.3 47 52 Probable – – – – – – Total surface 4.5 4.7 0.3 0.3 47 52 Total gold Mineral Reserves 9.4 10.4 2.9 2.9 872 971

* Cooke 1, 2, 3 and RSO only

Sibanye Mineral Resources and Mineral Reserves 2016 39 SECTION 02 GOLD DIVISION

COOKE CONTINUED

Gold Mineral Reserve reconciliation

1.523 0.027 0.087 0.095 0.017 0.038 (0.070) (0.014) (0.207) (0.009) (0.096) 0.872

G (0.518)

O G Dec 2015 Dec 2016 E W P R E

Hoisting and production capacities Operational Planned Mining Operating hoisting production unit shaft capacity (ktpm) (ktpm)* 1 1 15 10 1 2 28 17 2 3 54 50 RSO TSF 400** 400

* Planned production is five-year hoisted average from 2017 onwards ** Reclamation capacity

Plant capacities Design Current Average capacity operational recovery Material Plant (ktpm) capacity (ktpm) factor (%) treated Doornkop 80 80 95.5 UG Ezulwini 200 115 94.6 UG 80.0 SRD Cooke 400 400 58.7 TSF Cooke 3 shaft headgear

40 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Driefontein started production in 1952 and has DRIEFONTEIN historically produced more than 108Moz of gold.

Key plan to mining sections (shaft zones)

8 Shaft 2 Shaft

6 Shaft 4 Shaft 10 Shaft 1 Shaft SOUTH AFRICA 5 Shaft

6T Shaft

IIE PR O E IUE IO R R OOE O G R Randfontein RO T N R E R R 0 2.5km 5km O G P RO WG HARMONY E R COOKE R R 1,2,3 EEIO O EEIO O OO RIEOEI

R Westonaria

Carletonville R COOKE 4 R UUREO PR O E IUE IO OOE DRIEFONTEIN OOE OU PR O E R IUE IO OOE GOLDFIELDS BLYVOOR MINE KLOOF ANGLOGOLD HARMONY ASHANTI Fochville EEIO O Co-ordinates OO R E

Sibanye Mineral Resources and Mineral Reserves 2016 41 SECTION 02 GOLD DIVISION

DRIEFONTEIN CONTINUED

OVERVIEW GOLD Driefontein is located in the West Wits Line of the Witwatersrand Basin, near Carletonville, MINERAL RESOURCES approximately 70km west of Johannesburg in the Gauteng province of South Africa. Topography is characterised by moderately undulating plains, classified as Bankenveld, 17.760Moz consisting of grassland with livestock farming widespread in the surrounding areas. (-10% inclusive of depletion of No extreme climatic conditions are experienced that may affect mining operations. 0.503Moz) Driefontein is a large, established, shallow to ultra-deep-level gold mine The current mine infrastructure consists of six producing shaft complexes that mine open ground and pillars GOLD (white areas), with the deepest operating level currently some 3,420m below surface MINERAL RESERVES (50 Level at 5 Shaft), and three gold processing plants. The principal mining takes place on the Carbon Leader Reef (CLR), which constitutes almost 63% of the Mineral Reserves, the 6.926Moz VCR 28%, the MVR 8% and the remainder from surface sources. (-15% inclusive of depletion of The 5 Shaft overbank area has reduced the LoM due to the lower grade pediment facies in 0.550Moz) the area.

Schematic 3D section through the Driefontein orebody looking north

N T NT

Driefontein 3 processing plant feed infrastructure

42 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Driefontein overview Strategic intent • Optimise the Mineral Resource • Stabilise production profiles at current performance levels • Reduce pay limits through quality mining and cost reduction • Target secondary reefs on an incremental basis above infrastructure Mineralisation • Palaeo-placer style

Mineralisation • Hosted by auriferous and uraniferous quartz pebble conglomerates (reefs) characteristics • Laterally continuous with relatively long-range predictability • Clear patterns of mineralisation governed by sedimentary characteristics Deposit type • Auriferous and uraniferous quartz pebble conglomerates, hosted by the VCR and Main Conglomerate Formation, CLR and MVR, of the Central Rand Group

Licence status • Driefontein has a New Order Mining Right in terms of the MPRDA (DMR Ref. GP30/5/1/2/2(51) and holdings MR), valid from 30 January 2007 to 29 January 2037 in respect of a mining area totalling 8,561ha • All required operating permits have been obtained and are in good standing Infrastructure • Six shaft complexes (4 sub-shafts, one tertiary shaft and one single lift shaft)

Mining method • Scattered stoping, mini-longwall stoping with closely spaced dip pillars (140m x 40m and 130m x 30m regional pillars) and SRD

Mineral Three gold processing plants and a centralised elution and carbon treatment facility at the No 1 Plant: processing • No 1 CIP plant processing underground ore and low-grade SRD material • No 2 CIP plant processing only low-grade SRD material • No 3 CIL plant processing only low-grade SRD material Tailings disposal • Three TSFs with LoM deposition estimated at 39.2Mt against a combined capacity of 88.8Mt (surplus 49.6Mt)

Climate • No extreme climate conditions are experienced that may affect mining operations

Environmental/ • Driefontein’s systems, procedures and training are in line with international best practice Health and Safety • The procedures and status of all the programmes that drive environmental, health and safety goals are detailed in the Integrated Annual Report 2016 Life of mine • It is estimated that the current Mineral Reserves will sustain the operation until 2036 • Historical operational detail is included on the back of shareholders plan, attached to the end of this Mineral Resource and Mineral Reserve Report Key The following projects are ongoing and have been included in the LoM: developments • The 1 Shaft Pillar Extraction Project PFS, completed by Royal HaskoningDHV in 2013, is included and brownfield in the LoM production plan. It is planned to finalise the FS for this project over the next two years, projects as investigations are hampered by ventilation constraints for the sub vertical SV area (on-mine) • The Driefontein 5 Shaft drop-down project (below 50 Level) was approved in November 2015 and commenced with development in 2016. The first reef is expected in 2020 with peak production of approximately 160Moz expected by 2028 • The SRDs at Driefontein are expected to be depleted in 2017. As a result, detailed studies are underway to utilise the Driefontein surface plant infrastructure for the first phase of the WRTRP

Sibanye Mineral Resources and Mineral Reserves 2016 43 SECTION 02 GOLD DIVISION

DRIEFONTEIN CONTINUED

REVIEW • The Mineral Resources at Driefontein decreased by 2.026Moz (10%) from the previous year mainly due to changes in the geological modelling (-2.703Moz) • The Mineral Reserves decreased by 1.270Moz (15%) mainly due to losses caused by the overbank feature (0.574Moz) and depletion of (0.550Moz) • Mineral Reserve development will remain a key performance indicator for 2017. The following table details the development advanced for the last 12 months to December 2016, 2015 added for comparison • A total of 13.5km was developed in 2016, a planned 14% decrease on the previous year. Developed Ore Reserves are at a point where aggressive generation is not required. On-reef development amounted to 2.4km at an average value of 1,391cm.g/t A full account of all the operating statistics of Driefontein is posted on the back of the Driefontein shareholders plan, attached at the end of this Mineral Resources and Mineral Reserves Report.

Gold Mineral Resource classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Gold classification Dec 2016 Dec 2015 Dec 2016 Dec 2015 Dec 2016 Dec 2015 Underground Measured 29.2 18.9 10.6 10.7 9,920 6,503 Indicated AI 5.2 7.5 7.2 12.7 1,207 3,053 Indicated BI 22.0 28.0 9.0 10.9 6,376 9,821 Inferred AI 0.4 0.7 13.8 14.6 181 314 Inferred BI 0.0 0.0 0.0 0.0 0 0 Total underground 56.7 55.0 9.7 11.1 17,684 19,691 Total AI 26.3 27.0 10.8 11.4 9,129 9,870 Total BI 30.4 28.0 8.7 10.9 8,556 9,821 Surface Indicated SRD 4.0 4.6 0.6 0.6 76 94 Total gold Mineral Resources 60.7 59.6 9.1 10.3 17,760 19,786

Annual development results Financial year total Category Unit CL VCR MR 2016 2015 Main development (advanced) km 6.1 3.5 3.9 13.5 15.7 Main on-reef development (advanced) km 0.9 1.0 0.5 2.4 3.2 Channel width cm 56 60 97 66 78 Average reef value g/t 21.6 9.5 36.4 21.2 18.9 cm.g/t 1,203 567 3,511 1,391 1,468

Gold Mineral Resource reconciliation

19.786 1.092 0.069 17.760 (0.503) 0.081 (2.703) (0.062)

G G P Dec 2015 Dec 2016 E Depletion includes actuals up until end of October 2016 and depletion estimates for November – December 2016

44 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Gold grade tonnage curve Modifying factors (underground) The grade tonnage curve represents undiluted grade Parameter Unit Dec 2016 Dec 2015 (at block width) and tonnes within the total Mineral Resources (all reefs at zero cut-off). Mineral Resource pay limit cm.g/t 1,110 1,210 Mineral Reserve pay limit cm.g/t 1,230 1,330 Mined value cm.g/t 1,394 1,654 Mine call factor % 87 86 Mining factor % 100 100 Shortfall % 8 11

Mill width factor % 29 24 Stoping width cm 157 155 Mill width cm 203 203 Plant recovery factor UG % 97 97 Plant recovery factor SRD % 81 81 G

Gold Mineral Reserve classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Gold classification Dec 2016 Dec 2015 Dec 2016 Dec 2015 Dec 2016 Dec 2015 Underground Proved AI 20.7 17.9 6.6 7.2 4,420 4,133 Probable AI 5.8 8.6 4.0 6.7 737 1,846 Total AI 26.5 26.4 6.1 7.0 5,157 5,980 Probable BI 8.8 9.1 6.0 7.3 1,694 2,122 Total underground 35.3 35.5 6.0 7.1 6,851 8,102 Surface Probable SRD 4.0 4.6 0.6 0.6 76 94 Total gold Mineral Reserves 39.2 40.1 5.5 6.4 6,926 8,196

Gold Mineral Reserves per mining area Total Mineral Reserves Total Proved Mineral Reserves Probable Mineral Reserves 31 Dec 2016 Dec 2015 Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold Gold Mining area (Mt) (g/t) (‘000 oz) (Mt) (g/t) (‘000 oz) (Mt) (g/t) (‘000 oz) (‘000 oz) 1 Shaft 2.2 7.2 510 0.2 6.7 36 2.4 7.1 545 604 1 SV Shaft pillar 0.0 0.0 0 2.4 5.0 387 2.4 5.0 387 616 2 Shaft 1.4 5.9 264 0.1 0.0 0 1.5 5.7 264 350 4 Shaft 3.6 9.2 1,050 0.2 0.1 0 3.7 8.7 1,050 1,201 5 Shaft 7.0 6.7 1,507 0.7 4.5 94 7.7 6.5 1,601 1,985 5 Shaft drop-down 0.0 0.0 0 8.8 6.0 1,694 8.8 6.0 1,694 2,122 6 Shaft 1.4 7.8 337 0.2 1.7 12 1.6 6.9 349 339 8 Shaft 5.1 4.6 753 2.1 3.0 209 7.2 4.2 961 886 Total underground 20.7 6.6 4,420 14.6 5.2 2,431 35.3 6.0 6,851 8,102 Surface SRD 0.0 0.0 0 4.0 0.6 76 4.0 0.6 76 94 Total gold Mineral Reserves 20.7 6.6 4,420 18.5 4.2 2,506 39.2 5.5 6,926 8,196

Sibanye Mineral Resources and Mineral Reserves 2016 45 SECTION 02 GOLD DIVISION

DRIEFONTEIN CONTINUED

Gold Mineral Reserve reconciliation

8.196 0.234 0.347 (0.078) 0.069 6.926 (0.550) (0.082) (0.245) (0.574) (0.073) (0.213) (0.015) (0.090) G O G Dec 2016 Dec 2015 E W P O R E

Hoisting and production capacities Operating Operational hoisting Planned production shaft capacity (ktpm) (ktpm)* 1 105 35 1 SV 105 35 1 T 121 35 6 SV 26 14 2 165 109 4 SV 57 28 8 60 59 5 N/A N/A 5 SV 159 70

* Planned production is five-year hoisted average from 2017 onwards

Plant capacities Design Current Average capacity operational recovery Material Plant (ktpm) capacity (ktpm) factor (%) treated 1 (CIP) 240 240 96.7 UG/SRD 2 (CIP) 200 180 81.0 SRD

3 (CIL) 115 100 81.3 SRD Driefontein ROM

46 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Kloof is a mature, high-yield, operation with a LoM KLOOF extending to 2034.

Key plan to mining units (shaft zones) Venterspost

R 10 Shaft

Shaft 9

ft t ha 3 Shaft (I) S 8 3 Shaft (P) 3 Shaft (3D) Main Shaf

V Shaft haft ft S 55 Main 1S Sha SV Decline 2 4 SOUTH AFRICA 7 Shaft KEA

4 Shaft EXT EBA1

EBA BBE

IIE PR O E R R IUE IO OOE O G R Randfontein RO E R R R T N O 0 2.5km 5km RO G P HARMONY E WG R COOKE R R 1,2,3 EEIO O EEIO O OO RIEOEI

R WestonariaWestWestoo r

R COOKE 4 Carletonville R UUREO PR O E IUE IO OOE DRIEFONTEIN OOE OU PR O E R IUE IO OOE GOLDFIELDS BLYVOOR MINE KLOOF

ANGLOGOLD ASHANTI HARMONY Fochville EEIO O Co-ordinates OO

R E

Sibanye Mineral Resources and Mineral Reserves 2016 47 SECTION 02 GOLD DIVISION

KLOOF CONTINUED

OVERVIEW GOLD Kloof is situated in the Magisterial District of Randwest, some 60km west of Johannesburg MINERAL RESOURCES in the Gauteng province of South Africa. Kloof is accessed via the N12 highway between Johannesburg and Potchefstroom, close to Westonaria. 32.561Moz The areas topography is relatively flat and the vegetation is classified as Bankenveld, (+18% post-production consisting mostly of grassland. Livestock farming predominates in the surrounding area. depletion of 0.506Moz) Mining operations are not affected by climatic extremes.

Kloof is an established, shallow to ultra-deep-level gold mine. Kloof, in its current form, dates GOLD from April 2000 when the Venterspost (1939), Libanon (1945), Kloof (1968) and Leeudoorn MINERAL RESERVES (1993) Mines were amalgamated. The current mine infrastructure consists of five producing shaft complexes that mine open ground and pillars (white areas), with the deepest operating 6.650Moz level some 3,347m below surface (45 Level at 4 Shaft), and two gold processing plants. The (+10% post-production principal mining takes place on the VCR, which constitutes almost 81% of the underground depletion of 0.502Moz) Mineral Reserve ounces, the MVR amounts to 6% and the remainder is made up from the Kloof Reef (KR) at 9% and the Libanon Reef (LR) at 1%. Surface operations provide 3% of the total mined.

Schematic 3D section through the Kloof orebody looking north-north-east

N T

48 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Kloof overview Strategic intent • Optimise the Mineral Resource • Stabilise production profiles at current performance levels • Reduce pay limits through quality mining and cost reduction • Target secondary reefs on an incremental basis above infrastructure Mineralisation • Palaeo-placer style

Mineralisation • Hosted by auriferous and uraniferous, quartz pebble conglomerates (reefs) characteristics • Laterally extensive with relatively long-range predictability • Clear patterns of mineralisation, governed by sedimentary characteristics Deposit type • Auriferous and uraniferous quartz pebble conglomerates hosted by the VCR, KR and LR of the Elsburg and Kimberley Conglomerate Formations and the MVR of the Main Conglomerate Formation Licence status • Kloof has a New Order Mining Right in terms of the MPRDA, valid from 30 January 2007 to and holdings 29 January 2027 in respect of a mining area totalling 20,087ha. All required operating permits have been obtained, and are in good standing • Based on the current LoM and prevailing economic conditions, if needed, Kloof will ask for an extension of the MR through a renewal application at the specified time • The Kloof Operation also holds a Prospecting Right (DMR Ref GP (10096)PR) in respect of a small area (25ha) confined within the Kloof MR. Kloof has submitted a Section 102 application to amend Kloof’s MR through the inclusion of the PR Infrastructure • Five shaft complexes (five sub-shafts, one tertiary shaft and a single lift shaft)

Mining method • Scattered stoping, mini-longwall stoping with closely spaced dip pillars (110 x 40m and 100 x 35m regional pillars) and surface rock-dump mining

Mineral • Two gold plants and a centralised elution and carbon treatment facility at the No 2 Plant processing

Tailings disposal • Two TSFs with LoM deposition estimated at 34.6Mt against a combined capacity of 61.6Mt (surplus of 27.0Mt)

Climate • No extreme climatic conditions are experienced that may affect mining operations

Environmental/ • Kloof’s systems, procedures and training are on par with international best practice health and safety • The procedures and status of all the programmes that drive environmental, health and safety goals are detailed in the Integrated Annual Report 2016 Life of mine • It is estimated that the current Mineral Reserves will sustain the operation until 2034 • Historical operational detail is included on the back of shareholders plan, attached to the end of this Mineral Resource and Mineral Reserve Report Key The following projects have been included in the Kloof LoM: developments • Kloof have commenced with the development of the Kloof 4 Shaft depth extension project and brownfield during 2015. It is planned to intersect reef in 2020 projects • A major exploration programme, targeting the KR and MVR at Main and 8 Shafts, has resulted (on-mine) in additional Mineral Reserves of ~0.178Moz • The Eastern Boundary Area (EBA) Project, included in the Mineral Resources, embodies a significantly high grade opportunity in the area below 7 Shaft. Various studies conducted since the 1990s indicated that the EBA project can be economically viable, and requires further study • A study to optimise the extraction of the SRD resources is underway. The intention is to improve the economic viability of SRDs that are a distance from the processing plants

Sibanye Mineral Resources and Mineral Reserves 2016 49 SECTION 02 GOLD DIVISION

KLOOF CONTINUED

REVIEW • Gold Mineral Resources at Kloof increased by approximately 4.375Moz (+16%) to 32.561Moz post a production depletion of 0.506Moz. The inclusion of the EBA Project and a reduction in pay limits were the main reasons for the increase in Mineral Resource estimates • A total of 16.2km was developed in 2016, a 10% decrease on the previous year. There has been a reduction on required development due to the level of available developed Mineral Reserves. On reef development was 3.4km, at a higher average value than previous year, of 1,908cm.g/t • Gold Mineral Reserves increased by 0.606Moz to 6.650Moz following a depletion of 0.502Moz. Additional white areas, rock engineering adjustments and exploration on secondary reefs resulted in an increase of 0.813Moz. Gold Mineral Reserve development will remain a key performance indicator for 2017 A full account of the operating statistics for Kloof is posted on the back of the Kloof shareholders plan attached at the end of this Mineral Resources and Mineral Reserves Supplement.

The annual development results table details the development advanced for the last 12 months to December 2016 (2015 numbers added for comparison).

Gold Mineral Resource classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Gold classification Dec 2016 Dec 2015 Dec 2016 Dec 2015 Dec 2016 Dec 2015 Underground Measured 14.4 14.4 17.1 13.4 7,928 6,196 Indicated AI 3.2 1.2 11.8 12.4 1,231 468 Indicated BI 44.9 24.6 13.4 14.2 19,371 11,246 Inferred BI 7.4 16.4 16.2 19.2 3,831 10,112 Total underground 69.9 56.6 14.4 15.4 32,361 28,023 Total AI 17.6 15.5 16.1 13.3 9,159 6,664 Total BI 52.2 41.0 13.8 16.2 23,202 21,359 Surface Indicated SRD 11.9 9.5 0.5 0.5 200 163 Total gold Mineral Resources 81.8 66.1 12.4 13.3 32,561 28,186

Annual development results Financial year total Category Unit VCR MVR LR KR 2016 2015 Main development (advanced) km 9.6 3.1 0.7 2.8 16.2 17.9 Main on-reef development (advanced) km 1.9 0.4 0.0 1.0 3.4 4.3 Channel width cm 111 82 117 157 121 125 Average reef value g/t 22.8 8.7 11.0 7.8 15.8 14.6 cm.g/t 2,526 714 1,286 1,220 1,908 1,824

50 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Gold Mineral Resource reconciliation

3.036 2.691 0.090 32.561 28.186 0.512 0.002 (1.251) (0.506) (0.199)

G G P Dec 2015 Dec 2016 I E

Depletion includes actuals up until end of October 2016 and depletion estimates for November – December 2016

Gold grade tonnage curve Modifying factors (underground) The grade tonnage curve represents undiluted grade (at Parameter Unit Dec 2016 Dec 2015 block width) and tonnes within the total Mineral Resources (all reefs at zero cut-off). Mineral Resource pay limit cm.g/t 1,410 1,430 Mineral Reserve pay limit cm.g/t 1,560 1,580 Mined value cm.g/t 1,928 1,912 Mine call factor % 81 82 Mining factor % 100 100 Shortfall % 13 17

Mill width factor % 33 23 Stoping width cm 159 161

Mill width cm 212 209 Plant recovery factor UG % 98 98 Plant recovery factor SRD % 85 90 G

Gold Mineral Reserve classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Gold classification Dec 2016 Dec 2015 Dec 2016 Dec 2015 Dec 2016 Dec 2015 Underground Proved 18.4 19.6 7.9 7.7 4,700 4,857 Probable AI 6.2 4.6 5.9 6.9 1,184 1,024 Total AI 24.6 24.2 7.4 7.6 5,884 5,881 Probable BI 2.5 2.1 7.2 7.4 566 502 Total underground 27.1 26.3 7.4 7.5 6,450 6,383 Surface Probable SRD 11.9 9.5 0.5 0.5 200 163 Total gold Mineral Reserves 39.0 35.8 5.3 5.7 6,650 6,546

Sibanye Mineral Resources and Mineral Reserves 2016 51 SECTION 02 GOLD DIVISION

KLOOF CONTINUED

Gold Mineral Reserves per mining area Total Mineral Reserves Total Proved Mineral Reserves Probable Mineral Reserves 31 Dec 2016 Dec 2015 Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold Gold Mining area (Mt) (g/t) (‘000 oz) (Mt) (g/t) (‘000 oz) (Mt) (g/t) (‘000 oz) (‘000 oz) Main Shaft SV 1 3.1 3.4 339 0.7 3.1 72 3.8 3.4 411 411 Main Shaft SV 2 3.7 9.5 1,134 0.3 2.9 29 4.0 8.9 1,163 1,197 3 Shaft 1.8 8.9 504 0.1 3.1 10 1.9 8.6 514 929 4 Shaft 7.4 8.8 2,091 4.8 6.6 1,017 12.1 8.0 3,108 2,694 4 Shaft drop-down 0.0 0.0 0 2.5 7.2 566 2.5 7.2 566 502 7 Shaft 1.0 8.1 267 0.1 8.2 15 1.1 8.1 283 290 8 Shaft 1.4 7.9 364 0.2 5.5 41 1.7 7.5 406 361 Total underground 18.4 7.9 4,700 8.7 6.3 1,750 27.1 7.4 6,450 6,383 Surface SRD 0.0 0.0 0 11.9 0.5 200 11.9 0.5 200 163 Total gold Mineral Reserves 18.4 7.9 4,700 20.6 3.0 1,950 39.0 5.3 6,650 6,546

Gold Mineral Reserve reconciliation

6.546 0.178 0.022 0.090 6.650 0.033 0.057 0.335 0.300 (0.502) (0.040) (0.030) (0.317) (0.023) G O G Dec 2015 Dec 2016 E W P R E

Hoisting and production capacities Operating Operational hoisting Planned production shaft capacity (ktpm) (ktpm)* Main 100 82 7 32 18 8 15 17 3 55 31 4 82 67 * Planned production is five-year hoisted average from 2017 onwards

Plant capacities Design Current Average capacity operational recovery Material Plant (ktpm) capacity (ktpm) factor (%) treated 1 (CIP) 180 180 88.4 Primarily SRD

2 (CIP) 120 167 98.2 Primarily UG Kloof 8 Shaft

52 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

PROJECTS

Projects that enhance value are being assessed with the aim of growing Sibanye’s Mineral Reserves and commodity production.

Since the inorganic growth of 2014, Sibanye has a large endowment of brownfields projects that are at various stages of evaluation, from early stage scoping studies to FS that can be underpinned by leveraging synergies off existing infrastructure. Project evaluation criteria have been developed to guide the Mineral Resource and Mineral Reserve estimations, in the hope of acquiring a fundamental understanding of the potential of each project to extract optimal value.

In line with Sibanye’s strategy, steps to improve the quality of assets through delivery on major advanced and growth projects is in progress and includes: • Project appraisal that underpins a focus on value creation and dividend yield rather than driven by growth • An established in-house project assessment capacity • The risk assessment, returns and impact of financing on returns, for each project

Beatrix exploration drill rig

Sibanye Mineral Resources and Mineral Reserves 2016 53 SECTION 02 GOLD DIVISION

BURNSTONE

R E R R R R R V R Balfour

BURNSTONE

Greylingstad R

T N 0 2.5km 5km Co-ordinates E G P WG E

OVERVIEW GOLD Burnstone is in the South Rand Goldfield of the Witwatersrand Basin next to the town of MINERAL RESOURCES Balfour, approximately 75km east of Johannesburg in the Mpumalanga province of South Africa. Burnstone is accessed from the N3 highway via the Heidelberg South R23 road at 8.890Moz the Balfour exit. The town of Balfour is located approximately 18km east of the N3. The (No change) Burnstone property is accessible via a network of unpaved roads, approximately 6.5km east of Balfour. GOLD The Burnstone area forms part of the South African Highveld, situated 1,670m above mean sea level. Gently-undulating grassland terrain predominates in the areas not used for MINERAL RESERVES farming activities. The mild climate, with warm to hot, moist summers and cool, dry winters 2.137Moz is conducive to farming activities including maize, fodder and livestock farming. (+19% or +0.338Moz) The Burnstone Project (Burnstone) is a project in execution. Sibanye purchased Witwatersrand Consolidated Gold Resources Limited (Wits Gold) and, additionally, acquired Southgold Exploration (Pty) Limited, the sole owner of the Burnstone assets in 2014. The completed FS was independently reviewed in November 2015, with finance approval for development to begin in 2016. The mine design and schedule was limited to the mineable Mineral Reserves within a 3km radius of the shaft infrastructure. A total of 4.9km of development was completed in 2016 with the first gold expected in 2018. Peak production should be achieved by 2022.

Under previous ownership, the mine produced approximately 38koz of gold. The UK9 Reef of the Kimberley Formation, is the only known exploitable gold-bearing reef. Two shaft complexes; a three-leg decline and vertical shaft (shaft bottom at 495m below surface), a 125,000tpm gold processing plant, TSF and all the necessary equipment and services of a producing operation comprise the Burnstone infrastructure. Burnstone has been on care and maintenance since mid-2012 to the end of 2015.

54 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Project fundamentals Burnstone lies within the Witwatersrand Basin, an Archaean (2.7Ga) sedimentary basin. The Basin is filled with approximately 6,000m sedimentary and subordinate volcanic rocks, which have been folded along a north-east to south-west axis into an asymmetrical syncline. The sediments consist mainly of quartzites and shales and less prevalent, but generally economically important, gold-bearing conglomeratic zones, which occur on regional unconformities. These are commonly referred to as reefs or placer deposits.

Burnstone is located in the South Rand Basin, a subsidiary of the main Witwatersrand Basin. The gold-bearing target UK9 Reef of the Kimberley Formation, occurs in the Central Rand Group of rocks. This reef lies between surface outcrop and a depth of 1,300m below surface in the MR area. Structurally, the project area is located on the northern limb of the arcuate South Rand Basin, which is locally deformed by a east-north-east-plunging anticline and cut by east-west and north-south normal faults, formed in response to the stress regime corresponding to the main structural feature of the region, which is the east-west striking Sugarbush Fault. This fault is a left-lateral wrench fault, which comprises the northern boundary of the South Rand Basin at this point.

The UK9 Reef is stratigraphically split into the UK9a and UK9b members, and the UK9a is further laterally subdivided into either channel or inter-channel facies. The UK9a channel facies represents the primary mining horizon, while the UK9a inter-channel facies and UK9b offer only local upside potential.

Kimberley Reef in the South Rand Goldfields was first discovered in 1887 and soon led to the establishment of a few small operations that operated sporadically between 1892 and 1962 and collectively produced only 0.05Moz of gold at an average of 5.3g/t. A lack in continuity of grade and tonnage as well as structural complexity is commonly posed as the Kimberley Reef reason for the demise of these operations.

A steep rise in the gold price sparked renewed interest in the South Rand Goldfield and various major mining houses conducting fairly extensive exploration programmes between 1974 and 1993, but general low grades, notwithstanding at shallow depths, resulted in a poor ranking against rival projects elsewhere in the Witwatersrand Basin. As a consequence, none of these projects were advanced past the exploration phase.

Southgold drilled an additional 18 boreholes in 2002, prior to Sibanye’s acquisition. These were primarily within the current Burnstone MR area and intermittently intersected higher grade Kimberley Reef. In November 2002 Great Basin Gold (GBG) acquired 100% of Southgold and immediately embarked on an extensive surface diamond drilling programme. Until September 2012, a further 374 boreholes were drilled, either within, or in close proximity to the current Burnstone MR. Based on this drilling programme, GBG declared a large measured and indicated gold Mineral Resource, upon which the Burnstone Operation was initiated, in June 2006. Burnstone was included in Sibanye in 2014.

The Burnstone Project, as per the FS, was presented to the Sibanye Board for approval in 2015. The revised project envisages 115koz per annum mine with a 26-year LoM plan, with Mineral Reserves of 2.1Moz and a Mineral Resource of 8.9Moz. The mine design and schedule in the FS was limited to the mineable Mineral Reserves within a 3km radius of the shaft infrastructure. Approximately 5km of development was completed in 2016 with a further 8km planned for 2017. The first ledging should commence in 2018 building up to full production by 2022. Total project capital forecast at R1,852 million (in 2015 terms).

In 2016 three additional mechanised fleets were procured and delivered. The project cost for 2016 amounted to R532 million.

Brecciated reef

Sibanye Mineral Resources and Mineral Reserves 2016 55 SECTION 02 GOLD DIVISION

BURNSTONE CONTINUED

Burnstone overview Strategic intent • Optimise the Mineral Resource • Develop a new mine from first principles, supported by existing and newly-built, plant and infrastructure • Modifying the mining methods to suit the orebody • Confirming areas with the geological model Mineralisation • Palaeo-placer style

Mineralisation • Hosted by auriferous and uraniferous predominantly quartz pebble conglomerates (reefs) characteristics • Laterally continuous with mid-range predictability • Clear patterns of mineralisation governed by sedimentary characteristics Deposit type • Shallow gold deposit exploiting the UK9a Reef of the Kimberley Formation, Central Rand Group, Witwatersrand Supergroup

Licence status • The operation has a valid MR (DMR Ref MP30/5/1/2/2(248)MR) to mine and process gold, and holdings silver and aggregate, covering a total area of 13,135ha, and is valid from 17 February 2009 to 16 February 2027 • Burnstone also held a large number of prospecting rights either contiguous or in the vicinity to the Burnstone MR. Burnstone submitted a Section 102 application to amend the Burnstone MR with the inclusion of certain portions of these PRs to increase the total area to 38,900ha Infrastructure • Shallow underground mining project with two established shaft complexes (one vertical and one decline shaft)

Mining method • Conventional selective, scattered, breast mining with scraper cleaning and mechanised footwall infrastructure

Mineral • One CIL gold processing plant processing

Tailings disposal • One tailing storage facilities with LoM deposition capacity of 24Mt

Climate • No extreme climate conditions are experienced that may affect mining operations

Environmental/ • Burnstone currently holds all material permits required to conduct mining and exploration, as health and safety well as an approved Environmental Management Programme (EMP)

Life of mine • LoM plan optimisation in progress

Key • The FS was approved and capital was allocated in 2015. Development subsequently commenced developments in 2016 and will continue though 2017 with the first stoping crews required in 2018 and brownfield • The additional geological review included an updated structure model and a detailed projects sedimentological study of the UK9 Reef led to an updated facies model and related geo- (on-mine) domains and trends for evaluation • A thorough review and QA/QC of all the data in line with Sibanye’s standards and procedures. The revised model is consistent with the characteristics of similar orebodies in the East Rand Basin, affording greater confidence in the interpretation and supporting the gold Mineral Resource estimate

56 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

REVIEW No change in geological model was seen year-on-year in the geological model. Development commenced but no further work was done to inform the geological confidence thus having no effect on the evaluation model.

Gold Mineral Resource classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Gold classification Dec 2016 Dec 2015 Dec 2016 Dec 2015 Dec 2016 Dec 2015 Underground Indicated 25.4 25.4 5.3 5.3 4,350 4,350 Inferred 28.7 28.7 4.9 4.9 4,540 4,540 Total underground 54.1 54.1 5.1 5.1 8,890 8,890 Total Resource 54.1 54.1 5.1 5.1 8,890 8,890

Gold Grade Tonnage curve Modifying factors (underground) The grade tonnage curve represents undiluted grade (at Parameter Unit Dec 2016 Dec 2015 block width) and tonnes within the total Mineral Resources (all reefs at zero cut-off). Mineral Resource pay limit cm.g/t 360 440 Mineral Reserve pay limit cm.g/t 400 480 Mined value cm.g/t 566 605 Mine call factor % 88 86 Mining factor % 100 100 Shortfall % 0 (2) Mill width factor % 14 2 Stoping width cm 116 120 Mill width cm 133 122 Plant recovery factor UG % 96 96 G

Gold Mineral Reserve classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Gold classification Dec 2016 Dec 2015 Dec 2016 Dec 2015 Dec 2016 Dec 2015 Underground Proved Probable 17.5 13.0 3.8 4.3 2,137 1,799 Total underground 17.5 13.0 3.8 4.3 2,137 1,799 Surface Total Resource 17.5 13.0 3.8 4.3 2,137 1,799

Hoisting and production capacities Operating Operational hoisting Planned production shaft capacity (ktpm) (ktpm)* 1 165 89 * At peak between 2022 – 2026

Plant capacities Design Current Average capacity operational recovery Material Plant (ktpm) capacity (ktpm) factor (%) treated

1 125 125 96.0 UG Burnstone main shaft complex

Sibanye Mineral Resources and Mineral Reserves 2016 57 SECTION 02 GOLD DIVISION

WEST RAND TAILINGS RETREATMENT

R IIE R E R Randfontein IU E RO T N R R 0 2.5km 5km P R G P RO HARMONY R R R OOE VEERPO OR COOKE 1,2,3 VEERPO OU RIEOEI R RIEOEI Westonaria P P RIEOEI IO P

Carletonville R COOKE 4 R OOE

R VEERORP RIEOEI OR RIEOEI DRIEFONTEIN GOLDFIELDS BLYVOOR MINE KLOOF OO ANGLOGOLD HARMONY ASHANTI PE R Fochville EEUOOR OO Co-ordinates

R E

OVERVIEW GOLD Gold mining in the Witwatersrand area has accumulated TSFs, which Sibanye exploits, and MINERAL RESOURCES has proven to contain recoverable grades of gold and uranium. 6.222Moz WRTRP incorporates all of Sibanye’s current and dormant TSFs on the West Rand, all of which form part of the New Order Mining Rights collectively valid from 2007 to 2027 (-4% year-on-year) (earliest expiry date of a valid MR). The WRTRP assets stretch from Randfontein to Carletonville and are accessed via the R28 highway between Randfontein and Westonaria, GOLD or via the N12 national road between Johannesburg and Potchefstroom. MINERAL RESERVES Gently undulating savannah grassland plains prevail in the surrounds of the WRTRP. 6.222Moz Pre-mining conditions were generally farmlands, but the area is now largely built-up and (-4% year-on-year) industrialised. The area is characterised by a mild climate, with warm to hot, moist summers and cool dry winters.

URANIUM The WRTRP, in its current form, dates from May 2014 when Sibanye acquired the Cooke MINERAL RESOURCES assets from Gold One, merging the Cooke TSF assets with those of the historic Kloof and 97.166Mlb Driefontein TSF assets. (-2% year-on-year) Project fundamentals The WRTRP is key to the Sibanye surface-operations strategy, which involves leveraging URANIUM existing surface operations and infrastructure and developing a strong, long-life surface MINERAL RESERVES business, by exploiting the low-risk and relatively high-margin characteristics of the surface resources located on the West Rand. The WRTRP is well positioned to become Sibanye’s 97.166Mlb sixth mine and also presents a valuable environmental solution for existing and future (-2% year-on-year) surface tailings, promoting socially and environmentally responsible deposition of tailings in a centrally managed area.

58 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Prior to a WRTRP PFS a number of other studies had been conducted including the Gold Fields Limited Tailings Treatment Project (DFS accuracy), Cooke Uranium Project (DFS accuracy and 70% engineering), Gold Fields/Senet Kloof Driefontein Complex Study (PFS accuracy) and the West Rand surface optimisation scoping study.

The business rationale leading to the current Sibanye status of the WRTRP is based on the following:

• Value accretive (net present value positive project) • regional synergies add potential upside to current value

• Remediation solution for existing and future surface tailings • extracting residual gold and uranium unlocks value • leverages existing metallurgical capacity and extends operational life • reduces future environmental liability • releases land for development

• A modular and phased design • utilising capacity at existing infrastructure (lower upfront capital) • phased and flexible capital scheduling • early phases partially fund later capex • flexibility and leverage to future commodity prices

• Significant investment into the declining West Rand • direct and indirect job creation

West Rand Tailings Retreatment overview Strategic intent • Building Sibanye’s sixth gold operation • Regional consolidation opportunities present potential upside • The strategic phasing of capital in order to generate cash flow and enhanced value • Considering utilisation of existing surface infrastructure • The DFS was completed during 2015 and further metallurgical work and front end engineering design to be undertaken • West Rand community and social development upliftment Key • WRTRP, through the completion of the DFS, has proven to be economically viable developments • Viability involves the construction of a large-scale central processing plant for the extraction of and brownfield gold and uranium from the re-treatment of historic and current tailings projects • Further objective remains the re-deposition of the residue onto a regional tailings facility, in (on-mine) accordance with modern sustainable deposition practices, reducing future environmental liabilities • Sibanye’s revised strategy is to develop the WRTRP in phases. With the conclusion of the DFS the front-end engineering design phase together with the roll-out of a pilot plant was enabled

Return water dam at TSF

Sibanye Mineral Resources and Mineral Reserves 2016 59 SECTION 02 GOLD DIVISION

WEST RAND TAILINGS RETREATMENT CONTINUED

REVIEW • The WRTRP DFS (assessing the potential for extraction of gold and uranium from Sibanye’s West Wits Line and the adjacent Cooke TSFs), was successfully concluded • The Sibanye gold and uranium Mineral Resources and Mineral Reserves estimate for the WRTRP are tabulated below and are compliant in respect of the SAMREC Code • The gold and uranium Mineral Resources and Mineral Reserves have decreased slightly year-on-year due to the exclusion of unpay TSFs towards the end of project life. Gold decreased by 0.265Moz and uranium by 1.921Mlb

Gold Mineral Resource and Mineral Reserve classification Mineral Resources Mineral Reserves 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015 Tonnes Grade Gold Gold Tonnes Grade Gold Gold Gold classification (Mt) (g/t) (‘000oz) (‘000oz) Gold classification (Mt) (g/t) (‘000oz) (‘000oz) TAILINGS STORAGE FACILITIES TAILINGS STORAGE FACILITIES DRIEFONTEIN DRIEFONTEIN Measured 165.0 0.3 1,789 1,819 Proved Indicated Probable 165.0 0.3 1,789 1,819 KLOOF KLOOF Measured 231.9 0.3 2,032 2,267 Proved Indicated Probable 231.9 0.3 2,032 2,267 COOKE COOKE Measured 228.1 0.3 1,876 1,876 Proved Indicated 52.3 0.3 524 524 Probable 280.4 0.3 2,401 2,401 Total 677.3 0.3 6,222 6,486 Total 677.3 0.3 6,222 6,486

Uranium Mineral Resource and Mineral Reserve classification Mineral Resources Mineral Reserves 31 Dec 2016 31 Dec 2015 31 Dec 2016 31 Dec 2015

Uranium Tonnes Grade U3O8 U3O8 Uranium Tonnes Grade U3O8 U3O8 classification (Mt) (kg/t) (‘000 lb) (‘000 lb) classification (Mt) (kg/t) (‘000 lb) (‘000 lb) TAILINGS STORAGE FACILITIES TAILINGS STORAGE FACILITIES DRIEFONTEIN DRIEFONTEIN Measured 165.0 0.063 23,069 22,686 Proved Indicated Probable 165.0 0.063 23,069 22,686 KLOOF KLOOF Measured 231.9 0.039 19,841 22,146 Proved Indicated Probable 231.9 0.039 19,841 22,146 COOKE COOKE Measured 228.1 0.088 44,320 44,320 Proved Indicated 52.3 0.086 9,936 9,936 Probable 280.4 0.088 54,256 54,256 Total 677.3 0.065 97,166 99,088 Total 677.3 0.065 97,166 99,088

60 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

SOUTHERN ORANGE FREE STATE

R P R R HARMONY G R E R HARMONY O HARMONY Welkom HARMONY R R HARMONY R O VE PR Virginia EI OR PR

R SOUTHERN ORANGE FREE STATE

R BEATRIX

HARMONY

R EI OU PR

T N Theunissen 0 2.5km 5km Co-ordinates G P WG E

OVERVIEW GOLD SOFS are situated in the Magisterial District Matjhabeng, near the towns of Welkom, MINERAL RESOURCES Virginia and Theunissen, approximately 240km south-west of Johannesburg, in the Free State province of South Africa. The site is accessed via the N1 highway between 9.938Moz Johannesburg and Kroonstad and then via the R30. Geologically it is located in the Free (no change) State Goldfield and is the southernmost gold mine in the Witwatersrand Basin. The project area is semi-arid and topographically flat. The area is characterised by a mild GOLD climate with warm to hot, moist summers and cold, dry winters. Activities mainly consist MINERAL RESERVES of agriculture. 2.112Moz The SOFS areas include: (no change) • Wits Gold prospecting areas comprising of the areas known as Bloemhoek, De Bron Merriespruit, Hakkies and Robijn Projects. URANIUM The SOFS, in its current form, dates from April 2014 when Sibanye acquired Wits Gold. MINERAL RESOURCES Sibanye is investigating the possibility of submitting a Section 102 application seeking consent from the Minister of Mineral Resources to amend the Beatrix MR by consolidating 35.373Mlb the Beatrix MR and the SOFS MR and PRs. (no change)

Sibanye Mineral Resources and Mineral Reserves 2016 61 SECTION 02 GOLD DIVISION

SOUTHERN ORANGE FREE STATE CONTINUED

GEOLOGY A three dimensional reconstruction of the Central Rand Group stratigraphy in the Free State Goldfield indicates a progressive southerly thinning of the sequence, south of the Sand River, into the SOFS mining and prospecting right areas. This attenuation of the Central Rand Group is related to uplift during the latter phase of deposition in the basin, causing erosion by superimposed, on-lapping unconformities. These erosional relationships particularly affected the Basal Reef (main economic horizon of the historic gold mines around Welkom) that subcrops and does not extend to the south of the Sand River. However, four other reefs, prospective for gold and uranium, have been intersected in the Central Rand Group in the area south of the Sand River and include the Leader Reef, the B Reef, the AAR/KKR and the Beatrix/VS5 Reef. The Beisa Reef has also been extensively explored, as a potential uranium resource, along the over-folded western margin of the Southern Free State Goldfields.

The Beatrix/VS5 unconformity at the base of the Eldorado Formation (Eldorado Unconformity) is developed across the entire SOFS area and therefore represents a reference surface for the construction of a structural map of the area. The resultant structure contours indicate that the Central Rand Group is deformed in a broad syncline, with smaller parasitic folds marking the southern limit of the prospective Witwatersrand Basin. This compression was responsible for active uplift towards the southern margin of the Free State Goldfield that resulted in a complex interplay between a series of superimposed unconformity surfaces. Repeated erosion of the footwall sequences caused the incorporation and winnowing of auriferous and uraniferous detritus into the reefs overlying the unconformities.

Stratigraphic column for the Free State Goldfields

U V

Eldorado V V V V R V V R

Aandenk R

R R TURFONTEIN SUBGROUP Spes Bona

Dagbreek U

Harmony R R CENTRAL RAND GROUP R Welkom I RU St Helena JOHANNESBURG SUBGROUP R Virginia R Maraisburg

62 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

The north-easterly plunging fold has been off-set by a series of later normal faults related to the regional Platberg extensional event. The normal faults generally strike north-south, the most significant being the De Bron Fault, which has a relative down-throw of more than 1,000m towards the west. A structure of greater magnitude, the Virginia Fault, strikes north-north-east and with a down throw to the east is responsible for the preservation of the Central Rand Group stratigraphy in the Robijn outlier. The Merriespruit Thrust Fault is a southerly-verging compressional structure that has an effective vertical displacement of 50 to 100m to the east of the De Bron Fault. These structures divide the SOFS area into four discrete domains or project areas in which the depth of the prospective reefs below surface will have a profound effect on any plan to exploit these resources.

Southern Orange Free State Strategic intent • Develop the Mineral Resources • Sibanye is investigating potential synergies between SOFS projects and the existing Beatrix Operation • Sibanye intends to combine the Beatrix and SOFS MR within the greater Freestate MR Mineralisation • Palaeo-placer style

Mineralisation • Hosted by auriferous and uraniferous predominantly quartz pebble conglomerates (reefs) characteristics • Laterally continuous with mid-range predictability • Clear patterns of mineralisation governed by sedimentary characteristics Deposit type • Shallow gold/uranium deposits comprising the BXR/VS5, Aandenk, B and Leader Reefs of the Central Rand Group; Witwatersrand Supergroup

Licence status • Bloemhoek and De Bron Merriespruit Project forms part of a MR in terms of the MPRDA, 2002 and holdings (Act No. 28 of 2002), in respect of an area totalling 13,135ha • Although the MR (DMR Ref FS30/5/1/2/2(10005) MR) has been granted (25 February 2014) it still has to be executed • All required permits relative to the status of the project have been obtained, and are in good standing Infrastructure • Bloemhoek and De Bron Merriespruit are exploration projects and a FS has been completed for De Bron Merriespruit in 2013 but no mining activities have been initiated yet

Mining method • A provisional mine design caters for a standard Witwatersrand gold mine design accessing underground orebody via a vertical and decline shaft system and utilising conventional scattered breast mining methods Climate • No extreme climate conditions are experienced that may affect mining operations

Life of mine • The current LoM is estimated at 19 years

Sibanye Mineral Resources and Mineral Reserves 2016 63 SECTION 02 GOLD DIVISION

SOUTHERN ORANGE FREE STATE CONTINUED

DE BRON MERRIESPRUIT The De Bron Merriespruit Project is located between the De Bron Fault, the western boundary, and the Virginia Fault in the east covering approximately 4,344ha. The northern boundary includes the southern extent of the old Merriespruit gold mine obtained from Harmony, while the southern boundary extends past the subcrop position of the potential orebodies (reefs). The De Bron Merriespruit project is the only SOFS project that was subjected to a FS. Project fundamentals Four primary reef horizons containing gold and uranium are developed on well-defined regional unconformities in the De Bron Merriespruit project area. These include the Beatrix/VS5, Aandenk, B and Leader Reefs, all of which have been mined extensively in the southern Free State Goldfields. The four reefs are developed within a 20m to 40m stratigraphic interval on the De Bron Merriespruit property and are preserved at depths of between 500m and 1,200m below surface. The, Beatrix/VS5 and AAR constitute the principal economic orebody, while the less extensive Leader and B Reefs are regarded as up-side potential for the project. The reefs are generally characterised by shallow dips of between 10° and 25° and a thickness of 60cm to 210cm that make them suitable for exploitation by means of typical narrow stoping techniques similar as conducted at the Beatrix Operation. The Leader, B and Aandenk Reefs all subcrop against the Beatrix/VS5 unconformity across the project area. This unconformity is undulating forming remnant channels, resulting in complex sub-crop patterns. The erosion and reworking of underlying reefs is believed to play a strong role in controlling the gold and uranium mineralisation in the VS5 Reef. Consequently, gold mineralisation increases south of the respective subcrops, as the VS5 Reef becomes more oligomictic due to the re-working of the underlying material. This coincides with the development of transitional facies of the VS5 and eventually the BXR facies. All four of the above reefs contain uranium, although the quantities are regarded as uneconomic at current price levels and therefore has not been included in the valuation models. Historically, a total of 72 boreholes (31 surface and 41 underground) were drilled in the De Bron Merriespruit Project area and immediate surrounds. Wits Gold drilled an additional 27 boreholes within the project area between 2006 and 2012. General consensus is that adequate QA/QC has been applied for the data to be used for evaluation. Royal HaskoningDHV subsequently completed a FS for the De Bron Merriespruit Project in 2013, which led to a SAMREC Code compliant Mineral Reserve declaration by Wits Gold. Sibanye has since re-estimated, further in line with Sibanye standards and protocols.

Gold grade tonnage curve The grade tonnage curve represents undiluted grade (at block width) and tonnes within the total Mineral Resources (all reefs at zero cut-off).

64 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

BLOEMHOEK The Bloemhoek Project constitutes the western extent of the SOFS MR, covering an area of approximately 4,060ha. The southern boundary of the Bloemhoek Project is situated a few hundred metres north of Beatrix 3 Shaft and is enclosed to the north by the Beatrix MR and bounded to the east along the De Bron Fault. Sibanye reviewed the geological structure of the Bloemhoek Project and an updated facies model was compiled during 2015. Project fundamentals Situated west of the De Bron Fault that separates the De Bron Merriespruit and Bloemhoek projects, the same four primary reef horizons encountered in the De Bron Merriespruit project are developed in the Bloemhoek Project area, namely the Beatrix/VS5, Aandenk, B and Leader Reefs. Geology fundamentals described for the four reefs at De Bron Merriespruit Project are similar for the Bloemhoek Project where the four reefs are preserved at depths of between 1,300m and 2,400m below surface, are between 100cm to 250cm thick and generally characterised by shallow dips of between 10° and 20°. From 1947 to 2004, a total of 28 surface boreholes were drilled in the Bloemhoek Project area. Most of this drilling was completed by Anglo American during the 1980s. Wits Gold acquired the property and data in 2004 and subsequently drilled a further four boreholes which culminated in a PFS, completed in 2009 with a SAMREC Code compliant Mineral Resource and Mineral Reserve Statement. Two more exploration boreholes were drilled in 2016 to firm up the Mineral Resource model for the 3 Shaft north section down-dip extension.

Aandenk Reef

Sibanye Mineral Resources and Mineral Reserves 2016 65 SECTION 02 GOLD DIVISION

BEISA NORTH

OVERVIEW The Beisa North Project (1,470ha) is located to the north of Beatrix, some 20km west of Virginia. The economic potential of the prospecting right is centred on the uraniferous and auriferous Beisa Reef, which is the same reef exploited by the old Beisa uranium mine located within the Beatrix MR. Project fundamentals Structurally, the Free State Goldfield lies within a north-south trending syncline that forms an apex in the south-western corner of the Witwatersrand Basin. The Beisa North and South Project areas are structurally dominated by a major overfold structure, which is a large north-trending synclinal fold associated with the western margin of the Witwatersrand Basin.

The plane of the Beisa Reef occurs in an inverted sequence of overturned strata (upside down) along the upper limits of the overfold in the target area. The Beisa Reef dips at generally moderate angles to the west from its eastern north-south trending subcrop against the Ventersdorp and/or Karoo Supergroups. However, further west, the dip of the Beisa Reef steepens to vertical in the overfold, overturning to a normal stratigraphic succession and dipping towards the east. The depth below surface of the Beisa Reef is thus structural bound and occurs from approximately 450m below surface, at its subcrop to >3,000m at the reefs deepest point.

The reef in general can be described as an oligomictic grit to small pebble conglomerate, 5mm to 50cm thick consisting of well to sub-rounded quartz pebbles set in a dark grey to slight yellowish grey sub-siliceous quartzitic matrix containing disseminated pyrite and carbon, with the carbon nearly always a carbon seam (bed) of between 1mm and 15mm thick at the base of the reef.

The Wits Gold exploration programme concluded in a technical report on the Mineral Resources of Beisa North in 2009. Sibanye has verified the Beisa North Project data and is satisfied that the data acquisition, QA/QC and interpretation followed industry best practices, especially the consolidation and interpretation of historic data (surface boreholes, company in-house technical report, etc.).

Gold Mineral Resource and Mineral Reserve classification Mineral Resources 31 Dec 2016 31 Dec 2015 Tonnes Grade Gold Gold Gold classification (Mt) (g/t) (‘000 oz) (‘000 oz) Underground Measured Indicated Inferred 14.8 3.4 1,619 1,619 Total 14.8 3.4 1,619 1,619

Uranium Mineral Resource and Mineral Reserve classification Mineral Resources 31 Dec 2016 31 Dec 2015

Tonnes Grade U3O8 U3O8 Gold classification (Mt) (kg/t) (‘000 lb) (‘000 lb) Underground Measured Indicated Inferred 14.8 1.084 35,373 35,373 Total 14.8 1.084 35,373 35,373

66 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 02 GOLD DIVISION

Idealised schematic section through the western margin showing the relative position of Beisa North Project and the subcrop relationships

West P East

R V O V R

R V

R R

Sibanye Mineral Resources and Mineral Reserves 2016 67 SECTION 03 PLATINUM DIVISION

OVERVIEW

DISCOVERY AND EXPLORATION Due to the pioneering work of Dr Hans Merensky, South Africa has been dominating the PGM supply in the platinum mining industry for many years. The first economic deposit, discovered near Lydenburg, led to subsequent exploration and the discovery of the largest known Ore Resource of PGMs.

The vast extent of the layered Bushveld Igneous Complex, and more specifically the Merensky Reef and the UG2 Reef, and its PGM disposition, has allowed platinum mines to grow with corresponding development of diverse platinum applications, through time.

Owing to the main application being industrial (used in catalytic converters) the demand is reliant on the economic climate and as such the demand fluctuates with the global supply and demand balance. As a result exploration is on an as and when needed basis.

A detailed history of each operation is captured on the back of the shareholders’ plan, PLATINUM DIVISION attached as fold-outs, at the end of this report.

In the interests of proactive geological understanding, Sibanye’s exploration strategy includes the following: • Initial discovery and infill (resource definition enhancement) exploration drilling (current and new projects) • Timeous prospect development 126.48Moz • Reducing localised uncertainty inherent to the deposit at current operations 2016 4E PGM • Grade-control drilling on current operations

A continuous Mineral Resource definition programme is in place at each operation in order Mineral Resources to facilitate better planning and optimisation with appropriate lead time and to ensure robust geological and evaluation models that will underpin the resource definition of the various reefs mined. The programme will confirm the orebody potential in all areas of operation. 23.19Moz 2016 4E PGM Mineral Reserves

Kroondal Plant

The acquisition of Aquarius and Rustenburg Operations in 2016, consolidated Sibanye’s position as one of the top producers of PGMs in South Africa.

68 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 03 PLATINUM DIVISION

Schematic map of the Bushveld Complex and Great Dyke

O P G U W ZIMBABWE OPERATION

R S

T N

A WESTERN LIMB B EASTERN LIMB C ZIMBABWE GREAT DYKE OPERATION PROJECT OPERATION R R V R

Sibanye Mineral Resources and Mineral Reserves 2016 69 SECTION 03 PLATINUM DIVISION

OVERVIEW CONTINUED

GEOLOGICAL SETTING South African Mines The Kroondal Operations consist of decline shafts from surface which access the orebody down to a depth of approximately 600m below surface (BS) and apply a mechanised bord and pillar mining method exploiting the UG2 Reef. The Rustenburg Operations consist of primary vertical shafts from surface which access the orebody in the order of 1,000m BS and apply conventional mining methods for mining. The UG2 and Merensky Reefs are exploited simultaneously. Both operations are located in the Western Bushveld Complex in close proximity to the town of Rustenburg in the North West province.

The Bushveld Complex (BC) is estimated to have formed approximately 2,060Ma ago. Its mafic rock sequence, the Rustenburg Layered Suite (RLS), is the world’s largest known mafic igneous layered intrusion and contains more than 90% of the world’s known Mineral Resources of PGMs. The RLS occurs geographically as five discrete compartments termed limbs. The Western, Eastern and Northern Limbs are being exploited for PGMs.

The Pilanesberg Complex, the remnant of an alkaline volcanic plug, which intruded into the Bushveld Complex about 1,250Ma, splits the Western Limb into two lobes (northwestern and southwestern) while the Eastern Limb is split into two lobes (northeastern and southeastern lobes) by the Steelpoort Fault. Sibanye’s Platinum Division is located south east of the Pilanesberg Complex on the Western Limb (Rustenburg and Kroondal Operations), while the project areas are located in the Eastern Limb of the BC.

The extensive nature of the Merensky Reef and UG2 Reef in the Kroondal and Rustenburg Platinum Lease Area has been confirmed mainly by extensive surface and underground drilling as well as 3D seismic surveys. The only exception to this pattern is in the vicinity of the two major dunite pipes, the Brakspruit and Townlands pipes.

The Merensky Reef is, in most instances, well defined and typically consists of a pegmatoidal feldspathic pyroxenite layer, bounded on the top and bottom by thin chromitite layers (stringers). A notable feature of the Merensky Reef is the variability of the reef thickness ranging from 1 cm to 70 cm, over large areas. The Merensky Reef contains economically important base metal sulphide (BMS) and PGM mineralisation. Mineralisation of the Merensky Reef generally occurs in the pegmatoidal feldspathic pyroxenite and to a limited extent in the hangingwall and footwall, with highest PGM concentration peaking at the chromitite stringers.

The UG2 Reef, which is consistently developed throughout the RLS, is rich in chromitite but with lower gold, copper and nickel values as compared to that of the Merensky Reef. The UG2 Reef consists of a thin layer of chromitite averaging 20cm in thickness. Underlying this mineralised seam is a non-mineralised pyroxenite layer of variable thickness from 5cm to 6m. Below this is the main UG2 layer with an average thickness varying between 55cm and 75cm. Within the Rustenburg Lease Area, the UG2 Reef occurs vertically between 90m and 150m below the Merensky Reef and dips in a northerly direction. The UG2 Reef is prone to undulations as compared to the Merensky Reef, resulting in rolling reef.

The Merensky Reef and the UG2 Reef are affected by structural and other geological features, including potholes and iron rich ultramafic pegmatoids (IRUPs), which result in geological losses and have an impact on mining.

Geological schematic of the Bushveld Igneous Complex NORTHERN LIMB

Polokwane Rustenburg Johannesburg Mokopane

EASTERN LIMB

T N WESTERN LIMB R V R Rustenburg P O Kroondal Pretoria P Johannesburg

70 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 03 PLATINUM DIVISION

Non-South African Mines The Mimosa Operation is a shallow mine (<200m BS) and accessed via a single decline shaft. It is located on the Wedza sub-chamber of the southern portion of the Great Dyke in Zimbabwe, approximately 32km from the town of Zvishavane. The Great Dyke is divided vertically into a lower ultramafic sequence, dominated from the base upwards by cyclic repetitions of dunite and/or serpentinite, hartzburgite and pyroxenite and an upper mafic unit consisting of gabbro and gabbro-norite and repetitions of dunite and/or serpentinite, hartzburgite and pyroxenite.

Economic PGM mineralisation occurs within the Main Sulphide Zone (MSZ), which is generally 10m to 20m from the top of the Ultramafic Sequence. Because it lies just below the Mafic Sequence, the PGM Resources coincide with the four main erosional remnants of these rocks. The MSZ is typically 2m to 3m thick, but is locally up to 20m thick with a marked decrease in grade with thickening of the zone. Areas of very thick, uneconomic MSZ are mainly restricted to the axis of the Darwendale and Musengezi chambers.

The Great Dyke is intrusive into Archaean granite, gneisses and greenstones. The latest dating indicates this occurred 2.5Ga ago, which is 500Ma older than the Bushveld Complex. Various north-north-east-trending satellite dykes with the same age are located east and west of the main intrusion. Exploration activities 2016 Over the past 12 months, on-mine exploration activities focused mainly on Mineral Resource definition drilling and the timeous conversion of Mineral Resources to Mineral Reserves. The table below summarises exploration metres drilled and expenditure for the 12 months ending 31 December 2016 and planned drilling activities for 2017.

Exploration drilling details for 2016 and 20171 2017 2016 Planned Planned Drilled Expenditure Operation (m) expenditure (Rm) (m) (Rm) Rustenburg 7,139.7 6.8 8,458 6.9 Kroondal * * 1,944 2.2 Mimosa 4,875 9.4 1,187 2.72 (US$738,337) (US$211,811) Projects * * * * Total 12,014 16.2 11,589 11.8

1 Figures are exclusive of cover drilling

PLATINUM DIVISION CONSOLIDATED MINERAL RESOURCE AND MINERAL RESERVE STATEMENT

PGM Mineral Resource and Mineral Reserve classification details are itemised in the respective tables which follow.

Rustenburg Mineral Resource and Mineral Reserve estimates are net of 12 months production depletion from December 2015 whilst Kroondal and Mimosa stated Mineral Resources and Mineral Reserve estimates are net of 18 months production depletion with the 30 June 2015 declaration, where appropriate, also tabulated for comparison purpose.

Since the previous Mineral Resource and Mineral Reserve statement for Aquarius Platinum, Everest Mine and its associated Hoogland Project were disposed of prior to the acquisition by Sibanye. Furthermore the Hoedspruit Project prospecting rights lapsed during 2016. A renewal application was submitted and rejected by the DMR. This process is under appeal.

Marikana Mineral Resource estimate remains unchanged. However, due to current economic considerations circa 0.9Moz 4E PGM have been removed from the estimated Mineral Reserves.

With the exception of Rustenburg Operations (100% attributable), the Kroondal and Mimosa operations report as follows: • Kroondal Pool and Share Agreement (PSA with Anglo American Platinum (AAP)) – 50% attributable • Mimosa – 50% attributable • Kroondal Extension – mined on a royalty agreement with AAP of which the Kroondal operations have exclusive mining rights and these are included in the Kroondal LoM plan – 50% attributable reported under Kroondal

Sibanye Mineral Resources and Mineral Reserves 2016 71 SECTION 03 PLATINUM DIVISION

OVERVIEW CONTINUED

PLATINUM DIVISION CONSOLIDATED MINERAL RESOURCE AND MINERAL RESERVE STATEMENT CONTINUED

Classified 4E PGM Mineral Resource and Mineral Reserve statement Mineral Resources Mineral Reserves 31 Dec 2016 20151 31 Dec 2016 20151 Category Tonnes Grade 4E PGM Category Tonnes Grade 4E PGM Reef 4E PGM (Mt) (g/t) (Moz) 4E PGM (Moz) 4E PGM (Mt) (g/t) (Moz) 4E PGM (Moz) SOUTH AFRICA OPERATION: KROONDAL (50% ATTRIBUTABLE) SOUTH AFRICA OPERATION: KROONDAL (50% ATTRIBUTABLE) Measured 44.50 3.52 5.04 5.57 Proved 21.01 2.67 1.80 2.94 UG2 Indicated 14.24 3.70 1.69 1.96 Probable 5.75 2.64 0.49 0.91 Inferred 6.02 3.22 0.63 0.77 Total 64.76 3.53 7.36 8.30 Total 26.76 2.66 2.29 3.85 EVEREST (100% ATTRIBUTABLE) EVEREST (100% ATTRIBUTABLE) Measured – – – 2.62 Proved – – – 1.09 UG2 Indicated – – – 0.36 Probable – – – 0.04 Inferred – – – 0.13 Total – – – 3.11 Total – – – 1.13 NON SOUTH AFRICA OPERATION: MIMOSA* (50% ATTRIBUTABLE) NON SOUTH AFRICA OPERATION: MIMOSA* (50% ATTRIBUTABLE) Measured 31.90 3.68 3.78 4.12 Proved 9.24 3.55 1.05 1.31 MSZ Indicated 15.42 3.58 1.78 1.79 Probable 5.37 3.68 0.64 0.65 Inferred 4.41 3.61 0.51 0.52 Inferred (Oxides) 9.00 3.39 0.98 0.98 Total 60.73 3.61 7.04 7.41 Total 14.61 3.60 1.69 1.96 SOUTH AFRICA OPERATIONS RUSTENBURG (EXCLUDING TAILINGS) SOUTH AFRICA OPERATIONS RUSTENBURG (EXCLUDING TAILINGS) Measured 65.27 6.17 12.94 13.13 Proved 9.57 5.20 1.60 2.31 MER Indicated 43.05 5.94 8.23 8.23 Probable 0.80 4.87 0.13 0.16 Inferred 10.99 5.70 2.02 2.04 Total 119.31 6.04 23.18 23.41 Total 10.38 5.18 1.73 2.47 Measured 310.60 4.69 46.81 49.88 Proved 113.57 3.71 13.56 18.96 UG2 Indicated 82.51 5.01 13.30 14.02 Probable 5.88 4.10 0.78 4.04 Inferred 4.17 5.23 0.70 0.72 Total 397.28 4.76 60.81 64.63 Total 119.46 3.73 14.34 23.01 Measured 375.87 4.94 59.75 63.02 Proved 123.15 3.83 15.17 21.28 Combined Indicated 125.57 5.33 21.53 22.26 Probable 6.68 4.19 0.90 4.20 Inferred 15.16 5.57 2.72 2.76 Total 516.60 5.06 83.99 88.03 Total 129.83 3.85 16.07 25.48 TAILINGS TAILINGS Measured 90.38 1.08 3.14 3.28 Proved 0.00 0.00 0.00 0.00 Combined Indicated – – – – Probable 90.38 1.08 3.14 3.28 Inferred – – – – Total 90.38 1.08 3.14 3.28 Total 90.38 1.08 3.14 3.28 TOTAL PROJECTS TOTAL PROJECTS Measured 32.54 1.06 1.11 1.11 Proved – – – – Combined Indicated 37.91 0.85 1.04 7.73 Probable – – – – Inferred 261.91 2.71 22.80 22.51 Total 332.36 2.33 24.95 31.35 Total – – – – TOTAL PLATINUM DIVISION TOTAL PLATINUM DIVISION Measured 575.19 3.94 72.81 79.72 Proved 153.39 3.65 18.02 26.62 Combined Indicated 193.13 4.19 26.03 34.10 Probable 108.19 1.48 5.17 9.09 Inferred 287.51 2.88 26.66 26.69 Inferred (Oxides) 9.00 3.39 0.98 0.98 Total 1,064.83 3.69 126.48 141.49 Total 261.59 2.76 23.19 35.70

Mineral Resources are inclusive of Mineral Reserves Everest Mine was sold during the year, 3.11Moz were removed from the Mineral Resource alongside Hoogland (0.61Moz), 1.13Moz were removed from the Mineral Reserve * Mimosa (Zimbabwe) is a non-South African operation managed as a standalone company in Zimbabwe, 50% attributable to Sibanye Kroondal Extension is being mined by Sibanye Platinum with exclusive Mining Rights from Anglo Platinum, reporting 50% attributable 4E PGM g/t – corrected 4E PGM grade (Pt+Pd+Rh+Au) Rustenburg Operations are reflected from December 2015 base, 12 months depletion considered. Kroondal and Mimosa Operations are reflected from a June 2015 base with 18 months depletions considered 1 Rustenburg, Kroondal and Mimosa were not required to report SEC compliant Mineral Reserves during 2015. Post Sibanye acquisition, Mineral Reserves were subject to evaluation in line with SEC guidelines. As a result, the LoM that informed the Mineral Reserves were valuated applying a trailing Platinum Group Metals price deck which is c.5% lower than that considered by AAP in 2016. The result is a combined removal of 6,220Moz 4E PGM from the Mineral Reserves reported by RPM in December 2015 and the previous AQP in June 2015. These metals contained in ore still remains in-situ for exploitation when the price improves. Sensitivity analysis indicates that a 4E PGM basket price shift of 3-5% will bring these Mineral Resources back into Mineral Reserves.

72 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 03 PLATINUM DIVISION

DEPLETION AND GROWTH OUTLINE SUMMARISED Key aspects that impacted the 31 December 2016 Statement of Mineral Resources were: PROJECT REVIEW • Hoedspruit UG2 and Merensky Mineral Resources were removed due to Prospecting Rights lapsing during 2016. The Prospecting Rights renewal application is under appeal Sheba’s Ridge Project (5.79Moz) The base metal and precious • Hoogland Mineral Resources were disposed of with the sale of Everest prior to the metal mineralisation is located in finalisation of the Sibanye acquisition and accounted for 3.72Moz of 4E PGM the Groblersdal bulge connected to • Depletion of Mineral Resources by 1.88Moz of 4E PGM predominantly at Rustenburg, the Eastern Limb of the Bushveld Kroondal, Marikana and Mimosa Operations Complex. Ownership is split, with the Platinum Division currently The attributable Mineral Resources, decreased year-on-year by 15.01Moz of 4E PGM. holding a 39% interest in the Key aspects that impacted the 31 December 2016 Statement of Mineral Reserves were: project, AAP 35% and the Industrial Development Corporation (IDC), • 0.9Moz of 4E PGM were removed from the Mineral Reserves at Marikana due to sub- 26%. Official documentation of work economic conditions. The financial parameters applied by Sibanye for Mineral Reserve done pre-2009 consists of a single classification differed from that in June 2015, specifically the application of metal prices PFS document. No extra exploration • The sale of Everest prior to the finalisation of the Sibanye acquisition accounted for a drilling was done in the last reduction of 1.13Moz of 4E PGM financial year. • Depletion of Mineral Reserves by 1.716Moz of 4E PGM predominantly at Rustenburg, Kroondal, Marikana and Mimosa operations Zondernaam Project • Rustenburg Operations main variance of 6,22Moz of 4E PGM is attributed to economical The Platinum Division concluded valuations in line with SEC Guide 7 the consolidation of a number The attributable Mineral Reserves, therefore, decreased year-on-year by 12.51Moz of of exploration properties into 4E PGM. Zondernaam Mining. This consolidation brings together a SUMMARISED OPERATION REVIEW total of seven contiguous farms Rustenburg approximately 35km east of Lebowakgomo in the Limpopo The Rustenburg Operation is a long-term asset producing PGMs. The current LoM is province to the north of the estimated to extend to 2046. The operation contains 4E PGM Mineral Resources of Phosiri dome, and to the west approximately 87.13Moz and 4E PGM Mineral Reserves of 19.21Moz. The 4E PGM of Lebowa Mine. The 4E PGM Mineral Reserves have decreased year-on-year, mainly due to depletions and current Mineral Resource remain unchanged economic valuation. from the previous years statement. Kroondal Vygenhoek Project The Kroondal Operation is a medium-term asset, producing PGMs. The current LoM Mineral Resources declared year- is estimated to extend to 2032. The operation contains 4E PGM Mineral Resources of on-year remain unchanged. No approximately 7.36Moz (attributable to the Platinum Division and exclusive Mining Right additional exploration work was from AAP) and 4E PGM Mineral Reserves 2.29Moz (attributable to the Platinum Division and carried out during the previous exclusive Mining Right from AAP). The 4E PGM Mineral Reserves have decreased year-on- financial year. year, mainly due to depletion and current economic valuation. Blue Ridge and Mimosa Millenium Project The Mimosa Operation is a medium-term asset, producing PGMs. The current LoM The latest plan will see the Blue is estimated to extend to 2033. The operation contains 4E PGM Mineral Resources of Ridge underground operations approximately 7.04Moz (attributable to the Platinum Division) and 4E PGM Mineral remain on care and maintenance Reserves 1.69Moz (attributable to the Platinum Division). The 4E PGM Mineral Reserves during 2017. All appropriate have decreased year-on-year by 0.27Moz due to depletion. resolutions have been tabled with the relevant stakeholders. As a result, no Mineral Reserves will be declared for this operation. In addition, all the Mineral Resources previously declared for the Millenium Project have been reclassified back to ‘inferred’ category due to the absence of additional exploration drilling.

Sibanye Mineral Resources and Mineral Reserves 2016 73 SECTION 03 PLATINUM DIVISION

OVERVIEW CONTINUED

Platinum Mineral Resource reconciliation* Factors 4E PGM (Moz) Mineral Resources 20151 141.487 2016 depletion (1.876) Post-depletion 139.611 Changes in estimation models at operations due to additional drilling and sampling (0.335) Changes in geology structures at operations 0.005 Change in geological loss factors 0.031 Changes in boundaries at operations (0.128) Technical factors (transfer to deposit – reinterpretations etc) 0.024 Specific exclusions: Kroondal Extension (3.219) Everest Mine (sold) (3.110) Hoogland (sold) (0.610) Hoedspruit Prospecting Licence non-renewal (5.790) December 2016 126.478

Platinum Mineral Reserve reconciliation* Factors 4E PGM (Moz) Mineral Reserves 20151 35.703 2016 depletion (1.716) Post-depletion 33.987 Economic valuation (6.220) Evaluation 0.383 Geological changes (0.275) Boundary changes and remnants 0.005 Technical factors (0.285) Specific exclusions: Everest Mine sale (1.130) Marikana Reserve (economics) (0.866) Kroondal Extension (2.414) December 2016 23.186

* Rounding off of figures may result in minor computational discrepancies 1 4E PGM Mineral Resources and Mineral Reserves 2015 includes: Rustenburg 4E PGM as at 31 December 2015, Kroondal 4E PGM as at 30 June 2015 and Mimosa 4E PGM as at 30 June 2015

74 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 03 PLATINUM DIVISION

Kroondal

Sibanye Mineral Resources and Mineral Reserves 2016 75 SECTION 03 PLATINUM DIVISION

Kroondal is an established mechanised producer of KROONDAL PGMs in a shallow tabular orebody.

Key plan to mining units (shaft zones)

R Kwezi Shaft

K6 Shaft

Marikana 5 Shaft S Kopaneng Shaft Marikana 6 Shaft

Simunye Shaft Marikana 4 Shaft Marikana 1 Shaft Bambanani Shaft

Marikana 2 Shaft

T N

2km 0km 5km 10km

E G P WG

RUSTENBURG OPERATIONS KROONDAL

KROONDAL

R R P R UG O Co-ordinates E

76 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 03 PLATINUM DIVISION

OVERVIEW PLATINUM Kroondal is situated in the Magisterial District of Rustenburg near the town of Rustenburg, MINERAL RESOURCES approximately 120km northwest of Johannesburg, and about 120km west of Pretoria (Tswane) in the Northwest province of South Africa.

7.36Moz Kroondal Operations consists of established shallow mechanised PGM mines in the Western 4E PGM MINERAL RESOURCES Limb of the BC. Currently Kroondal consists of five operating shafts and one shaft under (-35% associated with sale of care and maintenance. The UG2 Reef is currently being mined at the Kroondal Operations. assets pre-aquisition (3.11Moz) The deposit is accessed from surface using decline systems and bord and pillar mining and depletion) method. The lowest mining level at Kwezi Shaft is 300m below surface and at K6 Shaft it is 250m below surface. At Simunye Shaft the lowest mining level is currently 550m below surface and at Bambanani Shaft – Ackerman section, the current lowest mining level is PLATINUM 450m below surface whilst at Kopaneng Shaft it is 500m below surface. MINERAL RESERVES There are two concentrator processing plants (K1 and K2) processing the ROM at Kroondal 2.29Moz Operations and there is processing availability at a third plant which is currently under care 4E PGM MINERAL RESERVES and maintenance (Marikana Plant). (-54% associated with sale of Whilst Sibanye Platinum purchased all of the Aquarius assets, the MR are registered under assets pre-aquisition (1.13Moz), AAP. The Kroondal Extension is mined on royalty basis to AAP by the Platinum Division with depletion and economic exclusive MR from AAP. valuations) The Blue Ridge Operation has been on care and maintenance since 2011 and will remain on care and maintenance during 2017, therefore not declaring any Mineral Reserves.

The Everest Operation was sold prior to the acquisition by Sibanye and no longer forms part of Kroondal nor the Platinum Division estimates.

All legal aspects and tenure are in order.

Schematic 3D section through the Kroondal orebody looking east

Sibanye Mineral Resources and Mineral Reserves 2016 77 SECTION 03 PLATINUM DIVISION

Schematic 3D section through the Kroondal (Townlands) orebody looking north-west

Kroondal overview Strategic intent • Optimise the LoM by repositioning and creating synergies with RPM • Stabilise production profiles at sustainable levels • Fast track Mineral Resource to Mineral Reserve conversion Mineralisation • Layered Mafic to Ultramafic Intrusive Igneous orebody style

Mineralisation • Tabular orebody, laterally continuous with relatively long-range predictability characteristics • Clear patterns of mineralisation governed by intrusive characteristics • Two chromite rich horizons hosting PGM Minerals within the UG2, separated by a pyroxenite parting forming the mineable horizon • Reef disruptions in the form of potholing occur throughout the orebody • Cross cutting faulted dykes occur throughout the orebody at variable scales Deposit type • The mining unit consists of an upper UG2L, a feldspathic pyroxenite parting and UG2 • Mineralisation is constrained to the UG2L and the UG2 • The Merensky Reef, at Kroondal, was mined out pre-acquisition by Sibanye Licence status • Kroondal has a New Order Mining Right No 35/2007 MRC (DMR Ref NW30/5/1/2/2(104) and holdings MR) valid from 17 October 2007 to 16 October 2022 in respect of a mining area, totalling approximately 1722ha, in the Magisterial Districts of Rustenburg in the North West province. The Mining Right comprises various farms (or portions thereof) • Blue Ridge is currently on care and maintenance • Everest (sold) no longer forms part of the Platinum Division’s Mineral Resource estimates

78 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 03 PLATINUM DIVISION

Kroondal overview continued Infrastructure • Three mining units (MU1, MU2 and MU3) utilizing 5 operating Shafts • Kwezi Shaft and K6 (MU1) • Simunye Shaft and Bambanani Shaft and part Marikana Shaft (MU2) • Kopaneng Shaft (MU3) • Two concentrator plants • Kroondal No 1 Plant (280ktpm) • Kroondal No 2 Plant (300ktpm) Mining method • Bord and pillar

Mineral • Currently ore from Kwezi (part MU1) and Simunye and Bambanani (MU2) is processed at processing K2 Plant • Ore from K6 (part MU1) and Kopaneng (MU3) is processed at K1 Plant Tailings disposal • K1 TSF which receives tailings from K1 Concentrating Plant • K150 TSF which receives tailings from K1 and K2 Concentrating Plants • K2 TSF which receives tailings from K2 Concentrating Plant • Marikana TSF which has been recommissioned Climate • Surface climatic conditions do not affect the underground mining operations

Environmental/ • Kroondal’s systems, procedures and training are in line with international best practice health and safety

Life of mine • It is estimated that the current Mineral Reserves will sustain the operation until 2032

Key • Exploration drilling at Kroondal redefined the IRUP area developments • The IRUP area was reduced, thereby increasing the Mineral Resource extent and brownfield projects (on-mine)

REVIEW A noticeable change on Mineral Resource and Mineral Reserve has been seen year on year. These changes are as a result of the following:

• The Blue Ridge operation is on care and maintenance. All appropriate resolutions have been tabled with the relevant stakeholders and as a result, no Mineral Reserves will be declared for this operation • All the Mineral Resources previously declared for the Millenium Project have been reclassified back to ‘inferred’ category due to the absence of additional exploration drilling • Everest – disposal of assets during the period (includes Hoogland) before the acquisition by Sibanye

A full account of all the operating statistics for Kroondal is posted on the back of the Kroondal shareholders plan, attached at the end of this Mineral Resources and Mineral Reserves Report.

Sibanye Mineral Resources and Mineral Reserves 2016 79 SECTION 03 PLATINUM DIVISION

KROONDAL CONTINUED

Operations Mineral Resource classification Kroondal (50% attributable) Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 9.93 3.36 1.07 1.43 Indicated 2.76 3.57 0.32 0.52 UG2 Inferred 0.12 3.62 0.01 0.13 Total 12.81 3.41 1.41 2.07

Marikana (50% attributable) Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 9.09 4.28 1.25 1.34 Indicated 5.05 4.10 0.67 0.74 UG2 Inferred 1.72 3.15 0.17 0.20 Total 15.86 4.10 2.09 2.28

Kroondal Extension (50% attributable – Exclusive Mining Right) Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 10.72 3.33 1.15 1.24 Indicated 2.29 3.89 0.29 0.28 UG2 Inferred 0.00 4.16 0.00 0.00 Total 13.01 3.42 1.43 1.52

Total Kroondal Operations (50% attributable) Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 29.73 3.63 3.47 4.00 Indicated 10.10 3.91 1.27 1.54 UG2 Inferred 1.84 3.18 0.19 0.33 Total 41.67 3.68 4.93 5.87

Blue Ridge Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 14.77 3.31 1.57 1.57 Indicated 4.14 3.18 0.42 0.42 UG2 Inferred 4.18 3.24 0.44 0.44 Total 23.09 3.27 2.43 2.43

80 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 03 PLATINUM DIVISION

Operations Mineral Resource classificationcontinued Everest Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured – – – 2.62 Indicated – – – 0.36 UG2 Inferred – – – 0.13 Total – – – 3.11

Total Kroondal Operations (including Blue Ridge) Dec 2016 Jun 2015* 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 44.50 3.52 5.04 8.19 Indicated 14.24 3.70 1.69 2.32 Total Inferred 6.02 3.22 0.63 0.90 Total 64.76 3.53 7.36 11.41

* June 2015 Mineral Resource estimate is inclusive of Everest

4E PGM Mineral Resource reconciliation (Kroondal and Blue Ridge)

11,412 5 (665) (4) (134) (128) (19) 7,356 (3,110) E PG E G Resources Dec 2016 Resources June 2015

Annual development results* Financial year total F Merensky Category Unit UG2 Reef 2016 2015 Advance km 23.0 – 23.0 14.6 Advance on-reef km 18.9 – 18.9 13.4 Channel width cm 143.6 – 143.6 166.5 Mining width cm 234 – 234 236 Average value (4E PGM) g/t 2.49 – 2.49 2.43 Average value (4E PGM) cm.g/t 582.7 – 582.7 573.5

* Bord and pillar mining method: on-reef advance accounts for decline barrels being developed on-reef

Sibanye Mineral Resources and Mineral Reserves 2016 81 SECTION 03 PLATINUM DIVISION

KROONDAL CONTINUED

4E PGM grade tonnage curve (UG2) Modifying factors The Grade tonnage curve represents the grade and Parameter Unit Dec 2016 Jun 2015 tonnage after geological loss. The total tonnage Geological Loss % 28.7 26.0 represented includes the AAP attributable royalty mining Extraction % 85.6 85.6 area all 100% as it informs the Kroondal LoM but excludes Blue Ridge under care and maintenance. Off-reef % 2.4 2.8 Re-development % 11.2 10.8 Sliping % 2.2 2.2 Scalping % 5.4 5.5 Scalping grade (4E PGM) (g/t) 0.64 0.64 Mining Loss % 2.2 2.6 Off-reef %: based on m² after geological loss and pillar loss

E Re-development %: based on equivalent m² after geological loss and pillar loss (Re-development m²/Equiv. m²) Sliping %: based on % of m³ of total tonnes broken Additional waste scalping %: based on total tonnes mined Mining loss %: area loss due to the practical mining along geological features, boundaries etc E G

Mineral Reserve classification Kroondal (50% attributable) Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 9.81 2.74 0.87 1.16 Probable 2.90 2.81 0.26 0.41 UG2 Total 4E PGM 12.71 2.76 1.13 1.57

Marikana (50% attributable) Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 0.37 2.46 0.03 0.80 Probable – – – 0.28 UG2 Total 4E PGM 0.37 2.46 0.03 1.08

Kroondal Extension (50% Attributable – Exclusive Mining Right) Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 10.83 2.61 0.91 0.98 Probable 2.85 2.47 0.23 0.23 UG2 Total 4E PGM 13.68 2.58 1.13 1.21

Total Kroondal Operations (50% attributable) Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 21.01 2.67 1.80 2.94 Probable 5.75 2.64 0.49 0.91 UG2 Total 4E PGM 26.76 2.66 2.29 3.85

82 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 03 PLATINUM DIVISION

Mineral Reserve classificationcontinued Everest UG2 Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved – – – 1.09 Probable – – – 0.04 UG2 Total 4E PGM – – – 1.13

Total Kroondal Operations Dec 2016 Jun 2015* 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 21.01 2.67 1.80 4.03 Probable 5.75 2.64 0.49 0.95 Total Total 4E PGM 26.76 2.66 2.29 4.98

* June 2015 Mineral Reserve estimate is inclusive of Everest

4E PGM Mineral Reserve reconciliation (Kroondal Operations)

4,981 (1,130) 2,986 2,544 (866) 2,291 (441) (70) (2) E PG (143) (38) E E G Reserves Dec 2016 Reserves June 2015 R E R

Hoisting and production capacities 5yr planned Operating Mining Operating production capacity unit shaft (ktpm) (ktpm) 1 (Kwezi, K6) 2 235 280 2 (Simunye, Bambanani) 2 248 260 3 (Kopaneng) 1 124 160

Plant capacities Design Current Average capacity operational recovery Material Plant (ktpm) capacity (ktpm) factor (%) treated K1 250 310 81.7 UG2

Kroondal K1 Plant K2 290 325 79.6 UG2

Sibanye Mineral Resources and Mineral Reserves 2016 83 SECTION 03 PLATINUM DIVISION

Sibanye Platinum purchased all of the Rustenburg Platinum mines from Anglo American Platinum. All legal aspects and tenure are in order. RUSTENBURG The current Mineral Reserves of Rustenburg Section are estimated to sustain the operation until 2046.

Key plan to mining units (shaft zones)

Khuseleka 2

Thembelani 2 Khuseleka 1 R Khomanani 2 Thembelani 1 Khomanani 1 Siphumelele 1

Bathopele Siphumelele 2 Siphumelele 3 S

T N

2km 0km 5km 10km

E G P WG

RUSTENBURG KROONDAL OPERATION

KROONDAL

R P O P O UG O O Co-ordinates E

84 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 03 PLATINUM DIVISION

OVERVIEW PLATINUM The Rustenburg Operations are located in the North West province, north-east of the MINERAL RESOURCES towns of Rustenburg and Kroondal. Rustenburg Operations are located 123km west of Pretoria and 126km north-west of Johannesburg. The Rustenburg Operations Lease Area 87.13Moz covers approximately 130km2 and is in excess of 20km from east to west and 15km from 4E PGM MINERAL RESOURCES north to south. (-3.69% post-production The Rustenburg Platinum Mines consists of three operating vertical shafts, which utilise depletion of -3.22Moz) a conventional mining method (Siphumelele 1, Khuseleka 1, and Thembelani 1) and Bathopele Mine, which is a mechanised operation. The Mineral Resource is accessed from PLATINUM surface using conventional underground mining methods to 34 Level (the lowest working level) at Siphumelele Shaft, approximately 1,350m below surface, and 28 Level (the lowest MINERAL RESERVES working level) at Khuseleka, approximately 2,105m below surface, and 29 Level (the lowest 19.21Moz working level) at Thembelani Shaft. The Mineral Resource at Bathopele Mine is accessed from surface via two decline clusters using mechanised mining methods to a depth of 4E PGM MINERAL RESERVES approximately 500m below surface. (-24.2% post-production depletion of -6.13Moz) Four process plants are located at Rustenburg Operations. The Waterval UG2 concentrator processes only UG2 ore. The Waterval Retrofit concentrator treats a blend of Merensky and UG2 ores. In 2016, this plant also started treating tailings from the Waterval East and West TSF. The Western Limb Tailings Retreatment Plant (WLTR Plant), treating tailings from the Klipfontein TSF. The Chrome Retreatment Plant (CRP) treats UG2 tailings to recover a saleable chromite concentrate.

Schematic 3D section through the Rustenburg orebody looking north-east

Sibanye Mineral Resources and Mineral Reserves 2016 85 SECTION 03 PLATINUM DIVISION

RUSTENBURG CONTINUED

Rustenburg overview Strategic intent • Extend the LoM by repositioning and creating synergies with Kroondal Platinum Mines (KPM) • Stabilise production profiles at current performance levels • Fast track Mineral Resource to Mineral Reserve conversion Mineralisation • Layered Mafic to Ultramafic Intrusive Igneous orebody style

Mineralisation • Tabular orebody, laterally continuous with relatively long-range predictability characteristics • Clear patterns of mineralisation governed by intrusive characteristics • Two chromite rich horizons hosting PGM minerals within the UG2, separated by a pyroxenite parting forming the mineable horizon. One platinum bearing pyroxenite layer known as the Merensky Reef lies 140m below the UG2 Reef. • Reef disruptions in the form of potholing occur throughout the orebody • Cross cutting faulted dykes occur throughout the orebody at variable scales Deposit type • UG2 Reef: consists of main chromitite band with average thickness of 70cm • Mining includes the main band and various components of hangingwall and footwall to a planned minimum resource cut of 105cm • Merensky Reef: consists of pegmatoidal feldsphatic pyroxenite with top and bottom chrome seam at average width of 20cm • Mining includes the Merensky Reef and various components of hangingwall and footwall to a planned minimum resource cut of 105cm Licence status • The Rustenburg Operations presently comprises, inter alia, one Mining Right granted under the and holdings transitional provisions of Schedule II • Rustenburg has a New Order Mining Right (DMR Ref NW30/5/1/2/2/82 MR (82MR)) valid from 25 July 2016 to 28 July 2040 Infrastructure Four mining shafts: Mining tailings dams • Khuseleka • Waterval East • Thembelani • Klipfontein • Siphumelele • Bathopele Mining method • Conventional scattered breast mining and mechanised bord and pillar

Mineral • Waterval UG2 concentrator, treating only UG2 processing • Waterval Retrofit concentrator, treating a blend of Merensky and UG2 ores, and from 2016 started treating tailings from the Waterval East and West TSF • WLTR Plant, treating tailings from the Klipfontein TSF • CRP treats UG2 rougher middlings to recover a saleable chromite concentrate Tailings disposal • Hoedspruit TSF – active dam with tonnes being added from WLTR • Paardekraal TSF – active dam with tonnes being added from Retrofit and UG2 Plants • Waterval East TSF is being mined and processed at Retrofit • Waterval West TFS – dormant dam • Klipfontein TSF which is being mined and processed at WLTR Climate • Surface climatic conditions minimally affect the underground mining operations

86 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 03 PLATINUM DIVISION

Rustenburg overview continued Environmental/ • Rustenburg systems, procedures and training are in line with international best practice health and safety

Life of mine • It is estimated that the current Mineral Reserves will sustain the operation until 2046

Key • No projects developments and brownfield projects (on-mine)

REVIEW • A noticeable change on Mineral Resource and Reserve has been seen year-on-year • These changes are as a result of the reconciliation of the attributable portion of the Kroondal Extension – mined on a royalty agreement with AAP, at Kroondal Operations, economic factors applied in accordance with SEC Guide 7 and depletions A full account of all the operating statistics for Rustenburg is posted on the back of the Sibanye shareholders plan, attached to the end of this Mineral Resources and Mineral Reserves Report.

Bathopele Mine – East Shaft

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RUSTENBURG CONTINUED

Mineral Resource classification Khuseleka Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 5.71 5.94 1.09 1.20 Indicated 9.38 5.22 1.58 1.58 MER Inferred 0.00 0.00 0.00 0.00 15.10 5.49 2.67 2.78 Measured 54.80 4.91 8.65 8.67 Indicated 0.77 4.58 0.11 0.05 UG2 Inferred 0.00 0.00 0.00 0.00 55.58 4.91 8.77 8.72 Measured 60.52 5.01 9.74 9.87 Indicated 10.16 5.17 1.69 1.63 Inferred 0.00 0.00 0.00 0.00 Combined Total 4E PGM 70.67 5.03 11.43 11.50

Thembelani Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 31.92 5.77 5.92 5.94 Indicated 8.55 6.51 1.79 1.78 MER Inferred 0.70 5.68 0.13 0.13 41.18 5.92 7.84 7.85 Measured 108.50 4.81 16.78 16.92 Indicated 13.54 5.02 2.19 2.23 UG2 Inferred 0.00 0.00 0.00 0.00 122.05 4.83 18.97 19.14 Measured 140.43 5.03 22.71 22.86 Indicated 22.10 5.60 3.98 4.00 Inferred 0.70 5.68 0.13 0.13 Combined Total 4E PGM 163.23 5.11 26.81 26.99

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Mineral Resource classificationcontinued Siphumelele 1 Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 24.41 6.88 5.40 5.47 Indicated 21.16 6.05 4.12 4.13 MER Inferred 6.54 5.57 1.17 1.18 52.11 6.38 10.69 10.78 Measured 84.23 4.92 13.32 13.23 Indicated 53.14 5.00 8.54 8.50 UG2 Inferred 2.83 5.22 0.47 0.49 140.20 4.95 22.33 22.22 Measured 108.63 5.36 18.71 18.70 Indicated 74.30 5.30 12.65 12.62 Inferred 9.37 5.46 1.65 1.67 Combined Total 4E PGM 192.30 5.34 33.01 33.00

Siphumelele 2 Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 3.22 5.05 0.52 0.52 Indicated 1.47 6.65 0.32 0.32 MER Inferred 3.75 5.95 0.72 0.74 8.45 5.73 1.56 1.58 Measured 21.57 4.81 3.33 3.37 Indicated 15.05 5.08 2.46 2.47 UG2 Inferred 1.34 5.23 0.23 0.23 37.97 4.93 6.02 6.06 Measured 24.80 4.84 3.86 3.89 Indicated 16.53 5.22 2.77 2.78 Inferred 5.09 5.76 0.94 0.97 Combined Total 4E PGM 46.42 5.07 7.57 7.64

Kroondal Extension (50% attributable to Sibanye included under Kroondal section) Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured – – – 2.49 Indicated – – – 0.78 UG2 Inferred – – – 0.00 Total 4E PGM – – – 3.27

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RUSTENBURG CONTINUED

Mineral Resource classificationcontinued Bathopele Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 0.00 0.00 0.00 0.00 Indicated 2.49 5.44 0.43 0.43 MER Inferred 0.00 0.00 0.00 0.00 2.49 5.44 0.43 0.43 Measured 39.02 3.46 4.35 4.82 Indicated 0.00 0.00 0.00 0.00 UG2 Inferred 0.00 0.00 0.00 0.00 39.02 3.46 4.35 4.82 Measured 39.02 3.46 4.35 4.82 Indicated 2.49 5.44 0.43 0.43 Inferred 0.00 0.00 0.00 0.00 Combined Total 4E PGM 41.51 3.58 4.78 5.25

Khomanani Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 0.00 0.00 0.00 0.00 Indicated 0.00 0.00 0.00 0.00 MER Inferred 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Measured 2.47 4.77 0.38 0.39 Indicated 0.00 0.00 0.00 0.00 UG2 Inferred 0.00 0.00 0.00 0.00 2.47 4.77 0.38 0.39 Measured 2.47 4.77 0.38 0.39 Indicated 0.00 0.00 0.00 0.00 Inferred 0.00 0.00 0.00 0.00 Combined Total 4E PGM 2.47 4.77 0.38 0.39

Bathopele – extra low profile mechanised mining

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Total Rustenburg Mineral Resource (excluding Extension and tailings) Rustenburg (excluding tailings) Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 65.27 6.17 12.94 13.13 Indicated 43.05 5.94 8.23 8.23 MER Inferred 10.99 5.70 2.02 2.04 119.31 6.04 23.18 23.41 Measured 310.60 4.69 46.81 49.88 Indicated 82.51 5.01 13.30 14.02 UG2 Inferred 4.17 5.23 0.70 0.72 397.28 4.76 60.81 64.63 Measured 375.87 4.94 59.75 63.02 Indicated 125.57 5.33 21.53 22.26 Inferred 15.16 5.57 2.72 2.76 Combined Total 4E PGM 516.60 5.06 83.99 88.03

Rustenburg tailings Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 90.38 1.08 3.14 3.28 Indicated – – – – Tailings Inferred – – – – Total 4E PGM 90.38 1.08 3.14 3.28

Total Rustenburg (including tailings) Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 466.25 4.19 62.89 66.30 Indicated 125.57 5.33 21.53 22.26 Inferred 15.16 5.57 2.72 2.76 Combined Total 4E PGM 606.98 4.46 87.13 91.31

4E PGM Mineral Resource reconciliation (Rustenburg Merensky and UG2 Reefs)

91,314 165 61 87,127 (970) (206) (3,219) (18) E PG G Resources Dec 2016 Resources Dec 2015 R

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RUSTENBURG CONTINUED

Annual development results 2016 2015 Combined Combined Category Unit UG2 MER Total UG2 MER Total Total primary waste (including capital) km 11.78 5.09 16.87 3.77 5.31 9.08 Total primary reef (excluding re-development) km 4.11 2.19 6.30 5.52 2.99 8.51 Mining width (stoping width) cm 158 115 145 163 107 144 Survey called for grade (grade in ore delivered) g/t 3.19 5.14 3.67 3.16 5.47 3.79 cm.g/t 502.4 593.1 533.8 512.8 588.1 546.8

The grade reported is the mined ore grade inclusive of development (values reflect full financial year)

4E PGM UG2 grade tonnage curve Modifying factors The Grade tonnage curve represents the grade and Parameter Unit Dec 2016 Jun 2015 tonnage after geological loss for UG2. Mined value g/t 3.67 3.79 Mine call factor % 96.7 93.9

Stoping width cm 145.5 144.1

E E G

4E PGM Merensky grade tonnage curve The Grade tonnage curve represents the grade and tonnage after geological loss for Merensky Reef.

E E G Bathopele – TMM pre-use inspection

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Mineral Reserve classification Khuseleka Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 2.07 5.46 0.36 0.45 Probable 0.62 5.22 0.10 0.11 MER 2.70 5.40 0.47 0.57 Proved 37.12 3.96 4.73 5.18 Probable 0.19 3.65 0.02 0.04 UG2 37.31 3.96 4.75 5.22 Proved 39.19 4.04 5.09 5.63 Probable 0.81 4.85 0.13 0.15

Total 4E PGM 40.00 4.06 5.22 5.78 Combined

Thembelani Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 1.72 5.02 0.28 0.35 Probable 0.00 0.00 0.00 0.00 MER 1.72 5.02 0.28 0.35 Proved 40.22 4.10 5.30 5.45 Probable 3.60 4.34 0.50 1.15 UG2 43.82 4.12 5.80 6.60 Proved 41.94 4.13 5.57 5.80 Probable 3.60 4.34 0.50 1.15

Total 4E PGM 45.54 4.15 6.08 6.95 Combined

Siphumelele 1 Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 5.79 5.17 0.96 1.51 Probable 0.18 3.65 0.02 0.05 MER 5.96 5.12 0.98 1.56 Proved 3.61 3.80 0.44 3.07 Probable 2.09 3.72 0.25 2.41 UG2 5.71 3.77 0.69 5.48 Proved 9.40 4.64 1.40 4.58 Probable 2.27 3.71 0.27 2.46

Total 4E PGM 11.67 4.46 1.67 7.03 Combined

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RUSTENBURG CONTINUED

Mineral Reserve classificationcontinued Bathopele Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 0.00 0.00 0.00 0.00 Probable 0.00 0.00 0.00 0.00 MER 0.00 0.00 0.00 0.00 Proved 32.62 2.95 3.10 3.30 Probable 0.00 0.00 0.00 0.00 UG2 32.62 2.95 3.10 3.30 Proved 32.62 2.95 3.10 3.30 Probable 0.00 0.00 0.00 0.00

Total 4E PGM 32.62 2.95 3.10 3.30 Combined

Kroondal Extension (attributable portion reported under Kroondal section) Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 0.00 0.00 0.00 1.96 Probable 0.00 0.00 0.00 0.45 UG2 Total 4E PGM 0.00 0.00 0.00 2.41

Rustenburg Operations (excluding tailings) Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 9.57 5.20 1.60 2.31 Probable 0.80 4.87 0.13 0.16 MER 10.38 5.18 1.73 2.47 Proved 113.57 3.71 13.56 18.96 Probable 5.88 4.10 0.78 4.04 UG2 119.46 3.73 14.34 23.01 Proved 123.15 3.83 15.17 21.28 Probable 6.68 4.19 0.90 4.20

Total 4E PGM 129.83 3.85 16.07 25.48 Combined

Tailings Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 0.00 0.00 0.00 0.00 Probable 90.38 1.08 3.14 3.28

Total 4E PGM 90.38 1.08 3.14 3.28 Combined

Total Rustenburg (including tailings) Dec 2016 Dec 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 123.15 3.83 15.17 21.28 Probable 97.06 1.29 4.04 7.48

Total 4E PGM 220.21 2.71 19.21 28.76 Combined

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4E PGM Mineral Reserve reconciliation

28,762 26,348 25,344 (2,414) (1,004) 454 148 19,206 (6,220) (273) (247)

E PG E E G E Reserves Dec 2015 Reserves Dec 2016 R

Conveyor system – brake test ramp

Hoisting and production capacities 5yr planned Operating Mining Operating production capacity unit shaft (ktpm) (ktpm) Siphumelele 1 63.9 194 Khuseleka 1 133.7 225 Thembelani 1 135.5 220 Bathopele 2 257.1 280

Plant capacities Design Current Average Capacity operational recovery Material Plant (ktpm) capacity (ktpm) factor (%) treated Waterval UG2 450 310 84.5 UG Concentrator Waterval Retrofit MER, UG Concentrator 310 325 75.3 and surface WLTR Plant 450 380 29.4 Surface Belt decline CRP 440 440 10.0 Surface

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Sibanye’s acquisition of Aquarius resulted in the acquisition of Mimosa Mine (50% shareholding) in Zimbabwe. MIMOSA The current Mineral Reserves of Mimosa Mine are estimated to sustain the operation until 2033.

U C W ZIMBABWE ZIMBABWE OPERATION North Hill R G

MIMOSA

South Hill T N Wedza mine

Far South Hill

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OVERVIEW PLATINUM Mimosa Mining Company is jointly owned by Implats and Sibanye on a 50 – 50 MINERAL RESOURCES shareholding. Sibanye concluded a deal on 12 April 2016 which resulted in Sibanye acquiring all the shares which formerly belonged to Aquarius PVT Ltd.

7.04Moz Mimosa Mine is a PGM and base metal mining operation located in the Wedza subchamber 4E PGM MINERAL RESOURCES of the Great Dyke of Zimbabwe some 32km West of Zvishavane, a major mining centre (Main change attributable situated 340km south west of Harare, the capital city of Zimbabwe in the Midlands province. to depletion) The Wedza subchamber is the southernmost of four subchambers on the Great Dyke, hosting the economic MSZ from which PGMs and base metals are mined. PLATINUM Mimosa Mine is an ongoing underground operation on the South Hill ore deposit consisting MINERAL RESERVES of two shafts namely the Wedza Shaft and the Mtshingwe Shaft. The Wedza Shaft which is on the northern part of South Hill has been extensively mined while Mtshingwe Shaft is at 1.69Moz the development stage.

4E PGM MINERAL RESERVES There are two mineralised zones at Mimosa. The economic MSZ is a 6m wide mineralised (Main change attributable zone and has a platinum peak which occurs 5-20m below the mafic ultramafic contact in to depletion) the gradational zone between the hanging wall websterite and the footwall bronzitite. It is very consistent in terms of continuity, but is sometimes interrupted by faults, pegmatoids and dykes.

Schematic geological model of the MSZ Reef (Great Dyke)

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MIMOSA CONTINUED

Mimosa overview Strategic intent • Extend the LoM • Stabilise production profiles at current performance levels • Fast track Mineral Resource to Mineral Reserve conversion Mineralisation • Layered Mafic to Ultramafic Intrusive Igneous orebody style

Mineralisation • The MSZ, host to economically exploitable PGM and associated base metals mineralisation is characteristics located 5m to 20m below the mafic/ultramafic contact in the P1 pyroxenite band of the Wedza sub-chamber • The MSZ which contains economic amounts of precious and base metals occurs near the top of the ultramafic sequence within the uppermost pyroxenite unit or P1 layer • Unlike in the Bushveld the reef is not in contact with or within chromite • The MSZ has definitive metal profiles which are very consistent • Mineralisation formation was through differential crystallization and sulphur enrichment of an ultramafic melt by injection of successive pulse of primary magma during the formation of the Great Dyke • As successive pulses of magma fed into a differentiating magma the subsequent melt became enriched with low temperature minerals culminating in sulphur saturation and the exsolution of the main sulphide zone • Although mineralisation is very consistent, localized disruption to reef due to pegmatiods and washout channels have been encountered in some areas of the mine Deposit type • Layered Igneous Intrusion

Licence status • The Mimosa Mining Company Mining Rights are covered by a mining lease covering an area and holdings of 6,591ha • The mining lease, Lease No 24, was granted to Mimosa Mining Company on 5 September 1996 • The lease was registered for nickel, copper, cobalt, gold, silica, chromite and PGMs and Mimosa Mines (Pvt) Limited currently holds the mining rights to that lease • The lease agreement gives Mimosa Mining Company exclusive mining rights for PGMs and base metals within the vertical limits of its boundary Infrastructure • Fully equipped UG mobile equipment workshops • 26km UG conveyor network with ore bunker • Two 850kW major primary exhaust fans • Six ventilation raisebore shafts with four planned for future sinking • Ventilation control through brick walls and curtains • Two main surface magazines and three UG distribution stores • Anfo mixing shed • Service water recycled through surface tanks and UG dams • Current mining at Wedza Shaft and exploration development at Mtshigwe South Shaft Mining method • Conventional bord and pillar

Mineral • One concentrator processing plant with concentrates transported by road to South Africa for processing smelting and refining at the Impala Platinum facilities

Tailings disposal • Tailings are disposed of at tailing dams facilities on site

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Mimosa overview Climate • No surface climatic conditions affect the underground mining operations

Environmental/ • Mimosa Mine systems, procedures and training are in line with international best practice Health and Safety

Life of mine • It is estimated that the current Mineral Reserves will sustain the operation until 2033

Key developments • Mtshingwe Block and brownfield • Exploration development is currently ongoing into Mtshingwe Shaft at 14 Level projects (on-mine) • The Mtshingwe Block has not been evaluated • It is in a graben with sympathetic faults present in the orebody

REVIEW • Mimosa is an on-going mining operation which comprises ore deposits (North Hill, South Hill, Mtshingwe, Far South Hill) and one mineralised body. Mimosa is managed independently • Mimosa Mineral Resource and Mineral Reserve estimates are as at June 2015 less depletion until end December 2016

Mineral Resource classification Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 31.90 3.68 3.78 4.12 Indicated 15.42 3.58 1.78 1.79 Inferred 4.41 3.61 0.51 0.52 MSZ Inferred (oxides) 9.00 3.39 0.98 0.98 Total 4E PGM 60.73 3.61 7.04 7.41

4E PGM Mineral Resource reconciliation

7,410 7,045 (240) (125) E PG Resources Dec 2016 Resources June 2015

Annual development results Financial year total F Category Unit MSZ 2016 2015 Advance on reef km 0.28 0.28 0.39 Mining width cm 208 208 210 Average value (4E PGM) g/t 3.57 3.57 3.65 Average value (4E PGM) cm.g/t 742.6 742.6 766.5

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MIMOSA CONTINUED

4E PGM grade tonnage curve (MSZ Reef) Modifying factors The Grade tonnage curve represents the grade and Parameter Unit Dec 2016 Dec 2015 tonnage after geological loss. Mineral Resource pay limit g/t 2.95 2.36 Mineral Reserve pay limit g/t 2.95 2.36 Mined value g/t 3.57 3.65 Mine call factor % 91.9 93.1 Mining dilution % 3.0 3.0 Stoping width cm 2.06 2.07

E Plant recovery factor UG % 98.5 99.3

E G

4E PGM Mineral Reserve classification(50% attributable) Dec 2016 Jun 2015 Category 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Proved 9.24 3.55 1.05 1.31 Probable 5.37 3.68 0.64 0.65 MSZ Total 4E PGM Mineral Reserves 14.61 3.60 1.69 1.96

4E PGM Mineral Reserve reconciliation

1,960 1,754 1,689 (206) (66) E PG R Reserves Dec 2016 Reserves June 2015

Hoisting and production capacities 5yr planned Operating Mining Operating production capacity unit shaft (ktpm) (ktpm) South Hill Wedza 220 240

Plant capacities Design Current Average capacity operational recovery Material Plant (ktpm) capacity (ktpm) factor (%) treated

Mimosa 185 220 78.2 UG Mimosa

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Mimosa

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PROJECTS

With the acquisition of Aquarius Platinum came PGM projects at various stages of exploration and development in South Africa.

Kroondal Plant

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OVERVIEW PLATINUM The acquisition of the Kroondal Operations in April 2016 included the following PGM projects: MINERAL RESOURCES • Sheba’s Ridge 24.95Moz • Zondernaam 4E PGM MINERAL RESOURCES • Vygenhoek • Millenium • Blue Ridge, also mentioned in this section is on care and maintenace

The projects are at various stages of exploration and development, but have all had exploration done and CPR documents generated by various professional contractors. No current work is taking place or is planned to take place at any of these projects in the near future.

All legal aspects and tenure are in order.

PROJECT DESCRIPTION

Sheba’s Ridge Locality • Approximately 30km from Groblersdal, Mpumalanga Mode of occurrence • Wide (150-300m) pyroxenite containing disseminated platinum and base metal sulphides Notes on Mineral • All prospecting rights have been renewed by the DMR Resource Statement • The oxide and transition zones have been excluded from the Mineral Resource • The in-situ corrected 3E PGM grade is used to estimate of Mineral Resources • A cut off grade of 0.5g/t 3E PGM was used for the Mineral Resource tabulation • Geostatistically estimated density is used • Geological loss of 10% is applied

Zondernaam Locality • 35km east of Lebowakgomo, Limpopo Mode of occurrence • Both Merensky Reef and UG2 Reef developed. Sub-outcrops with abutment against Transvaal Supergroup Notes on Mineral • Awaiting renewal of prospecting right by the DMR Resource Statement • All internal waste is included in Mineral Resource estimations • The in-situ corrected 4E PGM grade is used for the estimation of Mineral Resources • Geostatistically estimated density is used • Geological loss of 30% is applied

Vygenhoek Locality • 35km south-west of Mashishing, Mpumalanga Mode of occurrence • UG2 Reef deposited in synclinal structure in the floor rock where mineralisation has “ponded” as at the previously owned, Everest South Notes on Mineral • Mining right application has been submitted to the DMR Resource Statement • All internal waste is included in Mineral Resource estimations • The in-situ corrected 4E PGM grade is used to estimate of Mineral Resources • All dyke volumes are excluded from Mineral Resource estimations • Geostatistically estimated density is used • Geological loss of 10% is applied

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PROJECTS CONTINUED

PROJECT DESCRIPTION continued

Millenium Locality • On the south-western extension of the Eastern Limb of the BC, contiguously north of Blue Ridge, in Mpumalanga Mode of occurrence • UG2 Reef same as Blue Ridge Notes on Mineral • All prospecting rights have been renewed by the DMR Resource Statement

Blue Ridge Locality • On the south-western extension of the Eastern Limb of the BC about 15km from the town of Groblersdal in Mpumalanga Mode of occurrence • A, B and C chromitites locally separated by internal pyroxenites similar to UG2 Reef Notes on Mineral • On care and maintenance Resource Statement

Kroondal Plant

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REVIEW The only changes that occurred to the Projects Mineral Resources are the following; • Hoedspruit – The Prospecting rights for this project lapsed after an application for their renewal was not granted by the DMR. An appeal was lodged and the outcome is still awaited resulting in the removal of 5.79Moz (4E PGM) from Mineral Resources

• Hoogland was disposed of during 2016 along side Everest Mine as it was technically part of Everest Mine resulting in removal of 0.61Moz (4E PGM) from Mineral Resources

The summary Mineral Resources for the projects is detailed in the following table. It is important to note that these Mineral Resources are historical and are based on CPR documents prepared when exploration was carried out.

Mineral Resource classification Millenium Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured – – – – Indicated – – – 1.43 UG2 Inferred 17.47 3.07 1.72 0.29 Total 4E PGM 17.47 3.07 1.72 1.72

Vygenhoek Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 1.39 5.11 0.23 0.23 Indicated – – – – UG2 Inferred – – – – Total 4E PGM 1.39 5.11 0.23 0.23

Sheba’s Ridge* Dec 2016 Jun 2015 3E PGM Tonnes (Mt) Grade (g/t) 3E PGM Moz 3E PGM Moz Reef Measured 31.15 0.88 0.88 0.88 Indicated 37.91 0.85 1.04 1.04 SSZ Inferred 167.02 0.96 5.18 5.18 Total 3E PGM 236.08 0.94 7.10 7.10

* Sheba’s Ridge Mineral Resource estimates are for 3E PGM (excluding rhodium)

Zondernaam (MER) Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured – – – – Indicated – – – – MER Inferred 43.07 5.12 7.09 7.09 Total 4E PGM 43.07 5.12 7.09 7.09

Zondernaam (UG2) Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured – – – – Indicated – – – – UG2 Inferred 34.35 7.98 8.81 8.81 Total 4E PGM 34.35 7.98 8.81 8.81

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PROJECTS CONTINUED

Mineral Resource classificationcontinued Hoedspruit (MER) Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured – – – – Indicated – – – 2.45 MER Inferred – – – 0.53 Total 4E PGM – – – 2.98

Hoedspruit (UG2) Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured – – – – Indicated – – – 2.53 UG2 Inferred – – – 0.28 Total 4E PGM – – – 2.81

Hoogland Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured – – – – Indicated – – – 0.28 UG2 Inferred – – – 0.33 Total 4E PGM – – – 0.61

Total platinum projects Dec 2016 Jun 2015 4E PGM Tonnes (Mt) Grade (g/t) 4E PGM Moz 4E PGM Moz Reef Measured 32.54 1.06 1.11 1.11 Indicated 37.91 0.85 1.04 7.73 Total Inferred 261.91 2.71 22.80 22.51 Total 4E PGM 332.36 2.33 24.95 31.35

4E PGM Mineral Resource reconciliation*

31,350 (610) 24,950 (5,790)

E PG R Resources Dec 2016 P R

* Sheba’s Ridge Mineral Resource estimates are for 3E PGM (excluding rhodium)

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Kroondal

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SUPPLEMENTARY INFORMATION

Professional organisations Geological Society of South Africa South African Council for Natural Scientific Professions (GSSA) (SACNASP)

PO Box 61809, Marshalltown 2107, Gauteng, South Africa Private Bag X540, Silverton 0127, Gauteng, South Africa Tel: +27 (11) 492 3370 Tel: +27 (12) 841 1075 Fax: +27 (11) 492 3371 Fax: +27 (12) 841 1057 Email: [email protected] Email: [email protected]

Engineering Council of South Africa Southern African Institute of Mining and Metallurgy (ECSA) (SAIMM)

Private Bag X691, Bruma 2026, Gauteng, South Africa P.O. Box 61127, Marshalltown 2107, Gauteng, South Africa Tel: +27 (11) 607 9500 Tel: +27 (11) 834 1273/7 Fax: +27 (11) 607 9556 Fax: +27 (11) 838 5923 Email: [email protected] Email: [email protected]

SAMREC code definitions Term Definition

Competency The public report is based on work that is the responsibility of suitably qualified and experienced persons who are subject to an enforceable professional code of ethics.

Competent Person A Competent Person is a person who is registered with SACNASP, ECSA, or is a member or fellow of the SAIMM, the GSSA or a Recognised Overseas Professional Organisation (ROPO). The Competent Person must comply with the provisions of the relevant promulgated acts, have a minimum of five years experience relevant to the style of mineralisation and type of deposit or class of deposit under consideration and to the activity he or she is undertaking. Persons being called upon to sign as a Competent Person must be clearly satisfied in their own minds that they are able to face their peers and demonstrate competence in the commodity, type of deposit and the situation under consideration.

Deposit A concentration (or occurrence) of material of possible economic interest, in or on the earth crust, that may include mineralised material that cannot be estimated with sufficient confidence to be classified in the Inferred category. Portions of a deposit that do not have reasonable and realistic prospects for eventual economic extraction are not included in a Mineral Resource.

Materiality A public report contains all the relevant information that investors and their professional advisors would reasonably require, and expect to find, for the purpose of making a reasoned and balanced judgement regarding the exploration results, Mineral Resources and Mineral Reserves reported on.

Mineral Resource A concentration or occurrence of material of economic interest in or on the earth’s crust in such form, quality and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, or estimated from specific geological evidence, sampling and knowledge interpreted from an appropriately constrained and portrayed geological model. Mineral Resources are subdivided, and must be so reported, in order of increasing confidence in respect of geoscientific evidence, into Inferred, Indicated and Measured categories.

Indicated Mineral That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and Resource mineral content can be estimated with a reasonable level of confidence. It is based on information from exploration, sampling and testing of material gathered from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

Measured Mineral That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral Resource content can be estimated with a high level of confidence. It is based on detailed and reliable information from exploration, sampling and testing of material from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity.

108 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 04 SUPPLEMENTARY INFORMATION

SAMREC code definitionscontinued Term Definition

Inferred Mineral That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level Resource of confidence. It is inferred from geological evidence and sampling and assumed but not verified geologically or through analysis of grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that may be limited or of uncertain quality and reliability.

Mineral Reserve The economically mineable material derived from a Measured and/or Indicated Mineral Resource. It is inclusive of diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a PFS for a project and a LoM plan for an operation must have been completed, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the modifying factors). Such modifying factors must be disclosed.

Probable Mineral Economically mineable material derived from a Measured or Indicated Mineral Resource or both. It is estimated Reserve with a lower level of confidence than a Proved Mineral Reserve. It includes diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a PFS for a project or a LoM plan for an operation must have been carried out, including consideration of, and modification by, realistic assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Such modifying factors must be disclosed.

Proved Mineral Economically mineable material derived from a Measured Mineral Resource. It is estimated with a high level of Reserve confidence. It includes diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a PFS for a project or a LoM Plan for an operation must have been carried out, including consideration of, and modification by, realistic assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Such modifying factors must be disclosed.

Transparency The reader of a public report must be provided with sufficient information, the presentation of which is clear and unambiguous, to understand the report and not to be mislead.

Sibanye Mineral Resources and Mineral Reserves 2016 109 SECTION 04 SUPPLEMENTARY INFORMATION

SUPPLEMENTARY INFORMATION CONTINUED

Glossary of terms

Term Definition

Above infrastructure (AI) That part of the Mineral Resources and/or Mineral Reserves, which are above the lowest mining level and can be accessed via the current mine infrastructure (shafts and underground haulages). Below infrastructure (BI) That part of the Mineral Resources and/or Mineral Reserves which are below the lowest mining level and that can only be accessed following approved capital expenditure. Block width The average width at which it is estimated a block of ore will be mined. Brownfield A mineral deposit, not yet exploited but conceptualised as an extractable orebody. Bushveld Complex World’s largest known layered mafic-ultramafic intrusive complex, covering an area of approximately 67,000km2, containing more than 80% of all known PGM resource. Carbon-in-leach (CIL) Gold is leached from a gold ore slurry with cyanide in agitation tanks and absorbed onto carbon granules in the same circuit. The carbon granules are separated from the slurry and treated in an elution circuit to extract the gold. Carbon-in-pulp (CIP) Gold is leached conventionally from a gold ore slurry with cyanide in agitation tanks. The leached slurry then passes into the CIP circuit where carbon granules are mixed with the slurry and gold is absorbed onto the carbon. The carbon granules are separated from the slurry and treated in an elution circuit to extract the gold. Concept study A study of the viability of a range of major options designed to determine the potential value of the opportunity and confirm alignment with the business strategy. The study describes the work that needs to be conducted to fully define the opportunity, and comprises a number of economically attractive options that warrant further investigation. Cut-off grade The lowest grade of mineralised rock, which determines as to whether or not it is economic to recover its gold content by further extraction. Depletion The decrease in the quantity of ore in a deposit or property (mining right) resulting from extraction or production. Dilution Waste or material below the cut-off grade that contaminates the ore during the course of mining operations and thereby reduces the average grade mined. Elution Recovery of gold from the activated carbon into solution before zinc precipitation or electro-winning. Feasibility study A comprehensive design and costing study of the selected option for the development of a mineral project in which appropriate assessments have been made of realistically assumed geological, mining, metallurgical, economic, marketing, legal, environmental, social, governmental, engineering, operational and all other modifying factors, which are considered in sufficient detail to demonstrate at the time of reporting that extraction is reasonably justified (economically mineable) and the factors reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The overall confidence of the study should be stated. LoM Number of years that an operation is currently planning to mine and treat ore and is derived from the current mining plan. Mine call factor The ratio expressed as a percentage in which the specific product accounted for in ‘recovery plus residue’ bears the corresponding product ‘called for’ by the mine’s measuring and evaluation methods. Net of depletion 2015 Reserves and Resources as at December 2015, minus 2016 mined-out areas, minus re-estimation year-on-year changes, is equivalent to 2016 statement. Pay limit The value at which it is estimated that ore can be mined at break-even. Pillars Pillars comprise of: • Dip and strike stability pillars • Water and ventilation pillars • Regional stability pillars as defined by rock engineering • Bracket pillars adjacent to seismically active areas or large structures • Boundary and remnant pillars • Abandoned pillars Inter alia, some pillars may become available to mine once appropriate investigations and rehabilitation have taken place.

110 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 04 SUPPLEMENTARY INFORMATION

Glossary of terms

Term Definition

Plant recovery factor The ratio expressed as a percentage, of the mass of the specific mineral product actually recovered from ore treated at the plant to its total specific mineral content before treatment. Post-depletion 2015 Reserves and Resources as at December 2015, minus 2016 mined-out areas. Pre-feasibility study (PFS) A comprehensive study of the viability of a range of options for a mineral project that has advanced to a stage at which the preferred mining method in the case of underground mining or the pit configuration in the case of an open pit has been established and an effective method of mineral processing has been determined. It includes a financial analysis based on realistic assumptions of technical, engineering, operating, economic factors and the evaluation of other relevant factors that are sufficient for a Competent Person, acting reasonably, to determine if all or part of the Mineral Resource may be classified as a Mineral Reserve. The overall confidence of the study should be stated. A PFS is at a lower confidence level than a FS. Reef A gold-bearing sedimentary horizon, normally a conglomerate that may contain economic levels of gold. SAMREC code The South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves including the guidelines contained therein. SAMVAL code The South African Code for the Reporting of Mineral Asset Valuation including the guidelines contained therein. Stope Underground excavation where the orebody is extracted. Subcrop An erosional marker surface indicating a lapse in time between two differing aged stratigraphic units. Tonnage discrepancy Difference between the tonnage hoisted as ore and that accounted for by the plant measuring methods. Discrepancy is referred to as a shortfall when the calculated tonnage is less than the tonnage accounted for by the plant, or an excess when the opposite occurs. Tonne(s) Metric ton(s) = 1,000 kilograms.

Uraninite A strong radioactive mineral, UO2, forming the chief ore of uranium (U3O8) and containing variable amounts of radium, lead, thorium and other elements or impurities. White areas Areas that were excluded from previous LoM plans that have since been proven to have realistic expectation of safe economic extraction, with the required investigations, rock engineering modelling and detail mining plan to support it. White areas include open ground, areas that were excluded due to economics or lack of information, and pillars. Witwatersrand Basin A sedimentary basin in South Africa that contains close to a 6,000 metre thick sequence of principally argillaceous and arenaceous sediments with inter-bedded auriferous conglomerates.

Conversion table The following conversion factors are applicable:

Metric Imperial Imperial Metric 1 centimetre 0.3937 inches 1 inch 2.54 centimetres 1 metre 3.28084 feet 1 foot 0.3047972654 metres 1 kilometre 0.62150 miles 1 mile 1.609 kilometres 1 gram 0.03215 troy ounces 1 troy ounce 31.10419907 grams 1 kilogram 2.20458 pounds 1 pound 0.4536 kilograms 1 ton 1.10229 short tons 1 short ton 0.9072 tons 1 hectare 2.47097 acres 1 acres 0.4047 hectares

Sibanye Mineral Resources and Mineral Reserves 2016 111 SECTION 04 SUPPLEMENTARY INFORMATION

SUPPLEMENTARY INFORMATION CONTINUED

Abbreviations

Term Definition Term Definition

4E PGM Platinum, Palladium, Rhodium, Gold MBA Master of Business Administration AAP Anglo American Platinum mbs Metres below surface AAR Aandenk Reef MCF Mine Call Factor AI Above infrastructure MER Merensky Reef Aquarius Aquarius Platinum Limited Mlb Million pounds Au Gold mm Millimetre BC Bushveld Complex MMCC Mine Managers Certificate of Competency BI Below infrastructure Moz Million Ounces BMS Base metal sulphide MPRDA Mineral Petroleum Resource Development Act BS Below surface MR Mining Right BXR Beatrix Reef MRM Mineral Resource Management CIL Carbon-in-leach MSCC Mine Surveyor Certificate of Competency CIP Carbon-in-pulp MSZ Main Sulphide Zone CLR Carbon Leader Reef Mt Million tons cm Centimetre Mtpa Million tons per annum cm.g/t Centimetre gram per tonne MU Mining unit CRP Chrome Retreatment Plant MVR Middelvlei Reef CW Channel width oz Ounces (troy) DFS Definitive feasibility study PFS Pre-feasibility study DMR Department of Mineral Resources PR Prospecting Right EBA Eastern Boundary Area Pr.Sci.Nat Professional Natural Scientist EMP Environmental Management Programme PSA Pool and Share Agreement FS Feasibility study QA/QC Quality Assurance and Quality Control g Gram R South African Rand g/t Grams per tonne R/kg South African Rand per kilogram GDE Graduate Diploma Engineering RLS Rustenburg Layered Suite Guide 7 SEC Industry Guide 7 ROM Run-of-mine ha Hectare RPM Rustenburg Platinum Mines IDC Industrial Development Corporation RSO Randfontein Surface Operation IRRIS Integrated Resource and Reserve Information SAMREC The South African Mineral Resources Committee system SAMVAL The South African Mineral Asset Valuation IRUP Iron Rich Ultramafic Pegmatoids SANAS South African National Accreditation System JSE Johannesburg Stock Exchange Limited SEC The United States Securities and Exchange kg Kilogram Commission kg/t Kilograms per tonne SGS SGS South Africa (Pty) Ltd KKR Kalkoenkrans Reef SOFS Southern Orange Free State Projects km Kilometre SOX Sarbanes-Oxley Act of 2002 koz Thousand ounces SQL Sequel database KR Kloof Reef SRD Surface rock dump LIB Long Incline Borehole SSZ Sheba’s sulphide zone LoM Life of mine SV Sub-vertical LR Libanon Reef SW Stoping width m Metre t Metric tonne m2 Square metre tpm Tonnes per month

112 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 04 SUPPLEMENTARY INFORMATION

Abbreviations continued

Term Definition

TSF Tailings storage facility U Uranium

U3O8 Uranium oxide UE Upper Elsburg Massives of the Mondeor Formation UE1A UE1A Reef of the Elsburg Formation UE3 Upper Elsburg Reef of the Mondeor Formation UE5 Upper Elsburg Reef of the Elsburg Formation UG Underground US$ United States dollar US$/oz United States dollar per ounce VCR Ventersdorp Contact Reef VS5 VS5 Reef of the Eldorado Formation Wits Gold Witswatersrand Consolidated Gold Resources Limited WLTR Western Limb Tailing Retreatment WRTRP West Rand Tailings Retreatment Project (‘000lb) Thousand pounds (‘000oz) Thousand ounces

Disclaimer This Technical Supplement (the Report) contains information as at 31 December 2016 (the Effective Date of this Report). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Sibanye after the Effective Date of this Report, as some of the information contained in the Report may have changed or been updated. Sibanye does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report, or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Sibanye does not undertake to refer back to any information contained in this Report.

REGISTERED OFFICE SOUTH AFRICA: Libanon Business Park Hospital Street (Off Cedar Ave) Libanon Westonaria, 1780 Gauteng

Private Bag X5 Westonaria, 1780

Website: http://www.sibanyegold.co.za Email: [email protected] Telephone: +27 (0) 11 278 9600 Facsimile: +27 (0) 86 520 5023

Sibanye Mineral Resources and Mineral Reserves 2016 113 SECTION 04 SUPPLEMENTARY INFORMATION

FORWARD-LOOKING STATEMENTS

This document includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “target”, “will”, “would”, “expect”, “anticipate”, “plans”, “potential”, “can”, “may” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters.

These forward-looking statements, including, among others, those relating to Sibanye’s future business prospects, revenues and income, expected timings of the Stillwater transaction (the Stillwater Transaction) (including completion), potential Transaction benefits (including statements regarding growth and cost savings) or information related to the Blitz Project, wherever they may occur in this document and the exhibits to this document, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye, and involve a number of known and unknown risks and uncertainties that could cause actual results, performance or achievements of the Group to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this document. Important factors that could cause the actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation, economic, business, political and social conditions in South Africa, Zimbabwe and elsewhere; changes in assumptions underlying Sibanye’s estimation of its current Mineral Reserves and Resources; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, as well as at existing operations; the ability of Sibanye to successfully integrate acquired businesses and operations (whether in the gold mining business or otherwise) into its existing businesses; Sibanye’s or Stillwater’s ability to complete the proposed Transaction; the inability to complete the proposed Transaction due to failure to obtain approval of the shareholders of Sibanye or Stillwater or other conditions in the merger agreement; Sibanye’s ability to achieve anticipated efficiencies and other cost savings in connection with the Transaction; the success of Sibanye’s business strategy and changes thereto, exploration and development activities; the ability of Sibanye to comply with requirements that it operate in a sustainable manner; changes in the market price of gold, platinum group metals (PGMs) and/or uranium; the occurrence of hazards associated with underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and industrial action; the availability, terms and deployment of capital or credit; changes in relevant government regulations, particularly environmental tax health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretations thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings or other environmental, health and safety issues; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; Sibanye’s ability to hire and retain senior management or sufficient technically skilled employees, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans’ in its management positions; failure of Sibanye’s information technology and communications systems; the adequacy of Sibanye’s insurance coverage; any social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye’s operations; and the impact of HIV, tuberculosis and other contagious diseases. Further details of potential risks and uncertainties affecting Sibanye are described in Sibanye’s filings with the JSE and the SEC, including in Sibanye’s Annual Report on Form 20-F, for the year ended 31 December 2016, when filed with the SEC. These forward-looking statements speak only as of the date of this document.

The Group undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. ADDITIONAL INFORMATION ON THE STILLWATER TRANSACTION AND WHERE TO FIND IT This document does not constitute the solicitation of any vote, proxy or approval. In connection with the proposed Transaction, Sibanye has posted to its shareholders a JSE Limited (JSE) Category 1 circular and Stillwater has filed with the Securities and Exchange Commission (the SEC) relevant materials, including a proxy statement. The JSE Category 1 circular and other relevant documents have been sent or otherwise disseminated to Sibanye’s shareholders and contain important information about the proposed Transaction and related matters. SHAREHOLDERS OF SIBANYE ARE ADVISED TO READ THE JSE CATEGORY 1 CIRCULAR AND OTHER RELEVANT DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy statement and other relevant documents have been sent or otherwise disseminated to Stillwater’s shareholders and contain important information about the proposed Transaction and related matters. SHAREHOLDERS OF STILLWATER ARE ADVISED TO READ THE PROXY STATEMENT THAT HAS BEEN FILED AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Sibanye shareholders may obtain free copies of the JSE Category 1 circular by going to Sibanye’s website at www.sibanyegold.co.za. The proxy statement and other relevant documents may also be obtained, free of charge, on the SEC’s website (http://www.sec.gov). Stillwater shareholders may obtain free copies of the proxy statement from Stillwater by going to Stillwater’s website at www.stillwatermining.com. PARTICIPANTS IN THE SOLICITATION Sibanye, Stillwater and their respective directors and officers may be deemed participants in the solicitation of proxies of Sibanye’s and Stillwater’s respective shareholders in connection with the proposed Transaction. Sibanye’s shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Sibanye in Sibanye’s Annual Report on Form 20-F, for the year ended 31 December 2016, when filed with the SEC. Stillwater’s shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Stillwater in Stillwater’s Annual Report on Form 10-K for the fiscal year ended 31 December 2016, which was filed with the SEC on 16 February 2017. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed Transaction is included in the proxy statement that Stillwater has filed with the SEC. NO OFFER OR SOLICITATION This document is for informational purposes only and does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States or any other jurisdiction. Any securities referred to herein that are being offered outside of the United States have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered, exercised or sold in the United States absent registration or an applicable exemption from registration requirements. The public offering of securities currently intended by the issuer to be made in the United States will be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the company, its management and financial statements.

114 Sibanye Mineral Resources and Mineral Reserves 2016 SECTION 04 SUPPLEMENTARY INFORMATION

NOTES

Sibanye Mineral Resources and Mineral Reserves 2016 115 SECTION 04 SUPPLEMENTARY INFORMATION

ADMINISTRATIVE AND CORPORATE INFORMATION

SIBANYE GOLD LIMITED DIRECTORS AMERICAN DEPOSITARY Incorporated in the Republic of Sello Moloko* (Chairman) RECEIPTS TRANSFER AGENT South Africa Neal Froneman (CEO) BNY Mellon Shareowner Services (Registration number: 2002/031431/06) Charl Keyter (CFO) PO Box 358516 Share code: SGL Chris Chadwick# Pittsburgh Issuer code: SGL Robert Chan# PA 15252-8516 ISIN: ZAE E000173951 Timothy Cumming* US Toll Free: +1 888 269 2377 Barry Davison* Tel: +1 201 680 6825 LISTINGS Rick Menell* Email: [email protected] JSE: SGL Nkosemntu Nika* Tatyana Vesselovskaya NYSE: SBGL Keith Rayner* Relationship Manager Susan van der Merwe* BNY Mellon WEBSITE Jerry Vilakazi* Depositary Receipts www.sibanyegold.co.za Jiyu Yuan# Direct Line: +1 212 815 2867 *Independent non-executive Mobile: +1 203 609 5159 REGISTERED OFFICE #Non-executive Fax: +1 212 571 3050 Libanon Business Park Email: [email protected] 1 Hospital Street (off Cedar Avenue) JSE SPONSOR Libanon JP Morgan Equities South Africa Westonaria 1780 TRANSFER SECRETARIES Proprietary Limited SOUTH AFRICA South Africa Registration number 1995/011815/07 Computershare Investor Services 1 Fricker Road (Private Bag X5, Westonaria, 1780 Proprietary Limited Illovo South Africa) Rosebank Towers Johannesburg 2196 Tel: +27 11 278 9600 15 Biermann Avenue South Africa Fax: +27 11 278 9863 Rosebank Private Bag X9936 2196 INVESTOR ENQUIRIES Sandton 2196 PO Box 61051, Marshalltown, 2107 James Wellsted South Africa South Africa Senior Vice President: Investor Relations Tel: +27 11 370 5000 Cell: +27 83 453 4014 OFFICE OF THE UNITED KINGDOM Fax: +27 11 688 5248 Tel: +27 11 278 9656 SECRETARIES – LONDON Email: [email protected] St James’s Corporate Services Limited TRANSFER SECRETARIES Suite 31 UNITED KINGDOM COMPANY SECRETARY Second Floor Capita Asset Services Cain Farrel 107 Cheapside The Registry Tel: +27 10 001 1122 London EC2V 6DN 34 Beckenham Road Fax: +27 11 278 9863 United Kingdom Beckenham Email: [email protected] Tel: +44 20 7796 8644 Kent Fax: +44 20 7796 8645 BR3 4TU AUDITORS England Tel: 0871 664 0300 (calls cost KPMG Inc. 10p/minute plus network extras, lines are KPMG Crescent open 8:30 – 17:00 Mon – Fri) or 85 Empire Road +44 20 8639 3399 (overseas) Parktown Fax: +44 20 8658 3430 2193 E-mail: [email protected] Johannesburg South Africa Tel: +27 11 647 7111

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Sibanye Mineral Resources and Mineral Reserves 2016 117 BEATRIX AND SOFS SHAREHOLDER PLAN BEATRIX HISTORY AT A GLANCE OPERATIONAL STATISTICS

1933 1969 1976 1981 1984 1985

Exploration in the Free Exploration drilling General Mining Beisa Shaft Beisa Uranium Mine Beatrix 1 and 2 State started as far for gold and uranium acquired Union commissioned to closed due to the Shafts commissioned. BEATRIX back as 1885 but only commenced in the Corporation in 1976. exploit uranium. low prevailing Exploration for commenced in earnest southern limits of the General Mining Sinking of Beatrix uranium price. Kalkoenkrans Reef in 1933 when the first Free State Goldfields. Union Corporation 1 and 2 Shafts in the vicinity of borehole was drilled on Limited, became commenced. the old Beisa Located in the Free State province of South the farm Aandenk Gencor Limited. Mine commenced. Africa, some 240km south-west of Johannesburg, 227 HP. The discovery near Welkom and Virginia, Beatrix operates under of the Basal Reef in a MR covering a total area of 16,821ha. Beatrix 1939 set exploration is principally an underground mine with nominal afire, which resulted in a score of mines being surface Mineral Reserves represented by SRD developed in the accumulated during the operating history of Free State. the mine. Beatrix 2006 2001 1998 1995 1993 1987 2016 KEY STATISTICS St Helena Gold Mine Beatrix 3 Shaft Goldco is formed, Sinking of Gold production began Sinking of two new sold to Freegold, completed. bringing together the Beatrix 3 Shaft at Oryx Mine. sub-vertical shafts and Beatrix and Oryx mines gold assets of Gold complex and down-dip a ventilation shaft at merged to form Beatrix Fields of South Africa expansion of Beisa Mine, renamed Gold Mine. Beatrix Gold Limited with those mine initiated. Oryx Mine, to exploit Mine is awarded ISO of the unbundled KKR, commenced. 14001 certification in Gencor. Goldco was July 2002. later renamed Gold Fields Limited. MAIN DEVELOPMENT AREA MINED TONNES MILLED YIELD GOLD PRODUCED 21,280m 437,216m2 4,333kt 2.32g/t 10,041kg 1999 1999 2005 2006 2009 2010 (322,800oz)

Beatrix achieves Completion of a new Beatrix North and Beatrix granted a new Beatrix achieves full Beatrix West Section SURFACE SURFACE SURFACE one million and Beatrix surface ventilation South Sections achieve order MR. compliance from achieves two million North and South shaft to service the three million fatality- the ICMI during an fatality-free shifts for 1,471kt 0.30g/t 440kg Sections achieve south-west corner of free shifts for the external cyanide audit the first time. (14,100oz) two million fatality-free the mine near 2 Shaft. first time. conducted during UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND shifts for the first time. Beatrix achieves June 2009. two million fatality-free 2 shifts for the first time. 21,280m 437,216m 2,862kt 3.35g/t 9,601kg (308,700oz)

2016 2015 2014 2013 2012 2011 COSTS AND MARGINS Bloemhoek FS on the Maiden gold and Sibanye’s acquisition Beisa Reef concept Announcement of the Partial extraction and OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST decline commenced. uranium Mineral of the Wits Gold study undertaken to unbundling of Sibanye flaring of methane gas Reserves are assets contiguous to establish the economic Gold Limited from Gold commenced in declared for Beatrix’s Beatrix consolidated potential in re-opening Fields Limited. May 2011. R866/t R2,131m 36% R629m R453,232/kg Beisa Project. its position on the the old Beisa Mine (US$961oz) southernmost extent (upper levels of Beatrix Studies on the SURFACE SURFACE SURFACE ORE RESERVE DEVELOPMENT ALL-IN COST MARGIN Beatrix/VS5 Reef of the Witwatersrand 4 Shaft) to exploit gold were undertaken for Basin and extended and uranium. R126/t R71m 28% R543m 23% the Bloemhoek area, its LoM Mineral underpinning future Reserves to sustain the UNDERGROUND UNDERGROUND UNDERGROUND PROJECTS TOTAL CASH COST technical studies operation for another in 2016. 14 years. R1,246/t R2,060m 37% R1m R381,625/kg The Wits Gold Mineral (US$809) Reserve and Resource SUSTAINING projects were aligned with the Sibanye R85m Gold systems. COOKE SHAREHOLDER PLAN COOKE HISTORY AT A GLANCE OPERATIONAL STATISTICS

1886 1889 1890 1900 1910 1911

Exploration activities Randfontein Estates REGM Dump 20 Lindum tailings Exploration Dump 20 Sand commenced in the Gold Mining Company tailings facility formed; facility created. programmes to created as result COOKE West Rand. Limited (REGM) slimes material from locate gold bearing of stamp milling at established. Millsite Plant deposited reefs south of the Millsite Plant. into Rietpan. Witpoortjie Horst (Gap) Located near Randfontein, approximately 30km commenced. south-west of Johannesburg in the province of Gauteng, South Africa, the Cooke underground MARCH 2003 JULY 2001 2000 1997 1971 1961 operations comprise four vertical shafts (Cooke 1 to 4), a dedicated uranium processing facility, as South Deep (Placer Harmony ceases REGM (Cooke 4 WAGMC purchased The Cooke 123 Registration of Western Dome Western mining and pumping Section) acquired by by REGM. established as a Areas Gold Mining well as the surface operation, which are serviced Areas Joint Venture) operations at Harmony Gold Mine section of Randfontein Company Waterpan by a developed network of mining and civil takes over pumping Cooke 4 and operation Limited, including Estates Limited Gold Mine. infrastructure with adequate electricity and operations but ceased put under care and the RSO. (Cooke 1 - 1971, Cooke water supplies. pumping in maintenance. 2 - 1974 and Cooke Cooke February 2005. 3 - 1981). Cooke TSF established in 1976. 2016 KEY STATISTICS

MAY 2005 DECEMBER 2006 DECEMBER 2006 DECEMBER 2007 DECEMBER 2007 JULY 2008

Simmer and Jack Ezulwini new order MR Simmers sells its 90% Waterpan Mining Harmony and Pamodzi Ezulwini gold plant Limited apply for new registered, construction interest in EMC to First Corporation sells 10% acquires the Cooke commissioned. order MR in respect of the new Ezulwini Uranium Limited. interest to EMC. EMC Operations from MAIN DEVELOPMENT AREA MINED TONNES MILLED YIELD GOLD PRODUCED of Ezulwini Mining Gold and Uranium become wholly-owned Randfontein Estates Company (Propriety) Plant commenced. subsidiary of First Limited in a Special 7,115m 175,097m2 5,201kt 1.09g/t 5,653kg Limited (EMC or Uranium Limited. Purpose Vehicle called (181,700oz) Ezulwini) and assumed Rand Uranium (Pty) pumping operations Limited. SURFACE SURFACE SURFACE as part of purchase agreement with 4,043kt 0.20g/t 800kg Harmony. (25,700oz)

UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND MAY 2014 MARCH 2014 MID-2012 2011 APRIL 2010 MAY 2009 2 Sibanye Gold acquires The uranium plant Gold One acquires Gold One International Ezulwini MR registered Ezulwini uranium 7,115m 175,097m 1,158kt 4.19g/t 4,853kg Rand Uranium and re-commissioned by 100% of EMC. Limited acquires Rand to EMC. plant commissioned. (156,000oz) EMC from Gold One. Gold One. Uranium and place Ezulwini uranium COSTS AND MARGINS plant on care and maintenance. OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST R575/t R377m 11% R250m R595,959/kg (US$1,263oz) 2015 2016 SURFACE SURFACE SURFACE ORE RESERVE DEVELOPMENT ALL-IN COST MARGIN First stage of aligning A Section 102 Management teams acquired operations application was were amalgamated to R90/t R103m 22% R160m (1%) with Sibanye Gold submitted to the DMR optimise production. through restructuring to extend the MR Cooke 4 UG closed and UNDERGROUND UNDERGROUND UNDERGROUND PROJECTS TOTAL CASH COST of Cooke was boundaries to include uranium plant placed completed. The second the TSFs that form part care and maintenance. R2,268/t R274m 9% R41m R527,916/kg stage of instituting of the WRTRP. (US$1,119) protocols, standards and business SUSTAINING processes commenced. R49m DRIEFONTEIN SHAREHOLDER PLAN DRIEFONTEIN HISTORY AT A GLANCE OPERATIONAL STATISTICS

1887 1892 1931 1932 1945 1952

Cecil Rhodes and The Gold Fields Using a magnetometer, On 12 November 1932, Exploration activities West Driefontein starts Charles Rudd, as joint of South Africa Dr Rudolf Krahman West Witwatersrand 1933 to 1939 culminate milling in 1952. DRIEFONTEIN Managing Directors, Limited is renamed discovered the vast Areas Limited is formed in registration of West are co-founders of The Consolidated Gold gold deposits of the to take over the Gold Driefontein Mining Gold Fields of South Fields of South Africa West Wits Line near Fields MR and Company on Located on the Far West Rand, in the mining Africa Limited. to mine the deep-level Carletonville, including to continue 7 March 1945. Sinking district of Merafong (Carletonville), some 70km gold deposits of the the mines known today exploration work. of the No 1 and 2 Shafts south-west of Johannesburg in the province of Witwatersrand. as Driefontein commences (now the and Kloof. No 11 and Gauteng, South Africa, Driefontein operates under 12 Shafts). a New Order Mining Right covering a total of 8,561ha. It is an underground mine with surface 1981 1979 1972 1968 1968 1962 Mineral Reserves represented by SRD and TSF that have accumulated throughout the operating history On 1 July 1981 East West Driefontein East Driefontein starts Disaster strikes in Intensive drilling Tragically, 29 people of the mine. Driefontein Gold Mining succeeds Crown Mines production in 1972, October 1968 when a carried out between lose their lives when Driefontein Company Ltd changes as the largest gold with an expected life stope in the 8 Shaft 1962 and 1963 a severe subsidence its name to Driefontein producer ever. of 52 years, and is area and the entire indicates the viability results in the collapse Consolidated Ltd immediately among the East Driefontein of an area adjoining of the entire sorting 2016 KEY STATISTICS and West Driefontein lowest cost producers development area West Driefontein and crushing plant on becomes a wholly- in South Africa. is flooded and mine and the East West Driefontein. owned subsidiary threatens the whole Driefontein Gold Mining of Driefontein of West Driefontein. Company Limited is Consolidated Ltd but A tremendous effort registered on still manages its own saves the mines 3 May 1968. lease area. without loss of life. MAIN DEVELOPMENT AREA MINED TONNES MILLED YIELD GOLD PRODUCED 1999 1999 2005 2006 2009 2010 13,457m 311,155m2 5,971kt 2.70g/t 16,130kg In September 1999 Gold Fields wins control On 30 August 2005, Driefontein successfully Suspension of the 5 Shaft decline option (518,600oz) the two entities are of the Driefontein Gold Driefontein officially converts its old order 9 Shaft deepening PFS replaced formally amalgamated, Mine by buying AGA’s pours the 100 millionth mining licence to new project. the 9 Shaft SURFACE SURFACE SURFACE pooling their resources 21.5% shareholding, ounce of gold after order MR and approval deepening option. to form one mine, making Gold Fields some 53 years of is given for completion 3,916kt 0.56g/t 2,210kg Driefontein Gold Mine. the world’s second production. of 9 Shaft project. (71,100oz) largest gold producer. UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND Gold Fields Ltd holds 100% interest in GFI 2 Mining South Africa 13,457m 31,155m 2,055kt 6.77g/t 13,920kg (Proprietary) Limited (447,500oz) which in turn hold a 100% interest COSTS AND MARGINS in Driefontein. OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST R937/t R3,834m 41% R1,052m R424,872/kg 2016 2015 2014 2013 2012 2011 (US$901oz) 5 Shaft drop-down A section 102 The PF study for the Driefontein showed an Announcement of the TSFs PFS and trial SURFACE SURFACE SURFACE ORE RESERVE DEVELOPMENT ALL-IN COST MARGIN development application was Driefontein 5 Shaft overall improvement unbundling of Sibanye mining initiated. commenced. submitted to the DMR Drop-down Project in all safety lagging Gold Limited from Gold R182/t R581m 45% R779m 28% to extend the MR completed. indicators, particularly Fields Limited. boundaries to include the FIFR, which UNDERGROUND UNDERGROUND UNDERGROUND PROJECTS TOTAL CASH COST the TSFs that form part improved by 64% and of the WRTRP. was the lowest ever R2,374/t R3,253m 40% R54m R355,416/kg recorded by the mine (US$753) to date. SUSTAINING R219m KLOOF SHAREHOLDER PLAN KLOOF HISTORY AT A GLANCE OPERATIONAL STATISTICS

1898 1892 1931 1932 1945 1952

Drilling commenced by A shaft was sunk which Dr Krahmann used Shaft sinking Shaft sinking Crushing of ore began the Pullinger brothers flooded with water from geophysical techniques commenced at commenced at and first gold from KLOOF intersecting VCR and the dolomites and was to delineate the extent Venterspost using Libanon. the West Wits Line MVR at depth in the Far abandoned. of the reefs underlying the newly developed Goldfield was poured at West Rand area (later the dolomite. cementation process. Venterspost. renamed the West Located in the Far West Rand mining district Wits Line). of Westonaria, some 60km south-west of Johannesburg in Gauteng province, South Africa, Kloof’s MR covers a total of 20,100ha. It is 1987 1982 1968 1964 1945 1939 principally an underground mine with nominal The southern portion of Prospecting lease Kloof Gold Mine Work commenced on Libanon Mine reopened. Sinking of Libanon’s surface Mineral Reserves represented by SRD and the Kloof Gold Mine and obtained over an area officially opened. Kloof’s main twin-shaft second shaft stopped TSF accumulated during the operating history of part of the Bank Break to the south and west complex. to curtail capital the mine. area culminated in of the Kloof lease area, expenditure and the the Leeudoorn Mining dubbed the Bank Break mine closed for the Kloof Lease. Leeudoorn Shaft area. duration of World sinking commenced. War II. 2016 KEY STATISTICS

1999 1999 2005 2006 2009 2010

Venterspost Gold Mine Leeudoorn shaft Formation of the Kloof Production reached Kloof successfully Tailings surface incorporated into the completed. Gold Mine with the a cumulative converted its Old Order facility uranium Libanon division of the amalgamation of the 70 Moz of gold (yield). Mining Rights to New models completed and Kloof Gold Mine. Venterspost, Libanon, Order Mining Rights. included in Mineral Kloof and Leeudoorn Resource Statement. MAIN DEVELOPMENT AREA MINED TONNES MILLED YIELD GOLD PRODUCED Gold Mines. 16,167m 278,409m2 4,676kt 3.25g/t 15,210kg (489,000oz) 2015 2014 2013 2012 2011 2010 SURFACE SURFACE SURFACE Following the Concluded a pre- Secondary reef Announcement of the SRD Python Plant Kloof and Driefontein completion of the feasibility study on the project initiated. formation of Sibanye Project and TSFs PFS were combined to 2,667kt 0.56g/t 1,506kg drop-down decline mining area below Gold Limited following create the Kloof/ (48,400oz) FS, capital approval 45 Level at Kloof the unbundling from Driefontein Complex. was obtained from the 4 Shaft. Gold Fields Limited UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND Board and development Embarked on a major 2 commenced. exploration programme, 16,167m 278,409m 2,009kt 6.82g/t 13,704kg A Section 102 targeted at the Kloof (440,600oz) application was and MVR at Main and submitted to the DMR 8 Shafts. COSTS AND MARGINS to extend the MR boundaries to include OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST the TSFs that form part of the WRTRPs. R1,080/t R3,850m 43% R1,304m R435,609/kg (US$923oz)

2016 SURFACE SURFACE SURFACE ORE RESERVE DEVELOPMENT ALL-IN COST MARGIN Management teams were amalgamated to R162/t R447m 51% R913m 26% optimise production. UNDERGROUND UNDERGROUND UNDERGROUND PROJECTS TOTAL CASH COST EBA was included into the Mineral Resources R2,300/t R3,403m 42% R130m R340,762/kg but requires further (US$722) study. SUSTAINING R261m BURNSTONE SHAREHOLDER PLAN BURNSTONE HISTORY AT A GLANCE OPERATIONAL STATISTICS

1887 1974 2002 2002 2006 2006

Gold discovered A steep rise in the Southgold Exploration Great Basin Gold Positive final FS The construction of in the South Rand gold price sparked (Pty) Ltd drilled acquired 100% of declared a large the Burnstone Decline BURNSTONE Basin outcrops of the renewed interest in an additional Southgold and drilled a Measured and Shaft started. Kimberley Reef. the South Rand Basin 18 boreholes, further 374 boreholes Indicated Gold - Union Corporation/ primarily within the until 2012 within or in Resource (85.2 Mt @ Glencor and Anglovaal Burnstone MR and close proximity of the 5.52 g/t for 15.3 Moz). Located on the Far South Rand basin in the conducted extensive again intermittently Burnstone MR. mining district of Balfour, some 70km south-east drilling programmes, intersected payable which confirmed the Kimberley Reef. of Johannesburg in the Mpumalanga province occurrence of Kimberley of South Africa. A maiden gold Mineral Reserve Reef at relatively was declared in 2015. It is planned to be a semi- shallow depths of mechanised mining operation using conventional 200m – 300m. stoping methods.

2016 2015 2014 2012 2009 Burnstone

Slow ramp-up of Completion of the Sibanye Gold took over Southgold placed in a The Decline Shaft the development FS, capital approval Wits Gold and acquired business rescue plan tunnel intersects 2016 KEY STATISTICS commenced. Plant and obtained to commence Southgold. Sibanye’s and Wits Gold acquired Kimberley Reef. shaft infrastructure, with development technical team the company. maintenance and in 2016. reviewed the technical repairs in preparation aspects of Burnstone for full production with its own FS. (planned to start in 2018) took place. MAIN DEVELOPMENT AREA MINED TONNES MILLED YIELD GOLD PRODUCED Not applicable Not applicable Not applicable Not applicable Not applicable

SURFACE SURFACE SURFACE Not applicable Not applicable Not applicable

UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND Not applicable Not applicable Not applicable Not applicable Not applicable

COSTS AND MARGINS

OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST Not applicable Not applicable Not applicable R521m Not applicable PROJECTS ALL-IN COST MARGIN R521m Not applicable TOTAL CASH COST Not applicable KROONDAL SHAREHOLDER PLAN KROONDAL HISTORY AT A GLANCE OPERATIONAL STATISTICS

1996 1997 1998 1999 2000 2001

A PFS on the Kroondal The bankable feasibility Mine development Mining via two decline Aquarius increases its Initial joint venture Platinum Project, study of the Kroondal begins and an initial shafts (originally stake in Kroondal to (50:50) agreement KROONDAL in which Aquarius Platinum Project off-take agreement is the Central and East 94.57% and then entered into with had a 45% stake, is is completed and signed with Implats Shafts, now Kopaneng to 100%. Rustenburg Platinum completed. confirms a resource of that continues and Simunye) begins Mines, a subsidiary of 25Mt at a cut-off grade until 2008. in March and by year AAP that is effective Located in the North West province of South of 5.4g/t. end, full production 1 July 2001 and Africa, near the town of Rustenburg, approximately has been achieved includes a second 120km west of Pretoria, the Kroondal Operation and the initial plant concentrator plan. consists of five decline shafts from surface and commissioned. extracts the UG2 Reef in the Bushveld Complex. These operations are managed by Sibanye and 2013 2011 2008 2006 2005 2003 form part of a pool-and-share agreement with AAP. The operation is adjacent to the Rustenburg The extent of the Development of a fifth Production ramp Construction of fourth Second concentrator Aquarius enters into a resource included in shaft, K6, begins. up at Kwezi begins shaft, Kwezi (K5), plant commissioned. 50:50 P&SA with AAP Platinum section which collectively forms the the P&SA agreement is and continues into begins. aimed at doubling Sibanye Platinum Division. extended, thus further following year with a output. This agreement Kroondal prolonging Kroondal’s total of four decline was effective November LoM. shafts in production. 2003 and included an off-take agreement 2016 KEY STATISTICS (APRIL TO DECEMBER 2016) with AAP for the resources covered by the agreement.

MAIN DEVELOPMENT AREA MINED TONNES DELIVERED YIELD 4E PGM (Moz) 2015 2016 2 Production ramp up at Sibanye acquired 11,220m 571,374m 5,458,067t 2.48g/t 0,435 K6 completed. a 50% stake in SURFACE SURFACE SURFACE Kroondal following the acquisition in full of Not applicable Not applicable Not applicable Aquarius on 12 April 2016. UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND Not applicable Not applicable Not applicable Not applicable Not applicable

COSTS AND MARGINS

OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST R618/t R79m 11.35% R387m R9,481/4E PGM oz SURFACE SURFACE SURFACE ALL-IN COST Not applicable Not applicable Not applicable Not applicable

UNDERGROUND UNDERGROUND UNDERGROUND ALL-IN COST Not applicable Not applicable Not applicable Not applicable RUSTENBURG SHAREHOLDER PLAN RUSTENBURG HISTORY AT A GLANCE OPERATIONAL STATISTICS

1925 1929 1935 1951 1953 1961

Exploration on the The first vertical shaft Waterfall vertical shaft Central deep shaft Siphumelele Siphumelele 2 Shaft Eastern Limb of the at Rustenburg Section constructed. constructed. 3 Shaft and West 20 commissioned. RUSTENBURG Bushveld Complex – west vertical shaft. compressor station started as far back constructed. as 1925. Located in the North West province of South Africa, near the town of Rustenburg, approximately 120km west of Pretoria, Rustenburg Operation consists of 1984 1978 1972 1970 1968 1967 three conventional vertical shafts and one decline Khuseleka 2 Shaft Siphumelele 1 Shaft Khuseleka 1 Shaft Thembelani 1 Shaft Khomanani Shaft Frank Concentrators complex from surface. The Merensky and UG2 commissioned. commissioned. commissioned. commissioned. commissioned. commissioned. Reefs (Bushveld Complex) are extracted from this operation. The lease area covers approximately 130km² and is in excess of 20km from east to 1993 2011 2016 west and 15km from north to south. The operation is adjacent to the Kroondal Operation which Khomanani 2 Shaft Thembelani 2 Shaft Sale of Rustenburg commissioned. sinking. Platinum Operations collectively forms the Sibanye Platinum Division. Rustenburg to Sibanye on 1 November 2016. 2016 KEY STATISTICS (NOVEMBER AND DECEMBER 2016)

MAIN DEVELOPMENT AREA MINED TONNES DELIVERED 4E PGM (Moz) 2,763m 237,145m2 2,116,830t 0,176 SURFACE SURFACE SURFACE 994,179t 1.47g/t 0,047 UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND 2,763m 237,145m2 1,122,651t 3.57g/t 0,129

COSTS AND MARGINS

OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST 761/t R(8)m (1,03)% R128m R13,073/4E PGM oz SURFACE SURFACE SURFACE ALL-IN COST R128/t R64m 33.32% R7,925/4E PGM oz UNDERGROUND UNDERGROUND UNDERGROUND ALL-IN COST R1,284/t R(67)m (5.48)% R13,750/4E PGM oz www.sibanyegold.co.za