MINERAL RESOURCES and MINERAL RESERVES REPORT 2017 This Mineral Resources and Mineral Reserves Report Should Be Read in Conjunction with Our Other 2017 Reports

MINERAL RESOURCES AND MINERAL RESERVES REPORT 2017 This Mineral Resources and Mineral Reserves Report should be read in conjunction with our other 2017 reports. This report, together with the other reports produced for the financial year from 1 January 2017 to 31 December 2017, covers Sibanye-Stillwater’s progress and achievements in delivering on our strategic objectives and commitment to creating stakeholder value. The full set of 2017 reports and all supplementary documents are available on the corporate website at http://reports.sibanyestillwater.com/2017/

SUMMARISED REPORT INTEGRATED ANNUAL 2017 AND NOTICE OF REPORT 2017 ANNUAL GENERAL MEETING

ANNUAL FINANCIAL COMPANY FINANCIAL REPORT 2017 STATEMENTS 2017

Front cover photograph of 2017 Krugerrand provided courtesy of Rand Refinery (Pty) Limited

b Sibanye-Stillwater CONTENTS

SECTION 01 SECTION 03 GROUP OVERVIEW UNITED STATES REGION P3 Introduction P91 Overview P4 Regional location P93 Location P5 Fundamental notes P94 Legal considerations P6 Corporate governance and compliance P94 Competent Persons declaration and consent P8 Group summary PLATINUM GROUP METALS P96 Introduction SECTION 02 P101 2E PGM consolidated Mineral Resources and Mineral Reserves Statement SOUTHERN AFRICA REGION P11 Overview OPERATIONS P13 Location P103 Stillwater and East Boulder P14 Legal considerations PROJECTS P14 Competent Persons declaration and consent P109 Altar GOLD P111 Marathon P16 Introduction P21 Gold and Uranium Mineral Resources and Mineral Reserves Statement SECTION 04 SUPPLEMENTARY INFORMATION OPERATIONS P113 Professional organisations P26 Beatrix P113 SAMREC code definitions P32 Driefontein P115 Glossary of terms P37 Kloof P116 Conversion table P42 Cooke P117 Abbreviations PROJECTS P119 Forward-looking statements P49 Burnstone P120 Administrative and corporate information P54 West Rand Tailings Retreatment P57 Southern Orange Free State

PLATINUM GROUP METALS P60 Introduction P64 4E PGM Mineral Resources and Mineral Reserves Statement

OPERATIONS P67 Rustenburg P76 Kroondal OUR VISION P82 Mimosa P86 Blue Ridge Superior value creation for all of our

PROJECTS stakeholders through responsible P88 Hoedspruit mining and beneficiation of our P88 Zondernaam P88 Vygenhoek Mineral Resources.

Mineral Resources and Mineral Reserves Report 2017 1 SECTION 1 GROUP OVERVIEW

SECTION 01 GROUP OVERVIEW

P3 Introduction P4 Regional location P5 Fundamental notes P6 Corporate governance and compliance P8 Group summary

COMMITMENT The Group takes responsibility and demonstrates integrity when reporting Mineral Resources and Mineral Reserves. Sibanye- Stillwater is committed to maintaining uncompromised principles while strengthening its position in the mining industry.

2 Sibanye-Stillwater SECTION 1 GROUP OVERVIEW

INTRODUCTION

Sibanye-Stillwater (the Group) is a leading international precious metals mining company. The Group owns a portfolio of gold (Au) operations and projects in South Africa, platinum group metal (PGM) operations and projects in South Africa, Zimbabwe and the United States (US), a PGM/copper (Cu) exploration project in Canada, and a Cu/Au project in Argentina. The operating assets and exploration projects are grouped into two regions, namely the Southern Africa (SA) and US regions.

SOUTHERN AFRICA REGION UNITED STATES REGION

South Africa Zimbabwe United States Canada Argentina

Gold assets PGM assets PGM assets PGM assets PGM/copper assets Copper/gold assets Operations Projects Operations Projects Operations Operations Projects Projects • Beatrix • Burnstone • Kroondal (50% attributable) • Hoedspruit • Mimosa • Stillwater • Marathon • Altar (50% attributable, • Driefontein • West Rand Tailings • Rustenburg • Zondernaam • East Boulder Retreatment non-managed) • Kloof • Blue Ridge2 (50% attributable) • Vygenhoek • Southern Orange • Cooke1 Free State

1 Cooke underground operations were put on care and maintenance at the end of October 2017 2 Blue Ridge is on care and maintenance

SOUTHERN AFRICA REGION

GOLD OPERATIONS The gold operations are made up of gold producing, underground and surface operations in South Africa namely the Driefontein, Kloof and Cooke operations in the West Wits region and Beatrix operation in the southern Free State. The underground Cooke operations were placed on care and maintenance, as a result of non-profitability, at the end of October 2017. Burnstone, in Mpumalanga province, is the most advanced project. In addition to its mining activities, Sibanye-Stillwater owns and manages significant extraction and processing facilities at its operations where gold-bearing ore is treated and beneficiated. Projects in study phase, include: Southern Orange Free State (SOFS) and the West Rand Tailings Retreatment Project (WRTRP).

PGM OPERATIONS The PGM operations consist of two managed PGM producing, underground operations and surface treatment facilities in South Africa and a 50% attributable, non-managed, underground operation in Zimbabwe. With the exception of the Rustenburg operations (100% attributable), Kroondal and Mimosa are reported as follows: • Kroondal Pool and Share Agreement (PSA) with Anglo American Platinum (AAP) – 50% attributable • Mimosa – 50% attributable, non-managed • Kroondal Extension – mined under a royalty agreement with AAP of which Sibanye-Stillwater has exclusive mining rights (MRs). These are included in the Kroondal life of mine (LoM) plan and are reported as (50%) attributable to Sibanye-Stillwater • Blue Ridge – 50% attributable, has been on care and maintenance since 2011

The projects forming part of the PGM operations are at various stages of exploration.

Platinum Mile, located adjacent to the Paardekraal TSF, is a tailings retreatment facility that recovers PGMs from the tailings streams of the Waterval and Retrofit processing plants. As it is a retreatment operation, no Mineral Resources or Mineral Reserves are declared. Sibanye-Stillwater has a stake of 91.7% in Platinum Mile.

UNITED STATES REGION

Sibanye-Stillwater has PGM mining and ore beneficiation operations and mining claims (Stillwater operations) which are located in Montana, US. These wholly owned assets include the Stillwater mine (inclusive of the Blitz project), the East Boulder mine, integrated concentrator plants at Stillwater and East Boulder and the surrounding PGM mining claims located near the town of Nye. The metallurgical complex is situated in Columbus town.

The US region further includes projects in exploration phase in Canada (Marathon) and Argentina (Altar). All the US region operations and projects are 100% attributable.

Mineral Resources and Mineral Reserves Report 2017 3 SECTION 1 GROUP OVERVIEW

REGIONAL LOCATION

GOLD PGM COPPER SOUTHERN AFRICA REGION

GOLD OPERATIONS Beatrix Driefontein Kloof Cooke

Kroondal (50%) Mimosa (50%, non-managed) PGM OPERATIONS Rustenburg operations Platinum Mile (91.7%)1 Blue Ridge2

GOLD PROJECTS Burnstone SOFS WRTRP

PGM PROJECTS Hoedspruit Zondernaam Vygenhoek

In South Africa, our gold producing assets and projects are located throughout the Witwatersrand Basin and our PGM assets are on the southern portion of the western limb of the Bushveld Complex (BC), near Rustenburg. Mimosa, in the south of the Great Dyke in Zimbabwe, is a PGM joint venture (JV) with Impala Platinum Holdings Ltd (Implats). 1 A retreatment operation, no Mineral Resources and Mineral Reserves declared 2 On care and maintenance

UNITED STATES REGION

PGM OPERATIONS East Boulder Stillwater (including Blitz) Columbus Metallurgical Complex

PROJECTS Marathon (Canada) Altar (Argentina)

Our PGM-producing assets are located in a geological formation, the J-M Reef, in south-central Montana. The J-M Reef, the only known significant source of PGMs in the US, is the highest-grade PGM deposit known in the world.

R P

S S O

4 Sibanye-Stillwater SECTION 1 GROUP OVERVIEW

FUNDAMENTAL NOTES

• This Mineral Resources and Mineral Reserves Report for Sibanye-Stillwater covers a full description of the Group’s mineral asset estimation as at 31 December 2017

• The Mineral Resource and Mineral Reserve estimation is quantified by Competent Persons who have sufficient experience relative to the type and style of the mineral deposits under consideration. The competency, relationship with the Group and individual declarations of the Competent Persons are defined under the introduction to each region

• This Mineral Resource and Mineral Reserve public disclosure has supporting compliant processes and procedures which are informed by The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code), The South African Code for the Reporting of Asset Valuation (SAMVAL Code), and The United States Securities and Exchange Commission (SEC) Industry Guide 7 (Guide 7). Where detail is not publically disclosed, it is supported by updated Competent Persons Reports (CPRs) and the processes and procedures are audited internally and externally for compliance purposes

• 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 i.e. Mineral Reserves. Certain terms are used in this report, such as Mineral Resources, that the SEC guidelines strictly prohibit companies from including in filings. US investors are urged to closely consider the disclosure in the Form 20-F submission

• External auditing of technical detail and the companies Sarbanes-Oxley Act of 2002 (SOX) compliant procedures (not covered in this summary of Mineral Resources and Mineral Reserves Report 2017), is conducted to ensure compliance. If further detail is needed, a request through the contacts link on the company website: www.sibanyestillwater.com/contacts can be made

• Mineral Resources and Mineral Reserves reported are managed by Sibanye-Stillwater, unless otherwise stated

• All Mineral Resource estimates stated are inclusive of Mineral Reserves

• The Mineral Resources and Mineral Reserves estimates are reported at a point in time as it is affected by the fluctuations in commodity price and currency exchange rates, legislation, permitting, costs and operating parameters. Reasonable three-year trend estimates on the modifying parameters, where necessary, and three-year trailing averages on the commodity prices and currency exchange rate, are used when estimating the Mineral Resource and Mineral Reserves

• Rounding-off of figures in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant

• Above infrastructure (AI) is that part of the Mineral Resource and/or Mineral Reserve, 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 Resource and/or Mineral Reserve, which is below the lowest mining level and can only be accessed following approved capital expenditure

• All reference to tonnes (t) is metric units

• Gold and uranium are reported individually and not as metal equivalents

• South African PGM operations Mineral Resource and Mineral Reserve reporting only accounts for four elements of the PGMs (platinum (Pt), palladium (Pd), rhodium (Rh) and Au), although the other metals ruthenium (Ru), iridium (Ir) and base metals are extracted in conjunction with these PGMs. The PGMs from SA region are therefore reported as 4E

• The US region’s PGM operations Mineral Resource and Mineral Reserve reporting only accounts for 2E PGMs (Pd and Pt). Other associated PGMs, such as Rh, Ir, Ru and osmium (Os), and Au occur in low quantities and are generally not evaluated

• The annual development results table, in the operation sections, details the development advanced for the past 12 months to December 2017 (2016 numbers are shown for comparison)

Mineral Resources and Mineral Reserves Report 2017 5 SECTION 1 GROUP OVERVIEW

CORPORATE GOVERNANCE AND COMPLIANCE

Sibanye-Stillwater is listed on both the Johannesburg Stock The gold Mineral Reserve price used for estimation is in Exchange (JSE) and the New York Stock Exchange (NYSE) and accordance with the SEC guidelines and approximates the three- is, therefore, required to comply with the requirements of the year trailing average price, as calculated on a monthly basis, based SEC Guide 7. In addition, the Mineral Resources and Mineral on the London afternoon gold price fix. The Mineral Resource Reserves, and the mineral asset valuations supporting the gold price used has a premium of ~10% over the R/kg Mineral Mineral Reserve estimates, have been prepared in compliance Reserve gold price, representing upside potential leverage to the with and to the extent required by the SAMREC Code and the spot price of gold. SAMVAL Code (2016 editions). The uranium Mineral Reserve price used for estimation is based The assessment and reporting criteria, as outlined in the SAMREC on an approximate three-year average, long-term contract price, Code, have been used in the preparation of CPRs for the Mineral in South African Rand terms. Resources and Mineral Reserves for each operation and project, and from which the numbers stated in this supplement are drawn. The 4E PGM and 2E PGM Mineral Resources and Mineral This additionally satisfies the SEC Guide 7 disclosure guidelines for Reserve price used for estimation is in accordance with the SEC Mineral Reserves. See diagram below. guidelines and approximates the three-year trailing average of the metal prices. Sibanye-Stillwater considers the estimation The process followed in producing the declaration is in price average to be a transparent and reasonable basis for alignment with the guiding principles of SOX and covers Mineral Resource and Mineral Reserve definition. the entire Group’s Mineral Resource Management (MRM) function. SOX audits run in parallel with periodic external The prill split is the ratio of the 4E PGMs for a particular reef. Mineral Resource and Mineral Reserve audits. This strengthens the internal control process, leading to world-class corporate Sensitivities with a variance of ±10% are reported in support of governance practices being followed. the Mineral Reserve estimates.

All required Sibanye-Stillwater operating permits have been The three-year average South African Rand to US Dollar obtained and are in good standing. exchange rate as at 30 April 2017 was R13.05/US$ which Sibanye-Stillwater used for its Mineral Reserve declaration for its The Group has proven expertise in exploration, resource operations in South Africa. modelling, mine planning and reconciliation methodologies for shallow and deep to ultra-deep underground and surface mining Detailed financial models are used when estimating the Mineral operations. Sibanye-Stillwater constantly reviews and considers Reserves, which includes the use of modifying parameters. The the application of international leading practices in Mineral modifying parameters are all inclusive from mine to mill, and Resource and Mineral Reserve management at all its operations accommodate the treatment and processing considerations. and projects.

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

Exploration results Mineral Resources Mineral Reserves

Increasing level of Inferred geoscientific knowledge and confidence Indicated Probable

Measured Proved

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

6 Sibanye-Stillwater SECTION 1 GROUP OVERVIEW

Price assumptions based on a three-year trailing average 31 Dec 2017 31 Dec 2016 PRECIOUS METALS US$/oz ZAR/oz ZAR/kg US$/oz ZAR/oz ZAR/kg Gold 1,218 15,895 511,033 1,200 15,241 490,000 Platinum 1,092 14,251 458,167 1,222 15,520 498,983 Palladium 704 9,187 295,375 717 9,106 292,775 Rhodium 901 11,758 378,030 787 9,995 321,358 Iridium 575 7,504 241,251 Ruthenium 46 600 19,300

BASE METALS US$/lb ZAR/kg US$/lb ZAR/kg Uranium* 42 1,208 45 1,260

US$/tonne ZAR/tonne Nickel 12,185 159,014 Copper 5,614 73,263

* Long-term contract prices used

VCR D-facies at Driefontein

Mineral Resources and Mineral Reserves Report 2017 7 SECTION 1 GROUP OVERVIEW

GROUP SUMMARY

SA REGION OPERATIONS AND PROJECTS Mineral Resources Mineral Reserves 31 Dec 31 Dec GOLD OPERATIONS 31 Dec 2017 2016 GOLD OPERATIONS 31 Dec 2017 2016 Tonnes Grade Gold Gold Tonnes Grade Gold Gold Underground (Mt) (g/t) (Moz) (Moz) Underground (Mt) (g/t) (Moz) (Moz) Beatrix 45.5 5.6 8.249 12.729 Beatrix 20.1 3.2 2.086 3.723 Driefontein 50.7 11.2 18.337 17.684 Driefontein 34.8 6.2 6.980 6.851 Kloof 70.4 13.6 30.715 32.361 Kloof 29.7 6.5 6.189 6.450 Cooke 10.7 11.8 4.039 13.837 Cooke 0.826 Underground – total 177.3 10.8 61.339 76.611 Underground – total 84.6 5.6 15.254 17.849 Surface Surface SRDs and TSFs 21.8 0.4 0.311 0.375 SRDs and TSFs 21.8 0.4 0.311 0.375 Operations – total 199.1 9.6 61.651 76.985 Operations – total 106.4 4.5 15.565 18.224 GOLD PROJECTS GOLD PROJECTS Underground Underground Burnstone 64.6 4.3 9.015 8.890 Burnstone 14.8 4.1 1.934 2.137 Beisa North 1.619 Beisa North Bloemhoek 28.3 4.7 4.297 4.297 Bloemhoek De Bron Merriespruit 28.3 4.4 4.022 4.022 De Bron Merriespruit 15.4 4.3 2.112 2.112 Underground – total 121.2 4.4 17.335 18.828 Underground – total 30.2 4.2 4.045 4.248 Surface Surface WRTRP 670.8 0.3 6.126 6.222 WRTRP 670.8 0.3 6.126 6.222 Projects – total 792.0 0.9 23.460 25.050 Projects – total 701.0 0.5 10.171 10.470 Grand total – Grand total – operations and projects 991.2 2.7 85.111 102.035 operations and projects 807.4 1.0 25.737 28.694 4E PGM OPERATIONS 4E PGM OPERATIONS Tonnes Grade 4E 4E Tonnes Grade 4E 4E Underground (Mt) (g/t) (Moz) (Moz) Underground (Mt) (g/t) (Moz) (Moz) Kroondal (50%) 49.3 3.1 4.879 4.926 Kroondal (50%) 21.9 2.6 1.804 2.291 Rustenburg 512.6 5.0 83.209 83.987 Rustenburg 127.6 3.8 15.706 16.066 Mimosa (50%) 59.0 3.6 6.839 7.045 Mimosa (50%) 18.1 3.5 2.030 1.689 Blue Ridge (50%) 23.1 3.3 2.430 2.430 Blue Ridge (50%) Underground – total 644.0 4.7 97.357 98.388 Underground – total 167.6 3.6 19.540 20.046 Surface Surface Rustenburg 81.9 1.1 2.818 3.140 SRDs and TSFs 81.9 1.1 2.818 3.140 Operations – total 725.9 4.3 100.175 101.528 Operations – total 249.4 2.8 22.358 23.186 4E PGM PROJECTS 4E PGM PROJECTS Surface Surface Millenium 1.720 Millenium Vygenhoek 1.4 5.1 0.230 0.230 Vygenhoek Sheba’s Ridge 7.100 Sheba’s Ridge Zondernaam 77.4 6.4 15.900 15.900 Zondernaam Hoedspruit 32.6 5.5 5.790 Hoedspruit Projects – total 111.4 6.1 21.920 24.950 Projects – total Grand total – Grand total – operations and projects 837.2 4.5 122.095 126.478 operations and projects 249.4 2.8 22.358 23.186

8 Sibanye-Stillwater SECTION 1 GROUP OVERVIEW

SA REGION OPERATIONS AND PROJECTS continued Mineral Resources Mineral Reserves 31 Dec 31 Dec URANIUM OPERATIONS 31 Dec 2017 2016 URANIUM OPERATIONS 31 Dec 2017 2016

Tonnes Grade U3O8 U3O8 Tonnes Grade U3O8 U3O8 (Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb) Beatrix 11.4 1.074 26.968 26.968 Beatrix 16.060 Operational – total 11.4 1.074 26.968 26.968 Operational – total 16.060 URANIUM PROJECTS URANIUM PROJECTS Beisa North 35.373 Beisa North WRTRP 670.8 0.065 96.083 97.166 WRTRP 670.8 0.065 96.083 97.166 Projects – total 670.8 0.065 96.083 132.539 Underground – total 670.8 0.065 96.083 97.166 Grand total – Grand total – operations and projects 682.2 0.082 123.051 159.507 operations and projects 670.8 0.065 96.083 113.226

US REGION OPERATIONS AND PROJECTS 31 Dec* 31 Dec 2E PGM OPERATIONS 31 Dec 2017 2016 2E PGM OPERATIONS 31 Dec 2017 2016 Tonnes Grade 2E 2E Tonnes Grade 2E 2E (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz) Stillwater 72.8 18.0 42.144 Stillwater 17.8 20.2 11.519 10.467 East Boulder 76.4 15.6 38.319 East Boulder 24.0 13.4 10.384 10.731 Operations – total 149.2 16.8 80.463 Operations – total 41.8 16.3 21.903 21.198 2E PGM PROJECTS 2E PGM PROJECTS Marathon 151.7 0.8 3.984 Marathon Projects – total 151.7 0.8 3.984 Projects – total Grand total – Grand total – operations and projects 300.9 8.7 84.447 operations and projects 41.8 16.3 21.903 21.198 GOLD PROJECTS GOLD PROJECTS Tonnes Grade Gold Gold Tonnes Grade Gold Gold (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz) Altar 2,614.0 0.1 6.321 Altar COPPER PROJECTS COPPER PROJECTS Copper Copper sulphide Copper Copper sulphide Copper Copper Tonnes grade sulphide sulphide Tonnes grade sulphide sulphide (Mt) (%) (Mlbs) (Mlbs) (Mt) (%) (Mlbs) (Mlbs) Altar 2,614.0 0.311 17,931 Altar Marathon 151.7 0.218 730 Marathon Total 2,765.7 0.306 18,661 Total

* Not previously declared as it was not a requirement for the NYSE listing while under previous ownership

Mineral Resources and Mineral Reserves Report 2017 9 SECTION 2 SOUTHERN AFRICA REGION

SECTION 02 SOUTHERN AFRICA REGION

P11 Overview P13 Location P14 Legal considerations P14 Competent Persons declaration and consent

GOLD P16 Introduction P21 Gold and Uranium Mineral Resources and Mineral Reserves statement

P26 – P47 OPERATIONS Beatrix Driefontein Kloof Cooke P48 – P59 PROJECTS Burnstone West Rand Tailings Retreatment Southern Orange Free State

PLATINUM GROUP METALS P60 Introduction P64 4E PGM Mineral Resources and Mineral Reserves statement

P67 – P86 OPERATIONS Rustenburg Kroondal Mimosa Blue Ridge P87 – P89 PROJECTS Hoedspruit Zondernaam VCR C-Facies underground sample Vygenhoek

10 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

OVERVIEW SOUTHERN AFRICA REGION

Sibanye-Stillwater’s gold producing assets are located throughout the Witwatersrand Basin and our PGM producing assets are along the Western Limb of the BC in South Africa, near Rustenburg, and in the southern region of the Great Dyke in Zimbabwe.

The portfolio of South African operating assets include the Beatrix, Cooke (the underground shaft complexes were placed on care and maintenance at the end of October 2017), Driefontein, Kloof, Rustenburg and Kroondal operations. Mimosa, located in Zimbabwe, is a JV with Implats.

In addition to the operations, work is being done on numerous projects, some of which have progressed into early production while others are still in study phases.

SOUTHERN AFRICA REGION

South Africa Zimbabwe

Gold assets PGM assets PGM assets Operations Projects Operations Projects Operations

• Beatrix • Burnstone • Kroondal (50% attributable) • Hoedspruit • Mimosa • Driefontein • West Rand Tailings • Rustenburg • Zondernaam (50% attributable, Retreatment non-managed) • Kloof • Blue Ridge2 (50% attributable) • Vygenhoek • Southern Orange • Cooke1 Free State

1 Cooke underground operations were put on care and maintenance at the end of October 2017 2 Blue Ridge is on care and maintenance

Multi-band CLR facies sample

Mineral Resources and Mineral Reserves Report 2017 11 SECTION 2 SOUTHERN AFRICA REGION

OVERVIEW CONTINUED

SOUTHERN AFRICA REGION HEADLINE NUMBERS 2017 GOLD URANIUM 4E PGM Mineral Resources Mineral Resources Mineral Resources 85.1Moz 123.1Mlb 122.1Moz Mineral Reserves Mineral Reserves Mineral Reserves 25.7Moz 96.1Mlb 22.4Moz

Gold and uranium Mineral Resources and Mineral Reserves split per operation and project as at 31 December 2017

Gold Mineral Resources Gold Mineral Reserves Uranium Mineral Resources Uranium Mineral Reserves (85.1Moz) (25.7Moz) (123.1Moz) (96.1Mlb) 0 8 10 16 20 5 22

7 27 22 24 78 36 25 100

T T C T C T

4E PGM Mineral Resources and Mineral Reserves split per operation and project as at 31 December 2017

4E PGM Mineral Resources 4E PGM Mineral Reserves (122.1Moz) (22.4Moz)

18 13 2 9 6 8 2 4 68 70

T T

* Excluding tailings ** 50% attributable

4E PGM metal prill splits Rustenburg Kroondal Mimosa Metal Unit MER UG2 UG2 MSZ Platinum % 63.81 54.32 56.96 49.41 Palladium % 27.30 34.36 32.03 38.5 Rhodium % 3.98 10.53 10.26 4.18 Gold % 4.92 0.79 0.74 7.91

MER – Merensky Reef MSZ – Main Sulphide Zone

12 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

LOCATION

Harare ZIMBABWE

Mutare

Bulawayo

ZIMBABWE OPERATION Mimosa (50% attributable)

BOTSWANA Limpopo

E Rustenburg D Mpumalanga Johannesburg North West Westonaria N17 Carletonville A Potchefstroom N12 Balfour B Vredefort

N1 R34 Welkom N3 Virginia Northern Cape C SOUTH AFRICA R30 Theunissen KwaZulu-Natal Free State

Bloemfontein 2 LESOTHO

EGEN C C N N

GOLD PLATINUM

A WEST WITS LINE B SOUTH RAND D WESTERN LIMB F ZIMBABWE OPERATION PROJECT OPERATION OPERATION Kloof Burnstone Kroondal (50% attributable) Mimosa (50% attributable) Driefontein C FREE STATE Rustenburg Cooke (underground is on OPERATION PROJECT care and maintenance) Beatrix Hoedspruit PROJECT PROJECT E EASTERN LIMB WRTRP SOFS OPERATION Blue Ridge (50% attributable, on care and maintenance) PROJECT Zondernaam Vygenhoek

Mineral Resources and Mineral Reserves Report 2017 13 SECTION 2 SOUTHERN AFRICA REGION

LEGAL CONSIDERATIONS

As part of the Sibanye-Stillwater’s Integrated Compliance, All regulatory requirements are met by Sibanye-Stillwater, Governance and Risk framework, the SA region has initiated a including environmental and social and labour plan legalities. process for improved regulatory risk profile and action plans to address any gaps in the identification of risk, level of adequacy For further detail on the risk management of financial, safety, and effectiveness of control measures. This has provided the health and environmental aspects, refer to the Sibanye-Stillwater Environmental and Corporate Affairs departments with a much Integrated Annual Report 2017. clearer picture of the legal requirements, its risk exposure and mitigating actions (compliance risk management plans) that SAMREC and the SAMVAL Codes have been complied with in so need to be put in place to improve and ensure compliance. far as legislative processes and procedures are applicable.

COMPETENT PERSONS DECLARATION AND CONSENT

The Competent Persons, designated in terms of SAMREC, who The Competent Persons consent is given to the disclosure of this take responsibility for the reporting of Mineral Resources and Mineral Resources and Mineral Reserves statement. Mineral Reserves are the respective operation (per mining unit) Corporate governance on the overall compliance of the and project based Mineral Resource managers. The Competent company’s figures and responsibility for the generation of a Persons have sufficient experience relative to the type and Group consolidated statement has been overseen by the lead style of mineral deposit under consideration and are full-time Competent Persons listed below. The lead Competent Persons employees of Sibanye-Stillwater. The Competent Persons have given written consent to the disclosure of the 2017 Mineral consent and confirmation signatures are presented in each Resources and Mineral Reserves statement. They are permanent individual CPR per operation and project. employees of Sibanye-Stillwater.

Title Qualifications Years GOLD OPERATIONS Lead Competent Person Gerhard Janse van Vuuren VP Mine Technical Services BTech (Mineral Resource Management); 30 SAIMM 706705 GDE (Mining Engineering); MBA; MSCC Competent Person Johan van Eeden Unit Manager Geology MSc (Geology) 34 SACNASP 400043/09 Competent Person Leon Tolmay Unit Manager Evaluation NHD (Mine Survey); GDE (Mining Engineering); MSCC 41 SAIMM 704140 Competent Person Steven Wild Unit Manager Mine Planning GDE (Mining Engineering); NHD MRM 22 SAIMM 706556 PGM OPERATIONS Lead Competent Person Andrew Brown VP Mine Technical Services MSc (Mining Engineering) 33 SAIMM 705060 Competent Person Leonard Changara Unit Manager Geology MSc (Geology) 19 SACNASP 400089/08 Competent Person Brian Smith Unit Manager Survey NHD (Mine Survey); MEng MRM; MSCC 31 SAIMM 702313

14 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

North (Ventilation) shaft at Driefontein

Mineral Resources and Mineral Reserves Report 2017 15 SECTION 2 SOUTHERN AFRICA REGION

SOUTHERN AFRICA REGION GOLD INTRODUCTION The discovery of gold in quartz-pebble conglomerates on Langlaagte farm near Johannesburg in March 1886 focused the world’s attention on a sequence of rocks that became the greatest source of gold on earth. Further exploration, using diamond drilling (DD), was used as early as 1889 and together with other exploratory methods led to the discovery of the Carletonville Goldfields (West Wits Line) in 1930s and the Welkom Goldfields in 1946. After the initial discoveries further extensive exploration led to the discovery of the orebodies now exploited by Sibanye-Stillwater. A detailed history of each operation is captured in the pertinent operational section.

Initial exploration drilling was executed from surface, on irregular grids of around 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 underground to provide a 30m to 100m grid depending on geological requirements, evaluation and safety. Exploratory visits are conducted in previously mined areas to confirm structure and facies and the presence of secondary reefs.

A further Mineral Resource definition programme is in place at each operation and project to ensure robust geological and evaluation models that will underpin the various reefs mined. The programme will confirm the orebody potential in all areas of operation, including secondary reefs and/or uranium potential.

Gold pour

16 SECTION 2 SOUTHERN AFRICA REGION

Gold and uranium operations and projects

Rustenburg Johannesburg Limpopo

SOUTH AFRICA Durban

Cape Town Rustenburg

Johannesburg Mpumalanga North West Westonaria N17 Carletonville N12 A Potchefstroom Balfour B Vredefort

R34 Welkom N3 Virginia C SOUTH AFRICA

R30 Theunissen KwaZulu-Natal Free State

Bloemfontein

LESOTHO 2

EGEN N N SS

A FAR WEST RAND B SOUTH RAND C FREE STATE OPERATION PROJECT OPERATION Kloof Burnstone Beatrix Driefontein PROJECT Cooke (underground is on SOFS care and maintenance) PROJECT WRTRP

Mineral Resources and Mineral Reserves Report 2017 17 SECTION 2 SOUTHERN AFRICA REGION

INTRODUCTION CONTINUED

GEOLOGICAL SETTING Notwithstanding different opinions as to the origin of the uranium in the conglomerates of the Witwatersrand Basin, Gold in quartz-pebble conglomeritic units (traditionally most theories accept localisation of both gold and uranium as termed reefs) occurs in a 6,000m thick succession of a function of sedimentary processes. Mineral concentrations principally argillaceous and arenaceous sediments in the are directly related to conglomerate formations. Exploration Witwatersrand Basin. programmes and evaluation of uranium, as per the placer The basin is geographically located in the central north to north- philosophy, have proved to be successful. eastern part of South Africa and extends from Johannesburg in Our gold operations and projects are located in three the north to some 40km south of Welkom, and covers an area of geographical regions of the Witwatersrand Basin, namely the approximately 70,000km2. More than 150 mines have operated in Far West Rand Goldfield (West Rand and West Wits Line), some the basin since gold was first discovered, primarily producing gold, 30km to 80km west to south-west of Johannesburg; the Free but since the early 1950s additionally uranium. State Goldfield, 240km south-west of Johannesburg; and the The Witwatersrand Basin is overlain by outliers of Karoo South Rand Goldfield, some 75km south-east of Johannesburg. Supergroup shales and sandstones at the surface, followed The operations of the Far West Rand Goldfield are Driefontein, by Pretoria Group sediments and the Chuniespoort Group Kloof and Cooke between the towns of Carletonville and Randfontein, in the Free State Goldfield, Beatrix near Virginia dolomites. The dolomite overlies the Klipriviersberg Group and, in the South Rand Goldfield, the Burnstone project near volcanic rocks which, in turn, cap the Ventersdorp Contact Reef Balfour some 30km east of Heidelberg. (VCR) and sediments of the Central Rand Group that host the other gold-bearing reefs exploited. ESTIMATION PRINCIPLES The reefs, which are generally less than 2m thick, are widely Through the Group’s acquisitions, differing statistical approaches considered to represent extensive fluvial deposits into structurally have been used in Mineral Resource and Mineral Reserve controlled basin edges. The gold is considered to have been estimation. For clarity in this report, each method is considered syngenetically deposited with the conglomerates. Deposition took under the relevant section. place along the interface between a fluvial system that brought • Mineral Resource tonnages and grades are estimated in situ the sediments and heavy minerals from an elevated source. A over an estimated mining width and include mineralisation lacustrine littoral system reworked the material and redistributed below the selected cut-off grade to ensure that the Mineral the finer sediments along the shoreline of an intra-cratonic lake or Resources comprise practical mining blocks of adequate size shallow inland sea. and continuity. Measured and Indicated Mineral Resources Although the gold generally occurs in native form and is are reported inclusive of those Mineral Resources modified to usually associated with pyrite, carbon and uranium, most of produce Mineral Reserves. it has been subsequently modified and remobilised during • Mineral Reserves are that portion of the Mineral Resources for secondary hydrothermalism. This has informed the use of the which technical and economic studies have demonstrated can modified palaeo-placer model, which emphasises a control on justify extraction at the time of disclosure, to a minimum pre- the occurrence of ore minerals by placer-forming mechanisms, feasibility study (PFS) level. Estimates of tonnages and grades while accepting some modification by metamorphism. It is the quoted as Mineral Reserves include allowances for mining generally accepted model for the origin of gold and uranium dilution, mining factors (modifying factors) and consequently mineralisation of the Witwatersrand Basin. are reported as net tonnes and grades delivered to the mill. • Estimation and modelling protocols include the following: For several decades, models using sedimentological principles have been successfully used to define gold distribution on • The Mineral Resource is divided into domains based on the geological models. The domains may be further sub- mine properties. The most fundamental control to the gold divided so as to ensure homogeneity and are used as the distribution remains the association with quartz-pebble basis for the geostatistical estimation. Detailed exploratory conglomerates on intra-basinal unconformities. The reefs data analyses, including sample verification, histogram are continuous, as a consequence of the regional nature of and cumulative frequency plots for distributional analysis, the erosional surfaces. Bedrock (footwall) controls govern additive constant estimates, outlier checks, trend analyses, the distribution of many of the reefs. Consequently, the and declustering, are carried out on individual domains. identification and modelling of erosional/sedimentary features are the keys to in situ resource estimation. • The main interpolation methodology utilised is ordinary and simple kriging of various block sizes including macro- It was found that, on average, the conglomerates contain about kriging. Detailed checks are carried out on the estimates by 0.03% uranium and, as a by-product of gold, relatively low compiling kriging efficiencies and kriging regression slopes uranium grades can be recovered. on an individual kriged block basis.

18 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

• For gold and uranium, variography studies are carried out (excluding capital) pay limit/cut-off grade, historic cost levels on point and regularised data. Relative and traditional and mining efficiencies at each operation. The conversion variograms are used for Kriging purposes. The resource ratio from Mineral Resources to Mineral Reserves is further block widths are projections of the stoping width (SW) and affected by the following key factors: are estimated using a study of the historical channel width/ • Mining constraints applied to the extraction, based on stoping width (CW/SW) relationship derived from the stope the geometry of the geological structures as presently sampling records. interpreted. • Historical statistics are calculated where unavoidable unpay • Mining quality factors, such as mine call factor (MCF) areas to be mined and are included in the Mineral Resource. and dilution. The historical percentage unpay is added to the portion • Power and utility escalation has been factored into all of blocks above the pay limit while ensuring there are financial models. sufficient Mineral Resources available. • Mineral Resource classification is based on the 90% lower • All financial models are based on tax laws as at confidence limits expressed as a percentage of the 31 December 2017. original estimate as a means of quantitatively indicating • The Sibanye-Stillwater operations are entitled to mine all relative confidence. declared material located within their MRs and all necessary • Confidence limit percentage ranges include: statutory mining authorisations and permits are in place or have reasonable expectation of being granted. However, Confidence Range the duration taken for final approval may impact the Measured 65 – 100% production schedules. Indicated 35 – 65% • Relevant modifying factors have been considered in detail and Inferred <35% are not limited to those pertaining to; mining dilution, mining • the geological confidence is based on the above range losses, mining method, mine design criteria, infrastructure, criteria however applies to structural and sedimentary capacities, production schedules, mining efficiencies, grade facies confidence control, geotechnical and hydrological considerations, closure plans and personnel requirements, as per those listed in the • the final accepted confidence is that combining the two overall SAMREC guidelines. The processes and procedures using criteria and accepting the lower confidence of the two modifying parameters during estimation and valuation are • All operations have documented the guidelines and modifying externally audited to ensure compliance. factors, used in Mineral Reserving, that underpin the LoM • All tabulated numbers represent Sibanye-Stillwater’s total plans, which are supported by mine designs and schedules. Mineral Resources and Mineral Reserves unless otherwise • After application of modifying factors, Indicated and stated and all references to tonnes are metric units. Measured Mineral Resources become Probable and Proved Mineral Reserves respectively. QUALITY ASSURANCE/QUALITY CONTROL • A detailed one-year operating and capital cost budget is Sibanye-Stillwater upholds rigorous quality assurance and quality produced and, where appropriate, extended for the LoM control (QA/QC) procedures on all of its drilling and sampling production schedule. The operational plan is based on detailed programmes (including underground chip sampling). monthly scheduling and zero-based costing. Of critical importance is the utilisation of historically achieved data to It follows industry best practice in data acquisition, ensuring data estimate planned productivity and operating cost. reliability, and utilises accredited analytical laboratories, which • Inferred Mineral Resources may have been included in PFSs are frequently reviewed, both internally and externally. Analytical in order to determine the overall financial feasibility. Where QA/QC is maintained and enforced through the submission of this has occurred it is mentioned in the relevant PFS. However, blanks, certified reference material, duplicate samples, umpire only Measured and Indicated Mineral Resources have been laboratory checks and density measurements. included in any Mineral Reserves published. Laboratories currently used by Sibanye-Stillwater and their • The ability to selectively mine the deposits may be precluded related South African National Accreditation System (SANAS) by the deposit geometry, mining method and the need for facility accreditation numbers are as follows: practical development of the orebody. • Gold and uranium are reported separately. No gold • Analytical Laboratory (Driefontein), (Reg No 2002/031431/07 equivalents are therefore stated to avoid potential anomalies (SANAS Facility Accreditation No T0379)) because of year-on-year metal price differentials. • Analytical Laboratory (Beatrix), (Reg No 2002/031431/06 • Gold Mineral Reserves are estimated using a total cost (SANAS Facility Accreditation No T0723))

Mineral Resources and Mineral Reserves Report 2017 19 SECTION 2 SOUTHERN AFRICA REGION

INTRODUCTION CONTINUED

The QA/QC of all gold values is handled through the Sibanye- Sibanye-Stillwater Mineral Resources and Mineral Reserves Stillwater data capturing system, including Datamine and are reviewed and audited on an ongoing basis by internal MineRP systems. Captured data undergoes a series of checks Competent Persons with formal audits conducted as follows: before it is authorised for use in modelling and estimation. • Ongoing technical review of all the operations and projects

The long mining history and the quantity and quality of the data • Annual executive review of all operations and projects upon which the Mineral Resource and Mineral Reserve estimates The 31 December 2017 declaration reports on Mineral Resource are based, are sufficient to support the estimates as derived. and Mineral Reserve information that is rated significant Systems provide an auditable trail from sampling through to the for disclosure and that reflects a level of detail required for Mineral Resource and Mineral Reserve estimates. competency, transparency and materiality in reporting.

AUDITING AND RISK A full account of all the operating statistics of the gold Internal and external audits are conducted to ensure corporate operations is posted on the back of the shareholders plan, governance practices are being followed. The audits and the attached at the end of this Mineral Resources and Mineral group compliance structure across all departments, act as a tool Reserves Report. in monitoring and controlling material risks that could impact the Mineral Resource and Mineral Reserve estimates. Detail regarding GOLD MINERAL RESERVE SENSITIVITY key risks pertaining to and not limited to technical, environmental, The sensitivities of gold Mineral Reserve ounces at all social, economic, and political information are addressed in operations are shown in the accompanying chart at -10%, further detail in the Integrated Annual Report 2017. Remedial or -5%, Base (R510,000), +5% and +10%, and are derived from preventative actions to mitigate or manage any identified risks a factored application of the base-case scheduled Mineral are covered in further detail therein. Reserve, reflecting the impact of a changing gold price on the prevailing cut-offs. MINERAL RESOURCE AND MINERAL RESERVE EVALUATION The Mineral Reserve sensitivities are not based on detailed depletion schedules and should be considered on a relative and The Mineral Resource and Mineral Reserves are based on indicative basis only. comprehensive evaluation and geological criteria outlined in the evaluation section. At our current operations ongoing grid-based sampling of all development and stoping provides additional Gold Mineral Reserve sensitivity data, which is incorporated into a detailed evaluation model. 30.0

Mineral Resource categories are based upon the quantity, 25.0 4.0 4.4 4.6 distribution and quality of data available and confidence 1.7 20.0 attached to the data, i.e. drilling, geological understanding, 6.1 6.1 6.1 6.1 interpretation and mapping, sampling, analytical data and 15.0 1.4 Gold (Moz) 5.1 5.9 6.4 6.7 7.0 geostatistical relationships. Drilling, sampling and analytical 10.0 QA/QC also plays a major part in the data confidence applied 6.4 6.7 7.0 7.3 7.5 5.0 for the final classification. 0.1 0.1 0.1 0.1 0.1 1.6 1.9 2.1 2.3 2.4 0.0 Gold Mineral Resources and Mineral Reserves are reported -10% -5% R510,000 5% 10% within each individual mining or prospecting right and are Gold price (R/kg) adjusted to show the separation (BI) current shaft infrastructure T and that above (AI). C

20 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

GOLD AND URANIUM MINERAL RESOURCES AND MINERAL RESERVES STATEMENT

All stated Mineral Resources and Mineral Reserve estimates are net of 12 months production depletion with the 31 December 2016 declaration, where appropriate, also tabulated for comparison purposes.

Classified gold Mineral Resources and Mineral Reserves statement1,9 as at 31 December Mineral Resources Mineral Reserves OPERATIONS 2017 2016 OPERATIONS 2017 2016 Tonnes Grade Gold Gold Tonnes Grade Gold Gold Underground (Mt) (g/t) (Moz) (Moz) Underground (Mt) (g/t) (Moz) (Moz) Beatrix Beatrix Measured 25.5 6.6 5.394 5.786 Proved AI 8.9 3.3 0.933 2.048 Indicated AI 2 16.6 4.3 2.310 6.150 Probable AI 11.2 3.2 1.152 1.675 Inferred AI 0.0 3.3 0.004 0.004 Total AI 42.1 5.7 7.708 11.940 Total AI 20.1 3.2 2.086 3.723 Indicated BI 3 3.4 5.0 0.541 0.789 Probable BI Beatrix – total 45.5 5.6 8.249 12.729 Beatrix – total 20.1 3.2 2.086 3.723 Driefontein Driefontein Measured 20.7 12.2 8.126 7.741 Proved AI 16.8 6.7 3.602 4.420 Indicated AI 7.9 11.5 2.897 1.207 Probable AI 9.2 5.6 1.670 0.737 Inferred AI 0.0 5.9 0.005 0.181 Total AI 28.6 12.0 11.029 9.129 Total AI 26.0 6.3 5.272 5.157 Measured 4 0.1 8.4 0.017 2.180 Proved BI 4 Indicated BI 4 22.1 10.2 7.290 6.376 Probable BI 4 8.8 6.1 1.707 1.694 Total BI 22.2 10.2 7.308 8.556 Total BI 8.8 6.1 1.707 1.694 Driefontein – total 50.7 11.2 18.337 17.684 Driefontein – total 34.8 6.2 6.980 6.851 Kloof Kloof Measured 14.4 16.2 7.538 7.928 Proved AI 13.5 8.1 3.516 4.700 Indicated AI 5.5 11.6 2.074 1.231 Probable AI 13.0 5.1 2.135 1.184 Inferred AI 0.2 12.0 0.085 Total AI 20.2 14.9 9.697 9.159 Total AI 26.5 6.6 5.652 5.884 Measured 5 3.1 11.7 1.162 Indicated BI 5 45.1 13.0 18.880 19.371 Probable BI 5 3.2 5.3 0.537 0.566 Inferred BI 5 2.1 14.7 0.976 3.831 Total BI 50.2 13.0 21.018 23.202 Total BI 3.2 5.3 0.537 0.566 Kloof – total 70.4 13.6 30.715 32.361 Kloof – total 29.7 6.5 6.189 6.450 Cooke Cooke 6 Measured 4.0 13.1 1.689 3.113 Proved AI 0.728 Indicated AI 3.5 10.1 1.130 4.091 Probable AI 0.097 Inferred AI 3.2 12.0 1.220 2.635 Total AI 10.7 11.8 4.039 9.839 Total AI 0.826 Inferred BI 3.998 Cooke – total 10.7 11.8 4.039 13.837 Cooke – total 0.826 Underground – total 177.3 10.8 61.339 76.611 Underground – total 84.6 5.6 15.254 17.849

Mineral Resources and Mineral Reserves Report 2017 21 SECTION 2 SOUTHERN AFRICA REGION

GOLD AND URANIUM MINERAL RESOURCES AND MINERAL RESERVES STATEMENT CONTINUED

Classified gold Mineral Resources and Mineral Reserves statement1,9 as at 31 December continued Mineral Resources Mineral Reserves OPERATIONS 2017 2016 OPERATIONS 2017 2016 Tonnes Grade Gold Gold Tonnes Grade Gold Gold Surface (Mt) (g/t) (Moz) (Moz) Surface (Mt) (g/t) (Moz) (Moz) Surface rock dumps and tailings retreatment facilities Surface rock dumps and tailings retreatment facilities Beatrix (Indicated) 3.7 0.3 0.041 0.052 Beatrix (Probable) 3.7 0.3 0.041 0.052 Randfontein Surface Randfontein Surface (Measured) 5.4 0.3 0.052 0.047 (Proved) 5.4 0.3 0.052 0.047 (Indicated) 0.4 0.6 0.007 (Probable) 0.4 0.6 0.007 Driefontein (Indicated) 1.1 0.5 0.019 0.076 Driefontein (Probable) 1.1 0.5 0.019 0.076 Kloof (Indicated) 11.3 0.5 0.192 0.200 Kloof (Probable) 11.3 0.5 0.192 0.200 Surface – total 21.8 0.4 0.311 0.375 Surface – total 21.8 0.4 0.311 0.375 Underground Underground and surface and surface Beatrix 49.2 5.2 8.291 12.781 Beatrix 23.9 2.8 2.127 3.775 Driefontein 51.8 11.0 18.355 17.760 Driefontein 35.9 6.1 6.998 6.926 Kloof 81.7 11.8 30.907 32.561 Kloof 41.0 4.8 6.381 6.650 Cooke 16.4 7.8 4.097 13.883 Cooke 5.7 0.3 0.059 0.872 Total 199.1 9.6 61.651 76.985 Total 106.4 4.5 15.565 18.224

PROJECTS PROJECTS Underground Underground Burnstone 7 Burnstone Measured 2.2 5.0 0.351 Proved 0.5 3.7 0.058 Indicated 62.4 4.3 8.664 4.350 Probable 14.3 4.1 1.876 2.137 Inferred 4.540 Burnstone – total 64.6 4.3 9.015 8.890 Burnstone – total 14.8 4.1 1.934 2.137 Beisa North Beisa North Inferred 1.619 Beisa North – total 1.619 Beisa North – total Bloemhoek* Bloemhoek* Indicated 27.4 4.7 4.163 4.163 Inferred 0.9 4.9 0.135 0.135 Bloemhoek – total 28.3 4.7 4.297 4.297 Bloemhoek – total 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 28.3 4.4 4.022 4.022 total 15.4 4.3 2.112 2.112 Underground – total 121.2 4.4 17.335 18.828 Underground – total 30.2 4.2 4.045 4.248

22 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

Classified gold Mineral Resources and Mineral Reserves statement1,9 as at 31 December continued Mineral Resources Mineral Reserves PROJECTS 2017 2016 PROJECTS 2017 2016 Tonnes Grade Gold Gold Tonnes Grade Gold Gold Surface (Mt) (g/t) (Moz) (Moz) Surface (Mt) (g/t) (Moz) (Moz) WRTRP 8 WRTRP 8 Measured 618.5 0.3 5.602 5.697 Indicated 52.3 0.3 0.524 0.524 Probable 670.8 0.3 6.126 6.222 WRTRP – total 670.8 0.3 6.126 6.222 WRTRP – total 670.8 0.3 6.126 6.222 Projects – total 792.0 0.9 23.460 25.050 Projects – total 701.0 0.5 10.171 10.470 Grand total – Grand total – underground underground and surface 991.2 2.7 85.111 102.035 and surface 807.4 1.0 25.737 28.694

Mineral Resources are inclusive of Mineral Reserves 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 Reserves metal price Gold Mineral Resources were determined at R560,000/kg and the gold Mineral Reserves at R510,000/kg 1 Managed, unless otherwise stated 2 Beatrix Indicated Mineral Resources AI include Beisa Central 3 Beatrix Indicated Mineral Resources BI refers to material below 26 Level (1,341m) 4 Driefontein Mineral Resources and Mineral Reserves BI refers to material below 50 Level (3,300m) 5 Kloof Mineral Resources and Mineral Reserves BI refers to material below 45 Level (3,347m) 6 Cooke Mineral Reserves are not declared at given gold price due to economics 7 Burnstone Mineral Resources BI refers to areas below previous lowest level. All areas in the current mine plan have moved to AI 8 Includes the assets which are included in the potential deal with DRDGOLD (3.9Moz) 9 2017 Mineral Resources depletion includes the actuals up until October 2017 and the remaining depletions were estimates for November – December 2017 * SOFS projects

VCR rock sample

Mineral Resources and Mineral Reserves Report 2017 23 SECTION 2 SOUTHERN AFRICA REGION

GOLD AND URANIUM MINERAL RESOURCES AND RESERVES STATEMENT CONTINUED

Classified uranium Mineral Resources and Mineral Reserves statement1,3 as at 31 December Mineral Resources Mineral Reserves OPERATIONS 2017 2016 OPERATIONS 2017 2016

Tonnes Grade U3O8 U3O8 Tonnes Grade U3O8 U3O8 (Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb) Beatrix 2 Beatrix Measured AI 3.6 1.086 8.5 8.5 Proved AI Indicated AI 7.8 1.069 18.3 18.3 Probable AI 16.1 Inferred AI 0.0 1.101 0.1 0.1 Beatrix – total 11.4 1.074 27.0 27.0 Beatrix – total 16.1 Operations – total 11.4 1.074 27.0 27.0 Operations – total 16.1

PROJECTS PROJECTS Beisa North Beisa North Inferred 35.4 Beisa North – total 35.4 Beisa North – total WRTRP 4 WRTRP 4 Measured 618.5 0.063 86.1 87.2 Proved Indicated 52.3 0.086 9.9 9.9 Probable 670.8 0.065 96.1 97.2 WRTRP – total 670.8 0.065 96.1 97.2 WRTRP – total 670.8 0.065 96.1 97.2 Projects – total 670.8 0.065 96.1 132.5 Projects – total 670.8 0.065 96.1 97.2 Grand total – Grand total – operations and projects 682.2 0.082 123.1 159.5 operations and projects 670.8 0.065 96.1 113.2

For uranium Mineral Reserves, a long-term contract price of R1,208/kg was used 1 Managed, unless otherwise stated 2 Beatrix includes uranium Mineral Resources from the Beisa Central project 3 2017 Mineral Resource depletion includes the actuals up until October 2017 and the remaining depletions were estimates for November – December 2017 4 Includes the assets which are included with the potential deal with DRDGOLD (44.4Mlb)

24 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

KEY CHANGES IMPACTING THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATE Key aspects that impacted the 31 December 2017 statement of Mineral Resources and Mineral Reserves are listed and quantified in the following reconciliation tables.

Gold Mineral Resource reconciliation 1 Gold Mineral Reserve reconciliation 1 Factors Gold (Moz) Factors Gold (Moz) 31 December 2016 102.035 31 December 2016 28.694 2017 depletion (1.731) 2017 depletion (1.457) Post-depletion 100.304 Post-depletion 27.236 Changes in geology structure at operations 10.174 Changes in geology structure at operations (0.376) Changes in estimation models at operations due Changes in estimation models at operations 0.642 to additional sampling (4.407) Technical factors (mine call factor (MCF), Changes in geostatistical modelling parameters % waste mining) (0.560) at operations 2.808 Specific inclusions Specific inclusions White areas and general additions 1.092 Inclusions 0.060 Secondary reefs 0.379 Additional surface rock dumps (SRDs) 0.099 Additional SRDs at Kloof and Randfontein 0.099 Specific exclusions Surface operation (RSO) Exclusions (1.825) Specific exclusions Pay limit changes (20.319) Beatrix 4 Shaft and Beisa project (1.659) % pay (1.783) Cooke underground operations (0.752) 31 December 2017 85.111 WRTRP exclusions (0.096)

1 2017 Mineral Resource depletion includes the actuals up until Rock engineering (0.096) October 2017 and the remaining depletions were estimates for Pay limit changes (0.174) November – December 2017 31 December 2017 25.737

Uranium Mineral Resource reconciliation 1 Uranium Mineral Reserve reconciliation 1

Factors U3O8 (Mlb) Factors U3O8 (Mlb) 31 December 2016 159.507 31 December 2016 113.226 Specific exclusions Specific exclusions Beisa North exclusions (35.373) Beisa exclusions (16.060) WRTRP exclusions (1.083) WRTRP exclusions (1.083) 31 December 2017 123.051 31 December 2017 96.083

1 Uranium Mineral Resources and Mineral Reserves are for projects only with no depletion having taken place in 2017

Mineral Resources and Mineral Reserves Report 2017 25 SECTION 2 SOUTHERN AFRICA REGION

GOLD OPERATIONS

BEATRIX R30

HARMONY

FREEGOLD- Rustenburg Johannesburg HARMONY HARMONY

Welkom HARMONYSOUTH AFRICA Durban

HARMONY R73 ADAMSONS VLEY PR Cape Town Virginia

R30 SOFS

R708 BEATRIX OPERATION

S 91 S 498 HARMONYY

R30

BEISA SOUTH PR

Theunissen 2

EGEN T S E SOS O S S

26 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

BEATRIX OVERVIEW

General Beatrix, a shallow to intermediate level gold mine, has been producing gold since 1983, in the southern portion of the Free State Goldfields.

Beatrix is located in the Matjhabeng Magisterial District, near the towns of Welkom and Virginia, approximately 240km south-west of Johannesburg, in the Free State province of South Africa. Before the advent of mining the land was used for agricultural purposes and very little natural vegetation remains.

The current mine infrastructure consists of three producing shaft complexes. Mining is focused on open ground and pillars (white areas) of differing reef horizons with the deepest operating level some 2,055m below surface (22 Level at 4 Shaft). The principal mining takes place on the Beatrix Reef (BXR). Additional reefs mined include VS5 Reef of the Eldorado Formation (VS5), Aandenk (AAR) and Kalkoenkrans (KKR).

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 SOFS project areas – utilise existing Beatrix infrastructure to progress the SOFS project

Mineralisation • Auriferous and uraniferous palaeo-placer conglomerates, that are locally termed reefs characteristics • Laterally continuous with relatively long-range predictability • Clear patterns of mineralisation governed by sedimentary characteristics

Depositional • The palaeo-placer originated from a braided stream environment environment • The deposition was structurally controlled along a basinal edge

Licence status and • Beatrix has a converted MR in terms of the Mineral and Petroleum Resources Development Act holdings (MPRDA) with Department of Mineral Resources (DMR) reference number: FS30/5/1/2/2/81 MR (Beatrix MR) • The Beatrix MR is valid from 7 February 2007 to 6 February 2019 in respect of a mining area totalling 16,835.3369ha • All required operating permits for the abovementioned right have been obtained and are in good standing • Preparations have begun for the submission of a renewal application for the Beatrix MR • Also under consideration is whether a Section 102 application should be submitted in terms of the MPRDA to include certain prospecting rights (PR) (FS30/5/1/1/2(10134) PR and FS30/5/1/1/2(10324) PR), adjacent to the Beatrix, into the Beatrix MR

Infrastructure • Three shaft complexes (one sub-shaft) • Two mineral processing plants • All supporting infrastructure to service an operating gold mine

Mining method • Scattered conventional breast mining, pillar extraction and SRD mining

Mineral processing • Beatrix makes use of two gold processing plants, both treating underground and surface material • No 1 carbon-in-leach (CIL) plant processing underground ore and low-grade SRD material • No 2 CIL plant processing underground ore and low-grade SRD mining

Mineral Resources and Mineral Reserves Report 2017 27 SECTION 2 SOUTHERN AFRICA REGION

BEATRIX CONTINUED

BEATRIX OVERVIEW CONTINUED Tailings disposal • Two tailings storage facilities (TSFs) with LoM deposition requirements estimated at 23.9Mt against a combined capacity of 111.2Mt (surplus of 87.3Mt)

Climate • No extreme climatic conditions are experienced that may affect mining operations (a semi-arid, relatively flat region)

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 2017

Life of mine • It is estimated that the current Mineral Reserves will sustain the operation until 2029 • Historic operational detail is included on the back of the shareholder’s plan, attached to this Mineral Resources and Mineral Reserves Report

Key developments • Beatrix has accessed the Vlakpan area allowing for a longer LoM and brownfield • The Vlakpan project comprises ground between 16 and 22 Level to the west of the projects Beatrix 3 Shaft and 1 Shaft (on-mine) • Access to the area is by means of twin haulages and a decline 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, have been incorporated into the current LoM plan • A PFS prior to the Bloemhoek drop down is to be finalised in 2018 to assess the potential of the orebody below the current infrastructure at 3 Shaft, which is part of the Bloemhoek area • Additional drilling was completed in 2017 north of the 3 Shaft area inside the Bloemhoek project area, to firm up the structure and grade

Hoisting and Operating shaft Operational hoisting capacity (ktpm) Planned production (ktpm)* production 3 192 136 capacities 1 138 55 4SV 120 30

* Planned production is five-year hoisted average from 2018 onwards

Plant capacities Design capacity Current operational Average recovery Material Plant (ktpm) capacity (ktpm) factor (%) treated 1 CIL 233 235 95.5 UG 83.4 Surface 2 CIP 130 130 93.0 UG

CIP – Carbon-in-pulp

28 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

Gold Mineral Resource classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Underground Measured 25.5 34.3 6.6 5.3 5,394 5,786 Indicated AI 16.6 35.0 4.3 5.5 2,310 6,150 Indicated BI 3.4 6.7 5.0 3.7 541 789 Inferred AI 0.0 0.0 3.3 3.3 4 4 Total underground 45.5 76.1 5.6 5.2 8,249 12,729 Total AI 42.1 69.4 5.7 5.4 7,708 11,940 Total BI 3.4 6.7 5.0 3.7 541 789 Surface stockpiles Indicated SRD 3.7 4.5 0.3 0.4 41 52 Total surface 3.7 4.5 0.3 0.4 41 52 Total gold Mineral Resources 49.2 80.6 5.2 4.9 8,291 12,781

Uranium Mineral Resource classification

Tonnes (Mt) Grade (kg/t) U3O8 (‘000 lb) Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Measured 3.6 3.6 1.086 1.086 8,548 8,548 Indicated 7.8 7.8 1.069 1.069 18,330 18,330 Inferred 0.0 0.0 1.101 1.101 90 90 Total uranium Mineral Resources 11.4 11.4 1.074 1.074 26,968 26,968

Exploration drilling details summary 1 Planned 2018 Actual 2017 Actual 2016 Drilled Expenditure Drilled Expenditure Drilled Expenditure Operation (m) (Rm) (m) (Rm) (m) (Rm) Beatrix 11,282 8.31 10,586 9.49 15,183 12.59

1 Total figures are inclusive of underground and surface exploration drilling

Annual development results Financial year total Category Unit BXR KKR 2017 2016 Main development (advanced) km 16.7 1.3 18.0 21.3 Main on-reef development (advanced) km 3.8 0.3 4.1 5.8 Average channel width cm 144 149 145 128 Average reef value g/t 7.1 13.6 7.6 7.8 cm.g/t 1,018 2,021 1,093 1,000

Mineral Resources and Mineral Reserves Report 2017 29 SECTION 2 SOUTHERN AFRICA REGION

BEATRIX CONTINUED

Gold Mineral Resource reconciliation

14,000 12,781 12,000 (310) (72) (50) 10,000 (2,272) 8,291 8,000 (1,783) (4) 6,000

Gold (’000oz) 4,000 2,000 0 y limit % pay Surface Geology Pa Dec 2016 Dec 2017 Depletion Exclusions

Modifying factors (underground) Parameter Unit Dec 2017 Dec 2016 Mineral Resource pay limit* cm.g/t 900 650 Mineral Reserve pay limit* cm.g/t 1,000 720 Mined value** cm.g/t 819 643 Mine call factor % 78 85 Mining factor % 100 100 Shortfall % 6 6 Mill width factor % 22 23 Stoping width*** cm 167 140 Mill width cm 204 171 Plant recovery factor (UG) % 96 95 Plant recovery factor (SRD) % 83 84

* 2017 pay limits only include six months production from 4 Shaft ** Includes lower grade Beisa Reef which will be mined for both gold and uranium *** Increase due to the exclusion of 4 Shaft

Gold Mineral Reserve classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Gold classification Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Underground Proved 8.9 15.8 3.3 4.0 933 2,048 Probable AI 11.2 20.2 3.2 2.6 1,152 1,675 Total AI 20.1 36.0 3.2 3.2 2,086 3,723 Total underground 20.1 36.0 3.2 3.2 2,086 3,723 Surface Probable SRD 3.7 4.5 0.3 0.4 41 52 Total surface 3.7 4.5 0.3 0.4 41 52 Total gold Mineral Reserves 23.9 40.5 2.8 2.9 2,127 3,775

30 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

Uranium Mineral Reserve classification

Tonnes (Mt) Grade (kg/t) U3O8 (‘000 lb) Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Probable AI 10.2 0.711 16,060 Total AI 10.2 0.711 16,060 Total underground 10.2 0.711 16,060

Gold Mineral Reserve reconciliation

4,000 3,775 256 311 3,500 (310) 3,000 (200) (980) 2,500 71 2,127 2,000 (679) (111) (4) 1,500 Gold (’000oz) 1,000 500 0 Other Surface Geology Dec 2016 Dec 2017 Depletion Estimation White areas Beisa exclusion echnical factors T 4 shaft exclusion

VS5 Aandenk

Mineral Resources and Mineral Reserves Report 2017 31 SECTION 2 SOUTHERN AFRICA REGION

GOLD OPERATIONS DRIEFONTEIN

MILLSITE PR TO BE INCLUDED INTO Rustenburg Johannesburg COOKE 1,2,3 Randfontein

R 41 R SOUTH AFRICA Durban 4

Cape Town EXTENSION OF KLOOF MR R 28

R500 Westonaria EXTENSION OF DRIEFONTEIN MR

Carletonville R 28 COOKE 4 DRIEFONTEIN R501 OPERATION

R501

GOLD BLYVOOR TAU TONA FIELDS LTD (PTY) LTD SAVUKA SOUTH MPONENG KLOOF DEEP N OPERATION 12

ANGLOGOLD HARMONY GOLD ASHANTI Fochville

R EXTENSION OF 500 KLOOF MR

EGEN S 2 O O SS E T S N N S

32 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

DRIEFONTEIN OVERVIEW

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

Driefontein is located in the West Wits Line of the Witwatersrand Basin, near Carletonville, approximately 70km west of Johannesburg in the Gauteng province of South Africa. Topography is characterised by moderately undulating plains, classified as Bankenveld, consisting of grassland with livestock farming widespread in the surrounding areas.

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 (white areas) with the deepest operating level currently some 3,420m below surface (50 Level at 5 Shaft) and three gold processing plants. The principal mining takes place on the Carbon Leader Reef (CLR), which constitutes almost 62% of the Mineral Reserves, the VCR 32%, the Middlevlei Reef (MVR) 6% and the remainder from surface sources.

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

Depositional • The palaeo-placer originated from a braided stream environment environment • The deposition was structurally controlled along a basinal edge

Licence status and • Driefontein has a converted MR in terms of the MPRDA with DMR reference number: holdings GP30/5/1/2/2(51) MR (Driefontein MR), valid from 30 January 2007 to 29 January 2037 in respect of a mining area totalling 8,561.2391ha • All required operating permits have been obtained and are in good standing • A Section 102 application has been submitted in terms of the MPRDA in order to incorporate the Driefontein 4 TSF area, measuring approximately 9086,70ha, into the Driefontein MR but its application has not yet been finalised Infrastructure • Six shaft operating complexes (one is a tertiary shaft system and three are sub-shaft systems)

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

Mineral processing Three gold processing plants and a centralised elution and carbon treatment facility at the No 1 Plant: • 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 38.5Mt against a combined capacity of 79.4Mt (surplus 40.9Mt)

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 2017

Mineral Resources and Mineral Reserves Report 2017 33 SECTION 2 SOUTHERN AFRICA REGION

DRIEFONTEIN CONTINUED

DRIEFONTEIN OVERVIEW CONTINUED Life of mine • It is estimated that the current Mineral Reserves will sustain the operation until 2039 • Historic operational detail is included on the back of the shareholder’s plan, attached to this Mineral Resource and Mineral Reserve Report

Key developments • The following projects are ongoing and have been included in the LoM: and brownfield • The 1 Shaft pillar extraction project PFS, completed by Royal HaskoningDHV in 2013, is included in projects the LoM production plan, and it is planned to finalise the feasibility study (FS) for this project over (on-mine) the next two years, as investigations are hampered by ventilation constraints for the sub vertical area • The Driefontein 5 Shaft drop-down project (below 50 Level) was approved in November 2015 and commenced with development in 2016, with first ore expected in 2021 and peak production of approximately 150koz expected by 2031 • The SRDs at Driefontein are expected to be depleted in 2018. As part of the proposed transaction with DRDGOLD, the two surface treatment plants will be used to process the tailings of the WRTRP under sale negotiation with DRDGOLD (please refer to www.sibanyestillwater.com/investors/transactions/drdgold)

Hoisting and Operating shaft Operational hoisting capacity (ktpm) Planned production (ktpm)* production 1 105 32 capacities 1 SV 105 32 1 T 121 32 6 SV 26 12 2 165 108 4 SV 57 29 8 60 59 5 N/A N/A 5 SV 159 65

* Planned production is five-year hoisted average from 2018 onwards

Plant capacities Plant Design capacity Current operational Average recovery Material (ktpm) capacity (ktpm) factor (%) treated 1 (CIP) 240 240 96.6 UG/SRD 2 (CIP) 200 180 83.9 SRD 3 (CIL) 115 96 80.0 SRD

Gold Mineral Resource classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Underground Measured 20.7 29.2 12.2 10.6 8,143 9,920 Indicated AI 7.9 5.2 11.5 7.2 2,897 1,207 Indicated BI 22.1 22.0 10.2 9.0 7,290 6,376 Inferred AI 0.0 0.4 5.9 13.8 5 181 Total underground 50.7 56.7 11.2 9.7 18,337 17,684 Total AI 28.6 26.3 12.0 10.8 11,029 9,129 Total BI 22.2 30.4 10.2 8.7 7,308 8,556 Surface stockpiles Indicated SRD 1.1 4.0 0.5 0.6 19 76 Total gold Mineral Resources 51.8 60.7 11.0 9.1 18,355 17,760

34 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

Exploration drilling details summary Planned 2018 Actual 2017 Actual 2016 Drilled Expenditure Drilled Expenditure Drilled Expenditure Operation (m) (Rm) (m) (Rm) (m) (Rm) Driefontein 16,462 14.86 17,383 18.67 15,711 17.43

Annual development results Financial year total Category Unit CL VCR MR 2017 2016 Main development (advanced) km 6.4 4.0 3.8 14.1 13.5 Main on-reef development (advanced) km 0.8 0.9 1.0 2.7 2.4 Average channel width cm 59 81 73 68 66 Average reef value g/t 22.3 34.7 8.2 20.9 21.2 cm.g/t 1,318 2,807 601 1,416 1,391

Gold Mineral Resource reconciliation

2,545 23 137 20,000 17,760 7 18,355 (1,476) (641) 15,000

10,000 Gold (’000oz) 5,000

0 y limit Surface Geology Pa Dec 2017 Dec 2016 Depletion Modelling Estimation

Modifying factors (underground) Parameter Unit Dec 2017 Dec 2016 Mineral Resource pay limit cm.g/t 1,350 1,110 Mineral Reserve pay limit cm.g/t 1,480 1,230 Mined value cm.g/t 1,527 1,394 Mine call factor % 83 87 Mining factor % 100 100 Shortfall % 10 8 Mill width factor % 29 29 Stoping width cm 158 157 Mill width cm 204 203 Plant recovery factor UG % 97 97 Plant recovery factor SRD % 80 81

Mineral Resources and Mineral Reserves Report 2017 35 SECTION 2 SOUTHERN AFRICA REGION

DRIEFONTEIN CONTINUED

Gold Mineral Reserve classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Gold classification Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Underground Proved 16.8 20.7 6.7 6.6 3,602 4,420 Probable AI 9.2 5.8 5.6 4.0 1,670 737 Total AI 26.0 26.5 6.3 6.1 5,272 5,157 Probable BI 8.8 8.8 6.1 6.0 1,707 1,694 Total underground 34.8 35.3 6.2 6.0 6,980 6,851 Surface Probable SRD 1.1 4.0 0.5 0.6 19 76 Total gold Mineral Reserves 35.9 39.2 6.1 5.5 6,998 6,926

Gold Mineral Reserve reconciliation

10,000

8,000 687 258 6,926 7 6,998 375 (82) (48) (173) (325) 6,000 (508) (119)

Gold (’000oz) 4,000

2,000

0 Other ay limit Surface Geology P Dec 2016 Dec 2017 Depletion Estimation White areas chnical factors Secondary reefs Te Rock engineering adjustments

Secondary reef sample underlying the CLR

36 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

GOLD OPERATIONS KLOOF

Rustenburg Johannesburg

MILLSITE PR TO BE INCLUDED IN COOKE 1, 2, 3 R Randfontein 28 SOUTH AFRICA Durban RANDFONTEIN SURFACE OPERATION R 41 R 41

Cape Town HARMONY GOLD

COOKE 1,2,3 R 28 OPERATION EXTENSION OF KLOOF MR

R N 50 Westonaria 12 0 EXTENSION OF DRIEFONTEIN MR Carletonville ZUURBEKOM PR TO BE R 28 INCLUDED IN COOKE 4 R501 COOKE 4 DRIEFONTEIN OPERATION COOKE 4 SOUTH TSF PR R501 TO BE INCLUDED IN COOKE 1, 2, 3 GOLDFIELDS BLYVOOR TAU TONA SOUTH DEEP KLOOF SAVUKA MPONENG N OPERATION 12

ANGLOGOLD ASHANTI HARMONY GOLD Fochville

R5 EXTENSION OF

00 KLOOF MR

EGEN S 2 O O SS E T S N N S

Mineral Resources and Mineral Reserves Report 2017 37 SECTION 2 SOUTHERN AFRICA REGION

KLOOF CONTINUED

KLOOF OVERVIEW

General Kloof is a mature high-yield operation, with a LoM extending to 2035.

The mine is situated in the Magisterial District of Randwest, some 60km west of Johannesburg in the Gauteng province of South Africa. Kloof is accessed via the N12 highway between Johannesburg and Potchefstroom, close to Westonaria.

The area’s topography is relatively flat and the vegetation is classified as Bankenveld, consisting mostly of grassland. Livestock farming predominates in the surrounding area.

Kloof is an established, shallow to ultra-deep-level gold mine. Kloof, in its current form, dates from April 2000 when the Venterspost (1939), Libanon (1945), Kloof (1968) and Leeudoorn (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 level some 3,347m below surface (45 Level at 4 Shaft), and two gold processing plants. The principal mining takes place on the VCR, with the remainder made up from MVR, KR and Libanon Reef (LR).

Depositional • The palaeo-placer originated from a braided stream environment environment • The deposition was structurally controlled along a basinal edge

Licence status and • Kloof has a converted MR with DMR reference number: GP30/5/1/2/2(66) MR (Kloof MR) in holdings terms of the MPRDA, valid from 30 January 2007 to 29 January 2027 in respect of a mining area totalling 20,087.0016ha • 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 request an extension of the Kloof MR through a renewal application at the specified time • Kloof held a PR with DMR reference number: GP30/5/1/1/2(10096) PR in respect of a small area (24.8823ha) confined within the Kloof MR boundary, and submitted a Section 102 application to amend the Kloof MR through the inclusion of the GP30/5/1/1/2(10096) PR • In 2015, an additional Section 102 application was submitted to incorporate Venterspost North and Venterspost South TFS as well as the Regional TFS into the Kloof MR

Infrastructure • Five operating shaft complexes (one is a tertiary shaft system and three are sub-shaft systems)

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

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

Tailings disposal • Two TSFs with LoM deposition estimated at 36.2Mt against a combined capacity of 42.7Mt (surplus of 6.5Mt)

38 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

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

Environmental/ • Kloof’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 2017

Life of mine • It is estimated that the current Mineral Reserves will sustain the operation until 2035 • Historic operational detail is included on the back of shareholders plan, attached to the end of this Mineral Resource and Mineral Reserve Report

Key developments • The following projects have been included in the Kloof LoM: and brownfield • Kloof has commenced with the development of the Kloof 4 Shaft depth extension project during projects 2015 and stoping is planned to start in 2023 (on-mine) • A major exploration programme, targeting the Kloof Reef (KR) at 8 Shaft, has resulted in additional Mineral Reserves of 0.4Moz • The Eastern Boundary Area (EBA) project, included in the Mineral Resources, embodies a significantly high grade opportunity in the area below 7 Shaft • A study is underway to optimise the economic exploitation of the SRD resources situated a distance from the processing plants

Hoisting and Operating shaft Operational hoisting capacity (ktpm) Planned production (ktpm)* production Main 100 83 capacities 8 15 15 3 55 29 4 82 72 7 32 20

* Planned production is five-year hoisted average from 2018 onwards

Plant capacities Plant Design capacity Current operational Average recovery Material (ktpm) capacity (ktpm) factor (%) treated 1 (CIP) 180 180 89.4 Primarily SRD 2 (CIP) 120 167 98.4 Primarily UG

Gold Mineral Resource classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Underground Measured 17.5 14.4 15.4 17.1 8,699 7,928 Indicated AI 5.5 3.2 11.6 11.8 2,074 1,231 Indicated BI 45.1 44.9 13.0 13.4 18,880 19,371 Inferred AI 0.2 12.0 85 Inferred BI 2.1 7.4 14.7 16.2 976 3,831 Total underground 70.4 69.9 13.6 14.4 30,715 32,361 Total AI 23.3 17.6 14.5 16.1 10,859 9,159 Total BI 47.1 52.2 13.1 13.8 19,856 23,202 Surface stockpiles Indicated SRD 11.3 11.9 0.5 0.5 192 200 Total gold Mineral Resources 81.7 81.8 11.8 12.4 30,907 32,561

Mineral Resources and Mineral Reserves Report 2017 39 SECTION 2 SOUTHERN AFRICA REGION

KLOOF CONTINUED

Exploration drilling details summary Planned 2018 Actual 2017 Actual 2016 Drilled Expenditure Drilled Expenditure Drilled Expenditure Operation (m) (Rm) (m) (Rm) (m) (Rm) Kloof 19,022 17.7 16,063 15.90 15,476 14.34

Annual development results Financial year total Category Unit VCR KR MVR LR 2017 2016 Main development (advanced) km 7.1 4.4 2.2 0.6 14.3 16.2 Main on-reef development (advanced) km 1.2 0.9 0.4 0.2 2.7 3.4 Average channel width cm 108 156 68 147 121 121 Average reef value g/t 21.6 8.7 12.6 6.0 14.0 15.8 cm.g/t 2,342 1,360 864 880 1,691 1,908

Gold Mineral Resource reconciliation

35,000 32,561 1,112 45 30,907 (203) (6) 30,000 (638) (1,964) 25,000 20,000 15,000 Gold (’000oz) 10,000 5,000 0 Surface ay Limit Geology P Dec 2016 Depletion Dec 2017 Modelling Estimation

Modifying factors (underground) Parameter Unit Dec 2017 Dec 2016 Mineral Resource pay limit cm.g/t 1,520 1,410 Mineral Reserve pay limit cm.g/t 1,670 1,560 Mined value cm.g/t 1,867 1,928 Mine call factor % 81 81 Mining factor % 100 100 Shortfall % 15 13 Mill width factor % 42 33 Stoping width cm 163 159 Mill width cm 233 212 Plant recovery factor UG % 98 98 Plant recovery factor SRD % 86 85

40 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

Gold Mineral Reserve classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Underground Proved 13.5 18.4 8.1 7.9 3,516 4,700 Probable AI 13.0 6.2 5.1 5.9 2,135 1,184 Total AI 26.5 24.6 6.6 7.4 5,652 5,884 Probable BI 3.2 2.5 5.3 7.2 537 566 Total underground 29.7 27.1 6.5 7.4 6,189 6,450 Surface Probable SRD 11.3 11.9 0.5 0.5 192 200 Total gold Mineral Reserves 41.0 39.0 4.8 5.3 6,381 6,650

Gold Mineral Reserve reconciliation

8,000 6,650 193 7,000 424 122 45 6,381 (48) (1) 6,000 (527) (57) (43) (124) 5,000 4,000 3,000 Gold (’000oz) 2,000 1,000 0 Other ay limit Surface Geology P Dec 2016 Dec 2017 Depletion Estimation White areas chnical factors Secondary reefs Te Rock engineering adjustments

Highly mineralised VCR sample with buckshot pyrite

Mineral Resources and Mineral Reserves Report 2017 41 SECTION 2 SOUTHERN AFRICA REGION

GOLD OPERATIONS COOKE

MILLSITE TO BE INCLUDED IN COOKE 1, 2, 3 Rustenburg Johannesburg

R28 Randfontein RSO

R41 SOUTH AFRICA Durban R41

Cape Town HARMONY GOLD

COOKE 1,2,3 R28 OPERATION EXTENSION OF KLOOF MR

Westonaria N12

ZUURBEKOM PR TO BE INCLUDED IN COOKE 4 R28

R501 COOKE 4

COOKE 4 SOUTH TSF PR TO BE INCLUDED IN COOKE 1, 2, 3

GOLDFIELDS SOUTH DEEP KLOOF OPERATION

EGEN S 2 O O SS E T S N N S

42 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

COOKE OVERVIEW

General Cooke is a large, established, shallow to intermediate-level gold mine which has been producing gold and uranium since 1961. Cooke underground operations are on care and maintenance. The surface mining is 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 accessed via the R28 highway between Randfontein and Westonaria or via the N12 national road between Johannesburg and Potchefstroom. The Randfontein Surface Operations (RSO) assets include several TSFs on the West Rand near Randfontein. The topography of the area is relatively flat and the vegetation is classified as Bankenveld consisting of grassland. Livestock farming is widespread in the surrounding area. The underground mine infrastructure, which is on care and maintenance, consists of four shaft complexes that previously mined open ground and pillars (white areas). Cooke 4, previously operated at 1,634m below surface (58 Level at Cooke 4 SV Shaft) and was declared uneconomical for exploitation from August 2016. Cooke 1, 2 and 3 Shafts have also since been declared non-economical for exploitation. The decision was made to close the underground workings. The principal mining took place on the Middle and Upper Elsburg Reefs. The remainder of the mining took place on the secondary reefs, namely the Kimberly Formations and the VCR. The only production currently is from surface TSF. The production from the four Cooke shafts could be hoisted to surface separately. Underground material from Cooke 1,2 and 3 was previously processed at the Doornkop plant, operated by Harmony Gold Mining Company Ltd (Harmony), on a toll treatment basis. Cooke 4 production and overflow from the Cooke 3 Shaft was treated at Ezulwini along with ore from SRDs on a toll treatment basis.

Strategic intent • Focus on profitable TSF reprocessing • Operations on care and maintenance • Utilising the two metallurgical plants for toll treatment of material

Mineralisation • Auriferous and uraniferous palaeo-placer conglomerates, that are characteristics locally termed reefs R

• Laterally continuous with relatively long-range predictability 1 • Clear patterns of mineralisation governed by sedimentary M R characteristics 1

1 2 ort

AXIS ANTICLINE

Depositional • The palaeo-placer originated from a braided stream environment environment • The deposition was structurally controlled along a basinal edge

Licence status and • Cooke has three separate MRs in terms of the MPRDA: holdings • Cooke 1,2 and 3 with DMR reference number: GP30/5/1/2/2/07 MR (Cooke 1,2 and 3 MR), valid from 18 December 2007 to 17 December 2037 and covering a total area of 7,875ha • Cooke 4 (Ezulwini) with DMR reference number: GP30/5/1/2/2/38 MR (Ezulwini MR), valid from 20 November 2006 to 19 November 2036 and covering a total area of 3,718.340ha • RSO with DMR reference number: GP30/5/1/2/2/173 MR (RSO MR) valid from 7 May 2009 to 6 May 2039 with a total area of 3,130.4301ha • Ezulwini Mining Company (Pty) Ltd (Ezulwini) also held a PR with DMR reference number: GP30/5/1/1/2/10151 PR (Zuurbekom PR) in respect of a contiguous area (6,842.2541ha) to the east of the Cooke 1, 2 and 3 MR and Ezulwini MR. A Section 102 application in terms of the MPRDA was submitted prior to the lapsing of the Zuurbekom PR to incorporate the Zuurbekom PR area into the Ezulwini MR • The Cooke 1, 2 and 3 operations also held two further PR. The first PR located over the Cooke 4 South TSF, measuring 243.542ha and with DMR reference: GP30/5/1/1/2/10055 RPR, and the second PR located over the Millsite dump complex, measuring approximately 1,240ha and with DMR reference number: GP30/5/1/1/2/10054 RPR • A Section 102 application was submitted in 2015 for the GP30/5/1/1/2/10055 RPR and GP30/5/1/1/2/10054 RPR areas to be incorporated into the Cooke 1, 2 and 3 MR, with a Section 102 application submitted prior to the lapsing of the mentioned PRs, and is not yet finalised

Mineral Resources and Mineral Reserves Report 2017 43 SECTION 2 SOUTHERN AFRICA REGION

COOKE OVERVIEW CONTINUED Infrastructure • Four shaft complexes and two metallurgical plants used for treatment of TSF and SRD

Mining method • Cooke 1,2 and 3: conventional scattered breast mining and pillar extraction • Hydraulic reclamation (water jets), gravity feed to sump pump station and pumped via pipeline to a processing plant • Dump, load and haul of SRD

Mineral processing • Two gold processing plants (one external on a toll treatment arrangement) • Uranium processing plant on care and maintenance at Ezulwini

Tailings disposal • Ezulwini South TSF (toll treatment arrangement) • Currently RSO tailings are deposited into old underground workings, 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’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 2017

Life of mine • It is estimated that the current SRD Mineral Reserves will sustain the surface operation until 2019 • Historic operational detail is included on the back of the shareholder’s plan, attached to this Mineral Resources and Mineral Reserves Report

Key developments • The gold Mineral Reserves for Cooke 1, 2 and 3 underground have been removed following the and brownfield shafts being declared uneconomical projects • Cooke 4 is scheduled for rewatering (on-mine)

Hoisting and Operating shaft Operational hoisting capacity (ktpm) Planned production (ktpm)* production 1 15 0 capacities 2 28 0 3 54 0 TSF 400** 385

** Reclamation capacity

Plant capacities Design capacity Current operational Average recovery Material Plant (ktpm) capacity (ktpm) factor (%) treated Cooke 400 385 56.6 SRD/TSF Ezulwini* 200 115 95.6 SRD

* Used for toll treatment of SRD material

44 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

Gold Mineral Resource classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Underground Measured 4.0 11.6 13.1 8.3 1,689 3,113 Indicated AI 3.5 15.8 10.1 8.1 1,130 4,091 Indicated BI Inferred AI 3.2 6.0 12.0 13.6 1,220 2,635 Inferred BI Total underground Cooke 1, 2 and 3 10.7 33.5 11.8 9.1 4,039 9,839 Zuurbekom 40.7 3.1 3,998 Total underground 10.7 74.2 11.8 5.8 4,039 13,837 Surface stockpiles Indicated SRD 5.7 4.5 0.3 0.3 59 47 Total surface 5.7 4.5 0.3 0.3 59 47 Total gold Mineral Resources 16.4 78.6 7.8 5.5 4,097 13,883

Depletion includes actuals up until end of October 2017 and depletion estimates for November – December 2017

Exploration drilling details summary Actual 2017 Actual 2016 Metres drilled Expenditure Metres drilled Expenditure Operation (m) (Rm) (m) (Rm) Cooke 3,657 3.69 8,279 7.70

Exploration drilling for 2017 stopped at 31 May 2017 due to the closure at Cooke 1,2 and 3.

Annual development results Financial year total Category Unit VCR Elsburg Kimberley 2017 2016 Main development (advanced) km 0.3 1.2 0.5 1.9 7.1 Main on-reef development (advanced) km 0.0 0.3 0.2 0.5 2.6 Channel width cm 71 114 133 111 246 Average reef value g/t 8.5 7.6 9.2 8.3 3.9 cm.g/t 604 867 1,220 922 948

Mineral Resources and Mineral Reserves Report 2017 45 SECTION 2 SOUTHERN AFRICA REGION

COOKE CONTINUED

Gold Mineral Resource reconciliation

15,000 13,883 (142) 12,000

9,000

6,000 Gold (’000oz) 50 4,097 3,000 (9,694)

0 y limit Surface Pa Dec 2016 Dec 2017 Depletion

Modifying factors (underground) Parameter Unit Dec 2017 Dec 2016 Mineral Resource pay limit* cm.g/t 1,420 870 Mineral Reserve pay limit cm.g/t 980 Mined value cm.g/t 1,193 Mine call factor % 83 Mining factor % 98 Shortfall % 1 Mill width factor % 17 Stoping width cm 173 Mill width cm 203 Plant recovery factor UG % 96 * Pay limit based on the Cooke operation harvest plan of May 2017

Modifying factors (surface) Parameter Unit Dec 2017 Dec 2016 Mineral Resource pay limit g/t 0.30 0.30 Mineral Reserve pay limit g/t 0.32 0.33 Mined value g/t 0.32 0.33 Plant recovery factor % 57 58

46 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

Gold Mineral Reserve classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Underground Proved 4.3 5.3 728 Probable AI 0.6 4.8 97 Total AI 4.9 5.2 826 Total underground 4.9 5.2 826 Surface TSFs and SRDs Probable SRD 5.7 4.5 0.3 0.3 59 47 Total surface 5.7 4.5 0.3 0.3 59 47 Total gold Mineral Reserves 5.7 9.4 0.3 2.9 59 872

Gold Mineral Reserve reconciliation

1,000 872 800 (113) (752)(70) 600

400 Gold (’000oz) 200 50 59 0 ay limit Surface P Dec 2016 Dec 2017 Depletion

Cooke plant: treating TSF material

Mineral Resources and Mineral Reserves Report 2017 47 SECTION 2 SOUTHERN AFRICA REGION

GOLD PROJECTS

The Gold operations have a large endowment of projects which 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 has 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-Stillwater’s strategy, steps to improve the quality of assets through delivery on major advanced and growth projects are in progress and include:

• a project appraisal that underpins a focus on value creation and dividend yield rather than driven by growth

• a risk assessment of returns and the impact of financing on returns for each project

All projects have CPR documents detailing the estimation and classification of the Mineral Resource and Mineral Reserve. The estimation and classification process is in line with the operations process, allowing for compliant reporting thereof. All legal aspects and tenure are in order.

48 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

GOLD PROJECT BURNSTONE

Rustenburg Johannesburg

R51 R548 SOUTH AFRICA Durban

Cape Town

R23 Balfour

BURNSTONE

Greylingstad R51

EGEN S 2 T E

Mineral Resources and Mineral Reserves Report 2017 49 SECTION 2 SOUTHERN AFRICA REGION

BURNSTONE CONTINUED

BURNSTONE OVERVIEW

General Burnstone is in the South Rand Goldfield of the Witwatersrand Basin next to the town of 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 the Balfour exit. The town of Balfour is located approximately 18km east of the N3. The Burnstone property is accessible via a network of unpaved roads, approximately 6.5km east of Balfour.

The Burnstone area forms part of the South African highveld, situated 1,670m above mean sea level (amsl). Farming activities include maize, fodder and livestock farming.

Burnstone is a project in execution. Sibanye-Stillwater purchased Witwatersrand Consolidated Gold Resources Ltd (Wits Gold) and, additionally, acquired Southgold Exploration (Pty) Ltd, the sole owner of the Burnstone assets in 2014. The completed FS was independently reviewed in November 2015, with finance approved 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 4.8km of development was completed in 2017 with first gold expected in 2018. Peak production should be achieved by 2022.

Burnstone is a shallow gold mine exploiting the UK9 Reef of the Kimberley Formation. 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.

Strategic intent • Optimise the Mineral Resource • Develop a new mine from first principles, supported by existing and newly built plant and infrastructure • Continuously re-considering the best mining methods to suit the orebody

Mineralisation • Sediment hosted conglomerates associated with auriferous and uraniferous minerals, locally characteristics known as palaeo-placer (reef) • Laterally continuous with mid-range predictability • Clear patterns of mineralisation governed by sedimentary characteristics

Depositional • The palaeo-placer originated from a braided stream environment that’s deposition was environment structurally controlled along a basinal edge

Licence status and • Burnstone has a valid MR with DMR reference number: MP30/5/1/2/2(248)MR) (Burnstone MR) holdings covering a total area of 13,135.724ha and is valid from 17 February 2009 to 16 February 2027 • Burnstone also held a large number of PR either contiguous or in the vicinity of the Burnstone MR, and a Section 102 application was submitted to amend the Burnstone MR in order to include certain portions of these PR to increase the total area to approximately 38,564.8296ha

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 processing • One CIL gold processing plant

50 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

BURNSTONE OVERVIEW CONTINUED Tailings disposal • One TSF with deposition capacity of 24Mt

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

Environmental/ • Burnstone’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 2017

Life of mine • The LoM plan reaches full production by 2022 and will sustain the operation until 2035

Key developments • The FS was approved and capital allocated in 2015 and development subsequently commenced and brownfield with the first stoping planned in 2019 projects • Additional exploration drilling resulted in an improved sedimentological understanding of the (on-mine) UK9 Reef which led to an updated facies model with a high level of confidence • A thorough review and QA/QC of all the data in line with Sibanye-Stillwater’s standards and procedures was completed, and the current 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

Hoisting and Operating shaft Operational hoisting capacity (ktpm) Planned production (ktpm)* production Burnstone 165 89 capacities * Planned production is eight-year hoisted average at peak between 2021 – 2029

Plant capacities Plant Design capacity Current operational Average recovery Material (ktpm) capacity (ktpm) factor (%) treated 1 (CIL) 125 125 96.0 UG

Gold Mineral Resource classification Tonnes (Mt) Grade (g/t) Gold (‘000 oz) Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Underground Measured 2.2 5.0 351 Indicated AI 62.4 7.0 4.3 5.2 8,664 1,167 Indicated BI 18.4 5.4 3,183 Inferred AI 1.3 4.8 202 Inferred BI 27.4 4.9 4,338 Total underground 64.6 54.1 4.3 5.1 9,015 8,890 Total AI 64.6 8.3 4.3 5.1 9,015 1,369 Total BI 45.8 5.1 7,521 Surface stockpiles Indicated SRD Total surface Total gold Mineral Resources 64.6 54.1 4.3 5.1 9,015 8,890

Mineral Resources and Mineral Reserves Report 2017 51 SECTION 2 SOUTHERN AFRICA REGION

BURNSTONE CONTINUED

Exploration drilling details summary Planned 2018 Actual 2017 Actual 2016 Drilled Expenditure Drilled Expenditure Drilled Expenditure Operation (m) (Rm) (m) (Rm) (m) (Rm) Burnstone 1,440 1.22 1,013 0.95 3,754 4.22

Annual development results Financial year total Category Unit Uk9 2017 2016 Main development (advanced) km 4.8 4.8 – Main on-reef development (advanced) km 0.5 0.5 – Average channel width cm 46 46 – Average reef value g/t 9.3 9.3 – cm.g/t 425 425 –

Gold Mineral Resource reconciliation

18,000 16,000 6,616 2,650 14,000 12,000 10,000 8,890 (4,228) 9,015 8,000 (4,912) Gold (’000oz) 6,000 4,000 2,000 0 y limit Geology Pa Dec 2017 Dec 2016 Modelling Estimation

Modifying factors (underground) Parameter Unit Dec 2017 Dec 2016 Mineral Resource pay limit cm.g/t 430 360 Mineral Reserve pay limit cm.g/t 480 400 Mined value cm.g/t 580 566 Mine call factor % 85 88 Mining factor % 100 100 Shortfall % 0 0 Mill width factor % 13 14 Stoping width cm 110 116 Mill width cm 124 133 Plant recovery factor UG % 96 96

52 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

Gold Mineral Reserve classification Tonnes (Mt) Grade (g/t) Gold (‘000oz) Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Underground Proved 0.5 3.7 58 Probable AI 14.3 17.5 4.1 3.8 1,876 2,137 Total AI 14.8 17.5 4.1 3.8 1,934 2,137 Total underground 14.8 17.5 4.1 3.8 1,934 2,137 Surface Probable SRD Total gold Mineral Reserves 14.8 17.5 4.1 3.8 1,934 2,137

Gold Mineral Reserve reconciliation

2,500 136 2,137 2,000 1,934 (282) (57) 1,500

Gold (’000oz) 1,000

500

0 Dec 2016 Dec 2017 9A exclusions General additions Lower grade exclusion

Burnstone main vertical shaft complex

Mineral Resources and Mineral Reserves Report 2017 53 SECTION 2 SOUTHERN AFRICA REGION

GOLD PROJECT WEST RAND TAILINGS RETREATMENT

MILLSITE 38 – 41 R 28 Randfontein Rustenburg Johannesburg LINDUM RANDFONTEIN SURFACE R OPERATION 41 R 41

Durban DOORNKOP SOUTH AFRICA HARMONY GOLD MINING COMPANY DOORNKOP OPERATIONS

R COOKE 28 Cape Town VENTERSPOST COOKE 1,2,3 NORTH OPERATION VENTERSPOST SOUTH

R500 N Westonaria 12 LIBANON DRIEFONTEIN 4 DRIEFONTEIN 2 COOKE 4 DRIEFONTEIN 1 R Carletonville 28 OPERATION R501 COOKE 4

VENTERSPOST NORTH R501 DRIEFONTEIN 3

DRIEFONTEIN 5 DRIEFONTEIN GOLDFIELDS OPERATION EX-BLYVOORUITZICHT TAU TONA KLOOF SOUTH DEEP OPERATIONS SAVUKA OPERATION MPONENG KLOOF 1 N 12

ANGLOGOLD HARMONY GOLD PLANNED RTSF MINING COMPANY ASHANTI KUSASALETHU OPERATIONS Fochville LEEUDOORN KLOOF 2

R500

EGEN TS T S S C S 2 TS N N S E TS S

54 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

WEST RAND TAILINGS RETREATMENT OVERVIEW

Locality Gold mining in the Witwatersrand area has accumulated tailings which Sibanye-Stillwater has identified as an economic opportunity, as they have proven to contain recoverable grades of gold and uranium.

WRTRP incorporates most of Sibanye-Stillwater’s current and dormant TSFs on the West Rand, all of which form part of the new order MR collectively valid from 2007 to 2027 (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 or via the N12 national road between Johannesburg and Potchefstroom.

History Prior to the WRTRP PFS, a number of other studies had been conducted including the Gold Fields Limited Tailings Treatment project definitive feasibility study (DFS), Cooke uranium project (DFS), Gold Fields/Senet Kloof Driefontein complex study (PFS) and the West Rand surface optimisation study (concept).

Evaluation was based on point data with approximately 100m x 100m borehole spacing.

• The WRTRP, in its current form, dates from May 2014 when Sibanye-Stillwater acquired the Cooke assets from Gold One, merging the Cooke TSF assets with those of the historic Kloof and Driefontein TSF assets • The WRTRP is key to the Sibanye-Stillwater surface-operations strategy, which involves leveraging existing surface operations and infrastructure and developing a strong, long-life surface business, by exploiting the low-risk and relatively high-margin characteristics of the surface resources located on the West Rand

Mode of occurrence • Historic TSF

Notes on Mineral • All legal aspects and tenure are in order Resource statement • Average density used in estimation is derived from laboratory analysis • WRTRP, through the completion of the DFS, has proven to be economically viable • Viability involves the construction of a large-scale central processing plant for the extraction of gold and uranium from the retreatment of historic and current tailings • Further objective remains the redeposition of the residue onto a regional tailings facility, in accordance with modern sustainable deposition practices, reducing future environmental liabilities compliant in respect of the SAMREC Code • Compliant in respect of the SAMREC Code • A Section 102 application was submitted to incorporate WRTRP into the Driefontein MR which is still pending approval • As part of the proposed transaction with DRDGOLD, selected assets from the WRTRP will be sold to DRDGOLD during 2018 if all conditions of the transaction are met. Assets amounting to 3.9Moz of gold and 44.4Mlb of uranium currently form part of this 31 December 2017 Mineral Resource and Mineral Reserve statement

Sibanye-Stillwater tailings storage facility

Mineral Resources and Mineral Reserves Report 2017 55 SECTION 2 SOUTHERN AFRICA REGION

WEST RAND TAILINGS RETREATMENT CONTINUED

Gold Mineral Resource and Mineral Reserve classification Mineral Resources Mineral Reserves Dec 2017 Dec 2016 Dec 2017 Dec 2016 Tonnes Grade Gold Gold Tonnes Grade Gold Gold (Mt) (g/t) (‘000oz) (‘000oz) (Mt) (g/t) (‘000oz) (‘000oz) Driefontein Driefontein Measured 174.4 0.3 1,845 1,789 Proved Indicated Probable 174.4 0.3 1,845 1,789 Kloof Kloof Measured 234.1 0.3 2,036 2,032 Proved Indicated Probable 234.1 0.3 2,036 2,032 Cooke Cooke Measured 210.0 0.3 1,721 1,876 Proved Indicated 52.3 0.3 524 524 Probable 262.3 0.3 2,245 2,401 Total 670.8 0.3 6,126 6,222 Total 670.8 0.3 6,126 6,222

Uranium Mineral Resource and Mineral Reserve classification Mineral Resources Mineral Reserves Dec 2017 Dec 2016 Dec 2017 Dec 2016

Tonnes Grade U3O8 U3O8 Tonnes Grade U3O8 U3O8 (Mt) (kg/t) (‘000 lb) (‘000 lb) (Mt) (kg/t) (‘000 lb) (‘000 lb) Driefontein Driefontein Measured 174.4 0.063 24,376 23,069 Proved Indicated Probable 174.4 0.063 24,376 23,069 Kloof Kloof Measured 234.1 0.039 19,984 19,841 Proved Indicated Probable 234.1 0.039 19,984 19,841 Cooke Cooke Measured 210.0 0.090 41,788 44,320 Proved Indicated 52.3 0.086 9,936 9,936 Probable 262.3 0.089 51,724 54,256 Total 670.8 0.065 96,083 97,166 Total 670.8 0.065 96,083 97,166

56 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

GOLD PROJECT SOUTHERN ORANGE FREE STATE

R30 HARMONY

FREEGOLD- HARMONY

HARMONY

HARMONY Welkom ADAMSONS HARMONY R VLEY PR 73

Virginia

R3 0 SOFS

R708 BEATRIX OPERATION

S 91 S 498 HARMONY

BEISA SOUTH PR

R30

Theunissen 2

EGEN E O S S S T S

Mineral Resources and Mineral Reserves Report 2017 57 SECTION 2 SOUTHERN AFRICA REGION

SOUTHERN ORANGE FREE STATE CONTINUED

SOUTHERN ORANGE FREE STATE OVERVIEW

Locality SOFS is situated in the Magisterial District Matjhabeng, near the towns of Welkom, Virginia and Theunissen, approximately 240km south-west of Johannesburg, in the Free State province of South Africa. The site is adjacent to Beatrix, and is accessed via the N1 highway between Johannesburg and Kroonstad and then via the R30. Geologically, it is located in the Free State Goldfield and will form part of the southernmost gold mine in the Witwatersrand Basin.

The SOFS area includes: • Wits Gold prospecting areas comprising the Bloemhoek and De Bron Merriespruit projects, which are separated by regional faulting

History SOFS, in its current form, dates from April 2014 when Sibanye-Stillwater acquired Wits Gold. Sibanye-Stillwater is investigating the possibility of submitting a Section 102 application seeking consent from the DMR to amend the Beatrix MR by consolidating the Beatrix MR, SOFS MR and PRs.

Bloemhoek and De Bron Merriespruit are exploration projects and a FS has been completed for De Bron Merriespruit but as yet no mining activities have been initiated.

Historically, a total of 99 boreholes were drilled in the De Bron Merriespruit project area and estimation is in line with Sibanye-Stillwater standards and protocols.

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. Since then, two more exploration boreholes were drilled in 2017 to firm up the Mineral Resource model in the Bloemhoek area, north of the 3 Shaft complex decline extention.

Beisa North has been proven to not be economically attractive at present. The PR has lapsed.

Subsequently, it has been decided to apply for further PRs for the Beisa North area.

Licence status and • The Bloemhoek and De Bron Merriespruit projects forms part of the SOFS MR holdings • The SOFS MR, DMR reference number: FS30/5/1/2/2(10005) MR (SOFS MR) was granted on 25 February 2014 and was executed on 14 June 2017. However, registration of the SOFS MR at the Mineral and Petroleum Titles Registration Office (MPRTO) is still outstanding • All required permits relative to the status of the project have been obtained and are in good standing

Mode of occurrence • Laterally continuous with mid-range predictability • Shallow gold/uranium deposits comprising the BXR/VS5, AAR, B and Leader reefs of the Central Rand Group of the Witwatersrand Supergroup • Clear patterns of mineralisation characterised by a highly channelised fluvial depositional environment • The Beisa Reef was predominantly mined for its uraniferous content at the old Beisa uranium mine located within the Beatrix MR

Notes on Mineral • Geostatistically estimated density is used Resource Statement • A provisional mine design at De Bron Merriespruit project 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 • Sibanye-Stillwater intends to combine the Beatrix and SOFS MR within the greater Free State MR • The Bloemhoek project constitutes the western extent of the SOFS MR, covering an area of approximately 4,060ha • The current LoM for De Bron Merriespruit is estimated at 19 years • The De Bron Merriespruit project is the only SOFS project that was subjected to a FS

58 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

DE BRON MERRIESPRUIT Gold Mineral Resource and Mineral Reserve classification Mineral Resources Mineral Reserves Dec 2017 Dec 2016 Dec 2017 Dec 2016 Tonnes Grade Gold Gold Tonnes Grade Gold Gold (Mt) (g/t) (‘000oz) (‘000oz) (Mt) (g/t) (‘000oz) (‘000oz) Underground Underground Measured Proved Indicated 23.0 4.5 3,307 3,307 Probable 15.4 4.3 2,112 2,112 Inferred 5.3 4.2 715 715 Total 28.3 4.4 4,022 4,022 Total 15.4 4.3 2,112 2,112 BLOEMHOEK Gold Mineral Resource and Mineral Reserve classification Mineral Resources Mineral Reserves Dec 2017 Dec 2016 Dec 2017 Dec 2016 Tonnes Grade Gold Gold Tonnes Grade Gold Gold (Mt) (g/t) (‘000oz) (‘000oz) (Mt) (g/t) (‘000oz) (‘000oz) Underground Underground Measured Proved Indicated 27.4 4.7 4,163 4,163 Probable Inferred 0.9 4.9 135 135 Total 28.3 4.7 4,297 4,297 Total

VS5 Aandenk

Mineral Resources and Mineral Reserves Report 2017 59 SECTION 2 SOUTHERN AFRICA REGION

SOUTHERN AFRICA REGION PGM INTRODUCTION The discovery of platinum in the BC was best described by the geologist Percy Wagner in 1929: “…transcend(s) in magnitude and importance, anything that has hitherto been dreamt of in the way of primary platinum occurrences.”

The first discovery of economic interest was made by Adolph Erasmus (Rooiberg felsite, Naboomspruit), and while it was not significant, it created expectations.

Andries Lombaard made the initial Bushveld discovery in June 1924 at Maandagshoek while panning in a dry river bed. He sent the grey-white metallic granules in an aspirin bottle to Hans Merensky who confirmed it as platinum. Merensky later visited the area and returned to Johannesburg to raise funds for prospecting. The Lydenburg Platinum Syndicate was formed and Merensky joined Lombaard in August 1924. Within three days Merensky had succeeded in tracing the platinum to a pyroxenite. High grade occurrences at Mooihoek and Driekop were soon unearthed. Hans Merensky soon realised that platinum could occur elsewhere in the BC.

This marked the start of extensive exploration in the BC. The Platreef was discovered on the farm Zandsloot in March 1925. In June 1925 platinum was found on Elandsfontein in the Brits area. The Rustenburg Platinum Syndicate funded exploration, with numerous trenches and pits dug through overlying black turf from Townlands to the Pilanesberg. Aeromagnetic geophysics, surface geological mapping and diamond exploration drilling defined the extensive ~ 67,000km2 BC that is host to more than 85% of known PGMs today.

The current Sibanye-Stillwater platinum operations in South Africa (Rustenburg and Kroondal) have been fully explored and delineated for exploitation of both UG2 and Merensky Reefs in the western limb of the BC.

Mineral Resources are defined and estimated utilising current industry best technical practices and in compliance with the SAMREC and SEC guide 7 requirements.

Geological mapping at Kroondal UG2

60 SECTION 2 SOUTHERN AFRICA REGION

Location of PGM operations and projects in the BC and Great Dyke

Muzengezi Complex

Selukwe Complex C

Wedza N1 Complex ZIMBABWE ZIMBABWE OPERATION

B N4

SOUTH AFRICA

C N13 N17

N12 2

EGEN C T N N

A WESTERN LIMB B EASTERN LIMB C ZIMBABWE GREAT DYKE OPERATION OPERATION OPERATION Kroondal (50% attributable) Blue Ridge (50% attributable) Mimosa (50% attributable, Rustenburg PROJECT non-managed) PROJECT Zondernaam Hoedspruit Vygenhoek

Mineral Resources and Mineral Reserves Report 2017 61 SECTION 2 SOUTHERN AFRICA REGION

INTRODUCTION CONTINUED

GEOLOGICAL SETTING The Kroondal operations consists of decline shafts from surface which access and exploit the UG2 Reef at a depth of South African mines approximately 600m below surface (BS) through mechanised The BC is estimated to have formed approximately 2,060Ma bord and pillar mining. ago. Its mafic rock sequence, the Rustenburg Layered Suite (RLS), is the world’s largest known mafic igneous layered The Rustenburg operations consist of vertical shafts which access intrusion and contains more than 85% of the world’s known the orebody at about 1,000m BS. The UG2 and Merensky are Mineral Resources of PGMs. The RLS occurs geographically as exploited simultaneously using conventional mining methods. discrete compartments termed limbs. The Western, Eastern and Only at Bathopele Shaft is the UG2 mined through mechanised Northern Limbs are being exploited for PGMs. bord and pillar method and the Merensky is not exploited.

The Pilanesberg Complex, the remnant of an alkaline volcanic Blue Ridge is situated in the Eastern Limb of BC near the town of plug, which intruded into the BC about 1,250Ma, splits the Groblersdal. This operation has been on care and maintenance Western Limb into two lobes (north-western and south-western) since 2011. while the Eastern Limb is split into two lobes (north-eastern and south-eastern lobes) by the Steelpoort Fault. Sibanye-Stillwater’s Non-South African mines PGM operations are located south east of the Pilanesberg Mimosa is a shallow mine (<200m BS) and accessed via a single Complex on the Western Limb (Rustenburg and Kroondal decline shaft. It is located on the Wedza sub-chamber of the operations), while the project areas are located in the Eastern southern portion of the Great Dyke in Zimbabwe, approximately Limb of the BC. 32km from the town of Zvishavane. The Great Dyke is divided vertically into a lower ultramafic sequence, dominated from the The extensive nature of the Merensky Reef and UG2 Reef in base upwards by cyclic repetitions of dunite and/or serpentinite, the Kroondal and Rustenburg platinum lease area has been hartzburgite and pyroxenite and an upper mafic unit consisting confirmed mainly by extensive surface and underground drilling of gabbro and gabbro-norite and repetitions of dunite and/or as well as 3D seismic surveys. The only exception to this pattern serpentinite, hartzburgite and pyroxenite. is in the vicinity of the two major dunite pipes, the Brakspruit and Townlands pipes. Economic PGM mineralisation occurs within the MSZ, which is generally 10m to 20m from the top of the Ultramafic Sequence. The Merensky Reef is, in most instances, well defined and Because it lies just below the Mafic Sequence, the PGM typically consists of a pegmatoidal feldspathic pyroxenite layer, Resources coincide with the four main erosional remnants of bounded on the top and bottom by thin chromitite layers these rocks. The MSZ is typically 2m to 3m thick but is locally up (stringers). A notable feature of the Merensky Reef is the to 20m thick with a marked decrease in grade with thickening variability of the reef thickness ranging from 1cm to 70cm, of the zone. over large areas. The Merensky Reef contains economically important base metal sulphide (BMS) and PGM mineralisation. The Great Dyke is intrusive into Archaean granite, gneisses and Mineralisation of the Merensky Reef generally occurs in the greenstones. The latest dating indicates this occurred 2.5Ga ago, pegmatoidal feldspathic pyroxenite and to a limited extent in which is 500Ma older than the BC. Various north-north-east- the hangingwall and footwall, with highest PGM concentration trending satellite dykes with the same age are located east and peaking at the chromitite stringers. west of the main intrusion.

The UG2 Reef, which is consistently developed throughout the ESTIMATION PRINCIPLES RLS, is rich in chromitite but with lower gold, copper and nickel The Mineral Resource is divided into domains based on values as compared to that of the Merensky Reef. The UG2 geological models. The domains are used as the basis for the Reef consists of a thin layer of chromitite averaging 20cm in geostatistical estimation. Detailed exploratory data analyses, thickness. Underlying this mineralised seam is a non-mineralised including sample verification, histogram and cumulative pyroxenite layer of variable thickness from 5cm to 6m. Below frequency plots for distributional analysis, additive constant this is the main UG2 layer with an average thickness varying estimates, outlier checks, trend analyses, and declustering are between 55cm and 75cm. Within the Rustenburg lease area, carried out on individual domains. the UG2 Reef occurs vertically between 90m and 150m below the Merensky Reef and dips in a northerly direction. The UG2 The main interpolation methodology utilised is ordinary kriging. Reef is prone to undulations as compared to the Merensky Reef, Estimation by ordinary kriging is done for elements with resulting in rolling reef. sufficient data while inverse distance (ID) to the power of two estimates for elements with limited data. No mean values were The Merensky Reef and the UG2 Reef are affected by structural applied to the model estimate. Modelling at both Rustenburg and other geological features, including potholes and iron rich and Kroondal was completed using Datamine and Surpac ultramafic pegmatoids (IRUPs), which result in geological losses geological softwares respectively and results merged into one and have an impact on mining. Datamine model for reporting Mineral Resources.

62 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

Detailed checks are carried out on the estimates by compiling The following criteria were used for the Resource classification: kriging efficiencies and kriging regression slopes on an individual • Statistical considerations: drillhole distribution, underground kriged block basis. The validated data files were regressed and sample section distribution, search ellipse, number of samples then composited over the different reef elements. used in the estimate, regression slope and kriging variance, kriging efficiency Variography studies are carried out on different reef geozones, with traditional variograms used for kriging purposes. The • Geological framework: aeromagnetic survey, seismic surveys, Mineral Resource block widths are compiled over the Resource mining history, facies, QA/QC, structure and geological loss cuts for both Merensky and UG2 Reefs. The Mineral Reserve confidence widths include additional varying thickness overbreak material. Microstation V8XM together with CADSMine was selected as QUALITY ASSURANCE/QUALITY CONTROL the platform for producing mine designs and scheduled plans, as it is a proven and stable computer package. It has a high level QA/ QC analysis is completed on a batch by batch basis and of accuracy which exceeds the requirements of the accuracy of batches are rejected if errors are encountered exceeding a representing features on mine survey plans as prescribed by the set threshold. The laboratory produces an internal QC report regulations 17(14) (b) (v) and 17(14) (d) of the Mine Health and on a monthly basis. In depth QA/QC analysis is performed in Safety Act. preparation for Mineral Resource modelling using customised software (Sable) for the evaluation of assay results. A QA/QC The business planning process is cyclic in nature, starting in report detailing findings and any anomalous assays is produced. January and running through to December. The process is This report includes scatter plots, histograms, classical statistics, divided into quarters, with stage gates that are completed plots of absolute difference between samples, percentage bias during each quarter. and control charts for certified reference materials (CRMs) as well as methods to identify potential outlier values. This report The main activities of these are: is provided to the resource modeller who evaluates the outliers, • Q1 – technical designs and plan alignment records their decisions and documents any appropriate action. • Q2 – LoM planning and scheduling

Extensive data audits and QA/QC reporting are undertaken and • Q3 – budgeting and LoM costing documented by Rustenburg and Kroondal operations centrally • Q4 – business plan, financial modelling, resource to prior to resource estimation exercises. External audits have been reserve declaration concluded on the processes used in Mineral Resource estimation The first quarter forms the foundation phase of the business and in compliance with the guidelines of applicable codes. planning process. Development of enhanced systems forms part All current samples from both Rustenburg and Kroondal are of this foundation. analysed at Quality Laboratory Services (Pty) LTD (Rustenburg), The second quarter focuses on producing a business plan. It Reg No. 2008/004664/07), who are fully accredited with SANAS, consists of a multi-disciplinary review process (MDR1and MDR2). reference number T0487 for Chemical and Microbiological During these reviews all mining, support and service departments Analysis, reference ISO/IEC 17025:2005. This accreditation is are involved in the verification of the inputs and the modifying valid until 2021. factors that are incorporated into the business plan.

AUDITING AND RISK At the beginning of the third quarter, detailed production An external audit conducted in 2017 on the Mineral Resource profiles, labour, operating and capital cost estimates and the and Mineral Reserve estimates for the SA region PGM operations required stay-in-business capital estimates to sustain and/or concluded that there were no fatal flaws or material risks grow the business, are prepared for a five-year budget plan. identified in the input data, data processing, interpretation, LoM planning runs concurrently with the budget preparation in geological modelling, LoM planning, estimation and valuation. the third quarter. Furthermore, the audit found compliance to the SAMREC Code and SEC Guide 7, where applicable. The statements produced During the fourth quarter, each mine’s business plan and a are consistent with Section 12 of the JSE Listings Requirements. divisional consolidated business plan view are compiled and presented to Exco and the planning process is repeated again MINERAL RESOURCE AND MINERAL starting in January. The annual business planning process is thus RESERVE EVALUATION a continuous one with a degree of iteration where the outputs of a business plan serve as indirect inputs into a successive The Mineral Resources of Rustenburg and Kroondal are business plan. classified, verified and reported in accordance with the JSE Listings Requirements, and industry and professional guidelines. The classification of the Mineral Resources is based on the guidelines of the SAMREC Code.

Mineral Resources and Mineral Reserves Report 2017 63 SECTION 2 SOUTHERN AFRICA REGION

4E PGM MINERAL RESOURCES AND RESERVES STATEMENT

Classified 4E PGM Mineral Resource and Mineral Reserve Statement as at 31 December Mineral Resources Mineral Reserves OPERATIONS 2017 2016 OPERATIONS 2017 2016 Tonnes Grade 4E PGM 4E PGM Tonnes Grade 4E PGM 4E PGM (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz) SA operations: Kroondal (50% attributable)1 SA operations: Kroondal (50% attributable)1 Measured 32.2 3.0 3.146 3.470 Proved 15.1 2.6 1.243 1.802 Indicated UG2 14.3 3.2 1.472 1.268 Probable 6.8 2.6 0.561 0.489 Inferred 2.7 3.0 0.261 0.189 Total 49.3 3.1 4.879 4.926 Total 21.9 2.6 1.804 2.291 SA operations: Blue Ridge (50% attributable) SA operations: Blue Ridge (50% attributable) Measured 14.8 3.3 1.570 1.570 Proved Indicated UG2 4.1 3.2 0.420 0.420 Probable Inferred 4.2 3.2 0.440 0.440 Total 23.1 3.3 2.430 2.430 Total SA operations: Rustenburg SA operations: Rustenburg (excluding tailings) (excluding tailings) Measured 64.7 6.1 12.620 12.937 Proved 9.4 5.3 1.597 1.602 Indicated MER 42.7 5.9 8.149 8.229 Probable 0.9 4.9 0.149 0.125 Inferred 11.2 5.7 2.063 2.016 Total 118.6 6.0 22.832 23.182 Total 10.4 5.2 1.746 1.727 Measured 308.9 4.7 46.592 46.809 Proved 109.7 3.7 12.953 13.563 Indicated UG2 80.9 5.0 13.086 13.296 Probable 7.5 4.2 1.007 0.775 Inferred 4.2 5.2 0.699 0.700 Total 394.0 4.8 60.377 60.805 Total 117.2 3.7 13.960 14.339 Measured 373.6 4.9 59.211 59.745 Proved 119.2 3.8 14.550 15.165 Indicated COMBINED 123.6 5.3 21.235 21.525 Probable 8.4 4.3 1.156 0.901 Inferred 15.4 5.6 2.762 2.717 Total 512.6 5.0 83.209 83.987 Total 127.6 3.8 15.706 16.066 Tailings Tailings Measured 81.9 1.1 2.818 3.140 Proved Indicated COMBINED Probable 81.9 1.1 2.818 3.140 Inferred Total 81.9 1.1 2.818 3.140 Total 81.9 1.1 2.818 3.140 Total projects Total projects Measured 1.4 5.1 0.230 1.110 Proved Indicated COMBINED 28.1 5.5 4.980 2.470 Probable Inferred 81.9 6.3 16.710 21.370 Total 111.4 6.1 21.920 24.950 Total Non-SA operations: Mimosa2 Non-SA operations: Mimosa2 (50% attributable) (50% attributable) Measured 30.2 3.7 3.570 3.776 Proved 12.5 3.5 1.423 1.053 Indicated 15.4 3.6 1.776 1.776 Probable 5.6 3.4 0.607 0.636 MSZ Inferred 4.4 3.6 0.512 0.512 Inferred (Oxides) 9.0 3.4 0.981 0.981 Total 59.0 3.6 6.839 7.045 Total 18.1 3.5 2.030 1.689 Total PGM operations Total PGM operations Measured 534.1 4.1 70.546 72.811 Proved 146.7 3.6 17.215 18.021 Indicated 185.5 5.0 29.883 27.459 Probable 102.7 1.6 5.143 5.165 COMBINED Inferred 108.6 5.9 20.685 25.228 Inferred (oxides) 9.0 3.4 0.981 0.981 Total 837.2 4.5 122.095 126.478 Total 249.4 2.8 22.358 23.186

1 Kroondal Extension is being mined by Sibanye-Stillwater on a royalty agreement with AAP and under an exclusive MR from AAP 2 Mimosa (Zimbabwe) is a non-South African operation managed as a stand alone company in Zimbabwe, 50% attributable to Sibanye-Stillwater

64 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

KEY CHANGES IMPACTING THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATE PGM Mineral Resource reconciliation Factors 4E PGM (Moz) 31 December 2016 126.478 2017 depletion (1.853) Post depletion 124.624 Changes in estimation models at operations due to additional drilling and sampling (0.076) Changes in geological loss factors 0.659 Technical factors (transfer to deposit, reinterpretations, change in resource cut, etc) (0.082) Specific inclusions Prospecting Rights reinstatement 5.790 Specific exclusions Prospecting rights lapse (8.820) 31 December 2017 122.095

Hoedspruit was brought back into Mineral Resources in 2017 after the appeal for PR application was upheld (5.8Moz) Sheba’s Ridge PR lapsed on conclusion of all permitted renewals by DMR (7.1Moz removed) Millenium PR lapsed on conclusion of all permitted renewals (1.7Moz removed)

Total PGM operations PGM Mineral Resource reconciliation (including Mimosa)

140,000 126,478 124,624 659 5,790 122,095 120,000 (1,853) (76) 100,000 (8,820) (13) (69) 80,000 60,000 40,000 4E PGM (’000oz) 20,000 0 PR lapse Modelling Depletions chnical factors Geological loss Te PR appeal upheld Boundary changes Resources Dec 2016 Resources Dec 2017 Resources post depletions

Kroondal panel support

Mineral Resources and Mineral Reserves Report 2017 65 SECTION 2 SOUTHERN AFRICA REGION

4E PGM MINERAL RESOURCES AND RESERVES STATEMENT CONTINUED

PGM Mineral Reserve reconciliation Factors 4E PGM (Moz) 31 December 2016 23.186 2017 depletion (1.500) Post depletion 21.686 Economic valuation (0.752) Evaluation 0.027 Geological changes 2.077 Boundary changes 0.081 Technical factors (0.757) 31 December 2017 22.358

Depletion of 1.5Moz due to mining activities during 2017 A revision in the methodology of determining geological losses, by calibrating against actual historic losses, resulted in a decrease in the overall estimated losses applied to the SA PGM operations, which resulted in an increase of 2.1Moz in Mineral Reserves Mineral Reserves at Siphumelele declined by 0.7Moz as a result of the deferral of the UG2 expansion project, which will be reviewed subject to an improving economic environment A 0.8Moz decrease due to the removal of sub-economic ounces at the end of the LoM Attributable PGM Mineral Reserves at Mimosa increased by 20% to 2.0Moz following a successful technical and economic valuation of a part of the South Hill orebody

Combined 4E Mineral Reserve reconciliation 30,000 25,000 23,186 2,077 81 21,686 27 22,358 20,000 (1,500) (752) (757) 15,000 10,000

4E PGM (’000oz) 5,000 0 aluation aluation Ev Depletions chnical factors Geological loss Te Boundary changes Reserves Dec 2016 Reserves Dec 2017 Economic v Reserves post depletions

Exploration drilling summary Planned 2018 Actual 2017 Total 2016 Drilled Expenditure Drilled Expenditure Drilled Expenditure Operation (m) (Rm) (m) (Rm) (m) (Rm) Rustenburg 8,660 12.4 7,494 6.2 8,458 6.9 Kroondal 1,944 2.2 Mimosa 1,860 3.1 2,587 5.8 1,187 2.7 Projects (SA) (US$259,000) (US$427,000) (US$211,811) Total 10,520 15.5 10,081 12.0 11,589 11.8

66 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

PGM OPERATIONS RUSTENBURG

Johannesburg Rustenburg

SOUTH AFRICA Durban

Cape Town Khuseleka 2

Khuseleka 1 Thembelani 2

KROONDAL WEST OPERATIONS Khomanani 2 Hoedspruit Thembelani 1 N4

Khomanani 1 Siphumelele 1 Rustenburg Bathopele Siphumelele 2 Siphumelele 3

KROONDAL EAST OPERATIONS

EGEN T S N N 2

Mineral Resources and Mineral Reserves Report 2017 67 SECTION 2 SOUTHERN AFRICA REGION

RUSTENBURG CONTINUED

RUSTENBURG OVERVIEW

General The Rustenburg operations are located in the North West province, north-east of the towns of Rustenburg and Kroondal, and 123km west of Pretoria and 126km north-west of Johannesburg. The lease area covers approximately 130km2 and is in excess of 20km from east to west and 15km from north to south.

Rustenburg consists of three operating vertical shafts, which utilise a conventional mining method (Siphumelele 1, Khuseleka 1 and Thembelani 1) and Bathopele, which is a mechanised operation. The Mineral Resource is accessed from surface using conventional underground mining methods to 34 Level (the lowest working level) at Siphumelele Shaft, approximately 1,350m BS, and 28 Level (the lowest working level) at Khuseleka, approximately 2,105m BS, and 29 Level (the lowest working level) at Thembelani Shaft. The Mineral Resource at Bathopele is accessed from surface via two decline clusters using mechanised mining methods to a depth of approximately 500m below surface.

Four process plants are located at Rustenburg. 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) treats tailings from the Waterval and Klipfontein. The chrome retreatment plant (CRP) treats UG2 tailings to recover a saleable chromite concentrate.

Strategic intent • Extend the LoM by repositioning and creating synergies with Kroondal • Stabilise production profiles at current performance levels • Fast track Mineral Resource to Mineral Reserve conversion

Mineralisation style • 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 select cut of 105cm • Merensky Reef: consists of pegmatoidal feldsphatic pyroxenite with top and bottom chrome seam of an average width of 20cm • Mining includes the Merensky Reef and various components of hangingwall and footwall to a planned select cut of 105cm

Mineralisation • Tabular orebody, laterally continuous with relatively long-range predictability characteristics • Two chromite rich horizons hosting PGM minerals within the UG2, separated by a pyroxenite parting forming the mineable horizon, and one platinum bearing pyroxenite layer known as the Merensky Reef lies 140m above 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

Depositional • Layered Mafic to Ultramafic Intrusive Igneous orebody environment

Licence status and • Rustenburg has a new order MR, DMR Ref NW30/5/1/2/2/82 MR (82MR) valid from holdings 25 July 2016 to 28 July 2040

Infrastructure Four mining shafts: Mining tailings dams: • Khuseleka • Waterval East • Thembelani • Waterval West • Siphumelele • Klipfontein • Bathopele

68 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

RUSTENBURG OVERVIEW CONTINUED Mining method • Conventional scattered breast mining and mechanised bord and pillar

Mineral processing • Waterval UG2 concentrator, treating only UG2 • 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 • Chrome retreatment plant (CRP) treats UG2 rougher middlings to recover a saleable chromite concentrate

Tailings disposal • Hoedspruit TSF active dam with tonnes being added from WLTR plant • Paardekraal TSF active dam with tonnes being added from Retrofit and UG2 plants • Waterval East TSF is being mined and processed at Retrofit plant • Waterval West TSF is mined and processed at WLTR plant • Klipfontein TSF which is being mined and processed at WLTR plant

Climate • Surface climatic conditions minimally affect the underground mining operations

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 operations until 2053

Key developments • Hoedspruit: The appeal was upheld by DMR under PR298JQ and Sibanye-Stillwater has and brownfield commissioned a Section 102 application to convert the PR into a MR projects (on-mine)

Hoisting and 5-year planned Operating production Mining unit Operating shaft production (ktpm) capacity (ktpm) capacities Siphumelele 1 65 195 Khuseleka 1 140 225 Thembelani 1 140 220 Bathopele 2 260 280

Plant capacities Plant Design capacity Current operational Average recovery Material (ktpm) capacity (ktpm) factor (%) treated Waterval UG2 concentrator 450 420 84.0 UG2 Waterval retrofit MER, UG2 concentrator 650 450 74.0 and surface WLTR plant 450 380 28.0 Surface CRP* 440 440 11.0 Surface Plat Mile 800 650 12.0 Surface

* CRP @ 11.0% yield

Mineral Resources and Mineral Reserves Report 2017 69 SECTION 2 SOUTHERN AFRICA REGION

RUSTENBURG CONTINUED

4E PGM Mineral Resource classification Dec 2017 Dec 2016 Reef Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz) Thembelani Measured 32.3 5.7 5.930 5.922 MER Indicated 8.8 6.5 1.826 1.789 Inferred 0.7 5.7 0.131 0.129 Total 41.7 5.9 7.887 7.839 Measured 109.0 4.8 16.871 16.783 Indicated UG2 12.3 5.0 1.986 2.188 Inferred Total 121.3 4.8 18.857 18.971 Measured 141.2 5.0 22.801 22.705 Indicated COMBINED 21.0 5.6 3.812 3.977 Inferred 0.7 5.7 0.131 0.129 Total 163.0 5.1 26.744 26.810 Khuseleka Measured 5.3 5.7 0.962 1.091 MER Indicated 9.4 5.2 1.575 1.575 Inferred Total 14.7 5.4 2.537 2.667 Measured 54.7 4.9 8.624 8.652 Indicated UG2 0.9 4.8 0.146 0.114 Inferred Total 55.6 4.9 8.770 8.766 Measured 59.9 5.0 9.586 9.743 Indicated COMBINED 10.4 5.2 1.721 1.689 Inferred Total 70.3 5.0 11.307 11.432 Siphumelele 1 Measured 23.9 6.8 5.203 5.399 MER Indicated 20.6 6.0 3.998 4.115 Inferred 6.8 5.6 1.215 1.171 Total 51.3 6.3 10.417 10.686 Measured 84.1 4.9 13.306 13.316 Indicated UG2 53.1 5.0 8.527 8.538 Inferred 2.8 5.2 0.474 0.474 Total 140.0 5.0 22.308 22.328 Measured 108.0 5.3 18.509 18.715 Indicated COMBINED 73.7 5.3 12.526 12.653 Inferred 9.6 5.5 1.689 1.645 Total 191.3 5.3 32.724 33.014

70 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

4E PGM Mineral Resource classificationcontinued Dec 2017 Dec 2016 Reef Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz) Siphumelele 2 Measured 3.2 5.1 0.524 0.524 MER Indicated 1.5 6.7 0.315 0.315 Inferred 3.7 5.9 0.717 0.717 Total 8.4 5.7 1.556 1.556 Measured 21.7 4.8 3.364 3.334 Indicated UG2 14.6 5.2 2.426 2.456 Inferred 1.3 5.2 0.226 0.226 Total 37.6 5.0 6.015 6.016 Measured 24.9 4.9 3.888 3.858 Indicated COMBINED 16.0 5.3 2.742 2.772 Inferred 5.1 5.8 0.942 0.943 Total 46.0 5.1 7.572 7.572 Bathopele Measured MER Indicated 2.5 5.4 0.435 0.435 Inferred Total 2.5 5.4 0.435 0.435 Measured 37.1 3.4 4.048 4.345 Indicated UG2 Inferred Total 37.1 3.4 4.048 4.345 Measured 37.1 3.4 4.048 4.345 Indicated COMBINED 2.5 5.4 0.435 0.435 Inferred Total 39.5 3.5 4.483 4.780 Khomanani Measured MER Indicated Inferred Total Measured 2.5 4.8 0.379 0.379 Indicated UG2 Inferred Total 2.5 4.8 0.379 0.379 Measured 2.5 4.8 0.379 0.379 Indicated COMBINED Inferred Total 2.5 4.8 0.379 0.379

Mineral Resources and Mineral Reserves Report 2017 71 SECTION 2 SOUTHERN AFRICA REGION

RUSTENBURG CONTINUED

4E PGM Mineral Resource classificationCONTINUED Dec 2017 Dec 2016 Reef Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz) Rustenburg (excluding tailings) Measured 64.7 6.1 12.620 12.937 MER Indicated 42.7 5.9 8.149 8.229 Inferred 11.2 5.7 2.063 2.016 Total 118.6 6.0 22.832 23.182 Measured 308.9 4.7 46.592 46.809 Indicated UG2 80.9 5.0 13.086 13.296 Inferred 4.2 5.2 0.699 0.700 Total 394.0 4.8 60.377 60.805 Measured 373.6 4.9 59.211 59.745 Indicated COMBINED 123.6 5.3 21.235 21.525 Inferred 15.4 5.6 2.762 2.717 Total 512.6 5.0 83.209 83.987 Tailings Measured 81.9 1.1 2.818 3.140 COMBINED Indicated Inferred Total 81.9 1.1 2.818 3.140 Total Rustenburg (including tailings) Measured 455.5 4.2 62.029 62.885 COMBINED Indicated 123.6 5.3 21.235 21.525 Inferred 15.4 5.6 2.762 2.717 Total 594.5 4.5 86.027 87.127 Hoedspruit project Measured COMBINED Indicated 28.1 5.5 4.980 Inferred 4.5 5.6 0.810 Total 32.6 5.5 5.790 Total Rustenburg (including tailings and Hoedspruit project) Measured COMBINED 455.5 4.2 62.029 62.885 Indicated 151.7 5.4 26.215 21.525 Inferred 19.9 5.6 3.572 2.717 Total 627.1 4.6 91.817 87.127

72 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

PGM Mineral Resource reconciliation (total RPM underground and surface, including projects)

120,000 5,790 91,817 100,000 87,127 85,894 526 (158) 80,000 (1,232) (222) (13) 60,000 40,000

4E PGM (’000oz) 20,000 0 Modelling Depletions chnical factors Geological loss Te PR appeal upheld Boundary changes Resources Dec 2016 Resources Dec 2017 Resources post depletions

Mineral Resources increased year on year by 4.7Moz.

A noticeable change on Mineral Resource occurred as a result of the reinstatement of the Hoedspruit project Mineral Resources after the appeal for PR application was upheld (5.8Moz), DMR reference, 2017.

Modifying factors (underground) Parameter Unit Dec 2017 Dec 2016 Off-reef % 3.07 3.96 Stope width m 1.43 1.46 Scalping % 3.29 3.37 Mine call factor % 99.7 96.7

Rustenburg – Paardekraal TSF

Mineral Resources and Mineral Reserves Report 2017 73 SECTION 2 SOUTHERN AFRICA REGION

RUSTENBURG CONTINUED

4E PGM Mineral Reserve classification Dec 2017 Dec 2016 Reef Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz) Thembelani Proved MER 2.0 4.7 0.310 0.277 Probable Total 2.0 4.7 0.310 0.277 Proved 40.1 4.0 5.135 5.296 UG2 Probable 6.6 4.2 0.897 0.503 Total 46.6 4.0 6.032 5.799 Proved 42.1 4.0 5.445 5.573 COMBINED Probable 6.6 4.2 0.897 0.503 Total 48.7 4.1 6.342 6.076 Khuseleka Proved MER 1.6 5.4 0.275 0.363 Probable 0.6 5.2 0.102 0.105 Total 2.2 5.4 0.377 0.468 Proved 38.1 4.0 4.852 4.731 UG2 Probable 0.9 3.8 0.110 0.022 Total 39.0 4.0 4.962 4.753 Proved 39.7 4.0 5.127 5.094 COMBINED Probable 1.5 4.4 0.212 0.127 Total 41.2 4.0 5.339 5.221 Siphumelele 1 Proved MER 5.8 5.4 1.012 0.961 Probable 0.3 4.4 0.047 0.021 Total 6.2 5.3 1.059 0.982 Proved 0.441 UG2 Probable 0.250 Total 0.691 Proved 5.8 5.4 1.012 1.403 COMBINED Probable 0.3 4.4 0.047 0.271 Total 6.2 5.3 1.059 1.673 Bathopele Proved MER Probable Total Proved 31.5 2.9 2.967 3.095 UG2 Probable Total 31.5 2.9 2.967 3.095 Proved 31.5 2.9 2.967 3.095 COMBINED Probable Total 31.5 2.9 2.967 3.095

74 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

4E PGM Mineral Reserve classificationcontinued Dec 2017 Dec 2016 Reef Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz) Rustenburg (excluding tailings) Proved MER 9.4 5.3 1.597 1.602 Probable 0.9 4.9 0.149 0.125 Total 10.4 5.2 1.746 1.727 Proved 109.7 3.7 12.953 13.563 UG2 Probable 7.5 4.2 1.007 0.775 Total 117.2 3.7 13.960 14.339 Underground Proved 119.2 3.8 14.550 15.165 COMBINED Probable 8.4 4.3 1.156 0.901 Total 127.6 3.8 15.706 16.066 Tailings Proved COMBINED Probable 81.9 1.1 2.818 3.140 Total 81.9 1.1 2.818 3.140 Total Rustenburg (including tailings) Proved COMBINED 119.2 3.8 14.550 15.165 Probable 90.3 1.4 3.974 4.041 Total 209.5 2.8 18.524 19.206

4E PGM Mineral Reserve reconciliation

25,000 19,206 1,711 0 20,000 18,142 0 18,524 (1,064) (634) 15,000 (699) 10,000

4E PGM (’000oz) 5,000 0 aluation aluation Ev Depletions chnical factors Te Reserves Dec 2016 Reserves Dec 2017 Boundary changes Geological changes Economic v Reserves post depletions

Mineral Resources and Mineral Reserves Report 2017 75 SECTION 2 SOUTHERN AFRICA REGION

PLATINUM OPERATIONS KROONDAL

Johannesburg Rustenburg

SOUTH AFRICA Durban

Cape Town

Kwezi RUSTENBURG OPERATIONS

N4 K6

Rustenburg

Kopaneng Simunye Bambanani

Marikana 6 Marikana 4 Marikana 5 Marikana 1

Marikana 2

EGEN S T 2 N N

76 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

KROONDAL OVERVIEW

General Kroondal is situated in the Magisterial District of Rustenburg near the town of Rustenburg, approximately 120km north-west of Johannesburg and about 120km west of Pretoria (Tshwane) in the North West province of South Africa.

Kroondal consists of established shallow, mechanised PGM mines in the Western Limb of the BC. Currently Kroondal consists of five operating shafts and one shaft under care and maintenance. The UG2 Reef is currently being mined at Kroondal. The deposit is accessed from surface using decline systems and mined via bord and pillar method. Mining takes place at depths between 250m and 550m below surface.

There are two concentrator processing plants (K1 and K2) processing the run-of-mine (ROM) at Kroondal operations and there is spare processing capacity at a third plant, which is currently under care and maintenance (Marikana plant).

While Sibanye-Stillwater purchased all of the Aquarius Platinum Ltd (Aquarius) assets, the MR is registered under AAP and therefore excluded. The Kroondal Extension is mined on royalty basis to AAP by the Sibanye-Stillwater with exclusive MR from AAP.

All legal aspects and tenure are in order.

Strategic intent • Optimise the LoM by repositioning and creating synergies with Rustenburg • Stabilise production profiles at sustainable levels • Fast track Mineral Resource to Mineral Reserve conversion

Mineralisation style • Layered Mafic to Ultramafic Intrusive Igneous orebody

Mineralisation • Tabular orebody, laterally continuous with relatively long-range predictability 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

Depositional • The mining unit consists of an upper UG2 Leader (UG2L), a feldspathic pyroxenite parting and environment UG2 Main • Mineralisation is constrained to the UG2L and the UG2 • The Merensky Reef at Kroondal was mined out pre-acquisition by Sibanye-Stillwater

Licence status and • Kroondal has a new order MR No 35/2007 MRC, DMR Ref NW30/5/1/2/2(104)MR valid from holdings 17 October 2007 to 16 October 2022 in respect of a mining area, totalling approximately 1,722ha, the MR comprises various farms (or portions thereof)

Infrastructure Five operating shafts: Two concentrator plants: • Kwezi Shaft and K6 • Kroondal No 1 plant (K1) • Simunye Shaft and Bambanani Shaft • Kroondal No 2 plant (K2) • Kopaneng Shaft

Mining method • Bord and pillar

Mineral processing • Currently ore from Kwezi, Simunye and Bambanani is processed at K2 plant • Ore from K6 and Kopaneng is processed at K1 plant

Mineral Resources and Mineral Reserves Report 2017 77 SECTION 2 SOUTHERN AFRICA REGION

KROONDAL CONTINUED

KROONDAL OVERVIEW CONTINUED

Tailings disposal • K1 TSF receives tailings from K1 concentrating plant • K150 TSF receives tailings from K1 and K2 concentrating plants • K2 TSF receives tailings from K2 concentrating plant • Marikana TSF 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 • The procedures and status of all the programmes that drive environmental, health and safety goals are detailed in the Integrated Annual Report 2017

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

Key developments • Current operations are fully defined with no exploration planned and brownfield projects (on-mine)

Hoisting and 5-year planned Operating production Mining unit Operating shaft production (ktpm) capacity (ktpm) capacities Kwezi 1 145 150 K6 1 125 140 Kopaneng 1 144 186 Simunye 1 141 160 Bambanani 1 95 130

Plant capacities Plant Design capacity Current operational Average recovery Material (ktpm) capacity (ktpm) factor (%) treated K1 290 290 81.7 UG2 K2 300 300 80.0 UG2

Kroondal ore tramming

78 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

4E PGM Mineral Resource statement Dec 2017 Dec 2016 Reef Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz) Kwezi (50% attributable) Measured 3.2 3.2 0.324 0.382 UG2 Indicated 2.2 3.2 0.225 0.187 Inferred 0.012 Total 5.4 3.2 0.549 0.581 K6 (50% attributable) Measured 3.9 3.0 0.376 0.366 UG2 Indicated 0.9 3.0 0.085 0.129 Inferred 0.002 Total 4.8 3.0 0.461 0.497 Kopaneng (50% attributable) Measured 4.1 2.8 0.367 0.414 UG2 Indicated Inferred Total 4.1 2.8 0.367 0.414 Simunye (50% attributable) Measured 2.6 3.0 0.250 0.393 UG2 Indicated 0.9 2.9 0.079 0.010 Inferred Total 3.4 3.0 0.329 0.404 Bambanani (50% attributable) Measured 6.5 2.8 0.586 0.635 UG2 Indicated 4.1 2.9 0.379 0.276 Inferred 0.001 Total 10.6 2.8 0.965 0.912 Kroondal (50% attributable) Measured 9.0 3.0 0.867 1.044 UG2 Indicated 3.1 3.1 0.310 0.317 Inferred 0.014 Total 12.1 3.0 1.178 1.375 Kroondal extension (50% attributable – exclusive MR) Measured 11.2 2.9 1.035 1.146 UG2 Indicated 5.0 2.9 0.458 0.285 Inferred 0.001 Total 16.1 2.9 1.493 1.432 Marikana (50% attributable) Measured 12.1 3.2 1.244 1.280 UG2 Indicated 6.2 3.5 0.703 0.666 Inferred 2.7 3.0 0.261 0.174 Total 21.0 3.3 2.208 2.119 Total Kroondal (50% attributable) Measured 32.2 3.0 3.146 3.470 UG2 Indicated 14.3 3.2 1.472 1.268 Inferred 2.7 3.0 0.261 0.189 Total 49.3 3.1 4.879 4.926

Mineral Resources and Mineral Reserves Report 2017 79 SECTION 2 SOUTHERN AFRICA REGION

KROONDAL CONTINUED

4E PGM Mineral Resource reconciliation (excl. projects)

4,926 134 102 4,879 5,000 4,510 146 1 (15) 4,000 (416) 3,000 2,000

4E PGM (’000oz) 1,000 0 Inventory Modelling Depletions chnical factors Geological loss Te Boundary changes Resources Dec 2016 Resources Dec 2017 Resources post depletions

Mineral Resources declined year on year by 0.05Moz.

Modifying factors (underground) Parameter Unit Dec 2017 Dec 2016 Off reef % 2.27 2.40 Stope width m 2.29 2.33 Scalping % 4.66 5.40 Mine call factor % 93.0 95.0

Kroondal chairlift transport

80 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

4E PGM Mineral Reserve statement Dec 2017 Dec 2016 Reef Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz) Kwezi (50% attributable) Proved UG2 2.8 2.8 0.253 Probable 1.8 2.8 0.161 Total 4.6 2.8 0.415 K6 (50% attributable) Proved UG2 3.3 2.7 0.290 Probable 0.7 2.7 0.063 Total 4.0 2.7 0.354 Kopaneng (50% attributable) Proved UG2 3.2 2.4 0.246 Probable Total 3.2 2.4 0.246 Simunye (50% attributable) Proved UG2 1.5 2.5 0.123 Probable 1.2 2.4 0.094 Total 2.8 2.4 0.217 Bambanani (50% attributable) Proved UG2 4.2 2.4 0.330 Probable 3.1 2.4 0.243 Total 7.3 2.4 0.573 Kroondal (50% attributable) Proved UG2 7.6 2.7 0.655 0.865 Probable 2.5 2.8 0.225 0.262 Total 10.1 2.7 0.880 1.127 Kroondal extension (50% attributable – exclusive MR) Proved UG2 7.5 2.4 0.588 0.908 Probable 4.3 2.4 0.337 0.227 Total 11.8 2.4 0.924 1.134 Total Kroondal operations (50% attributable) Proved UG2 15.1 2.6 1.243 1.802 Probable 6.8 2.6 0.561 0.489 Total 21.9 2.6 1.804 2.291

4E PGM Mineral Reserve reconciliation

2,500 2,291 1,981 2,000 1,804 (310) (53) (123) 1,500 1,000

4E PGM (’000oz) 500 0 aluation depletions Depletions Reserves post chnical factors Te Reserves Dec 2016 Reserves Dec 2017 Economic v

Mineral Resources and Mineral Reserves Report 2017 81 SECTION 2 SOUTHERN AFRICA REGION

PLATINUM OPERATIONS MIMOSA

Muzengezi Complex

Selukwe Complex C Wedza North Complex ZIMBABWE Hill ZIMBABWE OPERATION

MIMOSA

South Hill Wedza Mine

Far South Hill 2

EGEN

T N N

82 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

MIMOSA OVERVIEW

General Mimosa Mining Company is jointly owned by Impala Platinum and Sibanye-Stillwater on a 50:50 shareholding, following conclusion of a deal on 12 April 2016 which resulted in Sibanye-Stillwater acquiring all the shares formerly belonging to Aquarius (Pvt) Ltd. Mimosa is a PGM and base metal mining operation located in the Wedza sub-chamber of the Great Dyke of Zimbabwe, some 32km West of Zvishavane, a major mining centre situated 340km southwest of Harare, the capital city of Zimbabwe. The Wedza sub-chamber is the southernmost of four sub-chambers on the Great Dyke, hosting the economic MSZ from which PGMs and base metals are mined. Mimosa is an ongoing underground operation on the South Hill ore deposit consisting of two shafts, namely the Wedza Shaft and the Mtshingwe Shaft. The Wedza Shaft, on the northern part of South Hill, has been extensively mined while Mtshingwe Shaft is at the development stage. There are two mineralised zones at Mimosa of which only the MSZ is economical.

Strategic intent • Extend the LoM • Stabilise production profiles at current performance levels • Fast track Mineral Resource to Mineral Reserve conversion

Mineralisation style • Mineralisation formation was through differential crystallisation 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 of the main sulphide zone • Although mineralisation is very consistent, localised disruption to reef due to pegmatiods and washout channels have been encountered in some areas of the mine

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 • Unlike the BC, the reef is not in contact with or within chromite • The MSZ has definitive metal profiles which are very consistent

Depositional • Layered Mafic to Ultramafic Intrusive Igneous orebody environment

Licence status and • Mimosa MR is covered by a mining lease covering an area of 6,594ha holdings • 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) Ltd currently holds the MR 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 underground mobile equipment workshops • 21km underground conveyor network with ore bunker • Two 850kW, four 280kW, two 220kW and one 900kW primary exhaust fan • Ten ventilation raisebore shafts with four planned for future sinking • Ventilation control through brick walls and curtains • Two main surface magazines and three underground distribution stores • Anfo mixing shed and bulk emulsion storage facilities • Service water recycled through surface tanks and underground dams • Current mining at Wedza Shaft and exploration development at Mtshigwe South Shaft

Mineral Resources and Mineral Reserves Report 2017 83 SECTION 2 SOUTHERN AFRICA REGION

MIMOSA CONTINUED

MIMOSA OVERVIEW CONTINUED Mining method • Conventional bord and pillar

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

Tailings disposal • Tailings are disposed of at TSF on site

Climate • No surface climatic conditions affect the underground mining operations

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

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

Plant capacities Plant Design capacity Current operational Average recovery Material (ktpm) capacity (ktpm) factor (%) treated Mimosa 185 227 78.2 MSZ

4E PGM Mineral Resource classification Dec 2017 Dec 2016 Reef Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz) Mimosa (50% attributable) Measured 30.2 3.7 3.570 3.776 Indicated MSZ 15.4 3.6 1.776 1.776 Inferred 4.4 3.6 0.512 0.512 Inferred (oxides) 9.0 3.4 0.981 0.981 Total 59.0 3.6 6.839 7.045

84 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

4E PGM Mineral Resource reconciliation

8,000 7,045 7,000 6,839 6,839 6,000 (205) 5,000 4,000 3,000 2,000 4E PGM (’000oz) 1,000 0 Depletions Resources Dec 2016 Resources Dec 2017 Resources post depletions

Modifying factors (underground) Parameter Unit Dec 2017 Dec 2016 Mineral Resource pay limit g/t 2.7 3.0 Mineral Reserve pay limit g/t 2.7 3.0 Mined value g/t 3.6 3.6 Mine call factor % 93.4 91.9 Mining dilution % 3.95 3.00 Stoping width m 2.08 2.06

4E PGM Mineral Reserve classification Dec 2017 Dec 2016 Reef Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz) Mimosa (50% attributable) Proved MSZ 12.5 3.5 1.423 1.053 Probable 5.6 3.4 0.607 0.636 Total 18.1 3.5 2.030 1.689

4E PGM Mineral Reserve reconciliation

2,500 366 81 2,030 2,000 1,689 1,564 19 1,500 (125) 1,000

4E PGM (’000oz) 500 0 aluation aluation depletions Ev Depletions Reserves post chnical factors Te Reserves Dec 2016 Reserves Dec 2017 Boundary changes Geological changes Economic v

A part of the South Hill orebody was converted from a Mineral Resource to a Mineral Reserve after the necessary geological and financial valuations were completed.

Mineral Resources and Mineral Reserves Report 2017 85 SECTION 2 SOUTHERN AFRICA REGION

PLATINUM OPERATIONS BLUE RIDGE

BLUE RIDGE OVERVIEW

General Blue Ridge has been on care and maintenance since 2011 and remained on care and maintenance during 2017, therefore not declaring any Mineral Reserves.

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

Notes on Mineral • On care and maintenance Resource statement

4E PGM Mineral Resource statement Dec 2017 Dec 2016 Reef Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz) Blue Ridge (50% attributable) Measured 14.8 3.3 1.570 1.570 UG2 Indicated 4.1 3.2 0.420 0.420 Inferred 4.2 3.2 0.440 0.440 Total 23.1 3.3 2.430 2.430

Processing plant

86 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

PGM PROJECTS

UG2 Reef exposure

PGM projects: • Hoedspruit • Zondernaam • Vygenhoek

Key year-on-year changes • Hoedspruit was brought back into the Mineral Resource (5.8Moz) after the DMR upheld an appeal to renew the PR • Sheba’s Ridge was removed from the Mineral Resources (7.1Moz) as the PR lapsed on conclusion of all permitted renewals by the DMR • Millenium was removed from the Mineral Resources (1.7Moz) as PR lapsed on conclusion of all permitted renewals (1.7Moz removed)

The projects are at various stages of exploration and development. No work is planned to take place at any of these projects in the near future. All the Mineral Resources reported herein are historic.

All legal aspects and tenure are in order.

Mineral Resources and Mineral Reserves Report 2017 87 SECTION 2 SOUTHERN AFRICA REGION

PGM PROJECTS CONTINUED

PROJECT DESCRIPTION HOEDSPRUIT

Locality • On the western limb of the BC about 25km from the town of Rustenburg and east of Siphumelele 1 Shaft and downdip of Siphumelele 2 Shaft

Mode of occurrence • Both Merensky and UG2 Reefs developed

Notes on Mineral • The reported Mineral Resource is historic Resource statement • In 2016 DMR rejected the appeal to renew the PR, but the appeal has now been upheld • Plans are underway to incorporate this PR into NW82MR held by Sibanye-Stillwater

ZONDERNAAM

Locality • 35km east of Lebowakgomo, Limpopo province

Mode of occurrence • Both Merensky and UG2 Reefs developed; sub-outcrops with abutment against Transvaal Supergroup

Notes on Mineral • All internal waste is included in Mineral Resource estimations Resource statement • 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 province

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 • All internal waste is included in Mineral Resource estimations Resource statement • The in situ corrected 4E PGM grade is used to estimate Mineral Resources • All dyke volumes are excluded from Mineral Resource estimations • Geostatistically estimated density is used • Geological loss of 10% is applied

SHEBA’S RIDGE The PR for this project lapsed on conclusion of all permitted renewals. This PR was obtained through the acquisition of Aquarius by Sibanye-Stillwater in 2016 but this project has its own challenges, including the fact that it occurs in an environmentally sensitive area.

MILLENIUM The PR for this project lapsed on conclusion of all permitted renewals. This PR came through the acquisition of Aquarius by Sibanye- Stillwater in 2016. This project is associated with Blue Ridge operation, which is on care and maintenance.

88 Sibanye-Stillwater SECTION 2 SOUTHERN AFRICA REGION

4E PGM Mineral Resource statement Dec 2017 Dec 2016 Reef Tonnes (Mt) Grade (g/t) 4E PGM (Moz) 4E PGM (Moz) Hoedspruit 1 Measured UG2 Indicated 12.5 6.1 2.450 Inferred 2.9 5.8 0.530 Total 15.3 6.1 2.980 Hoedspruit 1 Measured MER Indicated 15.6 5.0 2.530 Inferred 1.6 5.3 0.280 Total 17.2 5.1 2.810 Vygenhoek Measured 1.4 5.1 0.230 0.230 UG2 Indicated Inferred Total 1.4 5.1 0.230 0.230 Sheba’s Ridge 2 Measured 0.880 PGEs Indicated 1.040 Inferred 5.180 Total 7.100 Zondernaam Measured UG2 Indicated Inferred 43.1 5.1 7.090 7.090 Total 43.1 5.1 7.090 7.090 Zondernaam Measured MER Indicated Inferred 34.4 8.0 8.810 8.810 Total 34.4 8.0 8.810 8.810 Millenium 3 Measured UG2 Indicated 1.430 Inferred 0.290 Total 1.720 Total projects Measured 1.4 5.1 0.230 1.110 COMBINED Indicated 28.1 5.5 4.980 2.470 Inferred 81.9 6.3 16.710 21.370 Total 111.4 6.1 21.920 24.950

1 Hoedspruit was brought back into Mineral Resources in 2017 after the appeal for PR application was upheld (5.8Moz) 2 Sheba’s Ridge PR lapsed on conclusion of all permitted renewals by DMR (7.1Moz removed) 3 Millenium PR lapsed on conclusion of all permitted renewals (1.7Moz removed)

Mineral Resources and Mineral Reserves Report 2017 89 SECTION 3 UNITED STATES REGION

SECTION 03 UNITED STATES REGION

P91 Overview P93 Location P94 Legal considerations P94 Competent Persons declaration and concent

PLATINUM GROUP METALS

P96 Introduction P101 2E PGM consolidated Mineral Resources and Mineral Reserves statement

P103 – 107 OPERATIONS Stillwater and East Boulder

P108 – 111 PROJECTS Altar Marathon

Stillwater operation

90 Sibanye-Stillwater SECTION 3 UNITED STATES REGION

OVERVIEW UNITED STATES REGION

Through the acquisition of the Stillwater Mining Company In addition to the operations there are two projects, namely; Altar by Sibanye-Stillwater in May 2017, the Group boasts whole and Marathon. These form part of the non-US assets. The Altar ownership of Stillwater and East Boulder operational assets project is a copper-gold porphyry located in San Juan province, in the US. Argentina, approximately 10km from the Argentine-Chile border and 180km west of the city of San Juan. Included within the These operational assets include Stillwater mine (including the Altar project is a gold and silver project (Quebrada de la Mina), Blitz section), East Boulder mine, integrated concentrator plants located west of the Altar porphyry, in the same mineral district. at Stillwater and East Boulder and the surrounding PGM mining claims located near Nye as well as a metallurgical complex situated Marathon is a PGM-copper project located in Marathon, in Columbus. Ontario, Canada.

UNITED STATES REGION

United States Canada Argentina

PGM assets PGM/copper assets Copper/gold assets Operations Projects Projects

• Stillwater • Marathon • Altar • East Boulder

Stillwater mine

Mineral Resources and Mineral Reserves Report 2017 91 SECTION 3 UNITED STATES REGION

OVERVIEW CONTINUED

UNITED STATES REGION HEADLINE NUMBERS 2017 2E PGM GOLD COPPER Mineral Resources Mineral Resources Mineral Resources 84.4Moz 6.3Moz 18,661.1Mlb Mineral Reserves Mineral Reserves Mineral Reserves 21.9Moz – –

2E PGM Mineral Resources and Mineral Reserves split per operation and project as at 31 December 2017

PGM Mineral Resources PGM Mineral Reserves Gold Mineral Resources Copper Mineral Resources (84.4Moz) (21.9Moz) (6.3Moz) (18,661.1Mlb) 5

45 50 47 53 100 100

S S E E

2E PGM metal prill splits excluding recycling operations Dec 2017 Dec 2016* Metal % % Platinum 23 Palladium 77 Total 2E PGM production 100

* Not reported under previous ownership

STILLWATER HISTORY AT A GLANCE

1974 1986 1990 1994 1996 1996

The discovery of Stillwater mine began Smelter constructed in Stillwater Mining Completion of shaft Base metal refinery J-M Reef. production. Columbus. Company listing. sinking at Stillwater. constructed. 2010 2010 2009 2002 2000 1999

Blitz and Graham Recycling plant expansion 150 TPD furnace East Boulder began Hertzler tailing Development of East Creek expansions. completed. commissioned at smelter. production. impoundment Boulder begins. constructed. 2017

Acquired by Sibanye-Stillwater.

92 Sibanye-Stillwater SECTION 3 UNITED STATES REGION

LOCATION

ONTARIO, CANADA ARATON ROET CLAIM BOUNDARY LEASE BOUNDARY CHILE ARGENTINA

PROVINCE OF SAN JUAN

ALTAR Cu-Au PROJECT

Lake Superior MARATHON

SWEET GRASS COUNTY Big Timber STILLWATER COUNTY 298

Yellowstone River 90 McLeod

Boulder River

420 ater River Absarokee Stillw

Fishtail Nye 419 EAST BOULDER

BLITZ PROJECT AREA STILLWATER 78

6639

CARBON COUNTY Red Lodge

EGEND C T

Mineral Resources and Mineral Reserves Report 2017 93 SECTION 3 UNITED STATES REGION

LEGAL CONSIDERATIONS

On the acquisition of the Stillwater operations in May 2017, in the Canadian Securities Administrators’ National Instrument Sibanye-Stillwater contracted external independent consultants 43-101, Companion Policy 43-101Cp, and Form 53-101F1. to review the technical and economic information, as well as In addition, the Standards and Guidelines of the Canadian the Mineral Resource and Mineral Reserve estimates prepared Institute of Mines and Metallurgy (CIM) were followed in by the Stillwater operations. In addition, it was the task of the the development of the estimate of the Altar project Mineral independent consultant to prepare a SAMREC and SAMVAL Resources as at 11 October 2013 and the Marathon Mineral compliant CPR and Mineral Resources and Mineral Reserves Resources as at 31 March 2012. The statement on projects has statement pertaining to the assets. incorporated Measured, Indicated and Inferred classification for Mineral Resources. As a result, the reader is cautioned that Sibanye-Stillwater has complied with all the federal and Mineral Resources pertaining to these projects are considered state government permitting, environmental and social laws too speculative geologically to have economic considerations governing its mining, ore processing and beneficiation facilities applied to them that would enable them to be realised or in Montana. Stillwater and East Boulder both have valid that they will convert to Mineral Reserves. There is no Mineral operating permits that regulate the activities at these operations. Reserve for the Altar and Marathon projects at this time. Similarly, the smelter at the Columbus metallurgical complex and the TSF at the mines have the requisite permits. The US operations CPR, which is available on the company website, considers in detail all aspects related to environmental, Sibanye-Stillwater includes the Argentine subsidiary Mineral social and legislation. Peregrine Argentina (Altar project). The Group also includes the Marathon project which consists of five crown leases and Sibanye-Stillwater ensures that it follows regulatory procedures 32 unpatented mining claim blocks, for a total of 13,312ha, in and the Group ensures it complies in all related aspects. For Ontario, Canada. details on the risk management of financial, safety, health and environment refer to the Sibanye-Stillwater Integrated Annual Information pertaining to the Altar and Marathon projects is Report 2017. compliant with disclosure and reporting requirements set forth

COMPETENT PERSONS AND DECLARATION AND CONSENT

Independent consulting companies were contracted to prepare compilation of the Alta project 43-101 compliant report, as at Mineral Resource and Mineral Reserve estimates for the US region. 11 October 2013 and the Marathon project 43-101 compliant technical report, as at 31 March 2012. The lead Competent Person, designated in terms of the SAMREC Code, taking responsibility for the reporting of Stillwater and East The Competent Persons have sufficient experience relative Boulder, and the overall regulatory compliance of these figures, to the type and style of mineral deposit under consideration. is Brent LaMoure. The lead Competent Person for the Altar and The Competent Persons consent and confirmation signatures Marathon projects is Stanford Foy. Both lead Competent Persons are presented in the relevant technical reports. The Competent are full-time employees of the Sibanye-Stillwater. The Competent Persons consent is given to the disclosure of this Mineral Persons advise that no material changes have occurred since the Resource and Mineral Reserve statement 2017.

Competent Person Title Qualifications Years Lead Competent Person Michael Koski Stillwater: Mineral Resource BA (Geology) 39 AIPG CPG 11321 estimation Lead Competent Person Brent LaMoure Stillwater: Mineral Reserves BSc Hons (Mining Eng) 22 MMSA 01363QP estimation Lead Competent Person Stanford Foy Stillwater: Mineral Resource BSc Hons (Geological Eng) 27 AIPG CPG 10946 and Mineral Reserve estimation

94 Sibanye-Stillwater SECTION 3 UNITED STATES REGION

Altar exploration

Mineral Resources and Mineral Reserves Report 2017 95 SECTION 3 UNITED STATES REGION

UNITED STATES REGION PGM INTRODUCTION Since 1883, the Stillwater Complex and adjacent areas have been known to contain copper, nickel and chromium deposits. The Stillwater Complex was first geologically mapped and described in the 1930s. Chromite was mined during World War II and processed at a plant on the site of the current Stillwater mine surface facilities. Sulphides containing PGMs were discovered in the early 1930s but, significant exploration did not start until the 1960s by two separate groups, namely Anaconda Minerals Company (Anaconda) exploring for Cu-Ni and Manville exploring for PGMs. In 1973, Manville geologists identified the J-M Reef.

In 1983, the Stillwater Mining Company, a partnership between Chevron Resources Company, Manville and Anaconda was formed to pursue exploration westward and eastward along the J-M Reef from both the surface and underground at the Minneapolis Adit.

In 1998 a drillhole located in the Stillwater River Valley at Stillwater mine intersected the major thrust splay underlying the Stillwater mine. An additional deep drillhole further to the west allowed further delineation of the J-M Reef and the bounding thrust fault.

Commercial underground mining at Stillwater and East Boulder began in 1986 and 2002, respectively. The development of the mines was spurred by a surge in platinum prices due to social and political instability in South Africa, which affected global supplies. Stillwater was originally planned to produce approximately 456t of ROM ore per day. This was revised to 907t and 2 270t of ROM ore per day. Steady state production of 2 270t of ROM ore per day was reached in 2001. However, with the development of East Boulder and the pressure put on the workforce following the recruiting of Stillwater employees by other mining camps during the worldwide mineral commodity prices boom at the time, production could not be maintained at the steady state level. This was further exacerbated by labour unrest at the mines in 2007 and the PGM price drop in 2008, which led to organisational restructuring. Since then, production at the mines has continued without major interruptions.

Most of the exploration by Stillwater has focused at the brownfield areas within Stillwater and East Boulder footprints. Further exploration is planned in the area between Stillwater and East Boulder, over which historic soil sampling and drilling data has indicated the presence of the J-M Reef.

Mechanised drill rig

96 SECTION 3 UNITED STATES REGION

GEOLOGICAL SETTING to 3% visible disseminated copper-nickel sulphide minerals, predominantly chalcopyrite, pyrrhotite and pentlandite, with The J-M Reef of the Stillwater Complex is a world class PGM microscopic PGM minerals and Pt-Fe alloys within a complex deposit and is the prime exploration and mining target for Pd-Pt cumulate of olivine, plagioclase, bronzite and augite. mineralisation mined at Stillwater and East Boulder mines. It is a typical stratiform magmatic reef type PGM deposit located Structurally, most of the regional faults affecting the Stillwater primarily within the olivine-bearing-I (OB-I), which thickens Complex have been ascribed to the Laramide Orogeny, and and thins dramatically along strike. It has some lithological and these have been grouped according to trends as follows: stratigraphic similarities to the Merensky Reef of the BC, but • North-west to south-east striking thrust faults also has some fundamental differences. Unlike the Merensky Reef, the J-M Reef is not potholed but shows a higher degree • East to west striking south dipping steep reverse faults of variability in grades and thickness at a local level with PGM • East to west trending vertical faults bearing sulphide often transgressing into footwall rocks. In • North-east to south-west steep dipping transverse faults addition, the J-M Reef has PGM grades that are significantly higher than the Merensky Reef grades and the grade does not ESTIMATION PRINCIPLES drop as the reef thickens. Evaluation of the J-M Reef The Stillwater Complex is a large layered igneous complex The J-M Reef package is laterally continuous and located at resulting from magma intrusion through regional transverse a reasonably consistent stratigraphic level in the Stillwater faults into highly deformed Archaean sedimentary rocks. Complex, which facilitates the prediction of the reef even from The magma intrusion and emplacement was accompanied sparse drillhole information. Macro-continuity of the J-M Reef is by fractionation and accumulation of magmatic crystals that supported by geostatistical evidence and is well-understood from gave rise to the conspicuous magmatic layering observed historical drilling and mining. The macro-continuity is interrupted in the complex. The magmatic layering is reflected in the by faults, dykes and sills. changes in mineralogy, mode, grain size and texture across the stratigraphic profile of the complex. However, the overall texture Unlike other magmatic PGM deposits, the J-M Reef is of the lithological units in the Stillwater Complex is typified characterised by high variability in grade and thickness over by subhedral to euhedral cumulate grains in a framework of short ranges, with the variability being more pronounced at post-cumulus interstitial material including oikocrysts. The Stillwater where localised reef zones containing anomalous mineralogical, modal, grain size and textural variations formed metal and tonnage quantities (ballrooms) occur. This variability the basis for subdividing the Stillwater Complex into five major necessitates the sampling of the reef through closely spaced series as follows: the Basal Series, Ultramafic Series, Lower 15m drillholes, with only the mineralisation quantified using Banded Series, Middle Banded Series and Upper Banded Series this closely spaced drillhole data being classified as Measured (McCallum, 2002). The Ultramafic Series (UMS) is further Mineral Resources and that in the 305m envelope around subdivided into the Bronzitite Zone and Peridotite Zone. Measured Mineral Resources being classified as Indicated Mineral Resources. Reef facies or geological domains have The contact between the Bronzitite Zone and Lower Banded been delineated based on the micro-variability of the Series has been mapped over much of the Stillwater Complex mineralisation. showing the extensive nature of the economic Lower Banded Series, of which the J-M Reef is part. The steep dipping nature of the exposed part of the Stillwater Complex and the rugged terrain limits the amount of surface The Lower Banded Series consists of norite and gabbro-norite drilling completed on Stillwater’s mining claims. Most of the units and minor olivine bearing cumulates that host the target drilling is completed from underground drill stations situated J-M Reef. The series has been subdivided into Norite I (N-I), 15m apart along footwall lateral drifts. A single radial drillhole Gabbro-norite-I (GN-I), OB-I, Norite-II (N-II), Gabbro-norite-II fan is established at each drill station consisting of a sub- (GN-II) and Olivine-bearing-II (OB-II) zones. It is to be noted that horizontal hole directed to drill perpendicular through the the J-M Reef is generally confined to the OB-I (troctolite) zone, reef, typically four up holes and two down holes. The footwall but not restricted to a particular stratigraphic position within lateral drifts are spaced 91m to 122m vertically and situated this zone. approximately 30m to 61m from the J-M Reef plane. Additional underground drillhole information is generated through For evaluation purposes, the J-M Reef is defined as the Pd-Pt rich development drilling. stratigraphic interval mainly occurring within a troctolite or OB-I zone of the Lower Banded Series. It is characterised by a variable Surface drilling information, collected at a drillhole spacing thickness ranging from 0.9m to 2.7m and averaging 1.8m, but ranging from 305m to 610m, generates the primary locally forms keel shaped footwall zones, which transgress the information that is utilised to plan underground access drives footwall mafic rocks, commonly reaching thicknesses of 6m used for underground drilling and as well as to confirm the and greater. Pd and Pt are the main PGMs, with Pd being the presence of the J-M Reef in areas classified as Inferred Mineral more significant of the two in( situ Pd:Pt ratio of 3.4:1 to 3.6:1). Resources. All drill cores are logged by Stillwater geologists Other associated PGMs such as Rh, Ir, Ru and Os, and Au occur and mineralised intersections are sampled and analysed at in low abundances. The J-M Reef contains approximately 0.25% the laboratory situated within the Columbus Metallurgical

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INTRODUCTION CONTINUED

Complex. All drillhole collars are surveyed by the mine exploratory data analyses, including sample verification, Surveyors and downhole surveys are completed on a selected histogram and cumulative frequency plots for distributional number of holes per each drill station. This is acceptable as analysis, additive constant estimates, outlier checks, trend experience has shown no material drillhole deviation. analyses, and declustering, are carried out on individual domains. Statistical data analysis identifies anomalous data The externally audited drillhole data to produce the current points that would have undue influence on the overall estimates. Mineral Resource estimates, is considered reliable. The data has The anomalous data points are capped to reduce their impact on been subjected to rigorous internal validations. the overall estimates. For Stillwater, several high-grade samples Geological modelling still occur after grade capping and these are dealt with by tightening the estimation search range in the areas where these 3D geological modelling for Stillwater and East Boulder is samples are located. completed for evaluation cuts of the Main Zone of the J-M Reef. The evaluation cuts are determined for each J-M Reef drillhole Estimation of grades into the block models is achieved via intersection through a process called “zone picking”. The cuts first-pass ordinary kriging interpolation using search parameters are determined from the hangingwall contact of the J-M Reef aligned to variogram parameters. A parallel check estimation based on a composite cut-off grade of at least 6.86g/t Pt and process is completed via the Inverse Distance Weighting (IDW) Pd for the Farwest and 10.29g/t Pt and Pd for Off-shaft areas interpolation technique using a power of three. Validation of of Stillwater mine and 6.86g/t for Pt and Pd for East Boulder the ordinary kriging estimates is achieved by comparing these mine. Intersections that do not satisfy these cut-off criteria and estimates with the IDW estimates and composite data. Tonnage the evaluation cuts are identified in the evaluation dataset using estimates are derived from the application of an average specific standardised codes. The Main Zone evaluation cuts provide an gravity estimate of 2.76t/m3 to the modelled volume. The use outline of potentially economic portions of the J-M Reef that can of an average specific gravity estimate for density determination be modelled for reporting as Mineral Resources. is not consistent with industry practice, but historical tonnage reconciliation in the mined out areas suggests that the specific Structural interpretation precedes 3D modelling of the gravity estimate used has led to the understating of tonnage by Main Zone and identifies major faults and intrusive dykes up to 6%. Mineral Resources are reported at a minimum true that intersect, offset or replace the J-M Reef. Geological mining width of 2.0m for Stillwater and 2.1m for East Boulder interpretation is completed in Vulcan™ software along section lines spaced 15m and parallel to the plane of the underground based on the assumption of 100% mining through the ramp drillhole fans. This interpretation is only performed in areas and fill (R&F) method. Main Zone blocks with widths that are less supported by Mineral Resource and Mineral Reserve definition than the minimum mining width are adjusted by incorporating drilling – i.e. where drill stations are spaced 15m intervals. A low grade material from the footwall, which results in a decrease polygon is manually digitised to outline the limits of the Main in grade over these areas. The cut-off grades indicated above Zone from one hole to the next and from one drill fan to the are applied to the block model to produce tonnage and grade next. The Main Zone polygons are terminated or offset when estimates for Measured Mineral Resources. they intersect a fault or dyke, which ensures that explicit In situ regional averages (means) per reef facies and per area geological losses are accounted for during 3D modelling. A solid of the mine for the Measured Mineral Resource areas are (3D) model triangulation is constructed in Vulcan™ software determined and applied to the Indicated and Inferred Mineral by joining each of the polygons and closing at the end-plates Resource areas, where drillhole information is sparse. This created during section interpretation. Block models are built estimation practice has been in place since 2002 and benefits within the enclosure of the Main Zone wireframe models using from the macro-continuity of the J-M Reef. The approach is 3m by 3m block dimensions in the plane of the J-M Reef. The supported by geostatistical evidence and historical experience at third dimension (Y dimension) of each of the blocks aligns the mines. closely to and represents the estimate of true thickness of the Main Zone as provided by the wireframe. Classification criteria Estimation Stillwater has adopted the Mineral Resource reporting terminology and guidelines provided by the SAMREC Code. Due to the J-M Reef large extent and the varying strike, dip and Mineral Resources have been classified into Inferred, Indicated mineralisation facies of the J-M Reef, the total Mineral Resource and Measured categories depending on the level of geoscientific area is broken into manageable but geologically distinct sub- knowledge and confidence. Although Stillwater did not report areas, for efficient modelling and grade estimation. Mineral Resources in its public disclosures of the operations at Data processing and analysis techniques are completed to Stillwater and East Boulder under the SEC Guide 7 reporting determine the appropriate estimation technique. The domains regime, it has always had geological models of the J-M Reef may be further sub-divided, so as to ensure homogeneity and underpinning the Mineral Reserves estimates reported, which are used as the basis for the geostatistical estimation. Detailed were constructed from extensive drillhole data.

98 Sibanye-Stillwater SECTION 3 UNITED STATES REGION

Measured Resources and Indicated Resources are converted and DD to form an outline of the stopable area in terms of grade to Proved and Probable Mineral Reserves as required by the and tonnage and the mill feed requirements. Each stope block is SAMREC Code. Consideration of the geological knowledge and subjected to an economic test, which results in the determination confidence level in the geological model is the first step in the of a net profit and, ultimately, a net present value (NPV) of the Mineral Reserve classification scheme employed. planned stope and payback period.

Measured Mineral Resources which are defined on the The process followed to convert the Measured Mineral basis of drilling on 15m centres are converted into proven Resources into Proved Mineral Reserves is based on historic Mineral Reserves, utilising modifying factors based on historic performance and reconciliations, and is aligned with industry performance and reconciliations. The use of modifying factors best practice at an accuracy level of ±10%. A similar process and costs based on historical performance and reconciliation is is followed to convert Indicated Mineral Resources to Probable aligned with industry best practice and ensures that the estimates Mineral Reserves, but the lower level of confidence and are reported within an accuracy level of ±10% (LoM/ FS level of geological knowledge for Indicated Mineral Resources compared accuracy). No Measured Mineral Resources have been converted to Measured Mineral Resources places the accuracy level to to probable Mineral Reserves. approximately ±20%.

The Indicated Mineral Resources are converted to Probable An economic viability test (ORET test) is completed for the Reserves using the same modifying factors, but at a lesser level 10-year LoM Plans for the operations. The ORET model of detail than Proved Mineral Reserves. The lower confidence underpinning the July 2017 Mineral Reserve estimates projects levels in the geological model reflected in the Mineral Resource positive undiscounted net LoM pre-tax cash flows for Stillwater classification and the lesser detail leads to the conversion and East Boulder, which indicate that the LoM plans are outcome being of a lower degree of accuracy than Proved economically viable under the set of economic parameters Mineral Reserves. Probable Mineral Reserves are based on utilised. Stillwater also develops detailed long-term (25-year) an accuracy level of approximately ±20% (typical PFS level LoM plans and budgets to demonstrate the overall economic of accuracy). viability of the mines and for strategic decision making. Life of mine planning and scheduling QUALITY ASSURANCE/QUALITY CONTROL Mine planning is based on the 10-year and 25-year planning QA/QC is monitored through internal and external auditing. This ranges. Both the 10-year LoM plan and the 25-year (strategic) is a continual process and includes the following: LoM plan envisage mining from Stillwater and East Boulder. • Review of sample results from the laboratory for abnormal Stillwater consists of the current section and Blitz section, with Pt/Pd ratios or abnormally high grades before any assays are the Blitz section being an expansion programme currently under accepted into the ore QMS database development. Stillwater has a current ROM ore production • Comparison between visual sulphide mineral estimates level of 55,000t per month, based on the mining of the current made during the core logging and assayed grades after the section. Input from the Blitz section has resulted in the projected assay results are accepted into the Ore QMS database, and ROM ore production from the mine reaching a steady state occurrences of sulphide minerals with no associated/expected level of 96,000t per month in 2022. East Boulder is currently Pt and Pd values or high Pt and Pd values where there are no operating at the steady state ROM ore production level of visible sulphide minerals are noted and investigated approximately 50,000t per month. • QA/QC involving the assaying of 10 waste blanks per month Mine planning utilises historic technical parameters. Mine and repeat samples included in sample batches submitted to planning factors such as dilution, ore loss, MCF, stoping, the laboratory as well as assessment of the analytical data on development and advance are a few of the comprehensive an ongoing basis considerations employed during planning and scheduling. If any of these steps show indications of possible problems, Annual mine production and development schedules are the samples are sent to the laboratory for re-assaying. The completed utilising various software programs including MS results are recorded, and any issues are reported to the ExcelTM, AutoCADTM and VulcanTM. Initially, the scheduling laboratory for rectification. includes all primary development (footwall lateral drifts) to access the stope blocks identified through Mineral Resource and Mineral Well-established standard operating procedures for standardising Reserve definition drilling, which generates Measured Mineral geological data gathering and for ensuring the integrity of Resources. Thereafter, the development design and scheduling is the data collected are used. For quality assurance, the main extended to the end of the 10-year period. Beyond the 10-year processes of the data collection and processing are performed window, the primary annual development rates required are or supervised by experienced geologists guided by the standard derived through the utilisation of historic ratios (eg ore tonnes per operating procedures. In addition, Stillwater implements an foot of lateral development for a 91m lift). The scheduling of the analytical quality control protocol based on measuring the extent stoping is dependent on the completion of the footwall access of contamination and analytical precision at the laboratory.

Mineral Resources and Mineral Reserves Report 2017 99 SECTION 3 UNITED STATES REGION

INTRODUCTION CONTINUED

Accordingly, batches of samples sent to the laboratory include MINERAL RESOURCE AND MINERAL routine “blank” samples (hangingwall and footwall anorthosite) RESERVE EVALUATION and pulps from previous samples (repeats). The Mineral Resource and Mineral Reserve evaluation is based Previous external audits of QA/QC protocols by Behre and on systematic and sustainable mineral reporting practices Dolbear (2017) concluded that the QA/QC procedures compliant with the SAMREC Code. Data from exploration employed by Stillwater provide assurance that the assays are drilling, underground mapping and prospect drilling is used to reliable. However, the audit recommended the following minor generate or update the geological models which, in turn, are improvements to the QA/QC procedure: used as the basis of declaration. Submission of a few pulps to an independent third-party laboratory at least twice a year as a check on the internal At current operations, ongoing grid-based sampling and drilling laboratory and to provide additional confidence in the results of all development and stoping provides additional data which is and analysis of pulps by third-party laboratories. incorporated into a detailed evaluation model.

Stillwater has adopted these recommendations and has Mineral Resource categories are based upon the quantity, commissioned a programme involving the assaying of 10 pulps distribution and quality of data available and confidence twice a year by an external laboratory, including six samples from attached to the data, i.e. drilling, geological understanding, Stillwater and four samples from East Boulder. interpretation and mapping, sampling, analytical data and AUDITING AND RISK geostatistical relationships. Drilling, sampling and analytical QA/QC also plays a major part in the data confidence applied No material issues with regards to the title permitting and for the final classification. surface ownership that would prevent the achievement of the LoM plans for Stillwater and East Boulder are known. The Sibanye-Stillwater Mineral Resources and Mineral Reserves operations comply with all title and environmental permitting are reviewed and audited on an ongoing basis by internal requirements of the federal and state governments. Competent Persons with formal audits conducted as follows: Internal and external audits are conducted to ensure corporate • Ongoing technical review of all the operations and projects governance practices are being followed. The audits, and the • Annual executive review of all operations and projects Group compliance structure across all departments, act as a tool in monitoring and controlling material risks that could impact • The peer reviews together with external audits ensure the Mineral Resource and Mineral Reserve estimates. Detail consistency and compliance with regulating codes regarding key risks pertaining to and not limited to technical, environmental, social, economic, and political are addressed in The 31 December 2017 declaration reports on Mineral Resource further detail in the Integrated Annual Report 2017. Remedial or and Mineral Reserve information, rated important for disclosure preventative actions to mitigate or manage the identified risks and which reflect a level of detail required for competency, are covered in further detail therein. transparency and materiality in reporting.

Pd AND Pt MINERAL RESERVE SENSITIVITY For East Boulder and Stillwater a sensitivity analysis of the NPV 5% results for variation in revenue, capital and operating costs in the range ±10%. The NPV is most sensitive to revenue and less sensitive to operating cost and capital cost variation.

Variation in platinum price NPV 5% -10% -5% 0% 5% 10% $million -10% $2,006 $2,137 $2,270 $2,406 $2,545 -5% $2,346 $2,477 $2,610 $2,746 $2,885 Variation in palladium price 0% $2,693 $2,824 $2,957 $3,093 $3,232 5% $3,047 $3,178 $3,311 $3,447 $3,586 10% $3,408 $3,539 $3,672 $3,808 $3,946

100 Sibanye-Stillwater SECTION 3 UNITED STATES REGION

2E PGM CONSOLIDATED MINERAL RESOURCES AND MINERAL RESERVE STATEMENT

The Mineral Resource estimates used to derive the Mineral Reserve estimates as at 31 July 2017 have been depleted with the five months of production to be representative as at 31 December 2017. The Mineral Resource estimates are reported inclusive of Mineral Reserves and on the assumption of 100% mining via the R&F underground mining method which is the predominant method used at Stillwater and East Boulder. However, Mineral Resource to Mineral Reserve conversion considers other underground mining methods employed at these mines.

The Mineral Reserve estimates have been compiled by Brent LaMoure, assisted by Jim Dahy and Jennifer Evans all of whom were at the time, Stillwater employees. The estimation has been externally audited.

Only the Measured and Indicated portions of the Mineral Resources within the LoM plan have been included in the Mineral Reserve. No Inferred Mineral Resources have been included in Mineral Reserve estimates.

2E PGM Mineral Resource and Mineral Reserve statement as at 31 December Mineral Resources Mineral Reserves OPERATIONS 2017 2016 OPERATIONS 2017 2016 Tonnes Grade 2E PGM 2E PGM Tonnes Grade 2E PGM 2E PGM (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz) Stillwater Stillwater Measured 3.7 21.3 2.527 Proved 2.6 20.6 1.727 Indicated 20.2 18.7 12.132 Probable 15.1 20.1 9.792 Inferred 48.9 17.5 27.485 Stillwater – total 72.8 18.0 42.144 Stillwater – total 17.8 20.2 11.519 10.467 East Boulder East Boulder Measured 3.4 15.2 1.687 Proved 2.4 13.2 1.018 Indicated 29.4 15.6 14.689 Probable 21.6 13.5 9.366 Inferred 43.6 15.7 21.943 East Boulder – East Boulder – total 76.4 15.6 38.319 total 24.0 13.4 10.384 10.731 Total 149.2 16.8 80.463 Total 41.8 16.3 21.903 21.198

Stillwater operations

Mineral Resources and Mineral Reserves Report 2017 101 SECTION 3 UNITED STATES REGION

2E PGM CONSOLIDATED MINERAL RESOURCES AND MINERAL RESERVE STATEMENT CONTINUED

US region Project Mineral Resource classification Dec 2017 Tonnes Gold Gold Sulfide copper Sulfide copper Platinum Platinum Palladium Palladium (Mt) Grade (g/t) (Moz) Grade (%) (Mlbs) Grade (g/t) (Moz) Grade (g/t) (Moz) Altar 1 Measured 1,005.9 0.1 2.981 0.336 7,458.0 Indicated 1,051.5 0.1 2.253 0.304 7,053.0 Inferred 556.6 0.1 1.087 0.279 3,420.0 Altar – total 2,614.0 0.1 6.321 0.311 17,931.0 Marathon 2 Measured 93.4 0.230 473.5 0.2 0.649 0.7 2.044 Indicated 57.9 0.199 254.0 0.2 0.334 0.5 0.956 Inferred 0.4 0.291 2.6 0.0 0.000 0.1 0.001 Marathon – total 151.7 0.218 730.1 0.2 0.983 0.6 3.001 Projects – total open pit 2,765.7 0.1 6.321 0.306 18,661.1 0.0 0.983 0.0 3.001

1 Altar Mineral Resource notes: • The Mineral Resource statement is included within a floating cone defined with the following metal prices: $2.75/lb copper, $1,179/oz gold, $22.79/oz silver • Copper and arsenic grades are in percentage of dry weight • Gold and silver grades are in grams per metric tonne • Sulfide copper reflects the estimated grade of copper that could be processed by sulfide flotation • There are no Mineral Reserves at Altar at this time • Gold contained are in thousands of troy ounces

2 Marathon Mineral Resource notes: • Mineral Resources are defined within an optimised pit shell at a net smelter return cut-off of $13.33. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy & Petroleum (CIM), CIM Standards on Mineral Resources and Mineral Reserves, definitions and guidelines prepared by the CIM Standing Committee on Mineral Reserve Definitions and adopted by CIM Council • The quantity and grade of reported Inferred resources in the estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category • Mineral Resources reported within an optimised pit shell using net smelter return (NSR) cut-off of $13.33

KEY CHANGES IMPACTING THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATE Operational Mineral Resource and Mineral Reserve depletion and growth There are no historic Mineral Resource estimates compiled for Stillwater and East Boulder in recent years and, therefore, no Mineral Resource reconciliation has been performed.

102 Sibanye-Stillwater SECTION 3 UNITED STATES REGION

OPERATIONS STILLWATER AND EAST BOULDER

Yellowstone River McLeod SWEET GRASS COUNTY

Boulder River

ater River Stillw

Nye 419 EAST BOULDER

BLITZ PROJECT AREA

STILLWATER STILLWATER COUNTY

6639

CARBON COUNTY

EGEND C T

Mineral Resources and Mineral Reserves Report 2017 103 SECTION 3 UNITED STATES REGION

STILLWATER AND EAST BOULDER CONTINUED

STILLWATER AND EAST BOULDER OVERVIEW

General Stillwater mine, including the Blitz section, is located near the town of Nye. East Boulder Mine is located near the town of McLeod. Both are shallow to intermediate level underground PGM mines. PGM production commenced in 1986 and has largely been uninterrupted.

The mining assets are located in the front range of the Beartooth Mountains with elevations exceeding 1,524m above mean sea level (amsl). Several river valleys have eroded into the mountainous terrain with the Stillwater River valley providing reef access to Stillwater. The two mines are within the Custer and Gallatin national forests, approximately 42km to the north of Miller Mountain and Wolverine Peak. The Stillwater River generally flows from the south to the north-east.

Snow in the winter occasionally poses adverse operating conditions. Snow can have an impact on mine site access but avalanches have never been an issue in the steep terrain. Heavy snows, stream flooding or forest fires are the only significant environmental factors affecting site access but these have not significantly hindered operations since mining commenced at Stillwater and East Boulder.

R&F stopes are the predominant mining method (85%) at Stillwater and East Boulder. While the primary method is by overhand mining, some undercut R&F is used. Of the R&F stopes, overhand R&F stopes constitute 90% and underhand R&F stopes account for 10%.

All surface infrastructure and tailings management facilities are located within Stillwater and East Boulder mine operating permits, which covers an area measuring 1,396ha.

Stillwater has two principal mining sections, namely: • The current section, which has been in operation since 1986 and currently produces 676ktpa of Pt and Pd in concentrate • The Blitz section, which is currently under development, started ore production in 2017

All legal aspects and tenure are in order.

East Boulder has been in operation since 2002 and currently produces 580ktpa of Pt and Pd in concentrate.

Strategic intent • Improve cost per tonne performance through efficiently utilising manpower and equipment • Fast track Mineral Resource to Mineral Reserve conversion in the Blitz project • Significantly increase production in the Blitz area

Mineralisation style • Large layered igneous complex

Mineralisation • The J-M Reef is a magmatic reef type PGM deposit defined as the Pd-Pt rich stratigraphic characteristics interval, mainly occurring within a troctolite (OB-I zone) of the Lower Banded Series • Pd and Pt are the main PGMs, both constituting between 20g/t to 25g/t over a variable thickness with economic mineralised thickness ranging from 0.9m-2.7m and averaging 1.8m • Ratios of Pd to Pt in metallurgical concentrate are known to range from 3.3:1 (in situ 3.4:1) at Stillwater to 3.5:1 (in situ 3.6:1) at East Boulder • Other associated PGMs such as Rh, Ir, Ru and Os, and Au occur in low quantities and are generally not evaluated by Stillwater • The visual identification of the J-M Reef is facilitated by the presence of approximately 0.25% to locally 3% visible associated disseminated copper-nickel pathfinder sulphide minerals

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STILLWATER AND EAST BOULDER OVERVIEW CONTINUED

Licence status and • Stillwater holds or leases 1,674 patented and unpatented lode, placer, tunnel or mill site claims in holdings the Stillwater, Sweet Grass and Park counties of south-central Montana, encompassing over 10,522ha. Claims are renewed annually and are in good standing

Infrastructure Stillwater • Key infrastructure includes the mining operations and ancillary buildings that contain the concentrator, workshop and warehouse, changing facilities, headframe, hoist house, sand and paste plants, water treatment, storage facilities and offices

East Boulder • Key infrastructure includes the mining operations and ancillary buildings that contain the concentrator, workshop and warehouse, changing facilities, twin tunnels to access mine, sand plant, water treatment, storage facilities and offices

Mining method The three principal mining methods are the following: • Overhand cut and fill (C&F) stoping, utilising either conventional trackless machinery or raise boring to create access • R&F as both overhand and underhand utilizing rubber-tyred equipment • Sub-level extraction (SLE) by long hole open stoping with subsequent backfill utilising rubber- tyre equipment

Mineral processing • The Stillwater concentrator currently operates at a production level of 680kt per annum based on 75% utilisation in alignment with mine production. The excess capacity will be used to process the ore from the Blitz section. A plant capacity upgrade is planned in 2021 to accommodate the increase from the Blitz section • The East Boulder concentrator currently operates at a production level of 608kt per annum based on a 75% utilisation in alignment with mine production, and there is excess capacity to process additional tonnage if required • The smelter in Columbus, Montana consists of a 136t per day submerged arc furnace and a smaller 91t per day submerged arc furnace and has adequate capacity to process current and planned concentrates from the mining operations • The convertor matte from the smelter is treated at the base metal refinery, which has feed capacity of 3,900t of matte per annum, and the base metal refinery has adequate capacity to process current and planned matte production with a minor upgrade to copper electrowinning circuit in 2019

Tailings disposal Stillwater • Currently 55% of all mill tails go back underground for backfill the remaining 45% is sent via pipeline to Hertzler TSF 11km north of Stillwater • Current storage facility has 6,400kt of storage remaining with expansion planned to add an addition 11,600kt of storage in 2029, and the Hertzler storage facility has adequate storage for the known Proven and Probable Ore Reserves

East Boulder • Currently 50% of all mill tails go back underground for backfill with the remaining 50% sent via pipeline to a TSF adjacent to the mine site • The current storage facility has 5,200kt of storage remaining. An expansion is planned to add an addition 5,700kt of storage in 2034, and the current and planned storage facilities have adequate storage for the known proved and probable Ore Reserves

Climate • Extreme climatic conditions are experienced but have minimally hindered the mining operations, which have historically been curtailed for no more than one or two days per year

Mineral Resources and Mineral Reserves Report 2017 105 SECTION 3 UNITED STATES REGION

STILLWATER AND EAST BOULDER CONTINUED

STILLWATER AND EAST BOULDER OVERVIEW CONTINUED Environmental/ • The status of all the programmes that drive environmental, health and safety goals are detailed health and safety in the Integrated 2017 Integrated Annual Report

Life of mine Stillwater • It is estimated that the current Mineral Reserves will sustain Stillwater until 2039, and the Blitz project has the potential to significantly expand the Mineral Reserve in the future

East Boulder • It is estimated that the current Mineral Reserves will sustain the East Boulder operation until 2059

Key developments • The approved Blitz project will significantly expand the ore production at Stillwater and brownfield • First ore production was in October 2017 and is expected to reach a sustaining level of projects 300Koz per annum in 2022 (on-mine)

Hoisting and Muck haulage system Operational hoisting/ capacity (tpd) Planned production (tpd) production Stillwater Shaft 5,400 3,500 capacities Blitz Rail 4,000 3,000 East Boulder Rail 4,500 2,600

Plant capacities Plant Design capacity Current operational Average recovery Material (tpd) capacity (tpd) factor (%) treated Stillwater 3,100* 2,500 92.2 UG East Boulder 1,600 2,200 90.8 UG

*Stillwater concentrator capacity is planned to increase to meet design capacity in 2021

2E PGM Mineral Resource classification Dec 2017 Dec 2016 2E PGM 2E PGM Tonnes (Mt) Grade (g/t) (Moz) (Moz) Stillwater Measured 3.7 21.3 2.527 Indicated 20.2 18.7 12.132 Inferred 48.9 17.5 27.485 Total 72.8 18.0 42.144 East Boulder Measured 3.4 15.2 1.687 Indicated 29.4 15.6 14.689 Inferred 43.6 15.7 21.943 Total 76.4 15.6 38.319 Total 2E PGM Mineral Resources 149.2 16.8 80.463

106 Sibanye-Stillwater SECTION 3 UNITED STATES REGION

Development drilling details for 12 months ending 31 December Planned total 2018 Actual total 2017 metres expenditure metres expenditure Operation (m) (US$m) (m) (US$m) Stillwater 174,041 9.655 116,107 4.315 East Boulder 66,568 1.667 62,255 1.669

Annual development results 2017 Category Unit Stillwater East Boulder Primary development* km 16.6 4.9 Footwall lateral** km 6.4 2.3 Secondary development (stope access)*** km 5.5 2.8

*Development that serves as long-term infrastructure includes footwall lateral ** Development that serves as a drill platform and long-term access ***Stope access development that is not used as long-term access Note: No Mineral Resources were previously stated and as such year on year comparisons are not available

Modifying factors (underground) Parameter Unit Stillwater East Boulder Cut-off grade g/t 6.8 6.8 Mineability factor % 73 71 Mine call factor % 90 94 Sub-level extraction loss factor % 25 25 Ramp and fill stoping % 89 74 Sub-level stoping % 8 23 Captive cut and fill stoping % 3 3 Dilution factor % 15 15 Minimum mining width cm 213 213 Diluted mining width cm 244 244 Concentrator recovery % 92.2 90.8 Smelter/base metal refinery recovery % 99.3 99.3

2E PGM Mineral Reserve classification Dec 2017 Dec 2016 Tonnes Grade 2EPGM 2E PGM (Mt) (g/t) (Moz) (Moz) Stillwater Proved 2.6 20.6 1.727 East Boulder Proved 2.4 13.2 1.018 Total 2E PGM Proved Reserves 5.0 17.2 2.7 45 Stillwater Probable 15.1 20.1 9.792 East Boulder Probable 21.6 13.5 9.366 Total 2E PGM Probable Reserves 36.8 16.2 19.158 Total 2E PGM Mineral Reserves 41.8 16.3 21.903 21.198

Mineral Resources and Mineral Reserves Report 2017 107 SECTION 3 UNITED STATES REGION

UNITED STATES REGION PROJECTS

The US region includes the Altar and Marathon exploration The Marathon project was the subject of a FS conducted in projects for which Mineral Resources are estimated. March 2014, where after the decision was made to revert The Altar project is located within San Juan province, from a development project back to an exploration project. Argentina, while the Marathon project is situated 10km Hence, only Mineral Resources constrained by potentially north of Marathon, Ontario province, Canada. Both economic pit shells are reported. Following completion of projects Mineral Resources are estimated and reported the FS, exploration focus has been away from the known to be compliant with the disclosure and reporting Mineral Resource and is, therefore, considered an early requirements set forth in the Canadian Securities stage exploration project adjacent to a large and well Administrators’ National Instrument 43-101 (43-101). understood Mineral Resource. The exploration target is The 43-101 refers to the CIM definition standards for higher grade feeders and zones that could enhance the estimating Mineral Resources and Mineral Reserves, economics of the lower grade pit Mineral Resource defined which is a National Reporting Standard acknowledged in the FS. by CRIRSCO. SAMREC is additionally a national reporting standard and as such Mineral Resource and Mineral Where a detailed FS is not publically disclosed for Marathon Reserve estimates reported using the guidelines of CIM and not covered in this summary report, it is supported by can be likened to Mineral Resource and Mineral Reserve 43-101 compliant technical reports compiled under previous estimates that are SAMREC compliant. ownership in December 2008 and January 2010.

Readers should be aware that reports, written by persons A 43-101 report for Altar published in 2014 on the issuing technical reports, disclosing information about previous owner’s company website, contains the detailed exploration or other mining properties to the public in Mineral Resource information. Although the report was Canada, are governed by several securities regulations. made available on the company website, there was no official reporting of Mineral Resources within annual The Altar project technical report and associated Mineral reports or filed with the SEC or on SEDAR. The effective Resources are constrained by potentially economic pit date of the Altar Mineral Resources is at 11 October 2013. shells. Altar is currently an advanced stage exploration project, requiring additional drilling success and studies All legal aspects and tenure are in order. to allow transition to feasibility. There are no Proven and Probable Mineral Reserves for Altar.

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PROJECT DESCRIPTION ALTAR

Locality The Altar project is a copper-gold porphyry deposit located in San Juan province, Argentina, approximately 10km from the Argentine-Chile border and 180km west of the city of San Juan. The Altar project consists of nine mining concessions, one exploration permit, and nine MRs of way (servidumbres). It also includes an option on the five adjacent Rio Cenicero concessions, four of which are adjacent to the Altar property and one which is located to the south-west. The Altar concessions and exploration permits collectively cover an area of about 8,443.7ha and the Rio Cenicero concessions cover an additional 3,716.6ha.

The Quebrada de la Mina (QDM) Resource (inclusive to the Altar project) is located 3km west of the main Altar deposit and is a near-surface gold resource hosted in pyrite within a dacite prophyry.

History The Altar deposit was discovered in the mid-1990s and early phase exploration and access continued until 1999. Multiple change in ownership since 1999 occurred, when Stillwater acquired Altar in 2011. Exploration activities focus on further expanding and defining the porphyry hosted mineralisation that includes DD, geophysical surveys, geologic mapping, geochemical surveys, etc. Sibanye-Stillwater acquired the Altar project in 2017.

Baseline environmental surveys (glacial, hydrologic, archeological, flora-fauna and hydrologic monitoring) have continued each year under Stillwater. Permits required for exploration are maintained each year to open and service the camp as well as take water for exploration purposes.

Mode of occurrence • The Altar porphyry was deposited in an environment that transitions from the basal roots of a high sulfidation epithermal lithocap to a sub-volcanic porphyry copper environment at depth. The deposit is described as telescoped because of the close spatial distance between the porphyry and the high sulfidation alteration systems. The age of the porphyry copper mineralisation is estimated to be Miocene, approximately 10 to 12 million years old

Notes on Mineral • There are two main ore zones within the Altar area of the deposit that are called the Altar Resource statement Central and the Altar East zones. Within the Altar Central and East areas there are 193 diamond drillholes that were used in the estimation of Mineral Resources containing 44,033 assay values for copper, gold, silver as well as other metals • There is one main ore zone at QDM. Estimation utilised 28 DD holes that were used in the estimation of Mineral Resources containing 3,462 assay intervals for copper, gold, silver as well as other metals • Mineral Resource estimates are based on geological wireframe modelling and geostatistical block models. Wireframes were created with Vulcan software. Mineral Resource estimates were performed by Independent Mining Consultants (IMC) in Tucson Arizona. IMC utilised their in-house kriging and cone floating software to generate the block models and pit shell constrained Mineral Resource • At Altar, copper, gold, silver, and arsenic values in the block model have been incorporated into the calculation of economic value in order to establish the mineral resource estimate • The arsenic within the Altar deposit is of sufficient tenor that it will concentrate under flotation with the copper and render the concentrate unmarketable. A concentrate treatment process will be required that removes arsenic from the product stream. As a result, arsenic is carried in the statement of mineral resources due to its potential impact on project economics. Metallurgical testing for arsenic removal and full pressure oxidation has been performed by Sibanye-Stillwater • Resource constrained by Lerchs-Grossman pit shells to indicate reasonable prospects for economic extraction • All legal aspects and tenure are in order • 2014 Altar technical report provides details concerning sample preparation, QA/QC, assay methods, metallurgical testing, geological and kriging boundaries, basic geostatistics, kriging parameters including search neighbourhoods, grade capping, variography and oxidation state modelling

Mineral Resources and Mineral Reserves Report 2017 109 SECTION 3 UNITED STATES REGION

UNITED STATES PROJECTS CONTINUED

PROJECT DESCRIPTION CONTINUED

ALTAR COPPER – GOLD PORPHYRY CONTINUED

Notes on Mineral • Two separate block models were created, one for Altar Central and Altar East and the other for Resource statement QDM • Geologic interpretations were performed by Peregrine geologists utilising Vulcan software and checked by third party • Basic statistics, grade capping, variogram parameters, search neighbourhoods determined for each mineral domain • Standard QA/QC controls are in place • Standard classification criteria utilised for Measured, Indicated and Inferred based on number of holes within a search radius • Compositing for drillholes and trench data at nominal 15m • Oxidation wireframe model for leach cap utilised to separate oxide from sulphide material • Grade estimation domains based on combination of kriged indicators (0.1% Cu indicator) and oxidation boundaries • No hard grade estimation boundaries determined (except for oxidized leach zone) at Altar, hard rocktype boundaries based on lithology utilised for QDM • Bulk density analysis performed by rock type and oxidation state, bulk density values were then assigned based on rocktype and oxidation state • Standard classification criteria utilised for Measured, Indicated and Inferred based on number of holes within a search radius and the square root of kriged variance, isolated drillholes classified as Inferred • Since the generation of the 2014 technical report, exploration focused on discovery of additional porphyry stocks away from the main Altar deposit. A total of 10,133m of drilling was completed after the 2014 technical report, through 2017 on isolated targets generated from geophysical and prospecting surveys. A new Cu-Au discovery was made east of the QDM gold deposit named QDM-Radio-Porphyry in 2016 and 2017. Drill density is too sparse for a Mineral Resource update currently. A drill programme to test the deep extensions to 1,500m of QDM- Radio-Porphyry, Altar East and Altar Central is planned for 2018

Marathon core

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PROJECT DESCRIPTION MARATHON

Locality The Marathon PGM-copper project is located approximately 10km north of the town of Marathon, Ontario, which is situated adjacent to the Trans-Canada highway No 17 on the north-east shore of Lake Superior. Marathon is currently an exploration stage project with focus on discovery of higher grade feeders and zones, containing Cu, Pd and minor Pt and Au.

History Exploration for copper and nickel deposits in the greater Marathon area started in the 1920s and continued until the 1940s with the discovery of several titaniferous magnetite and disseminated chalcopyrite occurrences. During the past four decades, the Marathon PGM-copper project has undergone several phases of exploration and economic evaluation, including geophysical surveys, prospecting, trenching, DD programme, geological studies, resource estimates, metallurgical studies, mining studies and economic analyses. Ongoing exploration efforts continue along the prospective margins of the Coldwell Complex intrusive.

Mode of occurrence • The Marathon Deposit is hosted by the Two Duck Lake gabbro, a late intrusive phase of the Eastern Gabbro There are three dominant characteristics of the Marathon deposit: • the intrusion of multiple parallel thin and continuous sill like bodies • the relationship between troughs and ridges in the footwall contact with thicker accumulations of higher grade (Cu and Pd) material • the extreme but systematic variations in base metal to PGE ratios, an alternative hydrothermal origin for PGE enrichment is rejected on the basis that primary minerals are well preserved and there is a strong positive correlation between Pd, Pt, Rh and Ir

Notes on Mineral • 10 mineral domain wireframes modelled in GoCad and Gemcom software were utilised for grade Resource statement estimation as hard boundaries • Bulk density measurements were estimated using single pass isotropic inverse distance squared within each mineral domain wireframe • Compositing for drillholes and trench data at nominal 2m • Standard QA/QC controls are in place • Standard classification criteria utilised for Measured, Indicated and Inferred based on number of holes within a search radius • DD within the Marathon Mineral Resource was performed on a nominal drill fence spacing of 25m with spacings between 25m and 50m within individual drill fences. Diamond drillhole samples were taken nominally every 2m within prospective Coldwell Complex intrusive stratigraphy. Borehole density and distribution is adequate for geological modelling and calculation of Measured, Indicated and Inferred Resource at Marathon • Basis statistics, grade capping, variogram parameters, search neighbourhoods determined for each mineral domain • Northern portion of deposit performed grade estimation in flat-space to deal with curvature of mineralisation • Utilised single pass ordinary kriging within each mineral domain for all grade estimation • The Mineral Resources are constrained by Lerchs-Grossman pit shells to indicate reasonable prospects for economic extraction • Validations between data and block model performed • All required permits and mineral property tenure requirements relative to the status of the exploration project have been obtained and are in good standing • Exploration has been focussed around the margins of the Coldwell Complex. Prospecting (trail and sampled trenches), ground based geophysics, structural mapping and 6,000m of drilling on isolated targets amounted to $US 2.4 million • Under current economic climate the project is deemed not financially feasible for exploitation • Baseline environmental studies are ongoing

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SECTION 04 SUPPLEMENTARY INFORMATION

P113 Professional organisations

P113 SAMREC code definitions

P115 Glossary of terms

P116 Conversion table

P117 Abbreviations

P119 Forward looking statements

P120 Administrative and corporate information

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SUPPLEMENTARY INFORMATION

PROFESSIONAL ORGANISATIONS Geological Society of South Africa South African Council for Natural Scientific Professions 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 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]

American Institute of Professional Geologists Mining and Metallurgical Society of America AIPG, 1333 W PO Box 810, Boulder, CO 80306-0810 120th Avenue, Suite 211, Westminster, Colorado 80234 Tel: + 1 404 303 444 6032 Tel: + 1 404 303 412 6205 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, Engineering Council of South Africa (ECSA), or is a member or fellow of the Southern African Institute of Mining and Metallurgy (SAIMM), the Geological Society of South Africa (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 drillholes. 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 drillholes. The locations are spaced closely enough to confirm geological and grade continuity.

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SAMREC CODE DEFINITIONS CONTINUED TERM DEFINITION

Inferred Mineral That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a Resource low level 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 drillholes 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 Reserve of 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.

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GLOSSARY OF TERMS TERM DEFINITION

Above That part of the Mineral Resources and/or Mineral Reserves, which are above the lowest mining level and can infrastructure (AI) be accessed via the current mine infrastructure (shafts and underground haulages). Below That part of the Mineral Resources and/or Mineral Reserves which are below the lowest mining level and that infrastructure (BI) 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 Gold is leached from a gold ore slurry with cyanide in agitation tanks and absorbed onto carbon granules in (CIL) the same circuit. The carbon granules are separated from the slurry and treated in an elution circuit to extract the gold. Carbon-in-pulp Gold is leached conventionally from a gold ore slurry with cyanide in agitation tanks. The leached slurry then (CIP) 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 options to determine the potential value of the opportunity and confirm alignment with the business strategy. The study details the required work to fully define the opportunity, and outlines the economic potential of that being studied. Cut-off grade The lowest grade of mineralised rock, which assists in determining economic viability. 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 a project. 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. 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.

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GLOSSARY OF TERMS CONTINUED TERM DEFINITION

Plant recovery The ratio expressed as a percentage, of the mass of the specific mineral product actually recovered from ore factor treated at the plant to its total specific mineral content before treatment. Post-depletion 2016 Mineral Resources and Mineral Reserves as at December 2016, minus 2017 mined-out areas. Pre-feasibility A comprehensive study of the viability of options for a mineral project that has advanced to a stage at which study (PFS) the preferred mining method in the case of underground mining or the pit configuration in the case of an open pit has been established. Additionally 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 sedimentary horizon that may contain economic levels of mineralisasion. 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 Difference between the tonnage hoisted as ore and that accounted for by the plant measuring methods. discrepancy 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.

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 A sedimentary basin in South Africa that contains close to a 6,000m thick sequence of principally argillaceous Basin 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 tonne 1.10229 short tonnes 1 short tonne 0.9072 tonnes 1 hectare 2.47097 acres 1 acres 0.4047 hectares

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ABBREVIATIONS

TERM DEFINITION TERM DEFINITION

2E PGM Platinum, palladium JV Joint venture 4E PGM Platinum, palladium, rhodium, gold kg Kilogram AAP Anglo American Platinum kg/t Kilograms per tonne AAR Aandenk Reef KKR Kalkoenkrans Reef AI Above infrastructure km Kilometre AIPG American Institute of Professional Geologist koz Thousand ounces AMSL Above mean sea level KPM Kroondal Platinum Mines Aquarius Aquarius Platinum Ltd KR Kloof Reef Au Gold LoM Life of mine BC Bushveld Complex LR Libanon Reef BI Below infrastructure m Metre 2 BMS Base metal sulphide m Square metre BS Below surface MBA Master of Business Administration BXR Beatrix Reef MCF Mine call factor C&F Cut and fill MER Merensky Reef CIL Carbon-in-leach Mlb Million pounds CIM Canadian Institute of Mining, Metallurgy and mm Millimetre Petroleum MMSA Mining and Metallurgical Society of America CIP Carbon-in-pulp Moz Million Ounces CLR Carbon Leader Reef MPRDA Mineral and Petroleum Resources Development Act cm Centimetre MR Mining Right cm.g/t Centimetre gram per tonne MRM Mineral Resource Management CPG Certified Professional Geologists for the AIPG MSCC Mine Surveyor Certificate of Competency CRM Certified reference materials MSZ Main Sulphide Zone CRP Competent Persons Report Mt Million tonnes CRP Chrome retreatment plant Mtpa Million tonnes per annum Cu Copper MVR Middelvlei Reef CW Channel width NPV Net present value DD Diamond drilling NYSE New York Stock Exchange DFS Definitive feasibility study Os Osmium DMR Department of Mineral Resources oz Ounces (troy) EBA Eastern Boundary Area Pd Palladium FS Feasibility study PFS Pre-feasibility study g Gram PGM Platinum Group Metals g/t Grams per tonne PR Prospecting Right GDE Graduate Diploma Engineering Pr.Sci.Nat Professional Natural Scientist Guide 7 SEC Industry Guide 7 PSA Pool and Share Agreement ha Hectare Pt Platinum Harmony Harmony Gold Mining Company Ltd QA/QC Quality assurance and quality control ID Inverse distance QDM Quebrada de la Mina Implats Impala Platinum Holdings Ltd R South African Rand Ir Iridium R&F Ramp and fill IRUP Iron rich ultramafic pegmatoids R/kg South African Rand per kilogram JSE Johannesburg Stock Exchange Limited Rh Rhodium

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ABBREVIATIONS CONTINUED

TERM DEFINITION TERM DEFINITION

RLS Rustenburg Layered Suite SV Sub-vertical ROM Run-of-mine SW Stoping width RSO Randfontein Surface Operation t Metric tonne Ru Ruthenium tpm Tonnes per month SA Southern Africa TSF Tailings storage facility SACNASP South African Council for Natural Scientific U Uranium Professions U3O8 Uranium oxide SAIMM Southern African Institute of Mining US United States and Metallurgy US$ United States dollar SAMREC The South African Code for the Reporting of US$/oz United States dollar per ounce Code the Exploration Results, Mineral Resources and Mineral Reserves VCR Ventersdorp Contact Reef SAMVAL The South African Code for the Reporting of VS5 VS5 Reef of the Eldorado Formation Code Mineral Asset Valuation Wits Gold Witswatersrand Consolidated Gold SANAS South African National Accreditation System Resources Limited SEC The United States Securities and Exchange WLTR Western Limb Tailing Retreatment Commission WRTRP West Rand Tailings Retreatment Project SLE Sub-level extraction ZAR South African Rand SOFS Southern Orange Free State Projects (‘000lb) Thousand pounds SOX Sarbanes-Oxley Act of 2002 (‘000oz) Thousand ounces SRD Surface rock dump

DISCLAIMER This Technical Supplement (the Report) contains information as at 31 December 2017 (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-Stillwater after the effective date of this Report, as some of the information contained in the Report may have changed or been updated. Sibanye-Stillwater 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-Stillwater does not undertake to refer back to any information contained in this Report.

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FORWARD-LOOKING STATEMENTS

This Mineral Resources and Mineral Reserves Report (“Report”) is for informational purposes only and does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or any other jurisdiction nor a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The shares to be issued in connection with the offer for Lonmin plc ((“Lonmin”) and the “New Sibanye Shares”, respectively) have not been and will not be registered under the US Securities Act of 1933 (the “Securities Act”) and, accordingly, may not be offered or sold or otherwise transferred in or into the United States except pursuant to an exemption from the registration requirements of the Securities Act. The New Sibanye Shares are expected to be issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 3(a)(10) thereof.

This Report is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

No statement in this Report should be construed as a profit forecast.

FORWARD LOOKING STATEMENTS This Report contains forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Gold Limited trading as Sibanye-Stillwater (“Sibanye-Stillwater”)’s financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater. All statements other than statements of historical facts included in this Report may be forward-looking statements. Forward-looking statements also often use words such as “will”, “forecast”, “potential”, “estimate”, “expect” and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements. The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, economic, business, political and social conditions in the United Kingdom, South Africa, Zimbabwe and elsewhere; changes in assumptions underlying Sibanye-Stillwater’s estimation of their current mineral reserves and resources; the ability to achieve anticipated efficiencies and other cost savings in connection with past, ongoing and future acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s business strategy, exploration and development activities; the ability of Sibanye-Stillwater to comply with requirements that it operate in a sustainable manner; changes in the market price of gold, 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 pro- ceedings 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; their ability to hire and retain senior management or sufficient technically skilled employees, as well as their ability to achieve sufficient representation of historically disadvantaged South Africans’ in management positions; failure of information technology and communications systems; the adequacy of insurance coverage; any social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater’s operations; and the impact of HIV, tuberculosis and other contagious diseases. These forward-looking statements speak only as of the date of this Report. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required).

Mineral Resources and Mineral Reserves Report 2017 119 SECTION 4 SUPPLEMENTARY INFORMATION

ADMINISTRATIVE AND CORPORATE INFORMATION

SIBANYE GOLD LIMITED DIRECTORS AMERICAN DEPOSITARY RECEIPTS TRADING AS SIBANYE-STILLWATER Sello Moloko* (Chairman) TRANSFER AGENT Incorporated in the Republic of Neal Froneman (CEO) BNY Mellon Shareowner Services South Africa Charl Keyter (CFO) PO Box 358516 Registration number 2002/031431/06 Savannah Danson* Pittsburgh Share code: SGL Timothy Cumming* PA 15252-8516 Issuer code: SGL Barry Davison* US Toll Free: +1 888 269 2377 ISIN: ZAE E000173951 Rick Menell* Tel: +1 201 680 6825 Nkosemntu Nika* Email: [email protected] LISTINGS Keith Rayner* JSE: SGL Susan van der Merwe* Tatyana Vesselovskaya NYSE: SBGL Jerry Vilakazi* Relationship Manager * Independent non-executive BNY Mellon WEBSITE Depositary Receipts www.sibanyestillwater.com JSE SPONSOR Direct Line: +1 212 815 2867 JP Morgan Equities South Africa Mobile: +1 203 609 5159 REGISTERED AND Proprietary Limited Fax: +1 212 571 3050 CORPORATE OFFICE Registration number 1995/011815/07 Email: [email protected] Constantia Office Park 1 Fricker Road Cnr 14th Avenue & Hendrik Potgieter Road Illovo TRANSFER SECRETARIES Bridgeview House Johannesburg 2196 SOUTH AFRICA Ground Floor South Africa Computershare Investor Services Weltevreden Park 1709 Private Bag X9936 Proprietary Limited South Africa Sandton 2196 Rosebank Towers Private Bag X5 South Africa 15 Biermann Avenue Westonaria 1780 Rosebank 2196 South Africa OFFICE OF THE UNITED KINGDOM PO Box 61051 SECRETARIES – LONDON Tel: +27 11 278 9600 Marshalltown 2107 St James’s Corporate Services Limited Fax: +27 11 278 9863 South Africa Suite 31 Tel: +27 11 370 5000 INVESTOR ENQUIRIES Second Floor 107 Cheapside Fax: +27 11 688 5248 James Wellsted London EC2V 6DN Senior Vice President: Investor Relations TRANSFER SECRETARIES United Kingdom Cell: +27 83 453 4014 UNITED KINGDOM Tel: +44 20 7796 8644 Tel: +27 10 493 6923 Link Asset Services Fax: +44 20 7796 8645 Email: james.wellsted@sibanyestillwater. The Registry 34 Beckenham Road com or [email protected] AUDITORS Beckenham COMPANY SECRETARY KPMG Inc. Kent BR3 4TU KPMG Crescent Cain Farrel England 85 Empire Road Tel: +27 10 493 6921 Parktown 2193 Tel: 0871 664 0300 (calls cost 10p a Email: [email protected] Johannesburg minute plus network extras, lines South Africa are open 8:30am – 5:00pm Mon – Fri) or +44 20 8639 3399 (overseas) Tel: +27 11 647 7111 Fax: +44 20 8658 3430 E-mail: [email protected]

120 Sibanye-Stillwater 1894/17 BEATRIX AND SOFS SHAREHOLDER PLAN BEATRIX HISTORY AT A GLANCE OPERATIONAL STATISTICS

1933 1969 1976 1981 1984 1985 2017 KEY STATISTICS

Exploration in the Free State Exploration drilling for gold General Mining acquired Beisa Shaft commissioned Beisa Uranium Mine Beatrix 1 and 2 Shafts started as far back as 1885 and uranium commenced in Union Corporation in to exploit uranium. Sinking closed due to the low commissioned. Exploration but only commenced in the southern limits of the Free 1976. General Mining of Beatrix 1 and 2 Shafts prevailing uranium price. for Kalkoenkrans Reef earnest in 1933 when the State Goldfields. Union Corporation Limited, commenced. in the vicinity of the old first borehole was drilled on became Gencor Limited. Beisa Mine commenced. the farm Aandenk 227 HP. The discovery of the Basal Reef in 1939 set MAIN DEVELOPMENT AREA MINED TONNES MILLED YIELD GOLD PRODUCED exploration afire, which 2 resulted in a score of mines 17,970m 406,100m 3,515kt 2.6g/t 9,091kg being developed in the Free State. (292,300oz) 2002 2001 1998 1995 1993 1987 SURFACE SURFACE SURFACE

St Helena Gold Mine sold Beatrix 3 Shaft completed. Goldco is formed, bringing Sinking of Gold production Sinking of two new 778kt 0.3g/t 232kg to Freegold, Beatrix and together the gold assets of Beatrix 3 Shaft complex began at Oryx Mine. sub-vertical shafts and a Oryx mines merged to form Gold Fields of South Africa and down-dip expansion ventilation shaft at Beisa (7,500oz) Beatrix Gold Mine. Beatrix Limited with those of mine initiated. Mine, renamed Oryx Gold Mine is awarded ISO of the unbundled Gencor. Mine, to exploit KKR, 14001 certification in Goldco was later renamed commenced. UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND July 2002. Gold Fields Limited. 17,970m 406,100m2 2,737kt 3.2g/t 8,859kg 2003 2004 2005 2007 2009 2010 (284,800oz)

Beatrix achieves Completion of a new surface Beatrix North and South Beatrix granted Beatrix achieves full Beatrix West Section one million and Beatrix ventilation shaft to service the Sections achieve three a new order MR. compliance from the ICMI achieves two million North and South Sections south-west corner of the mine million fatality-free shifts during an external cyanide fatality-free shifts for the achieve two million fatality- near 2 Shaft. Beatrix achieves for the first time. audit conducted during first time. COSTS AND MARGINS free shifts for the first time. two million fatality-free shifts June 2009. for the first time. 2016 2015 2014 2013 2012 2011

Bloemhoek FS on the decline Maiden gold and uranium Sibanye’s acquisition Beisa Reef concept study Announcement of the Partial extraction and commenced. Mineral Reserves are of the Wits Gold assets undertaken to establish unbundling of Sibanye flaring of methane gas declared for Beatrix’s contiguous to Beatrix the economic potential in Gold Limited from Gold commenced in May 2011. OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST Beisa Project. consolidated its position re-opening the old Beisa Fields Limited. Studies on the Beatrix/ on the southernmost Mine (upper levels of R1,124/t R923m 19% R546m R503,036/kg VS5 Reef were undertaken extent of the Beatrix 4 Shaft) to exploit for the Bloemhoek area, Witwatersrand Basin and gold and uranium. (US$1,176oz) underpinning future technical extended its LoM Mineral studies in 2016. Reserves to sustain the operation for another SURFACE SURFACE SURFACE ORE RESERVE ALL-IN COST MARGIN The Wits Gold Mineral 14 years. Reserve and Resource projects DEVELOPMENT were aligned with the Sibanye R129/t R22m 18% 6% Gold systems. R482m 2017 UNDERGROUND UNDERGROUND UNDERGROUND PROJECTS TOTAL CASH COST Two additional exploration R1,407/t R901m 19% R1m R434,826/kg boreholes were completed for the Bloemhoek (US$1,017oz) decline FS. West Complex 4 shaft’s under performance led to SUSTAINING restating the execution plan. R63m COOKE SHAREHOLDER PLAN COOKE HISTORY AT A GLANCE OPERATIONAL STATISTICS

1886 1889 1890 1900 1910 1911 2017 KEY STATISTICS

Exploration activities Randfontein Estates Gold REGM Dump 20 tailings Lindum tailings Exploration programmes to Dump 20 Sand commenced in the Mining Company Limited facility formed; slimes material facility created. locate gold bearing reefs south created as result of West Rand. (REGM) established. from Millsite Plant deposited of the Witpoortjie Horst stamp milling at into Rietpan. (Gap) commenced. Millsite Plant. 2003 2001 2000 1997 1971 1961 MAIN DEVELOPMENT AREA MINED TONNES MILLED YIELD GOLD PRODUCED 2 South Deep (Placer Harmony ceases mining and REGM (Cooke 4 Section) WAGMC purchased The Cooke 123 established Registration of Western 1,908m 81,664m 3,722kt 0.8g/t 3,107kg Dome Western Areas pumping operations at acquired by Harmony Gold by REGM. as a section of Randfontein Areas Gold Mining Joint Venture) takes over Cooke 4 and the operation Mine Limited, including Estates Limited (Cooke 1 – Company Waterpan (99,900oz) pumping operations in placed under care and the RSO. 1971, Cooke 2 - 1974 and Gold Mine. March 2003 but ceased maintenance in July. Cooke 3 – 1981). Cooke TSF pumping in February 2005. established in 1976. SURFACE SURFACE SURFACE 2005 2006 2007 2008 2009 2010 3,198kt 0.2g/t 769kg (24,700oz) Simmer and Jack Limited Ezulwini new order MR Waterpan Mining Corporation Ezulwini gold plant Ezulwini uranium Ezulwini MR registered apply for new order MR in registered, construction of sells 10% interest to EMC. commissioned. plant commissioned in May. to EMC in April respect of Ezulwini Mining the new Ezulwini Gold and EMC become wholly-owned UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND Company (Propriety) Uranium Plant commenced. subsidiary of First Uranium Limited (EMC or Ezulwini) Limited. 2 and assumed pumping Simmers sells its 90% interest 1,908m 81,664m 524kt 4.5g/t 2,338kg in EMC to First Uranium Harmony and Pamodzi operations as part of (75,200oz) purchase agreement with Limited. acquires the Cooke Operations Harmony, in May. from Randfontein Estates Limited in a Special Purpose Vehicle called Rand Uranium (Pty) Limited. COSTS AND MARGINS 2017 2016 2015 2014 2012 2011

Cooke 1,2 and 3 Management teams were First stage of aligning acquired The uranium plant re- Gold One acquires Gold One International underground operations amalgamated to optimise operations with Sibanye Gold commissioned by 100% of EMC. Limited acquires Rand were closed and production. through restructuring of Cooke Gold One in March. Uranium and place placed under care and was completed. The second Ezulwini uranium maintenance. Cooke 4 UG closed and stage of instituting protocols, Sibanye Gold acquires Rand plant on care and uranium plant placed care and standards and business Uranium and EMC from Gold maintenance. maintenance. One in May. OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST processes commenced.

A Section 102 application R525/t (R284m) (17%) R75m R677,197/kg was submitted to the DMR to extend the MR boundaries to (US$1,583oz) include the TSFs that form part of the WRTRP. SURFACE SURFACE SURFACE ORE RESERVE ALL-IN COST MARGIN R117/t R40m 10% DEVELOPMENT (26%) R54m

UNDERGROUND UNDERGROUND UNDERGROUND PROJECTS TOTAL CASH COST R3,019/t R324m 26% R12m R629,827/kg (US$1,472oz)

SUSTAINING R9m DRIEFONTEIN SHAREHOLDER PLAN DRIEFONTEIN HISTORY AT A GLANCE OPERATIONAL STATISTICS

1887 1892 1931 1932 1945 1952 2017 KEY STATISTICS

Cecil Rhodes and Charles The Gold Fields of South Using a magnetometer, Dr On 12 November 1932, West Exploration activities 1933 to West Driefontein Rudd, as joint Managing Africa Limited is renamed Rudolf Krahman discovered Witwatersrand Areas Limited is 1939 culminate in registration starts milling in 1952. Directors, are co-founders Consolidated Gold Fields of the vast gold deposits of formed to take over the Gold of West Driefontein Mining of The Gold Fields of South Africa to mine the deep- the West Wits Line near Fields MR and to continue Company on 7 March 1945. South Africa Limited. level gold deposits of Carletonville, including exploration work. Sinking of the No 1 and 2 the Witwatersrand. the mines known today as Shafts commences (now the Driefontein and Kloof. No 11 and 12 Shafts). MAIN DEVELOPMENT AREA MINED TONNES MILLED YIELD GOLD PRODUCED 1981 1979 1972 1968 1968 1962 14,127m 321,050m2 6,042kt 2.5g/t 15,004kg (482,400oz) On 1 July 1981 East West Driefontein succeeds East Driefontein starts Disaster strikes in October Intensive drilling carried Tragically, 29 people Driefontein Gold Mining Crown Mines as the largest production in 1972, with an 1968 when a stope in the 8 out between 1962 and lose their lives when Company Ltd changes gold producer ever. expected life of 52 years, and Shaft area and the entire East 1963 indicates the viability a severe subsidence its name to Driefontein is immediately among the Driefontein development area of an area adjoining West results in the collapse of SURFACE SURFACE SURFACE Consolidated Ltd and West lowest cost producers in South is flooded and threatens the Driefontein mine and the the entire sorting and Driefontein becomes a Africa. whole of West Driefontein. A East Driefontein Gold Mining crushing plant on West 3,905kt 0.4g/t 1,742kg wholly-owned subsidiary of tremendous effort saves the Company Limited is registered Driefontein. Driefontein Consolidated mines without loss of life. on 3 May 1968. (56,000oz) Ltd but still manages its own lease area. UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND 1999 1999 2005 2006 2009 2010 14,127m 321,050m2 2,137kt 6.2g/t 13,262kg (426,400oz) In September 1999 the Gold Fields wins control of On 30 August 2005, Driefontein successfully Suspension of the 5 Shaft decline option two entities are formally the Driefontein Gold Mine Driefontein officially pours converts its old order mining 9 Shaft deepening project. PFS replaced the 9 Shaft amalgamated, pooling by buying AGA’s 21.5% the 100 millionth ounce of licence to new order MR deepening option. their resources to form one shareholding, making Gold gold after some 53 years of and approval is given for mine, Driefontein Fields the world’s second production. completion of 9 Shaft project. Gold Mine. largest gold producer. Gold COSTS AND MARGINS Fields Ltd holds 100% interest in GFI Mining South Africa (Proprietary) Limited which in turn hold a 100% interest in Driefontein. 2016 2015 2014 2013 2012 2011 OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST 5 Shaft drop-down A section 102 application The PF study for the Driefontein showed an overall Announcement of the TSFs PFS and trial development commenced. was submitted to the DMR to Driefontein 5 Shaft Drop-down improvement in all safety unbundling of Sibanye Gold mining initiated. R1,022/t R1,873m 23% R1,155m R490,893/kg extend the MR boundaries to Project completed. lagging indicators, particularly Limited from Gold Fields include the TSFs that form part the FIFR, which improved by Limited. (US$1,148oz) of the WRTRP. 64% and was the lowest ever recorded by the mine to date. SURFACE SURFACE SURFACE ORE RESERVE ALL-IN COST MARGIN 2017 R183/t R214m 23% DEVELOPMENT 8% R876m The management of the operation was restructured to ensure optimal production. UNDERGROUND UNDERGROUND UNDERGROUND PROJECTS TOTAL CASH COST R2,556/t R1,659m 23% R44m R411,148/kg (US$961oz)

SUSTAINING R235m KLOOF SHAREHOLDER PLAN KLOOF HISTORY AT A GLANCE OPERATIONAL STATISTICS

1898 1909 1930 1934 1936 1939 2017 KEY STATISTICS

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 to commenced at Venterspost commenced at Libanon. and first gold from intersecting VCR and MVR the dolomites and was delineate the extent of the using the newly developed the West Wits Line at depth in the Far West abandoned. reefs underlying the dolomite. cementation process. Goldfield was poured at Rand area (later renamed Venterspost. the West Wits Line). 1987 1982 1968 1964 1945 1939 MAIN DEVELOPMENT AREA MINED TONNES MILLED YIELD GOLD PRODUCED 14,258m 309,500m2 5,751kt 2.86g/t 16,432kg The southern portion of Prospecting lease obtained Kloof Gold Mine Work commenced on Kloof’s Libanon Mine reopened. Sinking of Libanon’s (528,300oz) the Kloof Gold Mine and over an area to the south and officially opened. main twin-shaft complex. second shaft stopped part of the Bank Break west of the Kloof lease area, to curtail capital area culminated in the dubbed the Bank Break area. expenditure and the Leeudoorn Mining Lease. mine closed for the SURFACE SURFACE SURFACE Leeudoorn Shaft sinking duration of World War II. commenced. 3,574kt 0.45g/t 1,606kg 1992 1993 2000 2005 2007 2009 (51,600oz)

Venterspost Gold Mine Leeudoorn shaft completed. Formation of the Kloof Gold Production reached Kloof successfully converted Tailings surface facility UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND incorporated into the Mine with the amalgamation a cumulative its Old Order Mining Rights to uranium models 2 Libanon division of the of the Venterspost, Libanon, 70 Moz of gold (yield). New Order Mining Rights. completed and included 14,258m 309,500m 2,177kt 6.81g/t 14,826kg Kloof Gold Mine. Kloof and Leeudoorn Gold in Mineral Resource Mines. Statement. (476,700oz) 2015 2014 2013 2012 2011 2010

Following the completion Concluded a pre-feasibility Secondary reef Announcement of the SRD Python Plant Project Kloof and Driefontein COSTS AND MARGINS of the drop-down decline study on the mining area project initiated. formation of Sibanye Gold and TSFs PFS were combined to create FS, capital approval below 45 Level at Kloof Limited following the the Kloof/Driefontein was obtained from the 4 Shaft. unbundling from Complex. Board and development Embarked on a major Gold Fields Limited. commenced. exploration programme, A Section 102 application targeted at the Kloof and was submitted to the MVR at Main and 8 Shafts. DMR to extend the MR boundaries to include the OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST TSFs that form part of the WRTRPs. R1,000/t R3,083m 35% R1,233m R439,506/kg 2016 2017 (US$1,027oz)

Management teams were Restructuring of management SURFACE SURFACE SURFACE ORE RESERVE ALL-IN COST MARGIN amalgamated to optimise to ensure optimal production. DEVELOPMENT production. R183/t R207m 24% 18% EBA was included into R876m the Mineral Resources but requires further study. UNDERGROUND UNDERGROUND UNDERGROUND PROJECTS TOTAL CASH COST R2,342/t R2,876m 36% R147m R357,245/kg (US$835oz)

SUSTAINING R210m BURNSTONE SHAREHOLDER PLAN BURNSTONE HISTORY AT A GLANCE OPERATIONAL STATISTICS

1887 1974 2002 2002 2006 2009 2017 KEY STATISTICS

Gold discovered in the A steep rise in the gold price Southgold Exploration (Pty) Great Basin Gold acquired Positive final FS declared a The Decline Shaft South Rand Basin outcrops sparked renewed interest in Ltd drilled an additional 18 100% of Southgold and large Measured and Indicated tunnel intersects of the Kimberley Reef. the South Rand Basin – boreholes, primarily within drilled a further 374 Gold Resource (85.2 Mt @ Kimberley Reef. Union Corporation/Glencor the Burnstone MR and again boreholes until 2012 within 5.52 g/t for 15.3 Moz). and Anglovaal conducted intermittently intersected or in close proximity of the The construction of the extensive drilling programmes, payable Kimberley Reef. Burnstone MR. Burnstone Decline which confirmed the Shaft started. occurrence of Kimberley Reef MAIN DEVELOPMENT AREA MINED TONNES MILLED YIELD GOLD PRODUCED at relatively shallow depths of 200m – 300m. 4,752m Not applicable Not applicable Not applicable Not applicable 2017 2016 2015 2014 2012 SURFACE SURFACE SURFACE

Infrastructure Slow ramp-up of the Completion of the FS, Sibanye Gold took Southgold placed in a Not applicable Not applicable Not applicable development to access development commenced. capital approval obtained to over Wits Gold and acquired business rescue plan deeper ore. Plant and shaft infrastructure, commence with development Southgold. Sibanye’s and Wits Gold acquired maintenance and repairs in in 2016. technical team reviewed the the company. UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND preparation for full production technical aspects of Burnstone (planned to start in 2018) with its own FS. 4,752m Not applicable Not applicable Not applicable Not applicable took place.

COSTS AND MARGINS

OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST Not applicable Not applicable Not applicable R387m Not applicable

PROJECTS ALL-IN COST MARGIN R387m Not applicable

TOTAL CASH COST Not applicable KROONDAL SHAREHOLDER PLAN KROONDAL HISTORY AT A GLANCE OPERATIONAL STATISTICS

1996 1997 1998 1999 2000 2001 2017 KEY STATISTICS

A PFS on the Kroondal The bankable feasibility study Mine development begins and Mining via two decline shafts Aquarius increases its Initial joint venture Platinum Project, in which of the Kroondal Platinum an initial off-take agreement (originally the Central and stake in Kroondal to 94.57% (50:50) agreement Aquarius had a 45% Project is completed and is signed with Implats that East Shafts, now Kopaneng and then entered into with stake, is completed. confirms a resource of 25Mt continues until 2008. and Simunye) begins in to 100%. Rustenburg Platinum at a cut-off grade of 5.4g/t. March and by year end, Mines, a subsidiary of full production has been AAP that is effective achieved and the initial plant 1 July 2001 and includes commissioned. a second concentrator MAIN DEVELOPMENT AREA MINED TONNES DELIVERED YIELD 4E PGM (Moz) plan. 14,829m 840,814m2 7,556kt 2.42g/t 0,589 2013 2011 2008 2006 2005 2003 SURFACE SURFACE SURFACE The extent of the resource Development of a fifth shaft, Production ramp up at Kwezi Construction of fourth shaft, Second concentrator plant Aquarius enters into included in the P&SA K6, begins. begins and continues into Kwezi (K5), begins. commissioned. a 50:50 P&SA with Not applicable Not applicable Not applicable agreement is extended, following year with a total AAP aimed at doubling thus further prolonging of four decline shafts in output. This agreement Kroondal’s LoM. production. was effective November UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND 2003 and included an 2 off-take agreement 14,829m 840,814m 7,556kt 2.42g/t 0,589 with AAP for the resources covered by the agreement. 2015 2016 2017 COSTS AND MARGINS

Production ramp up at K6 Sibanye acquired a 50% stake Full operational period under completed. in Kroondal following the Sibanye-Stillwater. acquisition in full of Aquarius Delivered highest 4Eoz output on 12 April 2016. in history of Kroondal.

OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST R634/t R466m 16.27% R381.1m R10,176/4E PGM oz

SURFACE SURFACE SURFACE ALL-IN COST MARGIN Not applicable Not applicable Not applicable Not applicable

UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND R634/t R466m 16.27% R381.1m R10,176/4E PGM oz RUSTENBURG SHAREHOLDER PLAN RUSTENBURG HISTORY AT A GLANCE OPERATIONAL STATISTICS

1925 1929 1935 1951 1953 1961 2017 KEY STATISTICS

Exploration on the Eastern The first vertical shaft at Waterfall vertical shaft Central deep shaft Siphumelele 3 Shaft and Siphumelele 2 Shaft Limb of the Bushveld Rustenburg Section – west constructed. constructed. West 20 compressor station commissioned. Complex started as far vertical shaft. constructed. back as 1925. 1984 1978 1972 1970 1968 1967 MAIN DEVELOPMENT AREA MINED TONNES DELIVERED YIELD 4E PGM (Moz) Khuseleka 2 Shaft Siphumelele 1 Shaft Khuseleka 1 Shaft Thembelani 1 Shaft Khomanani Shaft Frank Concentrators 1,370,628m2 commissioned. commissioned. commissioned. commissioned. commissioned. commissioned. 20,278m 13,063kt 2.71g/t 1,131 1993 2011 2016 2017 SURFACE SURFACE SURFACE 1.49g/t Khomanani 2 Shaft Thembelani 2 Shaft sinking. Sale of Rustenburg Platinum Full operational period under 5,970kt 0,285 commissioned. Operations to Sibanye on Sibanye-Stillwater with 1 November 2016. consistent delivery in all metrics. UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND UNDERGROUND 20,278m 1,370,628m2 7,093kt 3.71g/t 0,846

COSTS AND MARGINS

OPERATING COSTS OPERATING PROFIT OPERATING MARGIN CAPITAL EXPENDITURE ALL-IN COST R694/t R1,237m 12.01% R831.1m R10,463/4E PGM oz (Inclusive of ORD)

SURFACE SURFACE SURFACE SURFACE R133/t R274m 25.89% R7,745/4E PGM oz

UNDERGROUND UNDERGROUND UNDERGROUND ORE RESERVE UNDERGROUND R1,159/t R963m 10.48% DEVELOPMENT R10,807/4E PGM oz R445m OUR MINING IMPROVES LIVES WWW.SIBANYESTILLWATER.COM