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. Revenue by r Pr Southern Africa region 80% Gold 44% Platinum 25% % United States region 20% % Palladium 21% Other PGMs 10% 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