Ni Cu Pd Ru Ir INTEGRATED Rh Pt REPORT Au Cr 2019 OUR 2019 REPORTS Sibanye Stillwater Limited LEGEND OF ICONS USED IN THIS REPORT These reports cover the financial (Sibanye-Stillwater), a leading year from 1 January 2019 to LINKS TO SUPPLEMENTARY INFORMATION 31 December 2019. international precious metals Refers to related information elsewhere in producer, mining and processing the Integrated Report Refers to related information available platinum group metals online at the url provided (PGMs) and gold. We have a Refers to a related fact sheet Ni available online Cu geographically diverse portfolio Pd OUR MINING IMPROVES LIVES STRATEGIC FOCUS AREAS Ru of operations and projects in Ir Rh Pt INTEGRATED Au REPORT the United States (US) and Cr Building a Focusing on safe production SETTING THE SCENE values-based culture and operational excellence 2019 Sibanye-Stillwater Integrated Report 2018 3 southern Africa (SA). The Group is INTEGRATED INTEGRATED REPORT 2019 domiciled and headquartered in South Africa. Deleveraging our balance Addressing our sheet South African discount Ni Cu WHAT DRIVES US WHAT Pd OUR MINING IMPROVES LIVES Ru Pursuing value-accretive Environmental, social and Rh Ir MINERAL RESOURCES Pt AND MINERAL growth governance (ESG) RESERVES Au REPORT Cr LEADERSHIP CAPITAL RESOURCES 2019 Sibanye-Stillwater Integrated Report 2018 6 MINERAL RESOURCES AND MINERAL RESERVES REPORT 2019 USING THIS INTEGRATED REPORT HUMAN FINANCIAL CAPITAL CAPITAL This report, produced primarily for shareholders Ni Cu and investors, as well as for other stakeholders, Pd OUR MINING IMPROVES LIVES aims to describe Sibanye-Stillwater’s progress in Ru NATURAL SOCIAL AND delivering on our strategy and its related strategic CAPITAL RELATIONSHIP Rh Ir SUMMARISED REPORT AND NOTICE OF focus areas, and on our purpose and vision to CAPITAL Pt ANNUAL GENERAL Au MEETING Cr create value, responsibly and sustainably, over the 2019 short, medium and long term. Sibanye-Stillwater Integrated Report 2018 15 SUMMARISED REPORT ANNUAL OF AND NOTICE GENERAL MEETING 2019 MANUFACTURED INTELLECTUAL In compiling this report, we considered and/ CAPITAL CAPITAL DELIVERING ON OUR STRATEGY AND OUTLOOK DELIVERING ON OUR STRATEGY or complied with the following frameworks, standards, and guidelines: Ni SUPPORTING FACT SHEETS AND DOCUMENTS Cu AVAILABLE ONLINE INCLUDE: Pd OUR MINING IMPROVES LIVES International Global Reporting King Report Ru Integrated Initiative (GRI) on Corporate • Care for iMali: Taking care of personal finance Rh Ir Reporting Standards Governance for • Biomonitoring of rivers and biodiversity Pt ANNUAL FINANCIAL Au REPORT Framework SA, 2016 (King IV) Cr • Working together: Good Neighbor Agreement (GNA) 2019 • Generating clean energy: Beatrix methane capture and ANNUAL FINANCIAL ANNUAL REPORT 2019 International The Companies Act destruction project ANCILLARY INFORMATION ANCILLARY Council on Johannesburg South Africa Mining and Stock Exchange 71 of 2008, as • Combatting illegal mining Metals (ICMM) (JSE) Listings amended • Social and labour plans: Summary of projects in South Africa Ni Requirements Cu • Environmental incidents in 2019: Level 3 and higher Pd OUR MINING IMPROVES LIVES United Nations Mining Charter International • GRI Content Index 2019 Ru Global Compact and related Financial • King IV Disclosure 2019 Rh Ir Pt COMPANY (UNGC) social and Reporting FINANCIAL STATEMENTS • Definitions of sustainability/ESG indicators Au Cr labour plans Standards (IFRS) 2019 COMPANY FINANCIAL COMPANY 2019 STATEMENTS Sustainable World Gold Task Force on Development Council’s Climate-Related Online Goals (SDGs) Responsible Financial All of our 2019 reports, together with supporting Mining Disclosures information, are available on our website at: Principles www.sibanyestillwater.com DIRECTORS’ STATEMENT OF ACCOUNTABILITY AND COMMITMENT SETTING THE SCENE section As required by King IV, our Board acknowledges its About this report 3 responsibilities in relation to good governance, ethical leadership Corporate profile 4 and responsible corporate citizenship. Good, ethical governance is integral to value creation and the Board applies the principles Our leadership 6 of King IV to govern, create, sustain and grow the Group. Value History – our value creation journey 9 01 creation is an integrated, sophisticated process and our reporting How we performed – a summary 10 reflects this. The Board, supported by the Audit Committee, has ultimate WHAT DRIVES US section responsibility for this integrated report and for overseeing and ensuring the integrity, balance and completeness of the Delivering on our strategy 13 information presented. Our external business and operating environment 17 Engaging with stakeholders 24 Having applied its collective mind and expertise, the Board Pursuing opportunities and managing risk 31 02 believes that the information presented in this report provides How we create value – our business model 48 a fair and transparent review of Sibanye-Stillwater, its principal Key impacts and capital trade-offs 50 material matters, its current profile and performance, and its ability to create value in the short, medium and long term. This integrated report, which is presented in line with the LEADERSHIP section International Integrated Reporting Framework, was approved for release to stakeholders, by the Board, on 22 April 2020 and Leadership point of view 57 signed on its behalf by: Chief Financial Officer’s report 60 Social, Ethics and Sustainability Committee: Chairman’s report 68 Dr Vincent Maphai 03 Corporate governance 70 Chairman Remuneration report 90 Neal Froneman CEO Charl Keyter DELIVERING ON OUR STRATEGY AND OUTLOOK section CFO Delivering value from our operations and projects 127 Empowering our workforce 138 Timothy Cumming Commitment towards safe production 164 Remuneration Committee: Chairman CONTENTS Health and well-being and occupational hygiene 174 04 Harry Kenyon-Slaney Social upliftment and community development 190 Safety and Health Committee: Chairman Minimising our environmental impact 202 Harnessing technology 226 Richard Menell Mineral resources and reserves – a summary 232 Risk Committee: Chairman Four-year statistical review 246 Keith Rayner Audit Committee: Chairman Jerry Vilakazi Social, Ethics and Sustainability Committee: Chairman ANCILLARY INFORMATION section Statement of assurance 255 Shareholder information 258 Forward-looking statements 260 Administrative and corporate information 261 05 We welcome your feedback Your feedback, comments and suggestions help ensure that we cover the issues that matter to you. Please direct your suggestions and comments to: James Wellsted, Head of Investor Relations at: [email protected] www.sibanyestillwater.com Sibanye-Stillwater Integrated Report 2019 1 SECTION SETTING THE SCENE 01 SETTING THE SCENE WHAT DRIVES US WHAT LEADERSHIP A leading international precious metals mining company 3 About this report 4 Corporate profile 6 Our leadership 9 History – our value creation journey 10 How we performed – a summary DELIVERING ON OUR STRATEGY AND OUTLOOK DELIVERING ON OUR STRATEGY ANCILLARY INFORMATION ANCILLARY 2 Sibanye-Stillwater Integrated Report 2019 ABOUT THIS REPORT APPROACH AND PHILOSOPHY requirements which are addressed in this report. This report aims This integrated report, our primary annual report, describes the to enable all stakeholders to determine whether the material operational, financial and sustainable development performance issues identified will affect the sustainability of Sibanye-Stillwater’s and activities of Sibanye Stillwater Limited (Sibanye-Stillwater, business and its ability to create and sustain value in the short, before 24 February 2020 Sibanye Gold Limited) for the 12 months medium and long term. from 1 January 2019 to 31 December 2019. DETAIL AND INCLUSIVITY SETTING THE SCENE In this report, we provide insight into our strategy, management The comprehensive nature of this report reflects the Group’s aim of our risks and opportunities, our leadership and governance to provide sufficient, material information for the various users structures, our business and performance, and on progress made of the report. It is also a function of the Group not producing a in delivering on our strategic objectives and in creating and separate sustainable development report, and 2019 reporting sharing value over the past year. We report on those matters, including the newly-acquired Marikana operations (previously WHAT DRIVES US WHAT which after considered review, we believe to have been most Lonmin Plc). material to Sibanye-Stillwater. SCOPE AND BOUNDARY This integrated report complies with the International Integrated The scope and boundary of this report considers the Group’s Reporting Council’s (IIRC’s) Integrated Reporting Framework, the organisational structure (see Corporate profile) implemented King IV Report on Corporate Governance for South Africa, 2016 to enhance and ensure delivery on our strategic operating LEADERSHIP (King IV), the JSE listing requirements, and the South African objectives. Annual comparative data is provided where applicable. Companies Act 71 of 2008, as amended (Companies Act). Our For the 2019 financial year, annual data is provided where King IV disclosure report is available online. possible by region, type of operation and at Group level. Where As we do not produce a separate sustainable development report, data for previous years has been restated, this is indicated. DELIVERING ON OUR STRATEGY AND OUTLOOK DELIVERING ON OUR STRATEGY