Johannesburg, 26 February 2025: Sibanye-Stillwater (Tickers JSE:...

Johannesburg, 26 February 2025: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) advises stakeholders
that the Board of directors of Sibanye-Stillwater (the Board) has made a decision not to proceed with the
Rhyolite Ridge Lithium-Boron Project (Rhyolite Ridge or the Project) under the joint venture agreement with
ioneer Ltd. (ioneer).

Sibanye-Stillwater announced in September 2021 that it had reached agreement with ioneer to establish a
joint venture company with respect to Rhyolite Ridge (refer: Announcement 16 September 2021). The
completion of the joint venture was subject to various conditions precedent under the joint venture
agreement, which has undergone multiple amendments since September 2021. These conditions included
a final investment decision from the Board affirming its commitment to proceed with the Project.

In October 2024, Sibanye-Stillwater received updated project and technical information from ioneer in the
form of a technical report summary and other updated technical reports. Management, with the assistance
of external specialists and advisors, carefully reviewed and conducted due diligence on that information,
and based on the results of this work, the Board resolved not to proceed with Rhyolite Ridge as, among
other things, the Project did not meet the Sibanye-Stillwater investment hurdle rates at prudent pricing
assumptions.

Sibanye-Stillwater has communicated the decision of its Board to ioneer.

The Group remains committed to the U.S. market and its battery metals strategy and will continue to assess
growth opportunities in this space.