6. Metallurgical complex - The Vault

6. Metallurgical

complex

27 September 2018

www.sibanyestillwater.com

Forward looking statements

This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of

the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be

identified by the use of words such as “target”, “will”, “forecast”, “expect”, “potential”, “intend”, “estimate”,

“anticipate”, “can” and other similar expressions that predict or indicate future events or trends or that are

not statements of historical matters. In this presentation, for example, statements related to potential

transaction benefits (including financial re-ratings), pricing expectations, levels of output, supply and

demand, information related to the Blitz Project, and estimations or expectations of enterprise value, EBITDA

and net asset values, are forward-looking statements. The forward-looking statements set out in this

presentation involve a number of known and unknown risks, uncertainties and other factors, many of which

are difficult to predict and generally beyond the control of Sibanye-Stillwater, that could cause Sibanye-

Stillwater’s actual results and outcomes to be materially different from historical results or from any future

results expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors

include, without limitation: Sibanye-Stillwater’s ability to successfully integrate the acquired assets with its

existing operations; Sibanye-Stillwater’s ability to achieve anticipated efficiencies and other cost savings in

connection with the transaction; Sibanye-Stillwater’s ability to implement its strategy and any changes

thereto; Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures,

projected costs and anticipated cost savings and financing plans; changes in the market price of gold,

platinum group metals (“PGMs”) and/or uranium. These forward-looking statements speak only as of the date

of this presentation.

Sibanye-Stillwater undertakes no obligation to update publicly or release any revisions to these forward-

looking statements to reflect events or circumstances after the date of this presentation or to reflect the

occurrence of unanticipated events.

2

Disclaimer


Efficient, environmentally conscious processing and leading recycling facilities 3

World-class US PGM processing facilities

Smelter

• Two furnaces - provides

operational risk

mitigation

• Recovery of Cu and Ni

by-products provide

credits and serve as

PGM collectors for

smelting catalyst

Base Metal Refinery

• Significant operating

and financial leverage

• Sufficient capacity for

future growth

• Produces palladium,

platinum, rhodium-rich

filter cake

• 2,100 tons of matte pa

• 99.8% recovery

• 2,100tpa (80 hour work

week), 97% current

utilization

PGM Recycling

• Significant operating

and financial leverage

with minimal

incremental capital

• State-of-the-art facility

extracts PGMs from

material (purchased or

tolled) from third-parties

Smelter

4


5

Smelter flow diagram


6

Smelter flow diagram – Gas cleaning


EF matt tap

7

Overview of electric furnaces (EF1 & EF2)

Smelter capacity and utilisation

• 150 tons per day (TPD) electric

furnace (EF) capacity, per furnace

• 90% furnace utilisation rates

• Currently 4:1 concentrate to recycle

feed ratio

• 74 tons per annum SO2 emissions limit

versus current emissions of 4 tons per

annum Furnace electrodes

Inside the Top Blown Rotary

Convertor (TBRC)

Recycling


9

Recycling business flowsheet


10

Recycling sample plant


A world class high volume assay plant – provides competitive advantage 11

Recycling automated assay plant


• Auto catalyst recycling is a growing supply of PGM metals and is seen by

customers as a “green” source

• Business is a mix of purchased material (buy and sell metal) and tolled

material (fixed fee for processing and return the metal)

– Currently approximates 20% tolled and 80% purchased

• Stillwater takes minimal financial risk in the recycling business – for

purchased material all metal is sold forward at the time of purchase

• Margins are driven primarily by the treatment charge with a small

component margin coming from recovery of metal greater than the

payable portion - “free metal”

Recycling remains a key free cash flow generating component of our business 12

Recycling


• The only price exposure relates to the “free metal” – which results in

relatively consistent cash flows independent of price

• Nine major players are responsible for the majority of autocat

recycling, and Sibanye-Stillwater is now the largest PGM recycler from

spent autocats

• Growing structural issue related to ability to treat diesel auto cat

• Recycle profits typically lag feed volumes by up to three months

• Metallurgical complex capacity offers ability to increase recycling

throughput with minimal capital spend

Recycling remains a key free cash flow generating component of our business 13

Recycling (continued)


Steadily increasing EBITDA from recycling 14

Increasing volumes and EBITDA from recycling

$0

$1

$2

$3

$4

$5

$6

$7

-

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

180 000

200 000

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

EBIT

DA

($

m)

Trea

ted

oz

Treated ounces EBITDA

Base metals refinery

15


2,100tpa (80 hour work week), 97% current utilization 16

Base Metals Refinery (BMR) flowsheet


17

Base Metals Refinery – Nickel circuits


18

Base metals refinery (BMR) - Nickel


19

Base Metals Refinery – Pressure leach circuits


20

Base metals refinery (BMR) - Copper


21

Base Metals Refinery – Copper Electrowinning


22

BMR process - Copper


23

BMR process – Final leach step

Laboratory

operations

24


25

Laboratory flowsheet


26

Lab – Fire assay


• Services both mines and concentrators, smelter, BMR and recycle business

• Processes approximately 26,000 samples/month

• Utilizes following assay techniques:

– Fire assay

– ICP (Inductively Coupled Plasma Spectrometer)

– X-ray

• Lab personnel

– Staffed 19 hours per day / 7days per week

– Total of 43 employees

• Sample handling, one of the most important aspect of our analysis

– Analytical procedures in place on all product types

– QA/QC performed on all lab equipment, daily and quarterly

– Internal Reference Materials (IRM) in place for all products

– Assay data collected through LIMS(Lab Information Management System)

– Outside analysis on IRM’s, geology, concentrates, matte and final filtercake on a

quarterly basis

Laboratory IP has been developed over many years and is considered world class 27

Laboratory operations and quality control

Questions?

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6. Metallurgical complex - The Vault