SIBANYE STILLWATER LIMITED - Sibanye-Stillwater receives strike notice for sections of its US PGM operations

Sibanye-Stillwater receives strike notice for sections of its US PGM operations 

Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
(“Sibanye-Stillwater” or the “Group” or the “Company”)
Website: www.sibanyestillwater.com


Sibanye-Stillwater receives strike notice for sections of its US PGM operations

Johannesburg, 2 September 2026: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) advises
stakeholders that, on the afternoon of 1 September 2026, it received notification from the
United Steelworkers union (the union) that its members, covered by the Stillwater East mine
and Columbus metallurgical facility collective bargaining agreement, intend to commence strike
action on Thursday morning, 3 September 2026 at 7am (MT).

The strike notice relates specifically to employees covered by the collective bargaining
agreement for the Stillwater East mine and Columbus metallurgical facility. The East Boulder
mine is covered by a separate collective bargaining agreement and is not included in this
strike notice. Negotiations under the East Boulder agreement are continuing.

Sibanye-Stillwater has been engaging with the union for more than four months to conclude a
new collective bargaining agreement. The Company remains committed to constructive engagement
and to reaching an agreement that appropriately recognises employees' interests while enabling
the operational changes required to secure the longer-term sustainability of the US PGM
operations.

As shared at our International Capital Markets Day on 20 April 2026
(https://www.sibanyestillwater.com/features/2026/capital-markets-day-2026-international-
operations/), the US PGM operations are implementing an integrated, productivity-led
transformation programme centered on increased mechanisation and modernised work practices.
This programme enables increased productivity, thereby reducing unit costs, and improving
through-cycle resilience and long-term sustainability of the US PGM operations. Critically,
modernised work practices are required to complement the technical and operational
transformation, and in this regard a redesigned performance and incentive plan has been
proposed as part of the collective bargaining agreement.

The US PGM operations produced 137,930 2Eoz during the six months ended 30 June 2026 at a
negative notional free cash flow margin, of which the Stillwater East mine contributed 76,334
2Eoz (about 55%) and East Boulder contributed 61,595 2Eoz. Based solely on the Stillwater
East mine’s H1 2026 production rate, the operation produced an average of approximately 446
2Eoz per day. Actual production impacted by the strike will depend on its duration, the
operating arrangements during the strike, the availability of processing facilities and the
timing of subsequent production restart.

Commenting on the strike notice, CEO Richard Stewart said: “Successfully reducing the unit
operating costs at the US PGM operations remains an imperative to securing the long-term
future of these operations and to justify required future capital investment. The productivity
transformation program has been carefully planned and designed to achieve this, and the
proposed bargaining agreement is critical to enable the productivity and operating changes
required. We have a clear plan to secure the future of these operations. However, if that
plan cannot be implemented and the operations remain unsustainable, there may ultimately be
no viable basis for the continued operation. We remain committed to constructive engagement
with the United Steelworkers to reach agreement that will secure the long-term sustainability
of these world-class operations that produce critical metals in the United States, preserve
employment and create lasting value for all stakeholders.”

About Sibanye-Stillwater

Sibanye-Stillwater is a global mining and metals processing group with a diverse portfolio of operations,
projects and investments across five continents. The Group is also one of the foremost global recyclers
of a suite of metals and has interests in leading secondary mining operations.
Sibanye-Stillwater is one of the largest producers and refiners of platinum group metals (PGMs: platinum,
palladium, rhodium, iridium and ruthenium) and is a top-tier gold producer. It also produces nickel,
chrome, copper, silver, cobalt and zinc. The Group has also diversified into mining and processing
battery metals and has increased its presence in the circular economy by expanding its recycling and
secondary-mining exposure globally. For more information, see www.sibanyestillwater.com.

Investor relations contact:

Email: ir@sibanyestillwater.com

Website: www.sibanyestillwater.com
LinkedIn: https://www.linkedin.com/company/sibanye-stillwater
Facebook: https://www.facebook.com/SibanyeStillwater
YouTube: https://www.youtube.com/@sibanyestillwater/videos
X: https://twitter.com/SIBSTILL

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

DISCLAIMER

FORWARD LOOKING STATEMENTS

This announcement contains forward-looking statements within the meaning of the “safe harbour” provisions
of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements
of historical fact included in this presentation may be forward-looking statements. Forward-looking
statements may be identified by the use of words such as “will”, “would”, “expect”, “forecast”,
“potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “intend”, “target”, “estimate” and words of
similar meaning.

These forward-looking statements, including among others, those relating to Sibanye Stillwater Limited’s
(Sibanye-Stillwater or the Group) future financial position, business strategies and other strategic
initiatives, business prospects, industry forecasts, production and operational guidance, climate and
ESG-related targets and metrics, and plans and objectives for future operations, project finance and the
completion or successful integration of acquisitions, are necessarily estimates reflecting the best
judgement of Sibanye-Stillwater’s senior management. Readers are cautioned not to place undue reliance
on such statements. Forward-looking statements 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 its actual results and outcomes to be materially different from historical
results or from any future results expressed or implied by such forward-looking statements. As a
consequence, these forward-looking statements should be considered in light of various important factors,
including those set forth in Sibanye-Stillwater’s 2025 Integrated Report and annual report on Form 20-F
filed with the Securities and Exchange Commission (SEC) on 24 April 2026 (SEC File no. 333-234096). These
forward-looking statements speak only as of the date of this presentation. Sibanye-Stillwater expressly
disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the
extent legally required).

Websites
References in this announcement to information on websites (and/or social media sites) are included as
an aid to their location and such information is not incorporated in, and does not form part of, this
announcement.

Date: 02/09/2026 05:40:00
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