South African Operations Capital Markets Day 2026: First Look

Research evidence excerpt

South African Operations Capital Markets Day 2026: First Look

June 24, 2026 | 10:29 ET~

Sibanye-Stillwater Platinum Group Metals

Raj Ray, CFA Analyst

raj.ray@bmo.com 44 (0)20 7246 5430

SBSW-NYSE Rating Price: Jun-23 Target Total Rtn

Market Perform $9.00 $14.00 61% Frederic Bolton VP Associate

frederic.bolton@bmo.com +44 7850 655 751

Max Yerrill, CFA* VP Associate

max.yerrill@bmo.com (437) 214-3503

Legal Entity: BMO Capital Markets LimitedSouth African Operations Capital Markets Day 2026:

First Look BMO Nesbitt Burns Inc.*

Bottom Line:

Sibanye-Stillwater hosted its South African PGM and Gold business investor day

(following the International and Recycling business investor day in April 2026) 2YR Price Volume Chart

alongside a site visit to the PGM operations. The removal of the Kroondal-Rustenburg

boundaries has facilitated access to reserves and flexibility to optimize production 20

and lower costs. Brownfields projects offer a lower-risk route to new production. 15 40

With the UG2 reef increasingly exploited, chrome is emerging as a key value driver, 10 30

underpinning brownfields project viability. 5 20

0 0

Key Points Dec Jun Dec Jun

LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Sibanye-Stillwater hosted a presentation and site visit covering the South African

operations. Below we highlight some preliminary takeaways:

- Full ownership of Kroondal unlocks reserves. With the acquisition of the Kroondal

and Marikana PSAs from Anglo American Platinum (now Valterra) in November 2023,

the removal of permit boundaries has allowed Sibanye-Stillwater to apply multiple

years of optimization work to unlock value across Marikana-Rustenburg-Kroondal

projects, rethinking it as one contiguous 70km strike-length orebody.

- UG2, a key value contributor.