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”,”the Company” and/or “the Group”)
Registered Address:
Constantia Office Park
Bridgeview House • Building 11 • Ground Floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park • 1709
Weltevreden Park • 1709
Postal Address:
Private Bag X5 • Westonaria • 1780
Tel +27 11 278 9600 • Fax +27 11 278 9863
Website: www.sibanyestillwater.com
Exhibit 99.1
MARKET RELEASE
Delaware Supreme court affirms the Stillwater appraisal decision to uphold the deal price
Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) is pleased to advise that the Delaware Supreme
Court has issued its opinion on the Stillwater Appraisal Action, affirming the favourable decision by the
Delaware Court of Chancery on 21 August 2019 to uphold the deal price of the acquisition of Stillwater
Mining Company (Stillwater) by the Group.
The action was brought by a group of minority shareholders (the Dissenting Shareholders) of Stillwater,
following the acquisition of Stillwater by the Group in May 2017 for a cash consideration of US$18 per
Stillwater share. The consideration to the Dissenting Shareholders, which was equal to the original offer
price plus interest, was previously paid.
Group CEO Neal Froneman commented: ”We are extremely pleased with the affirmation by the
Supreme Court, which confirmed that we followed a process that was fair to all stakeholders. This again
validates our decision to oppose the action and protect the interests of our stakeholders against spurious,
opportunistic legal proceedings.”
Ends.
Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014
Court has issued its opinion on the Stillwater Appraisal Action, affirming the favourable decision by the
Delaware Court of Chancery on 21 August 2019 to uphold the deal price of the acquisition of Stillwater
Mining Company (Stillwater) by the Group.
The action was brought by a group of minority shareholders (the Dissenting Shareholders) of Stillwater,
following the acquisition of Stillwater by the Group in May 2017 for a cash consideration of US$18 per
Stillwater share. The consideration to the Dissenting Shareholders, which was equal to the original offer
price plus interest, was previously paid.
Group CEO Neal Froneman commented: ”We are extremely pleased with the affirmation by the
Supreme Court, which confirmed that we followed a process that was fair to all stakeholders. This again
validates our decision to oppose the action and protect the interests of our stakeholders against spurious,
opportunistic legal proceedings.”
Ends.
Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014
Website: www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Ends.
Ends.
FORWARD LOOKING STATEMENTS
The information in this announcement may contain forward-looking statements within the meaning of
the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. These
forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited’s
(“Sibanye-Stillwater” or the “Group”) financial positions, business strategies, plans and objectives of
management for future operations, are necessarily estimates reflecting the best judgment of the senior
management and directors of Sibanye-Stillwater.
All statements other than statements of historical facts included in this announcement may be forward-
looking statements. Forward-looking statements also often use words such as “will”, “forecast”,
“potential”, “estimate”, “expect” and words of similar meaning. By their nature, forward-looking
statements involve risk and uncertainty because they relate to future events and circumstances and
should be considered in light of various important factors, including those set forth in this disclaimer.
Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements
to differ materially from those in the forward-looking statements include, among others, our future
business prospects; financial positions; debt position and our ability to reduce debt leverage; business,
political and social conditions in the United States, South Africa, Zimbabwe and elsewhere; plans and
objectives of management for future operations; our ability to obtain the benefits of any streaming
arrangements or pipeline financing; our ability to service our bond instruments; changes in assumptions
underlying Sibanye-Stillwater’s estimation of their current mineral reserves and resources; the ability to
achieve anticipated efficiencies and other cost savings in connection with past, ongoing and future
acquisitions, as well as at existing operations; our ability to achieve steady state production at the Blitz
project; the success of Sibanye-Stillwater’s business strategy; exploration and development activities; the
ability of Sibanye-Stillwater to comply with requirements that they operate in a sustainable manner;
changes in the market price of gold, PGMs and/or uranium; the occurrence of hazards associated with
underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and
industrial action; the availability, terms and deployment of capital or credit; changes in relevant
government regulations, particularly environmental, tax, health and safety regulations and new
legislation affecting water, mining, mineral rights and business ownership, including any interpretations
thereof which may be subject to dispute; the outcome and consequence of any potential or pending
litigation or regulatory proceedings or other environmental, health and safety issues; power disruptions,
constraints and cost increases; supply chain shortages and increases in the price of production inputs;
fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary
policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned
maintenance; the ability to hire and retain senior management or sufficient technically skilled employees,
as well as their ability to achieve sufficient representation of historically disadvantaged South Africans in
management positions; failure of information technology and communications systems; the adequacy
of insurance coverage; any social unrest, sickness or natural or man-made disaster at informal settlements
in the vicinity of some of Sibanye-Stillwater’s operations; and the impact of HIV, tuberculosis and the
spread of other contagious diseases, such as coronavirus (“COVID-19”). Further details of potential risks
and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the
Johannesburg Stock Exchange and the United States Securities and Exchange Commission.
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly
disclaims any obligation or undertaking to update or revise any forward-looking statement (except to
the extent legally required).
the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. These
forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited’s
(“Sibanye-Stillwater” or the “Group”) financial positions, business strategies, plans and objectives of
management for future operations, are necessarily estimates reflecting the best judgment of the senior
management and directors of Sibanye-Stillwater.
All statements other than statements of historical facts included in this announcement may be forward-
looking statements. Forward-looking statements also often use words such as “will”, “forecast”,
“potential”, “estimate”, “expect” and words of similar meaning. By their nature, forward-looking
statements involve risk and uncertainty because they relate to future events and circumstances and
should be considered in light of various important factors, including those set forth in this disclaimer.
Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements
to differ materially from those in the forward-looking statements include, among others, our future
business prospects; financial positions; debt position and our ability to reduce debt leverage; business,
political and social conditions in the United States, South Africa, Zimbabwe and elsewhere; plans and
objectives of management for future operations; our ability to obtain the benefits of any streaming
arrangements or pipeline financing; our ability to service our bond instruments; changes in assumptions
underlying Sibanye-Stillwater’s estimation of their current mineral reserves and resources; the ability to
achieve anticipated efficiencies and other cost savings in connection with past, ongoing and future
acquisitions, as well as at existing operations; our ability to achieve steady state production at the Blitz
project; the success of Sibanye-Stillwater’s business strategy; exploration and development activities; the
ability of Sibanye-Stillwater to comply with requirements that they operate in a sustainable manner;
changes in the market price of gold, PGMs and/or uranium; the occurrence of hazards associated with
underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and
industrial action; the availability, terms and deployment of capital or credit; changes in relevant
government regulations, particularly environmental, tax, health and safety regulations and new
legislation affecting water, mining, mineral rights and business ownership, including any interpretations
thereof which may be subject to dispute; the outcome and consequence of any potential or pending
litigation or regulatory proceedings or other environmental, health and safety issues; power disruptions,
constraints and cost increases; supply chain shortages and increases in the price of production inputs;
fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary
policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned
maintenance; the ability to hire and retain senior management or sufficient technically skilled employees,
as well as their ability to achieve sufficient representation of historically disadvantaged South Africans in
management positions; failure of information technology and communications systems; the adequacy
of insurance coverage; any social unrest, sickness or natural or man-made disaster at informal settlements
in the vicinity of some of Sibanye-Stillwater’s operations; and the impact of HIV, tuberculosis and the
spread of other contagious diseases, such as coronavirus (“COVID-19”). Further details of potential risks
and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the
Johannesburg Stock Exchange and the United States Securities and Exchange Commission.
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly
disclaims any obligation or undertaking to update or revise any forward-looking statement (except to
the extent legally required).