Sibanye Stillwater Limited (SBSW) 20-F 24 Apr 23 2022 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2022 shares
Entity Information [Line Items]
Document Type	20-F
Document Annual Report	true
Entity File Number	333-234096
Entity Registrant Name	Sibanye Stillwater Limited
Entity Address, Address Line One	Constantia Office Park
Entity Address, Address Line Two	Bridgeview House, Building 11, Ground Floor
Entity Address, City or Town	Weltevreden Park
Entity Address, Postal Zip Code	1709
Entity Address, Country	ZA
Title of 12(b) Security	Ordinary shares of no par value each
No Trading Symbol Flag	true
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	2,830,370,251
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001786909
Entity Incorporation, State or Country Code	T3
Entity Address, Address Line Three	Cnr 14th Avenue & Hendrik Potgieter Road
Document Registration Statement	false
Document Transition Report	false
Document Shell Company Report	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
ADR
Entity Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing four ordinary shares
Trading Symbol	SBSW
Security Exchange Name	NYSE
Business Contact
Entity Information [Line Items]
Entity Address, Address Line One	Constantia Office Park
Entity Address, Address Line Two	Bridgeview House, Building 11, Ground Floor
Entity Address, City or Town	Weltevreden Park
Entity Address, Postal Zip Code	1709
Entity Address, Country	ZA
City Area Code	011-27
Local Phone Number	11-278-9700
Entity Address, Address Line Three	Cnr 14th Avenue & Hendrik Potgieter Road
Contact Personnel Name	Charl Keyter

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young Incorporated
Auditor Location	Johannesburg, Republic of South Africa
Auditor Firm ID	1698

Consolidated income statement

Consolidated income statement - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Revenue	R 138,288	R 172,194	R 127,392
Cost of sales	(101,624)	(109,306)	(83,369)
Interest income	1,203	1,202	1,065
Finance expense	(2,840)	(2,496)	(3,152)
Share-based payment expenses	(218)	(383)	(512)
Loss on financial instruments	(4,279)	(6,279)	(2,450)
Gain/(loss) on foreign exchange differences	616	1,149	(255)
Share of results of equity-accounted investees after tax	1,287	1,989	1,700
Other costs	(3,679)	(3,018)	(2,727)
Other income	1,110	764	1,658
Gain on disposal of property, plant and equipment	162	36	99
Reversal of impairments/(impairments)	6	(5,148)	121
Loss on settlement of US$ Convertible Bond	0	0	(1,507)
Early redemption premium on the 2025 Notes	0	(196)	0
Occupational healthcare gain/(expense)	211	14	(52)
Restructuring costs	(363)	(107)	(436)
Loss on Bulk Tailings re-Treatment (BTT) early settlement	0	0	(186)
Transaction costs	(152)	(140)	(139)
Profit before royalties, carbon tax and tax	29,728	50,275	37,250
Royalties	(1,834)	(2,714)	(1,765)
Carbon tax	10	(4)	(5)
Profit before tax	27,904	47,557	35,480
Mining and income tax	(8,924)	(13,761)	(4,858)
Profit for the year	18,980	33,796	30,622
Attributable to:
Owners of Sibanye-Stillwater	18,396	33,054	29,312
Non-controlling interests (NCI)	R 584	R 742	R 1,310
Earnings per share attributable to owners of Sibanye-Stillwater
Basic earnings per share (in ZAR per share)	R 6.51	R 11.40	R 10.74
Diluted earnings per share (in ZAR per share)	R 6.50	R 11.29	R 10.55

Consolidated statement of other

Consolidated statement of other comprehensive income - ZAR (R) R in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of comprehensive income [abstract]
Profit for the year		R 18,980	R 33,796	R 30,622
Other comprehensive income, net of tax		2,369	4,635	(2,006)
Foreign currency translation	[1]	3,840	3,807	(2,227)
Fair value adjustment on other investments	[2]	(1,467)	828	221
Re-measurement of defined benefit plan	[2]	(4)	0	0
Total comprehensive income		21,349	38,431	28,616
Attributable to:
Owners of Sibanye-Stillwater		20,671	37,698	27,287
Non-controlling interests		R 678	R 733	R 1,329
[1]These gains and losses will be reclassified to profit or loss in accordance with the accounting policy in note 1.4[2]These gains and losses will never be reclassified to profit or loss

Consolidated statement of finan

Consolidated statement of financial position - ZAR (R) R in Millions	Dec. 31, 2022	Dec. 31, 2021	[1]	Dec. 31, 2020	[1]
Assets
Non-current assets	R 105,867	R 88,163		R 81,860
Property, plant and equipment	76,909	62,494		60,600
Right-of-use assets	279	222		296
Goodwill and other intangibles	8,322	7,727		7,165
Equity-accounted investments	8,471	7,594		5,621
Other investments	3,340	3,367		847
Environmental rehabilitation obligation funds	5,306	5,202		4,934
Other receivables	798	651		821
Deferred tax assets	2,442	906		1,576
Current assets	60,764	64,831		52,243
Inventories	26,384	25,080		24,952
Trade and other receivables	7,500	7,411		6,866
Other receivables	81	523		37
Tax receivable	723	1,245		148
Cash and cash equivalents	26,076	30,292		20,240
Asset held for sale	0	280		0
Total assets	166,631	152,994		134,103
Equity and liabilities
Equity attributable to owners of Sibanye-Stillwater	88,101	79,393		67,936
Stated share capital	21,647	21,647		30,150
Other reserves	32,673	30,332		25,570
Accumulated profit	33,781	27,414		12,216
Non-controlling interests	2,903	1,952		2,780
Total equity	91,004	81,345	[2]	70,716	[2]
Non-current liabilities	55,408	51,108		45,900
Borrowings	22,606	20,191		17,497
Lease liabilities	208	177		223
Environmental rehabilitation obligation and other provisions	8,552	8,263		8,634
Occupational healthcare obligation	781	1,017		1,037
Cash-settled share-based payment obligations	4,991	2,829		1,595
Other payables	2,500	4,599		2,911
Deferred revenue	6,399	6,204		6,363
Tax and royalties payable	11	10		9
Deferred tax liabilities	9,360	7,818		7,631
Current liabilities	20,219	20,541		17,487
Borrowings	122	107		886
Lease liabilities	111	104		103
Occupational healthcare obligation	44	0		157
Cash-settled share-based payment obligations	284	58		33
Trade and other payables	15,653	15,162		13,207
Other payables	3,891	4,765		2,246
Deferred revenue	21	156		67
Tax and royalties payable	93	189		788
Total equity and liabilities	R 166,631	R 152,994		R 134,103
[1]* Restated — see note 1.5[2]** Restated — see note 1.5

Consolidated statement of chang

Consolidated statement of changes in equity - ZAR (R) R in Millions	Total		Drdgold Limited	Lonmin Canada	Platinum Mile	Stated share capital		Re- organisation reserve		Share-based payment reserve		Mark-to- market reserve		Foreign currency translation reserve		Accumulated profit/(loss)		Accumulated profit/(loss) Drdgold Limited	Accumulated profit/(loss) Lonmin Canada	Accumulated profit/(loss) Platinum Mile	Equity attributable to owners of Sibanye-Stillwater		Equity attributable to owners of Sibanye-Stillwater Drdgold Limited	Equity attributable to owners of Sibanye-Stillwater Lonmin Canada	Equity attributable to owners of Sibanye-Stillwater Platinum Mile	Non- controlling interests		Non- controlling interests Drdgold Limited	Non- controlling interests Lonmin Canada	Non- controlling interests Platinum Mile
Balance at beginning of period at Dec. 31, 2019	R 31,138					R 0	[1]	R 40,662		R 3,900		R 182		R 360		R (15,434)					R 29,670					R 1,468
Total comprehensive income for the year	28,616											202		(2,227)		29,312					27,287					1,329
Profit for the year	30,622															29,312					29,312					1,310
Other comprehensive income	(2,006)											202		(2,227)							(2,025)					19
Equity-settled share-based payments	158									152											152					6
Dividends	(1,698)															(1,338)					(1,338)					(360)
Increase (decrease) due to reorganisation	0					17,661		(17,661)													0
Shares issued upon conversion of US$ Convertible Bond	12,573					12,573		0													12,573
Share buy-back	(84)					(84)															(84)
Transaction with shareholders			R 0	R 13														R (324)					R (324)	R 0		324		R 324	R 13
Balance at end of period at Dec. 31, 2020	70,716	[2],[3]				30,150	[3]	23,001	[3]	4,052	[3]	384	[3]	(1,867)	[3]	12,216	[3]				67,936	[3]				2,780	[3]	1,768		R 37
Total comprehensive income for the year	38,431											837		3,807		33,054					37,698					733
Profit for the year	33,796															33,054					33,054					742
Other comprehensive income	4,635											837		3,807							4,644					(9)
Equity-settled share-based payments	151									142											142					9
Dividends	(18,176)															(17,832)					(17,832)					(344)
Increase (decrease) due to reorganisation	(1,146)															34					34					(1,180)
Share buy-back	(8,503)					(8,503)															(8,503)
Transaction with shareholders					R (128)															R (82)					R (82)					(46)
Adjustment due to sale of St Helena Hospital Proprietary Limited (St Helena Hospital)	0									(24)						24					0
Balance at end of period at Dec. 31, 2021	81,345	[2],[3]				21,647	[3]	23,001	[3]	4,170	[3]	1,221	[3]	1,940	[3]	27,414	[3]				79,393	[3]				1,952	[3]	1,939		0
Total comprehensive income for the year	21,349											(1,519)		3,798		18,392					20,671					678
Profit for the year	18,980															18,396					18,396					584
Other comprehensive income	2,369											(1,519)		3,798		(4)					2,275					94
Equity-settled share-based payments	24									14											14					10
Dividends	(9,453)															(9,197)					(9,197)					(256)
Transaction with shareholders	(3,452)													62		(2,828)					(2,766)					(686)
Keliber asset acquisition	1,219																				0					1,219
Sale of Lonmin Canada Incorporated (Lonmin Canada)				R (14)															R 0					R 0					R (14)
Foreign exchange movement recycled through profit or loss	(14)													(14)							(14)
Balance at end of period at Dec. 31, 2022	R 91,004					R 21,647		R 23,001		R 4,184		R (298)		R 5,786		R 33,781					R 88,101					R 2,903		R 2,283		R 0
[1]* Less than R1 million[2]* Restated — see note 1.5[3]** Restated — see note 1.5

Consolidated statement of cash

Consolidated statement of cash flows - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Cash flows from operating activities
Cash generated by operations	R 40,746		R 67,784		R 45,188
Deferred revenue advance received	24		65		771
BTT early settlement payment	0		0		(787)
Amount received on settlement of dispute	0		0		580
Post-retirement health care payments	(1)		(1)		(1)
Cash-settled share-based payments paid	(272)		(240)		(275)
Payment of Marikana dividend obligation	(225)		(162)		0
Additional deferred payments relating to acquisition of a business	(4,545)		(1,754)		0
Change in working capital	386		2,455		(9,435)
Total cash generated by operations	36,113		68,147		36,041
Interest received	682		960		719
Interest paid	(1,118)		(781)		(1,386)
Royalties paid	(1,815)		(3,055)		(1,707)
Tax paid	(8,866)		(14,839)		(4,818)
Dividends paid	(9,453)		(18,176)		(1,698)
Net cash from operating activities	15,543		32,256		27,151
Cash flow from investing activities
Additions to property, plant and equipment	(15,899)		(12,740)		(9,616)
Proceeds on disposal of property, plant and equipment	191		80		101
Acquisition of subsidiaries, net of cash acquired	(1,132)		0		0
Dividends received	564		1,020		288
Additions to other investments	(772)		(1,803)		(12)
Acquisition of equity-accounted investment	(92)		(446)		0
Contributions to environmental rehabilitation funds	(86)		(72)		(64)
Payment of deferred/contingent payment	(185)		(577)		(756)
Contributions to enterprise development fund	(10)		(65)		0
Cash outflow on loss of control of subsidiaries	(58)		0		0
Proceeds on disposal of subsidiary	72		25		0
Preference shares redeemed by equity-accounted investee	0		0		114
Receipts from environmental rehabilitation funds	33		10		7
Net cash used in investing activities	(17,374)		(14,568)		(9,938)
Cash flow from financing activities
Loans raised	8,000		20,651		16,289
Loans repaid	(8,003)		(20,252)		(18,335)
Lease payments	(131)		(112)		(114)
Acquisition of non-controlling interests	(3,363)		(128)		0
Share buy-back	0		(8,503)		(84)
Net cash used in financing activities	(3,497)		(8,344)		(2,244)
Net (decrease)/increase in cash and cash equivalents	(5,328)		9,344		14,969
Effect of exchange rate fluctuations on cash held	1,112		708		(348)
Cash and cash equivalents at beginning of the year	30,292	[1]	20,240	[1]	5,619
Cash and cash equivalents at end of the year	R 26,076		R 30,292	[1]	R 20,240	[1]
[1]* Restated — see note 1.5

Accounting policies

Accounting policies	12 Months Ended
	Dec. 31, 2022
Disclosure of initial application of standards or interpretations [abstract]
Accounting policies	1. Accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. Where an accounting policy is specific to a note, the policy is described in the note to which it relates. These policies have been consistently applied to all the periods presented. 1.1 Reporting entity Sibanye Stillwater Limited (the Company) and its subsidiaries (together referred to as the Group or Sibanye-Stillwater) is a multinational mining and metals processing Group with a diverse portfolio of mining and processing operations, projects and investments across five continents. The Group is also one of the foremost global recyclers of PGM autocatalysts and has interests in leading mine tailings retreatment operations. Sibanye-Stillwater has established itself as one of the world’s largest primary producers of platinum, palladium, and rhodium and is also a top tier gold producer. It produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to build and diversify its asset portfolio into battery metals mining and processing and is increasing its presence in the circular economy by growing and diversifying its recycling and tailings reprocessing operations globally. Domiciled in South Africa, Sibanye-Stillwater currently owns and operates a portfolio of high-quality operations and projects, which are grouped into three regions: the Southern Africa region (SA region), the Americas region and the European region. The SA region houses the gold and PGM operations and projects located in South Africa and Zimbabwe. The underground and surface gold mining operations in South Africa are the Driefontein, Kloof and Cooke operations in the West Witwatersrand (West Wits) region and DRDGOLD Limited (DRDGOLD) with surface tailings treatment plant in the East of Johannesburg in Gauteng, and the Beatrix operation in the southern Free State. Sibanye-Stillwater also owns and manages significant gold extraction and processing facilities where ore is treated and beneficiated to produce gold doré. In addition, several organic projects currently underway are aimed at sustaining these gold mining operations into the long term. In 2021, Sibanye-Stillwater’s Board approved a new major capital project for Burnstone to complete necessary infrastructure and bring the mine to full development. Burnstone is a developmental stage gold mine and processing operation located in the South Rand Goldfield of the Witwatersrand Basin, and comprises two established shaft complexes, a carbon-in-leach gold processing plant, tailings storage facility and related surface infrastructure and mining rights. The PGM assets in the SA region are the Kroondal operation (50%) (see note 19), the Rustenburg operation (SRPM), the Marikana operation (Marikana) and the tailings retreatment entity, Platinum Mile in the North West Province, and Mimosa (50%) in Zimbabwe. Marikana currently has five contributing shafts namely 4Belt, K3, Rowland, Saffy and E3 and the ore mined at the Marikana operations is processed through five concentrators on site. The PGM concentrate produced is dispatched to the smelter for further processing at the Base Metal Refinery (BMR). At the BMR, base metals are removed and the resulting PGM-rich residue is sent to Precious Metal Refinery (PMR) for final treatment. Marikana therefore sells refined metals to customers. In addition to underground operations, there is one tailings retreatment operation, which uses hydraulic mining with high-pressure water guns. The tailings retreated at the Bulk Tailings Treatment (BTT) plant. Sibanye-Stillwater’s Board approved the K4 capital growth project in 2021 to complete the mine’s vertical shaft infrastructure. K4 is a large, long-life, high-grade Merensky and UG2 proposition situated on the western limb of the Bushveld Complex, in South Africa’s North West Province. It is a partially completed project with an equipped main production shaft and ventilation shaft, some underground infrastructure installed and underground developed workings. The project, which has begun development and production ramp up, is currently on track. The Rustenburg operation comprise of three operating vertical shafts (Siphumelele 1, Khuseleka 1 and Thembelani 1), two declines at Bathopele, two concentrating plants (the Waterval UG2 concentrator and the Waterval retrofit concentrator), a chrome recovery plant, the Western Limb tailings retreatment plant and related surface infrastructure and assets. In addition, mining operations are carried out on one mining tailings dam. Ore is processed through the Waterval UG2 concentrator and Waterval retrofit concentrator. Tailings are treated at the Western Limb Tailings Retreatment Plant, Platinum Mile and at the Chrome retreatment plant where a saleable chromite concentrate is recovered. Tailings from the Rustenburg operation are piped to storage facilities. The Rustenburg operation has a tolling agreement with a third party and currently sells refined metals as well as PGM concentrate to customers. Kroondal comprises of five operating decline shafts. Ore is processed at Kroondal through two concentrator plants (K1 and K2). Tailings from the K1 and K2 plants are piped to three adjacent tailings storage facilities and at a fourth tailings storage facility at Marikana. Platinum Mile is a tailings retreatment facility located on the Rustenburg lease area adjacent to our Kroondal operations. The facility recovers PGMs from our Rustenburg operations. Kroondal and Platinum Mile currently only sells PGM concentrate to customers. The US region houses the PGM operations and projects located in the US, Canada and Argentina. These include the East Boulder and Stillwater mining operations (including the Blitz project) in Montana, and exploration-stage projects, Altar (joint venture) in Argentina. The assets in this region also include the Metallurgical complex in Columbus, Montana. This complex houses the smelter, base metal refinery and an analytical laboratory which produces a PGM-rich filter cake that is further refined by a third-party precious metal refinery. These processing and metallurgical facilities are also used to process recycled material such as spent autocatalytic convertors and petroleum refinery catalysts. In 2022, the Group further diversified its portfolio, both geographically and by commodity with several significant acquisitions of interests in green metal projects and operations, which are housed in the Group's European region as discussed below. Keliber Oy (Keliber), a Finnish mining and battery chemical company, owns the Keliber project, an advanced lithium hydroxide project located in the Kaustinen region of Finland. Sibanye-Stillwater announced that it had given the go-ahead to implementation of the Keliber project and the start of construction of the Keliber lithium refinery on 28 November 2022. Once developed, the Keliber project will sustainably produce battery-grade lithium hydroxide, with first production expected in 2024. The Group owns an 84.96% shareholding interest in Keliber (see note 16.1). The Group also acquired French mining group Eramet SA's Sandouville hydrometallurgical nickel processing facilities near Le Havre, France's second largest industrial port. The Sandouville facilities currently include a hydrometallurgical nickel refinery with an annual production capacity of 12,000 tonnes of high-purity nickel metal, 4,000 tonnes of high-purity nickel salts and solutions and around 600 tonnes of cobalt chloride. This acquisition enables Sibanye-Stillwater to build a leading battery metals platform in Europe. It is seen as a low-risk entry into the nickel beneficiation business and our initial focus will be to ramp up throughput, as per existing plans. Sibanye-Stillwater continues to evaluate its options for the site, in parallel with existing operations, to target specific nickel battery metal products and unlock the full potential of these facilities (see note 16.2). The Group's green metals investments also include a 19.9% stake in New Century Resources (New Century), an Australian company listed on the ASX (see note 20), which owns a zinc tailings retreatment operation and has acquired an option to restart the Mt Lyell Copper Mine in Australia. Subsequent to the reporting date, the Group obtained a majority shareholding in New Century (see note 41.3). The Group also owns a strategic 6.95% investment in ioneer Limited (ioneer), an ASX-listed mining development company and reached an agreement with ioneer to establish a 50% joint venture to develop the Rhyolite Ridge lithium-boron project in the US following the satisfaction of certain conditions precedent. Rhyolite Ridge, an advanced stage exploration project in Esmeralda County, Nevada, aims to extract a large, shallow lithium-boron deposit, located close to existing infrastructure and centrally located between Las Vegas and Tesla’s Giga factory near Reno, Nevada. 1.2 Basis of preparation The consolidated financial statements for the year ended 31 December 2022 have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act and JSE Listings Requirements. The consolidated financial statements have been prepared under the historical cost convention, except for certain financial assets and financial liabilities (including derivative instruments) which are measured at fair value through profit or loss or other comprehensive income. Standards, interpretations and amendments to published standards effective for the year ended 31 December 2022 During the financial year, the following amendments to standards applicable to the Group became effective and had no material impact on the Group’s financial statements: Pronouncement Details of amendments Effective date 1 COVID-19-Related Rent Concessions beyond 30 June 2021 A one-year extension to the practical expedient for COVID-19 related rent concessions under IFRS 16 has been published by the IASB. This amendment was a response to the ongoing economic challenges resulting from the COVID-19 coronavirus pandemic. 1 April 2021 Annual Improvements to IFRS Standards 2018-2020 As part of its process to make non-urgent but necessary amendments to IFRS Standards, the IASB has issued the Annual Improvements to IFRS Standards 2018–2020. The amendments applicable to the Group relate to: 1 January 2022 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) In the process of making an item of property, plant or equipment (PPE) available for its intended use, an entity may produce and sell items. Under the amendments, proceeds from selling items before the related item of PPE is available for use should be recognised in profit or loss, together with the costs of producing those items. IAS 2 Inventories should be applied in identifying and measuring these production costs. 1 January 2022 Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) The amendment to IAS 37 Provisions, Contingent Liabilities and Contingent Assets (IAS 37) clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts. Before recognising a separate provision for an onerous contract, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract. 1 January 2022 Reference to the Conceptual Framework (Amendments to IFRS 3) Minor amendments were made to IFRS 3 Business Combinations (IFRS 3) to update the references to the Conceptual Framework for Financial Reporting and add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 and IFRIC 21 Levies. The amendments also confirm that contingent assets should not be recognised at the acquisition date. 1 January 2022 1 Effective date refers to annual period beginning on or after said date Standards, interpretations and amendments to published standards which are not yet effective Certain new standards, amendments and interpretations to existing standards have been published that apply to the accounting periods beginning on or after 1 January 2023 but have not been early adopted by the Group. The standards, amendments and interpretations that are applicable to the Group are: Pronouncement Details of amendments Effective date 1 Definition of Accounting Estimate (Amendments to IAS 8) 2 The IASB issued amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) to clarify how entities should distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. This is due to the term "accounting estimate" not being defined and the previous definition of a "change in accounting estimate" being unclear. The amendments introduce a new definition for accounting estimates, clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty. 1 January 2023 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) 2 The amendments narrow the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, entities will need to recognise a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. 1 January 2023 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) 2 To assist preparers of financial statements, the IASB had previously refined its definition of ‘material’ (effective 1 Jan 2020) and issued non-mandatory practical guidance on applying the concept of materiality. As the final step of the materiality improvements, the IASB issued amendments on the application of materiality to the disclosure of accounting policies. The key amendments include requirements for entities to disclose their material accounting policies rather than their significant accounting policies as well as certain clarifications regarding accounting policies related to material transactions or events. 1 January 2023 Classification of Liabilities as Current or Non-current (Amendments to IAS 1) 2 To promote consistency in application and clarify the requirements on determining if a liability is current or non-current, the IASB has amended IAS 1 Presentation of Financial Statements (IAS 1) to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the “settlement” of a liability. 1 January 2024 Non-current Liabilities with Covenants (Amendments to IAS 1) 2 The amendment confirms that only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or non-current. Covenants with which a company must comply after the reporting date do not affect the classification at that date. However, when non-current liabilities are subject to future covenants, companies will now need to disclose information to help users understand the risk that those liabilities may become repayable within twelve months. The amendments also clarify how a company classifies a liability that can be settled in its own shares. 1 January 2024 1 Effective date refers to annual period beginning on or after said date 2 No material impact expected Significant accounting judgements and estimates The preparation of the financial statements requires the Group’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases valuation techniques. Actual results could differ from those estimates. For significant accounting policies that are subject to significant judgement, estimates and assumptions, see the following notes to the consolidated financial statements: Significant accounting policy Note to the consolidated financial statements Revenue 3 - Revenue Cash-settled share-based payment obligation 6 - Share-based payments Royalties, mining and income tax, and deferred tax 11 - Royalties, mining and income tax, and deferred tax Property, plant and equipment 14 - Property, plant and equipment Business combinations 16 - Acquisitions Goodwill 17 - Goodwill and other intangibles Equity-accounted investments 18 - Equity-accounted investments Other investments 20 - Other investments Other receivables and other payables 22 - Other receivables and other payables Inventories 23 - Inventories Borrowings and derivative financial instrument 28 - Borrowings Environmental rehabilitation obligation 30 - Environmental rehabilitation obligation and other provisions Occupational healthcare obligation 31 - Occupational healthcare obligation Deferred revenue 32 - Deferred revenue Contingent liabilities 38 - Contingent liabilities Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial period are discussed under the relevant note of the item affected. 1.3 Consolidation 1 The non-controlling interests (NCI) in the statement of changes in equity at 31 December 2022, relates to the attributable share of accumulated profits of DRDGOLD, Group Technical Security Management Proprietary Limited (GTSM) and Keliber (see note 27) 2 Witwatersrand Consolidated Gold Resources Proprietary Limited (Wits Gold) has ceded and pledged its shares in K2013164354 Proprietary Limited (K2013) (a dormant entity) and K2013 has ceded and pledged it shares in Sibanye Gold Eastern Operations Proprietary Limited (SGEO) in favour of the lenders of the Burnstone Debt (see note 28.4) 3 Rand Uranium Proprietary Limited (Rand Uranium) and Ezulwini Mining Company Proprietary Limited (Ezulwini) together own a number of underground and surface mining operations. These operations report to the Group’s chief operating decision maker (the executive management team) as a separate segment, namely Cooke 4 In terms of the Rustenburg operation transaction, a 26% stake in Sibanye Rustenburg Platinum Mines Proprietary Limited (SRPM) was acquired through Newshelf 1335 Proprietary Limited (B-BBEE SPV). The shareholders of B-BBEE SPV are Rustenburg Mine Employees Trust (30.4%), Rustenburg Mine Community Development Trust (24.8%), Bakgatla-Ba-Kgafela Investment Holdings (24.8%) and Siyanda Resources Proprietary Limited (20.0%). The Rustenburg Mine Employees Trust and the Rustenburg Mine Community Development Trust are controlled and consolidated by Sibanye-Stillwater and cash-settled share-based payment obligations amounting to R2,112 million and R1,723 million are eliminated upon consolidation 5 The Group has no current or contractual obligation to provide financial support to any of its structured entities 6 Sibanye-Stillwater recognises no NCI in Akanani on a similar basis as described for WPL and EPL below (see footnote 7 below), since a revised shareholders' agreement replaced the equity interests with a right to receive dividends. 7 Sibanye-Stillwater recognises no NCI in WPL and EPL. The shareholding of Lonplats Employee Share Ownership Trust (Employee Trust) (3.8%) and Lonplats Marikana Community Development Trust (Community Trust) (0.9%) (together Marikana Trusts) is not considered since these trusts are controlled and consolidated by Sibanye-Stillwater. During 2022, the Bapo Ba Mogale Local Economic Development Trust (Bapo Trust) (0.9%), which was previously controlled by the Group, was deconsolidated by the Group (see note 6.7). Cash-settled share-based payment obligations amounting to R1,821 million relating to the Marikana Trusts are eliminated upon consolidation. In addition, as a result of the Marikana broad-based black economic empowerment (B-BBEE) transaction (see note 6.6), the equity interests of shareholders in WPL and EPL, including all non-controlling shareholders, were replaced with the right to receive dividends. As a result, the effective shareholding interests were replaced by a share-based payment obligation and dividend obligation for entities not forming part of the Group (see note 6.6 and 22.2) 8 Effective 10 January 2020, the Group exercised its option to acquire an additional 12.05% in DRDGOLD. The consideration amounted to R1,086 million for the subscription of 168,158,944 additional new ordinary shares resulting in a 50.1% shareholding in DRDGOLD. The effective shareholding at 31 December 2022 was 50.33% (2021: 50.49% and 2020: 50.66%) after considering treasury shares held by DRDGOLD (see note 27). 9 On 17 June 2020, the Company and Sibanye Gold Proprietary Limited (SGL) entered into an unbundling agreement wherein SGL unbundled its entire shareholding in Sibanye Platinum Proprietary Limited (SPPL) for no value to the Company 10 During 2020, the Group reorganised its internal legal structure to house the Marikana PGM related companies (previously owned by LSA UK Limited) under a new intermediate holding company, being Rustenburg Eastern Operations Proprietary Limited (REO), which is a wholly owned subsidiary of SPPL. The reorganisation had no impact on the consolidated financial statements of the Group 11 At 31 December 2022, the Group had a 100% legal interest in Peregrine Metals Limited (Peregrine), which is subject to an Initial Earn-in arrangement of 60% by Aldebaran Resources Inc. (Aldebaran) (see note 18.3) 12 The Group has a 76% legal interest in the Newshelf 1114 Proprietary Limited (Newshelf 1114) group and the NCI can acquire a further 2% legal shareholding once they have implemented the necessary funding structure. However, no accounting NCI is recognised, since the NCI’s vendor loan financing exceeds their proportionate interest in Newshelf 1114 and therefore no effective shareholding exists 13 During 2021, the Group formed Sibanye Battery Metals Proprietary Limited in order to hold the Group's investments in battery metal entities (see note 16) 14 The Group has an effective shareholding of 85.90% in Keliber at 31 December 2022 due to put options held by shareholders holding approximately 1% in the share capital of Keliber and that can be exercised at fair value less 10% Subsidiaries Subsidiaries are all entities over which the Group exercises control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is obtained by the Group until the date on which control ceases. Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control. Inter-company transactions, balances and unrealised gains or losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Transactions with shareholders Transactions with owners in the capacity as equity participants are not recognised in profit or loss, but instead are recognised in equity with a corresponding change in assets or liabilities. Changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary are equity transactions. 1.4 Foreign currencies Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in South African rand (SA rand), which is the Group’s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities are translated into the functional currency at each reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss. Foreign operations The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • Assets and liabilities are translated at the exchange rate ruling at the reporting date. Equity items are translated at historical rates. The income and expenses are translated at the average exchange rate for the year, unless this average is not a reasonable approximation of the rates prevailing on the transaction dates, in which case these items are translated at the rate prevailing on the date of the transaction. Exchange differences on translation are accounted for in other comprehensive income. These differences are recognised in profit or loss upon realisation of the underlying operation • Exchange differences arising from the translation of the net investment in foreign operations, which includes certain long-term borrowings (i.e. the reporting entity’s interest in the net assets of that operation), are taken to other comprehensive income. When a foreign operation is sold, exchange differences that were recorded in other comprehensive income are recognised in profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. If a company in the Group repays a portion of long-term borrowings forming part of a net investment in foreign operations, amounts previously recorded in other comprehensive income are only recognised in profit or loss upon disposal of the relevant operation • Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and are translated at each reporting date at the closing rate 1.5 Comparatives Presentation in the notes Where necessary, comparative periods have been revised to conform to current period changes in presentation. Restatement of accumulated profit and NCI On 10 January 2020, Sibanye-Stillwater announced that it had exercised its option to subscribe for additional ordinary shares of DRDGOLD to attain a 50.1% shareholding in DRDGOLD. The exercise of this option increased Sibanye-Stillwater’s holding in DRDGOLD from 265,000,000 shares to 433,158,944 shares. The exercise price amounted to R1,086 million for the subscription. This transaction was recognised in the Sibanye-Stillwater’s group financial statements for the year ended 31 December 2020. The subsequent increase in the DRDGOLD shareholding was accounted for as a transaction with shareholders and accounted for in equity. The purchase of the additional shares by the Group was recognised as a dilution of the NCI amounting to R220 million. In determining the attributable NCI adjustment, management identified that they incorrectly classified the consideration paid for the share subscription to the owners of the parent and therefore excluded this consideration paid from the net asset value of DRDGOLD used in determining the NCI. Since the NCI ultimately shares in the proportionate interest of the net assets of DRDGOLD, the NCI should also share in the cash arising from the share subscription. The impact of this error resulted in a classification difference between NCI and equity attributable to the owners of Sibanye-Stillwater of R544 million. Therefore, the transaction with DRDGOLD shareholders disclosed in the financial statements for the year ended 31 December 2020 should have been an increase in NCI of R324 million rather than a decrease of R220 million. Accordingly, as at 31 December 2020 and 31 December 2021, management restated the accumulated profit and NCI by R544 million, respectively. The impact of the restatement on the consolidated financial statements is illustrated in the table below: 31 December 2021 31 December 2020 Figures in million – SA rand As previously presented Adjustment As restated As previously presented Adjustment As restated Statement of Changes in Equity Accumulated profit 27,958 (544) 27,414 12,760 (544) 12,216 Non-controlling interests 1,408 544 1,952 2,236 544 2,780 Statement of Financial Position Accumulated profit 27,958 (544) 27,414 12,760 (544) 12,216 Non-controlling interests 1,408 544 1,952 2,236 544 2,780

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2022
Disclosure of operating segments [abstract]
Segment reporting	2. Segment reporting Accounting Policy Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker and is based on individual mining operations. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive management team that makes strategic decisions. Figures in million – SA rand Group Total US PGM operations Under-ground Recycling Total SA Total Rustenburg Marikana Kroondal Platinum Mimosa Corporate and reconciling items 1 Total Driefontein Kloof Beatrix Cooke DRDGOLD Corporate and reconciling items 1 Total Sandouville 2 Corporate and reconciling items 1,3 Group Corporate and reconciling items 1 2022 Revenue 138,288 46,090 13,823 32,267 89,507 71,665 29,104 32,753 8,371 1,437 4,267 (4,267) 17,842 4,486 4,486 2,681 915 5,274 — 3,140 3,140 — (449) Underground 92,325 13,823 13,823 — 78,951 68,182 27,058 32,753 8,371 — 4,267 (4,267) 10,769 4,213 3,924 2,632 — — — — — — (449) Surface 10,556 — — — 10,556 3,483 2,046 — — 1,437 — — 7,073 273 562 49 915 5,274 — — — — — Recycling/processing 35,407 32,267 — 32,267 — — — — — — — — — — — — — — — 3,140 3,140 — — Cost of sales, before amortisation and depreciation (94,537) (38,452) (7,459) (30,993) (52,454) (32,280) (13,546) (14,603) (3,548) (583) (1,936) 1,936 (20,174) (5,281) (6,381) (3,910) (822) (3,780) — (3,631) (3,631) — — Underground (52,734) (7,459) (7,459) — (45,275) (30,528) (12,377) (14,603) (3,548) — (1,936) 1,936 (14,747) (5,085) (5,821) (3,841) — — — — — — — Surface (7,179) — — — (7,179) (1,752) (1,169) — — (583) — — (5,427) (196) (560) (69) (822) (3,780) — — — — — Recycling/processing (34,624) (30,993) — (30,993) — — — — — — — — — — — — — — — (3,631) (3,631) — — Net other cash costs 4 (2,640) (34) (34) — (2,464) (1,250) 151 (688) (128) (407) (21) (157) (1,214) (173) (167) (123) (717) 40 (74) (87) (1) (86) (55) Adjusted EBITDA 41,111 7,604 6,330 1,274 34,589 38,135 15,709 17,462 4,695 447 2,310 (2,488) (3,546) (968) (2,062) (1,352) (624) 1,534 (74) (578) (492) (86) (504) Amortisation and depreciation (7,087) (2,803) (2,799) (4) (4,126) (2,418) (981) (1,205) (180) (40) (342) 330 (1,708) (721) (469) (305) (3) (176) (34) (158) (153) (5) — Interest income 1,203 309 81 228 893 402 43 214 109 30 102 (96) 491 68 57 35 35 265 31 — — — 1 Finance expense (2,840) (952) (952) — (1,547) (831) (4,618) (320) (111) — (36) 4,254 (716) (100) (95) (95) (86) (78) (262) (15) (13) (2) (326) Share-based payments (218) (47) (47) — (169) (73) (27) (36) (9) (1) — — (96) (20) (15) (10) — (19) (32) — — — (2) Net other 5 (2,142) (243) (243) — (2,055) (2,025) (9,353) (1,599) 303 5 (499) 9,118 (30) 13 26 34 (50) 28 (81) 111 23 88 45 Non-underlying items 6 (299) (5) (5) — (153) (132) 10 (136) (4) — (1) (1) (21) 10 (14) (281) (2) 10 256 — — — (141) Royalties and carbon tax (1,824) — — — (1,824) (1,772) (1,023) (735) (13) — (127) 126 (52) (22) (22) (3) (5) — — — — — — Profit before tax 27,904 3,863 2,365 1,498 25,608 31,286 (240) 13,645 4,790 441 1,407 11,243 (5,678) (1,740) (2,594) (1,977) (735) 1,564 (196) (640) (635) (5) (927) Current taxation (9,282) (655) (8,623) (8,373) (3,169) (3,766) (1,288) (130) (208) 188 (250) (6) (3) — — (226) (15) — — — (4) Deferred taxation 358 315 82 (1,332) (590) (693) (60) 8 (138) 141 1,414 84 (184) 154 — (125) 1,485 (39) — (39) — Profit/(loss) for the year 18,980 3,523 17,067 21,581 (3,999) 9,186 3,442 319 1,061 11,572 (4,514) (1,662) (2,781) (1,823) (735) 1,213 1,274 (679) (635) (44) (931) Attributable to: Owners of the parent 18,396 3,523 16,469 21,577 (3,999) 9,182 3,442 319 1,061 11,572 (5,108) (1,662) (2,781) (1,823) (735) 612 1,281 (665) (635) (30) (931) Non-controlling interest holders 584 — 598 4 — 4 — — — — 594 — — — — 601 (7) (14) — (14) — Sustaining capital expenditure (4,946) (1,185) (1,184) (1) (3,671) (2,056) (690) (1,072) (273) (21) (864) 864 (1,615) (358) (455) (155) — (647) — (90) (90) — — Ore reserve development (6,640) (2,887) (2,887) — (3,753) (2,123) (687) (1,436) — — — — (1,630) (794) (620) (216) — — — — — — — Growth projects (4,313) (1,345) (1,345) — (2,239) (925) — (924) — — — (1) (1,314) — (210) (4) — (124) (976) (729) — (729) — Total capital expenditure (15,899) (5,417) (5,416) (1) (9,663) (5,104) (1,377) (3,432) (273) (21) (864) 863 (4,559) (1,152) (1,285) (375) — (771) (976) (819) (90) (729) — 1 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate revenue. Group corporate includes the Wheaton Stream transaction, initial recognition of battery metal investment, corporate tax, interest and corporate transaction costs 2 The Battery metals includes the results of Sandouville for the eleven months since acquisition (see note 16.2) 3 Corporate and reconciling items for Battery metals includes a net loss of R143 million for Keliber since the effective date of acquisition (see note 16.1) 4 Net other cash costs consist of service entity income, sundry income (see note 8.2) and other costs as detailed in profit or loss, excluding loss on deconsolidation of a subsidiary (see note 8.1). Lease payments (R163 million) are included in net other cash costs to conform with the adjusted EBITDA reconciliation disclosed in note 28.7 5 Net other consists of loss on financial instruments and loss on foreign exchange differences as detailed in profit or loss, change in estimate of environmental rehabilitation obligation and right of recovery receivable and payable (see note 8.2) and the add back of the lease payment referred to in footnote 4 above. Corporate and reconciling items net other includes the share of results of equity-accounted investees after tax as detailed in profit or loss 6 Non-underlying items consists of gain on disposal of property, plant and equipment, impairment, restructuring costs, and transaction costs as detailed in profit or loss, loss on deconsolidation of a subsidiary (see note 8.1), profit on sale of Lonmin Canada (see note 8.2), non-cash gain with deregistration of subsidiary (see note 8.2) and occupational healthcare income as detailed in profit or loss Figures in million – SA rand Group Total US PGM operations Underground Recycling Total SA operations Total SA PGM Rustenburg Marikana Kroondal Platinum Mile Mimosa Corporate and reconciling items 1 Total SA gold Driefontein Kloof Beatrix Cooke DRDGOLD Corporate and reconciling items 1 Group Corporate and reconciling items 1 2021 Revenue 172,194 59,053 18,343 40,710 113,512 85,154 31,749 41,610 10,293 1,503 4,393 (4,394) 28,358 7,932 9,294 5,343 999 4,790 — (371) Underground 120,403 18,343 18,343 — 102,431 81,477 29,575 41,610 10,293 — 4,393 (4,394) 20,954 7,722 8,089 5,143 — — — (371) Surface 11,081 — — — 11,081 3,677 2,174 — — 1,503 — — 7,404 210 1,205 200 999 4,790 — — Recycling 40,710 40,710 — 40,710 — — — — — — — — — — — — — — — — Cost of sales, before amortisation and depreciation (101,013) (46,787) (7,567) (39,220) (54,226) (31,971) (11,464) (16,561) (3,416) (531) (1,587) 1,588 (22,255) (5,691) (7,844) (4,565) (808) (3,347) — — Underground (54,989) (7,567) (7,567) — (47,422) (30,430) (10,454) (16,561) (3,416) — (1,587) 1,588 (16,992) (5,559) (6,986) (4,447) — — — — Surface (6,804) — — — (6,804) (1,541) (1,010) — (531) — — (5,263) (132) (858) (118) (808) (3,347) — — Recycling (39,220) (39,220) — (39,220) — — — — — — — — — — — — — — — — Net other cash costs 2 (2,575) (10) (10) — (2,565) (1,575) 134 (1,036) (91) (492) (42) (48) (990) (78) (83) (73) (611) (40) (105) — Adjusted EBITDA 68,606 12,256 10,766 1,490 56,721 51,608 20,419 24,013 6,786 480 2,764 (2,854) 5,113 2,163 1,367 705 (420) 1,403 (105) (371) Amortisation and depreciation (8,293) (2,601) (2,598) (3) (5,692) (2,515) (885) (1,099) (495) (31) (274) 269 (3,177) (1,165) (1,064) (691) (11) (188) (58) — Interest income 1,202 382 10 372 805 219 22 92 97 7 12 (11) 586 60 47 31 22 222 204 15 Finance expense (2,496) (954) (897) (57) (1,233) (666) (4,201) (328) (116) — (5) 3,984 (567) (99) (85) (82) (63) (60) (178) (309) Share-based payments (383) (73) (73) — (310) (89) (35) (42) (12) — — — (221) (20) (32) (21) — (19) (129) — Net other 3 (2,832) 238 238 — (3,121) (4,305) (12,232) (985) 248 34 (43) 8,673 1,184 16 22 33 92 22 999 51 Non-underlying items 4 (5,529) (278) (278) — (5,153) 2 4 (1) (1) — — — (5,155) (202) (3,686) (1,290) (3) — 26 (98) Royalties and carbon tax (2,718) — — — (2,718) (2,548) (1,405) (1,129) (14) — (160) 160 (170) (95) (46) (29) (5) — 5 — Profit before tax 47,557 8,970 7,168 1,802 39,299 41,706 1,687 20,521 6,493 490 2,294 10,221 (2,407) 658 (3,477) (1,344) (388) 1,380 764 (712) Current taxation (13,506) (1,422) (12,014) (11,745) (4,864) (4,768) (1,885) (218) (574) 564 (269) (13) (13) (7) — (263) 27 (70) Deferred taxation (255) (89) (166) (367) 956 (1,460) 56 80 (18) 19 201 49 1,158 233 — (77) (1,162) — Profit/(loss) for the year 33,796 7,459 27,119 29,594 (2,221) 14,293 4,664 352 1,702 10,804 (2,475) 694 (2,332) (1,118) (388) 1,040 (371) (782) Attributable to: Owners of the parent 33,054 7,459 26,377 29,360 (2,221) 14,075 4,664 336 1,702 10,804 (2,983) 694 (2,332) (1,118) (388) 527 (366) (782) Non-controlling interest holders 742 — 742 234 — 218 — 16 — — 508 — — — — 513 (5) — Sustaining capital expenditure (4,119) (796) (791) (5) (3,323) (2,019) (619) (1,104) (268) (28) (499) 499 (1,304) (322) (488) (164) — (330) — — Ore reserve development (5,535) (1,354) (1,354) — (4,181) (1,577) (629) (947) — — — (1) (2,604) (1,177) (930) (497) — — — — Growth projects (3,086) (2,411) (2,411) — (675) (203) — (203) — — — — (472) — (198) (7) — (47) (220) — Total capital expenditure (12,740) (4,561) (4,556) (5) (8,179) (3,799) (1,248) (2,254) (268) (28) (499) 498 (4,380) (1,499) (1,616) (668) — (377) (220) — 1 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate revenue. Group corporate includes the Wheaton Stream transaction, initial recognition of battery metal investment, corporate tax, interest and corporate transaction costs 2 Net other cash costs consist of service entity income, sundry income (see note 8.2) and other costs as detailed in profit or loss, excluding loss due to dilution of interest in joint operation (see note 8.1). Lease payments ( R142 million ) are included in net other cash costs to conform with the adjusted EBITDA reconciliation disclosed in note 28.7 3 Net other consists of loss on financial instruments and loss on foreign exchange differences as detailed in profit or loss, change in estimate of environmental rehabilitation obligation and right of recovery receivable and payable (see note 8.2) and the add back of the lease payment referred to in footnote 2 above. Corporate and reconciling items net other includes the share of results of equity-accounted investees after tax as detailed in profit or loss 4 Non-underlying items consists of gain on disposal of property, plant and equipment, impairments which include impairments to mining assets of Driefontein, Kloof and Beatrix of R212 million, R3,642 million and R1,293 million, respectively (see note 10), restructuring costs and transaction costs as detailed in profit or loss, early redemption premium on the 2025 Notes, profit on sale of St Helena (see note 8.2), non-cash loss with dilution of interest in joint operation (see note 8.1) and occupational healthcare income as detailed in profit or loss Figures in million – SA rand Group Total US PGM operations Underground Recycling Total SA operations Total SA PGM Rustenburg Marikana Kroondal Platinum Mimosa Corporate and reconciling items 1 Total SA gold Driefontein Kloof Beatrix Cooke DRDGOLD Corporate and reconciling items 1 Group Corporate and reconciling items 1 2020 Revenue 127,392 45,154 19,858 25,296 82,781 54,912 20,429 26,865 7,973 950 3,894 (5,199) 27,869 6,793 9,795 4,664 1,040 5,051 526 (543) Underground 91,369 19,858 19,858 — 72,054 52,142 18,521 26,865 7,973 — 3,894 (5,111) 19,912 6,793 8,109 4,500 — — 510 (543) Surface 10,727 — — — 10,727 2,770 1,908 — — 950 — (88) 7,957 — 1,686 164 1,040 5,051 16 — Recycling 25,296 25,296 — 25,296 — — — — — — — — — — — — — — — — Cost of sales, before amortisation and depreciation (75,776) (32,004) (7,586) (24,418) (43,772) (24,722) (9,588) (13,232) (2,803) (403) (1,601) 2,905 (19,050) (4,863) (6,880) (3,714) (671) (2,922) — — Underground (45,502) (7,586) (7,586) — (37,916) (23,551) (8,732) (13,232) (2,803) — (1,601) 2,817 (14,365) (4,863) (5,886) (3,616) — — — — Surface (5,856) — — — (5,856) (1,171) (856) — — (403) — 88 (4,685) — (994) (98) (671) (2,922) — — Recycling (24,418) (24,418) — (24,418) — — — — — — — — — — — — — — — — Net other cash costs 2 (2,231) (67) (67) — (2,164) (1,116) 51 (789) (76) (241) (59) (2) (1,048) (66) (104) (97) (642) (44) (95) — Adjusted EBITDA 49,385 13,083 12,205 878 36,845 29,074 10,892 12,844 5,094 306 2,234 (2,296) 7,771 1,864 2,811 853 (273) 2,085 431 (543) Amortisation and depreciation (7,593) (2,727) (2,722) (5) (4,866) (2,072) (806) (818) (410) (34) (281) 277 (2,794) (932) (1,092) (491) (14) (202) (63) — Interest income 1,065 279 1 278 786 221 27 106 84 3 4 (3) 565 67 59 36 45 178 180 — Finance expense (3,152) (1,057) (960) (97) (1,773) (662) (2,841) (259) (137) — (14) 2,589 (1,111) (156) (151) (107) (100) (58) (539) (322) Share-based payments (512) (80) (80) — (432) (90) (36) (41) (13) — — — (342) (22) (26) (19) — (141) (134) — Net other 3 (393) 31 31 — (424) 1,224 (3,847) 2,132 122 (14) (16) 2,847 (1,648) 20 30 28 36 30 (1,792) — Non-underlying items 4 (1,550) (93) (93) — (1,386) 149 591 (435) (7) — — — (1,535) (27) (18) (40) (4) (2) (1,444) (71) Royalties and carbon tax (1,770) — — — (1,770) (1,625) (924) (691) (10) — (135) 135 (145) (73) (115) (46) (5) — 94 — Profit before tax 35,480 9,436 8,382 1,054 26,980 26,219 3,056 12,838 4,723 261 1,792 3,549 761 741 1,498 214 (315) 1,890 (3,267) (936) Current taxation (5,374) (976) (4,353) (3,861) (2,635) 92 (1,300) (15) (450) 447 (492) (9) 9 (5) — (492) 5 (45) Deferred taxation 516 (682) 1,198 958 98 951 (34) (58) (42) 43 240 (233) (322) (89) — (97) 981 — Profit/(loss) for the year 30,622 7,778 23,825 23,316 519 13,881 3,389 188 1,300 4,039 509 499 1,185 120 (315) 1,301 (2,281) (981) Attributable to: Owners of the parent 29,312 7,778 22,515 22,650 519 13,230 3,389 173 1,300 4,039 (135) 499 1,185 120 (315) 658 (2,282) (981) Non-controlling interest holders 1,310 — 1,310 666 — 651 — 15 — — 644 — — — — 643 1 — Sustaining capital expenditure (2,817) (798) (795) (3) (2,019) (1,052) (326) (515) (188) (23) (414) 414 (967) (187) (392) (93) — (295) — — Ore reserve development (4,150) (1,239) (1,239) — (2,911) (1,125) (417) (708) — — — — (1,786) (742) (722) (322) — — — — Growth projects (2,649) (2,385) (2,385) — (264) (20) — — — (20) — — (244) — (155) — — (46) (43) — Total capital expenditure (9,616) (4,422) (4,419) (3) (5,194) (2,197) (743) (1,223) (188) (43) (414) 414 (2,997) (929) (1,269) (415) — (341) (43) — 1 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate revenue. Group corporate includes the Wheaton Stream transaction, corporate transaction costs and corporate tax 2 Net other cash costs consist of service entity income, sundry income (see note 8.2) and other costs as detailed in profit or loss, excluding loss due to dilution of interest in joint operation (see note 8.1). Lease payments ( R148 million ) are included in net other cash costs to conform with the adjusted EBITDA reconciliation disclosed in note 28.7 3 Net other consists of loss on financial instruments and loss on foreign exchange differences as detailed in profit or loss, change in estimate of environmental rehabilitation obligation, right of recovery receivable and payable (see note 8.2) and the add back of the lease payment referred to in footnote 2 above. Corporate and reconciling items net other includes the share of results of equity-accounted investees after tax as detailed in profit or loss

Revenue

Revenue	12 Months Ended
	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Revenue	3. Revenue Significant accounting judgements and estimates Revenue from PGM mining activities The determination of PGM concentrate sales revenue from the time of initial recognition of the sale on a provisional basis through to final pricing requires management to continuously re-estimate the fair value of the price adjustment features. Management determines this with reference to estimated forward prices using consensus forecasts. These adjustments are included in revenue as adjustments to sale of PGM concentrate. Accounting policy Revenue from mining activities Revenue from gold sales is measured and recognised based on the consideration specified in a contract with a customer. The Group recognises revenue from gold sales when the customer obtains control of the gold. These criteria are typically met when the gold is credited to the customer’s bullion account by Rand Refinery Proprietary Limited (Rand Refinery). The transaction price is determined based on the agreed upon market price and number of ounces delivered. Revenue from PGM concentrate and metal sales is recognised when the buyer, pursuant to a sales contract, obtains control of the mined product which is typically upon delivery. The sales price is determined on a provisional basis at the date of delivery. Adjustments to the selling price occur based on changes in the metal content quantities and penalties, which represents variable transaction price components, as well as changes in the metal market price up to the date of final pricing. Final pricing is based on the monthly average market price in the month of settlement. For PGM metal sales, pricing is finalised within the month of sale. For PGM concentrate sales, the period between provisional invoicing and final pricing is typically between one The revenue adjustment mechanism relating to changes in metal market prices, embedded within provisionally priced PGM concentrate sale arrangements, has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re- estimated continuously and changes in fair value are recognised as an adjustment to revenue in profit or loss and trade receivables in the statement of financial position. In all cases, fair value is determined with reference to estimated forward prices using consensus forecasts. Revenue arising from these price adjustments is disclosed separately from revenue from contracts with customers. Revenue from PGM recycling consists of the sales of recycled palladium, platinum and rhodium derived from spent catalytic material and is recognised when control is transferred, which is when metal is transferred from the Group’s metal account to the third party’s metal account. Revenue from PGM recycling also includes revenue from toll processing, which is recognised at the time the returnable metals are returned to the supplier at a third-party refinery. Revenue from sale of battery metals is measured and recognised based on the consideration specified in a contract with a customer. The Group recognises revenue from battery metal sales when the customer obtains control of the product, which is typically upon delivery. Wheaton streaming revenue In 2018, Wheaton Precious Metals International Limited (Wheaton International) and the Group entered into a streaming transaction. 100% of refined mined gold and 4.5% of refined mined palladium from the Stillwater Mining Company (Stillwater) operations will be delivered to Wheaton International over the life-of-mine of the US PGM operations. Each ounce is identified as a separate performance obligation. In exchange for this, Wheaton International paid the Group R6,555 million (US$500 million) on 25 July 2018. In addition to the advance payment, Wheaton International currently pays the Group 18% cash based on the value of gold and palladium deliveries each month (refer to note 32 for additional detail on the monthly cash percentage). The contract will be settled by the Group delivering metal credits to Wheaton International representing underlying refined, mined gold and palladium. The transaction price, being the advance payment and the cash payment to be received, is recognised as revenue each month when the metal credit is allocated to the appropriate Wheaton International account. It is from this date that Wheaton International has effectively accepted the metal, has physical control of the metal and has the risk and reward of the metal (i.e. control has transferred). Revenue will be recognised over the life-of-mine of the US PGM operations in line with the timing of control transfer discussed above. To the extent that the life-of-mine changes or other key inputs are changed (see note 32), these changes are recognised prospectively as a cumulative catch-up in revenue in the year that the change occurs. BTT streaming revenue Lonmin entered into a metal streaming transaction in 2016 to deliver between 23% - 38% of 6E PGM from its BTT project based on a weighted 6E PGM basket price. Lonmin received $50 million upfront, which was recognised as deferred revenue. Lonmin received between $106 and $280 per ounce of 6E PGM metals based on basket price of 6E PGM for each ounce delivered. The performance obligations under the contract were to be satisfied through delivery of the 6E PGM metals ounces. At the acquisition of Lonmin (2019), the Group accounted for the deferred revenue at fair value of R628 million under IFRS 3, including a significant financing component. The transaction price under IFRS 15 Revenue from Contracts with Customers (IFRS 15), being the advance payment and further cash payments received, were recognised as revenue when the metal ounces were delivered and Lonmin no longer had physical control of the metal, which is also when the risk and rewards were transferred (i.e. control has transferred). Revenue was recognised over the life of the bulk tailing re-treatment project operations based on the ounces delivered. To the extent that the life of project changed or other key inputs changed (see note 32), these changes were recognised prospectively as a cumulative catch-up in revenue in the year that the change occurred. The BTT project was early cash-settled by the Group during March 2020 (see note 32). Other forward sale and prepayment transactions The Group also enters into other forward sale or prepayment transactions with counterparties in which a cash payment is received in advance for future delivery of gold and PGM ounces to the relevant counterparty. Each ounce is identified as a separate performance obligation. The transaction price under IFRS 15, being the advance payment and further cash payments received, is recognised as revenue when the metal ounces are delivered or credited to the customer’s account and Sibanye-Stillwater no longer has physical control of the metal, which is also when the risk and rewards are transferred (i.e. control has transferred). The Group’s sources of revenue are: Figures in million – SA rand 2022 2021 2020 Gold mining activities 17,842 28,358 27,869 PGM mining activities 1 84,359 102,099 72,469 Battery metals activities 3,140 — — Recycling activities 32,267 40,710 25,296 Stream 1 338 625 539 Toll treatment arrangement 2 105 521 — Total revenue from contracts with customers 138,051 172,313 126,173 Adjustments relating to sales of PGM concentrate 3 237 (119) 1,219 Total revenue 138,288 172,194 127,392 1 The difference between revenue from PGM mining activities above and total revenue from PGM mining activities per the segment report relates to the separate disclosure of revenue from the gold and palladium streaming arrangement with Wheaton International (Wheaton Stream) in the above as well as the separate disclosure of revenue related to adjustments on the sales of PGM concentrate. Revenue relating to the Wheaton Stream is incorporated in the Group corporate segment as described in the segment report (see note 2) 2 This relates to revenue recognised in respect of a toll treatment arrangement entered into by Marikana during 2021. This arrangement concluded on 31 December 2021 and toll treatment revenue recognised for year ended 31 December 2022 represents revenue earned for the processing of material received before 31 December 2021 (see note 32) 3 These adjustments relate to provisional pricing arrangements resulting in subsequent changes to the amount of revenue recognised Revenue per geographical region of the relevant operations: Figures in million – SA rand 2022 2021 2020 Southern Africa 89,507 113,512 82,781 United States 1 45,641 58,682 44,611 Europe 3,140 — — Total revenue 138,288 172,194 127,392 1 The difference between revenue generated by operations in the US and the revenue in the US PGM operations segment relates to the Wheaton Stream Percentage of revenue per segment based on the geographical location of customers purchasing from the Group Gold PGM Battery metals Revenue generated per product: Figures in million – SA rand 2022 2021 2020 Gold 18,812 29,533 28,930 PGMs 111,070 137,958 95,573 Platinum 17,826 21,238 17,054 Palladium 42,275 52,859 47,281 Rhodium 47,166 59,828 29,865 Iridium 2,480 2,694 815 Ruthenium 1,323 1,339 558 Chrome 3,481 2,259 1,573 Nickel 1 4,305 1,420 910 Other 2 620 1,024 406 Total revenue 138,288 172,194 127,392 1 For the year ended 31 December 2022, Nickel includes R870 million Nickel salts and R2,020 million Nickel metal sold by the Battery metals operations since the date of acquisition (see note 16.2). The remaining Nickel for the year ended 31 December 2022 and for the years ended 31 December 2021 and 2020 was sold from the Group's SA PGM and US PGM operations 2 Other primarily includes revenue from silver, cobalt and copper sales. For the year ended 31 December 2022, revenue from the Marikana toll treatment arrangement of R105 million (2021: R521 million) is included (see note 32) Major customers During 2022, total revenue from customers A, B and C, which is reported in the Group’s US PGM and SA PGM operating segments, and customer B only in the Battery metals operating segment, amounted to approximately R42,555 million, R18,140 million and R23,492 million, respectively. During 2021, total revenue from customers A, B and C, which is reported in the Group’s US PGM and SA PGM operating segments, amounted to approximately R52,128 million, R29,160 million and R28,056 million, respectively. During 2020, total revenue from customers A and B, which is reported in the Group’s US PGM and SA PGM operating segments, amounted to approximately R49,455 million and R15,234 million, respectively. Market risk Foreign currency sensitivity The US PGM and Sandouville operations’ revenue (and expenses) are translated from its functional currency (US dollars and Euros, respectively) to the Group’s presentation currency (SA rand) and, therefore, the Group’s “presentation currency” earnings are sensitive to changes in the exchange rate. A one percentage point change in the SA rand average exchange rate for the year ended 31 December 2022 of R16.37/US$ and R17.20/EUR would have changed profit for the year by approximately R29 million.

Cost of sales

Cost of sales	12 Months Ended
	Dec. 31, 2022
Cost of sales [Abstract]
Cost of sales	4. Cost of sales Accounting policy Cost of sales include all costs generally associated with the production of inventory whereas other costs are disclosed separately or included in other costs. The carrying amount of metal inventory is recognised in cost of sales when the related sale is recognised. The cost of consumable stores is included in cost of sales when consumed. The accounting policy relating to inventory is included in note 23 and amortisation and depreciation in note 14 and note 15. The following accounting policies relate to employee costs that are included in cost of sales: Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be reliably estimated. Pension and provident funds The Group operates a defined contribution retirement plan and contributes to a number of industry-based defined contribution retirement plans. The retirement plans are funded by payments from employees and Group companies. Contributions to defined contribution funds are expensed as incurred. Figures in million – SA rand Notes 2022 2021 2020 Salaries and wages (26,544) (26,214) (23,850) Consumable stores 23 (21,929) (18,847) (16,404) Utilities (8,465) (8,099) (6,801) Mine contracts (6,502) (5,193) (3,790) Recycling 1 (30,993) (39,220) (24,418) Other (6,745) (8,975) (4,663) Ore reserve development costs capitalised 6,641 5,535 4,150 Cost of sales, before amortisation and depreciation (94,537) (101,013) (75,776) Amortisation and depreciation 14,15,17 (7,087) (8,293) (7,593) Total cost of sales (101,624) (109,306) (83,369) 1 Recycling cost consists of cost relating to the purchasing of spent catalytic material and the cost incurred to convert the spent catalytic material into finished PGMs The SA region employees are members of various defined contribution retirement plans. The cost of providing retirement benefits for the year amounted to R1,506 million (2021: R1,520 million and 2020: R1,351 million).

Interest income and finance exp

Interest income and finance expense	12 Months Ended
	Dec. 31, 2022
Finance expense
Interest income and finance expense	5. Interest income and finance expense Accounting policy Interest income comprises interest income on cash deposits, rehabilitation obligation funds and the right of recovery asset. Interest income is recognised using the effective interest method. Finance expense comprises interest on borrowings, lease liabilities, environmental rehabilitation obligation, occupational healthcare obligation, deferred payment, dissenting shareholder liability, deferred revenue, deferred consideration and the Marikana dividend obligation and is offset by borrowing costs capitalised on qualifying assets where applicable. Interest payable on borrowings is recognised in profit or loss over the term of the borrowings using the effective interest method. Cash flows from interest paid are classified under operating activities in the statement of cash flows. The difference between interest income and finance expense in this note and the statement of cash flows is due to the exclusion of the non-cash items. 5.1 Interest income Figures in million – SA rand Note 2022 2021 2020 Interest received on cash deposits 910 948 714 Interest received on rehabilitation obligation funds 21 235 174 245 Interest on right of recovery asset 31 32 16 Other 27 48 90 Total interest income 1,203 1,202 1,065 5.2 Finance expense Figures in million – SA rand Notes 2022 2021 2020 Interest charge on: Borrowings (interest) 28 (1,046) (801) (1,290) Borrowings (unwinding of amortised cost) 28 (216) (302) (394) Lease liabilities 29 (31) (29) (34) Environmental rehabilitation obligation 30 (611) (615) (684) Occupational healthcare obligation 31 (85) (77) (96) Deferred payment (related to the Rustenburg operation acquisition) 22.2 (266) (158) (187) Deferred revenue 1 32 (326) (309) (349) Deferred consideration (related to Pandora acquisition) 22.2 (18) (54) (49) Marikana dividend obligation 22.2 (165) (87) — Other (76) (64) (69) Total finance expense (2,840) (2,496) (3,152) 1 For the year ended 31 December 2022, interest expense includes non-cash interest of R326 million (2021: R309 million, 2020: R322 million) relating to the Wheaton Stream. In addition, interest expense for the year ended 31 December 2020 includes non-cash interest of R13 million relating to the BTT project. Although there is no cash financing cost related to this arrangement, IFRS 15 requires the Group to recognise a notional financing charge due to the significant time delay between receiving the upfront streaming payment and satisfying the related performance obligations. A discount rate of 4.6% and 5.2% was used for the Wheaton palladium and gold stream respectively and 11.5% was used for the BTT stream in determining the finance costs to be recognised. For the year ended 31 December 2020, interest expense also includes R14 million non-cash interest relating to the platinum forward sale entered into by WPL on 3 March 2020 Net interest (paid)/received The table below provides a summary of the cash interest paid and received: Figures in million – SA rand 2022 2021 2020 Interest paid 1 (1,118) (781) (1,386) Interest received 2 682 960 719 Net interest (paid)/received (436) 179 (667) 1 Interest paid primarily consist of accrued interest paid on the 2022 and 2025 Notes, 2026 and 2029 Notes, US$600 million Revolving credit facility (RCF), R5.5 billion RCF and lease liabilities 2 Interest received primarily consist of interest on cash deposits

Share-based payments

Share-based payments	12 Months Ended
	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Share-based payments	6. Share-based payments Significant accounting judgements and estimates For cash-settled share-based payment instruments issued to B-BBEE shareholders, the measurement of the share-based payment obligations depend on various key inputs. These include estimates of future cash flows, which depend on inputs such as production profiles, future metal prices, exchange rates, loan repayments as well as estimates of appropriate discount rates. Changes in key inputs may result in changes in the recognised share-based payment obligations and are therefore regarded as significant judgements and estimates. Accounting policy Equity-settled share-based payments The Group operates equity-settled compensation plans in which certain employees of the Group participate. The fair value of the equity-settled instruments is measured by reference to the fair value of the relevant equity instruments granted, taking into account the terms and conditions upon which those equity-settled instruments were granted. The fair value of equity-settled instruments granted is estimated using appropriate valuation models and appropriate assumptions at the grant date. Service and non-market performance conditions are not taken into account when estimating the fair value of the equity-settled instruments at grant date. Market conditions are taken into account in determining the fair value at grant date. The grant date fair value of the equity-settled instruments is recognised as share-based payment expenses over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment reserve. Vesting assumptions for service and non-market performance conditions are reviewed at each reporting date to ensure they reflect current expectations. Cash-settled share-based payments The Group also operates cash-settled compensation plans in which certain employees of the Group participate. These awards entitle the participants to cash payments based on a relevant share price. The fair value of the cash-settled instruments is measured by reference to the fair value of the underlying shares using appropriate valuation models and assumptions, taking into account the terms and conditions upon which the instruments were granted. The grant date fair value of the cash-settled instruments is recognised as share-based payment expenses over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment obligation. At each reporting date, the obligation is remeasured to the fair value of the instruments, to reflect the potential outflow of cash resources to settle the liability, with a corresponding adjustment to the share-based payment expense. Vesting assumptions for service and non-market performance conditions are reviewed at each reporting date to ensure they reflect current expectations. The Group also issued cash-settled instruments to B-BBEE shareholders in terms of the Rustenburg operation B-BBEE transaction (see note 6.5) and the Marikana B-BBEE transaction (see note 6.6). The fair value of these instruments are determined using appropriate valuation models and assumptions, taking into account the terms and conditions upon which the instruments were granted. At each reporting date, the obligation is remeasured to the fair value of the instruments, to reflect the potential outflow of cash resources to settle the liability. There are no vesting conditions and fair value changes are recognised as part of gains or losses on financial instruments in profit or loss. Modifications to share-based payment schemes Where the terms of an equity-settled or a cash-settled award are modified, the originally determined expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification, which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the participant as measured at the date of the modification. 6.1 Equity-settled share-based payments — Sibanye-Stillwater On 21 November 2012, the shareholders of Sibanye-Stillwater approved the adoption of the Sibanye Gold Limited (SGL) 2013 share plan (2013 Share Plan) with effect from the date of the listing of SGL. The 2013 Share Plan provided for two methods of participation, namely Bonus Shares and Performance Shares. This plan sought to attract, retain, motivate and reward participating employees on a basis which seeks to align the interest of such employees with those of the shareholders. On 23 May 2017, the shareholders of Sibanye-Stillwater approved the adoption of the Sibanye-Stillwater 2017 share plan (2017 Share Plan) on essentially similar terms to the previous 2013 Share Plan. At the annual general meeting on 30 May 2018, the directors of Sibanye-Stillwater were authorised to issue and allot all or any of such shares required for the 2017 Share Plan, up to a maximum not exceeding 86,748,850 shares. Under the 2017 Share Plan, an individual participant’s awards were limited to an aggregate 8,674,885 shares. From the implementation of a scheme of arrangement (see note 26), any awards vesting under the equity-settled share plans are settled in the Company’s shares. The 2017 Share Plan was replaced by the 2020 cash-settled plan (2020 Share Plan) as well as subsequent plans for all awards issued from March 2020 (see note 6.3). Bonus Shares — as part of the short-term incentive The Remuneration Committee makes an annual award of Bonus Shares to eligible participants as a share-based component of the short-term incentive scheme, with the last awards granted in 2019. The total annual bonus was determined by reference to the actual performance ratings of individuals against predetermined targets for the preceding cycle and comprised of cash plus the face value of restricted Bonus Shares in the ratio of 60:40. In other words, 40% of the annual bonus was awarded using the Company’s shares as the “currency”, as opposed to cash, access to which is deferred. As such, the Bonus Shares vest in two equal tranches, nine months and 18 months after the award date. Except for the right to dispose of the shares, participants have full shareholder rights in the unvested Bonus Shares during the restricted period, including the right to receive dividends. The number of shares awarded is determined by dividing the face value of the Bonus Shares portion of the annual bonus by the volume-weighted average price (VWAP) of the Company’s shares over the three days immediately prior to the award date. Performance Shares — for the long-term incentive The Remuneration Committee made an annual award of Performance Shares to eligible participants as part of its long-term incentive scheme. The last of these awards were granted in 2019. The number of Performance Shares awarded to an employee was based on the employee’s annual guaranteed pay and job grade combined with a factor related to the employee’s assessed performance rating for the prior year and using the relevant share price calculation (as for the Bonus Shares) at the award date, with ultimate vesting of those awards subject to performance conditions as approved by the Remuneration Committee. Essentially, the number of shares that vest depends on the extent to which Sibanye-Stillwater has performed over the intervening three year period relative to two performance criteria, Total Shareholder Return (TSR) and Return on Capital Employed (ROCE). These are among the most widely acceptable vesting performance measures suited to aligning the outcome of long-term share incentive awards with shareholders’ interests. In addition, at the sole discretion of the Remuneration Committee, up to 20% of the determined number of vesting shares using the two performance criteria is liable to forfeiture in the event of any extreme environmental, social, and governance (ESG) incidents occurring during the vesting period. The details of these two performance conditions are provided below. Total Shareholder Return (TSR) — 70% Weighting TSR has been widely recognised as an appropriate indicator of shareholder value creation. It is used extensively internationally and increasingly in South Africa, sometimes as a single metric but most often as one of two or three weighted performance metrics. In some company share plans, an absolute target is set, but more often it is referenced in relation to the company’s share price relative to those of a group of peers or ‘comparator companies’. In Sibanye-Stillwater’s case, the TSR element is measured against a benchmark of eight peer group mining and resource companies that can be deemed to collectively represent an alternative investment portfolio for Sibanye-Stillwater’s shareholders (Peer Group). The Peer Group comprises similar market capitalisation companies that are reflective of the expected positioning of Sibanye-Stillwater over the medium term as a value driven multi-commodity resources company with a specific focus on gold and platinum. The Peer Group is set out in the table below. Peer group companies for TSR comparison AngloGold Ashanti Limited Anglo American Platinum Limited Gold Fields Limited Impala Platinum Holdings Limited Northam Platinum Limited Exxaro Resources Limited Harmony Gold Mining Company Limited African Rainbow Minerals Limited Sibanye-Stillwater’s TSR over the vesting period is compared with the Peer Group TSR curve constructed on a market capitalisation weighted basis. The annualised TSR over the vesting period (TSR ANN ) is determined for each of the companies in the Peer Group. The Peer Group companies are sorted from lowest to highest TSR ANN . The average market capitalisation based on daily closing price is determined for each company, and each peer company is assigned its proportion of the overall average market capitalisation of the Peer Group. The peer company TSR curve is plotted at the midpoint of each company’s percentage of Peer Group market capitalisation on a cumulative basis above the worse performing companies in the Peer Group. In the event that one or more of the peer companies become ineligible for comparison, a peer company curve based on the companies remaining in the Peer Group is utilised. The cumulative position of Sibanye-Stillwater’s TSR ANN is then mapped onto the TSR curve for the Peer Group to determine the percentile at which Sibanye-Stillwater performed over the vesting period. The performance curve governing vesting is set out in the table below with linear interpolation applied between the indicated levels. TSR element of performance conditions % vesting 0% 0 % 10% 0 % 20% 0 % 30% 5 % 40% 20 % 50% 35 % 60% 55 % 70% 75 % 80% 90 % 90% 100 % 100% 100 % Return On Capital Employed (ROCE) — 30% Weighting ROCE is a profitability metric that measures how efficiently a company generates profits from its capital employed. There is an increased focus on measuring the returns earned by businesses on the capital deployed by shareholders over and above the steady low risk returns typically available on financial markets. For Sibanye-Stillwater, ROCE is evaluated against the company’s cost of equity (Ke). A minimum threshold on the performance scale for ROCE is set as equalling the cost of equity, Ke, which would lead to the ROCE element contributing 0% towards the performance condition. Delivering a return that exceeds Ke by 6% or more would be regarded as a superior return representing the maximum 100% on the performance scale and full vesting in respect of the ROCE element. The performance curve governing vesting is set out in the table below, with linear interpolation between the indicated levels. ROCE element of performance condition % vesting ≤Ke 0 % Ke + 1% 16.7 % Ke + 2% 33.3 % Ke + 3% 50.0 % Ke + 4% 66.7 % Ke + 5% 83.3 % Ke + 6% 100.0 % The overall vesting is determined by applying the TSR performance condition to 70% of awarded shares element and the ROCE performance condition to 30% of awarded shares – plus any further discretionary reduction in the award based on the Remuneration Committee’s judgement regarding ESG issues mentioned above. Valuation model and inputs A Monte Carlo Simulation model was used to value equity-settled share-based payment awards in the past. Since the last equity-settled awards were made in 2019, there are no new valuation inputs to disclose. Share awards granted, exercised and forfeited under the 2017 Share Plan Performance Bonus 2020 2021 2022 Number of instruments 2022 2021 2020 68,236,442 62,597,425 25,199,516 Outstanding at beginning of the year — — 2,582,489 Movement during the year: — — — Granted during the year — — — (1,005,668) (32,299,213) (21,823,219) Vested — — (2,541,680) (4,633,349) (5,098,696) (2,965,940) Forfeited — — (40,809) 62,597,425 25,199,516 410,357 Outstanding at end of the year 1 — — — 1 The balance at 31 December 2022 is subject to the ROCE performance condition to be measured in H1 2023 Share awards granted, exercised and forfeited under the 2013 Share Plan Performance Bonus 2020 2021 2022 Number of instruments 2022 2021 2020 11,157,460 — — Outstanding at beginning of the year — — — Movement during the year: — — — Granted during the year — — — (5,055,647) — — Vested — — — (6,101,813) — — Forfeited — — — — — — Outstanding at end of the year — — — Directors' and prescribed officers' equity-settled instruments The directors and prescribed officers of Sibanye-Stillwater held the following equity-settled instruments at 31 December 2022: 2021 Instruments granted Equity-settled instruments vested during the year Instruments forfeited 2022 Number of instruments Number of instruments Number of instruments Average price Share proceeds (rand) 1 Number of instruments Number of instruments Executive directors Neal Froneman 2 2,926,591 — 2,294,915 70.72 162,303,764 631,676 — Charl Keyter 1,276,041 — 1,000,620 70.22 70,265,037 275,421 — Prescribed officers Dawie Mostert 708,333 — 555,446 70.22 39,004,251 152,887 — Themba Nkosi 662,698 — 519,661 70.22 36,491,375 143,037 — Richard Stewart 832,221 — 652,594 70.22 45,826,130 179,627 — Robert van Niekerk 1,169,008 — 916,689 70.22 64,371,277 252,319 — 1 Amounts represent earnings taxable in the hands of the participants in line with South African and US income tax legislation. For JSE listed shares, the proceeds were calculated by taking the average bulk trade sales prices of the shares multiplied by the number of vested units and for ADRs, the ADR price on the day prior to the vesting date, multiplied by the number of vested units translated at the average rate of R16.37 2 Numbers include American Depositary Receipts (ADRs) and JSE listed shares and as a result of the dual service contract 6.2 Equity-settled share-based payments - DRDGOLD On 2 December 2019, the shareholders of DRDGOLD approved a new equity-settled long-term incentive scheme (DRDGOLD LTI Scheme) to replace the cash-settled long-term incentive scheme established in November 2015. Under the DRDGOLD LTI Scheme, qualifying employees are awarded conditional shares on an annual basis, comprising performance shares (80% of the total conditional shares awarded) and retention shares (20% of the total conditional shares awarded). Conditional shares will vest three years after grant date and will be settled in the form of DRDGOLD shares at a zero-exercise price. The first grant was made on 2 December 2019. 50% of the grant vested on 2 December 2021 and the remaining 50% vested on 2 December 2022. Subsequent grants under the DRDGOLD LTI Scheme were made on 22 October 2020, 20 October 2021 and 19 October 2022. These grants will vest on their respective third anniversaries to the extent that performance conditions have been met. The key conditions are as follows: • Retention shares: 100% of the retention shares will vest if the employee remains in the employ of DRDGOLD at vesting date and individual performance criteria are met. • Performance shares: Vesting is dependent on a total shareholder return measure referencing DRDGOLD’s weighted average cost of capital and considering a peer group of companies. 6.3 Cash-settled share-based payments — Sibanye-Stillwater 2020, 2021 and 2022 Share Plans With effect from the March 2020 remuneration cycle, long-term incentive awards are made on a cash-settled basis rather than equity- settled. This includes awards of both Forfeitable Share Units (FSUs) and Conditional Share Units (CSUs) (previously referred to as Bonus Shares and Performance Shares awards under the equity-settled schemes). Apart from the change in manner of settlement to cash, the terms and conditions of 2020 Share Plan are the same as the 2017 Share Plan. The FSUs have the same terms as the previous Bonus Shares and CSUs have the same terms as the previous Performance Shares. The value of the cash settlement is therefore the same as the value of the shares that would have vested according to the rules in previous arrangements. The equity-settled awards were not impacted by the cash-settled share plans. Revisions were introduced to cash-settled awards from the March 2021 remuneration cycle for new awards granted. The 2021 Share Plan is similar to the 2020 Share Plan as it remains cash-settled, consists of FSU and CSU awards and contain the same service conditions as the 2020 Share Plan. However, key revisions include updated peer companies, changes in the assessment of the total shareholders’ return (TSR) performance condition, introduction of an ESG performance condition and a change from return on capital employed (ROCE) to a return on invested capital (ROIC) performance condition. The weighting of the performance conditions for the TSR, ESG and ROIC measures are 50%, 20% and 30% respectively. The performance conditions also have super-stretch targets that could result in vesting of up to 250% of the relevant weighting if the target is achieved. The key terms of each performance condition relating to the 2021 Share Plan is as follows: • TSR: The performance condition is similar to the 2020 Share Plan, except that it is measured on a weighted average basis following an index-like approach. Both platinum and gold companies are included in the peer group and performance is measured over the three year measurement period. In selecting the appropriate peer companies, factors such as market capitalisation, geographical exposure, listing on multiple exchanges as well as gold and platinum commodity exposure were taken into account. • ROIC: Like ROCE, ROIC is a capital efficiency measure which calculates how efficiently the Group allocates its controllable capital to profitable investments. It provides an indication of the Group’s quality of earnings with reference to the risk categorisation of its underlying asset portfolio. ROIC will be calculated on an annualised basis over the three year vesting period as net operating profit after tax divided by invested capital, which is defined as total assets less current liabilities less cash. • ESG: Performance will be assessed over the three year performance period using an ESG scorecard, applicable to each year of the performance period. The performance condition on vesting will be determined as the average performance over the three years. Further revisions were introduced to cash-settled awards from the March 2022 remuneration cycle for new awards granted (2022 Share Plan). The 2022 Share Plan is similar to the 2021 Share Plan as it remains cash-settled, consists of FSU and CSU awards, contains the same service conditions, performance conditions, performance condition weightings and peer companies. Key revisions include the replacement of the ESG override with additional malus and clawback triggers and the deferral of the settlement of FSU dividend equivalents until vesting. In addition, for CSU awards, trailing years are being phased into the performance period with awards in 2022 having one trailing year for measurement purposes, which increases to two trailing years from the 2023 award cycle. For example, performance conditions relating to the 2022 award cycle will include 2021, 2022, 2023 and 2024 as the performance period to measure the value of the awards upon vesting. Minimum Shareholding Requirement Plan The Minimum Shareholding Requirement Plan (MSR Plan) is aimed at encouraging executive leadership and senior management (Senior Vice President level or above) to have personal exposure to the Group’s share price through the holding of Shares and/or American Depositary Shares (ADRs) in the Group, thus reinforcing the alignment to shareholder interests. The MSR Plan will reward commitment of personal shares through the award of Matching Share Units (MSUs). To qualify for the award of MSUs, participants must achieve the target minimum shareholding of between 100% and 200% of their deemed guaranteed remuneration expressed in shares and/or ADRs. The target minimum shareholding must be satisfied through committed shares. Each committed share qualifies for one MSU once the target minimum shareholding is reached (1:1 ratio). Other than the requirement to hold committed shares for the vesting period, the MSR Plan has the same terms as the 2022 Share Plan. Total Shareholder Return (TSR) — 50% Weighting The peer companies under the 2021 and 2022 Share Plans and MSR Plan relating to the TSR performance condition are as follows: Peer group companies for TSR comparison AngloGold Ashanti Limited Anglo American Platinum Limited Gold Fields Limited Impala Platinum Holdings Limited Northam Platinum Limited Fresnilo Plc Harmony Gold Mining Company Limited Kinross Gold Corporation Awards granted, exercised and forfeited under the 2020 Share Plan Conditional Forfeitable 2020 2021 2022 Number of units 2022 2021 2020 — 15,319,984 13,754,209 Outstanding at beginning of the year 53,868 950,220 — Movement during the year: 16,199,788 10,814 — Granted during the year — 125,693 1,985,819 (10,891) (351,069) (206,462) Vested (35,913) (997,390) (965,294) (868,913) (1,225,520) (969,573) Forfeited — (24,655) (70,305) 15,319,984 13,754,209 12,578,174 Outstanding at end of the year 17,955 53,868 950,220 Awards granted, exercised and forfeited under the 2021 Share Plan Conditional Forfeitable 2020 2021 2022 Number of units 2022 2021 2020 — — 3,445,487 Outstanding at beginning of the year 696,314 — — Movement during the year: — 3,672,565 32,618 Granted during the year — 1,510,599 — — — (52,356) Vested (673,849) (722,474) — — (227,078) (144,171) Forfeited (22,465) (91,811) — — 3,445,487 3,281,578 Outstanding at end of the year — 696,314 — Awards granted, exercised and forfeited under the 2022 Share Plan and the MSR plan Conditional and matching Share Units 1 Forfeitable 2020 2021 2022 Number of units 2022 2021 2020 — — — Outstanding at beginning of the year — — — Movement during the year: — — 7,401,740 Granted during the year 1,410,614 — — — — (5,967) Vested (678,252) — — — — (199,029) Forfeited (61,840) — — — — 7,196,744 Outstanding at end of the year 670,522 — — 1 Includes matching share units under the MSR plan with effect from the March 2022 remuneration cycle Valuation model and inputs At each reporting date, on vesting date and on settlement date, the liability for the cash payment relating to the FSUs, CSUs and MSUs awarded is measured/ remeasured at fair value. Similar to the equity-settled schemes, a Monte Carlo Simulation model was used to value cash-settled share-based payment awards. The inputs to the valuation model for share awards granted were as follows: Conditional and matching Forfeitable 2020 2021 2022 MONTE CARLO SIMULATION 2022 2021 2020 70.10 44.29 - 68.56 48.29 - 52.15 Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) % n/a n/a n/a 3 1 - 3 0.17 - 3 Expected term (years) n/a n/a n/a 36 14 - 36 2 - 36 Expected term (months) 9 - 18 9 - 18 9 - 18 7.82 4.62 - 8.99 7.45 - 17.83 Expected dividend yield (US/SA) % 54.24/11.14 27.67/6.39 12.92/6.66 3.62 4.81 - 5.68 7.16 - 7.82 Risk-free interest rate (US/SA) % 2.48/7.55 0.56/4.35 0.14/3.40 R60.00 R49.10 R44.72 Weighted average share price (ADR/JSE) US$10.66/R44.72 US$12.54/R49.10 US$15.89/R60 40.38 29.95 23.69 Weighted average fair value (SA rand) 49.95 53.14 67.72 Directors' and prescribed officers’ cash-settled instruments The directors and prescribed officers of Sibanye-Stillwater held the following cash-settled instruments as at 31 December 2022: 2021 Instruments granted Cash-settled instruments vested during the year Instruments forfeited 2022 Number of instruments Number of instruments Number of instruments Average price Cash proceeds (rand)¹ Number of instruments Number of instruments Executive directors Neal Froneman 2 1,939,548 1,470,189 98,327 41.01 4,032,208 — 3,311,410 Charl Keyter 884,319 438,923 50,923 41.87 2,131,921 — 1,272,319 Prescribed officers Charles Carter — 148,732 — — — — 148,732 Mika Seitovirta — 116,231 — — — — 116,231 Dawie Mostert 479,688 274,999 29,677 42.06 1,248,269 — 725,010 Themba Nkosi 382,997 257,187 26,387 42.18 1,113,018 — 613,797 Richard Stewart 529,455 523,362 32,898 42.54 1,399,582 — 1,019,919 Laurent Charbonnier 236,555 296,972 63,197 45.61 2,882,516 — 470,330 Lerato Legong 211,707 117,569 19,469 43.12 839,427 — 309,807 Robert van Niekerk 772,549 388,819 41,460 41.70 1,728,706 — 1,119,908 1 Amounts represents pre-tax earnings paid to participants. For South African participants, these amounts were calculated by taking the Company’s VWAP share price on vesting date multiplied by the number of vested units 2 Numbers include ADRs and JSE listed shares as a result of the dual service contract 6.4 Cash-settled share-based payments — DRDGOLD DRDGOLD’s outgoing cash-settled long-term incentive scheme (Cash-settled LTI Scheme) consisted of a grant made in November 2015 with a finite term of five years. No top-up awards were made as the awards vested. The awards were issued at an exercise price of nil and vested in three tranches of 20%, 30% and 50% on the 3rd, 4th and 5th anniversaries respectively, subject to individual service and performance conditions being met. The awards were settled at the seven day volume weighted average price of the DRDGOLD share. The last tranche of the November 2015 grant vested during November 2020. The outgoing Cash-settled LTI Scheme was replaced by the DRDGOLD LTI Scheme (see note 6.2 above). 6.5 Cash-settled share-based payments — Rustenburg B-BBEE transaction In terms of the Rustenburg operation transaction, a 26% equity stake in SRPM was acquired by the B-BBEE SPV (the Rustenburg B-BBEE Transaction) by a vendor financed facility from Sibanye Platinum Proprietary Limited (Sibanye Platinum), on the following terms: • Interest at up to 0.2% above Sibanye-Stillwater’s highest cost of debt. Once the capped amount is reached, interest ceases to accrue so that the capped amount is not exceeded. However, once the facility reduces below R3.5bn, interest starts to accrue again • Post payment of the annual deferred payment to Rustenburg Platinum Mines Limited (RPM) and in respect of any repayment by SRPM of shareholder loans or the distribution of dividends, 74% will be paid to Sibanye Platinum and 26% to B-BBEE SPV • Of the 26% payment to B-BBEE SPV, 85% will be used to service the facility owing by B-BBEE SPV to Sibanye Platinum • The remaining 15% of any such payment or 100%, once the facility owing by B-BBEE SPV to Sibanye Platinum is repaid, will be declared by B-BBEE SPV as a dividend to the B-BBEE SPV shareholders • The facility will be capped at R3,500 million The IFRS 2 expense is based on 44.8% of the 26% interest relating to Bakgatla-Ba-Kgafela Investment Holdings and Siyanda Resources Proprietary Limited, as the Rustenburg Mine Community Trust and Rustenburg Mine Employees Trust are controlled and consolidated by Sibanye-Stillwater. The calculation of the expense and obligation relating to 44.8% interest is based on the expected discounted future cash flows of the expected PGM reserves and costs to extract the PGMs. 6.6 Cash-settled share-based payments — Marikana B-BBEE transaction Effective 13 April 2021, the Group restructured the previously highly indebted Lonmin Limited (changed to Sibanye UK Limited on 25 March 2021) B-BBEE structure in relation to WPL and EPL (collectively referred to as “Marikana”), so as to ensure the sustainability of the B-BBEE shareholding in Marikana and facilitate the realisation of value to the B-BBEE shareholders (Restructuring Transaction). The Restructuring Transaction resulted in the cancellation of the previous preference share funding provided to a special purpose vehicle (Phembani SPV) held by the Phembani Group Proprietary Limited group (Phembani Group). As replacement, the Group subscribed for new preference shares at a nominal amount in Phembani SPV. These preference shares will earn dividends capped to R2.6 billion and will be funded through 90% of the dividends attributable to the Phembani Group as and when paid by Marikana. In addition, while the Sibanye UK Limited (Sibanye UK) loans to WPL are still outstanding, REO will subscribe for additional preference shares as an additional funding mechanism to ensure Phembani SPV receives a minimum level of cash flows (as determined in terms of a formula). The new arrangement provides the Marikana shareholders with access to distributable Marikana profits in the short and medium term through the introduction of a 10% trickle dividend while any Marikana shareholder loans or loans from Sibanye UK to WPL are outstanding. Once the loans from Sibanye UK have been settled and while there are no Marikana shareholder loans outstanding, the Marikana shareholders will have a right to participate fully in their attributable portion of Marikana’s dividends over the remaining life-of-mine. However, a 90% portion of the Phembani Group’s attributable dividends will continue to be applied against the preference dividends until the preference shares have been redeemed. The obligations to pay dividends to entities controlled by the Group, being REO and the Marikana Trusts, eliminate on consolidation. At the effective date, the Restructuring Transaction resulted in the Group recognising the following liabilities: • Cash-settled share-based payment obligation under IFRS 2 Share-based Payment (IFRS 2) amounting to R404 million (see table below) • Marikana dividend obligation under IFRS 9 Financial Instruments (IFRS 9) amounting to R1,146 million (see note 22.2) Marikana’s obligation to pay dividends to the Phembani Group through an intermediate company holding structure, is recognised as a cash-settled share-based payment liability measured at fair value. Changes in fair value is recognised in profit or loss. The following assumptions were applied in the 31 December 2022 calculation: 2022 2021 2020 Long-term PGM (4E) basket price R/4Eoz 26,397 23,957 — Real discount rate — South Africa % 15.0 - 15.2 13.2 — Inflation rate — South Africa % 6.5 6.0 — Life-of-mine years 19 - 49 18 - 50 — 6.7 Cash-settled share-based payments obligations The following table shows a reconciliation of the total cash-settled share-based payment obligation of the Group for the year ended 31 December 2022: Figures in million – SA rand Notes 2022 2021 2020 Reconciliation of the cash-settled share-based payment obligations Balance at beginning of the year 2,887 1,628 1,425 Share-based payment obligation on acquisition of subsidiary 16.1 14 — — Cash-settled share-based payments expense 1 233 232 353 Fair value loss on initial recognition of Marikana B-BBEE cash-settled share-based payment obligation 6.6, 7 — 404 — Recognised on deconsolidation of subsidiary 2 251 — — Fair value loss on obligations 3 7 2,155 860 129 Cash-settled share-based payments paid 4 (272) (240) (275) Foreign currency translation 7 3 (4) Balance at end of the year 5,275 2,887 1,628 Reconciliation of the cash-settled share-based payment obligations in the Group Cash-settled share-based payment — Rustenburg B-BBEE transaction 3,112 2,067 1,468 Cash-settled share-based payment — Marikana B-BBEE transaction 1,732 560 — Cash-settled share-based payment — Employee incentive schemes 431 260 160 Balance at end of the year 5,275 2,887 1,628 Current portion of cash-settled share-based payment obligations (284) (58) (33) Non-current portion of cash-settled share-based payment obligations 4,991 2,829 1,595 1 Included in the amount is a cash-settled share-based payment expense for the year ended 31 December 2022 relating to the 2020, 2021, 2022 and MSR Share Plans amounting t

Loss on financial instruments

Loss on financial instruments	12 Months Ended
	Dec. 31, 2022
(Loss)/gain on financial instruments
Loss on financial instruments	7. Loss on financial instruments Figures in million – SA rand Notes 2022 2021 2020 Fair value loss on gold hedge contracts 1 — — (458) Fair value (loss)/gain on palladium hedge contract 2 (241) 234 36 Fair value loss on derivative financial instrument — — (70) Fair value loss on cash-settled share-based payment obligations (Rustenburg and Marikana B-BBEE transactions) 6.7 (2,155) (1,264) (129) Loss on the revised cash flow of the Rustenburg operation deferred payment 22.2 (773) (4,653) (2,081) (Loss)/gain on the revised cash flow of the Burnstone Debt 28.4 (776) (2) 264 Loss on the revised cash flow of the Marikana dividend obligation 22.2 (650) (468) — Fair value gain on other investments 152 — — Other 164 (126) (12) Total loss on financial instruments 3 (4,279) (6,279) (2,450) 1 On 9 March 2020, Sibanye-Stillwater concluded a gold hedge agreement which commenced on 1 April 2020, comprising the delivery of 1,800 kilograms of gold (150 kilograms per month) with a zero cost collar which establishes a minimum floor of R800,000 per kilogram and a maximum cap of R1,080,000 per kilogram. The gold hedge agreement concluded during March 2021. As hedge accounting is not applied, resulting gains or losses are accounted for as gains or losses on financial instruments in profit or loss 2 On 17 January 2020, Stillwater Mining Company (wholly-owned subsidiary of Sibanye-Stillwater) concluded a palladium hedge agreement which commenced on 28 February 2020, comprising the delivery of 240,000 ounces of palladium over two years (10,000 ounces per month) with a zero cost collar which establishes a minimum and a maximum cap of US$1,500 and US$3,400 per ounce, respectively. On 24 March 2021, Stillwater Mining Company concluded an additional palladium hedge agreement commencing on 28 February 2022, comprising the delivery of 140,000 ounces of palladium over a 14-month period (10,000 ounces per month) with a zero cost collar which establishes a minimum floor and a maximum cap of US$1,800 and US$3,300 per ounce, respectively. As hedge accounting is not applied, resulting gains or losses are accounted for as gains or losses on financial instruments in profit or loss 3 On The difference between the loss for 2020 and the loss presented in note 34 relates to realised losses on the gold hedge contracts

Other costs and other income

Other costs and other income	12 Months Ended
	Dec. 31, 2022
Other costs [Abstract]
Other costs and other income	8. Other costs and other income 8.1 Other costs Figures in million – SA rand 2022 2021 2020 Care and maintenance (794) (737) (814) Loss due to dilution of interest in joint operation — (4) (30) Non-recurring COVID-19 costs — (3) (97) Corporate and social investment costs (237) (288) (258) Cost incurred on employee and community trusts (429) (744) (508) Exploration costs (12) (12) (33) Non-mining royalties (235) (327) (193) Strike related costs (258) — (1) Service entity costs (569) (534) (501) Loss on deconsolidation of a subsidiary 1 (309) — — Other (836) (369) (292) Total other costs (3,679) (3,018) (2,727) 1 The deconsolidation was as a result of significant changes in the Bapo Trust deed, which resulted in joint control over the relevant activities of the Bapo Trust for the Group. The deconsolidation resulted in a total loss on deconsolidation of R309 million. The total loss on deconsolidation consists of the loss upon recognition of R251 million cash-settled share-based payment obligation (see note 6.7) and the derecognition of cash and cash equivalents of R58 million held by the Bapo Trust 8.2 Other income Figures in million – SA rand 2022 2021 2020 Income on settlement of legal dispute — — 580 Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable 71 167 464 Service entity income 464 398 383 Sundry income 429 183 231 Profit on sale of Lonmin Canada 1 145 — — Profit on sale of St Helena Hospital — 16 — Gain on deregistration of a subsidiary 1 — — Total other income 1,110 764 1,658 1 The Group disposed of its interest in Lonmin Canada to Magna Mining Incorporated for an aggregate purchase consideration of CAD10 million (Canadian dollars) of which CAD2 million is deferred over twelve months. The transaction concluded during Q4 2022 and resulted in a profit of R145 million recognised in profit or loss. Lonmin Canada held the Denison PGM exploration project in Canada and was acquired as part of the Lonmin plc (subsequently renamed to Sibanye UK Limited) acquisition on 7 June 2019

Restructuring costs

Restructuring costs	12 Months Ended
	Dec. 31, 2022
Restructuring provision [abstract]
Restructuring costs	9. Restructuring costs Restructuring costs of R363 million (2021: R107 million, 2020: R436 million) were incurred in 2022 and included voluntary separation packages. The restructuring costs mainly related to the SA gold operations and the SA PGM operations, which amounted to R330 million (2021: R69 million, 2020: R108 million) and R26 million (2021: R27 million, 2020: R310 million), respectively.

Reversal of impairments_(impair

Reversal of impairments/(impairments)	12 Months Ended
	Dec. 31, 2021
Disclosure of impairment loss and reversal of impairment loss [abstract]
Reversal of impairments/(impairments)	10. Reversal of impairments/(impairments) Figures in million – SA rand Note 2022 2021 2020 Impairment of mining assets 1 (1) (5,148) (1) Reversal of impairment of equity-accounted investee 2 18.1 — — 120 Other reversal of impairment 7 — 2 Total reversal of impairments/(impairments) 6 (5,148) 121 1 At 31 December 2021, a number of factors were identified that negatively impacted the ability of the Driefontein, Kloof and Beatrix operations to recover the carrying value of mining assets over their respective remaining life-of-mines. Consensus commodity long-term prices indicated that forecast gold prices were expected to be lower than the spot price of US$1,829/oz at 31 December 2021. Lower commodity prices would have had a significant adverse impact on the ability of these already marginal operations to generate positive cash flows when considering the continued increase in the cost base of the operations. A forecasted strengthening of the SA rand against the US dollar would also have had an adverse impact on the profitability of the operations. These considerations, coupled with ageing infrastructure and declining life-of-mines, impacted forecast cash flows and led to the recognition of impairment losses at 31 December 2021 on the Driefontein, Kloof and Beatrix reportable segments of R212 million, R3,642 million and R1,293 million, respectively. These operations are included under the SA gold operations in the segment report (see note 2) and each represent a separate cash-generating unit (CGU) 2 Historically recognised impairment amounting to R120 million of the Group’s investment in the equity-accounted Rand Refinery was reversed at 31 December 2020 due to improvement in the investees financial position and forecasted return to stable dividend payments. The investment in Rand Refinery is accounted for in SA gold corporate in the segment report (see note 2)

Royalties, mining and income ta

Royalties, mining and income tax, and deferred tax	12 Months Ended
	Dec. 31, 2022
Mining and income tax
Royalties, mining and income tax, and deferred tax	11. Royalties, mining and income tax, and deferred tax Significant accounting judgements and estimates The Group is subject to income tax in South Africa, Zimbabwe, the United Kingdom (UK), France, Finland and the US. Significant judgement is required in determining the liability for income tax due to the complexity of legislation. During the ordinary course of business, transactions and calculations may occur for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on the best estimates of whether additional taxes will be due. The Group reassesses its judgements and estimates if facts and circumstances change. To the extent required, these transactions are disclosed in accordance with management's probability assessment. Where the facts and circumstances change or when the final tax outcome of these matters are different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The Group recognises the net future tax benefit related to deferred tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted. The Group’s gold mining operations are taxed on a variable rate that increases as the profitability of the operation increases. The deferred tax rate used to calculate deferred tax is based on the current estimate of future profitability when the temporary differences will reverse based on tax rates and laws that have been enacted or substantively enacted at the reporting date. Depending on the profitability of the operations, the deferred tax rate can consequently be significantly different from year to year. Calculating the future profitability of the operations is inherently uncertain and could materially change over time. Additionally, future changes in tax laws in South Africa, Zimbabwe, the UK, France, Finland and the US could limit the ability of the Group to obtain tax deductions in future periods. Accounting policy Income tax comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date and is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Deferred tax is provided on temporary differences existing at each reporting date between the tax values of assets and liabilities and their carrying amounts and reflects uncertainty related to income taxes, if any. Enacted and substantively enacted tax rates are used to determine future anticipated effective tax rates which in turn are used in the determination of deferred tax. These temporary differences are expected to result in taxable or deductible amounts in determining taxable profits for future periods when the carrying amount of the asset is recovered or the liability is settled. The principal temporary differences arise from depreciation of property, plant and equipment, provisions, unutilised capital allowances and tax losses carried forward. Deferred tax is not recognised for: • temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss • temporary differences related to investments in subsidiaries, and interests in associates and joint ventures to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that these will not reverse in the foreseeable future • taxable temporary differences arising on the initial recognition of goodwill Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Deferred tax assets relating to the carry forward of unutilised tax losses and/or unutilised capital allowances are recognised to the extent it is probable that future taxable profit will be available against which the unutilised tax losses and/or unutilised capital allowances can be recovered. Deferred tax assets are reviewed at each reporting date and are adjusted if recovery is no longer probable. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be utilised. 11.1 Royalties Revenue from mineral resources in South Africa are subject to the Mineral and Petroleum Resource Royalty Act 2008 (Royalty Act). The Royalty Act imposes a minimum 0.5% royalty on refined (mineral resources that have undergone a comprehensive level of beneficiation such as smelting and refining as defined in Schedule 1 of the Royalty Act) and unrefined (mineral resources that have undergone limited beneficiation as defined in Schedule 2 of the Royalty Act) minerals payable to the State. The royalty in respect of refined and unrefined minerals (which includes gold refined to 99.5% and above, and PGMs refined to 99.9%) is calculated by dividing earnings before interest and taxes (EBIT) by the product of 12.5 times, in respect of refined, and 9 times, in respect of unrefined, gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5% of mining revenue has been introduced on refined minerals and 7% on unrefined minerals. The effective rate of royalty tax payable for the year ended 31 December 2022 was approximately 0.4% (2021: 0.6% and 2020: 0.5%) of revenue at the SA gold operations and 2.5% (2021: 3.0% and 2020: 3.0%) of revenue at the SA PGM operations. The Group is not exposed to royalty taxes in the US, France and Finland, however the Finnish government has introduced a mineral royalty tax to become effective in 2024. Figures in million – SA rand 2022 2021 2020 Current charge (1,834) (2,923) (1,768) SA gold royalties (64) (167) (142) SA PGM royalties (1,770) (2,756) (1,626) Prior year royalty tax refund — 209 3 Total royalties (1,834) (2,714) (1,765) 11.2 Mining and income tax South African statutory tax rates Gold mining, mining and non-mining tax Gold mining tax is determined according to a formula which takes into account the profit and revenue attributable to gold mining operations. Mining taxable income (SA PGM and SA gold) is determined after the deduction of all mining capital expenditure, with the provision that this cannot result in an assessed loss. Capital expenditure amounts not deducted are carried forward as unredeemed capital expenditure to be deducted from future mining income. Accounting depreciation is ignored for the purpose of calculating mining tax. In the gold mining tax formula, the percentage rate of tax payable and the ratio of gold mining profit, after the deduction of redeemable capital expenditure, to gold mining revenue is expressed as a percentage. Non-mining income consists primarily of interest income, third party gold processing and rental income and was taxed at the South African company tax rate of 28%. Company tax rate Companies, other than gold mining companies, are subject to the maximum South African company tax rate of 28%. The corporate income tax rate applicable to Sibanye-Stillwater and its South African subsidiaries will change to 27% from 1 January 2023. US statutory tax rates The US PGM operations are subject to tax at the statutory tax rate in the states of Montana (6.75%), Pennsylvania (9.99%) and Florida (5.5%) as well as the federal statutory rate (21%). Effective 1 January 2025, all apportionable income in Montana will be apportioned using a single sales factor formula, while it currently uses a three-factor apportionment formula. The impact of this change is in the process of being assessed by management. France and Finland statutory tax rates Sandouville and Keliber are subject to tax at a corporate income tax rate of 25% and 20%, respectively. Mining and income tax The components of mining and income tax are the following: Figures in million – SA rand Note 2022 2021 2020 Current tax (9,282) (13,506) (5,374) Mining tax (8,225) (11,816) (4,442) Non-mining tax (310) (220) 68 Company and withholding tax (747) (1,470) (1,000) Deferred tax 11.3 358 (255) 516 Deferred tax charge 305 (593) 570 Prior year adjustment — 252 — Deferred tax rate adjustment 1 53 86 (54) Total mining and income tax (8,924) (13,761) (4,858) 1 The deferred tax rate adjustment in South Africa and the US was: Figures in million – SA rand 2022 2021 2020 South Africa (150) 200 (54) United States 203 (114) — Deferred tax rate adjustment 53 86 (54) The change in the estimated long-term deferred tax rate at which the temporary differences will reverse as a result of applying the mining tax formula at the SA gold operations and partially offset by a change in the South African corporate tax rate from 28% to 27% from 1 January 2023 onwards, amounted to a deferred tax charge of R150 million for the year ended 31 December 2022 (2021: benefit of R200 million and 2020: charge of R54 million) Reconciliation of the Group’s mining and income tax to the South African statutory company tax rate of 28%: Figures in million – SA rand 2022 2021 2020 Tax on (profit)/loss before tax at maximum South African statutory company tax rate (28%) (7,813) (13,316) (9,934) South African gold mining tax formula rate adjustment 19 63 118 US statutory tax rate adjustment 181 466 550 Deferred tax rate differentials 16 — — Non-deductible amortisation and depreciation (2) (13) (14) Non-taxable dividend received 4 7 21 Non-deductible finance expense 1 (196) (108) 89 Non-deductible share-based payments (7) (42) (44) Non-deductible loss on fair value of financial instruments (976) (1,021) (890) Non-taxable gain on foreign exchange differences 22 47 3 Non-taxable share of results of equity-accounted investees 360 557 476 Non-taxable reversal of impairments/(non-deductible impairments) 1 (22) 33 Non-deductible transaction costs (76) (69) (50) Tax adjustment in respect of prior periods (35) 386 133 Net other non-taxable income and non-deductible expenditure 156 351 258 Change in estimated deferred tax rate 53 86 (54) (Deferred tax assets not recognised or derecognised)/unrecognised deferred tax assets recognised or utilised 2 (631) (1,133) 4,447 Mining and income tax (8,924) (13,761) (4,858) Effective tax rate 32 % 29 % 14 % 1 The non-deductible finance expense for the year ended 31 December 2020 is presented net after the reversal of an uncertain income tax treatment amounting to R182 million. This represents the conclusion on the section 163(j) interest limitation provided for by the US PGM operations under IFRIC 23 Uncertainty over Income Tax Treatments as at 31 December 2019 2 The amount for the year ended 31 December 2022 mainly consist of deferred tax assets not recognised of R86 million at SGL, R227 million at Cooke and R287 million at Burnstone. The amount for year ended 31 December 2021 include the derecognition of deferred tax assets of R837 million relating to deductible temporary differences, that could no longer be recognised due to the impairment of the mining assets in the SA gold operations 11.3 Deferred tax Figures in million – SA rand Note 2022 2021 2020 Included in the statement of financial position as follows: Deferred tax assets (2,442) (906) (1,576) Deferred tax liabilities 9,360 7,818 7,631 Net deferred tax liabilities 6,918 6,912 6,055 Reconciliation of the deferred tax balance: Balance at beginning of the year 6,912 6,055 6,368 Deferred tax recognised in profit or loss 11.2 (358) 255 (516) Deferred tax recognised in other comprehensive income (81) 99 6 Foreign currency translation 445 503 197 Balance at end of the year 6,918 6,912 6,055 The detailed components of the net deferred tax liabilities which result from the differences between the amounts of assets and liabilities recognised for financial reporting and tax purposes are: Figures in million – SA rand 2022 2021 2020 Deferred tax liabilities Mining assets 13,001 10,763 11,910 Environmental rehabilitation obligation funds 713 587 962 Other 294 300 207 Gross deferred tax liabilities 1 14,008 11,650 13,079 Deferred tax assets Environmental rehabilitation obligation (1,404) (1,229) (1,704) Occupational healthcare obligation (121) — (275) Other provisions (1,385) (922) (1,143) Financial instruments 0 (19) (427) Tax losses and unredeemed capital expenditure (4,097) (2,518) (3,437) Share-based payment obligation (83) (50) (38) Gross deferred tax assets 2,3 (7,090) (4,738) (7,024) Net deferred tax liabilities 6,918 6,912 6,055 1 The aggregate amount of temporary differences associated with investments in subsidiaries, for which no deferred tax liabilities have been recognised under the IAS 12.39 exemption at 31 December 2022, amounts to R13,659 million (2021: R7,599 million and 2020: R25,955 million) 2 Historically, deferred tax assets in WPL and EPL were only recognised to the extent of deferred tax liabilities since it was not considered probable that taxable profit would be available against which the future tax deductions could be utilised. At 31 December 2020, management recognised deferred tax assets on WPL and EPL in excess of deferred tax liabilities for the first time since it became probable that sufficient future taxable profits will be available. In total, net deferred tax assets of R951 million was recognised at 31 December 2020. The deferred tax asset recognition was supported by the profit history of WPL and EPL and a positive future taxable profit outlook 3 The amount of deductible temporary differences, unused tax losses as well as unredeemed capital expenditure for which no deferred tax asset is recognised in the statement of financial position, amounted to R50,776 million (2021: R43,061 million and 2020: R36,408 million). Tax losses are available to be utilised against income generated by the relevant tax entity and do not expire unless the tax entity concerned ceases to operate for a period of longer than one year for the South African operations. Under South African mining tax ring-fencing legislation, each tax entity is treated separately and as such these deductions can only be utilised by the tax entities in which the deductions have been generated. In Canada, tax losses expire after 20 years 11.4 Net tax, carbon tax and royalties (receivable)/payable Figures in million – SA rand Notes 2022 2021 2020 Included in the statement of financial position as follows: Tax receivable (723) (1,245) (148) Tax, carbon tax and royalties payable 104 199 797 Non-current portion of tax, carbon tax and royalties payable 11 10 9 Current portion of tax, carbon tax and royalties payable 93 189 788 Net tax, carbon tax and royalties (receivable)/payable (619) (1,046) 649 Reconciliation of the net tax, carbon tax and royalties (receivable)/payable balance: Balance at beginning of the year (1,046) 649 154 Royalties, carbon tax and current tax 11.1, 11.2 11,106 16,224 7,145 Royalties, carbon tax and tax paid (10,681) (17,894) (6,525) Royalties and Carbon tax paid (1,815) (3,055) (1,707) Tax paid (8,866) (14,839) (4,818) Tax receivable on acquisition of subsidiaries (3) — — Other (8) — — Foreign currency translation 13 (25) (125) Balance at end of the year (619) (1,046) 649

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2022
Earnings per share [abstract]
Earnings per share	12. Earnings per share Accounting policy Headline earnings is presented as an additional earnings number allowed by IAS 33 Earnings per Share (IAS 33) and is calculated based on the requirements set out in SAICA Circular 1/2021. Earnings, as determined in IAS 33, is the starting point and certain remeasurements net of related tax (current and deferred) and NCI are excluded. A remeasurement is an amount recognised in profit or loss relating to any change (whether realised or unrealised) in the carrying amount of an asset or liability that arose after the initial recognition of such asset or liability. 12.1 Basic earnings per share Basic earnings per share (EPS) is calculated by dividing the profit or loss attributable to owners of Sibanye-Stillwater by the weighted average number of ordinary shares in issue during the year. 2022 2021 2020 Weighted average number of shares Ordinary shares in issue (’000) 2,830,370 2,808,406 2,923,571 Adjustment for weighting of ordinary shares in issue (’000) (4,285) 90,398 (194,680) Weighted average number of shares (’000) 2,826,085 2,898,804 2,728,891 Profit attributable to owners of Sibanye-Stillwater (SA rand million) 18,396 33,054 29,312 Basic EPS (cents) 651 1,140 1,074 12.2 Diluted earnings per share Diluted EPS is calculated by dividing the profit attributable to owners of Sibanye-Stillwater by the diluted number of ordinary shares in issue during the year. Dilutive shares are the number of potentially dilutive ordinary shares that could be issued as a result of share awards granted to employees under the equity-settled share-based payment schemes (see note 6.1. The US$ Convertible Bond was converted during October 2020 and was antidilutive for the year ended 31 December 2020. 2022 2021 2020 Diluted weighted average number of shares Weighted average number of shares (’000) 2,826,085 2,898,804 2,728,891 Potential ordinary shares (’000) 4,696 28,442 49,061 Diluted weighted average number of shares (’000) 2,830,781 2,927,246 2,777,952 Diluted basic EPS (cents) 650 1,129 1,055 12.3 Headline earnings per share Headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the weighted average number of ordinary shares in issue during the year. Reconciliation of profit attributable to owners of Sibanye-Stillwater to headline earnings: Figures in million – SA rand unless otherwise stated Notes Gross Net of tax 2022 Profit attributable to owners of Sibanye-Stillwater 18,396 Gain on disposal of property, plant and equipment (162) (128) Reversal of impairments 10 (6) (4) Loss on deconsolidation of subsidiaries 308 308 Profit on sale of Lonmin Canada (145) (145) Foreign exchange movement recycled through profit or loss (14) (14) Re-measurement items, attributable to NCI 9 Headline earnings 18,422 Weighted average number of shares (’000) 2,826,085 Headline EPS (cents) 652 2021 Profit attributable to owners of Sibanye-Stillwater 33,054 Gain on disposal of property, plant and equipment (36) (27) Impairments 10 5,148 3,861 Profit on sale of St Helena (16) (12) Derecognition of property, plant and equipment in Marathon project 14 2 2 Re-measurement items, attributable to NCI — Headline earnings 36,878 Weighted average number of shares (’000) 2,898,804 Headline EPS (cents) 1,272 2020 Profit attributable to owners of Sibanye-Stillwater 29,312 Gain on disposal of property, plant and equipment (99) (74) Reversal of impairment 10 (121) (121) Derecognition of property, plant and equipment in Marathon project 14 37 28 Re-measurement items, attributable to NCI 1 Headline earnings 29,146 Weighted average number of shares (’000) 2,728,891 Headline EPS (cents) 1,068 12.4 Diluted headline earnings per share Diluted headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the diluted weighted average number of ordinary shares in issue during the year. 2022 2021 2020 Diluted headline earnings (R' million) 18,422 36,878 29,146 Diluted weighted average number of shares (’000) 2,830,781 2,927,246 2,777,952 Diluted headline EPS (cents) 651 1,260 1,049

Dividends

Dividends	12 Months Ended
	Dec. 31, 2022
Dividends
Dividends	13. Dividends Accounting policy Dividends are recognised as a liability on the date on which such dividends are declared. Dividends withholding tax is a tax on shareholders receiving dividends and is applicable to all dividends paid which are subject to dividend withholding tax based on the relevant tax requirements. The Group withholds dividend tax on behalf of its shareholders at a rate of 20% on dividends paid. Amounts withheld are not recognised as part of the Group’s tax charge but rather as part of the dividend paid, recognised in equity. Cash flows from dividends paid are classified under operating activities in the statement of cash flows. The table below illustrates the dividends declared and paid: Figures in million – SA rand unless stated otherwise 2022 2021 2020 Dividend declared and paid (interim) 3,905 8,347 1,338 Dividend declared after 31 December (final) 3,452 5,252 9,485 Total dividends declared for the year 7,357 13,599 10,823 Dividend per share (interim) — cents 138 292 50 Dividend per share (final) — cents 122 187 321 Dividends paid during the financial year 9,197 17,832 1,338 Dividends paid to NCI of subsidiaries during the financial year 256 344 360 Total dividends paid for the year 1 9,453 18,176 1,698 1 The dividends paid is influenced by the number of shares in issue at the time of payment Dividend policy Sibanye-Stillwater’s dividend policy is to return at least 25% to 35% of normalised earnings to shareholders and after due consideration of future requirements the dividend may be increased beyond these levels. The Board, therefore, considers normalised earnings in determining what value will be distributed to shareholders. The Board believes normalised earnings provides useful information to investors regarding the extent to which results of operations may affect shareholder returns. Normalised earnings is defined as earnings attributable to the owners of Sibanye-Stillwater excluding gains and losses on financial instruments and foreign exchange differences, impairments, gain/loss on disposal of property, plant and equipment, occupational healthcare expenses, restructuring costs, transactions costs, share-based payment expenses on B-BBEE transactions, gain on acquisitions, net other business development costs, share of results of equity-accounted investees, all after tax and the impact of NCI, and changes in estimated deferred tax rate. In line with Sibanye-Stillwater’s capital allocation framework, the Board of Directors resolved to pay a final dividend of 122 (2021: 187 and 2020: 321) SA cents per share. Together with the interim dividend of 138 (2021: 292 and 2020: 50) SA cents per share, which was declared and paid, this brings the total dividend for the year ended 31 December 2022 to 260 (2021: 479 and 2020: 371) cents per share and this amounts to a payout of 35% (2021: 35% and 2020: 35%) of normalised earnings. Reconciliation of profit attributable to the owners of Sibanye-Stillwater to normalised earnings Figures in million – SA rand 2022 2021 2020 Profit attributable to the owners of Sibanye-Stillwater 18,396 33,054 29,312 Adjusted for: Loss on financial instruments 4,279 6,279 2,450 (Gain)/loss on foreign exchange differences (616) (1,149) 255 Gain on disposal of property, plant and equipment (162) (36) (99) (Reversal of impairments)/impairments (6) 5,148 (121) Restructuring costs 363 107 436 Transaction costs 152 140 139 Occupational healthcare (gain)/expense (211) (14) 52 Loss on BTT early settlement — — 186 Income on settlement of legal dispute — — (580) Loss due to dilution of interest in joint operation — 4 30 Early redemption premium on the 2025 Notes — 196 — Loss on settlement of US$ Convertible Bond — — 1,507 Change in estimated deferred tax rate (53) (86) 54 Share of results of equity-accounted investees after tax (1,287) (1,989) (1,700) Loss on deconsolidation of subsidiaries 308 — — Profit on sale of Lonmin Canada (145) — — Profit on sale of St Helena Hospital — (16) — Tax effect of the items adjusted above (33) (2,755) (1,277) NCI effect of the items listed above 36 — (37) Normalised earnings 1 21,021 38,883 30,607 1 Non-IFRS measures such as normalised earnings is the responsibility of the Group’s Board of Directors and presented for illustration purposes only, and because of its nature, normalised earnings should not be considered as a representation of financial performance under IFRS

Property plant and equipment

Property plant and equipment	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [abstract]
Property plant and equipment	14. Property, plant and equipment Significant accounting judgements and estimates Carrying value of property, plant and equipment All mining assets are amortised using the units-of-production method where the mine operating plan calls for production from proved and probable mineral reserves. Mobile and other equipment are depreciated over the shorter of the estimated useful life of the asset or the estimate of mine life based on proved and probable mineral reserves. The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is different from current forecast production based on proved and probable mineral reserves. This would generally result from the extent that there are significant changes in any of the factors or assumptions used in estimating mineral reserves. These factors could include: • changes in proved and probable mineral reserves • differences between actual commodity prices and commodity price assumptions • unforeseen operational issues at mine sites • changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates • changes in mineral reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, where those lives are limited to the life of the mine The recoverable amounts of cash generating units (CGUs) and individual assets are determined based on the higher of value in use calculations and fair value less cost to sell. These calculations require the use of estimates and assumptions. It is reasonably possible that the gold, PGM, nickel and cobalt price assumptions may change which may then impact the Group estimated life-of-mine determinant and may then require a material adjustment to the carrying value of property, plant and equipment. The Group reviews and tests the carrying value of assets when events or changes in circumstances suggest that the carrying amount may not be recoverable by comparing expected future cash flows to these carrying values. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. If there are indications that impairment may have occurred, estimates are prepared of expected future cash flows of each group of assets. Expected future cash flows used to determine the value in use and fair value less costs to sell of property, plant and equipment are inherently uncertain and could materially change over time. They are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as spot and future gold, PGM, nickel and cobal prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure. Pre-production The Group assesses the stage of each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the unique nature of each mine construction project. The Group considers various relevant criteria to assess when the mine is substantially complete, ready for its intended use and moves into the production stage. Some of the criteria would include, but are not limited to the following: • the level of capital expenditure compared to the construction cost estimates • ability to produce metal in saleable form (within specifications) • ability to sustain commercial levels of production of metal When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development or ore reserve development. Mineral reserves estimates Mineral reserves are estimates of the amount of product that can be economically and legally extracted from the Group’s properties. In order to calculate the reserves, estimates and assumptions are required about a range of geological, technical and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and grade of the mineral reserves requires the size, shape and depth of ore bodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data. The Group is required to determine and report, inter alia, on the mineral reserves in accordance with the South African Code for Reporting of Exploration Results, mineral resources and mineral reserves (SAMREC Code). Estimates of mineral reserves may change from period to period due to the change in economic assumptions used to estimate mineral reserves and due to additional geological data becoming available during the course of operations. Changes in reported proven and probable reserves may affect the Group’s financial results and position in a number of ways, including the following: • asset carrying values may be affected due to changes in estimated cash flows • depreciation and amortisation charges to profit or loss may change where these are calculated on the units-of production method, or where the useful lives of assets change • decommissioning site restoration and environmental provisions may change where changes in ore reserves affect expectations about the timing or cost of these activities • the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits Accounting policy Mineral and surface rights Mineral and surface rights are recorded at cost less accumulated amortisation and accumulated impairment losses. When there is little likelihood of a mineral right being exploited, or the carrying amount has exceeded its recoverable amount, impairment is recognised in profit or loss in the year that such determination is made. Mine development and infrastructure Mining assets, including mine development and infrastructure costs and mine plant facilities, are recorded at cost less accumulated depreciation and accumulated impairment losses. Costs include the purchase price of assets used in the construction of the mine, expenditure incurred to evaluate and develop new ore bodies, as well as expenditure to define mineralisation in existing ore bodies and to establish or expand productive capacity. These costs are capitalised until commercial levels of production are achieved, at which times the costs are amortised as set out below. Development of ore bodies includes the development of shaft systems and waste rock removal that allows access to reserves that are economically recoverable in the future. Subsequent to this, costs are capitalised if the criteria for recognition as an asset are met. Access to individual ore bodies exploited by the Group is limited to the time span of the respective mining leases. Land Land is shown at cost and is not depreciated. Other assets Non-mining assets are recorded at cost less accumulated depreciation and accumulated impairment losses, except for land which is not depreciated. These assets include the assets of the mining operations that are not included in mine development and infrastructure. It also includes borrowing costs, mineral and surface rights, land and all the assets of the non-mining operations. Amortisation and depreciation of mining assets Amortisation and depreciation is determined to give a fair and systematic charge in profit or loss taking into account the nature of a particular ore body and the method of mining that ore body. To achieve this, the following calculation methods are used: • Mining assets, including mine development and infrastructure costs, mine plant facilities and evaluation costs, are amortised over the life of the mine using the units-of-production method, based on estimated proved and probable mineral reserves • Proved and probable mineral reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in future from known mineral deposits • Certain mining plant and equipment included in mine development and infrastructure is depreciated on a straight-line basis over their estimated useful lives • For certain shafts, which have a short life and/or are marginal, the depreciation is accelerated based on an adjustment to the reserves for accounting purposes Depreciation of non-mining assets Non-mining assets are recorded at cost and depreciated on a straight-line basis over their current expected useful lives to their residual values as follows: • Vehicles: 5 years • Computers: 3 years • Furniture and equipment: 1 - 10 years • Sandouville plant - 24 years The assets’ useful lives, depreciation methods and residual values are reassessed at each reporting date and adjusted if appropriate. Impairment Recoverability of the carrying values of long-term assets or CGUs of the Group are reviewed whenever events or changes in circumstances indicate that such carrying value may not be recoverable. To determine whether a long-term asset or CGU may be impaired, the higher of value in use (defined as: the present value of future cash flows expected to be derived from an asset or CGU) or fair value less costs to sell (defined as: the price that would be received to sell an asset in an orderly transaction between market participants at the measured rate, less the costs of disposal) is compared to the carrying value of the CGU. A CGU is defined by the Group as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Generally for the Group this represents an individual operating mine, including mines which are part of a larger mine complex. The costs attributable to individual shafts of a mine are impaired if the shaft is closed. Impairment losses are recognised in profit or loss. Impairment recognised in respect of a CGU is allocated first to goodwill to that particular CGU and thereafter to the individual assets in the CGU. When any infrastructure is closed down or placed on care and maintenance during the year, any carrying value attributable to that infrastructure is impaired. Expenditure incurred on care and maintenance is recognised in profit or loss. When the review of the events or changes in circumstances of an asset or CGU that was previously impaired indicate that such historical carrying value is recoverable, the impairment is reversed. The reversal is limited so that the carrying value of the asset does not exceed its recoverable amount, nor exceed what the historical carrying amount would have been should the asset not have been impaired. Reversal of impairment losses are recognised in profit or loss. Reversal of impairment recognised in respect of a CGU is allocated to the individual assets in the CGU. Derecognition of property, plant and equipment Property, plant and equipment is derecognised on disposal or closure of a shaft when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of an item of property, plant and equipment (calculated as the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. Exploration and evaluation expenditure All exploration and evaluation expenditure, prior to obtaining the legal rights to explore a specific area, is recognised in profit or loss. After the legal rights to explore are obtained, exploration and evaluation expenditure, comprising the costs of acquiring prospecting rights and directly attributable exploration expenditure, is capitalised as a separate class of property, plant and equipment or intangible assets, on a project-by-project basis, pending determination of the technical feasibility and commercial viability. The technical feasibility and commercial viability of extracting a mineral resource is generally considered to be determinable through a feasibility study and when proven reserves are determinable to exist. Upon determination of proven reserves, exploration and evaluation assets attributable to those reserves are first tested for impairment and then reclassified from exploration and evaluation assets to another appropriate class of property, plant and equipment. Subsequently, all cost directly incurred to prepare an identified mineral asset for production is capitalised to mine development assets. Amortisation of these assets commences once these assets are available for use, which is expected to be when the mine is in commercial production. These assets will be measured at cost less accumulated amortisation and impairment losses. Figures in million – SA rand Notes Total Mine development, infrastructure and other Land, mineral rights and rehabilitation Exploration and evaluation assets 2022 Cost Balance at beginning of the year 129,946 103,216 24,955 1,775 Additions 1 15,944 15,862 22 60 Change in estimates of rehabilitation assets 2 (94) (54) (27) (13) Disposals (246) (225) (21) — Derecognition of property, plant and equipment 3 (3,340) (3,339) — (1) Transfers between classes of property, plant and equipment — 275 38 (313) Assets acquired on acquisition of subsidiaries 16 2,738 1,450 1,086 202 Foreign currency translation 3,945 2,360 1,510 75 Balance at end of the year 148,893 119,545 27,563 1,785 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 67,452 59,718 5,959 1,775 Amortisation and depreciation 4 6,981 6,402 579 — Impairment 10 1 1 — — Disposals (234) (217) (17) — Derecognition of property, plant and equipment 3 (3,323) (3,323) — — Depreciation capitalised to inventory 132 132 — — Foreign currency translation 975 733 232 10 Balance at end of the year 71,984 63,446 6,753 1,785 Carrying value at end of the year 76,909 56,099 20,810 — 1 During the year, amortisation and depreciation on assets used in the development of the Blitz project was capitalised. As a result, additions include non-cash additions (or amortisation and depreciation capitalised) of R45 million 2 Includes a decrease to the environmental rehabilitation obligation of R85 million (see note 30), decrease to the right of recoverability liability of R7 million and an increase to the right of recoverability asset of R2 million 3 Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2020 and fully depreciated by 2022, and was derecognised as no future economic benefits are expected from its use Figures in million – SA rand Notes Total Mine development, infrastructure and other Land, mineral rights and rehabilitation Exploration and evaluation assets 2021 Cost Balance at beginning of the year 115,954 90,093 23,823 2,038 Additions 1 12,809 12,794 (3) 18 Change in estimates of rehabilitation assets 2 (612) 29 (639) (2) Disposals (254) (231) (23) — Derecognition of property, plant and equipment 3 (2,065) (2,062) (3) — Transfers between classes of property, plant and equipment — 161 105 (266) Assets derecognised on loss with dilution of interest in joint operation (2) — — (2) Assets derecognised on classification to other investments (22) — — (22) Foreign currency translation 4,138 2,432 1,695 11 Balance at end of the year 129,946 103,216 24,955 1,775 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 55,354 48,657 4,998 1,699 Amortisation and depreciation 4 8,181 7,467 650 64 Impairment 10 5,120 5,025 94 1 Disposals (210) (189) (21) — Derecognition of property, plant and equipment 3 (2,056) (2,056) — — Depreciation capitalised to inventory 120 120 — — Foreign currency translation 943 694 238 11 Balance at end of the year 67,452 59,718 5,959 1,775 Carrying value at end of the year 62,494 43,498 18,996 — 1 During the year, amortisation and depreciation on assets used in the development of the Blitz project was capitalised. As a result, additions include non-cash additions (or amortisation and depreciation capitalised) of R69 million 2 Includes a decrease to the environmental rehabilitation obligation of R638 million (see note 30 ), decrease to the right of recoverability liability of R9 million and a decrease to the right of recoverability asset of R35 million 3 Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2019 and fully depreciated by 2021, and was derecognised as no future economic benefits are expected from its use Figures in million – SA rand Notes Total Mine development, infrastructure and other Land, mineral rights and rehabilitation Exploration and evaluation assets 2020 Cost Balance at beginning of the year 107,285 82,046 23,210 2,029 Additions 1 9,712 9,656 14 42 Change in estimates of rehabilitation assets 2 (384) (108) (270) (6) Disposals (63) (43) (20) — Derecognition of property, plant and equipment 3 (1,968) (1,905) (63) — Transfers between classes of property, plant and equipment — (29) 29 — Transfers to right-of-use assets (2) (2) — — Assets derecognised on loss with dilution in interest in joint operation (37) — (1) (36) Foreign currency translation 1,411 478 924 9 Balance at end of the year 115,954 90,093 23,823 2,038 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 49,805 43,877 4,303 1,625 Amortisation and depreciation 4 7,468 6,647 753 68 Impairment 10 1 — — 1 Disposals (60) (41) (19) — Derecognition of property, plant and equipment 3 (1,968) (1,905) (63) — Depreciation capitalised to inventory 117 117 — — Foreign currency translation (9) (38) 24 5 Balance at end of the year 55,354 48,657 4,998 1,699 Carrying value at end of the year 60,600 41,436 18,825 339 1 During the year, amortisation and depreciation on assets used in the development of the Blitz project was capitalised. As a result, additions include non-cash additions (or amortisation and depreciation capitalised) of R96 million 2 Includes a decrease to the environmental rehabilitation obligation of R318 million (see note 30), decrease to the right of recoverability liability of R40 million and an increase to the right of recoverability asset of R26 million 3 Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2018 and fully depreciated by 2020, and was derecognised as no future economic benefits are expected from its use

Right-of-use assets

Right-of-use assets	12 Months Ended
	Dec. 31, 2022
Disclosure of quantitative information about right-of-use assets [abstract]
Right-of-use assets	15. Right-of-use assets Accounting policy Right-of-use assets comprise mining equipment, vehicles and office rentals (included in the mine development, infrastructure and other asset class) of which none meet the definition of investment property. These right-of-use assets comprise the initial measurement of the corresponding lease liability, any initial direct costs incurred by the lessee, and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses if applicable. The assets are depreciated over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. Refer to the lease liabilities note (see note 29) for additional detail. Figures in million – SA rand Notes 2022 2021 2020 Balance at beginning of the year 222 296 361 Additions and modifications 45 65 66 Right-of-use assets acquired on acquisition of subsidiaries 16 109 — — Impairment of mining assets — (28) — Depreciation (101) (112) (124) Transfers and other movements (2) — (8) Foreign currency translation 6 1 1 Balance at end of the year 279 222 296

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about business combination [abstract]
Acquisitions	16. Acquisitions Significant accounting judgements and estimates Expected future cash flows used to determine the fair value of, inter alia, property, plant and equipment and contingent consideration are inherently uncertain and could materially change over time. The fair value is significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. Acquisitions are assessed to determine if they qualify as business combinations or asset acquisitions in terms of the requirements of IFRS 3 where the Group obtains control over an entity. In order to apply IFRS 3, the assets acquired and liabilities assumed, should constitute a business as defined in IFRS 3. Accordingly, management assesses whether the activities consist of inputs and processes applied to those inputs that have the ability to contribute to the creation of outputs. If a transaction is not deemed to be a business combination, it is accounted for as an asset acquisition outside of the scope of IFRS 3. The IFRS 3 scope assessment could significantly impact the accounting treatment applied. Accounting policy Business combinations The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Any contingent consideration is measured at fair value at the date of acquisition. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any NCI in the acquiree either at fair value or at the NCI’s proportionate share of the acquiree’s net assets. Subsequently, the carrying amount of NCI is the amount of the interest at initial recognition plus the NCI’s share of the subsequent changes in equity, plus or minus changes in the portion of interest of the equity of the subsidiary not attributable, directly or indirectly, to Sibanye-Stillwater shareholders. The excess of the consideration transferred, the amount of any NCI in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is a gain recognised directly in profit or loss. Asset acquisitions For acquisitions outside the scope of IFRS 3, the purchase consideration is allocated to identifiable assets and liabilities based on their relative fair values. Assets and liabilities that are initially measured at an amount other than cost are recognised at their respective carrying amounts as specified in the applicable accounting standards. Statement of cash flows The acquisition date fair value of deferred payments and contingent consideration relating to business combinations is part of the aggregate consideration for obtaining control of the underlying net assets. Therefore, unless the obligations are clearly part of the borrowing structure of the group, repayments of the acquisition date fair value are classified as investing activities. Additional deferred/ contingent payments in excess of the acquisition date fair value are considered to be operating activity cash flows by nature. 16.1 Keliber asset acquisition On 23 February 2021, Keliber Oy (Keliber) and the Group entered into an investment agreement that enables Keliber to significantly advance its lithium project in Central Ostrobothnia, Finland. The Keliber project consists of several advanced stage lithium spodumene deposits, with significant exploration upside potential in close proximity to the existing project. The project includes the development of a chemical plant in Kokkola, at 66 kilometres from the mining area, which will produce battery grade lithium hydroxide. Under the investment agreement, the Group made an initial phased equity investment of €30 million for an approximate 30% equity shareholding into Keliber. In the first tranche the Group subscribed for shares in Keliber for €15 million and simultaneously, on the same terms as Sibanye-Stillwater’s €30 million phased investment, a further €10 million equity issuance was offered to the existing Keliber shareholders, which was fully subscribed. The investment agreement allowed the Group to finance development work of a further €15 million in two tranches over a twelve-month period. The second tranche subscription payment was made on 16 September 2021. The investment in Keliber resulting from the €15 million subscription in the first tranche and the €10 million in the second tranche was treated as an equity accounted associate from 17 March 2021 (see note 18.4). The first and second tranche subscriptions resulted in an aggregate 26.6% shareholding as at 31 December 2021. On 14 March 2022, the Group made payment for the third tranche of the initial phased equity investment in Keliber. The subscription price amounted to €5 million for an additional 125,000 shares in Keliber, resulting in an aggregate shareholding of approximately 30% at the time of subscription. Upon subscribing for the third tranche of the initial equity investment in Keliber during March 2022, the Group's pre-emptive right to obtain a majority shareholding and majority board representation in Keliber became exercisable. Since the Group obtained substantive ability to acquire a majority shareholding in Keliber upon subscription for the third tranche share investment, management concluded that control was obtained at the time of subscription. At the date of acquisition, Keliber did not meet the definition of a business in terms of IFRS 3, and is therefore accounted for as an asset acquisition. Since the Group had already obtained control over Keliber with the third tranche subscription, subsequent share subscriptions were accounted for directly in equity as transactions with non-controlling shareholders on their respective effective dates (see note 27.1). Allocation of purchase consideration Since the acquisition is outside the scope of IFRS 3, the purchase consideration was allocated to identifiable assets and liabilities based on their relative fair values. Assets and liabilities that are initially measured at an amount other than cost, such as financial instruments recognised at fair value, were recognised at their respective carrying amounts as specified in the applicable accounting standards. The functional currency of Keliber is Euro. The table below summarises the value of the consideration paid and NCI recognised at the date of acquisition: Figures in million – SA rand 2022 Consideration (30.3%) 1 530 Gross value of allocated purchase consideration 1,749 NCI recognised (69.7%) 1,219 1 The consideration is determined as the carrying value of the equity accounted investment at 14 March 2022 (i.e. the effective date) of R446 million and the cost of the €5 million third tranche payment made on the effective date amounting to R84 million . Net cash of R261 million was acquired at the effective date The following table summarises the allocation of the gross purchase consideration to identifiable assets and liabilities: Figures in million – SA rand Notes 2022 Property, plant and equipment 14 1,481 Right-of-use assets 15 31 Other receivables — non-current 2 Trade and other receivables 31 Cash and cash equivalents 345 Borrowings 28 (30) Cash-settled share-based payment obligations 6.7 (14) Lease liabilities 29 (32) Other payables — non-current (2) Trade and other payables (63) Total purchase consideration allocated on relative fair value basis 1,749 16.2 Sandouville business combination On 30 July 2021, Sibanye-Stillwater announced that it had entered into an exclusive put option agreement (Put Option) with French mining group Eramet SA (Eramet) for the acquisition of 100% of the Sandouville nickel hydrometallurgical processing facility (Sandouville), located in Normandy, France. The Sandouville facility is situated in the industrial heart of Europe at Le Havre, France’s second largest industrial port, with strategic access to extensive logistical infrastructure including shipping, rail and key motorways, supporting any future supply into the European end user markets. The transaction was the second step in the Group's battery metals strategy, building on the investment in the Keliber lithium hydroxide project. The Sandouville site is a polyvalent facility which is already zoned for heavy industrial purposes. The site is scaleable for nickel, cobalt and lithium battery grade products, and will enable the Group to further advance its battery metals strategy and recycling activities. On 4 November 2021, following the signing of the exclusive Put Option, Sibanye-Stillwater announced that the Share Purchase Agreement (SPA) had been signed to acquire 100% of Sandouville. The signature of the SPA followed the successful completion of the information-consultation process with the employee representative bodies of Sandouville and Eramet, who rendered a favourable opinion of the transaction. The transaction also received the key regulatory approvals of the South African Reserve Bank and clearance from the French Foreign Investment Control Office. The remaining conditions in respect of the acquisition were fulfilled on Sandouville’s financial results were consolidated from the effective date. For the eleven months ended 31 December 2022, the Sandouville operations contributed revenue of R3,140 million and a net loss of R635 million to the Group’s results. Sandouville’s pro forma revenue and net loss would have been R3,324 million and R691 million, respectively, had the acquisition been effective from The purchase price allocation (PPA) on the effective date was prepared on a provisional basis in accordance with IFRS 3 for, amongst others, property, plant and equipment, contingent liabilities, provisions, as well as any deferred tax implications at 30 June 2022. No new information was obtained by 31 December 2022, and the PPA is considered to be final. Consideration The fair value of the consideration is as follows: Figures in million – SA rand 2022 Cash 1 1,501 Total consideration 1,501 1 The cash consideration is made up of an initial payment on 4 February 2022 of EUR81 million ( R1,390 million ) and an additional payment of EUR6 million ( R111 million ) on 11 May 2022 Acquisition-related costs The Group incurred total acquisition-related costs of R27 million for the year ended 31 December 2022 (R28 million for the year ended 31 December 2021) on advisory and legal fees. These costs are recognised as transaction costs in profit or loss during the period in which it is incurred. Identified assets acquired and liabilities assumed The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date: Figures in million – SA rand Notes 2022 Property, Plant and equipment 14 1,257 Right-of-use assets 15 78 Intangible assets 17 83 Other receivables — non-current 11 Inventories 601 Trade and other receivables 104 Cash and cash equivalents 1 108 Tax receivable 11.4 3 Lease liabilities 29 (88) Environmental rehabilitation obligation and other provisions 30 (97) Other payables — non-current (164) Borrowings 28 (9) Trade and other payables (409) Fair value of identifiable net assets acquired 2 1,478 1 The transaction results in net cash paid of R1,393 million as a result of cash and cash equivalents acquired of R108 million and cash consideration paid of R1,501 million 2 Fair value of assets and liabilities were determined as follows: • The fair value of property, plant and equipment was based on an income approach consisting of a discounted cash flow model, as well as considering the depreciated replacement cost of the plant • Lease liabilities and right-of-use assets approximate fair value, based on an assessment of the present value of the remaining lease payments at the effective date of the transaction using a market related discount rate • Intangible assets includes software, patents, trademarks and customer relationships acquired from Eramet SA. The majority of the asset value is attributable to the customer relationships acquired and trademarks, which were valued based on the discounted future cash flows of commission contracts • Inventories approximate fair value, based on the short inventory cycle and an assessment of net realisable value • Trade and other receivables and trade and other payables approximate fair value due to their short-term nature • The fair value of the decommissioning obligation is calculated on a discounted cash flow model considering the cost of decommissioning of the plant • Borrowings approximate fair value based on an assessment of the discounted future cash flows at the effective date using a market related discount rate Goodwill Goodwill arising from the business combination has been recognised as follows: Figures in million – SA rand 2022 Consideration 1,501 Fair value of identifiable net assets acquired (1,478) Goodwill 1 23 1 The goodwill is attributable to the premium paid for the synergies and benefits expected to be derived from implementing the Group's battery metals strategy. None of the goodwill amount is deductible for tax purposes

Goodwill and other intangibles

Goodwill and other intangibles	12 Months Ended
	Dec. 31, 2022
Disclosure of reconciliation of changes in goodwill [abstract]
Goodwill and other intangibles	17. Goodwill and other intangibles Significant accounting judgements and estimates Goodwill is tested for impairment on an annual basis and whenever impairment indicators are identified. Expected future cash flows used to determine the recoverable amount of property, plant and equipment and goodwill are inherently uncertain and could materially change over time. The recoverable amount is significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. An individual operating mine does not have an indefinite life because of the finite life of its reserves. The allocation of goodwill to an individual mine will result in an eventual goodwill impairment due to the depleting nature of the mine. Accounting policy Goodwill is stated at cost less accumulated impairment losses. In accordance with the requirements of IAS 36 Impairment of Assets , the Group performs its annual impairment review of goodwill at each financial year end or whenever there are impairment indicators to establish whether there is any indication of impairment to goodwill. Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. An impairment is made if the carrying amount exceeds the recoverable amount. The recoverable amount is determined as the higher of “value in use” and “fair value less cost to sell”, based on the cash flows over the life of the CGUs and discounted to a present value at an appropriate discount rate. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill allocated to the entity sold. Other intangible assets, including customer relationships, software, patents and trademarks that are acquired by the Group and have finite useful lives, are measured at cost less accumulated amortisation and any accumulated impairment losses. Figures in million – SA rand Notes 2022 2021 2020 Goodwill Balance at beginning of the year 7,727 7,165 6,855 Goodwill on acquisition of subsidiaries 16.2 23 — — Foreign currency translation 491 562 310 Carrying value at end of the year 8,241 7,727 7,165 Other intangibles Cost Balance at beginning of the year — — — Intangible assets acquired on acquisition of subsidiaries 16.2 83 — — Foreign currency translation 3 — — Balance at end of the year 86 — — Accumulated amortisation and impairment Balance at beginning of the year — — — Charge for the year 5 — — Balance at end of the year 5 — — Carrying value at end of the year 81 — — Total goodwill and other intangibles 8,322 7,727 7,165 The goodwill arose on the acquisition of Cooke, Aquarius, Stillwater, DRDGOLD, SFA (Oxford), Qinisele Resources and Sandouville. The goodwill on acquisition of: • SFA (Oxford), amounting to R123 million, is attributable to the talent and skills of SFA (Oxford)’s workforce. At year end, the goodwill on acquisition of SFA (Oxford) is allocated to the Stillwater (R60 million), Rustenburg (R44 million) and Kroondal (R18 million) CGUs, where it is tested for impairment. No impairment has been recognised • Qinisele Resources, amounting to R54 million, cannot be attributed to any current Sibanye-Stillwater operating cash generating units. Qinisele Resources will perform an internal corporate function, mostly responsible for identifying, assessing and executing corporate actions. The business acquired will not generate external cash flows and has no future external mandates. None of the goodwill recognised is expected to be deducted for tax purposes. Due to the factors mentioned, the recoverable amount of goodwill resulting from the application of IFRS 3 has been calculated at zero at acquisition in 2019 and fully impaired • Cooke, amounting to R737 million, was attributable to the synergies at the Group’s other operations, and the underlying assets of Cooke and the West Rand Tailings Retreatment Project (WRTRP). During the year ended 31 December 2016, the goodwill allocated to the Cooke CGU was impaired by R201 million. During the year ended 31 December 2017, the goodwill allocated to the WRTRP CGU was impaired by R99 million. During the year ended 31 December 2018, the goodwill allocated to the Driefontein, Kloof and Beatrix CGUs was impaired by R436 million • Aquarius, amounting to R401 million, was attributable to the synergies between the PGM assets in the Rustenburg area. At year end, the goodwill on acquisition of Aquarius is allocated to the Kroondal (R134 million) and the Rustenburg operation (R267 million) CGUs, where it is tested for impairment. No impairment has been recognised • Stillwater, amounting to R5,874 million (US$450 million), was attributable to the premium paid, and the talent and skills of Stillwater’s workforce, and is allocated to the Stillwater CGU, where it is tested for impairment. No impairment has been recognised • DRDGOLD, amounting to R35 million, was attributable to DRDGOLD’s proven surface retreatment capabilities, and is allocated to the DRDGOLD CGU, where it is tested for impairment. No impairment has been recognised • Sandouville, amounting to R23 million, was attributable to the premium paid for the synergies and benefits expected to be derived from implementing the Group's battery metals strategy. The goodwill is allocated to the Sandouville CGU, where it is tested for impairment. No impairment has been recognised. The recoverable amount of goodwill was calculated based on the value in use of the CGUs to which to goodwill was allocated. None of the goodwill recognised is expected to be deductible for tax purposes. The Group’s estimates and assumptions used in the 31 December 2022 impairment testing include: Gold operations 1 PGM operations Battery metals 2022 2021 2020 2022 2021 2020 2022 Average gold price 2,4 R/kg 869,035 773,398 733,037 Average PGM (4E) basket price 3,4 R/4Eoz 27,566 24,422 23,278 Average PGM (2E) basket price 4 US$/2Eoz 1,334 1,180 1,202 Average nickel price 4 US$/lbs 8.3 Average cobalt price 4 US$/lbs 22.1 Nominal discount rate — South Africa 5,6 % 13.9- 15.8 11.5 - 13.5 9.7 - 13.6 22.5 - 22.6 20 18.8 - 19.7 Nominal discount rate — US 6 % 12.9 8.3 8.8 Nominal discount rate — Europe 6 % 9.8 Inflation rate — South Africa 2,7 % 6.5 6.0 6.0 6.5 6.0 6.0 Inflation rate — US 7 % 4.0 2.0 2.0 Inflation rate — Europe 7 % 2.5 Life-of-mine 2,8 years 4 - 10 4 - 9 3 - 13 15 - 49 17 - 50 12 - 39 24 1 Include the operating gold mines Driefontein, Kloof and Beatrix 2 The estimates and assumptions used in the impairment assessment of the Burnstone project include an average gold price of R793,473/kg (2021: R729,270/kg, 2020: R733,037/kg), inflation rate of 6.5% (2021: 6%, 2020: 6%) and life-of-mine of 22 years (2021: 24 years, 2020: 21 years) 3 The average PGM basket price used on the Mimosa equity-accounted joint venture was R25,420/4Eoz (2021: R21,943/4Eoz, 2020: R21,080/4Eoz) 4 The average prices and the exchange rate were derived by considering various bank and commodity broker consensus forecasts 5 Nominal discount rate for the Burnstone project is 17.4% (2021: 15.3%, 2020: 16.8%) and for the equity-accounted joint venture Mimosa, 30.7% (2021: 24.4%, 2020: 28.4%) 6 The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs 7 The inflation rate is based on historical mining inflation, projected electricity and labour cost increases and the forecast inflation rate of each region 8 Periods longer than five years are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash flows over the life of each mine based on the available reserves The cash flows are based on the annual life-of-mine plan that takes into account the following: • Proved and probable ore reserves of the CGUs • Cash flows are based on the life-of-mine plan • Sustaining capital expenditure estimates over the life-of-mine plan Results of impairment assessments for the Group's gold operations, PGM operations and goodwill allocated to CGUs No impairment was identified for the Group's gold, PGM and Battery metals CGUs or any CGUs with allocated goodwill. Sufficient headroom exists for all CGUs with allocated goodwill. Management believes that currently there are no reasonably possible changes in the assumptions used to assess impairment, which would lead to an impairment for any CGUs with allocated goodwill.

Equity accounted investments

Equity accounted investments	12 Months Ended
	Dec. 31, 2022
Investments accounted for using equity method [abstract]
Equity accounted investments	18. Equity-accounted investments Significant accounting judgements and estimates Joint arrangements Judgement is required to determine when the Group has joint control, which requires an assessment of the relevant activities and when the decisions in relation to those activities require unanimous consent. The Group has determined that the relevant activities for its joint arrangements are those relating to the operating and capital decisions of the arrangement, such as the approval of the budget and the capital expenditure programme for each year, and appointing, remunerating and terminating the key management personnel or service providers of the joint arrangement. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. Judgement is also required to classify a joint arrangement as either a joint operation or a joint venture. Classifying the arrangement requires the Group to assess their rights and obligations arising from the arrangement. Specifically, it considers: • The structure of the joint arrangement – whether it is structured through a separate vehicle • When the arrangement is structured through a separate vehicle, the Group also considers the rights and obligations arising from: – the legal form of the separate vehicle – the terms of the contractual arrangement This assessment often requires significant judgement, and a different conclusion on joint control and also whether the arrangement is a joint operation or a joint venture may materially impact the accounting. Carrying value of Mimosa and related Mineral Reserves and Mineral Resources estimates The Group reviews and tests the carrying value when events or changes in circumstances suggest that the carrying amount may not be recoverable by comparing expected future cash flows to the carrying value. Expected future cash flows used to determine the value in use and fair value less costs to sell of Mimosa are inherently uncertain and could materially change over time. These are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as spot and future PGM prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure. Mineral resources outside the approved mine plans are valued based on the in situ 4E ounce value. Comparable market transactions are used as a source of evidence adjusting specifically for the nature of each underlying ore body. Mimosa functional currency The functional currency of Mimosa, which is domiciled in Zimbabwe, has been determined as US dollar. The local currency in Zimbabwe changed to RTGS dollar during February 2019. As a result of this change, management reassessed whether there is a change in the functional currency of Mimosa. This assessment depends on the primary economic environment in which the company operates, which is considered to be the environment in which it generates and expends cash. These considerations include the currency primarily influencing sales prices, the country whose competitive forces and regulations mainly determine sales prices and the currency that influences labour, material and other costs of production. Judgements and assumptions made in determining the functional currency may have a significant impact on the results presented for the Group. The determining factors in the above assessment were: • The currency that mainly influences sales prices: Sales are invoiced and settled in US dollar • The currency of the country whose competitive forces and regulations mainly determine the sales prices: The competitive forces and regulations of the US primarily influences sales prices • The currency that mainly influences labour, material and other costs: The majority of operating costs are settled in US dollar Accounting policy The Group’s interest in equity-accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. The interests are initially recognised at cost using the same principles as with business combinations. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of profit or loss and other comprehensive income of equity-accounted investees until the date on which significant influence or joint control ceases. Results of associates and joint ventures are equity-accounted using the results of their most recent audited annual financial statements or unaudited management accounts. Any losses from associates are brought to account in the consolidated financial statements until the interest in such associates is written down to zero. The interest includes any long-term interests that in substance form part of the entity’s net investment in the equity-accounted investee, for example long-term receivables for which settlement is neither planned nor likely to occur in the foreseeable future. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such associates. The carrying value of an equity-accounted investment represents the cost of the investment, including goodwill, the proportionate share of the post-acquisition retained earnings and losses, any other movements in reserves, any impairment losses and loans to or from the equity-accounted investee. The carrying value together with any long-term interests that in substance form part of the net investment in the equity-accounted investee is assessed annually for existence of indicators of impairment and if such exist, the carrying amount is compared to the recoverable amount, being the higher of value in use or fair value less costs to sell. If an impairment in value has occurred, it is recognised in the period in which the impairment arose. Indicators of impairment include a significant or prolonged decline in the investments fair value below its carrying value. The Group holds the following equity-accounted investments: Figures in million – SA rand Notes 2022 2021 2020 Rand Refinery 1 18.1 578 649 691 Mimosa 2 18.2 6,650 5,413 3,929 Peregrine 2 18.3 1,160 1,086 1,001 Keliber 1 18.4 — 446 — Other equity-accounted investments 3 83 — * — * Total equity-accounted investments 8,471 7,594 5,621 1 Associate 2 Joint venture 3 Includes the Group's investment in Glint Incorporated (associate) acquired during the year at an initial cost of R92 million. The investment has a carrying value of R81 million at 31 December 2022 * Less than R1 million 18.1 Rand Refinery Sibanye-Stillwater has a 44.4% interest in Rand Refinery Proprietary Limited (Rand Refinery), a company incorporated in South Africa, which is involved in the refining of bullion and by-products sourced from, inter alia, South African and foreign gold producing mining companies. Rand Refinery is accounted for using the equity method. On 18 December 2014, Rand Refinery drew down R1.029 billion under a R1.2 billion subordinated shareholders loan (the Facility), with Sibanye-Stillwater’s proportional share being R385 million. Amounts drawn down under the Facility were repayable within two years from the first draw down date. If the loan was not repaid within two years, it would automatically convert into equity in Rand Refinery. During February 2017, Rand Refinery resolved to convert the Facility to redeemable preference shares. There were no fixed repayment terms for the preference shares. The preference shares had a preferential right to distributions. No ordinary dividends could be declared by Rand Refinery until the preference shares have been fully redeemed. The preference shareholders did not have voting rights at shareholders' meetings. The Group accounted for the preference shares as part of the investment in Rand Refinery. The preference shares were fully redeemed during 2020. Historical impairment of R120 million on Rand Refinery was reversed at 31 December 2020 (see note 10). The movement in the equity-accounted investment in Rand Refinery for the year is as follows: Figures in million – SA rand Note 2022 2021 2020 Balance at beginning of the year 649 691 397 Share of results of equity-accounted investee after tax 1 236 287 400 Dividends received (307) (329) (112) Preference shares redeemed — — (114) Reversal of impairment 10 — — 120 Balance at end of the year 578 649 691 1 Rand Refinery is equity-accounted based on its latest management accounts for the period ended 30 November, since Rand Refinery has a 31 August year end The Group’s interest in the summarised financial statements of Rand Refinery is as follows: Figures in million – SA rand 2022 2021 2020 Revenue 1,189 1,276 1,131 Total comprehensive income 532 646 903 Non-current assets 556 524 724 Current assets 1,955 2,022 2,079 Non-current liabilities (50) (87) (56) Current liabilities (565) (475) (462) Net assets (100%) 1,896 1,984 2,285 Reconciliation of the total investment in Rand Refinery with attributable net assets: Net assets (44.4%) 843 882 1,016 Preference shares redeemed — — (114) Dividend received 1 (188) (156) (112) Fair value adjustment 2 (36) (36) (36) Reconciling items 3 (41) (41) (63) Total investment in Rand Refinery 578 649 691 1 The dividend received relates to the dividend received from Rand Refinery after 30 November. The total dividend received for 2022 amounted to R307 million (2021:R329 million, 2020: R112 million) 2 The investment in equity-accounted investee was fair valued at 1 July 2002, the date when significant influence was obtained 3 Reconciling items relate to adjustments on consolidation of DRDGOLD’s interest in Rand Refinery 18.2 Mimosa Sibanye-Stillwater has a 50% interest in Mimosa Investments Limited (Mimosa), which owns and operates the Mimosa mine. The mine produces Platinum, is situated in Zimbabwe and has a functional currency of US dollar. The movement in the equity-accounted investment in Mimosa for the year is as follows: Figures in million – SA rand 2022 2021 2020 Balance at the beginning of the year 5,413 3,929 2,688 Share of results of equity-accounted investee after tax 1,061 1,702 1,300 Dividends received (243) (667) (103) Foreign currency translation 419 449 44 Balance at end of the year 6,650 5,413 3,929 The Group’s interest in the summarised financial statements of Mimosa is as follows: Figures in million – SA rand 2022 2021 2020 Revenue 8,535 8,786 7,789 Amortisation and depreciation (685) (549) (563) Interest income 203 24 8 Finance expense (71) (10) (28) Income and royalty tax (946) (1,503) (1,254) Income tax (692) (1,183) (984) Royalty tax (254) (320) (270) Profit or loss 2,123 3,405 2,599 Other comprehensive income 838 896 89 Total comprehensive income 2,961 4,301 2,688 Non-current assets 7,560 6,095 5,178 Property, plant and equipment 1 7,560 6,095 5,178 Right-of-use assets — — — Current assets 8,124 6,728 4,635 Cash and cash equivalents 1,545 1,131 469 Other current assets 6,579 5,597 4,166 Non-current liabilities (1,840) (1,443) (1,304) Non-current financial liabilities 2 — — (12) Other non-current liabilities (1,840) (1,443) (1,292) Current liabilities (453) (456) (556) Current financial liabilities 2 (453) (334) (476) Other current liabilities — (122) (80) Net assets (100%) 13,391 10,924 7,953 Reconciliation of the total investment in Mimosa with attributable net assets: Net assets (50%) 6,696 5,462 3,977 Reconciling items 1 (46) (49) (48) Total investment in Mimosa 6,650 5,413 3,929 1 The reconciling items include the difference between the carrying amount and fair value of the Mimosa’s identifiable assets and liabilities on acquisition less accumulated amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign joint venture 2 Non-current and current financial liabilities (excluding trade and other payables and provisions) amounted to Rnil (2021: Rnil, 2020: R12 million) and R35 million (2021: R9 million, 2020: R53 million), respectively Repatriation of funds from Zimbabwe is subject to regulatory approval in Zimbabwe. 18.3 Peregrine On 29 June 2018, Sibanye-Stillwater announced that it had entered into an agreement with Regulus Resources Inc. (Regulus) and a newly formed subsidiary of Regulus, Aldebaran, creating a strategic partnership in order to unlock value at its Altar copper-gold project in San Juan Province, Argentina (Altar Project), currently held in the US PGM operations. Under the terms of the agreement, Stillwater Canada LLC, an indirect, wholly-owned subsidiary of Sibanye-Stillwater (Stillwater Canada), entered into an option and joint venture agreement with Aldebaran, whereby Aldebaran has the option to earn into a maximum 80% interest in a wholly-owned subsidiary of Stillwater Canada, Peregrine Metals Limited (Peregrine) which owns the Altar Project (Arrangement Agreement). The consideration for Aldebaran to acquire up to an 80% interest in the Altar Project, included: • An upfront cash payment of US$15 million to Sibanye-Stillwater on closing of the Arrangement Agreement • 19.9% of the shares of Aldebaran • A commitment from Aldebaran to carry the next US$30 million of spend at the Altar Project over a maximum of five years(inclusive of 2018 drilling that was conducted between February and May of 2018) as an initial earn-in of a 60% interest in the Altar Project (the Initial Earn-in) Pursuant to the Arrangement Agreement, Aldebaran may also elect to earn-in an additional 20% interest in the Altar Project by spending an additional US$25 million over a three-year period following the Initial Earn-in. Peregrine was a subsidiary of Stillwater Canada. On 25 October 2018, Aldebaran issued an aggregate of 15,449,555 Aldebaran shares to Sibanye-Stillwater, representing 19.9% of the current 77,635,957 issued and outstanding Aldebaran shares, and made an upfront cash payment of US$15 million to Sibanye-Stillwater in accordance with the Arrangement Agreement. From this date, Stillwater Canada and Aldebaran act together to direct the relevant activities of and, therefore, collectively control Peregrine. As a result of the loss of control, Peregrine was derecognised as a subsidiary and accounted for as an equity-accounted investment. At 31 December 2022, the Group had a 100% legal interest in Peregrine, which is subject to an Initial Earn-in arrangement of 60% as described above (2021: 100%; 2020: 100%). At 31 December 2022, Aldebaran who is earning into the Altar Project, was not in breach of the earn-in requirements. The equity-accounted investment in Peregrine movement for the year is as follows: Figures in million – SA rand 2022 2021 2020 Balance at the beginning of the year 1,086 1,001 954 Foreign currency translation 74 85 47 Balance at end of the year 1,160 1,086 1,001 The Group’s interest in the summarised financial statements of Peregrine is as follows: Figures in million – SA rand 2022 2021 2020 Non-current assets 3,004 2,788 1,541 Current assets — — 7 Non-current liabilities (426) (409) (382) Current liabilities (16) (15) (18) Net assets (100%) 2,562 2,364 1,148 Reconciliation of the total investment in Peregrine with attributable net assets: Net assets (40%) 1 1,025 946 459 Reconciling items 2 135 140 542 Total investment in Peregrine 1,160 1,086 1,001 1 Disclosed on the basis that Aldebaran will successfully complete their earn-in obligation in terms of the agreement as described above 2 The reconciling items include the difference between the carrying amount and fair value of the Peregrine’s identifiable assets and liabilities on acquisition less accumulated amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign equity-accounted investment 18.4 Keliber The investment in Keliber resulting from the €15 million subscription in the first tranche and the €10 million in the second tranche was treated as an equity accounted associate from 17 March 2021, being the date on which the closing conditions on the first tranche subscription were met. The first and second tranche subscriptions resulted in an aggregate 26.6% shareholding as at 31 December 2021, which allowed for representation on the board of Keliber as well as significant involvement in the technical committee of the company. The transaction was entered into at fair value, and the difference between the net asset value and the fair value paid by the Group was attributed to the mineral reserve. The Group obtained substantive ability to acquire a majority shareholding in Keliber upon subscription for the third tranche share investment on 14 March 2022. Management concluded that control was obtained at the time of the third tranche subscription and the investment was therefore accounted for as an asset acquisition from the effective date of the transaction (see note 16.1). The equity-accounted investment in Keliber movement for the year is as follows: Figures in million – SA rand Note 2022 2021 2020 Balance at the beginning of the year 446 — — Acquisition of Keliber investment 84 446 — Transfer to asset acquisition (date of consolidation) 16.1 (530) — — Balance at end of the year — 446 —

Interests in joint operations

Interests in joint operations	12 Months Ended
	Dec. 31, 2022
Disclosure of joint operations [abstract]
Interests in joint operations	19. Interests in joint operations Accounting policy A joint operation is a joint arrangement in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement. The following are recognised in the financial statements in relation to the Group’s interests in joint operations: • the Group’s share of the jointly controlled assets, classified according to the nature of the assets • any liabilities that the Group has incurred • the Group’s share of any liabilities incurred jointly with the other venturers in relation to the joint operation • any income from the sale or use of the Group’s share of the output of the joint operation, together with the Group’s share of any expenses incurred by the joint operation • any expenses that the Group has incurred in respect of its interest in the joint operation Kroondal Mine The Group’s interests in joint operations includes a 50% interest in two joint operations each referred to as the “Notarial Pooling and Sharing Agreements” between Kroondal Operations Proprietary Limited and RPM. The principal activities of the joint operations are to extend the Kroondal mine over the boundary of the properties covering the Kroondal mine and expand the Marikana mine operations through mineral rights contributed by Anglo American Platinum Limited (Anglo American) through its subsidiary, RPM. On 31 January 2022, Sibanye-Stillwater announced it had entered into an agreement with RPM, through its subsidiary SRPM, which will result in SRPM assuming full ownership of the Kroondal operation. The sale transaction was not effective at 31 December 2022 since its implementation is subject to the fulfilment of certain conditions precedent. The Group’s share of the assets, liabilities, revenue and expenses of the joint operations is as follows: Figures in million – SA rand 2022 2021 2020 Revenue 8,371 10,293 7,973 Gain/(loss) on foreign exchange differences 131 127 (16) Profit before tax 4,780 6,557 4,814 Profit for the year 4,781 6,556 4,814 Non-current assets 729 636 800 Current assets 3,093 3,357 3,894 Non-current liabilities (9) (13) (7) Current liabilities (414) (493) (436) Net assets (50%) 3,399 3,487 4,251

Other investments

Other investments	12 Months Ended
	Dec. 31, 2022
Financial assets measured at fair value through other comprehensive income [abstract]
Other investments	20. Other investments Judgement on other investments Where the Group holds a close to 20% interest in a company, the assessment of whether there is significant influence and hence an equity-accounted investment may involve judgement. These judgements typically include the extent of representation on the board of directors, other involvement in the company such as technical committee, any other contractual arrangements as well as the effective influence that the particular shareholding interest provides. A different conclusion could have a significant impact on the measurement, presentation and disclosure of the particular investment. Accounting policy On initial recognition of an equity investment that is not held for trading, the Group may make an irrevocable election to present subsequent changes in the investment’s fair value in other comprehensive income (FVTOCI). This election is made on an investment-by-investment basis. These investments are subsequently measured at fair value, with dividends recognised in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI (in the mark-to-market reserve) and are never reclassified to profit or loss. Investments, other than investments in equity instruments, are measured at amortised cost if not measured at fair value through profit or loss (FVTPL), and is held with the objective to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal or interest on the principal amount outstanding. All investments not classified as measured at amortised cost or at FVTOCI as described above are measured at FVTPL, with subsequent changes in the investment's fair value recognised in profit or loss. In addition, on initial recognition, the Group may irrevocably designate an investment that otherwise meets the requirements to be measured at amortised cost as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. The Group holds the following investments: Figures in million – SA rand 2022 2021 2020 Designated at FVTOCI investments: Rand Mutual Assurance Company Limited 149 140 158 Furuya Metal Company Limited 1 455 668 343 Aldebaran 2 238 241 98 Generation Mining Limited 3 322 144 101 Ioneer Limited 4 643 1,353 — New Century Resources Limited 5 258 698 — Other 98 123 147 Mandatorily measured at FVTPL investments: Verkor S.A. (Verkor) 6 554 — — EnHyWhere 78 — — Other 380 — — Amortised cost investments 165 — — Total other investments 3,340 3,367 847 1 The Group holds approximately 5.60% in Furuya Metal Company Limited which is incorporated in Japan and listed on the Tokyo Stock Exchange. Its main business is the manufacture/sale of industrial-use precious metals 2 The Group holds 17.59% in Aldebaran which is incorporated in Canada and listed on the Toronto Stock Exchange (TSX). Aldebaran is a mineral exploration company 3 The Group holds 18.19% in Generation Mining Limited which is incorporated in Canada and listed on the TSX. Generation Mining Limited is in the process of developing the Marathon copper-palladium project 4 The Group holds 6.95% in ioneer Limited (ioneer) which is incorporated in Australia. Ioneer is an emerging lithium-boron producer listed on the Australian Securities Exchange (ASX) and currently owns 100% of the Rhyolite Ridge lithium-boron project (Rhyolite Ridge) in Nevada in the US. Sibanye-Stillwater reached an agreement with ioneer to establish a 50% joint venture to develop Rhyolite Ridge, which was still subject to the fulfilment of certain conditions precedent at 31 December 2022. ioneer received a conditional commitment for a proposed loan of up to US$700 million from the US Department of Energy on 13 January 2023 to support the development of Rhyolite Ridge 5 On 27 October 2021, Sibanye-Stillwater entered into a subscription agreement with New Century Resources Limited incorporated in Australia (and listed on the ASX), where the Group agreed to purchase ordinary shares as part of a capital raising by New Century. The aggregate investment represents a 19.9% ownership interest. See note 41.3 for transactions entered into after the reporting date 6 During February 2022, the Group entered into a term sheet whereby the Group, through its wholly-owned subsidiary, Sibanye Battery Metals Proprietary Limited, invested in Verkor by subscribing for a €25 million convertible bond. Verkor is a French Gigafactory project aiming to enter the European battery materials market as a manufacturer of low-carbon footprint batteries for application in electric vehicles and large-scale stationary storage markets. The Group subscribed for the convertible bond on 22 March 2022 amounting to R409 million, and subject to early repayment events, will be redeemable in full on 30 June 2024. The convertible bond is recognised as an investment and measured at fair value, with net gains and losses recognised in profit or loss. The fair value of the investment at 31 December 2022 amounted to R554 million, with R145 million recognised as a fair value gain for the year ended 31 December 2022 Fair value of other investments

Environmental rehabilitation ob

Environmental rehabilitation obligation funds	12 Months Ended
	Dec. 31, 2022
Environmental rehabilitation obligation funds [Abstract]
Environmental rehabilitation obligation funds	21. Environmental rehabilitation obligation funds Accounting policy The Group’s rehabilitation obligation funds include a fixed income portfolio of bonds that are fair valued at each reporting date. The fair value is calculated with reference to underlying bond prices using industry valuation techniques and appropriate models. Annual contributions are made to dedicated environmental rehabilitation obligation funds to fund the estimated cost of rehabilitation during and at the end of the life of the relevant mine. The amounts contributed to these funds are included under non-current assets and are measured at fair value through profit or loss. Interest earned on monies paid to rehabilitation funds is accrued on a time proportion basis and is recorded as interest income. In addition, funds are set aside to serve as collateral against the guarantees made to the Department of Minerals, Resources and Energy for environmental rehabilitation obligations. Figures in million – SA rand Note 2022 2021 2020 Balance at beginning of the year 5,202 4,934 4,602 Contributions made 86 72 64 Payments received (33) (10) (7) Interest income 5.1 235 174 245 Transfer to other investments (264) — — Fair value gain 1 80 32 30 Balance at end of the year 5,306 5,202 4,934 Environmental rehabilitation obligation funds comprise of the following: Restricted funds 2 1,616 1,135 703 Funds 3,690 4,067 4,231 1 The environmental rehabilitation trust fund includes a fixed income portfolio of bonds that are fair valued at each reporting date 2 The funds are set aside to serve as collateral against the guarantees made to the Department of Minerals, Resources and Energy for environmental rehabilitation obligations Fair value of environmental rehabilitation obligation funds Environmental rehabilitation obligation funds comprise fixed income portfolio of bonds as well as fixed and notice deposits. The environmental rehabilitation obligation funds are stated at fair value based on the nature of the fund’s investments (see note 36.1). Credit risk The Group is exposed to credit risk on the total carrying value of the investments held in the environmental rehabilitation obligation funds. The Group has reduced its exposure to credit risk by investing in funds with a limited number of major financial institutions.

Other receivables and other pay

Other receivables and other payables	12 Months Ended
	Dec. 31, 2022
Other receivables and other payables [Abstract]
Other receivables and other payables	22. Other receivables and other payables Significant accounting judgements and estimates Expected future cash flows used to determine the carrying value of the other payables (namely the Rustenburg operation deferred payment, right of recovery payable, Marikana dividend obligation and contingent consideration), the right of recovery receivable and the fair value of hedge instruments are inherently uncertain and could materially change over time. The expected future cash flows are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. Accounting policy Financial instruments included in other receivables are categorised as financial assets measured at amortised cost and those included in other payables are categorised as other financial liabilities as applicable. These assets and liabilities are initially recognised at fair value. Subsequent to initial recognition, financial instruments included in other receivables and other payables are measured at amortised cost, except where fair value through profit or loss measurement is appropriate (for example, contingent consideration and derivative financial instruments). Reimbursements, such as rehabilitation reimbursements from other parties are not financial instruments, and are recognised as a separate asset where recovery is virtually certain. The amount recognised is limited to the amount of the relevant rehabilitation provision. If the party that will make the reimbursement cannot be identified, then the reimbursement is generally not virtually certain and cannot be recognised. If the only uncertainty regarding the recovery relates to the amount of the recovery, the reimbursement amount often qualifies to be recognised as an asset. Other receivables and payables that do not arise from contractual rights and obligations, such as receivables on rates and taxes, are recognised and measured at the amount expected to be received or paid. 22.1 Other receivables Figures in million – SA rand 2022 2021 2020 Right of recovery receivable 275 319 340 Rates and taxes receivable 93 106 105 Pre-paid royalties 322 336 364 Palladium hedge derivative asset 50 286 — Other 139 127 49 Total other receivables 879 1,174 858 Reconciliation of the non-current and current portion of the other receivables: Other receivables 879 1,174 858 Current portion of other receivables (81) (523) (37) Non-current portion of other receivables 798 651 821 22.2 Other payables Figures in million – SA rand 2022 2021 2020 Deferred payment (related to Rustenburg operation acquisition) 3,518 6,920 4,355 Contingent consideration (related to SFA (Oxford) acquisition) — 100 88 Right of recovery payable 34 32 39 Deferred consideration (related to Pandora acquisition) 128 400 308 Marikana dividend obligation 2,129 1,539 — Other 582 373 367 Total other payables 6,391 9,364 5,157 Reconciliation of the non-current and current portion of the other receivables: Other payables 6,391 9,364 5,157 Current portion of other payables (3,891) (4,765) (2,246) Non-current portion of other payables 2,500 4,599 2,911 Right of recovery receivable and payable Based on the first and second Notarial Pooling and Sharing agreements (PSAs) with Anglo American, Kroondal (previously Aquarius Platinum (South Africa) Proprietary Limited) holds a contractual right to recover 50% of the rehabilitation obligation relating to environmental rehabilitation resulting from PSA operations from RPM (subsidiary of Anglo American Platinum), where this rehabilitation relates to property owned by the Kroondal operation. Likewise RPM holds a contractual right to recover 50% of the rehabilitation obligation relating to environmental rehabilitation resulting from PSA operations from Kroondal Operations, where the rehabilitation relates to property owned by RPM. With respect to the opencast section of the Marikana mine that is on Kroondal Operations’ property, RPM have limited the contractual liability to approximately R207 million (2021: R194 million, 2020: R185 million), being a negotiated liability in terms of an amendment to the second PSA. Deferred payment (related to the Rustenburg operation acquisition) In terms of the Rustenburg operation transaction, the purchase consideration includes a deferred payment, calculated as being equal to 35% of the distributable free cash flow generated by the Rustenburg operation over a six year (1 January 2017 to 31 December 2022) period from inception (latest of the transaction closing or 1 January 2017), subject to a minimum payment of R3.0 billion. The deferred payment liability at 31 December 2022 was calculated based on the actual distributable free cash flow of the Rustenburg operation for the year ended 31 December 2022. For prior periods, the deferred payment liability was calculated using estimated cash flow models that used several key assumptions, including estimates of future sales volumes, PGM prices, operating costs and capital expenditure. The liability was settled on 30 March 2023. The deferred payment movement for the year is as follows: Figures in million – SA rand Notes 2022 2021 2020 Balance at the beginning of the year 6,920 4,355 2,826 Interest charge 5.2 266 158 187 Payment of deferred payment (4,441) (2,246) (739) Loss on revised estimated cash flows 7 773 4,653 2,081 Balance at end of the year 3,518 6,920 4,355 Deferred consideration (related to Pandora acquisition) Lonmin acquired the remaining 50% stake in Pandora Joint Venture in 2017. The purchase price included a deferred and contingent consideration element. The deferred payment element represents a minimum consideration of R400 million, which is settled through a cash payment based on 20% of the distributable free cash flows generated from the Pandora E3 operations on an annual basis for a period of 6 years, ending on 30 November 2023. The fair value of the deferred consideration at acquisition of Lonmin by the Group was determined using the present value of the future cash flows at a discount rate of 12.5%. The contingent consideration element is based on the extent to which 20% of the distributable free cash flows exceed R400 million. This element was valued at R13 million at 31 December 2022 (31 December 2021: R124 million). The distributable free cash flow has been derived from forecast cash flow models. These models use several key assumptions, including estimates of future sales volumes, PGM prices, operating costs and capital expenditure. The Pandora deferred consideration movement for the year is as follows: Figures in million – SA rand Note 2022 2021 2020 Balance at the beginning of the year 400 308 276 Interest charge 5.2 18 54 49 (Gain)/loss on revised estimated cash flows (112) 123 — Payment made (178) (85) (17) Balance at end of the year 128 400 308 Marikana dividend obligation The Marikana dividend obligation relates to amounts payable to other shareholders through an intermediate company holding structure. The obligation is classified as a financial liability measured at amortised cost. At year end, the dividend obligation was measured applying the same assumptions as set out in note 6.6, except for the discount rates of 11.64% (EPL) and 11.71% (WPL), which remains consistent over the life of the obligation (see note 6.6 for additional detail regarding the Marikana B-BBEE transaction). The following table summarises the changes in the Marikana dividend obligation: Figures in million – SA rand Notes 2022 2021 2020 Balance at the beginning of the year 1,539 — — Initial recognition of the Marikana dividend obligation — 1,146 — Interest — unwinding of amortised cost 5.2 165 87 — Loss on revised estimated cash flows 1 7 650 468 — Payments made (225) (162) — Balance at end of the year 2,129 1,539 — 1 The loss on revised estimated cash flow is primarily as a result of an increase in the long-term PGM basket price Deferred/contingent payments made The below table illustrates the cash deferred/contingent payments made on the various liabilities: Figures in million – SA rand 2022 2021 2020 Deferred payment (related to the Rustenburg operation) (4,441) (2,246) (739) Deferred consideration (related to Pandora acquisition) (178) (85) (17) Contingent consideration (related to SFA (Oxford) acquisition) (111) — — Total cash payments made (4,730) (2,331) (756) Payments in excess of the original fair value (operating cash flows) (4,545) (1,754) — Payments up to initial fair value (investing cash flows) (185) (577) (756) Fair value of other receivables and other payables Due to the approaches applied in calculating the carrying values as described above, the fair values approximate the respective carrying values (see note 36.1). Market risk The deferred payment relating to the Rustenburg operation (up to 31 December 2021), the deferred consideration relating to Pandora and the Marikana dividend obligation are sensitive to changes in the 4E basket price. A one percentage point increase in the 4E basket price would have impacted profit or loss by R52 million (2021: R101 million, 2020: R74 million). Credit risk The carrying value of the other receivables represents the maximum credit risk exposure of the Group in relation to these receivables. The Group has reduced its exposure to credit risk by dealing with a limited number of approved counterparties (see note 36.2).

Inventories

Inventories	12 Months Ended
	Dec. 31, 2022
Classes of current inventories [abstract]
Inventories	23. Inventories Significant accounting judgements and estimates Inventory is held in a wide variety of forms across the value chain reflecting the stage of refinement. Prior to production as final metal, the inventory is always contained within a carrier material. As such, inventory is typically sampled and assays taken to determine the metal content and how this is split by metal. Measurement and sampling accuracy can vary quite significantly depending on the nature of the vessels and the state of the material. An allowance for estimation uncertainty is applied to the various categories of inventory and is dependent on the degree to which the nature and state of material allows for accurate measurement and sampling. The range used for the estimation allowance varies based on the stage of refinement. The range is based on independent metallurgists’ level of confidence obtained from the outcome of the stocktake. Those results are applied in arriving at the appropriate quantities of inventory. Accounting policy Inventory is valued at the lower of cost and net realisable value. The Group values ore stockpiles and metal-in-process when it can be reliably measured. Co st is determined on the following basis: • Gold reef ore stockpiles and gold-in-process are valued using weighted average cost. Cost includes production, amortisation, depreciation and related administration costs • PGM and battery metals inventory is valued using weighted average cost by allocating cost, based on the joint cost of production, apportioned according to the relative sales value of each of the PGMs and battery metals produced. The group recognises the metal produced in each development phase in inventory with an appropriate proportion of cost. Cost includes production, amortisation, depreciation and related administration costs • By-product metals are valu ed at the incremental cost of production from the point of split-off from the PGM processing stream • Consumable stores are valued at weighted average cost after appropriate provision for surplus and slow-moving items Figures in million – SA rand 2022 2021 2020 Consumable stores 1 2,066 1,923 1,627 PGM ore and mill inventory 535 189 142 PGM in process 2 13,673 13,081 13,742 PGM finished goods 7,856 9,012 8,710 Gold in process 233 219 109 Gold bullion 1,096 600 507 Battery metals in process 357 — — Battery metals raw materials 307 — — Battery metals finished goods 187 — — Other 74 56 115 Total inventories 26,384 25,080 24,952 1 The cost of consumable stores consumed during the year and included in operating cost amounted to R21,929 million (2021: R18,847 million and 2020: R16,404 million) 2 Included in PGM in process, is R5,882 million (2021: R4,725 million, 2020: R4,225 million) relating to the Marikana operations

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2022
Trade and other receivables [abstract]
Trade and other receivables	24. Trade and other receivables Accounting policy Trade and other receivables, excluding trade receivables for PGM concentrate sales, prepayments and value added tax, are non-derivative financial assets categorised as financial assets measured at amortised cost. The above non-derivative financial assets are initially recognised at fair value and subsequently carried at amortised cost less allowance for impairment. Estimates made for impairment are based on a review of all outstanding amounts at year end in line with the impairment policy described in note 36. Irrecoverable amounts are written off during the period in which they are identified. In addition to other types of PGM sales, trade receivables include actual invoiced sales of PGM concentrate, as well as sales not yet invoiced for which deliveries have been made and the control has transferred. The PGM concentrate receivables are financial assets measured at fair value through profit or loss, as the solely payments of principle and interest criteria is not met. The receivable amount calculated for the PGM concentrate delivered but not yet invoiced is recorded at the fair value of the consideration receivable at the date of delivery. At each subsequent reporting date the receivable is restated to reflect the fair value movements in the pricing mechanism which are recognised in revenue. Foreign exchange movements on foreign currency denominated receivables are recognised as a foreign exchange gain or loss in profit or loss subsequent to the recognition of a sale. Figures in million – SA rand 2022 2021 2020 Trade receivables — gold sales — 44 42 Trade receivables — PGM sales 4,304 4,823 4,655 PGM sales concentrate 3,564 3,794 4,030 PGM sales other 740 1,029 625 Battery metals sales 135 — — Other trade receivables 1,389 904 1,021 Payroll debtors 361 322 268 Interest receivable 90 54 57 Financial assets 6,279 6,147 6,043 Prepayments 433 335 369 Value added tax 788 929 454 Total trade and other receivables 7,500 7,411 6,866 Fair value of trade and other receivables The fair value of trade receivables for PGM concentrate sales are determined based on ruling market prices, volatilities and interest rates, and constitutes level 2 on the fair value hierarchy (see note 36.1). The fair value of trade and other receivables measured at amortised cost approximate the carrying value due to the short maturity. Credit risk The Group is exposed to credit risk on the total carrying value of trade and other receivables. Trade receivables measured at amortised cost are reviewed on a regular basis and an allowance for impairment is raised when they are not considered recoverable based on an expected credit loss assessment. The Group transacts exclusively with a limited number of large international institutions and other organisations with strong credit ratings and the negligible historical level of customer default. Trade receivables are currently in a sound financial position and no impairment has been recognised. The table below summarises the impairment allowance raised on other receivables that are considered to be impaired: Figures in million – SA rand 2022 2021 2020 Balance at beginning of the year 201 199 140 Impairment allowance recognised in profit or loss for the year 28 3 59 Impaired financial assets recovered during the year (15) (1) — Balance at end of the year 214 201 199 Commodity price risk The Group is exposed to commodity price risk on PGM concentrate receivables that are still subject to provisional pricing adjustments after the reporting date. A change in the 4E basket price of one percent would impact revenue and the related PGM concentrate receivables by R28 million. Foreign currency sensitivity Certain of the Group’s components with SA rand as their functional currency have trade and other receivables which are settled in US dollars. The balances are sensitive to changes in the rand/US dollar exchange rate. A one percentage point change in the SA rand closing exchange rate of R17.03/US$ would have impacted profit for the year by R35 million.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2022
Cash and cash equivalents [abstract]
Cash and cash equivalents	25. Cash and cash equivalents Accounting policy Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held to meet short-term cash commitments. Cash and equivalents are measured at amortised cost, which is deemed to be fair value due to its short maturity. Figures in million – SA rand 2022 2021 2020 Cash at the bank, on hand and cash equivalents 26,076 30,292 20,240 Total cash and cash equivalents 26,076 30,292 20,240 Fair value of cash and cash equivalents The fair value of cash and cash equivalents approximate the carrying value due to the short maturity. Credit risk The Group is exposed to credit risk on the total carrying value of cash and cash equivalents. The Group has reduced its exposure to credit risk by dealing and investing with a number of major financial institutions (see note 36.2).

Stated share capital

Stated share capital	12 Months Ended
	Dec. 31, 2022
Disclosure of classes of share capital [abstract]
Stated share capital	26. Stated share capital Accounting policy Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Authorised and issued The roll forward below shows the movement of the legally issued shares of the Company for the periods indicated. Figures in thousand 2022 2021 2020 Authorised number of shares 10,000,000 10,000,000 10,000,000 Reconciliation of issued number of shares: Number of shares in issue at beginning of the year 1 2,808,406 2,923,571 — * Scheme implemented 2 — — 2,670,030 Shares issued under Sibanye-Stillwater/SGL Share Plan 3 21,964 32,535 6,932 Issued upon conversion of US$ Convertible Bond 4 — — 248,040 Shares delisted (share buy-back) 5 — (147,700) (1,431) Number of shares in issue at end of the year 2,830,370 2,808,406 2,923,571 1 On 24 February 2020, the Group entered into a scheme of arrangement (The Scheme). Since the Scheme was retrospectively implemented when it became effective in 2020, the stated share capital presented in the consolidated statement of changes in equity reflects the legally issued shares of the Company from the earliest period presented, being one ordinary share at 31 December 2019 2 From 1 January 2020 to 23 February 2020, shares of the listed entity presented for the Group were those of SGL. From 24 February 2020, these were exchanged for shares of the Company retrospectively presented for the Group in the consolidated statement of changes in equity. The Scheme was implemented on a share-for-share basis with no change in the total number of issued listed shares 3 Upon implementation of the Scheme, the SGL equity-settled share plan was transferred to the Company and is settled in the Company’s shares from the effective date onwards (see note 6.1) 4 During 2020, SGL issued notice to exercise its rights to redeem the US$ Convertible Bond in full (Optional Redemption Notice). Prior to the notice issued, a bondholder elected to convert a US$200,000 bond into 127,967 ordinary shares of the Company. Following the issue of the Optional Redemption Notice and subject to the conditions of the Bonds, bondholders could still exercise their conversion rights by delivering a conversion notice. Following receipt of the conversion notices, SGL could elect to settle the Bonds in shares of the Company or in cash to the value of the shares, subject to the conditions of the Bonds. Bonds with a nominal value of US$383 million were converted and settled through the issue of 247,912,467 ordinary shares in the Company (fair value of R12,573 million) and bonds with a nominal value of US$0.8 million were settled in cash. The Bonds consisted of two components under IFRS, where the conversion option component was recognised as a derivative financial liability measured at fair value through profit or loss and the bond component was recognised as a financial liability measured at amortised cost using the effective interest method. Both financial liabilities were extinguished upon settlement of the Bonds and a loss on settlement of R1,507 million was attributed to the derivative component and measured as the difference between the fair value of the Company shares issued on the respective settlement dates, the carrying amount of the amortised cost component immediately before settlement and the carrying amount of the derivative component 5 The Group entered into a repurchase and cancellation of shares transactions with certain shareholders which resulted in the total issued shares of Sibanye-Stillwater decreasing by 147,700,000 shares in 2021 (resulting in a total cost of R8,503 million, including transaction cost at an average of R57.57 cost per share repurchased) and 1,431,197 shares in 2020 (resulting in a total cost of R84 million, including transaction cost at an average of R58.80 cost per share repurchased) * Less than one thousand The Company’s ordinary no par value shares rank pari passu in all respects, there being no conversion or exchange rights attached thereto, and all of the ordinary shares will have equal rights to participate in capital, dividend and profit distributions by the Company.

Non-controlling interests

Non-controlling interests	12 Months Ended
	Dec. 31, 2022
Non-Controlling Interests [Abstract]
Non-controlling interests	27. Non-controlling interests Accounting policy Non-controlling interests The Group recognises any NCI in an acquiree either at fair value or at the NCI's proportionate share of the acquiree’s net assets on an acquisition-by-acquisition basis. Subsequently, the carrying amount of NCI is the amount of the interest at initial recognition plus the NCI’s subsequent share of changes in equity. Transactions with non-controlling interests The Group treats transactions with NCI as transactions with equity owners of the Group. For purchases from NCI, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to NCI where control is not lost are also recorded in equity. Where control is lost over a subsidiary, the gains or losses are recognised in profit or loss. The Group’s NCI relates to the following subsidiaries Figures in million – SA rand Note 2022 2021 Restated 2 2020 Restated 2 NCI of DRDGOLD 27.1 2,283 1,939 1,768 NCI of Keliber 27.1 616 — — NCI of Platinum Mile — — 37 NCI of Group Technical Security Management 6 5 5 NCI of Marikana 1 27.1 (2) 8 970 Total NCI 2,903 1,952 2,780 1 Included in Marikana’s NCI is NCI of WPL amounting to Rnil (2021: Rnil, 2020: R690 million). See below 2 See note 1.5 The summarised financial information of DRDGOLD is provided below. This information is based on amounts before intercompany eliminations. Figures in million – SA rand 2022 2021 2020 DRDGOLD Limited Revenue 5,274 4,790 5,051 Profit for the year 1,157 987 1,255 Total comprehensive income 1,156 907 1,485 Profit attributable to NCI 573 487 619 Net increase in cash and cash equivalents 153 70 1,626 Dividends paid 255 338 359 Non-current assets 4,303 3,741 3,620 Current Assets 2,985 2,821 2,671 Non-current liabilities (1,183) (1,120) (1,055) Current liabilities (552) (553) (593) Net assets 5,553 4,889 4,643 27.1 Subsequent NCI transactions DRDGOLD transaction DRDGOLD is a company incorporated in South Africa with its head office in Johannesburg. DRDGOLD’s primary listing is on the JSE Limited and its secondary listing is on the New York Stock Exchange. It’s gold production is derived from retreatment of surface tailings in South Africa. Following Sibanye-Stillwater’s exercise of its option to acquire an additional 12.05% in DRDGOLD effective 10 January 2020, NCI held a 49.90% at 31 December 2022 (2021: 49.90% and 2020: 49.90%) with an effective holding of 49.67% at 31 December 2022 (2021:49.51% and 2020: 49.34%) after considering the impact of treasury shares held by DRDGOLD. In calculating the reattribution to NCI, the Group used the net asset value of DRDGOLD at the effective date of the option exercise excluding the consideration paid for the subscription and determined a reattribution between NCI and the Group of R220 million in 2020. Management restated the reattribution amount which resulted in an adjustment of R544 million to the NCI for DRDGOLD in the table above (see note 1.5). Marikana transaction WPL, acquired as part of the Lonmin acquisition, consists of PGM mining and processing operations located on the Western Limb of the Bushveld Complex, close to the town of Rustenburg, in the North West province of South Africa and smelting and refining operations located in Brakpan, East of Johannesburg. As a result of the Marikana B-BBEE transaction effective in 2021 (see note 6.6), the NCI's equity interest changed to a right to receive dividends. Therefore, a cash-settled share-based payment obligation and dividend obligation was recognised at 31 December 2021, instead of NCI (see note 6.6 and 22.2). At 31 December 2020, NCI held an effective 4.75% interest in WPL. The same considerations apply to EPL. The remaining NCI in Marikana is attributable to small non-operating entities. Keliber transactions On 30 June 2022, Sibanye-Stillwater announced its intention to exercise the pre-emptive right, and subsequently exercised this right on 29 July 2022 for a cash consideration of €146 million (Pre-emptive Offer). On 30 June 2022, the Group also made a voluntary cash offer to minority shareholders of Keliber, other than the Finnish Minerals Group, to increase its shareholding in Keliber to over 80% (Voluntary Offer). The Voluntary Offer was subject to certain conditions and only considered to be accepted if the relevant shareholder completes a share transfer form. The Voluntary Offer was completed on 3 October 2022 at a total cost of €192 million (including transfer tax of €2 million). The table below illustrates the impact of the attribution of the NCI on accumulated profit of the Group as a result of the subsequent transactions with Keliber shareholders: Figures in million – SA rand Dec 2022 Pre-emptive Offer Cash consideration paid to Keliber for share subscription 1 (2,476) Cash attributed to NCI 2 1,238 Reattribution of equity 3 349 Adjustment to accumulated profit (889) Voluntary Offer Cash consideration paid to NCI shareholders (3,363) Reattribution of equity 3 1,530 Adjustment to accumulated profit (1,833) The net effect on accumulated profit attributable to the owners of Sibanye-Stillwater is summarised as follows: Accumulated profit impact — Pre-emptive Offer (889) Accumulated profit impact — Voluntary Offer (1,833) Net effect due to foreign currency translation, share subscription costs and put options 4 (106) Total effect on accumulated profit as a result of the subsequent NCI transactions 5 (2,828) 1 The cash consideration paid for the Pre-emptive Offer is consolidated in the Group. The full reattribution is recognised in equity and is a non-cash transaction for the Group 2 Since the NCI shares in a proportionate interest of the net assets of Keliber, the cash consideration paid for the Pre-emptive Offer is proportionally allocated to the NCI 3 This is the reattribution of the net asset value of Keliber as a result of the change in shareholding 4 The put options relate to rights held by shareholders holding approximately 1% in the share capital of Keliber to sell their shareholding to the Group at fair value less 10% 5 The Group's effective shareholding in Keliber following the Pre-emptive Offer, Voluntary Offer and impact of the put options was 85.90% at 31 December 2022

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about borrowings [abstract]
Borrowings	28. Borrowings Significant accounting judgements and estimates Borrowings Expected future cash flows used to determine the carrying amount of the Burnstone Debt are inherently uncertain and could materially change over time. They are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. Accounting policy Borrowings Borrowings are non-derivative financial liabilities categorised as other financial liabilities. Borrowings are recognised initially at fair value, net of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Derivative financial instruments Derivatives are initially recognised at fair value using option pricing methodologies. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes are recognised in profit or loss. For assets and liabilities that are recognised at fair value in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Borrowings Figures in million – SA rand Notes 2022 2021 2020 US$600 million RCF 28.1 — — 6,978 R5.5 billion RCF 28.2 — — — 2022 and 2025 Notes 1 — — 10,136 2026 and 2029 Notes 28.3 20,140 18,785 — Burnstone Debt 28.4 2,540 1,507 1,263 Other borrowings 28.5 42 — — Franco-Nevada liability 2 2 2 Stillwater Convertible Debentures 4 4 4 Total borrowings 22,728 20,298 18,383 Reconciliation of the non-current and current portion of the borrowings: Borrowings 22,728 20,298 18,383 Current portion of borrowings (122) (107) (886) Non-current portion of borrowings 22,606 20,191 17,497 1 Given surplus liquidity within the Group and in line with the Group’s capital allocation framework, management elected to redeem the 2022 Notes on 2 August 2021 (the Redemption Date). The redemption price was the principal amount of the 2022 Notes, plus accrued and unpaid interest on the 2022 Notes up to, but excluding, the Redemption Date, amounting to US$355.8 million and was settled on 2 August 2021. During December 2021, the Group also elected to redeem the 2025 Notes at a redemption price of 103.6% of the principal amount of the 2025 Notes, plus accrued and unpaid interest on the 2025 Notes, amounting to US$370.2 million which includes an early settlement premium of R196 million recognised as an early redemption premium on the 2025 Notes in profit or loss. The 2025 Notes were settled on 6 December 2021 The current portion of borrowings will be repaid out of operational cash flows or it will be refinanced by utilising available Group facilities. The roll forward of borrowings in the current year is as follows: Figures in million - SA rand Notes 2022 2021 2020 Balance at beginning of the year 20,298 18,383 23,736 Borrowings acquired on acquisition of subsidiary 16.1,16.2 39 — — Loans raised 1 8,000 20,622 16,289 Loans repaid (8,003) (20,252) (18,335) US$ Convertible Bond converted into shares — — (5,578) Unwinding of loans recognised at amortised cost 5.2 216 302 394 Accrued interest (related to the 2022 and 2025 Notes, 2026 and 2029 Notes, US$ Convertible Bond and the RCFs) 5.2 1,046 801 1,290 Accrued interest paid (1,061) (706) (1,298) Early redemption premium on the 2025 Notes — 196 — Loss/(gain) on the revised cash flow of the Burnstone Debt 28.4 776 2 (264) Loss on foreign exchange differences and foreign currency translation 1,417 950 2,149 Balance at end of the year 22,728 20,298 18,383 1 At 31 December 2021, the portion of transaction costs accrued for and not yet settled in respect of the 2026 and 2029 Notes amounted to R29 million 28.1 US$600 million RCF On 21 May 2018, Sibanye-Stillwater cancelled and refinanced the US$350 million revolving credit facility (RCF) by drawing under the US$600 million RCF. The purpose of the facility was to refinance the US$350 million RCF, finance ongoing capital expenditure and other business expenses as required. Terms of the US$600 million RCF Facility: US$600 million Interest rate: LIBOR Interest rate margin: 1.85% if net debt to adjusted EBITDA is equal to or less than 2.50x 2.00% if net debt to adjusted EBITDA is greater than 2.50x Term of facility: Three years, subject to two one Borrowers: The Company, SGL, Stillwater, Kroondal, SRPM and WPL Security and/or guarantors: The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM and WPL Figures in million – SA rand 2022 2021 2020 Balance at beginning of the year — 6,978 5,712 Loans raised — 703 7,218 Loans repaid — (7,728) (6,802) Accrued interest 1 62 113 232 Accrued interest paid (62) (113) (232) Loss on foreign exchange differences — 47 850 Balance at end of the year 2 — — 6,978 1 Includes commitment fees 2 The US$600 million RCF has been refinanced by the Group subsequent to the reporting date (see note 41.2) 28.2 R5.5 billion RCF Sibanye-Stillwater refinanced its R6.0 billion Revolving Credit Facility (RCF), which matured on 15 November 2019, by entering into a new R5.5 billion RCF on 25 October 2019 and drawing under the new RCF on 11 November 2019. The purpose of the facility was to refinance facilities, finance ongoing capital expenditure and general corporate expenditure requirements. Terms of the R5.5 billion RCF Facility: R5.5 billion Interest rate: JIBAR Interest rate margin: A margin of between 2.4% and 2.9% dependent on the net debt to adjusted EBITDA ratio. Term of facility: Three years, subject to two one Borrowers: The Company, SGL, Kroondal, SRPM and WPL Security and/or guarantors: The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM and WPL Figures in million –SA rand 2022 2021 2020 Balance at beginning of the year — — 2,500 Loans raised 8,000 — 5,000 Loans repaid (8,000) — (7,500) Accrued interest 1 155 66 200 Accrued interest paid (155) (66) (200) Inter Bank transfer — — — Balance at end of the year — — — 1 Includes commitment fees 28.3 2026 and 2029 Notes On 16 November 2021 the Group completed a two-tranche corporate bond offering 4.0% Notes (US$675 million) due 16 November 2026 (the 2026 Notes) and 4.5% Notes (US$525 million) due 16 November 2029 (the 2029 Notes) (together the 2026 and 2029 Notes). The proceeds were applied towards the redemption of the 2025 Notes and will also be applied for general corporate purposes, including advancing the Group’s green metals strategy through investments and accretive acquisitions. The bonds were issued through the Group's wholly-owned subsidiary Stillwater. Terms of the 2026 and 2029 Notes Facility: US$675 million 4.0% Senior Notes due 2026 US$525 million 4.5% Senior Notes due 2029 Interest rate: 2026 Notes: 4.0% 2029 Notes: 4.5% Term of the Notes: 2026 Notes: Five years 2029 Notes: Eight years Issuer: Stillwater Guarantors: Each of the Notes are fully and unconditionally guaranteed, jointly and severally by the Guarantors (the Company, SGL, Kroondal, SRPM and WPL). The Guarantees rank equally in right of payment to all existing and future senior debt of the Guarantors. Figures in million – SA rand 2022 2021 2020 Balance at beginning of the year 18,785 — — Loans raised — 18,208 — Interest charge 829 99 — Unwinding of amortised cost 68 8 — Accrued interest paid (844) — — Loss on foreign exchange differences 1,302 470 — Balance at end of the year 20,140 18,785 — 28.4 Burnstone Debt Sibanye Gold Eastern Operations (SGEO) has bank debt of US$178 million (the Burnstone Debt) outstanding as part of the net assets acquired on 1 July 2014. Terms of the Burnstone Debt Facility: A1: US$0.2 million A2: US$7.8 million A3: US$51.0 million A4: US$119.1 million Interest rate: A1 and A2: Interest free A3 and A4: Interest free until 1 July 2017, then at LIBOR Interest rate margin: A3 and A4: 4% from 1 July 2017 Term of loan: No fixed term Repayment period: A1: Repaid on 1 July 2014 A2: From 1 July 2017 the first 50% of Burnstone’s free cash flow (as defined in the settlement agreement) will be used to repay the Wits Gold Loan and the balance of 50% to repay A2. A3 and A4: On settlement of A2, 90% of Burnstone’s free cash flow will be used to repay the Wits Gold Loan and the balance of 10% to repay the Burnstone Debt. On settlement of the Wits Gold Loan and interest, 30% of Burnstone’s free cash flow will be used to repay the Burnstone Debt and the balance will be distributed to Wits Gold. The Bank Lenders will continue to participate in 10% of Burnstone’s free cash flow after the Burnstone Debt has been repaid in full to a maximum amount of US$63.0 million under a revenue participation agreement. Security: The Burnstone Debt is fully secured against the assets of Burnstone (of R2.0 billion) and there is no recourse to the Group. The security package includes a cession over the bank accounts, insurance policies’ proceeds, special and general notarial bonds over movable assets and mortgage bonds over property. Wits Gold has ceded and pledged its shares in K2013 (a dormant entity) and K2013 has ceded and pledged it shares in SGEO in favour of the lenders of the Burnstone Debt. The Burnstone Debt facilities of US$178 million were initially recognised at the acquisition fair value using level 3 assumptions, being R1,008 million, in terms of IFRS 13 Fair Value Measurement at acquisition date. The expected free cash flows to repay the loan as detailed above were based on the estimates and assumptions to determine the fair value at acquisition: • A US$ swap forward curve adjusted with the 4% interest rate margin above • The annual life-of-mine plan that takes into account the following: ◦ Proved and probable ore reserves of Burnstone – Cash flows are based on the life-of-mine plan of 20 years – Capital expenditure estimates over the life-of-mine plan Figures in million – SA rand Note 2022 2021 2020 Balance at beginning of the year 1,507 1,263 1,330 Unwinding of amortised cost 148 125 148 Loss/(gain) on revised estimated cash flows 1 7 776 2 (264) Loss/(gain) on foreign exchange differences 109 117 49 Balance at end of the year 2,540 1,507 1,263 1 At 31 December 2022, the expected free cash flows expected to repay the loan as detailed above were revised as a result of revised cash flows over the life-of-mine plan due to: • Revised forecast costs and capital expenditure; and • Revised weighted average gold prices 2022: R793,473/kg (2021: R729,270/kg and 2020: R733,037/kg) and long term exchange rates 2022: R15.50/US$ (2021: R15.00/US$ and 2020: R16.00/US$) based on a LOM of 22 years. A2 is discounted using a 5.9% discount rate and A3 and A4 is discounted at 9.5% 28.5 Other borrowings Short-term credit facilities and other borrowings Sibanye-Stillwater has committed and uncommitted short term loan facilities with various banks to fund capital expenditure, general corporate expenses as well as provide financing flexibility at its operations. These facilities have no fixed terms, are short-term in nature and interest rates are market related. Other borrowings also include borrowings acquired on acquisition of Sandouville and Keliber. Figures in million – SA rand Note 2022 2021 2020 Balance at beginning of the year — — — Loans raised — 1,711 4,071 Loans repaid (3) (1,684) (4,020) Borrowings acquired on acquisition of subsidiary 16.1,16.2 39 — — Loss/(gain) on foreign exchange differences 6 (27) (51) Balance at end of the year 42 — — 28.6 Fair value of financial instruments and risk management Fair value of borrowings The fair value of variable interest rate borrowings approximates its carrying amounts as the interest rates charged are considered marked related. The fair value of fixed interest rate borrowings was determined through reference to ruling market prices and interest rates. The table below shows the fair value and carrying amount of borrowings where the carrying amount does not approximate fair value: Carrying value Fair value Figures in million - SA rand Level 1 Level 2 Level 3 31 December 2022 2026 and 2029 Notes 1 20,140 17,379 — — Burnstone Debt 2 2,540 — — 2,245 Total 22,680 17,379 — 2,245 31 December 2021 2026 and 2029 Notes 1 18,785 18,664 — — Burnstone Debt 2 1,507 — — 2,996 Total 20,292 18,664 — 2,996 31 December 2020 2022 and 2025 Notes 1 10,136 10,637 — — Burnstone Debt 2 1,263 — — 2,075 Total 11,399 10,637 — 2,075 1 The fair value is based on the quoted market prices of the notes 2 The fair value of the Burnstone Debt has been derived from discounted cash flow models. These models use several key assumptions, including estimates of future sales volumes, gold prices, operating costs, capital expenditure and discount rate. See note 28.4 for the key assumptions used, except for the discount rate applied of 10.52% (2021: 4.18%, 2020: 5.56%). The fair value estimate is sensitive to changes in the key assumptions, for example, increases in the market related discount rate would decrease the fair value if all other inputs remain unchanged. The extent of the fair value changes would depend on how inputs change in relation to each other Liquidity risk The Group's liquidity risk management and maturity analysis of financial liabilities are disclosed in note 36.2. Market risk Foreign currency sensitivity Certain of the Group’s foreign currency borrowing facilities are repayable by companies with SA rand as their functional currency, therefore some of the Group’s borrowings are sensitive to changes in the rand/US dollar exchange rate. The Group is also exposed to foreign currency risk on intercompany loans denominated in foreign currencies to the extent that foreign exchange differences are recognised in profit or loss. A one percentage point change in the SA rand closing exchange rate of R17.03/US$ (2021: R15.94/US$ and 2020: R14.69/US$) and R18.22/€ would have changed the profit for the year by R31 million (2021: R50 million and 2020: R148 million). Interest rate sensitivity As at 31 December 2022, the Group’s total borrowings amounted to R22,728 million (2021: R20,298 million and 2020: R18,383 million). The Group generally does not undertake any specific action to cover its exposure to interest rate risk, although it may do so in specific circumstances. The portion of Sibanye-Stillwater’s interest-bearing borrowings at period end that is exposed to interest rate fluctuations is R2,424 million (2021: R1,416 million and 2020: R8,157 million). This debt is normally rolled for periods between one The US$600 million RCF and the R5.5 billion RCF are affected by the amendments to IFRS 9 relating to interest rate benchmark reform, in particular the replacement of interbank offered rates (IBORs), which came into effect on 1 January 2021. However, the R5.5 billion RCF is linked to JIBAR and is not drawn down at 31 December 2022. In addition, the JIBAR is only expected to be impacted by the IBOR reform at a later stage and any impact thereof will be considered when this occurs. The US$600 million RCF was also not drawn down at 31 December 2022. The US$600 million RCF is linked to a US LIBOR and has been refinanced subsequent to the reporting date on The table below summarises the effect of a change in finance expense on the Group’s profit or loss had JIBAR and LIBOR differed as indicated. The analysis is based on the assumption that the applicable interest rate increased/decreased with all other variables remaining constant. All financial instruments with fixed interest rates that are carried at amortised cost are not subject to the interest rate sensitivity analysis. Interest rate sensitivity analysis Change in interest expenses for a change in interest rate 1 Figures in million - SA rand (1.5) % (1.0) % (0.5) % 0.5 % 1.0 % 1.5 % 31 December 2022 - JIBAR — — — — — — - LIBOR 36 24 12 (12) (24) (36) Change in finance expense 36 24 12 (12) (24) (36) 31 December 2021 - JIBAR — — — — — — - LIBOR 21 14 7 (7) (14) (21) Change in finance expense 21 14 7 (7) (14) (21) 31 December 2020 - JIBAR — — — — — — - LIBOR 122 82 41 (41) (82) (122) Change in finance expense 122 82 41 (41) (82) (122) 1 Interest rate sensitivity analysis is performed on the borrowings balance at 31 December The exposure to interest rate changes and the contractual repricing dates The exposure of the Group’s borrowings to interest rate changes and the contractual repricing dates at the reporting dates is as follows: Figures in million - SA rand 2022 2021 2020 Floating rate with exposure to change in JIBAR — — — Floating rate with exposure to change in LIBOR 2,424 1,416 8,157 Non-current borrowings exposed to interest rate changes 2,424 1,416 8,157 The Group has the following undrawn borrowing facilities: Committed 16,403 15,749 7,336 Uncommitted 2,427 2,276 2,460 Total undrawn facilities 18,830 18,025 9,796 All of the above facilities have floating rates. The undrawn committed facilities have the following expiry dates: - within one year 10,903 685 229 - later than one year and not later than two years 5,500 9,564 229 - later than two years and not later than three years — 5,500 6,878 Total undrawn committed facilities 16,403 15,749 7,336 28.7 Capital management The Group’s primary objective with regards to managing its capital is to ensure that there is sufficient capital available to support the funding requirements of the Group, including capital expenditure, in a way that: optimises the cost of capital; maximises shareholders’ returns; and ensures that the Group remains in a sound financial position. The Group manages and makes adjustments to the capital structure as and when borrowings mature or as and when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof. Opportunities in the market are also monitored closely to ensure that the most efficient funding solutions are implemented. The Group monitors capital using the ratio of net (cash)/debt to adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), but does not set absolute limits for this ratio. Figures in million - SA rand 2022 2021 2020 Borrowings 1 20,188 18,791 17,119 Cash and cash equivalents 2 26,038 30,257 20,206 Net (cash)/debt 3 (5,850) (11,466) (3,087) Adjusted EBITDA 4 41,111 68,606 49,385 Net (cash)/debt to adjusted EBITDA (ratio) 5 (0.14) (0.17) (0.06) 1 Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt 2 Cash and cash equivalents exclude cash of Burnstone 3 Net (cash)/debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and, therefore, exclude the Burnstone Debt. Net (cash)/debt excludes cash of Burnstone 4 The adjusted EBITDA calculation is based on the definitions included in the facility agreements for compliance with the debt covenant formula, except for impact of new accounting standards and acquisitions, where the facility agreements allow the results from the acquired operations to be annualised. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity 5 Net (cash)/debt to adjusted EBITDA ratio is defined as net (cash)/debt as of the end of a reporting period divided by adjusted EBITDA of the 12 months ended on the same reporting date. Non-IFRS measures such as net (cash)/debt to adjusted EBITDA is the responsibility of the Group’s Board of Directors and is presented for illustration purposes only, and because of its nature, net (cash)/ debt to adjusted EBITDA should not be considered as a representation of financial performance under IFRS and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity Reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA: Figures in million - SA rand 2022 2021 2020 Profit before royalties, carbon tax and tax 29,728 50,275 37,250 Adjusted for: Amortisation and depreciation 7,087 8,293 7,593 Interest income (1,203) (1,202) (1,065) Finance expense 2,840 2,496 3,152 Share-based payments 218 383 512 Loss on financial instruments 4,279 6,279 2,450 (Gain)/loss on foreign exchange differences (616) (1,149) 255 Share of results of equity-accounted investees after tax (1,287) (1,989) (1,700) Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable (71) (167) (464) Gain on disposal of property, plant and equipment (162) (36) (99) (Reversal of impairments)/impairments (6) 5,148 (121) Early redemption premium on the 2025 Notes — 196 — Loss on BTT early settlement — — 186 Loss on deconsolidation of subsidiaries 308 — — Restructuring costs 363 107 436 Transaction costs 152 140 139 Loss on settlement of US$ Convertible Bond — — 1,507 Loss due to dilution of interest in joint operation — 4 30 Income on settlement of dispute — — (580) IFRS 16 lease payments (163) (142) (148) Profit on sale of Lonmin Canada (145) — — Profit on sale of St Helena Hospital — (16) — Occupational healthcare (gain)/expense (211) (14) 52 Adjusted EBITDA 41,111 68,606 49,385

Lease liabilities

Lease liabilities	12 Months Ended
	Dec. 31, 2022
Lease liabilities [abstract]
Lease liabilities	29. Lease liabilities Accounting policy At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease liabilities are initially measured at the present value of the future lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the relevant incremental borrowing rate. Subsequently, lease liabilities are measured at amortised cost using the effective interest method. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group also elected to apply the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option, and lease contracts for which the underlying asset is of low value. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term to the extent applicable. In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed as incurred. Figures in million - SA rand Notes 2022 2021 2020 Balance at beginning of the year 281 326 383 New leases and modifications 45 67 66 Lease liabilities on acquisition of subsidiaries 16.1 120 — — Repayment of lease liabilities (163) (142) (148) Interest charge 5.2 31 29 34 Re-classification and other — — (9) Foreign currency translation 5 1 — Balance at end of the year 319 281 326 Current portion of lease liabilities (111) (104) (103) Non-current lease liabilities 208 177 223 Lease payments not recognised as a liability but expensed during the year Figures in million - SA rand 2022 2021 2020 Short-term leases 41 22 17 Leases of low value assets 56 39 83 Variable lease payments 301 29 11 Total 398 90 111 Maturity Analysis The lease liabilities are secured by the related underlying assets. The undiscounted maturity analysis of lease liabilities at 31 December is as follows: Figures in million - SA rand Total Within one year Between one and five years After five years Contractual undiscounted cash flows — 2022 351 121 161 69 Contractual undiscounted cash flows — 2021 325 126 191 8 Contractual undiscounted cash flows — 2020 391 131 245 15

Environmental rehabilitation _2

Environmental rehabilitation obligation and other provisions	12 Months Ended
	Dec. 31, 2022
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Environmental rehabilitation obligation and other provisions	30. Environmental rehabilitation obligation and other provisions Significant accounting judgements and estimates The Group’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The Group recognises management’s best estimate for asset retirement obligations in the period in which they are incurred. Actual costs incurred in future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life-of-mine estimates and discount rates could affect the carrying amounts of these provisions. These provisions are calculated using the following assumptions: Inflation rate Discount rate Discount period 2022 SA gold operations 6.5% 7.8% – 11.5% 1 – 22 years SA PGM operations 6.5% 7.8% – 11.6% 1 – 49 years US PGM operations 4.0% 4.0% 31 – 43 years Battery metals 2.5% 3.3% 24 years 2021 SA gold operations 6.0% 5.1% – 10.6% 1 – 24 years SA PGM operations 6.0% 5.1% – 10.6% 1 – 50 years US PGM operations 2.0% 1.9% 35 – 40 years 2020 SA gold operations 6.0% 4.0% – 10.9% 1 – 21 years SA PGM operations 6.0% 4.0% – 10.8% 1 – 32 years US PGM operations 2.0% 1.5% – 1.7% 24 – 38 years Accounting Policy Provisions are recognised when the Group has a present obligation, legal or constructive, resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Long-term environmental obligations are based on the Group’s environmental management plans, in compliance with applicable environmental and regulatory requirements. The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for changes in legislation, technology or other circumstances. Cost estimates are not reduced by the potential proceeds from the sale of assets or from plant clean up at closure. Based on disturbances to date, the net present value of expected rehabilitation cost estimates is recognised and provided for in full in the financial statements. The estimates are reviewed annually and are discounted using a risk-free rate that is adjusted to reflect the current market assessments of the time value of money. Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and inflationary increases in the provision estimate, as well as changes in estimates. Changes in estimates are capitalised or reversed against the relevant asset or liability to the extent that it meets the definition of dismantling and removing the item and restoring the site on which it is located. Costs that relate to an existing condition caused by past operations and do not have a future economic benefit are recognised in profit or loss. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately in profit or loss. The present value of environmental disturbances created are capitalised to mining assets against an increase in the environmental rehabilitation obligation. Rehabilitation projects undertaken, included in the estimates are charged to the provision as incurred. The cost of ongoing current programmes to prevent and control environmental disturbances is recognised in profit or loss as incurred. The unwinding of the discount due to the passage of time is recognised as finance cost, and the capitalised cost is amortised over the remaining lives of the mines. Figures in million - SA rand Notes 2022 2021 2020 Balance at beginning of the year 8,263 8,634 8,715 Interest charge 5.2 611 615 684 Utilisation of environmental rehabilitation obligation 1 (236) (236) (97) Change in estimates charged to profit or loss 2 (183) (178) (375) Change in estimates capitalised 2 (85) (638) (318) Environmental rehabilitation obligation on acquisition of subsidiaries 16.2 97 — — Foreign currency translation 85 66 25 Balance at end of the year 8,552 8,263 8,634 Environmental rehabilitation obligation and other provisions consists of: Environmental rehabilitation obligation 8,435 8,146 8,517 Other provisions 117 117 117 Environmental rehabilitation obligation and other provisions 8,552 8,263 8,634 1 The cost of ongoing current programmes to prevent and control environmental disturbances, including reclamation activities, is charged to cost of sales as incurred 2 Changes in estimates result from changes in reserves and corresponding changes in life-of-mine, changes in discount rates, changes in closure cost estimates and changes in laws and regulations governing environmental matters The Group’s mining operations are required by law to undertake rehabilitation works as part of their ongoing operations. The Group makes contributions into environmental rehabilitation obligation funds (see note 21) and holds guarantees to fund the estimated costs. Post closure water management liability The Group continues to monitor the potential risk of long-term acid and non-acidic mine impacted water and other groundwater pollution challenges also experienced by peer mining groups. Acid mine drainage (AMD) specifically relates to the acidification and contamination of naturally occurring water resources by pyrite-bearing ore contained in underground mines, rock dumps, tailings facilities and pits on surface. As yet, the Group has not been able to reliably determine the financial impact that AMD and groundwater pollution may have on the Group, nor the timing of possible outflow due to the need to understand the final footprint of impacted areas on surface and the mine void upon re-watering. The potential for acidic and non-acidic mine impacted water and other groundwater impacts, how, where and if they will manifest and the associated environmental/closure liability will be determined as part of the Group’s quantification of any post-closure residual environmental impacts using a robust and defendable risk assessment process. This will be a requirement in the proposed amended Financial Provisioning (FP) Regulations that comes into effect in September 2023. As per the recent closure process undertaken at our Cooke Operations, detailed studies to understand the hydrology and hydrogeology were undertaken, including the modelling of worst-case scenarios assuming waste on surface cannot be removed. These studies further included the modelling of the mined out void, re-watering rate and natural groundwater flow in the dolomite aquifer overlaying the mined-out area, including the relationship with adjacent mining areas and surface water resources to understand cumulative impacts . The conclusions from the studies were used to inform a risk assessment and closure strategy to reliably predict water quality impacts as part of long term sustainable closure solution. In addition, in the December 2022 closure liability assessments, the Group makes financial provision of R956 million (undiscounted) for what it specifically termed “Post Closure Aspects” – this includes but is not limited to amongst others, post-closure water management aspects such as initial and post-decant surface and groundwater monitoring, wetlands, biomonitoring and aquatics monitoring and care-and-maintenance monitoring. Post-closure water management equals to R450 million of the total amount. During the operational life-of-mine, we aim at investigating and implementing practical, sustainable and cost-effective solutions that, where possible, reduces post-closure impacts as effectively as possible, whilst also promoting the establishment and implementation of self-sustaining ecosystems and processes, respectively, that would require very limited or no ongoing active management by the mine, in a post-closure scenario.

Occupational healthcare obligat

Occupational healthcare obligation	12 Months Ended
	Dec. 31, 2022
Legal proceedings provision [abstract]
Occupational healthcare obligation	31. Occupational healthcare obligation Significant accounting judgements and estimates The Group recognises management’s best estimates to settle any occupational healthcare claims against the Group’s operations. The ultimate outcome of the number, timing and amount of successful claims to be paid out remains uncertain. The provision is consequently subject to adjustment in the future and actual costs incurred in future periods could differ materially from the estimates. Estimates that were used in the assessment include value of benefits per claimant, disease progression rates, required contributions, timing of payments, tracing pattern, period discount rates, period inflation rates and a 70% take-up rate (60% in prior periods). These estimates were informed by a professional opinion. Management discounted the possible cash outflows using a discount rate of 8.76% (2021: 7.83% and 2020: 6.65%). In assessing whether the Group has control, joint control or significant influence over the trust that administers the claim settlement process (refer below), judgement was applied in determining whether voting rights are relevant to determine power over the key activities of the trust, as well as analysing the influence of the various parties. No control, joint control or significant influence was identified, however should any key considerations change in future periods, these conclusions will be reassessed. Accounting policy Provisions are recognised when the Group has a present obligation, legal or constructive resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The estimated costs of settlement claims are reviewed at least annually and adjusted as appropriate for changes in cash flow predictions or other circumstances. Based on estimates to date, the net present value of expected settlement claims is recognised and provided for in full in the financial statements. The estimated cash flows are discounted using a risk-free rate with similar terms to the obligation to reflect the current market assessments of the time value of money. Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and changes in estimates. On 3 May 2018, the Occupational Lung Disease Working Group (the Working Group), including Sibanye-Stillwater, agreed to an approximately R5 billion class action settlement with the claimants (Settlement Agreement). On 26 July 2019 the Gauteng High Court in Johannesburg approved the R5 billion Settlement Agreement in the silicosis class action suit. This Settlement Agreement provides compensation to all eligible workers suffering from silicosis and/or tuberculosis who worked in the Occupational Lung Disease Working Group companies’ mines from 12 March 1965 to the date of the Settlement Agreement. The Settlement Agreement required the formation of the Tshiamiso Trust (the Trust) to administer the claim settlement process, which includes tracing claimants, assessing and processing submitted claims and paying benefits to eligible claimants. The Trust will be funded by the participants to the Working Group through contributions determined in accordance with the Settlement Agreement. In addition, a special purpose vehicle was created with the objective of performing certain functions on behalf of the Working Group as set out in the deed of the Trust and Settlement Agreement. The special purpose vehicle and Trust are not controlled by the Group. On 19 December 2019 Sibanye-Stillwater provided a guarantee for an amount not exceeding R1,372 million in respect of administration contributions, initial benefit contributions and benefit contributions to the Trust as required by the trust deed. Sibanye-Stillwater's current provision for its share of the settlement cost amounts to R825 million. The provision is subject to adjustment in the future based on the number of eligible workers and changes in other assumptions. Figures in million - SA rand Notes 2022 2021 2020 Balance at beginning of the year 1,017 1,194 1,282 Interest charge 5.2 85 77 96 Change in estimate recognised in profit or loss 34 (211) (14) 52 Payments made 34 (66) (240) (236) Balance at the end of the year 825 1,017 1,194 Reconciliation of the non-current and current portion of the occupational healthcare obligation: Occupational healthcare obligation 825 1,017 1,194 Current portion of occupational healthcare obligation (44) — (157) Non-current portion of occupational healthcare obligation 781 1,017 1,037 DRDGOLD is not a party to the Working Group’s mediated settlement agreement and DRDGOLD maintains the view that it is too early to consider settlement of the matter, mainly for the following reasons: • the applicants have as yet not issued and served a summons (claim) in the matter to DRDGOLD • there is no indication of the number of potential claimants that may join the class action against the DRDGOLD respondents • many principles upon which legal responsibility may be founded, are required to be substantially developed by the trial court (and possibly subsequent courts of appeal) to establish liability on the bases alleged by the applicants In light of the above there is inadequate information for DRDGOLD to determine if a sufficient legal and factual basis exists to establish liability, and to quantify such potential liability.

Deferred revenue

Deferred revenue	12 Months Ended
	Dec. 31, 2022
Contract liabilities [abstract]
Deferred revenue	32. Deferred revenue Significant accounting judgements and estimates Upfront cash deposits received for streaming transactions have been accounted for as contract liabilities (deferred revenue) in the scope of IFRS 15. These contracts are not financial instruments because they will be satisfied through the delivery of non-financial items (i.e. delivering of metal ounces) as part of the Group’s expected sale requirements, rather than cash or financial assets. It is the intention to satisfy the performance obligations under these streaming arrangements through the Group’s production, and revenue will be recognised over duration of the contracts as the Group satisfies its obligation to deliver metal ounces. Where these contracts are of a long-term nature and the Group received a portion of the consideration at the inception, these contracts contain a significant financing component under IFRS 15. The Group therefore made a critical estimate of the discount rate that should be applied to the contract liabilities over the life of contracts where applicable. Inputs to the model to unwind the Wheaton International advance received to revenue The advance received has been recognised on the statement of financial position as deferred revenue. The deferred revenue will be recognised as revenue in profit or loss based on the metal ounces/credits in relation to the expected total amount of metal credits to be delivered over the term of the arrangement. Each period management estimates the cumulative amount of the deferred revenue obligation that has been satisfied and, therefore, recognised as revenue. Key inputs into the model are: Key input Estimate at year end Further information Estimated financing rate over life of arrangement 4.6% - 5.2% See note 5.2 Remaining life of stream 97 years The starting point for the life of the stream is the approved life-of-mine for the US PGM operations. However, as IFRS 15 requires the constraint on revenue recognition to be considered, it is more prudent to include a portion of resources in the life of stream for the purposes of revenue recognition. This will reduce the chance of having a significant decrease in revenue recognised in the future, when the life-of-mine is updated to include a conversion of resources to reserves. As such, Sibanye-Stillwater management have determined that is it appropriate to include 50% of inferred resources. Palladium entitlement percentage 4.5% The palladium entitlement percentage will be either 4.5%, 2.25% or 1% over the life of the mine, depending on whether or not the advance has been fully reduced, and a certain number of contractual ounces have been delivered (375,000 ounces for the first trigger drop down to 2.25%and 550,000 ounces for the second trigger drop down rate to 1%). Gold entitlement percentage 100% The gold entitlement percentage will be 100% over the life of the mine. Monthly cash percentage 18% The monthly cash payment to be received is 18%, 16%, 14% or 10% of the market price of the metal credit delivery to Wheaton International while the advance is not fully reduced. After the advance has been fully reduced, the cash percentage is 22%, 20%, 18% or 14%. The percentage applicable depends on the investment grade of the Group and its leverage ratio. As long as Sibanye-Stillwater’s current investment grade conditions as stipulated in the contract have been satisfied, the monthly cash percentage decreases if the Group’s leverage ratio increases above 3.5:1. The balance of the ounces in the monthly delivery (i.e. 100%-18%= 82%) is then used to determine the utilisation of the deferred revenue balance. Commodity prices Five The value of each metal credit delivery is determined in terms of the contract. Any changes to the above key inputs could significantly change the quantum of the cumulative revenue amount recognised in profit or loss. Any changes in the life-of-mine are accounted for prospectively as a cumulative catch-up in the year that the life-of-mine estimate above changes, or the inclusion of resources changes. Inputs to the model to unwind the BTT advance received to revenue The advance received was recognised on the statement of financial position as deferred revenue. Before the early settlement of the BTT project (refer below), the deferred revenue was recognised as revenue in profit or loss based on the metal ounces/credits in relation to the expected total amount of metal credits to be delivered over the term of the arrangement. Each period, up to the early settlement of the BTT project, management estimated the cumulative amount of the deferred revenue obligation that had been satisfied and, therefore, recognised as revenue. Key inputs into the model before settlement were: Key input Further information Estimated financing rate over life of arrangement 11.5% See note 5.2 Remaining life of stream 6 years The life of the stream was determined by the reserves of the Marikana Easterns' Tailings Dam no.1. 6E PGM entitlement percentage 23.0% The 6E PGM entitlement percentage ranged from 23% to 38% based on a weighted 6E PGM basket price that was determined monthly. Monthly cash percentage 20.0% The monthly cash payment received was a percentage of the 6E PGM weighted basket price, ranging from 16% to 20%, and was based on a weighted 6E PGM basket price that is determined monthly. This cash payment was capped at a minimum of $106 per ounce and a maximum of $280 per ounce. Commodity prices Average monthly basket price The monthly basket price for any calendar month was calculated by dividing the sum of the monthly average value of weighted 6E PGM basket by the total number of ounces for such calendar month. Since the BTT project was early settled (refer below), there are no remaining significant accounting judgements or estimates at 31 December 2022 relating to this stream. Accounting policy Consideration received in advance is recognised as a contract liability (deferred revenue) under IFRS 15 as control has not yet transferred. Where a significant financing component is identified as a result of the difference in the timing of advance consideration received and when control of the metal promised transfers, interest expenses on the deferred revenue balance are recognised in finance costs. Where a contract has a period of a year or less between receiving advance consideration and when control of the metal promised transfers, the Group may elect on a contract-by-contract basis to apply the IFRS 15 practical expedient not to adjust for the effects of a significant financing component. Wheaton Stream In July 2018, the Group entered into a gold and palladium supply arrangement in exchange for an upfront advance payment of US$500 million (Wheaton Stream). The arrangement has been accounted for as a contract in the scope of IFRS 15 whereby the advance payment has been recorded as deferred revenue. The revenue from the advance payment is recognised as the gold and palladium is allocated to the appropriate Wheaton International account. An interest cost, representing the significant financing component of the upfront deposit on the deferred revenue balance, is also recognised as part of finance costs. This finance cost increases the deferred revenue balance, ultimately resulting in revenue when the deferred revenue is recognised over the life-of-mine. Marikana toll treatment arrangement The Marikana operations entered into a short-term purchase of concentrate and toll treatment arrangement with a third party that commenced on 1 February 2021 and concluded on 31 December 2021. As part of the arrangement, Marikana agreed to buy and toll treat certain metals. A percentage of the toll treated metals is also retained as partial payment for the toll treatment arrangement. Marikana accounts for the inventory received as partial payment for the toll treatment arrangement as deferred revenue at fair value. A further deferred revenue balance is recognised to the extent that cash payment is received for the toll treatment before the performance obligation is satisfied. Deferred revenue is recognised as revenue on a straight-line basis over the term of the performance obligation. The arrangement concluded on 31 December 2021. The following table summarises the changes in deferred revenue: Figures in million - SA rand Note 2022 2021 2020 Balance at beginning of the year 6,360 6,430 8,167 Deferred revenue advance received 1 24 468 771 BTT early settlement payment — — (787) Deferred revenue recognised during the period 2 (290) (847) (2,256) Interest charge 5.2 326 309 349 Loss on BTT early settlement — — 186 Balance at the end of the year 6,420 6,360 6,430 Reconciliation of the deferred revenue transactions balance at year end: Wheaton Stream 6,420 6,292 6,430 Marikana toll treatment arrangement — 68 — Reconciliation of the non-current and current portion of the deferred revenue: Deferred revenue 6,420 6,360 6,430 Current portion of deferred revenue (21) (156) (67) Non-current portion of deferred revenue 6,399 6,204 6,363 1 The amount received for the year ended 31 December 2022 and 31 December 2021 relates to the toll treatment arrangement entered into by Marikana, representing cash receipts of R24 million (2021: R65 million) and the fair value of inventory received of Rnil (2021: R403 million). The R771 million received in 2020 relates to the WPL forward platinum sale arrangement entered into on 3 March 2020 which concluded on 7 December 2020

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2022
Trade and other current payables [abstract]
Trade and other payables	33. Trade and other payables Accounting policy Trade and other payables, excluding payroll creditors and leave pay accruals are non-derivative financial liabilities categorised as other financial liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Provision is made for employee entitlement benefits accumulated as a result of employees rendering services up to the reporting date. Liabilities arising in respect of wages and salaries, annual leave and other benefits due to be settled within 12 months of the reporting date are measured at rates which are expected to be paid when the liability is settled. Termination benefits are expensed and an accrual raised at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, they are discounted. All other employee entitlement liabilities are measured at the present value of estimated payments to be made in respect of services rendered up to reporting date. Figures in million - SA rand 2022 2021 2020 Trade creditors 4,147 3,670 4,325 Accruals and other creditors 5,470 5,192 4,166 Other 1,276 1,581 32 Financial liabilities 10,893 10,443 8,523 Payroll creditors 2,496 2,485 2,492 Leave pay accrual 2,123 2,045 2,016 VAT payable 141 189 176 Total trade and other payables 15,653 15,162 13,207 Fair value of trade and other payables The fair value of trade and other payables approximate the carrying value due to the short maturity. Liquidity risk Trade and other creditors are expected to be settled within 12 months from the reporting date (see note 36.2).

Cash generated by operations

Cash generated by operations	12 Months Ended
	Dec. 31, 2022
CASH GENERATED BY OPERATIONS [Abstract]
Cash generated by operations	34. Cash generated by operations Figures in million - SA rand Notes 2022 2021 2020 Profit for the year 18,980 33,796 30,622 Royalties 11.1 1,834 2,714 1,765 Carbon tax (10) 4 5 Mining and income tax 11.2 8,924 13,761 4,858 Interest income 5.1 (1,203) (1,202) (1,065) Finance expense 5.2 2,840 2,496 3,152 Profit before interest, royalties, carbon tax and tax 31,365 51,569 39,337 Non-cash adjusting items: Amortisation and depreciation 4 7,087 8,293 7,593 Share-based payments 6.8 218 383 512 Loss on financial instruments 4,279 6,279 1,905 Foreign currency exchange adjustment 82 (394) (410) Share of results of equity-accounted investees after tax (1,287) (1,989) (1,700) Impairments/(reversal of impairments) 10 (6) 5,148 (121) Loss on settlement of US$ Convertible Bond — — 1,507 Early redemption premium on the 2025 Notes — 196 — Occupational healthcare (gain)/expense 31 (211) (14) 52 Loss on deconsolidation of subsidiary 8.1 309 — — Profit on sale of Lonmin Canada 8.2 (145) — — Change in estimate of environmental rehabilitation obligation (99) (162) (464) Deferred revenue recognised 32 (290) (847) (2,256) Loss on BTT early settlement 32 — — 186 Cash adjusting items: Income on settlement of dispute 8.2 — — (580) Payment of occupational healthcare liability 31 (66) (240) (236) Other non-cash and cash adjusting items (490) (438) (137) Total cash generated by operations 40,746 67,784 45,188

Change in working capital

Change in working capital	12 Months Ended
	Dec. 31, 2022
Change In Working Capital [Abstract]
Change in working capital	35. Change in working capital Figures in million - SA rand 2022 2021 2020 Inventories 605 1,384 (9,027) Trade and other receivables 116 (510) (2,167) Trade and other payables (335) 1,581 1,759 Total change in working capital 386 2,455 (9,435)

Financial instruments and risk

Financial instruments and risk management	12 Months Ended
	Dec. 31, 2022
Disclosure Of Fair Value Of Financial Assets And Financial Liabilities And Risk Management [Abstract]
Financial instruments and risk management	36. Financial instruments and risk management Accounting policy On initial recognition, a financial asset is classified as measured at either amortised cost, fair value through other comprehensive income, or fair value through profit or loss. The Group initially recognises debt instruments issued and trade and other receivables, on the date these are originated. All other financial assets and financial liabilities are recognised initially when the Group becomes a party to the contractual provisions of the instrument. The classification of financial assets at initial recognition that are debt instruments depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets that are debt instruments refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows. The Group recognises an allowance for expected credit losses (ECLs) on all debt instruments not held at fair value through profit or loss to the extent applicable. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset’s lifetime ECL at each reporting date. Impairment losses are recognised through profit or loss. The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of the ownership of the financial asset are transferred. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. Any interest in such transferred financial asset that is created or retained by the Group is recognised as a separate asset or liability. The particular recognition and measurement methods adopted are disclosed in the individual policy statements associated with each item. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid is recognised in profit or loss. 36.1 Accounting classifications and measurement of fair values The following methods and assumptions were used to estimate the fair value of each class of financial instrument: • Other receivables and other payables Due to the methods applied in calculating the carrying values as described in note 22, the fair values approximate the carrying value. • Trade and other receivables/payables, and cash and cash equivalents The carrying amounts approximate fair values due to the short maturity and/or the method applied in calculating the carrying value of these instruments for financial instruments measured at amortised cost. The fair value for trade receivables measured at fair value through profit or loss (PGM concentrate sales) are determined based on ruling market prices, volatilities and interest rates. • Environmental rehabilitation obligation funds Environmental rehabilitation obligation funds comprise fixed income portfolio of bonds as well as fixed and notice deposits. The environmental rehabilitation obligation funds are stated at fair value based on the nature of the fund’s investments. The fair value of publicly traded instruments is based on quoted market values. For the environmental rehabilitation obligation funds categorised as level two on the fair value hierarchy, fixed income portfolio consists of instruments such as government bonds and inflation-linked bonds. Valuations are performed by the fund manager based on the composition of the portfolio, the relevant investment terms and through reference to market-related interest rates. • Other investments The fair values of listed investments are based on the quoted prices available from the relevant stock exchanges. The carrying amounts of other short-term investment products with short maturity dates approximate fair value. The fair values of non-listed investments are determined through valuation techniques that include inputs that are not based on observable market data. These inputs include price/book ratios as well as marketability and minority shareholding discounts which are impacted by the size of the shareholding. • Asset held for sale The fair value of the asset held for sale in 2021 was derived from the quoted Generation Mining Limited share price. • Borrowings The fair value of variable interest rate borrowings approximates its carrying amounts as the interest rates charged are considered marked related. However, since there are also fixed interest rate borrowings, fair values are disclosed in note 28. • Derivative financial instruments The fair value of derivative financial instruments is estimated based on ruling market prices, volatilities and interest rates, and option pricing methodologies based on observable quoted inputs. All derivatives are carried on the statement of financial position at fair value. The fair value of the palladium hedge is determined using a Monte Carlo simulation model based on market forward prices, volatilities and interest rates. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments: • Level 1: unadjusted quoted prices in active markets for identical asset or liabilities • Level 2: inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) The following table set out the Group’s significant financial instruments measured at fair value by level within the fair value hierarchy: Figures in million - SA rand 2022 2021 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value Environmental rehabilitation obligation funds 4,528 778 — 4,477 725 — 4,111 823 — Trade receivables — PGM concentrate sales — 3,564 — — 3,794 — — 4,030 — Other investments 2,320 — 855 3,143 — 224 603 — 244 Asset held for sale — — — — 280 — — — — Palladium hedge contract — 50 — — 286 — — — * — * Less than R1 million 36.2 Risk management activities Controlling and managing risk in the Group In the normal course of its operations, the Group is exposed to market risks, including commodity price, foreign currency, interest rate, liquidity and credit risk associated with underlying assets, liabilities and anticipated transactions. In order to manage these risks, the Group has developed a comprehensive risk management process to facilitate the control and monitoring of these risks. Sibanye-Stillwater has policies in areas such as counterparty exposure, hedging practices and prudential limits, which have been approved by Sibanye-Stillwater’s Board of Directors (the Board). Management of financial risk is centralised at Sibanye-Stillwater's treasury department (Treasury), which acts as the interface between Sibanye-Stillwater’s operations and counterparty banks. Treasury manages financial risk in accordance with the policies and procedures established by the Board and executive committee. The Board has approved dealing limits for money market, foreign exchange and commodity transactions, which Treasury is required to adhere to. Among other restrictions, these limits describe which instruments may be traded and demarcate open position limits for each category as well as indicating counterparty credit-related limits. The dealing exposure and limits are checked and controlled each day and any breaches of these limits and exposures are reported to the CFO. The objective of Treasury is to manage all financial risks arising from the Group’s business activities in order to protect profit and cash flows. Treasury activities of Sibanye-Stillwater and its subsidiaries are guided by the Treasury Policy, the Treasury Framework as well as domestic and international financial market regulations. Treasury activities are currently performed within the Treasury Framework with appropriate resolutions from the Board, which are reviewed and approved annually by the Audit Committee. The financial risk management objectives of the Group are defined as follows: • Counterparty exposure: the objective is to only deal with a limited number of approved counterparts that are of a sound financial standing and who have an official credit rating. The Group is limited to a maximum investment of 2.5% of the financial institutions’ equity, which is dependent on the institutions’ credit rating. Credit ratings from reputable credit rating agencies are used for financial institutions. • Liquidity risk management: the objective is to ensure that the Group is able to meet its short-term commitments through the effective and efficient management of cash and usage of credit facilities. • Funding risk management: the objective is to meet funding requirements timeously and at competitive rates by adopting reliable liquidity management procedures. • Currency risk management: the objective is to maximise the Group’s profits by minimising currency fluctuations. • Commodity price risk management: commodity risk management takes place within limits and with counterparts as approved in the Treasury Framework. • Interest rate risk management: the objective is to identify opportunities to prudently manage interest rate exposures. • Investment risk management: the objective is to achieve optimal returns on surplus funds. Credit risk Credit risk represents risk that an entity will suffer a financial loss due to the other party of a financial instrument not discharging its obligations. The Group has reduced its exposure to credit risk by dealing with a limited number of approved counterparties. The Group approves these counterparties according to its risk management policy and ensures that they are of good credit quality. The carrying value of the financial assets represents the combined maximum credit risk exposure of the Group. Concentration of credit risk on cash and cash equivalents and non-current assets is considered minimal due to the above mentioned investment risk management and counterparty exposure risk management policies (see notes 21, 22, 24 and 25). The credit risk exposure on the Group’s financial assets is further expressed through the credit ratings of the Group's counterparties (source – Fitch ratings, S&P Global and Global Credit Ratings): • Cash and cash equivalents: the Group's cash and cash equivalents are held with a small number of financial institutions and banks which are rated between A- and AA+. The high credit ratings support a low probability of default and indicates that the Group's exposure to credit risk is minimal • Environmental rehabilitation funds: these funds are invested with financial institutions and banks that are rated between A and AA+ and therefore do not expose the Group to material credit risk • Trade receivables: the Group's trade and other receivables consist largely of gold, PGM and battery metals sales. The Group's exposure to credit risk on these sales is limited due to payment terms of the agreements as well as dealings with a small number of reputable customers. External credit ratings on these customers range between BBB and A, therefore exposure to credit risk is minimal. The risk of default on other receivables is low due to the Group's approval process followed when entering into these transactions. There has been no significant increase in credit risk on the Group's financial assets since initial recognition. Liquidity risk In the ordinary course of business, the Group receives cash proceeds from its operations and is required to fund working capital and capital expenditure requirements. The cash is managed to ensure surplus funds are invested to maximise returns whilst ensuring that capital is safeguarded to the maximum extent possible by investing only with top financial institutions. Uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group’s normal and contingency funding requirements (see note 28.6, 22.2 and 33). The following are contractually due, undiscounted cash flows resulting from maturities of financial liabilities including interest payments: Figures in million – SA rand Total Within one Between one and two years Between two and three years Between three and five years After five years 31 December 2022 Other payables 11,201 4,050 201 467 986 5,497 Trade and other payables 10,893 10,893 — — — — Borrowings - Capital 2026 and 2029 Notes 20,436 — — — 11,495 8,941 Burnstone Debt 132 — 25 107 — — Other borrowings 41 9 7 4 8 13 Franco-Nevada liability 2 2 — — — — Stillwater Convertible 4 4 — — — — - Interest 13,412 862 865 868 1,344 9,473 Total 56,121 15,820 1,098 1,446 13,833 23,924 31 December 2021 Other payables 12,661 4,915 3,062 441 557 3,686 Trade and other payables 10,443 10,443 — — — — Borrowings - Capital 2026 and 2029 Notes 19,129 — — — 10,760 8,369 Burnstone Debt 1,158 — — — — 1,158 Franco-Nevada liability 2 2 — — — — Stillwater Convertible 4 4 — — — — - Interest 9,341 807 807 807 1,561 5,359 Total 52,738 16,171 3,869 1,248 12,878 18,572 31 December 2020 Other payables 5,089 2,308 1,228 1,318 177 58 Trade and other payables 8,523 8,523 — — — — Borrowings - Capital US$600 million RCF 6,978 873 1,102 5,003 — — 2022 and 2025 Notes 10,292 — 5,196 — 5,096 — Burnstone Debt 114 — — — 12 102 Franco-Nevada liability 2 2 — — — — Stillwater Convertible 4 4 — — — — - Interest 6,681 809 626 396 542 4,308 Total 37,683 12,519 8,152 6,717 5,827 4,468 Working capital and going concern assessment For the year ended 31 December 2022, the Group realised a profit of R18,980 million (2021: R33,796 million and 2020: R30,622 million). As at 31 December 2022, the Group’s current assets exceeded its current liabilities by R40,545 million (2021: R44,290 million and 2020: R34,756 million) and the Group’s total assets exceeded its total liabilities by R91,004 million (2021: R81,345 million and 2020: R70,716 million). During the year ended 31 December 2022 the Group generated net cash from operating activities of R15,543 million (2021: R32,256 million and 2020: R27,151 million). The Group had committed undrawn debt facilities of R16,403 million at 31 December 2022 (2021: R15,749 million and 2020: R7,336 million) and cash balances of R26,076 million (2021: R30,292 million and 2020: R20,240 million). The most immediate debt maturities are the US$600 million USD RCF maturing in April 2023 and the R5.5 billion ZAR RCF maturing in November 2024, both of which were undrawn at 31 December 2022 and at the date of approval of these consolidated financial statements. In addition, the Group concluded its process to refinance and upsize its US$ RCF on 6 April 2023 (see note 41.2). Sibanye-Stillwater’s leverage ratio (net (cash)/debt to adjusted EBITDA) as at 31 December 2022 was (0.14):1 (2021 was (0.17):1 and 2020 was (0.06):1) and its interest coverage ratio (adjusted EBITDA to net finance charges/(income)) was 93:1 (2021 was (5,281):1 and 2020 was 80:1). Both considerably better than the maximum permitted leverage ratio of at most 2.5:1 and minimum required interest coverage ratio of 4.0:1, calculated on a quarterly basis, required under the US$600 million RCF and the R5.5 billion RCF. At the date of approving these consolidated financial statements there were no significant events which had a significant negative impact on the Group’s strong liquidity position. Notwithstanding the exceptionally strong liquidity position and financial outlook, events such as the outbreak of infectious diseases or uncontrolled COVID-19 infection rates in recent history could impose restrictions on all or some of our operations. Events such as these could negatively impact the production outlook and deteriorate the Group’s forecasted liquidity position which may require the Group to further increase operational flexibility by adjusting mine plans and reducing capital expenditure. The Group could also, if necessary, consider options to increase funding flexibility which may include, amongst others, additional loan facilities or debt capital market issuances, streaming facilities, prepayment facilities or, if other options are not deemed preferable or achievable by the Board, an equity capital raise. The Group could also, with lender approval, request covenant amendments or restructure facilities. During past adversity, management has successfully implemented similar actions. Management believes that the cash forecasted to be generated by operations, cash on hand, the committed unutilised debt facilities as well as additional funding opportunities will enable the Group to continue to meet its obligations as they fall due for a period of at least eighteen months after the reporting date. The consolidated financial statements for the year ended 31 December 2022, therefore, have been prepared on a going concern basis. Market risk The Group is exposed to market risks, including foreign currency, commodity price and interest rate risk associated with underlying assets, liabilities and anticipated transactions. Following periodic evaluation of these exposures, the Group may enter into derivative financial instruments to manage some of these exposures. The effects of reasonable possible changes of relevant risk variables on profit or loss or shareholders’ equity are determined by relating the reasonable possible change in the risk variable to the balance of financial instruments at period end date. The amounts generated from the sensitivity analyses are forward-looking estimates of market risks assuming certain adverse or favourable market conditions occur. Actual results in the future may differ materially from those projected results and therefore should not be considered a projection of likely future events and gains/losses. Foreign currency risk Sibanye-Stillwater’s operations are all located in South Africa except for Stillwater, Mimosa, Keliber and Sandouville, which are located in the US, Zimbabwe, Finland and France, respectively, and its revenues are sensitive to changes in the US dollar gold and PGM price and the SA rand/US dollar and to a lesser extent Euro/US dollar exchange rates (the exchange rates). Depreciation of the SA rand against the US dollar results in Sibanye-Stillwater’s revenues and operating margin increasing. Conversely, should the rand appreciate against the US dollar, revenues and operating margins would decrease. The impact on profitability of any change in the exchange rate can be substantial. Furthermore, the exchange rates obtained when converting US dollars to rand are set by foreign exchange markets over which Sibanye-Stillwater has no control. The relationship between currencies and commodities, which includes the gold price, is complex and changes in exchange rates can influence commodity prices and vice versa. In the ordinary course of business, the Group enters into transactions, such as gold sales and PGM sales, denominated in foreign currencies, primarily US dollar. Although this exposes the Group to transaction and translation exposure from fluctuations in foreign currency exchange rates, the Group does not generally hedge this exposure, although it could be considered for significant expenditures based in foreign currency or those items which have long lead times to produce or deliver. Also, the Group on occasion undertakes currency hedging to take advantage of favourable short-term fluctuations in exchange rates when management believes exchange rates are at unsustainably high levels. Currency risk also exists on account of financial instruments being denominated in a currency that is not the functional currency and being of a monetary nature. This includes but is not limited to US$600 million RCF, to the extent drawn (see note 28.1), Burnstone Debt (see note 28.4) and the Franco-Nevada liability. For additional disclosures, see notes 3 and 28. Foreign currency economic hedging experience During 2022, 2021 and 2020 a number of intra month (i.e. up to 21 days) forward exchange rate contracts were executed to hedge a known currency inflow. At 31 December 2022 and 2020, the Group had no outstanding foreign currency contract positions. At 31 December 2021, Sibanye-Stillwater had a foreign currency contract position of US$18 million at a weighted average rate of R15.89/US$. Commodity price risk The market price of commodities has a significant effect on the results of operations of the Group and the ability of the Group to pay dividends and undertake capital expenditures. The gold and PGM basket prices and battery metal prices have historically fluctuated widely and are affected by numerous industry factors over which the Group does not have any control (see note 24). The aggregate effect of these factors on the gold and PGM basket prices, all of which are beyond the control of the Group, is difficult for the Group to predict. Commodity price hedging policy As a general rule, the Group does not enter into forward sales, derivatives or other hedging arrangements to establish a price in advance for future gold and PGM production. Commodity hedging could, however, be considered in future under one or more of the following circumstances: to protect cash flows at times of significant capital expenditure; financing projects or to safeguard the viability of higher cost operations. To the extent that it enters into commodity hedging arrangements, the Group seeks to use different counterparty banks consisting of local and international banks to spread risk. None of the counterparties is affiliated with, or related to parties of the Group. Commodity price hedging experience At 31 December 2022, Sibanye-Stillwater had a palladium commodity price hedge outstanding for a total of 30,000oz palladium at a floor price of US$1,800/oz and capped price of US$3,300/oz, which commenced in February 2022 and matures in March 2023. Commodity price contract position As of 31 December 2022, 2021 and 2020 , Sibanye-Stillwater had no outstanding commodity forward sale contracts for mined production. Interest rate risk The Group’s income and operating cash flows are impacted by changes in market interest rates. The Group’s interest rate risk arises from long-term borrowings. For additional disclosures, see to note 28.6.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2022
Capital commitments [abstract]
Commitments	37. Commitments Figures in million - SA rand 2022 2021 2020 Capital expenditure Authorised 43,616 19,983 7,535 Kloof 1,731 1,593 1,516 Driefontein 990 877 885 Beatrix 262 317 169 SGL corporate 521 1,086 961 Cooke 3 3 54 Burnstone 2,741 4,353 8 Kroondal 332 395 319 Platinum Mile 25 17 — Rustenburg operation 2,697 3,348 2,574 Marikana 27,955 6,841 63 Sandouville 290 — — Keliber 4,324 — — Other 1 1,745 1,153 986 Contracted for 4,113 3,826 1,866 Other guarantees 2 3,314 2,653 1,488 1 Includes authorised capital expenditure relating to DRDGOLD of R1,458 million (2021: R549 million, 2020: R605 million) 2 Included in the amount are guarantees related to the Marikana operations of R2.2 billion (2021: R2.1 billion, 2020: R0.9 billion). The Group has an insurance policy over these guarantees which includes a pledge of non-financial and financial assets of Sibanye UK, LSA UK Limited, WPL, EPL, Messina Limited and Messina Platinum Mines Limited (collectively the insured entities) in the event that the insured entities enter liquidation. At 31 December 2022, the insured entities' total assets amounted to R58,873 million which includes property, plant and equipment of R6,815 million, trade receivables of R7,684 million, inventory of R8,821 million and cash and cash equivalents of R5,220 million. Management does not expect the policy to be triggered due to the financial position and liquidity of the Group Commitments will be funded from internal sources and to the extent necessary from borrowings. This expenditure primarily relates to mining activities, infrastructure, hostel upgrades as well as the development of K4, Burnstone and Keliber.

Contingent liabilities

Contingent liabilities	12 Months Ended
	Dec. 31, 2022
Disclosure of contingent liabilities [abstract]
Contingent liabilities	38. Contingent liabilities Significant accounting judgements and estimates Contingencies can be either possible assets or possible liabilities arising from past events which, by their nature, will only be resolved when one or more future events not wholly within the control of the Group occur or fail to occur or for contingent liabilities where a present obligation arising from a past event exists but is not recognised because either it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be determined with sufficient reliability. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. Notice from Appian Capital to commence legal proceedings On 26 October 2021, Sibanye-Stillwater entered into share purchase agreements to acquire the Santa Rita nickel mine and Serrote copper mine (the Atlantic Nickel SPA and the MVV SPA, respectively) from affiliates of Appian Capital Advisory LLP (Appian). Subsequent to signing the agreements, Appian informed Sibanye-Stillwater that a geotechnical event occurred at the Santa Rita open pit operation. After becoming aware of the geotechnical event, Sibanye-Stillwater assessed the event and its effect and concluded that the event was and was reasonably expected to be material and adverse to the business, financial condition, results of operations, the properties, assets, liabilities or operations of Santa Rita. Accordingly, pursuant to the terms of the Atlantic Nickel SPA, on 24 January 2022, Sibanye-Stillwater gave notice of termination of the Atlantic Nickel SPA. As the MVV SPA was conditional on the closing of the Atlantic Nickel SPA, which had become impossible to satisfy, on the same date Sibanye-Stillwater also gave notice of termination of the MVV SPA.

Related-party transactions

Related-party transactions	12 Months Ended
	Dec. 31, 2022
Disclosure of transactions between related parties [abstract]
Related-party transactions	39. Related-party transactions Sibanye-Stillwater entered into related-party transactions with Rand Refinery, and its subsidiaries during the year. The transactions with these related parties are generally conducted with terms comparable to transactions with third parties, however in certain circumstances such as related-party loans, the transactions were not at arm’s length. See note 1.3 for the Group structure, which provides further detail on the relationship between the parent and subsidiary companies. Rand Refinery Rand Refinery, in which Sibanye-Stillwater holds a 44.4% interest, has an agreement with the Group whereby it refines all of the Group’s gold production. For the year ended 31 December 2022, the Group received a dividend of R307 million (2021: R329 million and 2020: R112 million) from Rand Refinery, and sold gold and paid refining fees to Rand Refinery. See note 18.1 for additional information in respect of the Group’s investment in Rand Refinery. The table below details the transactions and balances between the Group and its related parties: Figures in million - SA rand 2022 2021 2020 Rand Refinery Gold sales 187 319 298 Refining fees paid (24) (40) (31) Trade payable (6) (7) (6) Key management remuneration Total key management personnel compensation recognised under IFRS 1 : Figures in thousands - SA rand 2022 2021 2020 Short-term employee benefits 127,542 90,179 110,134 Post-employment benefits 6,957 4,421 6,009 Share-based payment 65,338 104,550 127,097 Total 199,837 199,150 243,240 1 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members (prescribed officers) and executive directors are disclosed under IFRS as key management personnel of Sibanye-Stillwater. For 2020, key management personnel included EVPs and executive directors Other related party transaction During the year, the Group sold equipment through an advertised bid process to Neal Froneman for a cash consideration of R75,000. The equipment was originally purchased by the Group in June 2016 for an amount of R201,653, and was fully depreciated and no longer in use at the time of disposal. 40. Directors' and prescribed officers' remuneration The disclosure below incorporates remuneration for services rendered to various companies within the Group during the year. The executive directors and prescribed officers were paid the following remuneration during the year: Figures in thousands - SA rand Salary Cash bonus accrued for 2022 paid in 2023 Accrual of share-based payment benefits Pension scheme total contributions Expense allowance and other benefits 2022 2021 2020 Executive directors Neal Froneman 1 13,824 12,066 170,348 1,268 526 198,032 291,582 57,973 Charl Keyter 6,875 5,542 73,960 982 123 87,482 143,428 28,963 Prescribed officers 2 Chris Bateman 66,959 Shadwick Bessit 14,789 Hartley Dikgale 29,159 Dawie Mostert 4,728 3,789 41,530 645 73 50,765 71,734 16,655 Themba Nkosi 4,199 3,193 38,620 403 65 46,480 58,648 15,286 Wayne Robinson 19,272 Richard Stewart 5,734 4,703 48,961 644 83 60,125 83,011 18,873 Robert van Niekerk 5,784 4,641 67,465 643 99 78,632 114,686 22,975 Laurent Charbonnier 3 10,067 6,995 4,663 81 2,296 24,102 23,472 2,614 Lerato Legong 3,947 3,010 2,007 538 51 9,553 7,679 2,875 Mika Seitovirta 4 6,896 3,532 2,355 1,242 1,874 15,899 245 — Charles Carter 5 7,160 5,505 3,670 511 162 17,008 — — Total 69,214 52,976 453,579 6,957 5,352 588,078 794,485 296,393 1 Entered into a dual service contract with effect 1 May 2018. Remuneration paid by Stillwater in US dollars was converted at the average exchange rate of R16.37/US$ (2021: R14.79/US$ and 2020: R16.46/US$) for the year ended 31 December 2022 2 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members are disclosed as prescribed officers of Sibanye-Stillwater. In 2020, the following individuals were also disclosed as prescribed officers: • Chris Bateman — ceased performing an EVP role on 6 September 2020 • Shadwick Bessit — ceased performing an EVP role on 16 January 2021 • Hartley Dikgale — ceased performing an EVP role on 31 March 2020 • Wayne Robinson — not a C-suite member 3 Assumed a prescribed officer role on 16 November 2020, remuneration paid in GBP was converted at the average exchange rate of R20.18/GBP (2021: R20.33/GBP and 2020: R21.10/GBP) for the year ended 31 December 2022 4 Assumed a prescribed officer role on 14 December 2021, remuneration paid in Euros was converted at the average exchange rate of R17.20/Euro (2021: R17.49/Euro) for the year ended 31 December 2022 5 Assumed a prescribed officer role on 23 May 2022, remuneration paid in US dollars converted at the average exchange rate of R16.37/US$ The non-executive directors were paid the following fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance 2022 2021 2020 Timothy Cumming 1,127 982 103 2,212 2,229 1,909 Savannah Danson 1,127 774 — 1,901 2,062 1,680 Harry Kenyon-Slaney 1,296 1,095 151 2,542 2,369 2,114 Richard Menell 2,288 232 215 2,735 2,719 2,114 Nkosemntu Nika 1,127 690 26 1,843 1,742 1,708 Keith Rayner 1,127 1,169 — 2,296 2,385 1,864 Susan van der Merwe 1,127 690 13 1,830 1,742 1,716 Jeremiah Vilakazi 1,127 535 — 1,662 1,795 1,422 Vincent Maphai 3,405 — — 3,405 3,265 2,756 Elaine Dorward-King 1,296 531 976 2,803 1,618 1,107 Sindiswa Zilwa 1,127 694 — 1,821 1,807 — Wang Bin — — — — — 327 Lu Jiongjie — — — — — 327 Total 16,174 7,392 1,484 25,050 23,733 19,044 The directors’ and prescribed officers’ (including their associates) direct and indirect share ownership at 31 December 2022 was: Number of shares % 2022 2021 2020 2022 2021 2020 Executive directors Neal Froneman 1,2 8,559,665 6,636,286 4,829,128 0.30 0.24 0.17 Charl Keyter 2 1,466,181 2,866,791 1,775,994 0.05 0.10 0.06 Non-executive directors Timothy Cumming 2 6,000 6,000 1,242 — — — Richard Menell 2 10,125 15,125 84,625 — — — Keith Rayner 2 68,992 68,992 68,992 — — — Susan van der Merwe 2 1,028 1,028 1,027 — — — Jeremiah Vilakazi 2 4,220 2,000 — — — — Vincent Maphai 2 199,724 152,135 50,000 0.01 0.01 — Savannah Danson 2 16,519 2,519 2,519 — — — Harry Kenyon-Slaney 2,3 16,852 16,852 16,852 — — — Elaine Dorward-King 2,4 10,000 10,000 4,800 — — — Total share ownership by directors 10,359,306 9,777,728 6,835,179 Prescribed officers 5 Chris Bateman — — Shadwick Bessit 94,707 — Hartley Dikgale — — Dawie Mostert 2 136,302 26,466 38,975 — — — Themba Nkosi 2,6 251,583 204,533 59,022 0.01 0.01 — Wayne Robinson 184,333 — — 0.01 Richard Stewart 2 788,771 739,633 105,303 0.03 0.03 — Robert van Niekerk 2 1,766,770 875,261 24,341 0.06 0.03 — Laurent Charbonnier 2,7 151,012 151,012 35,620 0.01 0.01 — Charles Carter 2,8 300,000 — — 0.01 — — Total 13,753,744 11,774,633 7,377,480 1 Neal Froneman and his associates hold 225,408 ADRs at 31 December 2022 (2021: 90,479, 2020: 3,213) which convert to 901,632 (2021: 361,916, 2020: 12,852) ordinary shares in the Company 2 Share ownership (including shares held by associates) in the Company at the date of this report was unchanged, except for the following: • Neal Froneman — 8,833,665 • Charl Keyter — 1,616,481 • Vincent Maphai — 217,135 • Themba Nkosi — 283,753 • Charles Carter — 440,000 3 Harry Kenyon-Slaney and his associates hold 4,213 ADRs at 31 December 2022 (2021 and 2020:4,213) which convert to 16,852 (2021 and 2020: 16,852) ordinary shares in the Company 4 Elaine Dorward-King and her associates hold 2,500 ADRs at 31 December 2022 (2021: 2,500, 2020: 1,200) which convert to 10,000 (2021: 10,000, 2020: 4,800) ordinary shares in the Company 5 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members are disclosed as prescribed officers of Sibanye-Stillwater. In 2020, the following individuals were also disclosed as prescribed officers: • Chris Bateman — ceased performing an EVP role on 6 September 2020 • Shadwick Bessit — ceased performing an EVP role on 16 January 2021 • Hartley Dikgale — ceased performing an EVP role on 31 March 2020 • Wayne Robinson — not a C-suite member 6 Themba Nkosi and his associates hold 5,300 ADRs at 31 December 2022 which convert into 21,200 ordinary shares in the Company 7 Laurent Charbonnier and his associates hold 37,753 ADRs at 31 December 2022 (2021: 37,753, 2020: 8,905) which convert to 151,012 (2021: 151,012, 2020: 35,620) ordinary shares in the Company

Directors' and prescribed offic

Directors' and prescribed officers' remuneration	12 Months Ended
	Dec. 31, 2022
Disclosure of transactions between related parties [abstract]
Directors' and prescribed officers' remuneration	39. Related-party transactions Sibanye-Stillwater entered into related-party transactions with Rand Refinery, and its subsidiaries during the year. The transactions with these related parties are generally conducted with terms comparable to transactions with third parties, however in certain circumstances such as related-party loans, the transactions were not at arm’s length. See note 1.3 for the Group structure, which provides further detail on the relationship between the parent and subsidiary companies. Rand Refinery Rand Refinery, in which Sibanye-Stillwater holds a 44.4% interest, has an agreement with the Group whereby it refines all of the Group’s gold production. For the year ended 31 December 2022, the Group received a dividend of R307 million (2021: R329 million and 2020: R112 million) from Rand Refinery, and sold gold and paid refining fees to Rand Refinery. See note 18.1 for additional information in respect of the Group’s investment in Rand Refinery. The table below details the transactions and balances between the Group and its related parties: Figures in million - SA rand 2022 2021 2020 Rand Refinery Gold sales 187 319 298 Refining fees paid (24) (40) (31) Trade payable (6) (7) (6) Key management remuneration Total key management personnel compensation recognised under IFRS 1 : Figures in thousands - SA rand 2022 2021 2020 Short-term employee benefits 127,542 90,179 110,134 Post-employment benefits 6,957 4,421 6,009 Share-based payment 65,338 104,550 127,097 Total 199,837 199,150 243,240 1 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members (prescribed officers) and executive directors are disclosed under IFRS as key management personnel of Sibanye-Stillwater. For 2020, key management personnel included EVPs and executive directors Other related party transaction During the year, the Group sold equipment through an advertised bid process to Neal Froneman for a cash consideration of R75,000. The equipment was originally purchased by the Group in June 2016 for an amount of R201,653, and was fully depreciated and no longer in use at the time of disposal. 40. Directors' and prescribed officers' remuneration The disclosure below incorporates remuneration for services rendered to various companies within the Group during the year. The executive directors and prescribed officers were paid the following remuneration during the year: Figures in thousands - SA rand Salary Cash bonus accrued for 2022 paid in 2023 Accrual of share-based payment benefits Pension scheme total contributions Expense allowance and other benefits 2022 2021 2020 Executive directors Neal Froneman 1 13,824 12,066 170,348 1,268 526 198,032 291,582 57,973 Charl Keyter 6,875 5,542 73,960 982 123 87,482 143,428 28,963 Prescribed officers 2 Chris Bateman 66,959 Shadwick Bessit 14,789 Hartley Dikgale 29,159 Dawie Mostert 4,728 3,789 41,530 645 73 50,765 71,734 16,655 Themba Nkosi 4,199 3,193 38,620 403 65 46,480 58,648 15,286 Wayne Robinson 19,272 Richard Stewart 5,734 4,703 48,961 644 83 60,125 83,011 18,873 Robert van Niekerk 5,784 4,641 67,465 643 99 78,632 114,686 22,975 Laurent Charbonnier 3 10,067 6,995 4,663 81 2,296 24,102 23,472 2,614 Lerato Legong 3,947 3,010 2,007 538 51 9,553 7,679 2,875 Mika Seitovirta 4 6,896 3,532 2,355 1,242 1,874 15,899 245 — Charles Carter 5 7,160 5,505 3,670 511 162 17,008 — — Total 69,214 52,976 453,579 6,957 5,352 588,078 794,485 296,393 1 Entered into a dual service contract with effect 1 May 2018. Remuneration paid by Stillwater in US dollars was converted at the average exchange rate of R16.37/US$ (2021: R14.79/US$ and 2020: R16.46/US$) for the year ended 31 December 2022 2 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members are disclosed as prescribed officers of Sibanye-Stillwater. In 2020, the following individuals were also disclosed as prescribed officers: • Chris Bateman — ceased performing an EVP role on 6 September 2020 • Shadwick Bessit — ceased performing an EVP role on 16 January 2021 • Hartley Dikgale — ceased performing an EVP role on 31 March 2020 • Wayne Robinson — not a C-suite member 3 Assumed a prescribed officer role on 16 November 2020, remuneration paid in GBP was converted at the average exchange rate of R20.18/GBP (2021: R20.33/GBP and 2020: R21.10/GBP) for the year ended 31 December 2022 4 Assumed a prescribed officer role on 14 December 2021, remuneration paid in Euros was converted at the average exchange rate of R17.20/Euro (2021: R17.49/Euro) for the year ended 31 December 2022 5 Assumed a prescribed officer role on 23 May 2022, remuneration paid in US dollars converted at the average exchange rate of R16.37/US$ The non-executive directors were paid the following fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance 2022 2021 2020 Timothy Cumming 1,127 982 103 2,212 2,229 1,909 Savannah Danson 1,127 774 — 1,901 2,062 1,680 Harry Kenyon-Slaney 1,296 1,095 151 2,542 2,369 2,114 Richard Menell 2,288 232 215 2,735 2,719 2,114 Nkosemntu Nika 1,127 690 26 1,843 1,742 1,708 Keith Rayner 1,127 1,169 — 2,296 2,385 1,864 Susan van der Merwe 1,127 690 13 1,830 1,742 1,716 Jeremiah Vilakazi 1,127 535 — 1,662 1,795 1,422 Vincent Maphai 3,405 — — 3,405 3,265 2,756 Elaine Dorward-King 1,296 531 976 2,803 1,618 1,107 Sindiswa Zilwa 1,127 694 — 1,821 1,807 — Wang Bin — — — — — 327 Lu Jiongjie — — — — — 327 Total 16,174 7,392 1,484 25,050 23,733 19,044 The directors’ and prescribed officers’ (including their associates) direct and indirect share ownership at 31 December 2022 was: Number of shares % 2022 2021 2020 2022 2021 2020 Executive directors Neal Froneman 1,2 8,559,665 6,636,286 4,829,128 0.30 0.24 0.17 Charl Keyter 2 1,466,181 2,866,791 1,775,994 0.05 0.10 0.06 Non-executive directors Timothy Cumming 2 6,000 6,000 1,242 — — — Richard Menell 2 10,125 15,125 84,625 — — — Keith Rayner 2 68,992 68,992 68,992 — — — Susan van der Merwe 2 1,028 1,028 1,027 — — — Jeremiah Vilakazi 2 4,220 2,000 — — — — Vincent Maphai 2 199,724 152,135 50,000 0.01 0.01 — Savannah Danson 2 16,519 2,519 2,519 — — — Harry Kenyon-Slaney 2,3 16,852 16,852 16,852 — — — Elaine Dorward-King 2,4 10,000 10,000 4,800 — — — Total share ownership by directors 10,359,306 9,777,728 6,835,179 Prescribed officers 5 Chris Bateman — — Shadwick Bessit 94,707 — Hartley Dikgale — — Dawie Mostert 2 136,302 26,466 38,975 — — — Themba Nkosi 2,6 251,583 204,533 59,022 0.01 0.01 — Wayne Robinson 184,333 — — 0.01 Richard Stewart 2 788,771 739,633 105,303 0.03 0.03 — Robert van Niekerk 2 1,766,770 875,261 24,341 0.06 0.03 — Laurent Charbonnier 2,7 151,012 151,012 35,620 0.01 0.01 — Charles Carter 2,8 300,000 — — 0.01 — — Total 13,753,744 11,774,633 7,377,480 1 Neal Froneman and his associates hold 225,408 ADRs at 31 December 2022 (2021: 90,479, 2020: 3,213) which convert to 901,632 (2021: 361,916, 2020: 12,852) ordinary shares in the Company 2 Share ownership (including shares held by associates) in the Company at the date of this report was unchanged, except for the following: • Neal Froneman — 8,833,665 • Charl Keyter — 1,616,481 • Vincent Maphai — 217,135 • Themba Nkosi — 283,753 • Charles Carter — 440,000 3 Harry Kenyon-Slaney and his associates hold 4,213 ADRs at 31 December 2022 (2021 and 2020:4,213) which convert to 16,852 (2021 and 2020: 16,852) ordinary shares in the Company 4 Elaine Dorward-King and her associates hold 2,500 ADRs at 31 December 2022 (2021: 2,500, 2020: 1,200) which convert to 10,000 (2021: 10,000, 2020: 4,800) ordinary shares in the Company 5 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members are disclosed as prescribed officers of Sibanye-Stillwater. In 2020, the following individuals were also disclosed as prescribed officers: • Chris Bateman — ceased performing an EVP role on 6 September 2020 • Shadwick Bessit — ceased performing an EVP role on 16 January 2021 • Hartley Dikgale — ceased performing an EVP role on 31 March 2020 • Wayne Robinson — not a C-suite member 6 Themba Nkosi and his associates hold 5,300 ADRs at 31 December 2022 which convert into 21,200 ordinary shares in the Company 7 Laurent Charbonnier and his associates hold 37,753 ADRs at 31 December 2022 (2021: 37,753, 2020: 8,905) which convert to 151,012 (2021: 151,012, 2020: 35,620) ordinary shares in the Company

Events after reporting date

Events after reporting date	12 Months Ended
	Dec. 31, 2022
Disclosure of non-adjusting events after reporting period [abstract]
Events after reporting date	41. Events after reporting date There were no events that could have a material impact on the financial results of the Group after 31 December 2022 up to the date on which the consolidated financial statements for the year ended 31 December 2022 were authorised for issue, other than those disclosed below. 41.1 Section 189A consultations On 9 March 2023, Sibanye-Stillwater announced that the consultation process entered into in terms of Section 189A of the Labour Relations Act (S189) with organised labour and other affected stakeholders, regarding the proposed restructuring of the Group's SA gold operations pursuant to ongoing losses experienced at the Beatrix 4 shaft and the impact of depleting mineral reserves at the Kloof 1 plant, as previously announced on 1 November 2022, have been concluded. 41.2 Refinancing of the US$600 million RCF Sibanye-Stillwater concluded the refinancing of its US$600 million RCF on 6 April 2023. The new facility is a minimum of US$1 billion RCF for a term of three years, with two optional 1-year extensions (3 + 1 + 1), from the effective date of the facility. The facility will be used in financing of the Group's ongoing capital expenditure, working capital and general corporate expenditure requirements, which may include the financing of future acquisitions or business combinations. The RCF is linked to a Secured Overnight Financing Rate which is a recently effective interest rate published as part of the IBOR reform. 41.3 Off-market takeover offer for New Century On 21 February 2023, Sibanye-Stillwater announced the launch of an off-market takeover offer, through its wholly-owned subsidiary Sibanye Resources Australia Proprietary Limited, at A$1.10 cash consideration per share for all the shares in New Century that Sibanye-Stillwater does not own. Prior to the takeover offer, Sibanye-Stillwater was the largest shareholder in New Century with a shareholding of 19.9%. Sibanye-Stillwater will pay up to A$120 million should it acquire the additional shares in New Century under the takeover offer. As at 21 April 2023, Sibanye-Stillwater successfully obtained a total shareholding in New Century of 95.5% at a cash consideration amounting to A$113 million for the additional shares purchased. The proposed takeover is in line with the Group’s strategy to invest in the circular economy and to be a global leader in tailings retreatment and recycling. Management is in the process of identifying and measuring the assets and liabilities in accordance with IFRS 3 for, amongst others, property, plant and equipment, contingent liabilities, inventory, provisions, as well as any deferred tax implications to the extent applicable. Management is also still in the process of assessing certain inputs and assumptions and gathering information that may impact the identification and fair value of the net assets. 41.4 Financial support of A$30 million to New Century Record levels of rainfall affecting North Queensland, Australia during early March 2023 resulted in flooding at the Century mine and the Karumba port facility. The extent of the flooding event resulted in the temporary suspension of operations, with the related production shortfall expected to impact New Century's short-term liquidity position. As a result, the Board of Sibanye-Stillwater approved financial support of up to A$30 million for New Century, subject to certain conditions.

Accounting policies (Policies)

Accounting policies (Policies)	12 Months Ended
	Dec. 31, 2022
Disclosure of initial application of standards or interpretations [abstract]
Basis of preparation	The consolidated financial statements for the year ended 31 December 2022 have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act and JSE Listings Requirements. The consolidated financial statements have been prepared under the historical cost convention, except for certain financial assets and financial liabilities (including derivative instruments) which are measured at fair value through profit or loss or other comprehensive income. Standards, interpretations and amendments to published standards effective for the year ended 31 December 2022 During the financial year, the following amendments to standards applicable to the Group became effective and had no material impact on the Group’s financial statements: Pronouncement Details of amendments Effective date 1 COVID-19-Related Rent Concessions beyond 30 June 2021 A one-year extension to the practical expedient for COVID-19 related rent concessions under IFRS 16 has been published by the IASB. This amendment was a response to the ongoing economic challenges resulting from the COVID-19 coronavirus pandemic. 1 April 2021 Annual Improvements to IFRS Standards 2018-2020 As part of its process to make non-urgent but necessary amendments to IFRS Standards, the IASB has issued the Annual Improvements to IFRS Standards 2018–2020. The amendments applicable to the Group relate to: 1 January 2022 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) In the process of making an item of property, plant or equipment (PPE) available for its intended use, an entity may produce and sell items. Under the amendments, proceeds from selling items before the related item of PPE is available for use should be recognised in profit or loss, together with the costs of producing those items. IAS 2 Inventories should be applied in identifying and measuring these production costs. 1 January 2022 Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) The amendment to IAS 37 Provisions, Contingent Liabilities and Contingent Assets (IAS 37) clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts. Before recognising a separate provision for an onerous contract, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract. 1 January 2022 Reference to the Conceptual Framework (Amendments to IFRS 3) Minor amendments were made to IFRS 3 Business Combinations (IFRS 3) to update the references to the Conceptual Framework for Financial Reporting and add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 and IFRIC 21 Levies. The amendments also confirm that contingent assets should not be recognised at the acquisition date. 1 January 2022 1 Effective date refers to annual period beginning on or after said date Standards, interpretations and amendments to published standards which are not yet effective Certain new standards, amendments and interpretations to existing standards have been published that apply to the accounting periods beginning on or after 1 January 2023 but have not been early adopted by the Group. The standards, amendments and interpretations that are applicable to the Group are: Pronouncement Details of amendments Effective date 1 Definition of Accounting Estimate (Amendments to IAS 8) 2 The IASB issued amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) to clarify how entities should distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. This is due to the term "accounting estimate" not being defined and the previous definition of a "change in accounting estimate" being unclear. The amendments introduce a new definition for accounting estimates, clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty. 1 January 2023 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) 2 The amendments narrow the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, entities will need to recognise a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. 1 January 2023 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) 2 To assist preparers of financial statements, the IASB had previously refined its definition of ‘material’ (effective 1 Jan 2020) and issued non-mandatory practical guidance on applying the concept of materiality. As the final step of the materiality improvements, the IASB issued amendments on the application of materiality to the disclosure of accounting policies. The key amendments include requirements for entities to disclose their material accounting policies rather than their significant accounting policies as well as certain clarifications regarding accounting policies related to material transactions or events. 1 January 2023 Classification of Liabilities as Current or Non-current (Amendments to IAS 1) 2 To promote consistency in application and clarify the requirements on determining if a liability is current or non-current, the IASB has amended IAS 1 Presentation of Financial Statements (IAS 1) to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the “settlement” of a liability. 1 January 2024 Non-current Liabilities with Covenants (Amendments to IAS 1) 2 The amendment confirms that only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or non-current. Covenants with which a company must comply after the reporting date do not affect the classification at that date. However, when non-current liabilities are subject to future covenants, companies will now need to disclose information to help users understand the risk that those liabilities may become repayable within twelve months. The amendments also clarify how a company classifies a liability that can be settled in its own shares. 1 January 2024 1 Effective date refers to annual period beginning on or after said date 2 No material impact expected Significant accounting judgements and estimates The preparation of the financial statements requires the Group’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases valuation techniques. Actual results could differ from those estimates. For significant accounting policies that are subject to significant judgement, estimates and assumptions, see the following notes to the consolidated financial statements: Significant accounting policy Note to the consolidated financial statements Revenue 3 - Revenue Cash-settled share-based payment obligation 6 - Share-based payments Royalties, mining and income tax, and deferred tax 11 - Royalties, mining and income tax, and deferred tax Property, plant and equipment 14 - Property, plant and equipment Business combinations 16 - Acquisitions Goodwill 17 - Goodwill and other intangibles Equity-accounted investments 18 - Equity-accounted investments Other investments 20 - Other investments Other receivables and other payables 22 - Other receivables and other payables Inventories 23 - Inventories Borrowings and derivative financial instrument 28 - Borrowings Environmental rehabilitation obligation 30 - Environmental rehabilitation obligation and other provisions Occupational healthcare obligation 31 - Occupational healthcare obligation Deferred revenue 32 - Deferred revenue Contingent liabilities 38 - Contingent liabilities Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial period are discussed under the relevant note of the item affected.
Subsidiaries	Subsidiaries are all entities over which the Group exercises control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is obtained by the Group until the date on which control ceases. Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control. Inter-company transactions, balances and unrealised gains or losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Transactions with shareholders	Transactions with owners in the capacity as equity participants are not recognised in profit or loss, but instead are recognised in equity with a corresponding change in assets or liabilities. Changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary are equity transactions.
Functional and presentation currency	Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in South African rand (SA rand), which is the Group’s presentation currency.
Transactions and balances and foreign operations	Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities are translated into the functional currency at each reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss. Foreign operations The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • Assets and liabilities are translated at the exchange rate ruling at the reporting date. Equity items are translated at historical rates. The income and expenses are translated at the average exchange rate for the year, unless this average is not a reasonable approximation of the rates prevailing on the transaction dates, in which case these items are translated at the rate prevailing on the date of the transaction. Exchange differences on translation are accounted for in other comprehensive income. These differences are recognised in profit or loss upon realisation of the underlying operation • Exchange differences arising from the translation of the net investment in foreign operations, which includes certain long-term borrowings (i.e. the reporting entity’s interest in the net assets of that operation), are taken to other comprehensive income. When a foreign operation is sold, exchange differences that were recorded in other comprehensive income are recognised in profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. If a company in the Group repays a portion of long-term borrowings forming part of a net investment in foreign operations, amounts previously recorded in other comprehensive income are only recognised in profit or loss upon disposal of the relevant operation • Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and are translated at each reporting date at the closing rate
Comparatives
Segment reporting	Accounting Policy Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker and is based on individual mining operations. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive management team that makes strategic decisions.
Revenue	Significant accounting judgements and estimates Revenue from PGM mining activities The determination of PGM concentrate sales revenue from the time of initial recognition of the sale on a provisional basis through to final pricing requires management to continuously re-estimate the fair value of the price adjustment features. Management determines this with reference to estimated forward prices using consensus forecasts. These adjustments are included in revenue as adjustments to sale of PGM concentrate. Accounting policy Revenue from mining activities Revenue from gold sales is measured and recognised based on the consideration specified in a contract with a customer. The Group recognises revenue from gold sales when the customer obtains control of the gold. These criteria are typically met when the gold is credited to the customer’s bullion account by Rand Refinery Proprietary Limited (Rand Refinery). The transaction price is determined based on the agreed upon market price and number of ounces delivered. Revenue from PGM concentrate and metal sales is recognised when the buyer, pursuant to a sales contract, obtains control of the mined product which is typically upon delivery. The sales price is determined on a provisional basis at the date of delivery. Adjustments to the selling price occur based on changes in the metal content quantities and penalties, which represents variable transaction price components, as well as changes in the metal market price up to the date of final pricing. Final pricing is based on the monthly average market price in the month of settlement. For PGM metal sales, pricing is finalised within the month of sale. For PGM concentrate sales, the period between provisional invoicing and final pricing is typically between one The revenue adjustment mechanism relating to changes in metal market prices, embedded within provisionally priced PGM concentrate sale arrangements, has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re- estimated continuously and changes in fair value are recognised as an adjustment to revenue in profit or loss and trade receivables in the statement of financial position. In all cases, fair value is determined with reference to estimated forward prices using consensus forecasts. Revenue arising from these price adjustments is disclosed separately from revenue from contracts with customers. Revenue from PGM recycling consists of the sales of recycled palladium, platinum and rhodium derived from spent catalytic material and is recognised when control is transferred, which is when metal is transferred from the Group’s metal account to the third party’s metal account. Revenue from PGM recycling also includes revenue from toll processing, which is recognised at the time the returnable metals are returned to the supplier at a third-party refinery. Revenue from sale of battery metals is measured and recognised based on the consideration specified in a contract with a customer. The Group recognises revenue from battery metal sales when the customer obtains control of the product, which is typically upon delivery. Wheaton streaming revenue In 2018, Wheaton Precious Metals International Limited (Wheaton International) and the Group entered into a streaming transaction. 100% of refined mined gold and 4.5% of refined mined palladium from the Stillwater Mining Company (Stillwater) operations will be delivered to Wheaton International over the life-of-mine of the US PGM operations. Each ounce is identified as a separate performance obligation. In exchange for this, Wheaton International paid the Group R6,555 million (US$500 million) on 25 July 2018. In addition to the advance payment, Wheaton International currently pays the Group 18% cash based on the value of gold and palladium deliveries each month (refer to note 32 for additional detail on the monthly cash percentage). The contract will be settled by the Group delivering metal credits to Wheaton International representing underlying refined, mined gold and palladium. The transaction price, being the advance payment and the cash payment to be received, is recognised as revenue each month when the metal credit is allocated to the appropriate Wheaton International account. It is from this date that Wheaton International has effectively accepted the metal, has physical control of the metal and has the risk and reward of the metal (i.e. control has transferred). Revenue will be recognised over the life-of-mine of the US PGM operations in line with the timing of control transfer discussed above. To the extent that the life-of-mine changes or other key inputs are changed (see note 32), these changes are recognised prospectively as a cumulative catch-up in revenue in the year that the change occurs. BTT streaming revenue Lonmin entered into a metal streaming transaction in 2016 to deliver between 23% - 38% of 6E PGM from its BTT project based on a weighted 6E PGM basket price. Lonmin received $50 million upfront, which was recognised as deferred revenue. Lonmin received between $106 and $280 per ounce of 6E PGM metals based on basket price of 6E PGM for each ounce delivered. The performance obligations under the contract were to be satisfied through delivery of the 6E PGM metals ounces. At the acquisition of Lonmin (2019), the Group accounted for the deferred revenue at fair value of R628 million under IFRS 3, including a significant financing component. The transaction price under IFRS 15 Revenue from Contracts with Customers (IFRS 15), being the advance payment and further cash payments received, were recognised as revenue when the metal ounces were delivered and Lonmin no longer had physical control of the metal, which is also when the risk and rewards were transferred (i.e. control has transferred). Revenue was recognised over the life of the bulk tailing re-treatment project operations based on the ounces delivered. To the extent that the life of project changed or other key inputs changed (see note 32), these changes were recognised prospectively as a cumulative catch-up in revenue in the year that the change occurred. The BTT project was early cash-settled by the Group during March 2020 (see note 32). Other forward sale and prepayment transactions The Group also enters into other forward sale or prepayment transactions with counterparties in which a cash payment is received in advance for future delivery of gold and PGM ounces to the relevant counterparty. Each ounce is identified as a separate performance obligation. The transaction price under IFRS 15, being the advance payment and further cash payments received, is recognised as revenue when the metal ounces are delivered or credited to the customer’s account and Sibanye-Stillwater no longer has physical control of the metal, which is also when the risk and rewards are transferred (i.e. control has transferred).
Short-term employee benefits	Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be reliably estimated.
Pension and provident funds	Pension and provident funds The Group operates a defined contribution retirement plan and contributes to a number of industry-based defined contribution retirement plans. The retirement plans are funded by payments from employees and Group companies. Contributions to defined contribution funds are expensed as incurred.
Interest income and Finance expense	Accounting policy Interest income comprises interest income on cash deposits, rehabilitation obligation funds and the right of recovery asset. Interest income is recognised using the effective interest method. Finance expense comprises interest on borrowings, lease liabilities, environmental rehabilitation obligation, occupational healthcare obligation, deferred payment, dissenting shareholder liability, deferred revenue, deferred consideration and the Marikana dividend obligation and is offset by borrowing costs capitalised on qualifying assets where applicable. Interest payable on borrowings is recognised in profit or loss over the term of the borrowings using the effective interest method. Cash flows from interest paid are classified under operating activities in the statement of cash flows. The difference between interest income and finance expense in this note and the statement of cash flows is due to the exclusion of the non-cash items.
Share-based payments	Significant accounting judgements and estimates For cash-settled share-based payment instruments issued to B-BBEE shareholders, the measurement of the share-based payment obligations depend on various key inputs. These include estimates of future cash flows, which depend on inputs such as production profiles, future metal prices, exchange rates, loan repayments as well as estimates of appropriate discount rates. Changes in key inputs may result in changes in the recognised share-based payment obligations and are therefore regarded as significant judgements and estimates. Accounting policy Equity-settled share-based payments The Group operates equity-settled compensation plans in which certain employees of the Group participate. The fair value of the equity-settled instruments is measured by reference to the fair value of the relevant equity instruments granted, taking into account the terms and conditions upon which those equity-settled instruments were granted. The fair value of equity-settled instruments granted is estimated using appropriate valuation models and appropriate assumptions at the grant date. Service and non-market performance conditions are not taken into account when estimating the fair value of the equity-settled instruments at grant date. Market conditions are taken into account in determining the fair value at grant date. The grant date fair value of the equity-settled instruments is recognised as share-based payment expenses over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment reserve. Vesting assumptions for service and non-market performance conditions are reviewed at each reporting date to ensure they reflect current expectations. Cash-settled share-based payments The Group also operates cash-settled compensation plans in which certain employees of the Group participate. These awards entitle the participants to cash payments based on a relevant share price. The fair value of the cash-settled instruments is measured by reference to the fair value of the underlying shares using appropriate valuation models and assumptions, taking into account the terms and conditions upon which the instruments were granted. The grant date fair value of the cash-settled instruments is recognised as share-based payment expenses over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment obligation. At each reporting date, the obligation is remeasured to the fair value of the instruments, to reflect the potential outflow of cash resources to settle the liability, with a corresponding adjustment to the share-based payment expense. Vesting assumptions for service and non-market performance conditions are reviewed at each reporting date to ensure they reflect current expectations. The Group also issued cash-settled instruments to B-BBEE shareholders in terms of the Rustenburg operation B-BBEE transaction (see note 6.5) and the Marikana B-BBEE transaction (see note 6.6). The fair value of these instruments are determined using appropriate valuation models and assumptions, taking into account the terms and conditions upon which the instruments were granted. At each reporting date, the obligation is remeasured to the fair value of the instruments, to reflect the potential outflow of cash resources to settle the liability. There are no vesting conditions and fair value changes are recognised as part of gains or losses on financial instruments in profit or loss. Modifications to share-based payment schemes Where the terms of an equity-settled or a cash-settled award are modified, the originally determined expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification, which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the participant as measured at the date of the modification.
Income taxes	Significant accounting judgements and estimates The Group is subject to income tax in South Africa, Zimbabwe, the United Kingdom (UK), France, Finland and the US. Significant judgement is required in determining the liability for income tax due to the complexity of legislation. During the ordinary course of business, transactions and calculations may occur for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on the best estimates of whether additional taxes will be due. The Group reassesses its judgements and estimates if facts and circumstances change. To the extent required, these transactions are disclosed in accordance with management's probability assessment. Where the facts and circumstances change or when the final tax outcome of these matters are different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The Group recognises the net future tax benefit related to deferred tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted. The Group’s gold mining operations are taxed on a variable rate that increases as the profitability of the operation increases. The deferred tax rate used to calculate deferred tax is based on the current estimate of future profitability when the temporary differences will reverse based on tax rates and laws that have been enacted or substantively enacted at the reporting date. Depending on the profitability of the operations, the deferred tax rate can consequently be significantly different from year to year. Calculating the future profitability of the operations is inherently uncertain and could materially change over time. Additionally, future changes in tax laws in South Africa, Zimbabwe, the UK, France, Finland and the US could limit the ability of the Group to obtain tax deductions in future periods. Accounting policy Income tax comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date and is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Deferred tax is provided on temporary differences existing at each reporting date between the tax values of assets and liabilities and their carrying amounts and reflects uncertainty related to income taxes, if any. Enacted and substantively enacted tax rates are used to determine future anticipated effective tax rates which in turn are used in the determination of deferred tax. These temporary differences are expected to result in taxable or deductible amounts in determining taxable profits for future periods when the carrying amount of the asset is recovered or the liability is settled. The principal temporary differences arise from depreciation of property, plant and equipment, provisions, unutilised capital allowances and tax losses carried forward. Deferred tax is not recognised for: • temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss • temporary differences related to investments in subsidiaries, and interests in associates and joint ventures to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that these will not reverse in the foreseeable future • taxable temporary differences arising on the initial recognition of goodwill Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Deferred tax assets relating to the carry forward of unutilised tax losses and/or unutilised capital allowances are recognised to the extent it is probable that future taxable profit will be available against which the unutilised tax losses and/or unutilised capital allowances can be recovered. Deferred tax assets are reviewed at each reporting date and are adjusted if recovery is no longer probable. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be utilised.
Earnings per share	Accounting policy Headline earnings is presented as an additional earnings number allowed by IAS 33 Earnings per Share (IAS 33) and is calculated based on the requirements set out in SAICA Circular 1/2021. Earnings, as determined in IAS 33, is the starting point and certain remeasurements net of related tax (current and deferred) and NCI are excluded. A remeasurement is an amount recognised in profit or loss relating to any change (whether realised or unrealised) in the carrying amount of an asset or liability that arose after the initial recognition of such asset or liability.
Dividends	Accounting policy Dividends are recognised as a liability on the date on which such dividends are declared. Dividends withholding tax is a tax on shareholders receiving dividends and is applicable to all dividends paid which are subject to dividend withholding tax based on the relevant tax requirements. The Group withholds dividend tax on behalf of its shareholders at a rate of 20% on dividends paid. Amounts withheld are not recognised as part of the Group’s tax charge but rather as part of the dividend paid, recognised in equity. Cash flows from dividends paid are classified under operating activities in the statement of cash flows.
Property, plant and equipment	Significant accounting judgements and estimates Carrying value of property, plant and equipment All mining assets are amortised using the units-of-production method where the mine operating plan calls for production from proved and probable mineral reserves. Mobile and other equipment are depreciated over the shorter of the estimated useful life of the asset or the estimate of mine life based on proved and probable mineral reserves. The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is different from current forecast production based on proved and probable mineral reserves. This would generally result from the extent that there are significant changes in any of the factors or assumptions used in estimating mineral reserves. These factors could include: • changes in proved and probable mineral reserves • differences between actual commodity prices and commodity price assumptions • unforeseen operational issues at mine sites • changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates • changes in mineral reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, where those lives are limited to the life of the mine The recoverable amounts of cash generating units (CGUs) and individual assets are determined based on the higher of value in use calculations and fair value less cost to sell. These calculations require the use of estimates and assumptions. It is reasonably possible that the gold, PGM, nickel and cobalt price assumptions may change which may then impact the Group estimated life-of-mine determinant and may then require a material adjustment to the carrying value of property, plant and equipment. The Group reviews and tests the carrying value of assets when events or changes in circumstances suggest that the carrying amount may not be recoverable by comparing expected future cash flows to these carrying values. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. If there are indications that impairment may have occurred, estimates are prepared of expected future cash flows of each group of assets. Expected future cash flows used to determine the value in use and fair value less costs to sell of property, plant and equipment are inherently uncertain and could materially change over time. They are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as spot and future gold, PGM, nickel and cobal prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure. Pre-production The Group assesses the stage of each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the unique nature of each mine construction project. The Group considers various relevant criteria to assess when the mine is substantially complete, ready for its intended use and moves into the production stage. Some of the criteria would include, but are not limited to the following: • the level of capital expenditure compared to the construction cost estimates • ability to produce metal in saleable form (within specifications) • ability to sustain commercial levels of production of metal When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development or ore reserve development. Mineral reserves estimates Mineral reserves are estimates of the amount of product that can be economically and legally extracted from the Group’s properties. In order to calculate the reserves, estimates and assumptions are required about a range of geological, technical and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and grade of the mineral reserves requires the size, shape and depth of ore bodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data. The Group is required to determine and report, inter alia, on the mineral reserves in accordance with the South African Code for Reporting of Exploration Results, mineral resources and mineral reserves (SAMREC Code). Estimates of mineral reserves may change from period to period due to the change in economic assumptions used to estimate mineral reserves and due to additional geological data becoming available during the course of operations. Changes in reported proven and probable reserves may affect the Group’s financial results and position in a number of ways, including the following: • asset carrying values may be affected due to changes in estimated cash flows • depreciation and amortisation charges to profit or loss may change where these are calculated on the units-of production method, or where the useful lives of assets change • decommissioning site restoration and environmental provisions may change where changes in ore reserves affect expectations about the timing or cost of these activities • the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits Accounting policy Mineral and surface rights Mineral and surface rights are recorded at cost less accumulated amortisation and accumulated impairment losses. When there is little likelihood of a mineral right being exploited, or the carrying amount has exceeded its recoverable amount, impairment is recognised in profit or loss in the year that such determination is made. Mine development and infrastructure Mining assets, including mine development and infrastructure costs and mine plant facilities, are recorded at cost less accumulated depreciation and accumulated impairment losses. Costs include the purchase price of assets used in the construction of the mine, expenditure incurred to evaluate and develop new ore bodies, as well as expenditure to define mineralisation in existing ore bodies and to establish or expand productive capacity. These costs are capitalised until commercial levels of production are achieved, at which times the costs are amortised as set out below. Development of ore bodies includes the development of shaft systems and waste rock removal that allows access to reserves that are economically recoverable in the future. Subsequent to this, costs are capitalised if the criteria for recognition as an asset are met. Access to individual ore bodies exploited by the Group is limited to the time span of the respective mining leases. Land Land is shown at cost and is not depreciated. Other assets Non-mining assets are recorded at cost less accumulated depreciation and accumulated impairment losses, except for land which is not depreciated. These assets include the assets of the mining operations that are not included in mine development and infrastructure. It also includes borrowing costs, mineral and surface rights, land and all the assets of the non-mining operations. Amortisation and depreciation of mining assets Amortisation and depreciation is determined to give a fair and systematic charge in profit or loss taking into account the nature of a particular ore body and the method of mining that ore body. To achieve this, the following calculation methods are used: • Mining assets, including mine development and infrastructure costs, mine plant facilities and evaluation costs, are amortised over the life of the mine using the units-of-production method, based on estimated proved and probable mineral reserves • Proved and probable mineral reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in future from known mineral deposits • Certain mining plant and equipment included in mine development and infrastructure is depreciated on a straight-line basis over their estimated useful lives • For certain shafts, which have a short life and/or are marginal, the depreciation is accelerated based on an adjustment to the reserves for accounting purposes Depreciation of non-mining assets Non-mining assets are recorded at cost and depreciated on a straight-line basis over their current expected useful lives to their residual values as follows: • Vehicles: 5 years • Computers: 3 years • Furniture and equipment: 1 - 10 years • Sandouville plant - 24 years The assets’ useful lives, depreciation methods and residual values are reassessed at each reporting date and adjusted if appropriate. Impairment Recoverability of the carrying values of long-term assets or CGUs of the Group are reviewed whenever events or changes in circumstances indicate that such carrying value may not be recoverable. To determine whether a long-term asset or CGU may be impaired, the higher of value in use (defined as: the present value of future cash flows expected to be derived from an asset or CGU) or fair value less costs to sell (defined as: the price that would be received to sell an asset in an orderly transaction between market participants at the measured rate, less the costs of disposal) is compared to the carrying value of the CGU. A CGU is defined by the Group as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Generally for the Group this represents an individual operating mine, including mines which are part of a larger mine complex. The costs attributable to individual shafts of a mine are impaired if the shaft is closed. Impairment losses are recognised in profit or loss. Impairment recognised in respect of a CGU is allocated first to goodwill to that particular CGU and thereafter to the individual assets in the CGU. When any infrastructure is closed down or placed on care and maintenance during the year, any carrying value attributable to that infrastructure is impaired. Expenditure incurred on care and maintenance is recognised in profit or loss. When the review of the events or changes in circumstances of an asset or CGU that was previously impaired indicate that such historical carrying value is recoverable, the impairment is reversed. The reversal is limited so that the carrying value of the asset does not exceed its recoverable amount, nor exceed what the historical carrying amount would have been should the asset not have been impaired. Reversal of impairment losses are recognised in profit or loss. Reversal of impairment recognised in respect of a CGU is allocated to the individual assets in the CGU. Derecognition of property, plant and equipment Property, plant and equipment is derecognised on disposal or closure of a shaft when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of an item of property, plant and equipment (calculated as the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. Exploration and evaluation expenditure All exploration and evaluation expenditure, prior to obtaining the legal rights to explore a specific area, is recognised in profit or loss. After the legal rights to explore are obtained, exploration and evaluation expenditure, comprising the costs of acquiring prospecting rights and directly attributable exploration expenditure, is capitalised as a separate class of property, plant and equipment or intangible assets, on a project-by-project basis, pending determination of the technical feasibility and commercial viability. The technical feasibility and commercial viability of extracting a mineral resource is generally considered to be determinable through a feasibility study and when proven reserves are determinable to exist. Upon determination of proven reserves, exploration and evaluation assets attributable to those reserves are first tested for impairment and then reclassified from exploration and evaluation assets to another appropriate class of property, plant and equipment. Subsequently, all cost directly incurred to prepare an identified mineral asset for production is capitalised to mine development assets. Amortisation of these assets commences once these assets are available for use, which is expected to be when the mine is in commercial production. These assets will be measured at cost less accumulated amortisation and impairment losses.
Right of use assets	Accounting policy Right-of-use assets comprise mining equipment, vehicles and office rentals (included in the mine development, infrastructure and other asset class) of which none meet the definition of investment property. These right-of-use assets comprise the initial measurement of the corresponding lease liability, any initial direct costs incurred by the lessee, and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses if applicable. The assets are depreciated over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
Acquisitions	Significant accounting judgements and estimates Expected future cash flows used to determine the fair value of, inter alia, property, plant and equipment and contingent consideration are inherently uncertain and could materially change over time. The fair value is significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. Acquisitions are assessed to determine if they qualify as business combinations or asset acquisitions in terms of the requirements of IFRS 3 where the Group obtains control over an entity. In order to apply IFRS 3, the assets acquired and liabilities assumed, should constitute a business as defined in IFRS 3. Accordingly, management assesses whether the activities consist of inputs and processes applied to those inputs that have the ability to contribute to the creation of outputs. If a transaction is not deemed to be a business combination, it is accounted for as an asset acquisition outside of the scope of IFRS 3. The IFRS 3 scope assessment could significantly impact the accounting treatment applied. Accounting policy Business combinations The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Any contingent consideration is measured at fair value at the date of acquisition. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any NCI in the acquiree either at fair value or at the NCI’s proportionate share of the acquiree’s net assets. Subsequently, the carrying amount of NCI is the amount of the interest at initial recognition plus the NCI’s share of the subsequent changes in equity, plus or minus changes in the portion of interest of the equity of the subsidiary not attributable, directly or indirectly, to Sibanye-Stillwater shareholders. The excess of the consideration transferred, the amount of any NCI in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is a gain recognised directly in profit or loss. Asset acquisitions For acquisitions outside the scope of IFRS 3, the purchase consideration is allocated to identifiable assets and liabilities based on their relative fair values. Assets and liabilities that are initially measured at an amount other than cost are recognised at their respective carrying amounts as specified in the applicable accounting standards. Statement of cash flows The acquisition date fair value of deferred payments and contingent consideration relating to business combinations is part of the aggregate consideration for obtaining control of the underlying net assets. Therefore, unless the obligations are clearly part of the borrowing structure of the group, repayments of the acquisition date fair value are classified as investing activities. Additional deferred/ contingent payments in excess of the acquisition date fair value are considered to be operating activity cash flows by nature.
Goodwill	Significant accounting judgements and estimates Goodwill is tested for impairment on an annual basis and whenever impairment indicators are identified. Expected future cash flows used to determine the recoverable amount of property, plant and equipment and goodwill are inherently uncertain and could materially change over time. The recoverable amount is significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. An individual operating mine does not have an indefinite life because of the finite life of its reserves. The allocation of goodwill to an individual mine will result in an eventual goodwill impairment due to the depleting nature of the mine. Accounting policy Goodwill is stated at cost less accumulated impairment losses. In accordance with the requirements of IAS 36 Impairment of Assets , the Group performs its annual impairment review of goodwill at each financial year end or whenever there are impairment indicators to establish whether there is any indication of impairment to goodwill. Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. An impairment is made if the carrying amount exceeds the recoverable amount. The recoverable amount is determined as the higher of “value in use” and “fair value less cost to sell”, based on the cash flows over the life of the CGUs and discounted to a present value at an appropriate discount rate. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill allocated to the entity sold. Other intangible assets, including customer relationships, software, patents and trademarks that are acquired by the Group and have finite useful lives, are measured at cost less accumulated amortisation and any accumulated impairment losses.
Equity-accounted investments	Significant accounting judgements and estimates Joint arrangements Judgement is required to determine when the Group has joint control, which requires an assessment of the relevant activities and when the decisions in relation to those activities require unanimous consent. The Group has determined that the relevant activities for its joint arrangements are those relating to the operating and capital decisions of the arrangement, such as the approval of the budget and the capital expenditure programme for each year, and appointing, remunerating and terminating the key management personnel or service providers of the joint arrangement. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. Judgement is also required to classify a joint arrangement as either a joint operation or a joint venture. Classifying the arrangement requires the Group to assess their rights and obligations arising from the arrangement. Specifically, it considers: • The structure of the joint arrangement – whether it is structured through a separate vehicle • When the arrangement is structured through a separate vehicle, the Group also considers the rights and obligations arising from: – the legal form of the separate vehicle – the terms of the contractual arrangement This assessment often requires significant judgement, and a different conclusion on joint control and also whether the arrangement is a joint operation or a joint venture may materially impact the accounting. Carrying value of Mimosa and related Mineral Reserves and Mineral Resources estimates The Group reviews and tests the carrying value when events or changes in circumstances suggest that the carrying amount may not be recoverable by comparing expected future cash flows to the carrying value. Expected future cash flows used to determine the value in use and fair value less costs to sell of Mimosa are inherently uncertain and could materially change over time. These are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as spot and future PGM prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure. Mineral resources outside the approved mine plans are valued based on the in situ 4E ounce value. Comparable market transactions are used as a source of evidence adjusting specifically for the nature of each underlying ore body. Mimosa functional currency The functional currency of Mimosa, which is domiciled in Zimbabwe, has been determined as US dollar. The local currency in Zimbabwe changed to RTGS dollar during February 2019. As a result of this change, management reassessed whether there is a change in the functional currency of Mimosa. This assessment depends on the primary economic environment in which the company operates, which is considered to be the environment in which it generates and expends cash. These considerations include the currency primarily influencing sales prices, the country whose competitive forces and regulations mainly determine sales prices and the currency that influences labour, material and other costs of production. Judgements and assumptions made in determining the functional currency may have a significant impact on the results presented for the Group. The determining factors in the above assessment were: • The currency that mainly influences sales prices: Sales are invoiced and settled in US dollar • The currency of the country whose competitive forces and regulations mainly determine the sales prices: The competitive forces and regulations of the US primarily influences sales prices • The currency that mainly influences labour, material and other costs: The majority of operating costs are settled in US dollar Accounting policy The Group’s interest in equity-accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. The interests are initially recognised at cost using the same principles as with business combinations. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of profit or loss and other comprehensive income of equity-accounted investees until the date on which significant influence or joint control ceases. Results of associates and joint ventures are equity-accounted using the results of their most recent audited annual financial statements or unaudited management accounts. Any losses from associates are brought to account in the consolidated financial statements until the interest in such associates is written down to zero. The interest includes any long-term interests that in substance form part of the entity’s net investment in the equity-accounted investee, for example long-term receivables for which settlement is neither planned nor likely to occur in the foreseeable future. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such associates. The carrying value of an equity-accounted investment represents the cost of the investment, including goodwill, the proportionate share of the post-acquisition retained earnings and losses, any other movements in reserves, any impairment losses and loans to or from the equity-accounted investee. The carrying value together with any long-term interests that in substance form part of the net investment in the equity-accounted investee is assessed annually for existence of indicators of impairment and if such exist, the carrying amount is compared to the recoverable amount, being the higher of value in use or fair value less costs to sell. If an impairment in value has occurred, it is recognised in the period in which the impairment arose. Indicators of impairment include a significant or prolonged decline in the investments fair value below its carrying value.
Interests in joint operations	Accounting policy A joint operation is a joint arrangement in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement. The following are recognised in the financial statements in relation to the Group’s interests in joint operations: • the Group’s share of the jointly controlled assets, classified according to the nature of the assets • any liabilities that the Group has incurred • the Group’s share of any liabilities incurred jointly with the other venturers in relation to the joint operation • any income from the sale or use of the Group’s share of the output of the joint operation, together with the Group’s share of any expenses incurred by the joint operation • any expenses that the Group has incurred in respect of its interest in the joint operation
Other investments	Judgement on other investments Where the Group holds a close to 20% interest in a company, the assessment of whether there is significant influence and hence an equity-accounted investment may involve judgement. These judgements typically include the extent of representation on the board of directors, other involvement in the company such as technical committee, any other contractual arrangements as well as the effective influence that the particular shareholding interest provides. A different conclusion could have a significant impact on the measurement, presentation and disclosure of the particular investment. Accounting policy On initial recognition of an equity investment that is not held for trading, the Group may make an irrevocable election to present subsequent changes in the investment’s fair value in other comprehensive income (FVTOCI). This election is made on an investment-by-investment basis. These investments are subsequently measured at fair value, with dividends recognised in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI (in the mark-to-market reserve) and are never reclassified to profit or loss. Investments, other than investments in equity instruments, are measured at amortised cost if not measured at fair value through profit or loss (FVTPL), and is held with the objective to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal or interest on the principal amount outstanding. All investments not classified as measured at amortised cost or at FVTOCI as described above are measured at FVTPL, with subsequent changes in the investment's fair value recognised in profit or loss. In addition, on initial recognition, the Group may irrevocably designate an investment that otherwise meets the requirements to be measured at amortised cost as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
Environmental rehabilitation obligation funds	Accounting policy The Group’s rehabilitation obligation funds include a fixed income portfolio of bonds that are fair valued at each reporting date. The fair value is calculated with reference to underlying bond prices using industry valuation techniques and appropriate models. Annual contributions are made to dedicated environmental rehabilitation obligation funds to fund the estimated cost of rehabilitation during and at the end of the life of the relevant mine. The amounts contributed to these funds are included under non-current assets and are measured at fair value through profit or loss. Interest earned on monies paid to rehabilitation funds is accrued on a time proportion basis and is recorded as interest income. In addition, funds are set aside to serve as collateral against the guarantees made to the Department of Minerals, Resources and Energy for environmental rehabilitation obligations.
Other receivables and other payables	Significant accounting judgements and estimates Expected future cash flows used to determine the carrying value of the other payables (namely the Rustenburg operation deferred payment, right of recovery payable, Marikana dividend obligation and contingent consideration), the right of recovery receivable and the fair value of hedge instruments are inherently uncertain and could materially change over time. The expected future cash flows are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. Accounting policy Financial instruments included in other receivables are categorised as financial assets measured at amortised cost and those included in other payables are categorised as other financial liabilities as applicable. These assets and liabilities are initially recognised at fair value. Subsequent to initial recognition, financial instruments included in other receivables and other payables are measured at amortised cost, except where fair value through profit or loss measurement is appropriate (for example, contingent consideration and derivative financial instruments). Reimbursements, such as rehabilitation reimbursements from other parties are not financial instruments, and are recognised as a separate asset where recovery is virtually certain. The amount recognised is limited to the amount of the relevant rehabilitation provision. If the party that will make the reimbursement cannot be identified, then the reimbursement is generally not virtually certain and cannot be recognised. If the only uncertainty regarding the recovery relates to the amount of the recovery, the reimbursement amount often qualifies to be recognised as an asset. Other receivables and payables that do not arise from contractual rights and obligations, such as receivables on rates and taxes, are recognised and measured at the amount expected to be received or paid.
Inventories	Significant accounting judgements and estimates Inventory is held in a wide variety of forms across the value chain reflecting the stage of refinement. Prior to production as final metal, the inventory is always contained within a carrier material. As such, inventory is typically sampled and assays taken to determine the metal content and how this is split by metal. Measurement and sampling accuracy can vary quite significantly depending on the nature of the vessels and the state of the material. An allowance for estimation uncertainty is applied to the various categories of inventory and is dependent on the degree to which the nature and state of material allows for accurate measurement and sampling. The range used for the estimation allowance varies based on the stage of refinement. The range is based on independent metallurgists’ level of confidence obtained from the outcome of the stocktake. Those results are applied in arriving at the appropriate quantities of inventory. Accounting policy Inventory is valued at the lower of cost and net realisable value. The Group values ore stockpiles and metal-in-process when it can be reliably measured. Co st is determined on the following basis: • Gold reef ore stockpiles and gold-in-process are valued using weighted average cost. Cost includes production, amortisation, depreciation and related administration costs • PGM and battery metals inventory is valued using weighted average cost by allocating cost, based on the joint cost of production, apportioned according to the relative sales value of each of the PGMs and battery metals produced. The group recognises the metal produced in each development phase in inventory with an appropriate proportion of cost. Cost includes production, amortisation, depreciation and related administration costs • By-product metals are valu ed at the incremental cost of production from the point of split-off from the PGM processing stream • Consumable stores are valued at weighted average cost after appropriate provision for surplus and slow-moving items
Trade and other receivables	Accounting policy Trade and other receivables, excluding trade receivables for PGM concentrate sales, prepayments and value added tax, are non-derivative financial assets categorised as financial assets measured at amortised cost. The above non-derivative financial assets are initially recognised at fair value and subsequently carried at amortised cost less allowance for impairment. Estimates made for impairment are based on a review of all outstanding amounts at year end in line with the impairment policy described in note 36. Irrecoverable amounts are written off during the period in which they are identified. In addition to other types of PGM sales, trade receivables include actual invoiced sales of PGM concentrate, as well as sales not yet invoiced for which deliveries have been made and the control has transferred. The PGM concentrate receivables are financial assets measured at fair value through profit or loss, as the solely payments of principle and interest criteria is not met. The receivable amount calculated for the PGM concentrate delivered but not yet invoiced is recorded at the fair value of the consideration receivable at the date of delivery. At each subsequent reporting date the receivable is restated to reflect the fair value movements in the pricing mechanism which are recognised in revenue. Foreign exchange movements on foreign currency denominated receivables are recognised as a foreign exchange gain or loss in profit or loss subsequent to the recognition of a sale.
Cash and cash equivalents	Accounting policy Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held to meet short-term cash commitments. Cash and equivalents are measured at amortised cost, which is deemed to be fair value due to its short maturity.
Stated share capital	Accounting policy Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.
Non-controlling interests	Accounting policy Non-controlling interests The Group recognises any NCI in an acquiree either at fair value or at the NCI's proportionate share of the acquiree’s net assets on an acquisition-by-acquisition basis. Subsequently, the carrying amount of NCI is the amount of the interest at initial recognition plus the NCI’s subsequent share of changes in equity. Transactions with non-controlling interests The Group treats transactions with NCI as transactions with equity owners of the Group. For purchases from NCI, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to NCI where control is not lost are also recorded in equity. Where control is lost over a subsidiary, the gains or losses are recognised in profit or loss.
Borrowings	Significant accounting judgements and estimates Borrowings Expected future cash flows used to determine the carrying amount of the Burnstone Debt are inherently uncertain and could materially change over time. They are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. Accounting policy Borrowings Borrowings are non-derivative financial liabilities categorised as other financial liabilities. Borrowings are recognised initially at fair value, net of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Derivative financial instruments Derivatives are initially recognised at fair value using option pricing methodologies. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes are recognised in profit or loss. For assets and liabilities that are recognised at fair value in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
Derivative financial instruments	Significant accounting judgements and estimates Borrowings Expected future cash flows used to determine the carrying amount of the Burnstone Debt are inherently uncertain and could materially change over time. They are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future capital expenditure and discount rates. Accounting policy Borrowings Borrowings are non-derivative financial liabilities categorised as other financial liabilities. Borrowings are recognised initially at fair value, net of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Derivative financial instruments Derivatives are initially recognised at fair value using option pricing methodologies. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes are recognised in profit or loss. For assets and liabilities that are recognised at fair value in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
Lease liabilities	Accounting policy At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease liabilities are initially measured at the present value of the future lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the relevant incremental borrowing rate. Subsequently, lease liabilities are measured at amortised cost using the effective interest method. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group also elected to apply the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option, and lease contracts for which the underlying asset is of low value. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term to the extent applicable. In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed as incurred.
Environmental rehabilitation obligation	Accounting Policy Provisions are recognised when the Group has a present obligation, legal or constructive, resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Long-term environmental obligations are based on the Group’s environmental management plans, in compliance with applicable environmental and regulatory requirements. The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for changes in legislation, technology or other circumstances. Cost estimates are not reduced by the potential proceeds from the sale of assets or from plant clean up at closure. Based on disturbances to date, the net present value of expected rehabilitation cost estimates is recognised and provided for in full in the financial statements. The estimates are reviewed annually and are discounted using a risk-free rate that is adjusted to reflect the current market assessments of the time value of money. Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and inflationary increases in the provision estimate, as well as changes in estimates. Changes in estimates are capitalised or reversed against the relevant asset or liability to the extent that it meets the definition of dismantling and removing the item and restoring the site on which it is located. Costs that relate to an existing condition caused by past operations and do not have a future economic benefit are recognised in profit or loss. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately in profit or loss. The present value of environmental disturbances created are capitalised to mining assets against an increase in the environmental rehabilitation obligation. Rehabilitation projects undertaken, included in the estimates are charged to the provision as incurred. The cost of ongoing current programmes to prevent and control environmental disturbances is recognised in profit or loss as incurred. The unwinding of the discount due to the passage of time is recognised as finance cost, and the capitalised cost is amortised over the remaining lives of the mines.
Occupational healthcare obligation	Significant accounting judgements and estimates The Group recognises management’s best estimates to settle any occupational healthcare claims against the Group’s operations. The ultimate outcome of the number, timing and amount of successful claims to be paid out remains uncertain. The provision is consequently subject to adjustment in the future and actual costs incurred in future periods could differ materially from the estimates. Estimates that were used in the assessment include value of benefits per claimant, disease progression rates, required contributions, timing of payments, tracing pattern, period discount rates, period inflation rates and a 70% take-up rate (60% in prior periods). These estimates were informed by a professional opinion. Management discounted the possible cash outflows using a discount rate of 8.76% (2021: 7.83% and 2020: 6.65%). In assessing whether the Group has control, joint control or significant influence over the trust that administers the claim settlement process (refer below), judgement was applied in determining whether voting rights are relevant to determine power over the key activities of the trust, as well as analysing the influence of the various parties. No control, joint control or significant influence was identified, however should any key considerations change in future periods, these conclusions will be reassessed. Accounting policy Provisions are recognised when the Group has a present obligation, legal or constructive resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The estimated costs of settlement claims are reviewed at least annually and adjusted as appropriate for changes in cash flow predictions or other circumstances. Based on estimates to date, the net present value of expected settlement claims is recognised and provided for in full in the financial statements. The estimated cash flows are discounted using a risk-free rate with similar terms to the obligation to reflect the current market assessments of the time value of money. Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and changes in estimates.
Deferred revenue	Accounting policy Consideration received in advance is recognised as a contract liability (deferred revenue) under IFRS 15 as control has not yet transferred. Where a significant financing component is identified as a result of the difference in the timing of advance consideration received and when control of the metal promised transfers, interest expenses on the deferred revenue balance are recognised in finance costs. Where a contract has a period of a year or less between receiving advance consideration and when control of the metal promised transfers, the Group may elect on a contract-by-contract basis to apply the IFRS 15 practical expedient not to adjust for the effects of a significant financing component.
Trade and other payables	Accounting policy Trade and other payables, excluding payroll creditors and leave pay accruals are non-derivative financial liabilities categorised as other financial liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Provision is made for employee entitlement benefits accumulated as a result of employees rendering services up to the reporting date. Liabilities arising in respect of wages and salaries, annual leave and other benefits due to be settled within 12 months of the reporting date are measured at rates which are expected to be paid when the liability is settled. Termination benefits are expensed and an accrual raised at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, they are discounted. All other employee entitlement liabilities are measured at the present value of estimated payments to be made in respect of services rendered up to reporting date.
Financial instruments and risk management	Accounting policy On initial recognition, a financial asset is classified as measured at either amortised cost, fair value through other comprehensive income, or fair value through profit or loss. The Group initially recognises debt instruments issued and trade and other receivables, on the date these are originated. All other financial assets and financial liabilities are recognised initially when the Group becomes a party to the contractual provisions of the instrument. The classification of financial assets at initial recognition that are debt instruments depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets that are debt instruments refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows. The Group recognises an allowance for expected credit losses (ECLs) on all debt instruments not held at fair value through profit or loss to the extent applicable. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset’s lifetime ECL at each reporting date. Impairment losses are recognised through profit or loss. The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of the ownership of the financial asset are transferred. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. Any interest in such transferred financial asset that is created or retained by the Group is recognised as a separate asset or liability. The particular recognition and measurement methods adopted are disclosed in the individual policy statements associated with each item. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid is recognised in profit or loss.
Contingent liabilities	Significant accounting judgements and estimates Contingencies can be either possible assets or possible liabilities arising from past events which, by their nature, will only be resolved when one or more future events not wholly within the control of the Group occur or fail to occur or for contingent liabilities where a present obligation arising from a past event exists but is not recognised because either it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be determined with sufficient reliability. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events.

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of operating segments [abstract]
Schedule of segment reporting	Figures in million – SA rand Group Total US PGM operations Under-ground Recycling Total SA Total Rustenburg Marikana Kroondal Platinum Mimosa Corporate and reconciling items 1 Total Driefontein Kloof Beatrix Cooke DRDGOLD Corporate and reconciling items 1 Total Sandouville 2 Corporate and reconciling items 1,3 Group Corporate and reconciling items 1 2022 Revenue 138,288 46,090 13,823 32,267 89,507 71,665 29,104 32,753 8,371 1,437 4,267 (4,267) 17,842 4,486 4,486 2,681 915 5,274 — 3,140 3,140 — (449) Underground 92,325 13,823 13,823 — 78,951 68,182 27,058 32,753 8,371 — 4,267 (4,267) 10,769 4,213 3,924 2,632 — — — — — — (449) Surface 10,556 — — — 10,556 3,483 2,046 — — 1,437 — — 7,073 273 562 49 915 5,274 — — — — — Recycling/processing 35,407 32,267 — 32,267 — — — — — — — — — — — — — — — 3,140 3,140 — — Cost of sales, before amortisation and depreciation (94,537) (38,452) (7,459) (30,993) (52,454) (32,280) (13,546) (14,603) (3,548) (583) (1,936) 1,936 (20,174) (5,281) (6,381) (3,910) (822) (3,780) — (3,631) (3,631) — — Underground (52,734) (7,459) (7,459) — (45,275) (30,528) (12,377) (14,603) (3,548) — (1,936) 1,936 (14,747) (5,085) (5,821) (3,841) — — — — — — — Surface (7,179) — — — (7,179) (1,752) (1,169) — — (583) — — (5,427) (196) (560) (69) (822) (3,780) — — — — — Recycling/processing (34,624) (30,993) — (30,993) — — — — — — — — — — — — — — — (3,631) (3,631) — — Net other cash costs 4 (2,640) (34) (34) — (2,464) (1,250) 151 (688) (128) (407) (21) (157) (1,214) (173) (167) (123) (717) 40 (74) (87) (1) (86) (55) Adjusted EBITDA 41,111 7,604 6,330 1,274 34,589 38,135 15,709 17,462 4,695 447 2,310 (2,488) (3,546) (968) (2,062) (1,352) (624) 1,534 (74) (578) (492) (86) (504) Amortisation and depreciation (7,087) (2,803) (2,799) (4) (4,126) (2,418) (981) (1,205) (180) (40) (342) 330 (1,708) (721) (469) (305) (3) (176) (34) (158) (153) (5) — Interest income 1,203 309 81 228 893 402 43 214 109 30 102 (96) 491 68 57 35 35 265 31 — — — 1 Finance expense (2,840) (952) (952) — (1,547) (831) (4,618) (320) (111) — (36) 4,254 (716) (100) (95) (95) (86) (78) (262) (15) (13) (2) (326) Share-based payments (218) (47) (47) — (169) (73) (27) (36) (9) (1) — — (96) (20) (15) (10) — (19) (32) — — — (2) Net other 5 (2,142) (243) (243) — (2,055) (2,025) (9,353) (1,599) 303 5 (499) 9,118 (30) 13 26 34 (50) 28 (81) 111 23 88 45 Non-underlying items 6 (299) (5) (5) — (153) (132) 10 (136) (4) — (1) (1) (21) 10 (14) (281) (2) 10 256 — — — (141) Royalties and carbon tax (1,824) — — — (1,824) (1,772) (1,023) (735) (13) — (127) 126 (52) (22) (22) (3) (5) — — — — — — Profit before tax 27,904 3,863 2,365 1,498 25,608 31,286 (240) 13,645 4,790 441 1,407 11,243 (5,678) (1,740) (2,594) (1,977) (735) 1,564 (196) (640) (635) (5) (927) Current taxation (9,282) (655) (8,623) (8,373) (3,169) (3,766) (1,288) (130) (208) 188 (250) (6) (3) — — (226) (15) — — — (4) Deferred taxation 358 315 82 (1,332) (590) (693) (60) 8 (138) 141 1,414 84 (184) 154 — (125) 1,485 (39) — (39) — Profit/(loss) for the year 18,980 3,523 17,067 21,581 (3,999) 9,186 3,442 319 1,061 11,572 (4,514) (1,662) (2,781) (1,823) (735) 1,213 1,274 (679) (635) (44) (931) Attributable to: Owners of the parent 18,396 3,523 16,469 21,577 (3,999) 9,182 3,442 319 1,061 11,572 (5,108) (1,662) (2,781) (1,823) (735) 612 1,281 (665) (635) (30) (931) Non-controlling interest holders 584 — 598 4 — 4 — — — — 594 — — — — 601 (7) (14) — (14) — Sustaining capital expenditure (4,946) (1,185) (1,184) (1) (3,671) (2,056) (690) (1,072) (273) (21) (864) 864 (1,615) (358) (455) (155) — (647) — (90) (90) — — Ore reserve development (6,640) (2,887) (2,887) — (3,753) (2,123) (687) (1,436) — — — — (1,630) (794) (620) (216) — — — — — — — Growth projects (4,313) (1,345) (1,345) — (2,239) (925) — (924) — — — (1) (1,314) — (210) (4) — (124) (976) (729) — (729) — Total capital expenditure (15,899) (5,417) (5,416) (1) (9,663) (5,104) (1,377) (3,432) (273) (21) (864) 863 (4,559) (1,152) (1,285) (375) — (771) (976) (819) (90) (729) — 1 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate revenue. Group corporate includes the Wheaton Stream transaction, initial recognition of battery metal investment, corporate tax, interest and corporate transaction costs 2 The Battery metals includes the results of Sandouville for the eleven months since acquisition (see note 16.2) 3 Corporate and reconciling items for Battery metals includes a net loss of R143 million for Keliber since the effective date of acquisition (see note 16.1) 4 Net other cash costs consist of service entity income, sundry income (see note 8.2) and other costs as detailed in profit or loss, excluding loss on deconsolidation of a subsidiary (see note 8.1). Lease payments (R163 million) are included in net other cash costs to conform with the adjusted EBITDA reconciliation disclosed in note 28.7 5 Net other consists of loss on financial instruments and loss on foreign exchange differences as detailed in profit or loss, change in estimate of environmental rehabilitation obligation and right of recovery receivable and payable (see note 8.2) and the add back of the lease payment referred to in footnote 4 above. Corporate and reconciling items net other includes the share of results of equity-accounted investees after tax as detailed in profit or loss 6 Non-underlying items consists of gain on disposal of property, plant and equipment, impairment, restructuring costs, and transaction costs as detailed in profit or loss, loss on deconsolidation of a subsidiary (see note 8.1), profit on sale of Lonmin Canada (see note 8.2), non-cash gain with deregistration of subsidiary (see note 8.2) and occupational healthcare income as detailed in profit or loss Figures in million – SA rand Group Total US PGM operations Underground Recycling Total SA operations Total SA PGM Rustenburg Marikana Kroondal Platinum Mile Mimosa Corporate and reconciling items 1 Total SA gold Driefontein Kloof Beatrix Cooke DRDGOLD Corporate and reconciling items 1 Group Corporate and reconciling items 1 2021 Revenue 172,194 59,053 18,343 40,710 113,512 85,154 31,749 41,610 10,293 1,503 4,393 (4,394) 28,358 7,932 9,294 5,343 999 4,790 — (371) Underground 120,403 18,343 18,343 — 102,431 81,477 29,575 41,610 10,293 — 4,393 (4,394) 20,954 7,722 8,089 5,143 — — — (371) Surface 11,081 — — — 11,081 3,677 2,174 — — 1,503 — — 7,404 210 1,205 200 999 4,790 — — Recycling 40,710 40,710 — 40,710 — — — — — — — — — — — — — — — — Cost of sales, before amortisation and depreciation (101,013) (46,787) (7,567) (39,220) (54,226) (31,971) (11,464) (16,561) (3,416) (531) (1,587) 1,588 (22,255) (5,691) (7,844) (4,565) (808) (3,347) — — Underground (54,989) (7,567) (7,567) — (47,422) (30,430) (10,454) (16,561) (3,416) — (1,587) 1,588 (16,992) (5,559) (6,986) (4,447) — — — — Surface (6,804) — — — (6,804) (1,541) (1,010) — (531) — — (5,263) (132) (858) (118) (808) (3,347) — — Recycling (39,220) (39,220) — (39,220) — — — — — — — — — — — — — — — — Net other cash costs 2 (2,575) (10) (10) — (2,565) (1,575) 134 (1,036) (91) (492) (42) (48) (990) (78) (83) (73) (611) (40) (105) — Adjusted EBITDA 68,606 12,256 10,766 1,490 56,721 51,608 20,419 24,013 6,786 480 2,764 (2,854) 5,113 2,163 1,367 705 (420) 1,403 (105) (371) Amortisation and depreciation (8,293) (2,601) (2,598) (3) (5,692) (2,515) (885) (1,099) (495) (31) (274) 269 (3,177) (1,165) (1,064) (691) (11) (188) (58) — Interest income 1,202 382 10 372 805 219 22 92 97 7 12 (11) 586 60 47 31 22 222 204 15 Finance expense (2,496) (954) (897) (57) (1,233) (666) (4,201) (328) (116) — (5) 3,984 (567) (99) (85) (82) (63) (60) (178) (309) Share-based payments (383) (73) (73) — (310) (89) (35) (42) (12) — — — (221) (20) (32) (21) — (19) (129) — Net other 3 (2,832) 238 238 — (3,121) (4,305) (12,232) (985) 248 34 (43) 8,673 1,184 16 22 33 92 22 999 51 Non-underlying items 4 (5,529) (278) (278) — (5,153) 2 4 (1) (1) — — — (5,155) (202) (3,686) (1,290) (3) — 26 (98) Royalties and carbon tax (2,718) — — — (2,718) (2,548) (1,405) (1,129) (14) — (160) 160 (170) (95) (46) (29) (5) — 5 — Profit before tax 47,557 8,970 7,168 1,802 39,299 41,706 1,687 20,521 6,493 490 2,294 10,221 (2,407) 658 (3,477) (1,344) (388) 1,380 764 (712) Current taxation (13,506) (1,422) (12,014) (11,745) (4,864) (4,768) (1,885) (218) (574) 564 (269) (13) (13) (7) — (263) 27 (70) Deferred taxation (255) (89) (166) (367) 956 (1,460) 56 80 (18) 19 201 49 1,158 233 — (77) (1,162) — Profit/(loss) for the year 33,796 7,459 27,119 29,594 (2,221) 14,293 4,664 352 1,702 10,804 (2,475) 694 (2,332) (1,118) (388) 1,040 (371) (782) Attributable to: Owners of the parent 33,054 7,459 26,377 29,360 (2,221) 14,075 4,664 336 1,702 10,804 (2,983) 694 (2,332) (1,118) (388) 527 (366) (782) Non-controlling interest holders 742 — 742 234 — 218 — 16 — — 508 — — — — 513 (5) — Sustaining capital expenditure (4,119) (796) (791) (5) (3,323) (2,019) (619) (1,104) (268) (28) (499) 499 (1,304) (322) (488) (164) — (330) — — Ore reserve development (5,535) (1,354) (1,354) — (4,181) (1,577) (629) (947) — — — (1) (2,604) (1,177) (930) (497) — — — — Growth projects (3,086) (2,411) (2,411) — (675) (203) — (203) — — — — (472) — (198) (7) — (47) (220) — Total capital expenditure (12,740) (4,561) (4,556) (5) (8,179) (3,799) (1,248) (2,254) (268) (28) (499) 498 (4,380) (1,499) (1,616) (668) — (377) (220) — 1 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate revenue. Group corporate includes the Wheaton Stream transaction, initial recognition of battery metal investment, corporate tax, interest and corporate transaction costs 2 Net other cash costs consist of service entity income, sundry income (see note 8.2) and other costs as detailed in profit or loss, excluding loss due to dilution of interest in joint operation (see note 8.1). Lease payments ( R142 million ) are included in net other cash costs to conform with the adjusted EBITDA reconciliation disclosed in note 28.7 3 Net other consists of loss on financial instruments and loss on foreign exchange differences as detailed in profit or loss, change in estimate of environmental rehabilitation obligation and right of recovery receivable and payable (see note 8.2) and the add back of the lease payment referred to in footnote 2 above. Corporate and reconciling items net other includes the share of results of equity-accounted investees after tax as detailed in profit or loss 4 Non-underlying items consists of gain on disposal of property, plant and equipment, impairments which include impairments to mining assets of Driefontein, Kloof and Beatrix of R212 million, R3,642 million and R1,293 million, respectively (see note 10), restructuring costs and transaction costs as detailed in profit or loss, early redemption premium on the 2025 Notes, profit on sale of St Helena (see note 8.2), non-cash loss with dilution of interest in joint operation (see note 8.1) and occupational healthcare income as detailed in profit or loss Figures in million – SA rand Group Total US PGM operations Underground Recycling Total SA operations Total SA PGM Rustenburg Marikana Kroondal Platinum Mimosa Corporate and reconciling items 1 Total SA gold Driefontein Kloof Beatrix Cooke DRDGOLD Corporate and reconciling items 1 Group Corporate and reconciling items 1 2020 Revenue 127,392 45,154 19,858 25,296 82,781 54,912 20,429 26,865 7,973 950 3,894 (5,199) 27,869 6,793 9,795 4,664 1,040 5,051 526 (543) Underground 91,369 19,858 19,858 — 72,054 52,142 18,521 26,865 7,973 — 3,894 (5,111) 19,912 6,793 8,109 4,500 — — 510 (543) Surface 10,727 — — — 10,727 2,770 1,908 — — 950 — (88) 7,957 — 1,686 164 1,040 5,051 16 — Recycling 25,296 25,296 — 25,296 — — — — — — — — — — — — — — — — Cost of sales, before amortisation and depreciation (75,776) (32,004) (7,586) (24,418) (43,772) (24,722) (9,588) (13,232) (2,803) (403) (1,601) 2,905 (19,050) (4,863) (6,880) (3,714) (671) (2,922) — — Underground (45,502) (7,586) (7,586) — (37,916) (23,551) (8,732) (13,232) (2,803) — (1,601) 2,817 (14,365) (4,863) (5,886) (3,616) — — — — Surface (5,856) — — — (5,856) (1,171) (856) — — (403) — 88 (4,685) — (994) (98) (671) (2,922) — — Recycling (24,418) (24,418) — (24,418) — — — — — — — — — — — — — — — — Net other cash costs 2 (2,231) (67) (67) — (2,164) (1,116) 51 (789) (76) (241) (59) (2) (1,048) (66) (104) (97) (642) (44) (95) — Adjusted EBITDA 49,385 13,083 12,205 878 36,845 29,074 10,892 12,844 5,094 306 2,234 (2,296) 7,771 1,864 2,811 853 (273) 2,085 431 (543) Amortisation and depreciation (7,593) (2,727) (2,722) (5) (4,866) (2,072) (806) (818) (410) (34) (281) 277 (2,794) (932) (1,092) (491) (14) (202) (63) — Interest income 1,065 279 1 278 786 221 27 106 84 3 4 (3) 565 67 59 36 45 178 180 — Finance expense (3,152) (1,057) (960) (97) (1,773) (662) (2,841) (259) (137) — (14) 2,589 (1,111) (156) (151) (107) (100) (58) (539) (322) Share-based payments (512) (80) (80) — (432) (90) (36) (41) (13) — — — (342) (22) (26) (19) — (141) (134) — Net other 3 (393) 31 31 — (424) 1,224 (3,847) 2,132 122 (14) (16) 2,847 (1,648) 20 30 28 36 30 (1,792) — Non-underlying items 4 (1,550) (93) (93) — (1,386) 149 591 (435) (7) — — — (1,535) (27) (18) (40) (4) (2) (1,444) (71) Royalties and carbon tax (1,770) — — — (1,770) (1,625) (924) (691) (10) — (135) 135 (145) (73) (115) (46) (5) — 94 — Profit before tax 35,480 9,436 8,382 1,054 26,980 26,219 3,056 12,838 4,723 261 1,792 3,549 761 741 1,498 214 (315) 1,890 (3,267) (936) Current taxation (5,374) (976) (4,353) (3,861) (2,635) 92 (1,300) (15) (450) 447 (492) (9) 9 (5) — (492) 5 (45) Deferred taxation 516 (682) 1,198 958 98 951 (34) (58) (42) 43 240 (233) (322) (89) — (97) 981 — Profit/(loss) for the year 30,622 7,778 23,825 23,316 519 13,881 3,389 188 1,300 4,039 509 499 1,185 120 (315) 1,301 (2,281) (981) Attributable to: Owners of the parent 29,312 7,778 22,515 22,650 519 13,230 3,389 173 1,300 4,039 (135) 499 1,185 120 (315) 658 (2,282) (981) Non-controlling interest holders 1,310 — 1,310 666 — 651 — 15 — — 644 — — — — 643 1 — Sustaining capital expenditure (2,817) (798) (795) (3) (2,019) (1,052) (326) (515) (188) (23) (414) 414 (967) (187) (392) (93) — (295) — — Ore reserve development (4,150) (1,239) (1,239) — (2,911) (1,125) (417) (708) — — — — (1,786) (742) (722) (322) — — — — Growth projects (2,649) (2,385) (2,385) — (264) (20) — — — (20) — — (244) — (155) — — (46) (43) — Total capital expenditure (9,616) (4,422) (4,419) (3) (5,194) (2,197) (743) (1,223) (188) (43) (414) 414 (2,997) (929) (1,269) (415) — (341) (43) — 1 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not generate revenue. Group corporate includes the Wheaton Stream transaction, corporate transaction costs and corporate tax 2 Net other cash costs consist of service entity income, sundry income (see note 8.2) and other costs as detailed in profit or loss, excluding loss due to dilution of interest in joint operation (see note 8.1). Lease payments ( R148 million ) are included in net other cash costs to conform with the adjusted EBITDA reconciliation disclosed in note 28.7 3 Net other consists of loss on financial instruments and loss on foreign exchange differences as detailed in profit or loss, change in estimate of environmental rehabilitation obligation, right of recovery receivable and payable (see note 8.2) and the add back of the lease payment referred to in footnote 2 above. Corporate and reconciling items net other includes the share of results of equity-accounted investees after tax as detailed in profit or loss

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Disclosure of revenue from contracts with customers	The Group’s sources of revenue are: Figures in million – SA rand 2022 2021 2020 Gold mining activities 17,842 28,358 27,869 PGM mining activities 1 84,359 102,099 72,469 Battery metals activities 3,140 — — Recycling activities 32,267 40,710 25,296 Stream 1 338 625 539 Toll treatment arrangement 2 105 521 — Total revenue from contracts with customers 138,051 172,313 126,173 Adjustments relating to sales of PGM concentrate 3 237 (119) 1,219 Total revenue 138,288 172,194 127,392 1 The difference between revenue from PGM mining activities above and total revenue from PGM mining activities per the segment report relates to the separate disclosure of revenue from the gold and palladium streaming arrangement with Wheaton International (Wheaton Stream) in the above as well as the separate disclosure of revenue related to adjustments on the sales of PGM concentrate. Revenue relating to the Wheaton Stream is incorporated in the Group corporate segment as described in the segment report (see note 2) 2 This relates to revenue recognised in respect of a toll treatment arrangement entered into by Marikana during 2021. This arrangement concluded on 31 December 2021 and toll treatment revenue recognised for year ended 31 December 2022 represents revenue earned for the processing of material received before 31 December 2021 (see note 32) 3 These adjustments relate to provisional pricing arrangements resulting in subsequent changes to the amount of revenue recognised Revenue per geographical region of the relevant operations: Figures in million – SA rand 2022 2021 2020 Southern Africa 89,507 113,512 82,781 United States 1 45,641 58,682 44,611 Europe 3,140 — — Total revenue 138,288 172,194 127,392 1 The difference between revenue generated by operations in the US and the revenue in the US PGM operations segment relates to the Wheaton Stream
Schedule of revenue generated by product	Revenue generated per product: Figures in million – SA rand 2022 2021 2020 Gold 18,812 29,533 28,930 PGMs 111,070 137,958 95,573 Platinum 17,826 21,238 17,054 Palladium 42,275 52,859 47,281 Rhodium 47,166 59,828 29,865 Iridium 2,480 2,694 815 Ruthenium 1,323 1,339 558 Chrome 3,481 2,259 1,573 Nickel 1 4,305 1,420 910 Other 2 620 1,024 406 Total revenue 138,288 172,194 127,392 1 For the year ended 31 December 2022, Nickel includes R870 million Nickel salts and R2,020 million Nickel metal sold by the Battery metals operations since the date of acquisition (see note 16.2). The remaining Nickel for the year ended 31 December 2022 and for the years ended 31 December 2021 and 2020 was sold from the Group's SA PGM and US PGM operations 2 Other primarily includes revenue from silver, cobalt and copper sales. For the year ended 31 December 2022, revenue from the Marikana toll treatment arrangement of R105 million (2021: R521 million) is included (see note 32)

Cost of sales (Tables)

Cost of sales (Tables)	12 Months Ended
	Dec. 31, 2022
Cost of sales [Abstract]
Schedule of cost of sales	Figures in million – SA rand Notes 2022 2021 2020 Salaries and wages (26,544) (26,214) (23,850) Consumable stores 23 (21,929) (18,847) (16,404) Utilities (8,465) (8,099) (6,801) Mine contracts (6,502) (5,193) (3,790) Recycling 1 (30,993) (39,220) (24,418) Other (6,745) (8,975) (4,663) Ore reserve development costs capitalised 6,641 5,535 4,150 Cost of sales, before amortisation and depreciation (94,537) (101,013) (75,776) Amortisation and depreciation 14,15,17 (7,087) (8,293) (7,593) Total cost of sales (101,624) (109,306) (83,369) 1 Recycling cost consists of cost relating to the purchasing of spent catalytic material and the cost incurred to convert the spent catalytic material into finished PGMs

Interest income and finance e_2

Interest income and finance expense (Tables)	12 Months Ended
	Dec. 31, 2022
Finance expense
Schedule of interest income	Figures in million – SA rand Note 2022 2021 2020 Interest received on cash deposits 910 948 714 Interest received on rehabilitation obligation funds 21 235 174 245 Interest on right of recovery asset 31 32 16 Other 27 48 90 Total interest income 1,203 1,202 1,065
Schedule of finance expense	Figures in million – SA rand Notes 2022 2021 2020 Interest charge on: Borrowings (interest) 28 (1,046) (801) (1,290) Borrowings (unwinding of amortised cost) 28 (216) (302) (394) Lease liabilities 29 (31) (29) (34) Environmental rehabilitation obligation 30 (611) (615) (684) Occupational healthcare obligation 31 (85) (77) (96) Deferred payment (related to the Rustenburg operation acquisition) 22.2 (266) (158) (187) Deferred revenue 1 32 (326) (309) (349) Deferred consideration (related to Pandora acquisition) 22.2 (18) (54) (49) Marikana dividend obligation 22.2 (165) (87) — Other (76) (64) (69) Total finance expense (2,840) (2,496) (3,152) 1 For the year ended 31 December 2022, interest expense includes non-cash interest of R326 million (2021: R309 million, 2020: R322 million) relating to the Wheaton Stream. In addition, interest expense for the year ended 31 December 2020 includes non-cash interest of R13 million relating to the BTT project. Although there is no cash financing cost related to this arrangement, IFRS 15 requires the Group to recognise a notional financing charge due to the significant time delay between receiving the upfront streaming payment and satisfying the related performance obligations. A discount rate of 4.6% and 5.2% was used for the Wheaton palladium and gold stream respectively and 11.5% was used for the BTT stream in determining the finance costs to be recognised. For the year ended 31 December 2020, interest expense also includes R14 million non-cash interest relating to the platinum forward sale entered into by WPL on 3 March 2020
Schedule of cash interest paid and received	The table below provides a summary of the cash interest paid and received: Figures in million – SA rand 2022 2021 2020 Interest paid 1 (1,118) (781) (1,386) Interest received 2 682 960 719 Net interest (paid)/received (436) 179 (667) 1 Interest paid primarily consist of accrued interest paid on the 2022 and 2025 Notes, 2026 and 2029 Notes, US$600 million Revolving credit facility (RCF), R5.5 billion RCF and lease liabilities 2 Interest received primarily consist of interest on cash deposits

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Peer group companies for TSR comparison	The Peer Group is set out in the table below. Peer group companies for TSR comparison AngloGold Ashanti Limited Anglo American Platinum Limited Gold Fields Limited Impala Platinum Holdings Limited Northam Platinum Limited Exxaro Resources Limited Harmony Gold Mining Company Limited African Rainbow Minerals Limited The peer companies under the 2021 and 2022 Share Plans and MSR Plan relating to the TSR performance condition are as follows: Peer group companies for TSR comparison AngloGold Ashanti Limited Anglo American Platinum Limited Gold Fields Limited Impala Platinum Holdings Limited Northam Platinum Limited Fresnilo Plc Harmony Gold Mining Company Limited Kinross Gold Corporation
Summary of return on capital employed	ROCE element of performance condition % vesting ≤Ke 0 % Ke + 1% 16.7 % Ke + 2% 33.3 % Ke + 3% 50.0 % Ke + 4% 66.7 % Ke + 5% 83.3 % Ke + 6% 100.0 %
Summary of activity of other equity instruments	Performance Bonus 2020 2021 2022 Number of instruments 2022 2021 2020 68,236,442 62,597,425 25,199,516 Outstanding at beginning of the year — — 2,582,489 Movement during the year: — — — Granted during the year — — — (1,005,668) (32,299,213) (21,823,219) Vested — — (2,541,680) (4,633,349) (5,098,696) (2,965,940) Forfeited — — (40,809) 62,597,425 25,199,516 410,357 Outstanding at end of the year 1 — — — 1 The balance at 31 December 2022 is subject to the ROCE performance condition to be measured in H1 2023 Performance Bonus 2020 2021 2022 Number of instruments 2022 2021 2020 11,157,460 — — Outstanding at beginning of the year — — — Movement during the year: — — — Granted during the year — — — (5,055,647) — — Vested — — — (6,101,813) — — Forfeited — — — — — — Outstanding at end of the year — — — Conditional Forfeitable 2020 2021 2022 Number of units 2022 2021 2020 — 15,319,984 13,754,209 Outstanding at beginning of the year 53,868 950,220 — Movement during the year: 16,199,788 10,814 — Granted during the year — 125,693 1,985,819 (10,891) (351,069) (206,462) Vested (35,913) (997,390) (965,294) (868,913) (1,225,520) (969,573) Forfeited — (24,655) (70,305) 15,319,984 13,754,209 12,578,174 Outstanding at end of the year 17,955 53,868 950,220 Awards granted, exercised and forfeited under the 2021 Share Plan Conditional Forfeitable 2020 2021 2022 Number of units 2022 2021 2020 — — 3,445,487 Outstanding at beginning of the year 696,314 — — Movement during the year: — 3,672,565 32,618 Granted during the year — 1,510,599 — — — (52,356) Vested (673,849) (722,474) — — (227,078) (144,171) Forfeited (22,465) (91,811) — — 3,445,487 3,281,578 Outstanding at end of the year — 696,314 — Awards granted, exercised and forfeited under the 2022 Share Plan and the MSR plan Conditional and matching Share Units 1 Forfeitable 2020 2021 2022 Number of units 2022 2021 2020 — — — Outstanding at beginning of the year — — — Movement during the year: — — 7,401,740 Granted during the year 1,410,614 — — — — (5,967) Vested (678,252) — — — — (199,029) Forfeited (61,840) — — — — 7,196,744 Outstanding at end of the year 670,522 — — 1 Includes matching share units under the MSR plan with effect from the March 2022 remuneration cycle
Schedule of directors and prescribed officers' equity-settled instruments	The directors and prescribed officers of Sibanye-Stillwater held the following equity-settled instruments at 31 December 2022: 2021 Instruments granted Equity-settled instruments vested during the year Instruments forfeited 2022 Number of instruments Number of instruments Number of instruments Average price Share proceeds (rand) 1 Number of instruments Number of instruments Executive directors Neal Froneman 2 2,926,591 — 2,294,915 70.72 162,303,764 631,676 — Charl Keyter 1,276,041 — 1,000,620 70.22 70,265,037 275,421 — Prescribed officers Dawie Mostert 708,333 — 555,446 70.22 39,004,251 152,887 — Themba Nkosi 662,698 — 519,661 70.22 36,491,375 143,037 — Richard Stewart 832,221 — 652,594 70.22 45,826,130 179,627 — Robert van Niekerk 1,169,008 — 916,689 70.22 64,371,277 252,319 — 1 Amounts represent earnings taxable in the hands of the participants in line with South African and US income tax legislation. For JSE listed shares, the proceeds were calculated by taking the average bulk trade sales prices of the shares multiplied by the number of vested units and for ADRs, the ADR price on the day prior to the vesting date, multiplied by the number of vested units translated at the average rate of R16.37 2 Numbers include American Depositary Receipts (ADRs) and JSE listed shares and as a result of the dual service contract The directors and prescribed officers of Sibanye-Stillwater held the following cash-settled instruments as at 31 December 2022: 2021 Instruments granted Cash-settled instruments vested during the year Instruments forfeited 2022 Number of instruments Number of instruments Number of instruments Average price Cash proceeds (rand)¹ Number of instruments Number of instruments Executive directors Neal Froneman 2 1,939,548 1,470,189 98,327 41.01 4,032,208 — 3,311,410 Charl Keyter 884,319 438,923 50,923 41.87 2,131,921 — 1,272,319 Prescribed officers Charles Carter — 148,732 — — — — 148,732 Mika Seitovirta — 116,231 — — — — 116,231 Dawie Mostert 479,688 274,999 29,677 42.06 1,248,269 — 725,010 Themba Nkosi 382,997 257,187 26,387 42.18 1,113,018 — 613,797 Richard Stewart 529,455 523,362 32,898 42.54 1,399,582 — 1,019,919 Laurent Charbonnier 236,555 296,972 63,197 45.61 2,882,516 — 470,330 Lerato Legong 211,707 117,569 19,469 43.12 839,427 — 309,807 Robert van Niekerk 772,549 388,819 41,460 41.70 1,728,706 — 1,119,908 1 Amounts represents pre-tax earnings paid to participants. For South African participants, these amounts were calculated by taking the Company’s VWAP share price on vesting date multiplied by the number of vested units 2 Numbers include ADRs and JSE listed shares as a result of the dual service contract Total key management personnel compensation recognised under IFRS 1 : Figures in thousands - SA rand 2022 2021 2020 Short-term employee benefits 127,542 90,179 110,134 Post-employment benefits 6,957 4,421 6,009 Share-based payment 65,338 104,550 127,097 Total 199,837 199,150 243,240 1 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members (prescribed officers) and executive directors are disclosed under IFRS as key management personnel of Sibanye-Stillwater. For 2020, key management personnel included EVPs and executive directors The executive directors and prescribed officers were paid the following remuneration during the year: Figures in thousands - SA rand Salary Cash bonus accrued for 2022 paid in 2023 Accrual of share-based payment benefits Pension scheme total contributions Expense allowance and other benefits 2022 2021 2020 Executive directors Neal Froneman 1 13,824 12,066 170,348 1,268 526 198,032 291,582 57,973 Charl Keyter 6,875 5,542 73,960 982 123 87,482 143,428 28,963 Prescribed officers 2 Chris Bateman 66,959 Shadwick Bessit 14,789 Hartley Dikgale 29,159 Dawie Mostert 4,728 3,789 41,530 645 73 50,765 71,734 16,655 Themba Nkosi 4,199 3,193 38,620 403 65 46,480 58,648 15,286 Wayne Robinson 19,272 Richard Stewart 5,734 4,703 48,961 644 83 60,125 83,011 18,873 Robert van Niekerk 5,784 4,641 67,465 643 99 78,632 114,686 22,975 Laurent Charbonnier 3 10,067 6,995 4,663 81 2,296 24,102 23,472 2,614 Lerato Legong 3,947 3,010 2,007 538 51 9,553 7,679 2,875 Mika Seitovirta 4 6,896 3,532 2,355 1,242 1,874 15,899 245 — Charles Carter 5 7,160 5,505 3,670 511 162 17,008 — — Total 69,214 52,976 453,579 6,957 5,352 588,078 794,485 296,393 1 Entered into a dual service contract with effect 1 May 2018. Remuneration paid by Stillwater in US dollars was converted at the average exchange rate of R16.37/US$ (2021: R14.79/US$ and 2020: R16.46/US$) for the year ended 31 December 2022 2 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members are disclosed as prescribed officers of Sibanye-Stillwater. In 2020, the following individuals were also disclosed as prescribed officers: • Chris Bateman — ceased performing an EVP role on 6 September 2020 • Shadwick Bessit — ceased performing an EVP role on 16 January 2021 • Hartley Dikgale — ceased performing an EVP role on 31 March 2020 • Wayne Robinson — not a C-suite member 3 Assumed a prescribed officer role on 16 November 2020, remuneration paid in GBP was converted at the average exchange rate of R20.18/GBP (2021: R20.33/GBP and 2020: R21.10/GBP) for the year ended 31 December 2022 4 Assumed a prescribed officer role on 14 December 2021, remuneration paid in Euros was converted at the average exchange rate of R17.20/Euro (2021: R17.49/Euro) for the year ended 31 December 2022 5 Assumed a prescribed officer role on 23 May 2022, remuneration paid in US dollars converted at the average exchange rate of R16.37/US$ The non-executive directors were paid the following fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance 2022 2021 2020 Timothy Cumming 1,127 982 103 2,212 2,229 1,909 Savannah Danson 1,127 774 — 1,901 2,062 1,680 Harry Kenyon-Slaney 1,296 1,095 151 2,542 2,369 2,114 Richard Menell 2,288 232 215 2,735 2,719 2,114 Nkosemntu Nika 1,127 690 26 1,843 1,742 1,708 Keith Rayner 1,127 1,169 — 2,296 2,385 1,864 Susan van der Merwe 1,127 690 13 1,830 1,742 1,716 Jeremiah Vilakazi 1,127 535 — 1,662 1,795 1,422 Vincent Maphai 3,405 — — 3,405 3,265 2,756 Elaine Dorward-King 1,296 531 976 2,803 1,618 1,107 Sindiswa Zilwa 1,127 694 — 1,821 1,807 — Wang Bin — — — — — 327 Lu Jiongjie — — — — — 327 Total 16,174 7,392 1,484 25,050 23,733 19,044 The directors’ and prescribed officers’ (including their associates) direct and indirect share ownership at 31 December 2022 was: Number of shares % 2022 2021 2020 2022 2021 2020 Executive directors Neal Froneman 1,2 8,559,665 6,636,286 4,829,128 0.30 0.24 0.17 Charl Keyter 2 1,466,181 2,866,791 1,775,994 0.05 0.10 0.06 Non-executive directors Timothy Cumming 2 6,000 6,000 1,242 — — — Richard Menell 2 10,125 15,125 84,625 — — — Keith Rayner 2 68,992 68,992 68,992 — — — Susan van der Merwe 2 1,028 1,028 1,027 — — — Jeremiah Vilakazi 2 4,220 2,000 — — — — Vincent Maphai 2 199,724 152,135 50,000 0.01 0.01 — Savannah Danson 2 16,519 2,519 2,519 — — — Harry Kenyon-Slaney 2,3 16,852 16,852 16,852 — — — Elaine Dorward-King 2,4 10,000 10,000 4,800 — — — Total share ownership by directors 10,359,306 9,777,728 6,835,179 Prescribed officers 5 Chris Bateman — — Shadwick Bessit 94,707 — Hartley Dikgale — — Dawie Mostert 2 136,302 26,466 38,975 — — — Themba Nkosi 2,6 251,583 204,533 59,022 0.01 0.01 — Wayne Robinson 184,333 — — 0.01 Richard Stewart 2 788,771 739,633 105,303 0.03 0.03 — Robert van Niekerk 2 1,766,770 875,261 24,341 0.06 0.03 — Laurent Charbonnier 2,7 151,012 151,012 35,620 0.01 0.01 — Charles Carter 2,8 300,000 — — 0.01 — — Total 13,753,744 11,774,633 7,377,480 1 Neal Froneman and his associates hold 225,408 ADRs at 31 December 2022 (2021: 90,479, 2020: 3,213) which convert to 901,632 (2021: 361,916, 2020: 12,852) ordinary shares in the Company 2 Share ownership (including shares held by associates) in the Company at the date of this report was unchanged, except for the following: • Neal Froneman — 8,833,665 • Charl Keyter — 1,616,481 • Vincent Maphai — 217,135 • Themba Nkosi — 283,753 • Charles Carter — 440,000 3 Harry Kenyon-Slaney and his associates hold 4,213 ADRs at 31 December 2022 (2021 and 2020:4,213) which convert to 16,852 (2021 and 2020: 16,852) ordinary shares in the Company 4 Elaine Dorward-King and her associates hold 2,500 ADRs at 31 December 2022 (2021: 2,500, 2020: 1,200) which convert to 10,000 (2021: 10,000, 2020: 4,800) ordinary shares in the Company 5 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members are disclosed as prescribed officers of Sibanye-Stillwater. In 2020, the following individuals were also disclosed as prescribed officers: • Chris Bateman — ceased performing an EVP role on 6 September 2020 • Shadwick Bessit — ceased performing an EVP role on 16 January 2021 • Hartley Dikgale — ceased performing an EVP role on 31 March 2020 • Wayne Robinson — not a C-suite member 6 Themba Nkosi and his associates hold 5,300 ADRs at 31 December 2022 which convert into 21,200 ordinary shares in the Company 7 Laurent Charbonnier and his associates hold 37,753 ADRs at 31 December 2022 (2021: 37,753, 2020: 8,905) which convert to 151,012 (2021: 151,012, 2020: 35,620) ordinary shares in the Company
Inputs to the models for equity instruments granted during the year	A Monte Carlo Simulation model was used to value equity-settled share-based payment awards in the past. Since the last equity-settled awards were made in 2019, there are no new valuation inputs to disclose. At each reporting date, on vesting date and on settlement date, the liability for the cash payment relating to the FSUs, CSUs and MSUs awarded is measured/ remeasured at fair value. Similar to the equity-settled schemes, a Monte Carlo Simulation model was used to value cash-settled share-based payment awards. The inputs to the valuation model for share awards granted were as follows: Conditional and matching Forfeitable 2020 2021 2022 MONTE CARLO SIMULATION 2022 2021 2020 70.10 44.29 - 68.56 48.29 - 52.15 Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) % n/a n/a n/a 3 1 - 3 0.17 - 3 Expected term (years) n/a n/a n/a 36 14 - 36 2 - 36 Expected term (months) 9 - 18 9 - 18 9 - 18 7.82 4.62 - 8.99 7.45 - 17.83 Expected dividend yield (US/SA) % 54.24/11.14 27.67/6.39 12.92/6.66 3.62 4.81 - 5.68 7.16 - 7.82 Risk-free interest rate (US/SA) % 2.48/7.55 0.56/4.35 0.14/3.40 R60.00 R49.10 R44.72 Weighted average share price (ADR/JSE) US$10.66/R44.72 US$12.54/R49.10 US$15.89/R60 40.38 29.95 23.69 Weighted average fair value (SA rand) 49.95 53.14 67.72
Reconciliation of the share-based payment obligations	Marikana’s obligation to pay dividends to the Phembani Group through an intermediate company holding structure, is recognised as a cash-settled share-based payment liability measured at fair value. Changes in fair value is recognised in profit or loss. The following assumptions were applied in the 31 December 2022 calculation: 2022 2021 2020 Long-term PGM (4E) basket price R/4Eoz 26,397 23,957 — Real discount rate — South Africa % 15.0 - 15.2 13.2 — Inflation rate — South Africa % 6.5 6.0 — Life-of-mine years 19 - 49 18 - 50 — The following table shows a reconciliation of the total cash-settled share-based payment obligation of the Group for the year ended 31 December 2022: Figures in million – SA rand Notes 2022 2021 2020 Reconciliation of the cash-settled share-based payment obligations Balance at beginning of the year 2,887 1,628 1,425 Share-based payment obligation on acquisition of subsidiary 16.1 14 — — Cash-settled share-based payments expense 1 233 232 353 Fair value loss on initial recognition of Marikana B-BBEE cash-settled share-based payment obligation 6.6, 7 — 404 — Recognised on deconsolidation of subsidiary 2 251 — — Fair value loss on obligations 3 7 2,155 860 129 Cash-settled share-based payments paid 4 (272) (240) (275) Foreign currency translation 7 3 (4) Balance at end of the year 5,275 2,887 1,628 Reconciliation of the cash-settled share-based payment obligations in the Group Cash-settled share-based payment — Rustenburg B-BBEE transaction 3,112 2,067 1,468 Cash-settled share-based payment — Marikana B-BBEE transaction 1,732 560 — Cash-settled share-based payment — Employee incentive schemes 431 260 160 Balance at end of the year 5,275 2,887 1,628 Current portion of cash-settled share-based payment obligations (284) (58) (33) Non-current portion of cash-settled share-based payment obligations 4,991 2,829 1,595 1 Included in the amount is a cash-settled share-based payment expense for the year ended 31 December 2022 relating to the 2020, 2021, 2022 and MSR Share Plans amounting to R194 million (2021: R232 million relating to the 2020 and 2021 Share Plan). For the year ended 31 December 2020, the expense includes cash-settled share-based payment expenses of Stillwater of R1 million and DRDGOLD Limited of R128 million, with the remainder of 2020 relating to the 2020 Share Plan. Also included in the cash-settled share-based payment obligation for the year ended 31 December 2022 is R39 million related to Keliber which is capitalised 2 The movement is a cash-settled share-based payment obligation recognised of R251 million due to the deconsolidation of the Bapo Trust (see note 8.1). The deconsolidation was as a result of significant changes in the Bapo Trust deed, which resulted in joint control over the relevant activities of the Bapo Trust for the Group. The deconsolidation resulted in a total loss on deconsolidation of R309 million recognised in Other costs (see note 8.1). The total loss on deconsolidation consists of the loss upon recognition of the R251 million cash-settled share-based payment obligation and the derecognition of cash and cash equivalents of R58 million held by the Bapo Trust 3 The fair value loss relates to the Rustenburg and Marikana B-BBEE transactions amounting to R1,190 million (2021: R671 million, 2020: R129 million) and R965 million (2021: R189 million), respectively, and is included in the loss on financial instruments in profit or loss 4 Payments made during the year relate to vesting of cash-settled awards to employees, payments made on the Rustenburg and Marikana B-BBEE transactions
Expenses from share based payment arrangements	Share based payment expenses for the year consisted of the following: Figures in million – SA rand Notes 2022 2021 2020 Sibanye-Stillwater 2020 Share Plan, 2021 Share Plan and 2022 Share Plan (cash-settled scheme) 6.3 (194) (232) (226) Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) 6.1 (5) (132) (145) DRDGOLD (equity-settled scheme) 6.2 (19) (19) (13) DRDGOLD (cash-settled scheme) 6.4 — — (128) Total share-based payment expense (218) (383) (512) Reconciliation of the cash-settled and equity-settled share-based payment expense: Cash-settled share-based payment expense 1 (194) (232) (354) Equity-settled share-based payment expense (24) (151) (158) Total share-based payment expense (218) (383) (512) 1 Included in the cash-settled share-based payment expense for the year ended 31 December 2022 are grant date fair value losses of R507 million (2021: R267 million, 2020: R122 million) and fair value gains after grant date of R313 million (2021: R35 million, 2020: fair value losses after grant date of R232 million) relating to the 2020, 2021, 2022 and MSR Share Plans

Loss on financial instruments (

Loss on financial instruments (Tables)	12 Months Ended
	Dec. 31, 2022
(Loss)/gain on financial instruments
Schedule of loss on financial instrument	Figures in million – SA rand Notes 2022 2021 2020 Fair value loss on gold hedge contracts 1 — — (458) Fair value (loss)/gain on palladium hedge contract 2 (241) 234 36 Fair value loss on derivative financial instrument — — (70) Fair value loss on cash-settled share-based payment obligations (Rustenburg and Marikana B-BBEE transactions) 6.7 (2,155) (1,264) (129) Loss on the revised cash flow of the Rustenburg operation deferred payment 22.2 (773) (4,653) (2,081) (Loss)/gain on the revised cash flow of the Burnstone Debt 28.4 (776) (2) 264 Loss on the revised cash flow of the Marikana dividend obligation 22.2 (650) (468) — Fair value gain on other investments 152 — — Other 164 (126) (12) Total loss on financial instruments 3 (4,279) (6,279) (2,450) 1 On 9 March 2020, Sibanye-Stillwater concluded a gold hedge agreement which commenced on 1 April 2020, comprising the delivery of 1,800 kilograms of gold (150 kilograms per month) with a zero cost collar which establishes a minimum floor of R800,000 per kilogram and a maximum cap of R1,080,000 per kilogram. The gold hedge agreement concluded during March 2021. As hedge accounting is not applied, resulting gains or losses are accounted for as gains or losses on financial instruments in profit or loss 2 On 17 January 2020, Stillwater Mining Company (wholly-owned subsidiary of Sibanye-Stillwater) concluded a palladium hedge agreement which commenced on 28 February 2020, comprising the delivery of 240,000 ounces of palladium over two years (10,000 ounces per month) with a zero cost collar which establishes a minimum and a maximum cap of US$1,500 and US$3,400 per ounce, respectively. On 24 March 2021, Stillwater Mining Company concluded an additional palladium hedge agreement commencing on 28 February 2022, comprising the delivery of 140,000 ounces of palladium over a 14-month period (10,000 ounces per month) with a zero cost collar which establishes a minimum floor and a maximum cap of US$1,800 and US$3,300 per ounce, respectively. As hedge accounting is not applied, resulting gains or losses are accounted for as gains or losses on financial instruments in profit or loss 3 On The difference between the loss for 2020 and the loss presented in note 34 relates to realised losses on the gold hedge contracts

Other costs and other income (T

Other costs and other income (Tables)	12 Months Ended
	Dec. 31, 2022
Other costs [Abstract]
Schedule of other costs	Figures in million – SA rand 2022 2021 2020 Care and maintenance (794) (737) (814) Loss due to dilution of interest in joint operation — (4) (30) Non-recurring COVID-19 costs — (3) (97) Corporate and social investment costs (237) (288) (258) Cost incurred on employee and community trusts (429) (744) (508) Exploration costs (12) (12) (33) Non-mining royalties (235) (327) (193) Strike related costs (258) — (1) Service entity costs (569) (534) (501) Loss on deconsolidation of a subsidiary 1 (309) — — Other (836) (369) (292) Total other costs (3,679) (3,018) (2,727) 1 The deconsolidation was as a result of significant changes in the Bapo Trust deed, which resulted in joint control over the relevant activities of the Bapo Trust for the Group. The deconsolidation resulted in a total loss on deconsolidation of R309 million. The total loss on deconsolidation consists of the loss upon recognition of R251 million cash-settled share-based payment obligation (see note 6.7) and the derecognition of cash and cash equivalents of R58 million held by the Bapo Trust
Schedule of other income	Figures in million – SA rand 2022 2021 2020 Income on settlement of legal dispute — — 580 Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable 71 167 464 Service entity income 464 398 383 Sundry income 429 183 231 Profit on sale of Lonmin Canada 1 145 — — Profit on sale of St Helena Hospital — 16 — Gain on deregistration of a subsidiary 1 — — Total other income 1,110 764 1,658 1 The Group disposed of its interest in Lonmin Canada to Magna Mining Incorporated for an aggregate purchase consideration of CAD10 million (Canadian dollars) of which CAD2 million is deferred over twelve months. The transaction concluded during Q4 2022 and resulted in a profit of R145 million recognised in profit or loss. Lonmin Canada held the Denison PGM exploration project in Canada and was acquired as part of the Lonmin plc (subsequently renamed to Sibanye UK Limited) acquisition on 7 June 2019

Reversal of impairments_(impa_2

Reversal of impairments/(impairments) (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of impairment loss and reversal of impairment loss [abstract]
Schedule of impairments	Figures in million – SA rand Note 2022 2021 2020 Impairment of mining assets 1 (1) (5,148) (1) Reversal of impairment of equity-accounted investee 2 18.1 — — 120 Other reversal of impairment 7 — 2 Total reversal of impairments/(impairments) 6 (5,148) 121 1 At 31 December 2021, a number of factors were identified that negatively impacted the ability of the Driefontein, Kloof and Beatrix operations to recover the carrying value of mining assets over their respective remaining life-of-mines. Consensus commodity long-term prices indicated that forecast gold prices were expected to be lower than the spot price of US$1,829/oz at 31 December 2021. Lower commodity prices would have had a significant adverse impact on the ability of these already marginal operations to generate positive cash flows when considering the continued increase in the cost base of the operations. A forecasted strengthening of the SA rand against the US dollar would also have had an adverse impact on the profitability of the operations. These considerations, coupled with ageing infrastructure and declining life-of-mines, impacted forecast cash flows and led to the recognition of impairment losses at 31 December 2021 on the Driefontein, Kloof and Beatrix reportable segments of R212 million, R3,642 million and R1,293 million, respectively. These operations are included under the SA gold operations in the segment report (see note 2) and each represent a separate cash-generating unit (CGU) 2 Historically recognised impairment amounting to R120 million of the Group’s investment in the equity-accounted Rand Refinery was reversed at 31 December 2020 due to improvement in the investees financial position and forecasted return to stable dividend payments. The investment in Rand Refinery is accounted for in SA gold corporate in the segment report (see note 2)

Royalties, mining and income _2

Royalties, mining and income tax, and deferred tax (Tables)	12 Months Ended
	Dec. 31, 2022
Mining and income tax
Schedule of royalty tax expense	Figures in million – SA rand 2022 2021 2020 Current charge (1,834) (2,923) (1,768) SA gold royalties (64) (167) (142) SA PGM royalties (1,770) (2,756) (1,626) Prior year royalty tax refund — 209 3 Total royalties (1,834) (2,714) (1,765)
Schedule of mining and income tax expense	The components of mining and income tax are the following: Figures in million – SA rand Note 2022 2021 2020 Current tax (9,282) (13,506) (5,374) Mining tax (8,225) (11,816) (4,442) Non-mining tax (310) (220) 68 Company and withholding tax (747) (1,470) (1,000) Deferred tax 11.3 358 (255) 516 Deferred tax charge 305 (593) 570 Prior year adjustment — 252 — Deferred tax rate adjustment 1 53 86 (54) Total mining and income tax (8,924) (13,761) (4,858) 1 The deferred tax rate adjustment in South Africa and the US was: Figures in million – SA rand 2022 2021 2020 South Africa (150) 200 (54) United States 203 (114) — Deferred tax rate adjustment 53 86 (54) The change in the estimated long-term deferred tax rate at which the temporary differences will reverse as a result of applying the mining tax formula at the SA gold operations and partially offset by a change in the South African corporate tax rate from 28% to 27% from 1 January 2023 onwards, amounted to a deferred tax charge of R150 million for the year ended 31 December 2022 (2021: benefit of R200 million and 2020: charge of R54 million)
Schedule of reconciliation of the Group's mining and income tax to the South African statutory company tax rate	Reconciliation of the Group’s mining and income tax to the South African statutory company tax rate of 28%: Figures in million – SA rand 2022 2021 2020 Tax on (profit)/loss before tax at maximum South African statutory company tax rate (28%) (7,813) (13,316) (9,934) South African gold mining tax formula rate adjustment 19 63 118 US statutory tax rate adjustment 181 466 550 Deferred tax rate differentials 16 — — Non-deductible amortisation and depreciation (2) (13) (14) Non-taxable dividend received 4 7 21 Non-deductible finance expense 1 (196) (108) 89 Non-deductible share-based payments (7) (42) (44) Non-deductible loss on fair value of financial instruments (976) (1,021) (890) Non-taxable gain on foreign exchange differences 22 47 3 Non-taxable share of results of equity-accounted investees 360 557 476 Non-taxable reversal of impairments/(non-deductible impairments) 1 (22) 33 Non-deductible transaction costs (76) (69) (50) Tax adjustment in respect of prior periods (35) 386 133 Net other non-taxable income and non-deductible expenditure 156 351 258 Change in estimated deferred tax rate 53 86 (54) (Deferred tax assets not recognised or derecognised)/unrecognised deferred tax assets recognised or utilised 2 (631) (1,133) 4,447 Mining and income tax (8,924) (13,761) (4,858) Effective tax rate 32 % 29 % 14 % 1 The non-deductible finance expense for the year ended 31 December 2020 is presented net after the reversal of an uncertain income tax treatment amounting to R182 million. This represents the conclusion on the section 163(j) interest limitation provided for by the US PGM operations under IFRIC 23 Uncertainty over Income Tax Treatments as at 31 December 2019
Schedule of deferred tax	Figures in million – SA rand Note 2022 2021 2020 Included in the statement of financial position as follows: Deferred tax assets (2,442) (906) (1,576) Deferred tax liabilities 9,360 7,818 7,631 Net deferred tax liabilities 6,918 6,912 6,055 Reconciliation of the deferred tax balance: Balance at beginning of the year 6,912 6,055 6,368 Deferred tax recognised in profit or loss 11.2 (358) 255 (516) Deferred tax recognised in other comprehensive income (81) 99 6 Foreign currency translation 445 503 197 Balance at end of the year 6,918 6,912 6,055
Schedule of components of net deferred tax liabilities	The detailed components of the net deferred tax liabilities which result from the differences between the amounts of assets and liabilities recognised for financial reporting and tax purposes are: Figures in million – SA rand 2022 2021 2020 Deferred tax liabilities Mining assets 13,001 10,763 11,910 Environmental rehabilitation obligation funds 713 587 962 Other 294 300 207 Gross deferred tax liabilities 1 14,008 11,650 13,079 Deferred tax assets Environmental rehabilitation obligation (1,404) (1,229) (1,704) Occupational healthcare obligation (121) — (275) Other provisions (1,385) (922) (1,143) Financial instruments 0 (19) (427) Tax losses and unredeemed capital expenditure (4,097) (2,518) (3,437) Share-based payment obligation (83) (50) (38) Gross deferred tax assets 2,3 (7,090) (4,738) (7,024) Net deferred tax liabilities 6,918 6,912 6,055 1 The aggregate amount of temporary differences associated with investments in subsidiaries, for which no deferred tax liabilities have been recognised under the IAS 12.39 exemption at 31 December 2022, amounts to R13,659 million (2021: R7,599 million and 2020: R25,955 million) 2 Historically, deferred tax assets in WPL and EPL were only recognised to the extent of deferred tax liabilities since it was not considered probable that taxable profit would be available against which the future tax deductions could be utilised. At 31 December 2020, management recognised deferred tax assets on WPL and EPL in excess of deferred tax liabilities for the first time since it became probable that sufficient future taxable profits will be available. In total, net deferred tax assets of R951 million was recognised at 31 December 2020. The deferred tax asset recognition was supported by the profit history of WPL and EPL and a positive future taxable profit outlook 3 The amount of deductible temporary differences, unused tax losses as well as unredeemed capital expenditure for which no deferred tax asset is recognised in the statement of financial position, amounted to R50,776 million (2021: R43,061 million and 2020: R36,408 million). Tax losses are available to be utilised against income generated by the relevant tax entity and do not expire unless the tax entity concerned ceases to operate for a period of longer than one year for the South African operations. Under South African mining tax ring-fencing legislation, each tax entity is treated separately and as such these deductions can only be utilised by the tax entities in which the deductions have been generated. In Canada, tax losses expire after 20 years
Schedule of tax and royalties receivables and payables	Figures in million – SA rand Notes 2022 2021 2020 Included in the statement of financial position as follows: Tax receivable (723) (1,245) (148) Tax, carbon tax and royalties payable 104 199 797 Non-current portion of tax, carbon tax and royalties payable 11 10 9 Current portion of tax, carbon tax and royalties payable 93 189 788 Net tax, carbon tax and royalties (receivable)/payable (619) (1,046) 649 Reconciliation of the net tax, carbon tax and royalties (receivable)/payable balance: Balance at beginning of the year (1,046) 649 154 Royalties, carbon tax and current tax 11.1, 11.2 11,106 16,224 7,145 Royalties, carbon tax and tax paid (10,681) (17,894) (6,525) Royalties and Carbon tax paid (1,815) (3,055) (1,707) Tax paid (8,866) (14,839) (4,818) Tax receivable on acquisition of subsidiaries (3) — — Other (8) — — Foreign currency translation 13 (25) (125) Balance at end of the year (619) (1,046) 649

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings per share [abstract]
Earnings per share	Basic earnings per share (EPS) is calculated by dividing the profit or loss attributable to owners of Sibanye-Stillwater by the weighted average number of ordinary shares in issue during the year. 2022 2021 2020 Weighted average number of shares Ordinary shares in issue (’000) 2,830,370 2,808,406 2,923,571 Adjustment for weighting of ordinary shares in issue (’000) (4,285) 90,398 (194,680) Weighted average number of shares (’000) 2,826,085 2,898,804 2,728,891 Profit attributable to owners of Sibanye-Stillwater (SA rand million) 18,396 33,054 29,312 Basic EPS (cents) 651 1,140 1,074 2022 2021 2020 Diluted weighted average number of shares Weighted average number of shares (’000) 2,826,085 2,898,804 2,728,891 Potential ordinary shares (’000) 4,696 28,442 49,061 Diluted weighted average number of shares (’000) 2,830,781 2,927,246 2,777,952 Diluted basic EPS (cents) 650 1,129 1,055
Headline earnings per share	Reconciliation of profit attributable to owners of Sibanye-Stillwater to headline earnings: Figures in million – SA rand unless otherwise stated Notes Gross Net of tax 2022 Profit attributable to owners of Sibanye-Stillwater 18,396 Gain on disposal of property, plant and equipment (162) (128) Reversal of impairments 10 (6) (4) Loss on deconsolidation of subsidiaries 308 308 Profit on sale of Lonmin Canada (145) (145) Foreign exchange movement recycled through profit or loss (14) (14) Re-measurement items, attributable to NCI 9 Headline earnings 18,422 Weighted average number of shares (’000) 2,826,085 Headline EPS (cents) 652 2021 Profit attributable to owners of Sibanye-Stillwater 33,054 Gain on disposal of property, plant and equipment (36) (27) Impairments 10 5,148 3,861 Profit on sale of St Helena (16) (12) Derecognition of property, plant and equipment in Marathon project 14 2 2 Re-measurement items, attributable to NCI — Headline earnings 36,878 Weighted average number of shares (’000) 2,898,804 Headline EPS (cents) 1,272 2020 Profit attributable to owners of Sibanye-Stillwater 29,312 Gain on disposal of property, plant and equipment (99) (74) Reversal of impairment 10 (121) (121) Derecognition of property, plant and equipment in Marathon project 14 37 28 Re-measurement items, attributable to NCI 1 Headline earnings 29,146 Weighted average number of shares (’000) 2,728,891 Headline EPS (cents) 1,068 12.4 Diluted headline earnings per share Diluted headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the diluted weighted average number of ordinary shares in issue during the year. 2022 2021 2020 Diluted headline earnings (R' million) 18,422 36,878 29,146 Diluted weighted average number of shares (’000) 2,830,781 2,927,246 2,777,952 Diluted headline EPS (cents) 651 1,260 1,049

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2022
Dividends
Schedule of Cash flows from dividends paid are classified under operating activities	The table below illustrates the dividends declared and paid: Figures in million – SA rand unless stated otherwise 2022 2021 2020 Dividend declared and paid (interim) 3,905 8,347 1,338 Dividend declared after 31 December (final) 3,452 5,252 9,485 Total dividends declared for the year 7,357 13,599 10,823 Dividend per share (interim) — cents 138 292 50 Dividend per share (final) — cents 122 187 321 Dividends paid during the financial year 9,197 17,832 1,338 Dividends paid to NCI of subsidiaries during the financial year 256 344 360 Total dividends paid for the year 1 9,453 18,176 1,698 1 The dividends paid is influenced by the number of shares in issue at the time of payment
Schedule of Reconciliation of (loss)/profit attributable to the owners	Reconciliation of profit attributable to the owners of Sibanye-Stillwater to normalised earnings Figures in million – SA rand 2022 2021 2020 Profit attributable to the owners of Sibanye-Stillwater 18,396 33,054 29,312 Adjusted for: Loss on financial instruments 4,279 6,279 2,450 (Gain)/loss on foreign exchange differences (616) (1,149) 255 Gain on disposal of property, plant and equipment (162) (36) (99) (Reversal of impairments)/impairments (6) 5,148 (121) Restructuring costs 363 107 436 Transaction costs 152 140 139 Occupational healthcare (gain)/expense (211) (14) 52 Loss on BTT early settlement — — 186 Income on settlement of legal dispute — — (580) Loss due to dilution of interest in joint operation — 4 30 Early redemption premium on the 2025 Notes — 196 — Loss on settlement of US$ Convertible Bond — — 1,507 Change in estimated deferred tax rate (53) (86) 54 Share of results of equity-accounted investees after tax (1,287) (1,989) (1,700) Loss on deconsolidation of subsidiaries 308 — — Profit on sale of Lonmin Canada (145) — — Profit on sale of St Helena Hospital — (16) — Tax effect of the items adjusted above (33) (2,755) (1,277) NCI effect of the items listed above 36 — (37) Normalised earnings 1 21,021 38,883 30,607 1 Non-IFRS measures such as normalised earnings is the responsibility of the Group’s Board of Directors and presented for illustration purposes only, and because of its nature, normalised earnings should not be considered as a representation of financial performance under IFRS

Property plant and equipment (T

Property plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [abstract]
Schedule of carrying value of property, plant and equipment	Figures in million – SA rand Notes Total Mine development, infrastructure and other Land, mineral rights and rehabilitation Exploration and evaluation assets 2022 Cost Balance at beginning of the year 129,946 103,216 24,955 1,775 Additions 1 15,944 15,862 22 60 Change in estimates of rehabilitation assets 2 (94) (54) (27) (13) Disposals (246) (225) (21) — Derecognition of property, plant and equipment 3 (3,340) (3,339) — (1) Transfers between classes of property, plant and equipment — 275 38 (313) Assets acquired on acquisition of subsidiaries 16 2,738 1,450 1,086 202 Foreign currency translation 3,945 2,360 1,510 75 Balance at end of the year 148,893 119,545 27,563 1,785 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 67,452 59,718 5,959 1,775 Amortisation and depreciation 4 6,981 6,402 579 — Impairment 10 1 1 — — Disposals (234) (217) (17) — Derecognition of property, plant and equipment 3 (3,323) (3,323) — — Depreciation capitalised to inventory 132 132 — — Foreign currency translation 975 733 232 10 Balance at end of the year 71,984 63,446 6,753 1,785 Carrying value at end of the year 76,909 56,099 20,810 — 1 During the year, amortisation and depreciation on assets used in the development of the Blitz project was capitalised. As a result, additions include non-cash additions (or amortisation and depreciation capitalised) of R45 million 2 Includes a decrease to the environmental rehabilitation obligation of R85 million (see note 30), decrease to the right of recoverability liability of R7 million and an increase to the right of recoverability asset of R2 million 3 Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2020 and fully depreciated by 2022, and was derecognised as no future economic benefits are expected from its use Figures in million – SA rand Notes Total Mine development, infrastructure and other Land, mineral rights and rehabilitation Exploration and evaluation assets 2021 Cost Balance at beginning of the year 115,954 90,093 23,823 2,038 Additions 1 12,809 12,794 (3) 18 Change in estimates of rehabilitation assets 2 (612) 29 (639) (2) Disposals (254) (231) (23) — Derecognition of property, plant and equipment 3 (2,065) (2,062) (3) — Transfers between classes of property, plant and equipment — 161 105 (266) Assets derecognised on loss with dilution of interest in joint operation (2) — — (2) Assets derecognised on classification to other investments (22) — — (22) Foreign currency translation 4,138 2,432 1,695 11 Balance at end of the year 129,946 103,216 24,955 1,775 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 55,354 48,657 4,998 1,699 Amortisation and depreciation 4 8,181 7,467 650 64 Impairment 10 5,120 5,025 94 1 Disposals (210) (189) (21) — Derecognition of property, plant and equipment 3 (2,056) (2,056) — — Depreciation capitalised to inventory 120 120 — — Foreign currency translation 943 694 238 11 Balance at end of the year 67,452 59,718 5,959 1,775 Carrying value at end of the year 62,494 43,498 18,996 — 1 During the year, amortisation and depreciation on assets used in the development of the Blitz project was capitalised. As a result, additions include non-cash additions (or amortisation and depreciation capitalised) of R69 million 2 Includes a decrease to the environmental rehabilitation obligation of R638 million (see note 30 ), decrease to the right of recoverability liability of R9 million and a decrease to the right of recoverability asset of R35 million 3 Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2019 and fully depreciated by 2021, and was derecognised as no future economic benefits are expected from its use Figures in million – SA rand Notes Total Mine development, infrastructure and other Land, mineral rights and rehabilitation Exploration and evaluation assets 2020 Cost Balance at beginning of the year 107,285 82,046 23,210 2,029 Additions 1 9,712 9,656 14 42 Change in estimates of rehabilitation assets 2 (384) (108) (270) (6) Disposals (63) (43) (20) — Derecognition of property, plant and equipment 3 (1,968) (1,905) (63) — Transfers between classes of property, plant and equipment — (29) 29 — Transfers to right-of-use assets (2) (2) — — Assets derecognised on loss with dilution in interest in joint operation (37) — (1) (36) Foreign currency translation 1,411 478 924 9 Balance at end of the year 115,954 90,093 23,823 2,038 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 49,805 43,877 4,303 1,625 Amortisation and depreciation 4 7,468 6,647 753 68 Impairment 10 1 — — 1 Disposals (60) (41) (19) — Derecognition of property, plant and equipment 3 (1,968) (1,905) (63) — Depreciation capitalised to inventory 117 117 — — Foreign currency translation (9) (38) 24 5 Balance at end of the year 55,354 48,657 4,998 1,699 Carrying value at end of the year 60,600 41,436 18,825 339 1 During the year, amortisation and depreciation on assets used in the development of the Blitz project was capitalised. As a result, additions include non-cash additions (or amortisation and depreciation capitalised) of R96 million 2 Includes a decrease to the environmental rehabilitation obligation of R318 million (see note 30), decrease to the right of recoverability liability of R40 million and an increase to the right of recoverability asset of R26 million 3 Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2018 and fully depreciated by 2020, and was derecognised as no future economic benefits are expected from its use

Right-of-use assets (Tables)

Right-of-use assets (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of quantitative information about right-of-use assets [abstract]
Summary of right-of-use asset	Refer to the lease liabilities note (see note 29) for additional detail. Figures in million – SA rand Notes 2022 2021 2020 Balance at beginning of the year 222 296 361 Additions and modifications 45 65 66 Right-of-use assets acquired on acquisition of subsidiaries 16 109 — — Impairment of mining assets — (28) — Depreciation (101) (112) (124) Transfers and other movements (2) — (8) Foreign currency translation 6 1 1 Balance at end of the year 279 222 296

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about business combination [abstract]
Schedule of consideration paid for acquisition	The fair value of the consideration is as follows: Figures in million – SA rand 2022 Cash 1 1,501 Total consideration 1,501 1 The cash consideration is made up of an initial payment on 4 February 2022 of EUR81 million ( R1,390 million ) and an additional payment of EUR6 million ( R111 million ) on 11 May 2022
Schedule of consideration paid for asset acquisition	The table below summarises the value of the consideration paid and NCI recognised at the date of acquisition: Figures in million – SA rand 2022 Consideration (30.3%) 1 530 Gross value of allocated purchase consideration 1,749 NCI recognised (69.7%) 1,219 1 The consideration is determined as the carrying value of the equity accounted investment at 14 March 2022 (i.e. the effective date) of R446 million and the cost of the €5 million third tranche payment made on the effective date amounting to R84 million . Net cash of R261 million was acquired at the effective date The following table summarises the allocation of the gross purchase consideration to identifiable assets and liabilities: Figures in million – SA rand Notes 2022 Property, plant and equipment 14 1,481 Right-of-use assets 15 31 Other receivables — non-current 2 Trade and other receivables 31 Cash and cash equivalents 345 Borrowings 28 (30) Cash-settled share-based payment obligations 6.7 (14) Lease liabilities 29 (32) Other payables — non-current (2) Trade and other payables (63) Total purchase consideration allocated on relative fair value basis 1,749
Schedule of identifiable assets acquired and liabilities assumed in acquisition	The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date: Figures in million – SA rand Notes 2022 Property, Plant and equipment 14 1,257 Right-of-use assets 15 78 Intangible assets 17 83 Other receivables — non-current 11 Inventories 601 Trade and other receivables 104 Cash and cash equivalents 1 108 Tax receivable 11.4 3 Lease liabilities 29 (88) Environmental rehabilitation obligation and other provisions 30 (97) Other payables — non-current (164) Borrowings 28 (9) Trade and other payables (409) Fair value of identifiable net assets acquired 2 1,478 1 The transaction results in net cash paid of R1,393 million as a result of cash and cash equivalents acquired of R108 million and cash consideration paid of R1,501 million 2 Fair value of assets and liabilities were determined as follows: • The fair value of property, plant and equipment was based on an income approach consisting of a discounted cash flow model, as well as considering the depreciated replacement cost of the plant • Lease liabilities and right-of-use assets approximate fair value, based on an assessment of the present value of the remaining lease payments at the effective date of the transaction using a market related discount rate • Intangible assets includes software, patents, trademarks and customer relationships acquired from Eramet SA. The majority of the asset value is attributable to the customer relationships acquired and trademarks, which were valued based on the discounted future cash flows of commission contracts • Inventories approximate fair value, based on the short inventory cycle and an assessment of net realisable value • Trade and other receivables and trade and other payables approximate fair value due to their short-term nature • The fair value of the decommissioning obligation is calculated on a discounted cash flow model considering the cost of decommissioning of the plant • Borrowings approximate fair value based on an assessment of the discounted future cash flows at the effective date using a market related discount rate
Schedule of goodwill arising from acquisition	Goodwill arising from the business combination has been recognised as follows: Figures in million – SA rand 2022 Consideration 1,501 Fair value of identifiable net assets acquired (1,478) Goodwill 1 23 1 The goodwill is attributable to the premium paid for the synergies and benefits expected to be derived from implementing the Group's battery metals strategy. None of the goodwill amount is deductible for tax purposes

Goodwill and other intangibles

Goodwill and other intangibles (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of reconciliation of changes in goodwill [abstract]
Schedule of changes in goodwill and intangibles	Figures in million – SA rand Notes 2022 2021 2020 Goodwill Balance at beginning of the year 7,727 7,165 6,855 Goodwill on acquisition of subsidiaries 16.2 23 — — Foreign currency translation 491 562 310 Carrying value at end of the year 8,241 7,727 7,165 Other intangibles Cost Balance at beginning of the year — — — Intangible assets acquired on acquisition of subsidiaries 16.2 83 — — Foreign currency translation 3 — — Balance at end of the year 86 — — Accumulated amortisation and impairment Balance at beginning of the year — — — Charge for the year 5 — — Balance at end of the year 5 — — Carrying value at end of the year 81 — — Total goodwill and other intangibles 8,322 7,727 7,165
Schedule of estimates and assumptions used in calculation of impairment of goodwill	The Group’s estimates and assumptions used in the 31 December 2022 impairment testing include: Gold operations 1 PGM operations Battery metals 2022 2021 2020 2022 2021 2020 2022 Average gold price 2,4 R/kg 869,035 773,398 733,037 Average PGM (4E) basket price 3,4 R/4Eoz 27,566 24,422 23,278 Average PGM (2E) basket price 4 US$/2Eoz 1,334 1,180 1,202 Average nickel price 4 US$/lbs 8.3 Average cobalt price 4 US$/lbs 22.1 Nominal discount rate — South Africa 5,6 % 13.9- 15.8 11.5 - 13.5 9.7 - 13.6 22.5 - 22.6 20 18.8 - 19.7 Nominal discount rate — US 6 % 12.9 8.3 8.8 Nominal discount rate — Europe 6 % 9.8 Inflation rate — South Africa 2,7 % 6.5 6.0 6.0 6.5 6.0 6.0 Inflation rate — US 7 % 4.0 2.0 2.0 Inflation rate — Europe 7 % 2.5 Life-of-mine 2,8 years 4 - 10 4 - 9 3 - 13 15 - 49 17 - 50 12 - 39 24 1 Include the operating gold mines Driefontein, Kloof and Beatrix 2 The estimates and assumptions used in the impairment assessment of the Burnstone project include an average gold price of R793,473/kg (2021: R729,270/kg, 2020: R733,037/kg), inflation rate of 6.5% (2021: 6%, 2020: 6%) and life-of-mine of 22 years (2021: 24 years, 2020: 21 years) 3 The average PGM basket price used on the Mimosa equity-accounted joint venture was R25,420/4Eoz (2021: R21,943/4Eoz, 2020: R21,080/4Eoz) 4 The average prices and the exchange rate were derived by considering various bank and commodity broker consensus forecasts 5 Nominal discount rate for the Burnstone project is 17.4% (2021: 15.3%, 2020: 16.8%) and for the equity-accounted joint venture Mimosa, 30.7% (2021: 24.4%, 2020: 28.4%) 6 The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs 7 The inflation rate is based on historical mining inflation, projected electricity and labour cost increases and the forecast inflation rate of each region 8 Periods longer than five years are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash flows over the life of each mine based on the available reserves

Equity accounted investments (T

Equity accounted investments (Tables)	12 Months Ended
	Dec. 31, 2022
Investments accounted for using equity method [abstract]
Schedule of components of equity method investments	The Group holds the following equity-accounted investments: Figures in million – SA rand Notes 2022 2021 2020 Rand Refinery 1 18.1 578 649 691 Mimosa 2 18.2 6,650 5,413 3,929 Peregrine 2 18.3 1,160 1,086 1,001 Keliber 1 18.4 — 446 — Other equity-accounted investments 3 83 — * — * Total equity-accounted investments 8,471 7,594 5,621 1 Associate 2 Joint venture 3 Includes the Group's investment in Glint Incorporated (associate) acquired during the year at an initial cost of R92 million. The investment has a carrying value of R81 million at 31 December 2022 * Less than R1 million
Schedule of movement in equity method investments	The movement in the equity-accounted investment in Rand Refinery for the year is as follows: Figures in million – SA rand Note 2022 2021 2020 Balance at beginning of the year 649 691 397 Share of results of equity-accounted investee after tax 1 236 287 400 Dividends received (307) (329) (112) Preference shares redeemed — — (114) Reversal of impairment 10 — — 120 Balance at end of the year 578 649 691 1 Rand Refinery is equity-accounted based on its latest management accounts for the period ended 30 November, since Rand Refinery has a 31 August year end The movement in the equity-accounted investment in Mimosa for the year is as follows: Figures in million – SA rand 2022 2021 2020 Balance at the beginning of the year 5,413 3,929 2,688 Share of results of equity-accounted investee after tax 1,061 1,702 1,300 Dividends received (243) (667) (103) Foreign currency translation 419 449 44 Balance at end of the year 6,650 5,413 3,929 The equity-accounted investment in Peregrine movement for the year is as follows: Figures in million – SA rand 2022 2021 2020 Balance at the beginning of the year 1,086 1,001 954 Foreign currency translation 74 85 47 Balance at end of the year 1,160 1,086 1,001 The equity-accounted investment in Keliber movement for the year is as follows: Figures in million – SA rand Note 2022 2021 2020 Balance at the beginning of the year 446 — — Acquisition of Keliber investment 84 446 — Transfer to asset acquisition (date of consolidation) 16.1 (530) — — Balance at end of the year — 446 —
Schedule of group's interest in summarised financial statements of associate	The Group’s interest in the summarised financial statements of Rand Refinery is as follows: Figures in million – SA rand 2022 2021 2020 Revenue 1,189 1,276 1,131 Total comprehensive income 532 646 903 Non-current assets 556 524 724 Current assets 1,955 2,022 2,079 Non-current liabilities (50) (87) (56) Current liabilities (565) (475) (462) Net assets (100%) 1,896 1,984 2,285 Reconciliation of the total investment in Rand Refinery with attributable net assets: Net assets (44.4%) 843 882 1,016 Preference shares redeemed — — (114) Dividend received 1 (188) (156) (112) Fair value adjustment 2 (36) (36) (36) Reconciling items 3 (41) (41) (63) Total investment in Rand Refinery 578 649 691 1 The dividend received relates to the dividend received from Rand Refinery after 30 November. The total dividend received for 2022 amounted to R307 million (2021:R329 million, 2020: R112 million) 2 The investment in equity-accounted investee was fair valued at 1 July 2002, the date when significant influence was obtained 3 Reconciling items relate to adjustments on consolidation of DRDGOLD’s interest in Rand Refinery The Group’s interest in the summarised financial statements of Mimosa is as follows: Figures in million – SA rand 2022 2021 2020 Revenue 8,535 8,786 7,789 Amortisation and depreciation (685) (549) (563) Interest income 203 24 8 Finance expense (71) (10) (28) Income and royalty tax (946) (1,503) (1,254) Income tax (692) (1,183) (984) Royalty tax (254) (320) (270) Profit or loss 2,123 3,405 2,599 Other comprehensive income 838 896 89 Total comprehensive income 2,961 4,301 2,688 Non-current assets 7,560 6,095 5,178 Property, plant and equipment 1 7,560 6,095 5,178 Right-of-use assets — — — Current assets 8,124 6,728 4,635 Cash and cash equivalents 1,545 1,131 469 Other current assets 6,579 5,597 4,166 Non-current liabilities (1,840) (1,443) (1,304) Non-current financial liabilities 2 — — (12) Other non-current liabilities (1,840) (1,443) (1,292) Current liabilities (453) (456) (556) Current financial liabilities 2 (453) (334) (476) Other current liabilities — (122) (80) Net assets (100%) 13,391 10,924 7,953 Reconciliation of the total investment in Mimosa with attributable net assets: Net assets (50%) 6,696 5,462 3,977 Reconciling items 1 (46) (49) (48) Total investment in Mimosa 6,650 5,413 3,929 1 The reconciling items include the difference between the carrying amount and fair value of the Mimosa’s identifiable assets and liabilities on acquisition less accumulated amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign joint venture 2 Non-current and current financial liabilities (excluding trade and other payables and provisions) amounted to Rnil (2021: Rnil, 2020: R12 million) and R35 million (2021: R9 million, 2020: R53 million), respectively
Schedule of group's interest in summarised financial statements of joint venture	The Group’s interest in the summarised financial statements of Peregrine is as follows: Figures in million – SA rand 2022 2021 2020 Non-current assets 3,004 2,788 1,541 Current assets — — 7 Non-current liabilities (426) (409) (382) Current liabilities (16) (15) (18) Net assets (100%) 2,562 2,364 1,148 Reconciliation of the total investment in Peregrine with attributable net assets: Net assets (40%) 1 1,025 946 459 Reconciling items 2 135 140 542 Total investment in Peregrine 1,160 1,086 1,001 1 Disclosed on the basis that Aldebaran will successfully complete their earn-in obligation in terms of the agreement as described above 2 The reconciling items include the difference between the carrying amount and fair value of the Peregrine’s identifiable assets and liabilities on acquisition less accumulated amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign equity-accounted investment

Interests in joint operations (

Interests in joint operations (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of joint operations [abstract]
Schedule of joint operations	The Group’s share of the assets, liabilities, revenue and expenses of the joint operations is as follows: Figures in million – SA rand 2022 2021 2020 Revenue 8,371 10,293 7,973 Gain/(loss) on foreign exchange differences 131 127 (16) Profit before tax 4,780 6,557 4,814 Profit for the year 4,781 6,556 4,814 Non-current assets 729 636 800 Current assets 3,093 3,357 3,894 Non-current liabilities (9) (13) (7) Current liabilities (414) (493) (436) Net assets (50%) 3,399 3,487 4,251

Other investments (Tables)

Other investments (Tables)	12 Months Ended
	Dec. 31, 2022
Financial assets measured at fair value through other comprehensive income [abstract]
Schedule of other investments	The Group holds the following investments: Figures in million – SA rand 2022 2021 2020 Designated at FVTOCI investments: Rand Mutual Assurance Company Limited 149 140 158 Furuya Metal Company Limited 1 455 668 343 Aldebaran 2 238 241 98 Generation Mining Limited 3 322 144 101 Ioneer Limited 4 643 1,353 — New Century Resources Limited 5 258 698 — Other 98 123 147 Mandatorily measured at FVTPL investments: Verkor S.A. (Verkor) 6 554 — — EnHyWhere 78 — — Other 380 — — Amortised cost investments 165 — — Total other investments 3,340 3,367 847 1 The Group holds approximately 5.60% in Furuya Metal Company Limited which is incorporated in Japan and listed on the Tokyo Stock Exchange. Its main business is the manufacture/sale of industrial-use precious metals 2 The Group holds 17.59% in Aldebaran which is incorporated in Canada and listed on the Toronto Stock Exchange (TSX). Aldebaran is a mineral exploration company 3 The Group holds 18.19% in Generation Mining Limited which is incorporated in Canada and listed on the TSX. Generation Mining Limited is in the process of developing the Marathon copper-palladium project 4 The Group holds 6.95% in ioneer Limited (ioneer) which is incorporated in Australia. Ioneer is an emerging lithium-boron producer listed on the Australian Securities Exchange (ASX) and currently owns 100% of the Rhyolite Ridge lithium-boron project (Rhyolite Ridge) in Nevada in the US. Sibanye-Stillwater reached an agreement with ioneer to establish a 50% joint venture to develop Rhyolite Ridge, which was still subject to the fulfilment of certain conditions precedent at 31 December 2022. ioneer received a conditional commitment for a proposed loan of up to US$700 million from the US Department of Energy on 13 January 2023 to support the development of Rhyolite Ridge 5 On 27 October 2021, Sibanye-Stillwater entered into a subscription agreement with New Century Resources Limited incorporated in Australia (and listed on the ASX), where the Group agreed to purchase ordinary shares as part of a capital raising by New Century. The aggregate investment represents a 19.9% ownership interest. See note 41.3 for transactions entered into after the reporting date

Environmental rehabilitation _3

Environmental rehabilitation obligation funds (Tables)	12 Months Ended
	Dec. 31, 2022
Environmental rehabilitation obligation funds [Abstract]
Schedule of the environment rehabilitation obligation funds	Figures in million – SA rand Note 2022 2021 2020 Balance at beginning of the year 5,202 4,934 4,602 Contributions made 86 72 64 Payments received (33) (10) (7) Interest income 5.1 235 174 245 Transfer to other investments (264) — — Fair value gain 1 80 32 30 Balance at end of the year 5,306 5,202 4,934 Environmental rehabilitation obligation funds comprise of the following: Restricted funds 2 1,616 1,135 703 Funds 3,690 4,067 4,231 1 The environmental rehabilitation trust fund includes a fixed income portfolio of bonds that are fair valued at each reporting date 2 The funds are set aside to serve as collateral against the guarantees made to the Department of Minerals, Resources and Energy for environmental rehabilitation obligations

Other receivables and other p_2

Other receivables and other payables (Tables)	12 Months Ended
	Dec. 31, 2022
Other receivables and other payables [Abstract]
Schedule of other receivables	Figures in million – SA rand 2022 2021 2020 Right of recovery receivable 275 319 340 Rates and taxes receivable 93 106 105 Pre-paid royalties 322 336 364 Palladium hedge derivative asset 50 286 — Other 139 127 49 Total other receivables 879 1,174 858 Reconciliation of the non-current and current portion of the other receivables: Other receivables 879 1,174 858 Current portion of other receivables (81) (523) (37) Non-current portion of other receivables 798 651 821
Schedule of other payables	Figures in million – SA rand 2022 2021 2020 Deferred payment (related to Rustenburg operation acquisition) 3,518 6,920 4,355 Contingent consideration (related to SFA (Oxford) acquisition) — 100 88 Right of recovery payable 34 32 39 Deferred consideration (related to Pandora acquisition) 128 400 308 Marikana dividend obligation 2,129 1,539 — Other 582 373 367 Total other payables 6,391 9,364 5,157 Reconciliation of the non-current and current portion of the other receivables: Other payables 6,391 9,364 5,157 Current portion of other payables (3,891) (4,765) (2,246) Non-current portion of other payables 2,500 4,599 2,911
Schedule of deferred payment/consideration	The deferred payment movement for the year is as follows: Figures in million – SA rand Notes 2022 2021 2020 Balance at the beginning of the year 6,920 4,355 2,826 Interest charge 5.2 266 158 187 Payment of deferred payment (4,441) (2,246) (739) Loss on revised estimated cash flows 7 773 4,653 2,081 Balance at end of the year 3,518 6,920 4,355 The Pandora deferred consideration movement for the year is as follows: Figures in million – SA rand Note 2022 2021 2020 Balance at the beginning of the year 400 308 276 Interest charge 5.2 18 54 49 (Gain)/loss on revised estimated cash flows (112) 123 — Payment made (178) (85) (17) Balance at end of the year 128 400 308
Schedule of movement in dividend obligation	The following table summarises the changes in the Marikana dividend obligation: Figures in million – SA rand Notes 2022 2021 2020 Balance at the beginning of the year 1,539 — — Initial recognition of the Marikana dividend obligation — 1,146 — Interest — unwinding of amortised cost 5.2 165 87 — Loss on revised estimated cash flows 1 7 650 468 — Payments made (225) (162) — Balance at end of the year 2,129 1,539 — 1 The loss on revised estimated cash flow is primarily as a result of an increase in the long-term PGM basket price
Schedule of deferred/contingent payments made	The below table illustrates the cash deferred/contingent payments made on the various liabilities: Figures in million – SA rand 2022 2021 2020 Deferred payment (related to the Rustenburg operation) (4,441) (2,246) (739) Deferred consideration (related to Pandora acquisition) (178) (85) (17) Contingent consideration (related to SFA (Oxford) acquisition) (111) — — Total cash payments made (4,730) (2,331) (756) Payments in excess of the original fair value (operating cash flows) (4,545) (1,754) — Payments up to initial fair value (investing cash flows) (185) (577) (756)

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2022
Classes of current inventories [abstract]
Schedule of inventories	Figures in million – SA rand 2022 2021 2020 Consumable stores 1 2,066 1,923 1,627 PGM ore and mill inventory 535 189 142 PGM in process 2 13,673 13,081 13,742 PGM finished goods 7,856 9,012 8,710 Gold in process 233 219 109 Gold bullion 1,096 600 507 Battery metals in process 357 — — Battery metals raw materials 307 — — Battery metals finished goods 187 — — Other 74 56 115 Total inventories 26,384 25,080 24,952 1 The cost of consumable stores consumed during the year and included in operating cost amounted to R21,929 million (2021: R18,847 million and 2020: R16,404 million) 2 Included in PGM in process, is R5,882 million (2021: R4,725 million, 2020: R4,225 million) relating to the Marikana operations

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2022
Trade and other receivables [abstract]
Schedule of trade and other receivables	Figures in million – SA rand 2022 2021 2020 Trade receivables — gold sales — 44 42 Trade receivables — PGM sales 4,304 4,823 4,655 PGM sales concentrate 3,564 3,794 4,030 PGM sales other 740 1,029 625 Battery metals sales 135 — — Other trade receivables 1,389 904 1,021 Payroll debtors 361 322 268 Interest receivable 90 54 57 Financial assets 6,279 6,147 6,043 Prepayments 433 335 369 Value added tax 788 929 454 Total trade and other receivables 7,500 7,411 6,866 The table below summarises the impairment allowance raised on other receivables that are considered to be impaired: Figures in million – SA rand 2022 2021 2020 Balance at beginning of the year 201 199 140 Impairment allowance recognised in profit or loss for the year 28 3 59 Impaired financial assets recovered during the year (15) (1) — Balance at end of the year 214 201 199

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2022
Cash and cash equivalents [abstract]
Schedule of cash and cash equivalents	Figures in million – SA rand 2022 2021 2020 Cash at the bank, on hand and cash equivalents 26,076 30,292 20,240 Total cash and cash equivalents 26,076 30,292 20,240

Stated share capital (Tables)

Stated share capital (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of classes of share capital [abstract]
Schedule of shares authorized and issued	Figures in thousand 2022 2021 2020 Authorised number of shares 10,000,000 10,000,000 10,000,000 Reconciliation of issued number of shares: Number of shares in issue at beginning of the year 1 2,808,406 2,923,571 — * Scheme implemented 2 — — 2,670,030 Shares issued under Sibanye-Stillwater/SGL Share Plan 3 21,964 32,535 6,932 Issued upon conversion of US$ Convertible Bond 4 — — 248,040 Shares delisted (share buy-back) 5 — (147,700) (1,431) Number of shares in issue at end of the year 2,830,370 2,808,406 2,923,571 1 On 24 February 2020, the Group entered into a scheme of arrangement (The Scheme). Since the Scheme was retrospectively implemented when it became effective in 2020, the stated share capital presented in the consolidated statement of changes in equity reflects the legally issued shares of the Company from the earliest period presented, being one ordinary share at 31 December 2019 2 From 1 January 2020 to 23 February 2020, shares of the listed entity presented for the Group were those of SGL. From 24 February 2020, these were exchanged for shares of the Company retrospectively presented for the Group in the consolidated statement of changes in equity. The Scheme was implemented on a share-for-share basis with no change in the total number of issued listed shares 3 Upon implementation of the Scheme, the SGL equity-settled share plan was transferred to the Company and is settled in the Company’s shares from the effective date onwards (see note 6.1) 4 During 2020, SGL issued notice to exercise its rights to redeem the US$ Convertible Bond in full (Optional Redemption Notice). Prior to the notice issued, a bondholder elected to convert a US$200,000 bond into 127,967 ordinary shares of the Company. Following the issue of the Optional Redemption Notice and subject to the conditions of the Bonds, bondholders could still exercise their conversion rights by delivering a conversion notice. Following receipt of the conversion notices, SGL could elect to settle the Bonds in shares of the Company or in cash to the value of the shares, subject to the conditions of the Bonds. Bonds with a nominal value of US$383 million were converted and settled through the issue of 247,912,467 ordinary shares in the Company (fair value of R12,573 million) and bonds with a nominal value of US$0.8 million were settled in cash. The Bonds consisted of two components under IFRS, where the conversion option component was recognised as a derivative financial liability measured at fair value through profit or loss and the bond component was recognised as a financial liability measured at amortised cost using the effective interest method. Both financial liabilities were extinguished upon settlement of the Bonds and a loss on settlement of R1,507 million was attributed to the derivative component and measured as the difference between the fair value of the Company shares issued on the respective settlement dates, the carrying amount of the amortised cost component immediately before settlement and the carrying amount of the derivative component 5 The Group entered into a repurchase and cancellation of shares transactions with certain shareholders which resulted in the total issued shares of Sibanye-Stillwater decreasing by 147,700,000 shares in 2021 (resulting in a total cost of R8,503 million, including transaction cost at an average of R57.57 cost per share repurchased) and 1,431,197 shares in 2020 (resulting in a total cost of R84 million, including transaction cost at an average of R58.80 cost per share repurchased) * Less than one thousand

Non-controlling interests (Tabl

Non-controlling interests (Tables)	12 Months Ended
	Dec. 31, 2022
Non-Controlling Interests [Abstract]
Schedule of subsidiaries related to non-controlling interests	The Group’s NCI relates to the following subsidiaries Figures in million – SA rand Note 2022 2021 Restated 2 2020 Restated 2 NCI of DRDGOLD 27.1 2,283 1,939 1,768 NCI of Keliber 27.1 616 — — NCI of Platinum Mile — — 37 NCI of Group Technical Security Management 6 5 5 NCI of Marikana 1 27.1 (2) 8 970 Total NCI 2,903 1,952 2,780 1 Included in Marikana’s NCI is NCI of WPL amounting to Rnil (2021: Rnil, 2020: R690 million). See below 2 See note 1.5
Schedule of summarised financial information of subsidiary groups	Figures in million – SA rand 2022 2021 2020 DRDGOLD Limited Revenue 5,274 4,790 5,051 Profit for the year 1,157 987 1,255 Total comprehensive income 1,156 907 1,485 Profit attributable to NCI 573 487 619 Net increase in cash and cash equivalents 153 70 1,626 Dividends paid 255 338 359 Non-current assets 4,303 3,741 3,620 Current Assets 2,985 2,821 2,671 Non-current liabilities (1,183) (1,120) (1,055) Current liabilities (552) (553) (593) Net assets 5,553 4,889 4,643
Schedule of non controlling interest effect on accumulated profits	The table below illustrates the impact of the attribution of the NCI on accumulated profit of the Group as a result of the subsequent transactions with Keliber shareholders: Figures in million – SA rand Dec 2022 Pre-emptive Offer Cash consideration paid to Keliber for share subscription 1 (2,476) Cash attributed to NCI 2 1,238 Reattribution of equity 3 349 Adjustment to accumulated profit (889) Voluntary Offer Cash consideration paid to NCI shareholders (3,363) Reattribution of equity 3 1,530 Adjustment to accumulated profit (1,833) The net effect on accumulated profit attributable to the owners of Sibanye-Stillwater is summarised as follows: Accumulated profit impact — Pre-emptive Offer (889) Accumulated profit impact — Voluntary Offer (1,833) Net effect due to foreign currency translation, share subscription costs and put options 4 (106) Total effect on accumulated profit as a result of the subsequent NCI transactions 5 (2,828) 1 The cash consideration paid for the Pre-emptive Offer is consolidated in the Group. The full reattribution is recognised in equity and is a non-cash transaction for the Group 2 Since the NCI shares in a proportionate interest of the net assets of Keliber, the cash consideration paid for the Pre-emptive Offer is proportionally allocated to the NCI 3 This is the reattribution of the net asset value of Keliber as a result of the change in shareholding 4 The put options relate to rights held by shareholders holding approximately 1% in the share capital of Keliber to sell their shareholding to the Group at fair value less 10% 5 The Group's effective shareholding in Keliber following the Pre-emptive Offer, Voluntary Offer and impact of the put options was 85.90% at 31 December 2022

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about borrowings [abstract]
Schedule of the summary of borrowings	Figures in million – SA rand Notes 2022 2021 2020 US$600 million RCF 28.1 — — 6,978 R5.5 billion RCF 28.2 — — — 2022 and 2025 Notes 1 — — 10,136 2026 and 2029 Notes 28.3 20,140 18,785 — Burnstone Debt 28.4 2,540 1,507 1,263 Other borrowings 28.5 42 — — Franco-Nevada liability 2 2 2 Stillwater Convertible Debentures 4 4 4 Total borrowings 22,728 20,298 18,383 Reconciliation of the non-current and current portion of the borrowings: Borrowings 22,728 20,298 18,383 Current portion of borrowings (122) (107) (886) Non-current portion of borrowings 22,606 20,191 17,497 1 Given surplus liquidity within the Group and in line with the Group’s capital allocation framework, management elected to redeem the 2022 Notes on 2 August 2021 (the Redemption Date). The redemption price was the principal amount of the 2022 Notes, plus accrued and unpaid interest on the 2022 Notes up to, but excluding, the Redemption Date, amounting to US$355.8 million and was settled on 2 August 2021. During December 2021, the Group also elected to redeem the 2025 Notes at a redemption price of 103.6% of the principal amount of the 2025 Notes, plus accrued and unpaid interest on the 2025 Notes, amounting to US$370.2 million which includes an early settlement premium of R196 million recognised as an early redemption premium on the 2025 Notes in profit or loss. The 2025 Notes were settled on 6 December 2021 Terms of the US$600 million RCF Facility: US$600 million Interest rate: LIBOR Interest rate margin: 1.85% if net debt to adjusted EBITDA is equal to or less than 2.50x 2.00% if net debt to adjusted EBITDA is greater than 2.50x Term of facility: Three years, subject to two one Borrowers: The Company, SGL, Stillwater, Kroondal, SRPM and WPL Security and/or guarantors: The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM and WPL Terms of the R5.5 billion RCF Facility: R5.5 billion Interest rate: JIBAR Interest rate margin: A margin of between 2.4% and 2.9% dependent on the net debt to adjusted EBITDA ratio. Term of facility: Three years, subject to two one Borrowers: The Company, SGL, Kroondal, SRPM and WPL Security and/or guarantors: The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM and WPL Facility: US$675 million 4.0% Senior Notes due 2026 US$525 million 4.5% Senior Notes due 2029 Interest rate: 2026 Notes: 4.0% 2029 Notes: 4.5% Term of the Notes: 2026 Notes: Five years 2029 Notes: Eight years Issuer: Stillwater Guarantors: Each of the Notes are fully and unconditionally guaranteed, jointly and severally by the Guarantors (the Company, SGL, Kroondal, SRPM and WPL). The Guarantees rank equally in right of payment to all existing and future senior debt of the Guarantors.
Schedule of the rollforward of borrowings	Figures in million - SA rand Notes 2022 2021 2020 Balance at beginning of the year 20,298 18,383 23,736 Borrowings acquired on acquisition of subsidiary 16.1,16.2 39 — — Loans raised 1 8,000 20,622 16,289 Loans repaid (8,003) (20,252) (18,335) US$ Convertible Bond converted into shares — — (5,578) Unwinding of loans recognised at amortised cost 5.2 216 302 394 Accrued interest (related to the 2022 and 2025 Notes, 2026 and 2029 Notes, US$ Convertible Bond and the RCFs) 5.2 1,046 801 1,290 Accrued interest paid (1,061) (706) (1,298) Early redemption premium on the 2025 Notes — 196 — Loss/(gain) on the revised cash flow of the Burnstone Debt 28.4 776 2 (264) Loss on foreign exchange differences and foreign currency translation 1,417 950 2,149 Balance at end of the year 22,728 20,298 18,383 1 At 31 December 2021, the portion of transaction costs accrued for and not yet settled in respect of the 2026 and 2029 Notes amounted to R29 million Figures in million – SA rand 2022 2021 2020 Balance at beginning of the year — 6,978 5,712 Loans raised — 703 7,218 Loans repaid — (7,728) (6,802) Accrued interest 1 62 113 232 Accrued interest paid (62) (113) (232) Loss on foreign exchange differences — 47 850 Balance at end of the year 2 — — 6,978 1 Includes commitment fees 2 The US$600 million RCF has been refinanced by the Group subsequent to the reporting date (see note 41.2) Figures in million –SA rand 2022 2021 2020 Balance at beginning of the year — — 2,500 Loans raised 8,000 — 5,000 Loans repaid (8,000) — (7,500) Accrued interest 1 155 66 200 Accrued interest paid (155) (66) (200) Inter Bank transfer — — — Balance at end of the year — — — 1 Includes commitment fees Figures in million – SA rand 2022 2021 2020 Balance at beginning of the year 18,785 — — Loans raised — 18,208 — Interest charge 829 99 — Unwinding of amortised cost 68 8 — Accrued interest paid (844) — — Loss on foreign exchange differences 1,302 470 — Balance at end of the year 20,140 18,785 — Figures in million – SA rand Note 2022 2021 2020 Balance at beginning of the year 1,507 1,263 1,330 Unwinding of amortised cost 148 125 148 Loss/(gain) on revised estimated cash flows 1 7 776 2 (264) Loss/(gain) on foreign exchange differences 109 117 49 Balance at end of the year 2,540 1,507 1,263 1 At 31 December 2022, the expected free cash flows expected to repay the loan as detailed above were revised as a result of revised cash flows over the life-of-mine plan due to: • Revised forecast costs and capital expenditure; and • Revised weighted average gold prices 2022: R793,473/kg (2021: R729,270/kg and 2020: R733,037/kg) and long term exchange rates 2022: R15.50/US$ (2021: R15.00/US$ and 2020: R16.00/US$) based on a LOM of 22 years. A2 is discounted using a 5.9% discount rate and A3 and A4 is discounted at 9.5% Figures in million – SA rand Note 2022 2021 2020 Balance at beginning of the year — — — Loans raised — 1,711 4,071 Loans repaid (3) (1,684) (4,020) Borrowings acquired on acquisition of subsidiary 16.1,16.2 39 — — Loss/(gain) on foreign exchange differences 6 (27) (51) Balance at end of the year 42 — —
Schedule of fair value of borrowings	The table below shows the fair value and carrying amount of borrowings where the carrying amount does not approximate fair value: Carrying value Fair value Figures in million - SA rand Level 1 Level 2 Level 3 31 December 2022 2026 and 2029 Notes 1 20,140 17,379 — — Burnstone Debt 2 2,540 — — 2,245 Total 22,680 17,379 — 2,245 31 December 2021 2026 and 2029 Notes 1 18,785 18,664 — — Burnstone Debt 2 1,507 — — 2,996 Total 20,292 18,664 — 2,996 31 December 2020 2022 and 2025 Notes 1 10,136 10,637 — — Burnstone Debt 2 1,263 — — 2,075 Total 11,399 10,637 — 2,075 1 The fair value is based on the quoted market prices of the notes 2 The fair value of the Burnstone Debt has been derived from discounted cash flow models. These models use several key assumptions, including estimates of future sales volumes, gold prices, operating costs, capital expenditure and discount rate. See note 28.4 for the key assumptions used, except for the discount rate applied of 10.52% (2021: 4.18%, 2020: 5.56%). The fair value estimate is sensitive to changes in the key assumptions, for example, increases in the market related discount rate would decrease the fair value if all other inputs remain unchanged. The extent of the fair value changes would depend on how inputs change in relation to each other
Schedule of interest rate sensitivity analysis	Change in interest expenses for a change in interest rate 1 Figures in million - SA rand (1.5) % (1.0) % (0.5) % 0.5 % 1.0 % 1.5 % 31 December 2022 - JIBAR — — — — — — - LIBOR 36 24 12 (12) (24) (36) Change in finance expense 36 24 12 (12) (24) (36) 31 December 2021 - JIBAR — — — — — — - LIBOR 21 14 7 (7) (14) (21) Change in finance expense 21 14 7 (7) (14) (21) 31 December 2020 - JIBAR — — — — — — - LIBOR 122 82 41 (41) (82) (122) Change in finance expense 122 82 41 (41) (82) (122) 1 Interest rate sensitivity analysis is performed on the borrowings balance at 31 December
Schedule of the exposure to interest rate changes and the contractual repricing dates	The exposure of the Group’s borrowings to interest rate changes and the contractual repricing dates at the reporting dates is as follows: Figures in million - SA rand 2022 2021 2020 Floating rate with exposure to change in JIBAR — — — Floating rate with exposure to change in LIBOR 2,424 1,416 8,157 Non-current borrowings exposed to interest rate changes 2,424 1,416 8,157 The Group has the following undrawn borrowing facilities: Committed 16,403 15,749 7,336 Uncommitted 2,427 2,276 2,460 Total undrawn facilities 18,830 18,025 9,796 All of the above facilities have floating rates. The undrawn committed facilities have the following expiry dates: - within one year 10,903 685 229 - later than one year and not later than two years 5,500 9,564 229 - later than two years and not later than three years — 5,500 6,878 Total undrawn committed facilities 16,403 15,749 7,336
Schedule of the calculation of net debt to adjusted EBITDA ratio	Figures in million - SA rand 2022 2021 2020 Borrowings 1 20,188 18,791 17,119 Cash and cash equivalents 2 26,038 30,257 20,206 Net (cash)/debt 3 (5,850) (11,466) (3,087) Adjusted EBITDA 4 41,111 68,606 49,385 Net (cash)/debt to adjusted EBITDA (ratio) 5 (0.14) (0.17) (0.06) 1 Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt 2 Cash and cash equivalents exclude cash of Burnstone 3 Net (cash)/debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and, therefore, exclude the Burnstone Debt. Net (cash)/debt excludes cash of Burnstone 4 The adjusted EBITDA calculation is based on the definitions included in the facility agreements for compliance with the debt covenant formula, except for impact of new accounting standards and acquisitions, where the facility agreements allow the results from the acquired operations to be annualised. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity 5 Net (cash)/debt to adjusted EBITDA ratio is defined as net (cash)/debt as of the end of a reporting period divided by adjusted EBITDA of the 12 months ended on the same reporting date. Non-IFRS measures such as net (cash)/debt to adjusted EBITDA is the responsibility of the Group’s Board of Directors and is presented for illustration purposes only, and because of its nature, net (cash)/ debt to adjusted EBITDA should not be considered as a representation of financial performance under IFRS and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity
Schedule of reconciliation of (loss)/profit before royalties and tax to adjusted EBITDA	Reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA: Figures in million - SA rand 2022 2021 2020 Profit before royalties, carbon tax and tax 29,728 50,275 37,250 Adjusted for: Amortisation and depreciation 7,087 8,293 7,593 Interest income (1,203) (1,202) (1,065) Finance expense 2,840 2,496 3,152 Share-based payments 218 383 512 Loss on financial instruments 4,279 6,279 2,450 (Gain)/loss on foreign exchange differences (616) (1,149) 255 Share of results of equity-accounted investees after tax (1,287) (1,989) (1,700) Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable (71) (167) (464) Gain on disposal of property, plant and equipment (162) (36) (99) (Reversal of impairments)/impairments (6) 5,148 (121) Early redemption premium on the 2025 Notes — 196 — Loss on BTT early settlement — — 186 Loss on deconsolidation of subsidiaries 308 — — Restructuring costs 363 107 436 Transaction costs 152 140 139 Loss on settlement of US$ Convertible Bond — — 1,507 Loss due to dilution of interest in joint operation — 4 30 Income on settlement of dispute — — (580) IFRS 16 lease payments (163) (142) (148) Profit on sale of Lonmin Canada (145) — — Profit on sale of St Helena Hospital — (16) — Occupational healthcare (gain)/expense (211) (14) 52 Adjusted EBITDA 41,111 68,606 49,385

Lease liabilities (Tables)

Lease liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Lease liabilities [abstract]
Summary of lease liabilities	Figures in million - SA rand Notes 2022 2021 2020 Balance at beginning of the year 281 326 383 New leases and modifications 45 67 66 Lease liabilities on acquisition of subsidiaries 16.1 120 — — Repayment of lease liabilities (163) (142) (148) Interest charge 5.2 31 29 34 Re-classification and other — — (9) Foreign currency translation 5 1 — Balance at end of the year 319 281 326 Current portion of lease liabilities (111) (104) (103) Non-current lease liabilities 208 177 223
Schedule of lease payments expensed	Figures in million - SA rand 2022 2021 2020 Short-term leases 41 22 17 Leases of low value assets 56 39 83 Variable lease payments 301 29 11 Total 398 90 111
Schedule of lease maturities	The lease liabilities are secured by the related underlying assets. The undiscounted maturity analysis of lease liabilities at 31 December is as follows: Figures in million - SA rand Total Within one year Between one and five years After five years Contractual undiscounted cash flows — 2022 351 121 161 69 Contractual undiscounted cash flows — 2021 325 126 191 8 Contractual undiscounted cash flows — 2020 391 131 245 15

Environmental rehabilitation _4

Environmental rehabilitation obligation and other provisions (Tables)	12 Months Ended
	Dec. 31, 2022
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Schedule of assumptions used to calculate provision	These provisions are calculated using the following assumptions: Inflation rate Discount rate Discount period 2022 SA gold operations 6.5% 7.8% – 11.5% 1 – 22 years SA PGM operations 6.5% 7.8% – 11.6% 1 – 49 years US PGM operations 4.0% 4.0% 31 – 43 years Battery metals 2.5% 3.3% 24 years 2021 SA gold operations 6.0% 5.1% – 10.6% 1 – 24 years SA PGM operations 6.0% 5.1% – 10.6% 1 – 50 years US PGM operations 2.0% 1.9% 35 – 40 years 2020 SA gold operations 6.0% 4.0% – 10.9% 1 – 21 years SA PGM operations 6.0% 4.0% – 10.8% 1 – 32 years US PGM operations 2.0% 1.5% – 1.7% 24 – 38 years
Schedule of environmental rehabilitation obligation activity	Figures in million - SA rand Notes 2022 2021 2020 Balance at beginning of the year 8,263 8,634 8,715 Interest charge 5.2 611 615 684 Utilisation of environmental rehabilitation obligation 1 (236) (236) (97) Change in estimates charged to profit or loss 2 (183) (178) (375) Change in estimates capitalised 2 (85) (638) (318) Environmental rehabilitation obligation on acquisition of subsidiaries 16.2 97 — — Foreign currency translation 85 66 25 Balance at end of the year 8,552 8,263 8,634 Environmental rehabilitation obligation and other provisions consists of: Environmental rehabilitation obligation 8,435 8,146 8,517 Other provisions 117 117 117 Environmental rehabilitation obligation and other provisions 8,552 8,263 8,634 1 The cost of ongoing current programmes to prevent and control environmental disturbances, including reclamation activities, is charged to cost of sales as incurred 2 Changes in estimates result from changes in reserves and corresponding changes in life-of-mine, changes in discount rates, changes in closure cost estimates and changes in laws and regulations governing environmental matters

Occupational healthcare oblig_2

Occupational healthcare obligation (Tables)	12 Months Ended
	Dec. 31, 2022
Legal proceedings provision [abstract]
Schedule of estimated costs and discounted using a risk-free rate	Figures in million - SA rand Notes 2022 2021 2020 Balance at beginning of the year 1,017 1,194 1,282 Interest charge 5.2 85 77 96 Change in estimate recognised in profit or loss 34 (211) (14) 52 Payments made 34 (66) (240) (236) Balance at the end of the year 825 1,017 1,194 Reconciliation of the non-current and current portion of the occupational healthcare obligation: Occupational healthcare obligation 825 1,017 1,194 Current portion of occupational healthcare obligation (44) — (157) Non-current portion of occupational healthcare obligation 781 1,017 1,037

Deferred revenue (Tables)

Deferred revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Contract liabilities [abstract]
Schedule of inputs to model to unwind deferred revenue	Each period management estimates the cumulative amount of the deferred revenue obligation that has been satisfied and, therefore, recognised as revenue. Key inputs into the model are: Key input Estimate at year end Further information Estimated financing rate over life of arrangement 4.6% - 5.2% See note 5.2 Remaining life of stream 97 years The starting point for the life of the stream is the approved life-of-mine for the US PGM operations. However, as IFRS 15 requires the constraint on revenue recognition to be considered, it is more prudent to include a portion of resources in the life of stream for the purposes of revenue recognition. This will reduce the chance of having a significant decrease in revenue recognised in the future, when the life-of-mine is updated to include a conversion of resources to reserves. As such, Sibanye-Stillwater management have determined that is it appropriate to include 50% of inferred resources. Palladium entitlement percentage 4.5% The palladium entitlement percentage will be either 4.5%, 2.25% or 1% over the life of the mine, depending on whether or not the advance has been fully reduced, and a certain number of contractual ounces have been delivered (375,000 ounces for the first trigger drop down to 2.25%and 550,000 ounces for the second trigger drop down rate to 1%). Gold entitlement percentage 100% The gold entitlement percentage will be 100% over the life of the mine. Monthly cash percentage 18% The monthly cash payment to be received is 18%, 16%, 14% or 10% of the market price of the metal credit delivery to Wheaton International while the advance is not fully reduced. After the advance has been fully reduced, the cash percentage is 22%, 20%, 18% or 14%. The percentage applicable depends on the investment grade of the Group and its leverage ratio. As long as Sibanye-Stillwater’s current investment grade conditions as stipulated in the contract have been satisfied, the monthly cash percentage decreases if the Group’s leverage ratio increases above 3.5:1. The balance of the ounces in the monthly delivery (i.e. 100%-18%= 82%) is then used to determine the utilisation of the deferred revenue balance. Commodity prices Five The value of each metal credit delivery is determined in terms of the contract. Key input Further information Estimated financing rate over life of arrangement 11.5% See note 5.2 Remaining life of stream 6 years The life of the stream was determined by the reserves of the Marikana Easterns' Tailings Dam no.1. 6E PGM entitlement percentage 23.0% The 6E PGM entitlement percentage ranged from 23% to 38% based on a weighted 6E PGM basket price that was determined monthly. Monthly cash percentage 20.0% The monthly cash payment received was a percentage of the 6E PGM weighted basket price, ranging from 16% to 20%, and was based on a weighted 6E PGM basket price that is determined monthly. This cash payment was capped at a minimum of $106 per ounce and a maximum of $280 per ounce. Commodity prices Average monthly basket price The monthly basket price for any calendar month was calculated by dividing the sum of the monthly average value of weighted 6E PGM basket by the total number of ounces for such calendar month.
Schedule of changes in deferred revenue	The following table summarises the changes in deferred revenue: Figures in million - SA rand Note 2022 2021 2020 Balance at beginning of the year 6,360 6,430 8,167 Deferred revenue advance received 1 24 468 771 BTT early settlement payment — — (787) Deferred revenue recognised during the period 2 (290) (847) (2,256) Interest charge 5.2 326 309 349 Loss on BTT early settlement — — 186 Balance at the end of the year 6,420 6,360 6,430 Reconciliation of the deferred revenue transactions balance at year end: Wheaton Stream 6,420 6,292 6,430 Marikana toll treatment arrangement — 68 — Reconciliation of the non-current and current portion of the deferred revenue: Deferred revenue 6,420 6,360 6,430 Current portion of deferred revenue (21) (156) (67) Non-current portion of deferred revenue 6,399 6,204 6,363 1 The amount received for the year ended 31 December 2022 and 31 December 2021 relates to the toll treatment arrangement entered into by Marikana, representing cash receipts of R24 million (2021: R65 million) and the fair value of inventory received of Rnil (2021: R403 million). The R771 million received in 2020 relates to the WPL forward platinum sale arrangement entered into on 3 March 2020 which concluded on 7 December 2020

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2022
Trade and other current payables [abstract]
Schedule of trade and other payables	Figures in million - SA rand 2022 2021 2020 Trade creditors 4,147 3,670 4,325 Accruals and other creditors 5,470 5,192 4,166 Other 1,276 1,581 32 Financial liabilities 10,893 10,443 8,523 Payroll creditors 2,496 2,485 2,492 Leave pay accrual 2,123 2,045 2,016 VAT payable 141 189 176 Total trade and other payables 15,653 15,162 13,207

Cash generated by operations (T

Cash generated by operations (Tables)	12 Months Ended
	Dec. 31, 2022
CASH GENERATED BY OPERATIONS [Abstract]
Schedule of cash generated by operations	Figures in million - SA rand Notes 2022 2021 2020 Profit for the year 18,980 33,796 30,622 Royalties 11.1 1,834 2,714 1,765 Carbon tax (10) 4 5 Mining and income tax 11.2 8,924 13,761 4,858 Interest income 5.1 (1,203) (1,202) (1,065) Finance expense 5.2 2,840 2,496 3,152 Profit before interest, royalties, carbon tax and tax 31,365 51,569 39,337 Non-cash adjusting items: Amortisation and depreciation 4 7,087 8,293 7,593 Share-based payments 6.8 218 383 512 Loss on financial instruments 4,279 6,279 1,905 Foreign currency exchange adjustment 82 (394) (410) Share of results of equity-accounted investees after tax (1,287) (1,989) (1,700) Impairments/(reversal of impairments) 10 (6) 5,148 (121) Loss on settlement of US$ Convertible Bond — — 1,507 Early redemption premium on the 2025 Notes — 196 — Occupational healthcare (gain)/expense 31 (211) (14) 52 Loss on deconsolidation of subsidiary 8.1 309 — — Profit on sale of Lonmin Canada 8.2 (145) — — Change in estimate of environmental rehabilitation obligation (99) (162) (464) Deferred revenue recognised 32 (290) (847) (2,256) Loss on BTT early settlement 32 — — 186 Cash adjusting items: Income on settlement of dispute 8.2 — — (580) Payment of occupational healthcare liability 31 (66) (240) (236) Other non-cash and cash adjusting items (490) (438) (137) Total cash generated by operations 40,746 67,784 45,188

Change in working capital (Tabl

Change in working capital (Tables)	12 Months Ended
	Dec. 31, 2022
Change In Working Capital [Abstract]
Schedule of the change in working capital	Figures in million - SA rand 2022 2021 2020 Inventories 605 1,384 (9,027) Trade and other receivables 116 (510) (2,167) Trade and other payables (335) 1,581 1,759 Total change in working capital 386 2,455 (9,435)

Financial instruments and ris_2

Financial instruments and risk management (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Fair Value Of Financial Assets And Financial Liabilities And Risk Management [Abstract]
Schedule of significant financial instruments measured at fair value by level within the fair value hierarchy	The following table set out the Group’s significant financial instruments measured at fair value by level within the fair value hierarchy: Figures in million - SA rand 2022 2021 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value Environmental rehabilitation obligation funds 4,528 778 — 4,477 725 — 4,111 823 — Trade receivables — PGM concentrate sales — 3,564 — — 3,794 — — 4,030 — Other investments 2,320 — 855 3,143 — 224 603 — 244 Asset held for sale — — — — 280 — — — — Palladium hedge contract — 50 — — 286 — — — * — * Less than R1 million

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2022
Capital commitments [abstract]
Schedule of commitments	Figures in million - SA rand 2022 2021 2020 Capital expenditure Authorised 43,616 19,983 7,535 Kloof 1,731 1,593 1,516 Driefontein 990 877 885 Beatrix 262 317 169 SGL corporate 521 1,086 961 Cooke 3 3 54 Burnstone 2,741 4,353 8 Kroondal 332 395 319 Platinum Mile 25 17 — Rustenburg operation 2,697 3,348 2,574 Marikana 27,955 6,841 63 Sandouville 290 — — Keliber 4,324 — — Other 1 1,745 1,153 986 Contracted for 4,113 3,826 1,866 Other guarantees 2 3,314 2,653 1,488 1 Includes authorised capital expenditure relating to DRDGOLD of R1,458 million (2021: R549 million, 2020: R605 million) 2 Included in the amount are guarantees related to the Marikana operations of R2.2 billion (2021: R2.1 billion, 2020: R0.9 billion). The Group has an insurance policy over these guarantees which includes a pledge of non-financial and financial assets of Sibanye UK, LSA UK Limited, WPL, EPL, Messina Limited and Messina Platinum Mines Limited (collectively the insured entities) in the event that the insured entities enter liquidation. At 31 December 2022, the insured entities' total assets amounted to R58,873 million which includes property, plant and equipment of R6,815 million, trade receivables of R7,684 million, inventory of R8,821 million and cash and cash equivalents of R5,220 million. Management does not expect the policy to be triggered due to the financial position and liquidity of the Group

Related-party transactions (Tab

Related-party transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of transactions between related parties [abstract]
Schedule of transactions and balances between the Group and its related-parties	The table below details the transactions and balances between the Group and its related parties: Figures in million - SA rand 2022 2021 2020 Rand Refinery Gold sales 187 319 298 Refining fees paid (24) (40) (31) Trade payable (6) (7) (6)
Schedule of management personnel compensation	The directors and prescribed officers of Sibanye-Stillwater held the following equity-settled instruments at 31 December 2022: 2021 Instruments granted Equity-settled instruments vested during the year Instruments forfeited 2022 Number of instruments Number of instruments Number of instruments Average price Share proceeds (rand) 1 Number of instruments Number of instruments Executive directors Neal Froneman 2 2,926,591 — 2,294,915 70.72 162,303,764 631,676 — Charl Keyter 1,276,041 — 1,000,620 70.22 70,265,037 275,421 — Prescribed officers Dawie Mostert 708,333 — 555,446 70.22 39,004,251 152,887 — Themba Nkosi 662,698 — 519,661 70.22 36,491,375 143,037 — Richard Stewart 832,221 — 652,594 70.22 45,826,130 179,627 — Robert van Niekerk 1,169,008 — 916,689 70.22 64,371,277 252,319 — 1 Amounts represent earnings taxable in the hands of the participants in line with South African and US income tax legislation. For JSE listed shares, the proceeds were calculated by taking the average bulk trade sales prices of the shares multiplied by the number of vested units and for ADRs, the ADR price on the day prior to the vesting date, multiplied by the number of vested units translated at the average rate of R16.37 2 Numbers include American Depositary Receipts (ADRs) and JSE listed shares and as a result of the dual service contract The directors and prescribed officers of Sibanye-Stillwater held the following cash-settled instruments as at 31 December 2022: 2021 Instruments granted Cash-settled instruments vested during the year Instruments forfeited 2022 Number of instruments Number of instruments Number of instruments Average price Cash proceeds (rand)¹ Number of instruments Number of instruments Executive directors Neal Froneman 2 1,939,548 1,470,189 98,327 41.01 4,032,208 — 3,311,410 Charl Keyter 884,319 438,923 50,923 41.87 2,131,921 — 1,272,319 Prescribed officers Charles Carter — 148,732 — — — — 148,732 Mika Seitovirta — 116,231 — — — — 116,231 Dawie Mostert 479,688 274,999 29,677 42.06 1,248,269 — 725,010 Themba Nkosi 382,997 257,187 26,387 42.18 1,113,018 — 613,797 Richard Stewart 529,455 523,362 32,898 42.54 1,399,582 — 1,019,919 Laurent Charbonnier 236,555 296,972 63,197 45.61 2,882,516 — 470,330 Lerato Legong 211,707 117,569 19,469 43.12 839,427 — 309,807 Robert van Niekerk 772,549 388,819 41,460 41.70 1,728,706 — 1,119,908 1 Amounts represents pre-tax earnings paid to participants. For South African participants, these amounts were calculated by taking the Company’s VWAP share price on vesting date multiplied by the number of vested units 2 Numbers include ADRs and JSE listed shares as a result of the dual service contract Total key management personnel compensation recognised under IFRS 1 : Figures in thousands - SA rand 2022 2021 2020 Short-term employee benefits 127,542 90,179 110,134 Post-employment benefits 6,957 4,421 6,009 Share-based payment 65,338 104,550 127,097 Total 199,837 199,150 243,240 1 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members (prescribed officers) and executive directors are disclosed under IFRS as key management personnel of Sibanye-Stillwater. For 2020, key management personnel included EVPs and executive directors The executive directors and prescribed officers were paid the following remuneration during the year: Figures in thousands - SA rand Salary Cash bonus accrued for 2022 paid in 2023 Accrual of share-based payment benefits Pension scheme total contributions Expense allowance and other benefits 2022 2021 2020 Executive directors Neal Froneman 1 13,824 12,066 170,348 1,268 526 198,032 291,582 57,973 Charl Keyter 6,875 5,542 73,960 982 123 87,482 143,428 28,963 Prescribed officers 2 Chris Bateman 66,959 Shadwick Bessit 14,789 Hartley Dikgale 29,159 Dawie Mostert 4,728 3,789 41,530 645 73 50,765 71,734 16,655 Themba Nkosi 4,199 3,193 38,620 403 65 46,480 58,648 15,286 Wayne Robinson 19,272 Richard Stewart 5,734 4,703 48,961 644 83 60,125 83,011 18,873 Robert van Niekerk 5,784 4,641 67,465 643 99 78,632 114,686 22,975 Laurent Charbonnier 3 10,067 6,995 4,663 81 2,296 24,102 23,472 2,614 Lerato Legong 3,947 3,010 2,007 538 51 9,553 7,679 2,875 Mika Seitovirta 4 6,896 3,532 2,355 1,242 1,874 15,899 245 — Charles Carter 5 7,160 5,505 3,670 511 162 17,008 — — Total 69,214 52,976 453,579 6,957 5,352 588,078 794,485 296,393 1 Entered into a dual service contract with effect 1 May 2018. Remuneration paid by Stillwater in US dollars was converted at the average exchange rate of R16.37/US$ (2021: R14.79/US$ and 2020: R16.46/US$) for the year ended 31 December 2022 2 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members are disclosed as prescribed officers of Sibanye-Stillwater. In 2020, the following individuals were also disclosed as prescribed officers: • Chris Bateman — ceased performing an EVP role on 6 September 2020 • Shadwick Bessit — ceased performing an EVP role on 16 January 2021 • Hartley Dikgale — ceased performing an EVP role on 31 March 2020 • Wayne Robinson — not a C-suite member 3 Assumed a prescribed officer role on 16 November 2020, remuneration paid in GBP was converted at the average exchange rate of R20.18/GBP (2021: R20.33/GBP and 2020: R21.10/GBP) for the year ended 31 December 2022 4 Assumed a prescribed officer role on 14 December 2021, remuneration paid in Euros was converted at the average exchange rate of R17.20/Euro (2021: R17.49/Euro) for the year ended 31 December 2022 5 Assumed a prescribed officer role on 23 May 2022, remuneration paid in US dollars converted at the average exchange rate of R16.37/US$ The non-executive directors were paid the following fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance 2022 2021 2020 Timothy Cumming 1,127 982 103 2,212 2,229 1,909 Savannah Danson 1,127 774 — 1,901 2,062 1,680 Harry Kenyon-Slaney 1,296 1,095 151 2,542 2,369 2,114 Richard Menell 2,288 232 215 2,735 2,719 2,114 Nkosemntu Nika 1,127 690 26 1,843 1,742 1,708 Keith Rayner 1,127 1,169 — 2,296 2,385 1,864 Susan van der Merwe 1,127 690 13 1,830 1,742 1,716 Jeremiah Vilakazi 1,127 535 — 1,662 1,795 1,422 Vincent Maphai 3,405 — — 3,405 3,265 2,756 Elaine Dorward-King 1,296 531 976 2,803 1,618 1,107 Sindiswa Zilwa 1,127 694 — 1,821 1,807 — Wang Bin — — — — — 327 Lu Jiongjie — — — — — 327 Total 16,174 7,392 1,484 25,050 23,733 19,044 The directors’ and prescribed officers’ (including their associates) direct and indirect share ownership at 31 December 2022 was: Number of shares % 2022 2021 2020 2022 2021 2020 Executive directors Neal Froneman 1,2 8,559,665 6,636,286 4,829,128 0.30 0.24 0.17 Charl Keyter 2 1,466,181 2,866,791 1,775,994 0.05 0.10 0.06 Non-executive directors Timothy Cumming 2 6,000 6,000 1,242 — — — Richard Menell 2 10,125 15,125 84,625 — — — Keith Rayner 2 68,992 68,992 68,992 — — — Susan van der Merwe 2 1,028 1,028 1,027 — — — Jeremiah Vilakazi 2 4,220 2,000 — — — — Vincent Maphai 2 199,724 152,135 50,000 0.01 0.01 — Savannah Danson 2 16,519 2,519 2,519 — — — Harry Kenyon-Slaney 2,3 16,852 16,852 16,852 — — — Elaine Dorward-King 2,4 10,000 10,000 4,800 — — — Total share ownership by directors 10,359,306 9,777,728 6,835,179 Prescribed officers 5 Chris Bateman — — Shadwick Bessit 94,707 — Hartley Dikgale — — Dawie Mostert 2 136,302 26,466 38,975 — — — Themba Nkosi 2,6 251,583 204,533 59,022 0.01 0.01 — Wayne Robinson 184,333 — — 0.01 Richard Stewart 2 788,771 739,633 105,303 0.03 0.03 — Robert van Niekerk 2 1,766,770 875,261 24,341 0.06 0.03 — Laurent Charbonnier 2,7 151,012 151,012 35,620 0.01 0.01 — Charles Carter 2,8 300,000 — — 0.01 — — Total 13,753,744 11,774,633 7,377,480 1 Neal Froneman and his associates hold 225,408 ADRs at 31 December 2022 (2021: 90,479, 2020: 3,213) which convert to 901,632 (2021: 361,916, 2020: 12,852) ordinary shares in the Company 2 Share ownership (including shares held by associates) in the Company at the date of this report was unchanged, except for the following: • Neal Froneman — 8,833,665 • Charl Keyter — 1,616,481 • Vincent Maphai — 217,135 • Themba Nkosi — 283,753 • Charles Carter — 440,000 3 Harry Kenyon-Slaney and his associates hold 4,213 ADRs at 31 December 2022 (2021 and 2020:4,213) which convert to 16,852 (2021 and 2020: 16,852) ordinary shares in the Company 4 Elaine Dorward-King and her associates hold 2,500 ADRs at 31 December 2022 (2021: 2,500, 2020: 1,200) which convert to 10,000 (2021: 10,000, 2020: 4,800) ordinary shares in the Company 5 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members are disclosed as prescribed officers of Sibanye-Stillwater. In 2020, the following individuals were also disclosed as prescribed officers: • Chris Bateman — ceased performing an EVP role on 6 September 2020 • Shadwick Bessit — ceased performing an EVP role on 16 January 2021 • Hartley Dikgale — ceased performing an EVP role on 31 March 2020 • Wayne Robinson — not a C-suite member 6 Themba Nkosi and his associates hold 5,300 ADRs at 31 December 2022 which convert into 21,200 ordinary shares in the Company 7 Laurent Charbonnier and his associates hold 37,753 ADRs at 31 December 2022 (2021: 37,753, 2020: 8,905) which convert to 151,012 (2021: 151,012, 2020: 35,620) ordinary shares in the Company

Directors' and prescribed off_2

Directors' and prescribed officers' remuneration (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of transactions between related parties [abstract]
Schedule of key management remuneration, fees and share ownership	The directors and prescribed officers of Sibanye-Stillwater held the following equity-settled instruments at 31 December 2022: 2021 Instruments granted Equity-settled instruments vested during the year Instruments forfeited 2022 Number of instruments Number of instruments Number of instruments Average price Share proceeds (rand) 1 Number of instruments Number of instruments Executive directors Neal Froneman 2 2,926,591 — 2,294,915 70.72 162,303,764 631,676 — Charl Keyter 1,276,041 — 1,000,620 70.22 70,265,037 275,421 — Prescribed officers Dawie Mostert 708,333 — 555,446 70.22 39,004,251 152,887 — Themba Nkosi 662,698 — 519,661 70.22 36,491,375 143,037 — Richard Stewart 832,221 — 652,594 70.22 45,826,130 179,627 — Robert van Niekerk 1,169,008 — 916,689 70.22 64,371,277 252,319 — 1 Amounts represent earnings taxable in the hands of the participants in line with South African and US income tax legislation. For JSE listed shares, the proceeds were calculated by taking the average bulk trade sales prices of the shares multiplied by the number of vested units and for ADRs, the ADR price on the day prior to the vesting date, multiplied by the number of vested units translated at the average rate of R16.37 2 Numbers include American Depositary Receipts (ADRs) and JSE listed shares and as a result of the dual service contract The directors and prescribed officers of Sibanye-Stillwater held the following cash-settled instruments as at 31 December 2022: 2021 Instruments granted Cash-settled instruments vested during the year Instruments forfeited 2022 Number of instruments Number of instruments Number of instruments Average price Cash proceeds (rand)¹ Number of instruments Number of instruments Executive directors Neal Froneman 2 1,939,548 1,470,189 98,327 41.01 4,032,208 — 3,311,410 Charl Keyter 884,319 438,923 50,923 41.87 2,131,921 — 1,272,319 Prescribed officers Charles Carter — 148,732 — — — — 148,732 Mika Seitovirta — 116,231 — — — — 116,231 Dawie Mostert 479,688 274,999 29,677 42.06 1,248,269 — 725,010 Themba Nkosi 382,997 257,187 26,387 42.18 1,113,018 — 613,797 Richard Stewart 529,455 523,362 32,898 42.54 1,399,582 — 1,019,919 Laurent Charbonnier 236,555 296,972 63,197 45.61 2,882,516 — 470,330 Lerato Legong 211,707 117,569 19,469 43.12 839,427 — 309,807 Robert van Niekerk 772,549 388,819 41,460 41.70 1,728,706 — 1,119,908 1 Amounts represents pre-tax earnings paid to participants. For South African participants, these amounts were calculated by taking the Company’s VWAP share price on vesting date multiplied by the number of vested units 2 Numbers include ADRs and JSE listed shares as a result of the dual service contract Total key management personnel compensation recognised under IFRS 1 : Figures in thousands - SA rand 2022 2021 2020 Short-term employee benefits 127,542 90,179 110,134 Post-employment benefits 6,957 4,421 6,009 Share-based payment 65,338 104,550 127,097 Total 199,837 199,150 243,240 1 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members (prescribed officers) and executive directors are disclosed under IFRS as key management personnel of Sibanye-Stillwater. For 2020, key management personnel included EVPs and executive directors The executive directors and prescribed officers were paid the following remuneration during the year: Figures in thousands - SA rand Salary Cash bonus accrued for 2022 paid in 2023 Accrual of share-based payment benefits Pension scheme total contributions Expense allowance and other benefits 2022 2021 2020 Executive directors Neal Froneman 1 13,824 12,066 170,348 1,268 526 198,032 291,582 57,973 Charl Keyter 6,875 5,542 73,960 982 123 87,482 143,428 28,963 Prescribed officers 2 Chris Bateman 66,959 Shadwick Bessit 14,789 Hartley Dikgale 29,159 Dawie Mostert 4,728 3,789 41,530 645 73 50,765 71,734 16,655 Themba Nkosi 4,199 3,193 38,620 403 65 46,480 58,648 15,286 Wayne Robinson 19,272 Richard Stewart 5,734 4,703 48,961 644 83 60,125 83,011 18,873 Robert van Niekerk 5,784 4,641 67,465 643 99 78,632 114,686 22,975 Laurent Charbonnier 3 10,067 6,995 4,663 81 2,296 24,102 23,472 2,614 Lerato Legong 3,947 3,010 2,007 538 51 9,553 7,679 2,875 Mika Seitovirta 4 6,896 3,532 2,355 1,242 1,874 15,899 245 — Charles Carter 5 7,160 5,505 3,670 511 162 17,008 — — Total 69,214 52,976 453,579 6,957 5,352 588,078 794,485 296,393 1 Entered into a dual service contract with effect 1 May 2018. Remuneration paid by Stillwater in US dollars was converted at the average exchange rate of R16.37/US$ (2021: R14.79/US$ and 2020: R16.46/US$) for the year ended 31 December 2022 2 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members are disclosed as prescribed officers of Sibanye-Stillwater. In 2020, the following individuals were also disclosed as prescribed officers: • Chris Bateman — ceased performing an EVP role on 6 September 2020 • Shadwick Bessit — ceased performing an EVP role on 16 January 2021 • Hartley Dikgale — ceased performing an EVP role on 31 March 2020 • Wayne Robinson — not a C-suite member 3 Assumed a prescribed officer role on 16 November 2020, remuneration paid in GBP was converted at the average exchange rate of R20.18/GBP (2021: R20.33/GBP and 2020: R21.10/GBP) for the year ended 31 December 2022 4 Assumed a prescribed officer role on 14 December 2021, remuneration paid in Euros was converted at the average exchange rate of R17.20/Euro (2021: R17.49/Euro) for the year ended 31 December 2022 5 Assumed a prescribed officer role on 23 May 2022, remuneration paid in US dollars converted at the average exchange rate of R16.37/US$ The non-executive directors were paid the following fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance 2022 2021 2020 Timothy Cumming 1,127 982 103 2,212 2,229 1,909 Savannah Danson 1,127 774 — 1,901 2,062 1,680 Harry Kenyon-Slaney 1,296 1,095 151 2,542 2,369 2,114 Richard Menell 2,288 232 215 2,735 2,719 2,114 Nkosemntu Nika 1,127 690 26 1,843 1,742 1,708 Keith Rayner 1,127 1,169 — 2,296 2,385 1,864 Susan van der Merwe 1,127 690 13 1,830 1,742 1,716 Jeremiah Vilakazi 1,127 535 — 1,662 1,795 1,422 Vincent Maphai 3,405 — — 3,405 3,265 2,756 Elaine Dorward-King 1,296 531 976 2,803 1,618 1,107 Sindiswa Zilwa 1,127 694 — 1,821 1,807 — Wang Bin — — — — — 327 Lu Jiongjie — — — — — 327 Total 16,174 7,392 1,484 25,050 23,733 19,044 The directors’ and prescribed officers’ (including their associates) direct and indirect share ownership at 31 December 2022 was: Number of shares % 2022 2021 2020 2022 2021 2020 Executive directors Neal Froneman 1,2 8,559,665 6,636,286 4,829,128 0.30 0.24 0.17 Charl Keyter 2 1,466,181 2,866,791 1,775,994 0.05 0.10 0.06 Non-executive directors Timothy Cumming 2 6,000 6,000 1,242 — — — Richard Menell 2 10,125 15,125 84,625 — — — Keith Rayner 2 68,992 68,992 68,992 — — — Susan van der Merwe 2 1,028 1,028 1,027 — — — Jeremiah Vilakazi 2 4,220 2,000 — — — — Vincent Maphai 2 199,724 152,135 50,000 0.01 0.01 — Savannah Danson 2 16,519 2,519 2,519 — — — Harry Kenyon-Slaney 2,3 16,852 16,852 16,852 — — — Elaine Dorward-King 2,4 10,000 10,000 4,800 — — — Total share ownership by directors 10,359,306 9,777,728 6,835,179 Prescribed officers 5 Chris Bateman — — Shadwick Bessit 94,707 — Hartley Dikgale — — Dawie Mostert 2 136,302 26,466 38,975 — — — Themba Nkosi 2,6 251,583 204,533 59,022 0.01 0.01 — Wayne Robinson 184,333 — — 0.01 Richard Stewart 2 788,771 739,633 105,303 0.03 0.03 — Robert van Niekerk 2 1,766,770 875,261 24,341 0.06 0.03 — Laurent Charbonnier 2,7 151,012 151,012 35,620 0.01 0.01 — Charles Carter 2,8 300,000 — — 0.01 — — Total 13,753,744 11,774,633 7,377,480 1 Neal Froneman and his associates hold 225,408 ADRs at 31 December 2022 (2021: 90,479, 2020: 3,213) which convert to 901,632 (2021: 361,916, 2020: 12,852) ordinary shares in the Company 2 Share ownership (including shares held by associates) in the Company at the date of this report was unchanged, except for the following: • Neal Froneman — 8,833,665 • Charl Keyter — 1,616,481 • Vincent Maphai — 217,135 • Themba Nkosi — 283,753 • Charles Carter — 440,000 3 Harry Kenyon-Slaney and his associates hold 4,213 ADRs at 31 December 2022 (2021 and 2020:4,213) which convert to 16,852 (2021 and 2020: 16,852) ordinary shares in the Company 4 Elaine Dorward-King and her associates hold 2,500 ADRs at 31 December 2022 (2021: 2,500, 2020: 1,200) which convert to 10,000 (2021: 10,000, 2020: 4,800) ordinary shares in the Company 5 In 2021, Sibanye-Stillwater introduced a new executive level of management (referred to as the C-suite). Therefore from 2021, only C-suite members are disclosed as prescribed officers of Sibanye-Stillwater. In 2020, the following individuals were also disclosed as prescribed officers: • Chris Bateman — ceased performing an EVP role on 6 September 2020 • Shadwick Bessit — ceased performing an EVP role on 16 January 2021 • Hartley Dikgale — ceased performing an EVP role on 31 March 2020 • Wayne Robinson — not a C-suite member 6 Themba Nkosi and his associates hold 5,300 ADRs at 31 December 2022 which convert into 21,200 ordinary shares in the Company 7 Laurent Charbonnier and his associates hold 37,753 ADRs at 31 December 2022 (2021: 37,753, 2020: 8,905) which convert to 151,012 (2021: 151,012, 2020: 35,620) ordinary shares in the Company

Accounting policies (Tables)

Accounting policies (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of initial application of standards or interpretations [abstract]
Disclosure of initial application of standards or interpretations	During the financial year, the following amendments to standards applicable to the Group became effective and had no material impact on the Group’s financial statements: Pronouncement Details of amendments Effective date 1 COVID-19-Related Rent Concessions beyond 30 June 2021 A one-year extension to the practical expedient for COVID-19 related rent concessions under IFRS 16 has been published by the IASB. This amendment was a response to the ongoing economic challenges resulting from the COVID-19 coronavirus pandemic. 1 April 2021 Annual Improvements to IFRS Standards 2018-2020 As part of its process to make non-urgent but necessary amendments to IFRS Standards, the IASB has issued the Annual Improvements to IFRS Standards 2018–2020. The amendments applicable to the Group relate to: 1 January 2022 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) In the process of making an item of property, plant or equipment (PPE) available for its intended use, an entity may produce and sell items. Under the amendments, proceeds from selling items before the related item of PPE is available for use should be recognised in profit or loss, together with the costs of producing those items. IAS 2 Inventories should be applied in identifying and measuring these production costs. 1 January 2022 Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) The amendment to IAS 37 Provisions, Contingent Liabilities and Contingent Assets (IAS 37) clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts. Before recognising a separate provision for an onerous contract, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract. 1 January 2022 Reference to the Conceptual Framework (Amendments to IFRS 3) Minor amendments were made to IFRS 3 Business Combinations (IFRS 3) to update the references to the Conceptual Framework for Financial Reporting and add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 and IFRIC 21 Levies. The amendments also confirm that contingent assets should not be recognised at the acquisition date. 1 January 2022 1 Effective date refers to annual period beginning on or after said date
Disclosure of expected impact of initial application of new standards or interpretations	Certain new standards, amendments and interpretations to existing standards have been published that apply to the accounting periods beginning on or after 1 January 2023 but have not been early adopted by the Group. The standards, amendments and interpretations that are applicable to the Group are: Pronouncement Details of amendments Effective date 1 Definition of Accounting Estimate (Amendments to IAS 8) 2 The IASB issued amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) to clarify how entities should distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. This is due to the term "accounting estimate" not being defined and the previous definition of a "change in accounting estimate" being unclear. The amendments introduce a new definition for accounting estimates, clarifying that they are monetary amounts in the financial statements that are subject to measurement uncertainty. 1 January 2023 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) 2 The amendments narrow the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, entities will need to recognise a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. 1 January 2023 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) 2 To assist preparers of financial statements, the IASB had previously refined its definition of ‘material’ (effective 1 Jan 2020) and issued non-mandatory practical guidance on applying the concept of materiality. As the final step of the materiality improvements, the IASB issued amendments on the application of materiality to the disclosure of accounting policies. The key amendments include requirements for entities to disclose their material accounting policies rather than their significant accounting policies as well as certain clarifications regarding accounting policies related to material transactions or events. 1 January 2023 Classification of Liabilities as Current or Non-current (Amendments to IAS 1) 2 To promote consistency in application and clarify the requirements on determining if a liability is current or non-current, the IASB has amended IAS 1 Presentation of Financial Statements (IAS 1) to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the “settlement” of a liability. 1 January 2024 Non-current Liabilities with Covenants (Amendments to IAS 1) 2 The amendment confirms that only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or non-current. Covenants with which a company must comply after the reporting date do not affect the classification at that date. However, when non-current liabilities are subject to future covenants, companies will now need to disclose information to help users understand the risk that those liabilities may become repayable within twelve months. The amendments also clarify how a company classifies a liability that can be settled in its own shares. 1 January 2024 1 Effective date refers to annual period beginning on or after said date 2 No material impact expected
Disclosure significant accounting policies subject to significant judgements, estimates and assumptions	For significant accounting policies that are subject to significant judgement, estimates and assumptions, see the following notes to the consolidated financial statements: Significant accounting policy Note to the consolidated financial statements Revenue 3 - Revenue Cash-settled share-based payment obligation 6 - Share-based payments Royalties, mining and income tax, and deferred tax 11 - Royalties, mining and income tax, and deferred tax Property, plant and equipment 14 - Property, plant and equipment Business combinations 16 - Acquisitions Goodwill 17 - Goodwill and other intangibles Equity-accounted investments 18 - Equity-accounted investments Other investments 20 - Other investments Other receivables and other payables 22 - Other receivables and other payables Inventories 23 - Inventories Borrowings and derivative financial instrument 28 - Borrowings Environmental rehabilitation obligation 30 - Environmental rehabilitation obligation and other provisions Occupational healthcare obligation 31 - Occupational healthcare obligation Deferred revenue 32 - Deferred revenue Contingent liabilities 38 - Contingent liabilities
Disclosure of impact of restatement on financial statements	The impact of the restatement on the consolidated financial statements is illustrated in the table below: 31 December 2021 31 December 2020 Figures in million – SA rand As previously presented Adjustment As restated As previously presented Adjustment As restated Statement of Changes in Equity Accumulated profit 27,958 (544) 27,414 12,760 (544) 12,216 Non-controlling interests 1,408 544 1,952 2,236 544 2,780 Statement of Financial Position Accumulated profit 27,958 (544) 27,414 12,760 (544) 12,216 Non-controlling interests 1,408 544 1,952 2,236 544 2,780

Accounting policies - Reporting

Accounting policies - Reporting entity (Details)	12 Months Ended
	Dec. 31, 2022 plant shaft region shaftComplex miningTailingDam concentrator t
Accounting policies
Number of regions | region	3
Number of established shaft complexes | shaftComplex	2
Rhyolite Ridge
Accounting policies
Expected proportion of ownership interest in joint venture	50%
Ioneer Limited
Accounting policies
Proportion of ownership	6.95%
New Century Resources Limited
Accounting policies
Proportion of ownership interest in entity	19.90%
Eramet SA
Accounting policies
Production capacity - nickel metal | t	12,000
Production capacity - nickel salts and solutions | t	4,000
Production capacity - cobalt chloride | t	600
Keliber
Accounting policies
Proportion of ownership interest in subsidiary	84.96%
Kroondal
Accounting policies
Proportion of ownership interest in joint operation	50%
Number of operating decline shafts	5
Number of concentrating plants | plant	2
Marikana
Accounting policies
Proportion of ownership interest in joint operation	50%
Number of shafts and concentrators	5
Number of concentrators on site | concentrator	5
Mimosa
Accounting policies
Proportion of ownership interest in associate	50%
Rustenburg operation
Accounting policies
Number of operating vertical shafts	3
Number of operating decline shafts	2
Number of concentrating plants | plant	2
Number of mining tailing dams | miningTailingDam	1

Accounting policies - Consolida

Accounting policies - Consolidation (Details) R in Millions			12 Months Ended
	Jan. 10, 2020 ZAR (R) shares	Jun. 29, 2018	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021	Dec. 31, 2020
Aldebaran
Accounting policies
Joint venture ownership interest of counterparty, initial			60%
Drdgold Limited
Accounting policies
Percentage of voting equity interests acquired	12.05%
Consideration transferred, acquisition-date fair value	R 1,086
Number of instruments or interests issued or issuable (in shares) | shares	168,158,944
Potential ownership, as a percent	50.10%		50.33%	50.49%	50.66%
Peregrine Metals Ltd.
Accounting policies
Proportion of legal ownership interest in associate			100%
Peregrine Metals Ltd. | Aldebaran
Accounting policies
Joint venture ownership interest of counterparty, initial		60%	60%
Bakgatla Ba Kgafela Investment Holdings
Accounting policies
Percentage of stake held			24.80%
Siyanda Resources Proprietary Limited
Accounting policies
Percentage of stake held			20%
Lonplats Siyakhula Employee Profit Share Trust
Accounting policies
Percentage of stake held			3.80%
Marikana Community Trust
Accounting policies
Percentage of stake held			0.90%
Liabilities			R 1,821
Bapo Ba Mogale Community Trust
Accounting policies
Percentage of stake held			0.90%
Newshelf 1335 Proprietary Limited
Accounting policies
Potential ownership, as a percent			2%
Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary
Accounting policies
Percentage of voting equity interests acquired			26%
Newshelf 1114
Accounting policies
Proportion of ownership interest in subsidiary			76%
Keliber
Accounting policies
Proportion of ownership interest in subsidiary			84.96%
Rustenburg Mine Employees Trust
Accounting policies
Proportion of ownership interest in subsidiary			30.40%
Liabilities			R 2,112
Rustenburg Mine Community Development Trust
Accounting policies
Percentage of stake held			24.80%
Liabilities			R 1,723

Accounting policies - Comparati

Accounting policies - Comparatives, narrative (Details) - ZAR (R) R in Millions		12 Months Ended
	Jan. 10, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 09, 2020
Accounting policies
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity		R 3,452
Non- controlling interests
Accounting policies
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity		686		R (324)
Accumulated profit/(loss)
Accounting policies
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity		R 2,828
NCI of DRDGOLD
Accounting policies
Proportion of ownership interest in subsidiary	50.10%	49.67%	49.51%	49.34%
Number of shares in entity held by entity or by its subsidiaries or associates (in shares)	433,158,944				265,000,000
Consideration transferred, acquisition-date fair value	R 1,086
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity				R 0
NCI of DRDGOLD | Non- controlling interests
Accounting policies
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity	R 220			(324)
NCI of DRDGOLD | Non- controlling interests | As previously presented
Accounting policies
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity				220
NCI of DRDGOLD | Non- controlling interests | Adjustment
Accounting policies
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity			R (544)	(544)
NCI of DRDGOLD | Accumulated profit/(loss)
Accounting policies
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity				324
NCI of DRDGOLD | Accumulated profit/(loss) | Adjustment
Accounting policies
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity			R 544	R 544

Accounting policies - Compara_2

Accounting policies - Comparatives (Details) - ZAR (R) R in Millions	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Statement of changes in equity [abstract]
Equity	R 91,004	R 81,345	[1],[2]	R 70,716	[1],[2]	R 31,138
Statement of financial position [abstract]
Accumulated profit	33,781	27,414	[1]	12,216	[1]
Non-controlling interests	2,903	1,952	[1]	2,780	[1]
As previously presented
Statement of financial position [abstract]
Accumulated profit		27,958		12,760
Non-controlling interests		1,408		2,236
Adjustment
Statement of financial position [abstract]
Accumulated profit		(544)		(544)
Non-controlling interests		544		544
Accumulated profit/(loss)
Statement of changes in equity [abstract]
Equity	33,781	27,414	[2]	12,216	[2]	(15,434)
Accumulated profit/(loss) | As previously presented
Statement of changes in equity [abstract]
Equity		27,958		12,760
Accumulated profit/(loss) | Adjustment
Statement of changes in equity [abstract]
Equity		(544)		(544)
Non- controlling interests
Statement of changes in equity [abstract]
Equity	R 2,903	1,952	[2]	2,780	[2]	R 1,468
Non- controlling interests | As previously presented
Statement of changes in equity [abstract]
Equity		1,408		2,236
Non- controlling interests | Adjustment
Statement of changes in equity [abstract]
Equity		R 544		R 544
[1]* Restated — see note 1.5[2]** Restated — see note 1.5

Segment reporting (Details)

Segment reporting (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEGMENT REPORTING
Total revenue	R 138,288	R 172,194	R 127,392
Cost of sales, before amortisation and depreciation	(94,537)	(101,013)	(75,776)
Net other cash costs	(2,640)	(2,575)	(2,231)
Adjusted EBITDA	41,111	68,606	49,385
Amortisation and depreciation	(7,087)	(8,293)	(7,593)
Interest income	1,203	1,202	1,065
Finance expense	(2,840)	(2,496)	(3,152)
Total share-based payment expense	(218)	(383)	(512)
Net other	(2,142)	(2,832)	(393)
Non-underlying items	(299)	(5,529)	(1,550)
Royalties and carbon tax	(1,824)	(2,718)	(1,770)
Profit before tax	27,904	47,557	35,480
Current taxation	(9,282)	(13,506)	(5,374)
Deferred taxation	358	(255)	516
Profit for the year	18,980	33,796	30,622
Attributable to:
Owners of Sibanye-Stillwater	18,396	33,054	29,312
Non-controlling interests (NCI)	584	742	1,310
Sustaining capital expenditure	(4,946)	(4,119)	(2,817)
Ore reserve development	(6,640)	(5,535)	(4,150)
Growth projects	(4,313)	(3,086)	(2,649)
Total capital expenditure	(15,899)	(12,740)	(9,616)
Repayment of lease liabilities	163	142	148
Underground
SEGMENT REPORTING
Total revenue	92,325	120,403	91,369
Cost of sales, before amortisation and depreciation	(52,734)	(54,989)	(45,502)
Surface
SEGMENT REPORTING
Total revenue	10,556	11,081	10,727
Cost of sales, before amortisation and depreciation	(7,179)	(6,804)	(5,856)
Recycling/processing
SEGMENT REPORTING
Total revenue	35,407
Cost of sales, before amortisation and depreciation	(34,624)
Recycling
SEGMENT REPORTING
Total revenue		40,710	25,296
Cost of sales, before amortisation and depreciation	(30,993)	(39,220)	(24,418)
Driefontein
Attributable to:
Impairment		212
Kloof
Attributable to:
Impairment		3,642
Beatrix
Attributable to:
Impairment		1,293
Southern Africa
SEGMENT REPORTING
Total revenue	89,507	113,512	82,781
Operating segments | Battery metals
SEGMENT REPORTING
Total revenue	3,140
Cost of sales, before amortisation and depreciation	(3,631)
Net other cash costs	(87)
Adjusted EBITDA	(578)
Amortisation and depreciation	(158)
Interest income	0
Finance expense	(15)
Total share-based payment expense	0
Net other	111
Non-underlying items	0
Royalties and carbon tax	0
Profit before tax	(640)
Current taxation	0
Deferred taxation	(39)
Profit for the year	(679)
Attributable to:
Owners of Sibanye-Stillwater	(665)
Non-controlling interests (NCI)	(14)
Sustaining capital expenditure	(90)
Ore reserve development	0
Growth projects	(729)
Total capital expenditure	(819)
Operating segments | Battery metals | Underground
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Battery metals | Surface
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Battery metals | Recycling/processing
SEGMENT REPORTING
Total revenue	3,140
Cost of sales, before amortisation and depreciation	(3,631)
Operating segments | Sandouville
SEGMENT REPORTING
Total revenue	3,140
Cost of sales, before amortisation and depreciation	(3,631)
Net other cash costs	(1)
Adjusted EBITDA	(492)
Amortisation and depreciation	(153)
Interest income	0
Finance expense	(13)
Total share-based payment expense	0
Net other	23
Non-underlying items	0
Royalties and carbon tax	0
Profit before tax	(635)
Current taxation	0
Deferred taxation	0
Profit for the year	(635)
Attributable to:
Owners of Sibanye-Stillwater	(635)
Non-controlling interests (NCI)	0
Sustaining capital expenditure	(90)
Ore reserve development	0
Growth projects	0
Total capital expenditure	(90)
Operating segments | Sandouville | Underground
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Sandouville | Surface
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Sandouville | Recycling/processing
SEGMENT REPORTING
Total revenue	3,140
Cost of sales, before amortisation and depreciation	(3,631)
Operating segments | US Region/ Stillwater | US PGM operations
SEGMENT REPORTING
Total revenue	46,090	59,053	45,154
Cost of sales, before amortisation and depreciation	(38,452)	(46,787)	(32,004)
Net other cash costs	(34)	(10)	(67)
Adjusted EBITDA	7,604	12,256	13,083
Amortisation and depreciation	(2,803)	(2,601)	(2,727)
Interest income	309	382	279
Finance expense	(952)	(954)	(1,057)
Total share-based payment expense	(47)	(73)	(80)
Net other	(243)	238	31
Non-underlying items	(5)	(278)	(93)
Royalties and carbon tax	0	0	0
Profit before tax	3,863	8,970	9,436
Current taxation	(655)	(1,422)	(976)
Deferred taxation	315	(89)	(682)
Profit for the year	3,523	7,459	7,778
Attributable to:
Owners of Sibanye-Stillwater	3,523	7,459	7,778
Non-controlling interests (NCI)	0	0	0
Sustaining capital expenditure	(1,185)	(796)	(798)
Ore reserve development	(2,887)	(1,354)	(1,239)
Growth projects	(1,345)	(2,411)	(2,385)
Total capital expenditure	(5,417)	(4,561)	(4,422)
Operating segments | US Region/ Stillwater | US PGM operations | Underground
SEGMENT REPORTING
Total revenue	13,823	18,343	19,858
Cost of sales, before amortisation and depreciation	(7,459)	(7,567)	(7,586)
Operating segments | US Region/ Stillwater | US PGM operations | Surface
SEGMENT REPORTING
Total revenue	0	0	0
Cost of sales, before amortisation and depreciation	0	0	0
Operating segments | US Region/ Stillwater | US PGM operations | Recycling/processing
SEGMENT REPORTING
Total revenue	32,267
Cost of sales, before amortisation and depreciation	(30,993)
Operating segments | US Region/ Stillwater | US PGM operations | Recycling
SEGMENT REPORTING
Total revenue		40,710	25,296
Cost of sales, before amortisation and depreciation		(39,220)	(24,418)
Operating segments | US Region/ Stillwater | Underground
SEGMENT REPORTING
Total revenue	13,823	18,343	19,858
Cost of sales, before amortisation and depreciation	(7,459)	(7,567)	(7,586)
Net other cash costs	(34)	(10)	(67)
Adjusted EBITDA	6,330	10,766	12,205
Amortisation and depreciation	(2,799)	(2,598)	(2,722)
Interest income	81	10	1
Finance expense	(952)	(897)	(960)
Total share-based payment expense	(47)	(73)	(80)
Net other	(243)	238	31
Non-underlying items	(5)	(278)	(93)
Royalties and carbon tax	0	0	0
Profit before tax	2,365	7,168	8,382
Attributable to:
Sustaining capital expenditure	(1,184)	(791)	(795)
Ore reserve development	(2,887)	(1,354)	(1,239)
Growth projects	(1,345)	(2,411)	(2,385)
Total capital expenditure	(5,416)	(4,556)	(4,419)
Operating segments | US Region/ Stillwater | Underground | Underground
SEGMENT REPORTING
Total revenue	13,823	18,343	19,858
Cost of sales, before amortisation and depreciation	(7,459)	(7,567)	(7,586)
Operating segments | US Region/ Stillwater | Underground | Surface
SEGMENT REPORTING
Total revenue	0	0	0
Cost of sales, before amortisation and depreciation	0	0	0
Operating segments | US Region/ Stillwater | Underground | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | US Region/ Stillwater | Underground | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | US Region/ Stillwater | Recycling
SEGMENT REPORTING
Total revenue	32,267	40,710	25,296
Cost of sales, before amortisation and depreciation	(30,993)	(39,220)	(24,418)
Net other cash costs	0	0	0
Adjusted EBITDA	1,274	1,490	878
Amortisation and depreciation	(4)	(3)	(5)
Interest income	228	372	278
Finance expense	0	(57)	(97)
Total share-based payment expense	0	0	0
Net other	0	0	0
Non-underlying items	0	0	0
Royalties and carbon tax	0	0	0
Profit before tax	1,498	1,802	1,054
Attributable to:
Sustaining capital expenditure	(1)	(5)	(3)
Ore reserve development	0	0	0
Growth projects	0	0	0
Total capital expenditure	(1)	(5)	(3)
Operating segments | US Region/ Stillwater | Recycling | Underground
SEGMENT REPORTING
Total revenue	0	0	0
Cost of sales, before amortisation and depreciation	0	0	0
Operating segments | US Region/ Stillwater | Recycling | Surface
SEGMENT REPORTING
Total revenue	0	0	0
Cost of sales, before amortisation and depreciation	0	0	0
Operating segments | US Region/ Stillwater | Recycling | Recycling/processing
SEGMENT REPORTING
Total revenue	32,267
Cost of sales, before amortisation and depreciation	(30,993)
Operating segments | US Region/ Stillwater | Recycling | Recycling
SEGMENT REPORTING
Total revenue		40,710	25,296
Cost of sales, before amortisation and depreciation		(39,220)	(24,418)
Operating segments | Southern Africa
SEGMENT REPORTING
Total revenue	89,507	113,512	82,781
Cost of sales, before amortisation and depreciation	(52,454)	(54,226)	(43,772)
Net other cash costs	(2,464)	(2,565)	(2,164)
Adjusted EBITDA	34,589	56,721	36,845
Amortisation and depreciation	(4,126)	(5,692)	(4,866)
Interest income	893	805	786
Finance expense	(1,547)	(1,233)	(1,773)
Total share-based payment expense	(169)	(310)	(432)
Net other	(2,055)	(3,121)	(424)
Non-underlying items	(153)	(5,153)	(1,386)
Royalties and carbon tax	(1,824)	(2,718)	(1,770)
Profit before tax	25,608	39,299	26,980
Current taxation	(8,623)	(12,014)	(4,353)
Deferred taxation	82	(166)	1,198
Profit for the year	17,067	27,119	23,825
Attributable to:
Owners of Sibanye-Stillwater	16,469	26,377	22,515
Non-controlling interests (NCI)	598	742	1,310
Sustaining capital expenditure	(3,671)	(3,323)	(2,019)
Ore reserve development	(3,753)	(4,181)	(2,911)
Growth projects	(2,239)	(675)	(264)
Total capital expenditure	(9,663)	(8,179)	(5,194)
Operating segments | Southern Africa | Underground
SEGMENT REPORTING
Total revenue	78,951	102,431	72,054
Cost of sales, before amortisation and depreciation	(45,275)	(47,422)	(37,916)
Operating segments | Southern Africa | Surface
SEGMENT REPORTING
Total revenue	10,556	11,081	10,727
Cost of sales, before amortisation and depreciation	(7,179)	(6,804)	(5,856)
Operating segments | Southern Africa | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Southern Africa | SA PGM operations
SEGMENT REPORTING
Total revenue	71,665	85,154	54,912
Cost of sales, before amortisation and depreciation	(32,280)	(31,971)	(24,722)
Net other cash costs	(1,250)	(1,575)	(1,116)
Adjusted EBITDA	38,135	51,608	29,074
Amortisation and depreciation	(2,418)	(2,515)	(2,072)
Interest income	402	219	221
Finance expense	(831)	(666)	(662)
Total share-based payment expense	(73)	(89)	(90)
Net other	(2,025)	(4,305)	1,224
Non-underlying items	(132)	2	149
Royalties and carbon tax	(1,772)	(2,548)	(1,625)
Profit before tax	31,286	41,706	26,219
Current taxation	(8,373)	(11,745)	(3,861)
Deferred taxation	(1,332)	(367)	958
Profit for the year	21,581	29,594	23,316
Attributable to:
Owners of Sibanye-Stillwater	21,577	29,360	22,650
Non-controlling interests (NCI)	4	234	666
Sustaining capital expenditure	(2,056)	(2,019)	(1,052)
Ore reserve development	(2,123)	(1,577)	(1,125)
Growth projects	(925)	(203)	(20)
Total capital expenditure	(5,104)	(3,799)	(2,197)
Operating segments | Southern Africa | SA PGM operations | Underground
SEGMENT REPORTING
Total revenue	68,182	81,477	52,142
Cost of sales, before amortisation and depreciation	(30,528)	(30,430)	(23,551)
Operating segments | Southern Africa | SA PGM operations | Surface
SEGMENT REPORTING
Total revenue	3,483	3,677	2,770
Cost of sales, before amortisation and depreciation	(1,752)	(1,541)	(1,171)
Operating segments | Southern Africa | SA PGM operations | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | SA PGM operations | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Southern Africa | Rustenburg operation
SEGMENT REPORTING
Total revenue	29,104	31,749	20,429
Cost of sales, before amortisation and depreciation	(13,546)	(11,464)	(9,588)
Net other cash costs	151	134	51
Adjusted EBITDA	15,709	20,419	10,892
Amortisation and depreciation	(981)	(885)	(806)
Interest income	43	22	27
Finance expense	(4,618)	(4,201)	(2,841)
Total share-based payment expense	(27)	(35)	(36)
Net other	(9,353)	(12,232)	(3,847)
Non-underlying items	10	4	591
Royalties and carbon tax	(1,023)	(1,405)	(924)
Profit before tax	(240)	1,687	3,056
Current taxation	(3,169)	(4,864)	(2,635)
Deferred taxation	(590)	956	98
Profit for the year	(3,999)	(2,221)	519
Attributable to:
Owners of Sibanye-Stillwater	(3,999)	(2,221)	519
Non-controlling interests (NCI)	0	0	0
Sustaining capital expenditure	(690)	(619)	(326)
Ore reserve development	(687)	(629)	(417)
Growth projects	0	0	0
Total capital expenditure	(1,377)	(1,248)	(743)
Operating segments | Southern Africa | Rustenburg operation | Underground
SEGMENT REPORTING
Total revenue	27,058	29,575	18,521
Cost of sales, before amortisation and depreciation	(12,377)	(10,454)	(8,732)
Operating segments | Southern Africa | Rustenburg operation | Surface
SEGMENT REPORTING
Total revenue	2,046	2,174	1,908
Cost of sales, before amortisation and depreciation	(1,169)	(1,010)	(856)
Operating segments | Southern Africa | Rustenburg operation | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | Rustenburg operation | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Southern Africa | Marikana
SEGMENT REPORTING
Total revenue	32,753	41,610	26,865
Cost of sales, before amortisation and depreciation	(14,603)	(16,561)	(13,232)
Net other cash costs	(688)	(1,036)	(789)
Adjusted EBITDA	17,462	24,013	12,844
Amortisation and depreciation	(1,205)	(1,099)	(818)
Interest income	214	92	106
Finance expense	(320)	(328)	(259)
Total share-based payment expense	(36)	(42)	(41)
Net other	(1,599)	(985)	2,132
Non-underlying items	(136)	(1)	(435)
Royalties and carbon tax	(735)	(1,129)	(691)
Profit before tax	13,645	20,521	12,838
Current taxation	(3,766)	(4,768)	92
Deferred taxation	(693)	(1,460)	951
Profit for the year	9,186	14,293	13,881
Attributable to:
Owners of Sibanye-Stillwater	9,182	14,075	13,230
Non-controlling interests (NCI)	4	218	651
Sustaining capital expenditure	(1,072)	(1,104)	(515)
Ore reserve development	(1,436)	(947)	(708)
Growth projects	(924)	(203)	0
Total capital expenditure	(3,432)	(2,254)	(1,223)
Operating segments | Southern Africa | Marikana | Underground
SEGMENT REPORTING
Total revenue	32,753	41,610	26,865
Cost of sales, before amortisation and depreciation	(14,603)	(16,561)	(13,232)
Operating segments | Southern Africa | Marikana | Surface
SEGMENT REPORTING
Total revenue	0	0	0
Cost of sales, before amortisation and depreciation	0		0
Operating segments | Southern Africa | Marikana | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | Marikana | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Southern Africa | Kroondal
SEGMENT REPORTING
Total revenue	8,371	10,293	7,973
Cost of sales, before amortisation and depreciation	(3,548)	(3,416)	(2,803)
Net other cash costs	(128)	(91)	(76)
Adjusted EBITDA	4,695	6,786	5,094
Amortisation and depreciation	(180)	(495)	(410)
Interest income	109	97	84
Finance expense	(111)	(116)	(137)
Total share-based payment expense	(9)	(12)	(13)
Net other	303	248	122
Non-underlying items	(4)	(1)	(7)
Royalties and carbon tax	(13)	(14)	(10)
Profit before tax	4,790	6,493	4,723
Current taxation	(1,288)	(1,885)	(1,300)
Deferred taxation	(60)	56	(34)
Profit for the year	3,442	4,664	3,389
Attributable to:
Owners of Sibanye-Stillwater	3,442	4,664	3,389
Non-controlling interests (NCI)	0	0	0
Sustaining capital expenditure	(273)	(268)	(188)
Ore reserve development	0	0	0
Growth projects	0	0	0
Total capital expenditure	(273)	(268)	(188)
Operating segments | Southern Africa | Kroondal | Underground
SEGMENT REPORTING
Total revenue	8,371	10,293	7,973
Cost of sales, before amortisation and depreciation	(3,548)	(3,416)	(2,803)
Operating segments | Southern Africa | Kroondal | Surface
SEGMENT REPORTING
Total revenue	0	0	0
Cost of sales, before amortisation and depreciation	0	0	0
Operating segments | Southern Africa | Kroondal | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | Kroondal | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Southern Africa | Platinum Mile
SEGMENT REPORTING
Total revenue	1,437	1,503	950
Cost of sales, before amortisation and depreciation	(583)	(531)	(403)
Net other cash costs	(407)	(492)	(241)
Adjusted EBITDA	447	480	306
Amortisation and depreciation	(40)	(31)	(34)
Interest income	30	7	3
Finance expense	0	0	0
Total share-based payment expense	(1)	0	0
Net other	5	34	(14)
Non-underlying items	0	0	0
Royalties and carbon tax	0	0	0
Profit before tax	441	490	261
Current taxation	(130)	(218)	(15)
Deferred taxation	8	80	(58)
Profit for the year	319	352	188
Attributable to:
Owners of Sibanye-Stillwater	319	336	173
Non-controlling interests (NCI)	0	16	15
Sustaining capital expenditure	(21)	(28)	(23)
Ore reserve development	0	0	0
Growth projects	0	0	(20)
Total capital expenditure	(21)	(28)	(43)
Operating segments | Southern Africa | Platinum Mile | Underground
SEGMENT REPORTING
Total revenue	0	0	0
Cost of sales, before amortisation and depreciation	0	0	0
Operating segments | Southern Africa | Platinum Mile | Surface
SEGMENT REPORTING
Total revenue	1,437	1,503	950
Cost of sales, before amortisation and depreciation	(583)	(531)	(403)
Operating segments | Southern Africa | Platinum Mile | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | Platinum Mile | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Southern Africa | Mimosa
SEGMENT REPORTING
Total revenue	4,267	4,393	3,894
Cost of sales, before amortisation and depreciation	(1,936)	(1,587)	(1,601)
Net other cash costs	(21)	(42)	(59)
Adjusted EBITDA	2,310	2,764	2,234
Amortisation and depreciation	(342)	(274)	(281)
Interest income	102	12	4
Finance expense	(36)	(5)	(14)
Total share-based payment expense	0	0	0
Net other	(499)	(43)	(16)
Non-underlying items	(1)	0	0
Royalties and carbon tax	(127)	(160)	(135)
Profit before tax	1,407	2,294	1,792
Current taxation	(208)	(574)	(450)
Deferred taxation	(138)	(18)	(42)
Profit for the year	1,061	1,702	1,300
Attributable to:
Owners of Sibanye-Stillwater	1,061	1,702	1,300
Non-controlling interests (NCI)	0	0	0
Sustaining capital expenditure	(864)	(499)	(414)
Ore reserve development	0	0	0
Growth projects	0	0	0
Total capital expenditure	(864)	(499)	(414)
Operating segments | Southern Africa | Mimosa | Underground
SEGMENT REPORTING
Total revenue	4,267	4,393	3,894
Cost of sales, before amortisation and depreciation	(1,936)	(1,587)	(1,601)
Operating segments | Southern Africa | Mimosa | Surface
SEGMENT REPORTING
Total revenue	0	0	0
Cost of sales, before amortisation and depreciation	0	0	0
Operating segments | Southern Africa | Mimosa | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | Mimosa | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Southern Africa | SA gold operations
SEGMENT REPORTING
Total revenue	17,842	28,358	27,869
Cost of sales, before amortisation and depreciation	(20,174)	(22,255)	(19,050)
Net other cash costs	(1,214)	(990)	(1,048)
Adjusted EBITDA	(3,546)	5,113	7,771
Amortisation and depreciation	(1,708)	(3,177)	(2,794)
Interest income	491	586	565
Finance expense	(716)	(567)	(1,111)
Total share-based payment expense	(96)	(221)	(342)
Net other	(30)	1,184	(1,648)
Non-underlying items	(21)	(5,155)	(1,535)
Royalties and carbon tax	(52)	(170)	(145)
Profit before tax	(5,678)	(2,407)	761
Current taxation	(250)	(269)	(492)
Deferred taxation	1,414	201	240
Profit for the year	(4,514)	(2,475)	509
Attributable to:
Owners of Sibanye-Stillwater	(5,108)	(2,983)	(135)
Non-controlling interests (NCI)	594	508	644
Sustaining capital expenditure	(1,615)	(1,304)	(967)
Ore reserve development	(1,630)	(2,604)	(1,786)
Growth projects	(1,314)	(472)	(244)
Total capital expenditure	(4,559)	(4,380)	(2,997)
Operating segments | Southern Africa | SA gold operations | Underground
SEGMENT REPORTING
Total revenue	10,769	20,954	19,912
Cost of sales, before amortisation and depreciation	(14,747)	(16,992)	(14,365)
Operating segments | Southern Africa | SA gold operations | Surface
SEGMENT REPORTING
Total revenue	7,073	7,404	7,957
Cost of sales, before amortisation and depreciation	(5,427)	(5,263)	(4,685)
Operating segments | Southern Africa | SA gold operations | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | SA gold operations | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Southern Africa | Driefontein
SEGMENT REPORTING
Total revenue	4,486	7,932	6,793
Cost of sales, before amortisation and depreciation	(5,281)	(5,691)	(4,863)
Net other cash costs	(173)	(78)	(66)
Adjusted EBITDA	(968)	2,163	1,864
Amortisation and depreciation	(721)	(1,165)	(932)
Interest income	68	60	67
Finance expense	(100)	(99)	(156)
Total share-based payment expense	(20)	(20)	(22)
Net other	13	16	20
Non-underlying items	10	(202)	(27)
Royalties and carbon tax	(22)	(95)	(73)
Profit before tax	(1,740)	658	741
Current taxation	(6)	(13)	(9)
Deferred taxation	84	49	(233)
Profit for the year	(1,662)	694	499
Attributable to:
Owners of Sibanye-Stillwater	(1,662)	694	499
Non-controlling interests (NCI)	0	0	0
Sustaining capital expenditure	(358)	(322)	(187)
Ore reserve development	(794)	(1,177)	(742)
Growth projects	0	0	0
Total capital expenditure	(1,152)	(1,499)	(929)
Operating segments | Southern Africa | Driefontein | Underground
SEGMENT REPORTING
Total revenue	4,213	7,722	6,793
Cost of sales, before amortisation and depreciation	(5,085)	(5,559)	(4,863)
Operating segments | Southern Africa | Driefontein | Surface
SEGMENT REPORTING
Total revenue	273	210	0
Cost of sales, before amortisation and depreciation	(196)	(132)	0
Operating segments | Southern Africa | Driefontein | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | Driefontein | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Southern Africa | Kloof
SEGMENT REPORTING
Total revenue	4,486	9,294	9,795
Cost of sales, before amortisation and depreciation	(6,381)	(7,844)	(6,880)
Net other cash costs	(167)	(83)	(104)
Adjusted EBITDA	(2,062)	1,367	2,811
Amortisation and depreciation	(469)	(1,064)	(1,092)
Interest income	57	47	59
Finance expense	(95)	(85)	(151)
Total share-based payment expense	(15)	(32)	(26)
Net other	26	22	30
Non-underlying items	(14)	(3,686)	(18)
Royalties and carbon tax	(22)	(46)	(115)
Profit before tax	(2,594)	(3,477)	1,498
Current taxation	(3)	(13)	9
Deferred taxation	(184)	1,158	(322)
Profit for the year	(2,781)	(2,332)	1,185
Attributable to:
Owners of Sibanye-Stillwater	(2,781)	(2,332)	1,185
Non-controlling interests (NCI)	0	0	0
Sustaining capital expenditure	(455)	(488)	(392)
Ore reserve development	(620)	(930)	(722)
Growth projects	(210)	(198)	(155)
Total capital expenditure	(1,285)	(1,616)	(1,269)
Operating segments | Southern Africa | Kloof | Underground
SEGMENT REPORTING
Total revenue	3,924	8,089	8,109
Cost of sales, before amortisation and depreciation	(5,821)	(6,986)	(5,886)
Operating segments | Southern Africa | Kloof | Surface
SEGMENT REPORTING
Total revenue	562	1,205	1,686
Cost of sales, before amortisation and depreciation	(560)	(858)	(994)
Operating segments | Southern Africa | Kloof | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | Kloof | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Southern Africa | Beatrix
SEGMENT REPORTING
Total revenue	2,681	5,343	4,664
Cost of sales, before amortisation and depreciation	(3,910)	(4,565)	(3,714)
Net other cash costs	(123)	(73)	(97)
Adjusted EBITDA	(1,352)	705	853
Amortisation and depreciation	(305)	(691)	(491)
Interest income	35	31	36
Finance expense	(95)	(82)	(107)
Total share-based payment expense	(10)	(21)	(19)
Net other	34	33	28
Non-underlying items	(281)	(1,290)	(40)
Royalties and carbon tax	(3)	(29)	(46)
Profit before tax	(1,977)	(1,344)	214
Current taxation	0	(7)	(5)
Deferred taxation	154	233	(89)
Profit for the year	(1,823)	(1,118)	120
Attributable to:
Owners of Sibanye-Stillwater	(1,823)	(1,118)	120
Non-controlling interests (NCI)	0	0	0
Sustaining capital expenditure	(155)	(164)	(93)
Ore reserve development	(216)	(497)	(322)
Growth projects	(4)	(7)	0
Total capital expenditure	(375)	(668)	(415)
Operating segments | Southern Africa | Beatrix | Underground
SEGMENT REPORTING
Total revenue	2,632	5,143	4,500
Cost of sales, before amortisation and depreciation	(3,841)	(4,447)	(3,616)
Operating segments | Southern Africa | Beatrix | Surface
SEGMENT REPORTING
Total revenue	49	200	164
Cost of sales, before amortisation and depreciation	(69)	(118)	(98)
Operating segments | Southern Africa | Beatrix | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | Beatrix | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Southern Africa | Cooke
SEGMENT REPORTING
Total revenue	915	999	1,040
Cost of sales, before amortisation and depreciation	(822)	(808)	(671)
Net other cash costs	(717)	(611)	(642)
Adjusted EBITDA	(624)	(420)	(273)
Amortisation and depreciation	(3)	(11)	(14)
Interest income	35	22	45
Finance expense	(86)	(63)	(100)
Total share-based payment expense	0	0	0
Net other	(50)	92	36
Non-underlying items	(2)	(3)	(4)
Royalties and carbon tax	(5)	(5)	(5)
Profit before tax	(735)	(388)	(315)
Current taxation	0	0	0
Deferred taxation	0	0	0
Profit for the year	(735)	(388)	(315)
Attributable to:
Owners of Sibanye-Stillwater	(735)	(388)	(315)
Non-controlling interests (NCI)	0	0	0
Sustaining capital expenditure	0	0	0
Ore reserve development	0	0	0
Growth projects	0	0	0
Total capital expenditure	0	0	0
Operating segments | Southern Africa | Cooke | Underground
SEGMENT REPORTING
Total revenue	0	0	0
Cost of sales, before amortisation and depreciation	0	0	0
Operating segments | Southern Africa | Cooke | Surface
SEGMENT REPORTING
Total revenue	915	999	1,040
Cost of sales, before amortisation and depreciation	(822)	(808)	(671)
Operating segments | Southern Africa | Cooke | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | Cooke | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Southern Africa | DRDGOLD
SEGMENT REPORTING
Total revenue	5,274	4,790	5,051
Cost of sales, before amortisation and depreciation	(3,780)	(3,347)	(2,922)
Net other cash costs	40	(40)	(44)
Adjusted EBITDA	1,534	1,403	2,085
Amortisation and depreciation	(176)	(188)	(202)
Interest income	265	222	178
Finance expense	(78)	(60)	(58)
Total share-based payment expense	(19)	(19)	(141)
Net other	28	22	30
Non-underlying items	10	0	(2)
Royalties and carbon tax	0	0	0
Profit before tax	1,564	1,380	1,890
Current taxation	(226)	(263)	(492)
Deferred taxation	(125)	(77)	(97)
Profit for the year	1,213	1,040	1,301
Attributable to:
Owners of Sibanye-Stillwater	612	527	658
Non-controlling interests (NCI)	601	513	643
Sustaining capital expenditure	(647)	(330)	(295)
Ore reserve development	0	0	0
Growth projects	(124)	(47)	(46)
Total capital expenditure	(771)	(377)	(341)
Operating segments | Southern Africa | DRDGOLD | Underground
SEGMENT REPORTING
Total revenue	0	0	0
Cost of sales, before amortisation and depreciation	0	0	0
Operating segments | Southern Africa | DRDGOLD | Surface
SEGMENT REPORTING
Total revenue	5,274	4,790	5,051
Cost of sales, before amortisation and depreciation	(3,780)	(3,347)	(2,922)
Operating segments | Southern Africa | DRDGOLD | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Operating segments | Southern Africa | DRDGOLD | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Material reconciling items
SEGMENT REPORTING
Total revenue	(449)	(371)	(543)
Cost of sales, before amortisation and depreciation	0	0	0
Net other cash costs	(55)	0	0
Adjusted EBITDA	(504)	(371)	(543)
Amortisation and depreciation	0	0	0
Interest income	1	15	0
Finance expense	(326)	(309)	(322)
Total share-based payment expense	(2)	0	0
Net other	45	51	0
Non-underlying items	(141)	(98)	(71)
Royalties and carbon tax	0	0	0
Profit before tax	(927)	(712)	(936)
Current taxation	(4)	(70)	(45)
Deferred taxation	0	0	0
Profit for the year	(931)	(782)	(981)
Attributable to:
Owners of Sibanye-Stillwater	(931)	(782)	(981)
Non-controlling interests (NCI)	0	0	0
Sustaining capital expenditure	0	0	0
Ore reserve development	0	0	0
Growth projects	0	0	0
Total capital expenditure	0	0	0
Material reconciling items | Keliber
SEGMENT REPORTING
Profit for the year	(143)
Material reconciling items | Underground
SEGMENT REPORTING
Total revenue	(449)	(371)	(543)
Cost of sales, before amortisation and depreciation	0	0	0
Material reconciling items | Surface
SEGMENT REPORTING
Total revenue	0	0	0
Cost of sales, before amortisation and depreciation	0	0	0
Material reconciling items | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Material reconciling items | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Material reconciling items | Battery metals
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Net other cash costs	(86)
Adjusted EBITDA	(86)
Amortisation and depreciation	(5)
Interest income	0
Finance expense	(2)
Total share-based payment expense	0
Net other	88
Non-underlying items	0
Royalties and carbon tax	0
Profit before tax	(5)
Current taxation	0
Deferred taxation	(39)
Profit for the year	(44)
Attributable to:
Owners of Sibanye-Stillwater	(30)
Non-controlling interests (NCI)	(14)
Sustaining capital expenditure	0
Ore reserve development	0
Growth projects	(729)
Total capital expenditure	(729)
Material reconciling items | Battery metals | Underground
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Material reconciling items | Battery metals | Surface
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Material reconciling items | Battery metals | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Material reconciling items | Southern Africa | Underground
SEGMENT REPORTING
Cost of sales, before amortisation and depreciation	0	0	0
Material reconciling items | Southern Africa | Surface
SEGMENT REPORTING
Cost of sales, before amortisation and depreciation	0	0	0
Material reconciling items | Southern Africa | Recycling/processing
SEGMENT REPORTING
Cost of sales, before amortisation and depreciation	0
Material reconciling items | Southern Africa | Recycling
SEGMENT REPORTING
Cost of sales, before amortisation and depreciation		0	0
Material reconciling items | Southern Africa | SA PGM operations
SEGMENT REPORTING
Total revenue	(4,267)	(4,394)	(5,199)
Cost of sales, before amortisation and depreciation	1,936	1,588	2,905
Net other cash costs	(157)	(48)	(2)
Adjusted EBITDA	(2,488)	(2,854)	(2,296)
Amortisation and depreciation	330	269	277
Interest income	(96)	(11)	(3)
Finance expense	4,254	3,984	2,589
Total share-based payment expense	0	0	0
Net other	9,118	8,673	2,847
Non-underlying items	(1)	0	0
Royalties and carbon tax	126	160	135
Profit before tax	11,243	10,221	3,549
Current taxation	188	564	447
Deferred taxation	141	19	43
Profit for the year	11,572	10,804	4,039
Attributable to:
Owners of Sibanye-Stillwater	11,572	10,804	4,039
Non-controlling interests (NCI)	0	0	0
Sustaining capital expenditure	864	499	414
Ore reserve development	0	(1)	0
Growth projects	(1)	0	0
Total capital expenditure	863	498	414
Material reconciling items | Southern Africa | SA PGM operations | Underground
SEGMENT REPORTING
Total revenue	(4,267)	(4,394)	(5,111)
Cost of sales, before amortisation and depreciation	1,936	1,588	2,817
Material reconciling items | Southern Africa | SA PGM operations | Surface
SEGMENT REPORTING
Total revenue	0	0	(88)
Cost of sales, before amortisation and depreciation	0	0	88
Material reconciling items | Southern Africa | SA PGM operations | Recycling/processing
SEGMENT REPORTING
Total revenue	0
Cost of sales, before amortisation and depreciation	0
Material reconciling items | Southern Africa | SA PGM operations | Recycling
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Material reconciling items | Southern Africa | SA gold operations
SEGMENT REPORTING
Total revenue	0	0	526
Cost of sales, before amortisation and depreciation	0	0	0
Net other cash costs	(74)	(105)	(95)
Adjusted EBITDA	(74)	(105)	431
Amortisation and depreciation	(34)	(58)	(63)
Interest income	31	204	180
Finance expense	(262)	(178)	(539)
Total share-based payment expense	(32)	(129)	(134)
Net other	(81)	999	(1,792)
Non-underlying items	256	26	(1,444)
Royalties and carbon tax	0	5	94
Profit before tax	(196)	764	(3,267)
Current taxation	(15)	27	5
Deferred taxation	1,485	(1,162)	981
Profit for the year	1,274	(371)	(2,281)
Attributable to:
Owners of Sibanye-Stillwater	1,281	(366)	(2,282)
Non-controlling interests (NCI)	(7)	(5)	1
Sustaining capital expenditure	0	0	0
Ore reserve development	0	0	0
Growth projects	(976)	(220)	(43)
Total capital expenditure	(976)	(220)	(43)
Material reconciling items | Southern Africa | SA gold operations | Underground
SEGMENT REPORTING
Total revenue	0	0	510
Material reconciling items | Southern Africa | SA gold operations | Surface
SEGMENT REPORTING
Total revenue	0	0	16
Material reconciling items | Southern Africa | SA gold operations | Recycling/processing
SEGMENT REPORTING
Total revenue	R 0
Material reconciling items | Southern Africa | SA gold operations | Recycling
SEGMENT REPORTING
Total revenue		R 0	R 0

Revenue - Accounting policy (De

Revenue - Accounting policy (Details) R in Millions, $ in Millions			1 Months Ended	12 Months Ended
	Jul. 25, 2018 ZAR (R)	Jul. 25, 2018 USD ($)	Jul. 31, 2018 USD ($)	Dec. 31, 2022 ZAR (R) $ / oz	Dec. 31, 2021 ZAR (R)	Dec. 31, 2020 ZAR (R)	Dec. 31, 2016 USD ($)	Jun. 10, 2019 ZAR (R)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue advance received | R				R 24	R 65	R 771
Minimum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Period between provisional invoicing and final pricing				1 month
Maximum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Period between provisional invoicing and final pricing				4 months
Wheaton Precious Metals International
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue advance received	R 6,555	$ 500	$ 500
Additional monthly amounts receivable, as a percent				18%
Wheaton Precious Metals International | Gold
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percent of production covered by agreement				100%
Wheaton Precious Metals International | Palladium
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percent of production covered by agreement				4.50%
BTT streaming revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percent of production covered by agreement				23%
Deferred revenue advance received | $							$ 50
Additional monthly amounts receivable, as a percent				20%
Deferred income including contract liabilities recognised as of acquisition date | R								R 628
BTT streaming revenue | Minimum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percent of production covered by agreement				23%
Additional monthly amounts receivable, as a percent				16%
PGM (4E) basket price (R/oz) | $ / oz				106
BTT streaming revenue | Maximum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percent of production covered by agreement				38%
Additional monthly amounts receivable, as a percent				20%
PGM (4E) basket price (R/oz) | $ / oz				280
BTT streaming revenue | PGMs | Minimum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percent of production covered by agreement							23%
BTT streaming revenue | PGMs | Maximum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percent of production covered by agreement							38%

Revenue - Sources of revenue (D

Revenue - Sources of revenue (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	R 138,051	R 172,313	R 126,173
Adjustments relating to sales of PGM concentrate	237	(119)	1,219
Total revenue	138,288	172,194	127,392
Southern Africa
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	89,507	113,512	82,781
United States
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	45,641	58,682	44,611
Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	3,140	0	0
Gold mining activities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	18,812	29,533	28,930
Gold mining activities | Goods or services transferred at point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	17,842	28,358	27,869
PGM mining activities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	111,070	137,958	95,573
PGM mining activities | Goods or services transferred at point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	84,359	102,099	72,469
Battery metals activities | Goods or services transferred at point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	3,140	0	0
Recycling activities | Goods or services transferred at point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	32,267	40,710	25,296
Stream | Streaming agreements (over time)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	338	625	539
Toll treatment arrangement | Streaming agreements (over time)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	R 105	R 521	R 0

Revenue - Revenue per product (

Revenue - Revenue per product (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	R 138,288	R 172,194	R 127,392
Total revenue from contracts with customers	138,051	172,313	126,173
Gold
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	18,812	29,533	28,930
PGMs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	111,070	137,958	95,573
Platinum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	17,826	21,238	17,054
Palladium
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	42,275	52,859	47,281
Rhodium
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	47,166	59,828	29,865
Iridium
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	2,480	2,694	815
Ruthenium
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	1,323	1,339	558
Chrome
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	3,481	2,259	1,573
Nickel
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	4,305	1,420	910
Nickel salts
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	870
Nickel metal
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	2,020
Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	620	1,024	406
Toll treatment arrangement | Streaming agreements (over time)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	R 105	R 521	R 0

Revenue - Narrative (Details)

Revenue - Narrative (Details) R in Millions	12 Months Ended
	Dec. 31, 2022 ZAR (R)	Dec. 31, 2022 R / $	Dec. 31, 2022 R / €	Dec. 31, 2021 ZAR (R)	Dec. 31, 2020 ZAR (R)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from largest customer	R 42,555			R 52,128	R 49,455
Revenue from second largest customer	18,140			29,160	R 15,234
Revenue from third largest customer	23,492			R 28,056
Average foreign exchange rate (R/US$ rate)		16.37	17.20
Currency risk
Disclosure of disaggregation of revenue from contracts with customers [line items]
Increase in adjusted EBITDA due to decrease in exchange rate	R 29

Cost of sales (Details)

Cost of sales (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of performance obligations [line items]
Salaries and wages	R (26,544)	R (26,214)	R (23,850)
Consumable stores	(21,929)	(18,847)	(16,404)
Utilities	(8,465)	(8,099)	(6,801)
Mine contracts	(6,502)	(5,193)	(3,790)
Recycling	(94,537)	(101,013)	(75,776)
Other	(6,745)	(8,975)	(4,663)
Ore reserve development costs capitalised	6,641	5,535	4,150
Cost of sales, before amortisation and depreciation	(94,537)	(101,013)	(75,776)
Amortisation and depreciation	(7,087)	(8,293)	(7,593)
Total cost of sales	(101,624)	(109,306)	(83,369)
Post-employment benefit expense, defined contribution plans	1,506	1,520	1,351
Recycling
Disclosure of performance obligations [line items]
Recycling	(30,993)	(39,220)	(24,418)
Cost of sales, before amortisation and depreciation	R (30,993)	R (39,220)	R (24,418)

Interest income and finance e_3

Interest income and finance expense (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income [Abstract]
Interest received on cash deposits	R 910	R 948	R 714
Interest received on rehabilitation obligation funds	235	174	245
Interest on right of recovery asset	31	32	16
Other	27	48	90
Finance income	1,203	1,202	1,065
Finance expense
Borrowings (interest)	(1,046)	(801)	(1,290)
Borrowings (unwinding of amortised cost)	(216)	(302)	(394)
Lease liabilities	(31)	(29)	(34)
Environmental rehabilitation obligation	(611)	(615)	(684)
Occupational healthcare obligation	(85)	(77)	(96)
Deferred payment (related to the Rustenburg operation acquisition)	(266)	(158)	(187)
Deferred revenue	(326)	(309)	(349)
Deferred consideration (related to Pandora acquisition)	(18)	(54)	(49)
Marikana dividend obligation	165	87	0
Other	(76)	(64)	(69)
Total finance expense	R (2,840)	(2,496)	(3,152)
Platinum
Finance expense
Borrowings (interest)			(14)
BTT streaming revenue
Finance expense
Discount rate used in current estimate of value in use	11.50%
BTT streaming revenue | Streaming agreements (over time)
Finance expense
Borrowings (interest)		(13)
Wheaton Precious Metals International | Palladium
Finance expense
Discount rate used in current estimate of value in use	4.60%
Wheaton Precious Metals International | Gold
Finance expense
Discount rate used in current estimate of value in use	5.20%
Wheaton Precious Metals International | Streaming agreements (over time)
Finance expense
Borrowings (interest)	R (326)	R (309)	R (322)

Interest income and finance e_4

Interest income and finance expense - Cash interest (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Interest paid	R (1,118)	R (781)	R (1,386)
Interest received	682	960	719
Net interest (paid)/received	R (436)	R 179	R (667)

Share-based payments - Equity s

Share-based payments - Equity settled, 2017 and 2013 Plans (Details)	12 Months Ended
	Dec. 31, 2022 performanceCriteria peerGroupCompany tranche methodOfParticipation shares
Share-based payments
Percentage of actual annual cash bonus	60%
TSR Weighting percentage	50%
ROCE Weighting percentage	30%
Maximum
Share-based payments
ROCE Weighting percentage	250%
Sibanye Gold Limited2013 Share Plan [Member]
Share-based payments
Number of methods of participation | methodOfParticipation	2
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme)
Share-based payments
Shares authorized (in shares)	86,748,850
Maximum shares allowed per individual participant (in shares)	8,674,885
TSR Weighting percentage	70%
Number of peer-group companies | peerGroupCompany	8
ROCE Weighting percentage	30%
ROCE incremental increase (as a percent)	6%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | 0%
Share-based payments
Vesting percentage	0%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | 10%
Share-based payments
Vesting percentage	0%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | 20%
Share-based payments
Vesting percentage	0%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | 30%
Share-based payments
Vesting percentage	5%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | 40%
Share-based payments
Vesting percentage	20%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | 50%
Share-based payments
Vesting percentage	35%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | 60%
Share-based payments
Vesting percentage	55%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | 70%
Share-based payments
Vesting percentage	75%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | 80%
Share-based payments
Vesting percentage	90%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | 90%
Share-based payments
Vesting percentage	100%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | 100%
Share-based payments
Vesting percentage	100%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | ≤Ke
Share-based payments
Vesting percentage	0%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | Ke + 1%
Share-based payments
Vesting percentage	16.70%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | Ke + 2%
Share-based payments
Vesting percentage	33.30%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | Ke + 3%
Share-based payments
Vesting percentage	50%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | Ke + 4%
Share-based payments
Vesting percentage	66.70%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | Ke + 5%
Share-based payments
Vesting percentage	83.30%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | Ke + 6%
Share-based payments
Vesting percentage	100%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | ROCE Ke
Share-based payments
Vesting percentage	0%
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) | ROCE Ke | Maximum
Share-based payments
Vesting percentage	100%
Sibanye 2017 Share Plan - Bonus Shares
Share-based payments
Percent of bonus paid in shares	40%
Number of forfeitable share tranches | tranche	2
Vesting life of part one of share-based awards	9 months
Vesting period of second part of share award	18 months
Sibanye Stillwater 2017 Share Plan - Performance Shares
Share-based payments
Performance period	3 years
Number of performance criteria | performanceCriteria	2
Forfeiture percentage	20%

Share-based payments - Equity_2

Share-based payments - Equity settled, 2017 and 2013 Plan Activity (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Sibanye 2017 Share Plan - Bonus Shares
Share-based payments
Outstanding at beginning of the year (in shares)	0	0	2,582,489
Granted during the year (in shares)	0	0	0
Vested (in shares)	0	0	(2,541,680)
Forfeited (in shares)	0	0	(40,809)
Outstanding at end of the year (in shares)	0	0	0
Sibanye Stillwater 2017 Share Plan - Performance Shares
Share-based payments
Outstanding at beginning of the year (in shares)	25,199,516	62,597,425	68,236,442
Granted during the year (in shares)	0	0	0
Vested (in shares)	(21,823,219)	(32,299,213)	(1,005,668)
Forfeited (in shares)	(2,965,940)	(5,098,696)	(4,633,349)
Outstanding at end of the year (in shares)	410,357	25,199,516	62,597,425
2013 Share Plan - Performance shares
Share-based payments
Outstanding at beginning of the year (in shares)	0	0	11,157,460
Granted during the year (in shares)	0	0	0
Vested (in shares)	0	0	(5,055,647)
Forfeited (in shares)	0	0	(6,101,813)
Outstanding at end of the year (in shares)	0	0	0
2013 Share Plan - Bonus shares
Share-based payments
Outstanding at beginning of the year (in shares)	0	0	0
Granted during the year (in shares)	0	0	0
Vested (in shares)	0	0	0
Forfeited (in shares)	0	0	0
Outstanding at end of the year (in shares)	0	0	0

Share-based payments - Equity_3

Share-based payments - Equity settled, Directors and Prescribed Officers 2017 and 2013 Plans (Details)	12 Months Ended
	Dec. 31, 2022 R / $	Dec. 31, 2022 R / €	Dec. 31, 2022 shares	Dec. 31, 2022 R / shares	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 shares R / $	Dec. 31, 2020 R / $
Share-based payments
Average foreign exchange rate (R/US$ rate)	16.37	17.20
ADR
Share-based payments
Average foreign exchange rate (R/US$ rate) | R / shares				16.37
Neal Froneman
Share-based payments
Average foreign exchange rate (R/US$ rate) | R / $	16.37					14.79	16.46
Sibanye 2017 and 2013 Share Plans | Neal Froneman
Share-based payments
Outstanding at beginning of the year (in shares)			2,926,591
Granted during the year (in shares)			0
Instruments exercised (in shares)			2,294,915
Average price of instruments exercised (in ZAR in per share ) | R / shares				R 70.72
Share proceeds from instruments exercised | R					R 162,303,764
Instruments forfeited (in shares)			631,676
Outstanding at end of the year (in shares)			0			2,926,591
Sibanye 2017 and 2013 Share Plans | Charl Keyter
Share-based payments
Outstanding at beginning of the year (in shares)			1,276,041
Granted during the year (in shares)			0
Instruments exercised (in shares)			1,000,620
Average price of instruments exercised (in ZAR in per share ) | R / shares				70.22
Share proceeds from instruments exercised | R					70,265,037
Instruments forfeited (in shares)			275,421
Outstanding at end of the year (in shares)			0			1,276,041
Sibanye 2017 and 2013 Share Plans | Dawie Mostert
Share-based payments
Outstanding at beginning of the year (in shares)			708,333
Granted during the year (in shares)			0
Instruments exercised (in shares)			555,446
Average price of instruments exercised (in ZAR in per share ) | R / shares				70.22
Share proceeds from instruments exercised | R					39,004,251
Instruments forfeited (in shares)			152,887
Outstanding at end of the year (in shares)			0			708,333
Sibanye 2017 and 2013 Share Plans | Themba Nkosi
Share-based payments
Outstanding at beginning of the year (in shares)			662,698
Granted during the year (in shares)			0
Instruments exercised (in shares)			519,661
Average price of instruments exercised (in ZAR in per share ) | R / shares				70.22
Share proceeds from instruments exercised | R					36,491,375
Instruments forfeited (in shares)			143,037
Outstanding at end of the year (in shares)			0			662,698
Sibanye 2017 and 2013 Share Plans | Richard Stewart
Share-based payments
Outstanding at beginning of the year (in shares)			832,221
Granted during the year (in shares)			0
Instruments exercised (in shares)			652,594
Average price of instruments exercised (in ZAR in per share ) | R / shares				70.22
Share proceeds from instruments exercised | R					45,826,130
Instruments forfeited (in shares)			179,627
Outstanding at end of the year (in shares)			0			832,221
Sibanye 2017 and 2013 Share Plans | Robert van Niekerk
Share-based payments
Outstanding at beginning of the year (in shares)			1,169,008
Granted during the year (in shares)			0
Instruments exercised (in shares)			916,689
Average price of instruments exercised (in ZAR in per share ) | R / shares				R 70.22
Share proceeds from instruments exercised | R					R 64,371,277
Instruments forfeited (in shares)			252,319
Outstanding at end of the year (in shares)			0			1,169,008

Share-based payments - Equity_4

Share-based payments - Equity settled, DRD Gold (Details) - DRDGOLD (equity-settled scheme)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percent of award in performance shares	80%
Percent of award in retention shares	20%
Percent vesting in each tranche		50%
Percentage vesting upon satisfaction of criteria	100%

Share-based payments - Cash set

Share-based payments - Cash settled, 2020, 2021 and 2022 Plan (Details)	12 Months Ended
	Dec. 31, 2022 shares R / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares R / shares	Dec. 31, 2021 shares $ / shares	Dec. 31, 2020 shares R / shares	Dec. 31, 2020 shares $ / shares
Share-based payments
TSR Weighting percentage	50%	50%
GSR Weighting percentage	20%	20%
ROCE Weighting percentage	30%	30%
ESG
Share-based payments
Expected term (years)	3 years	3 years
ROIC
Share-based payments
Expected term (years)	3 years	3 years
Maximum
Share-based payments
ROCE Weighting percentage	250%	250%
Sibanye Stillwater Minimum Shareholding Requirement Plan
Share-based payments
Committed shares for 1 MSU	1	1
Sibanye Stillwater Minimum Shareholding Requirement Plan | Minimum
Share-based payments
Target shareholding	100%	100%
Sibanye Stillwater Minimum Shareholding Requirement Plan | Maximum
Share-based payments
Target shareholding	200%	200%
Sibanye Stillwater 2020 Share Plan Conditional Shares
Share-based payments
Expected term (years)					3 years	3 years
Outstanding at beginning of the year (in shares)	13,754,209	13,754,209	15,319,984	15,319,984	0	0
Granted during the year (in shares)	0	0	10,814	10,814	16,199,788	16,199,788
Vested (in shares)	(206,462)	(206,462)	(351,069)	(351,069)	(10,891)	(10,891)
Forfeited (in shares)	(969,573)	(969,573)	(1,225,520)	(1,225,520)	(868,913)	(868,913)
Outstanding at end of the year (in shares)	12,578,174	12,578,174	13,754,209	13,754,209	15,319,984	15,319,984
Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) %					70.10%	70.10%
Expected term (months)					36 months	36 months
Expected dividend yield (US/SA) %					7.82%	7.82%
Risk-free interest rate (US/SA) %					3.62%	3.62%
Weighted average share price (ZAR/USD per share) | R / shares					R 60
Weighted average fair value per share (in ZAR per share) | R / shares					R 40.38
Sibanye Stillwater 2020 Share Plan Forfeitable Shares
Share-based payments
Outstanding at beginning of the year (in shares)	53,868	53,868	950,220	950,220	0	0
Granted during the year (in shares)	0	0	125,693	125,693	1,985,819	1,985,819
Vested (in shares)	(35,913)	(35,913)	(997,390)	(997,390)	(965,294)	(965,294)
Forfeited (in shares)	0	0	(24,655)	(24,655)	(70,305)	(70,305)
Outstanding at end of the year (in shares)	17,955	17,955	53,868	53,868	950,220	950,220
Weighted average share price (ZAR/USD per share) | (per share)					R 60	$ 15.89
Weighted average fair value per share (in ZAR per share) | R / shares					R 67.72
Sibanye Stillwater 2020 Share Plan Forfeitable Shares | Minimum
Share-based payments
Expected term (months)					9 months	9 months
Expected dividend yield (US/SA) %					12.92%	12.92%
Risk-free interest rate (US/SA) %					0.14%	0.14%
Sibanye Stillwater 2020 Share Plan Forfeitable Shares | Maximum
Share-based payments
Expected term (months)					18 months	18 months
Expected dividend yield (US/SA) %					6.66%	6.66%
Risk-free interest rate (US/SA) %					3.40%	3.40%
Sibanye Stillwater 2021 Share Plan Conditional Shares
Share-based payments
Outstanding at beginning of the year (in shares)	3,445,487	3,445,487	0	0	0	0
Granted during the year (in shares)	32,618	32,618	3,672,565	3,672,565	0	0
Vested (in shares)	(52,356)	(52,356)	0	0	0	0
Forfeited (in shares)	(144,171)	(144,171)	(227,078)	(227,078)	0	0
Outstanding at end of the year (in shares)	3,281,578	3,281,578	3,445,487	3,445,487	0	0
Weighted average share price (ZAR/USD per share) | R / shares			R 49.10
Weighted average fair value per share (in ZAR per share) | R / shares			R 29.95
Sibanye Stillwater 2021 Share Plan Conditional Shares | Minimum
Share-based payments
Expected term (years)			1 year	1 year
Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) %			44.29%	44.29%
Expected term (months)			14 months	14 months
Expected dividend yield (US/SA) %			4.62%	4.62%
Risk-free interest rate (US/SA) %			4.81%	4.81%
Sibanye Stillwater 2021 Share Plan Conditional Shares | Maximum
Share-based payments
Expected term (years)			3 years	3 years
Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) %			68.56%	68.56%
Expected term (months)			36 months	36 months
Expected dividend yield (US/SA) %			8.99%	8.99%
Risk-free interest rate (US/SA) %			5.68%	5.68%
Sibanye Stillwater 2021 Share Plan Forfeitable Shares
Share-based payments
Outstanding at beginning of the year (in shares)	696,314	696,314	0	0	0	0
Granted during the year (in shares)	0	0	1,510,599	1,510,599	0	0
Vested (in shares)	(673,849)	(673,849)	(722,474)	(722,474)	0	0
Forfeited (in shares)	(22,465)	(22,465)	(91,811)	(91,811)	0	0
Outstanding at end of the year (in shares)	0	0	696,314	696,314	0	0
Weighted average share price (ZAR/USD per share) | (per share)			R 49.10	$ 12.54
Weighted average fair value per share (in ZAR per share) | R / shares			R 53.14
Sibanye Stillwater 2021 Share Plan Forfeitable Shares | Minimum
Share-based payments
Expected term (months)			9 months	9 months
Expected dividend yield (US/SA) %			27.67%	27.67%
Risk-free interest rate (US/SA) %			0.56%	0.56%
Sibanye Stillwater 2021 Share Plan Forfeitable Shares | Maximum
Share-based payments
Expected term (months)			18 months	18 months
Expected dividend yield (US/SA) %			6.39%	6.39%
Risk-free interest rate (US/SA) %			4.35%	4.35%
Sibanye Stillwater2022 Share Plan & Minimum Shareholding Requirement Plan, Conditional and matching Shares
Share-based payments
Outstanding at beginning of the year (in shares)	0	0	0	0	0	0
Granted during the year (in shares)	7,401,740	7,401,740	0	0	0	0
Vested (in shares)	(5,967)	(5,967)	0	0	0	0
Forfeited (in shares)	(199,029)	(199,029)	0	0	0	0
Outstanding at end of the year (in shares)	7,196,744	7,196,744	0	0	0	0
Weighted average share price (ZAR/USD per share) | R / shares	R 44.72
Weighted average fair value per share (in ZAR per share) | R / shares	R 23.69
Sibanye Stillwater2022 Share Plan & Minimum Shareholding Requirement Plan, Conditional and matching Shares | Minimum
Share-based payments
Expected term (years)	2 months 1 day	2 months 1 day
Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) %	48.29%	48.29%
Expected term (months)	2 months	2 months
Expected dividend yield (US/SA) %	7.45%	7.45%
Risk-free interest rate (US/SA) %	7.16%	7.16%
Sibanye Stillwater2022 Share Plan & Minimum Shareholding Requirement Plan, Conditional and matching Shares | Maximum
Share-based payments
Expected term (years)	3 years	3 years
Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) %	52.15%	52.15%
Expected term (months)	36 months	36 months
Expected dividend yield (US/SA) %	17.83%	17.83%
Risk-free interest rate (US/SA) %	7.82%	7.82%
Sibanye Stillwater2022 Share Plan & Minimum Shareholding Requirement Plan, Forfeitable Shares
Share-based payments
Outstanding at beginning of the year (in shares)	0	0	0	0	0	0
Granted during the year (in shares)	1,410,614	1,410,614	0	0	0	0
Vested (in shares)	(678,252)	(678,252)	0	0	0	0
Forfeited (in shares)	(61,840)	(61,840)	0	0	0	0
Outstanding at end of the year (in shares)	670,522	670,522	0	0	0	0
Weighted average share price (ZAR/USD per share) | (per share)	R 44.72	$ 10.66
Weighted average fair value per share (in ZAR per share) | R / shares	R 49.95
Sibanye Stillwater2022 Share Plan & Minimum Shareholding Requirement Plan, Forfeitable Shares | Minimum
Share-based payments
Expected term (months)	9 months	9 months
Expected dividend yield (US/SA) %	54.24%	54.24%
Risk-free interest rate (US/SA) %	2.48%	2.48%
Sibanye Stillwater2022 Share Plan & Minimum Shareholding Requirement Plan, Forfeitable Shares | Maximum
Share-based payments
Expected term (months)	18 months	18 months
Expected dividend yield (US/SA) %	11.14%	11.14%
Risk-free interest rate (US/SA) %	7.55%	7.55%

Share-based payments - Cash s_2

Share-based payments - Cash settled, Directors (Details)	12 Months Ended
	Dec. 31, 2022 ZAR (R) shares R / shares	Dec. 31, 2021 ZAR (R) shares	Dec. 31, 2020 ZAR (R)
Share-based payments
Cash proceeds from instruments exercised | R	R 272,000,000	R 240,000,000	R 275,000,000
Sibanye Stillwater2021 Share Plan | Neal Froneman
Share-based payments
Outstanding at beginning of the year (in shares)	1,939,548
Outstanding at end of the year (in shares)		1,939,548
Sibanye Stillwater2021 Share Plan | Charl Keyter
Share-based payments
Outstanding at beginning of the year (in shares)	884,319
Outstanding at end of the year (in shares)		884,319
Sibanye Stillwater2021 Share Plan | Charles Carter
Share-based payments
Outstanding at beginning of the year (in shares)	0
Outstanding at end of the year (in shares)		0
Sibanye Stillwater2021 Share Plan | Mika Seitovirta
Share-based payments
Outstanding at beginning of the year (in shares)	0
Outstanding at end of the year (in shares)		0
Sibanye Stillwater2021 Share Plan | Dawie Mostert
Share-based payments
Outstanding at beginning of the year (in shares)	479,688
Outstanding at end of the year (in shares)		479,688
Sibanye Stillwater2021 Share Plan | Themba Nkosi
Share-based payments
Outstanding at beginning of the year (in shares)	382,997
Outstanding at end of the year (in shares)		382,997
Sibanye Stillwater2021 Share Plan | Richard Stewart
Share-based payments
Outstanding at beginning of the year (in shares)	529,455
Outstanding at end of the year (in shares)		529,455
Sibanye Stillwater2021 Share Plan | Laurent Charbonnier
Share-based payments
Outstanding at beginning of the year (in shares)	236,555
Outstanding at end of the year (in shares)		236,555
Sibanye Stillwater2021 Share Plan | Lerato Legong
Share-based payments
Outstanding at beginning of the year (in shares)	211,707
Outstanding at end of the year (in shares)		211,707
Sibanye Stillwater2021 Share Plan | Robert van Niekerk
Share-based payments
Outstanding at beginning of the year (in shares)	772,549
Outstanding at end of the year (in shares)		772,549
Sibanye Stillwater2021 and 2022 Share Plan | Neal Froneman
Share-based payments
Granted during the year (in shares)	1,470,189
Instruments exercised (in shares)	98,327
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 41.01
Cash proceeds from instruments exercised | R	R 4,032,208
Instruments forfeited (in shares)	0
Outstanding at end of the year (in shares)	3,311,410
Sibanye Stillwater2021 and 2022 Share Plan | Charl Keyter
Share-based payments
Granted during the year (in shares)	438,923
Instruments exercised (in shares)	50,923
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 41.87
Cash proceeds from instruments exercised | R	R 2,131,921
Instruments forfeited (in shares)	0
Outstanding at end of the year (in shares)	1,272,319
Sibanye Stillwater2021 and 2022 Share Plan | Charles Carter
Share-based payments
Granted during the year (in shares)	148,732
Instruments exercised (in shares)	0
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 0
Cash proceeds from instruments exercised | R	R 0
Instruments forfeited (in shares)	0
Outstanding at end of the year (in shares)	148,732
Sibanye Stillwater2021 and 2022 Share Plan | Mika Seitovirta
Share-based payments
Granted during the year (in shares)	116,231
Instruments exercised (in shares)	0
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 0
Cash proceeds from instruments exercised | R	R 0
Instruments forfeited (in shares)	0
Outstanding at end of the year (in shares)	116,231
Sibanye Stillwater2021 and 2022 Share Plan | Dawie Mostert
Share-based payments
Granted during the year (in shares)	274,999
Instruments exercised (in shares)	29,677
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 42.06
Cash proceeds from instruments exercised | R	R 1,248,269
Instruments forfeited (in shares)	0
Outstanding at end of the year (in shares)	725,010
Sibanye Stillwater2021 and 2022 Share Plan | Themba Nkosi
Share-based payments
Granted during the year (in shares)	257,187
Instruments exercised (in shares)	26,387
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 42.18
Cash proceeds from instruments exercised | R	R 1,113,018
Instruments forfeited (in shares)	0
Outstanding at end of the year (in shares)	613,797
Sibanye Stillwater2021 and 2022 Share Plan | Richard Stewart
Share-based payments
Granted during the year (in shares)	523,362
Instruments exercised (in shares)	32,898
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 42.54
Cash proceeds from instruments exercised | R	R 1,399,582
Instruments forfeited (in shares)	0
Outstanding at end of the year (in shares)	1,019,919
Sibanye Stillwater2021 and 2022 Share Plan | Laurent Charbonnier
Share-based payments
Granted during the year (in shares)	296,972
Instruments exercised (in shares)	63,197
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 45.61
Cash proceeds from instruments exercised | R	R 2,882,516
Instruments forfeited (in shares)	0
Outstanding at end of the year (in shares)	470,330
Sibanye Stillwater2021 and 2022 Share Plan | Lerato Legong
Share-based payments
Granted during the year (in shares)	117,569
Instruments exercised (in shares)	19,469
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 43.12
Cash proceeds from instruments exercised | R	R 839,427
Instruments forfeited (in shares)	0
Outstanding at end of the year (in shares)	309,807
Sibanye Stillwater2021 and 2022 Share Plan | Robert van Niekerk
Share-based payments
Granted during the year (in shares)	388,819
Instruments exercised (in shares)	41,460
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 41.70
Cash proceeds from instruments exercised | R	R 1,728,706
Instruments forfeited (in shares)	0
Outstanding at end of the year (in shares)	1,119,908

Share-based payments - Cash s_3

Share-based payments - Cash settled, DRD Gold and BEE transactions narrative (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Marikana
Share-based payments
Marikana dividend obligation	R 0	R 1,146	R 0
DRDGOLD (cash-settled scheme)
Share-based payments
Vesting period	5 years
Percentage vesting, tranche 1	20%
Percentage vesting, tranche 2	30%
Percentage vesting, tranche 3	50%
Share-based payment on BEE transaction
Share-based payments
Percentage of payment or distribution	26%
Share-based payment on BEE transaction | Marikana
Share-based payments
Initial recognition of the Marikana B-BBEE cash-settled share-based payment obligation	R 404
Marikana dividend obligation	R 1,146
Share-based payment on BEE transaction | Marikana | Phembani Group
Share-based payments
Dividend funding, as a percent	90%
Dividend cap amount	R 2,600
Share-based payment on BEE transaction | Marikana | Marikana Shareholders
Share-based payments
Trickle dividend rate	10%
Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary
Share-based payments
Percentage of voting equity interests acquired	26%
Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary | Share-based payment on BEE transaction
Share-based payments
Percentage of payment or distribution	74%
Incremental interest rate above highest cost of debt (as a percent)	0.20%
Facility capped amount	R 3,500
Percentage of voting equity interests acquired	26%
Post payment used to service the facility (as a percent)	85%
Post payment declared as a dividend (as a percent)	15%
Post payment declared as a dividend after repayment (as a percent)	100%
Percentage of expense restricted	44.80%

Share-based payments - Cash s_4

Share-based payments - Cash settled, Marikana (Details) - Share-based payment on BEE transaction - Marikana - R / oz	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based payments
Long-term PGM (4E) basket price	26,397	23,957
Minimum
Share-based payments
Life-of-mine	19 years	18 years
Maximum
Share-based payments
Life-of-mine	49 years	50 years
South Africa
Share-based payments
Real discount rate — South Africa		13.20%
Inflation rate — South Africa	6.50%	6%
South Africa | Minimum
Share-based payments
Real discount rate — South Africa	15%
South Africa | Maximum
Share-based payments
Real discount rate — South Africa	15.20%

Share-based payments - Cash s_5

Share-based payments - Cash settled, Obligations (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Share-based payments
Liabilities from share-based payment transactions beginning balance	R 2,887	R 1,628		R 1,425
Share-based payment obligation on acquisition/deconsolidation of subsidiary	5,275	2,887		1,628		R 1,425
Fair value loss on obligations	2,155	860		129
Cash settled share-based payments paid	(272)	(240)		(275)
Foreign currency translation	7	3		(4)
Liabilities from share-based payment transactions end balance	5,275	2,887		1,628
Current portion of cash-settled share-based payment obligations	(284)	(58)	[1]	(33)	[1]
Non-current portion of cash-settled share-based payment obligations	4,991	2,829	[1]	1,595	[1]
Loss on deconsolidation of subsidiaries	308	0		0
Cash and cash equivalents	26,076	30,292	[1]	20,240	[1]	R 5,619
Keliber
Share-based payments
Liabilities from share-based payment transactions beginning balance	0	0
Share-based payment obligation on acquisition/deconsolidation of subsidiary	14	0		0
Cash-settled share-based payments expense	39
Liabilities from share-based payment transactions end balance	14	0		0
Bapo Ba Mogale Community Trust
Share-based payments
Liabilities from share-based payment transactions beginning balance	0	0
Share-based payment obligation on acquisition/deconsolidation of subsidiary	251	0		0
Liabilities from share-based payment transactions end balance	251	0		0
Loss on deconsolidation of subsidiaries	309
Cash and cash equivalents	58
Rustenburg operation
Share-based payments
Fair value loss on obligations	1,190	671		129
Marikana
Share-based payments
Fair value loss on obligations	965	189
Share-Based Payment Arrangements other than BEE transaction
Share-based payments
Liabilities from share-based payment transactions beginning balance	260	160
Share-based payment obligation on acquisition/deconsolidation of subsidiary	431	260		160
Cash-settled share-based payments expense	233	232		353
Liabilities from share-based payment transactions end balance	431	260		160
Share-based payment on BEE transaction
Share-based payments
Fair value loss on obligations	0	404		0
Share-based payment on BEE transaction | Rustenburg operation
Share-based payments
Liabilities from share-based payment transactions beginning balance	2,067	1,468
Share-based payment obligation on acquisition/deconsolidation of subsidiary	3,112	2,067		1,468
Liabilities from share-based payment transactions end balance	3,112	2,067		1,468
Share-based payment on BEE transaction | Marikana
Share-based payments
Liabilities from share-based payment transactions beginning balance	560	0
Share-based payment obligation on acquisition/deconsolidation of subsidiary	1,732	560		0
Liabilities from share-based payment transactions end balance	1,732	560		0
Sibanye-Stillwater 2020 Share Plan, 2021 Share Plan and 2022 Share Plan (cash-settled scheme)
Share-based payments
Expense from cash-settled share-based payment transactions	R 194	R 232
Stillwater cash settled scheme
Share-based payments
Cash-settled share-based payments expense				1
DRDGOLD (cash-settled scheme)
Share-based payments
Cash-settled share-based payments expense				R 128
[1]* Restated — see note 1.5

Share-based payments - Expense

Share-based payments - Expense (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based payments
Total share-based payment expense	R (218)	R (383)	R (512)
Cash-settled share-based payment expense	(194)	(232)	(354)
Equity-settled share-based payment expense	(24)	(151)	(158)
Expense from movement in grant date fair value	(507)	267	122
Expense from movement in post grant date fair value	(313)	(35)	232
Sibanye-Stillwater 2020 Share Plan, 2021 Share Plan and 2022 Share Plan (cash-settled scheme)
Share-based payments
Total share-based payment expense	(194)	(232)	(226)
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme)
Share-based payments
Total share-based payment expense	(5)	(132)	(145)
DRDGOLD (equity-settled scheme)
Share-based payments
Total share-based payment expense	(19)	(19)	(13)
DRDGOLD (cash-settled scheme)
Share-based payments
Total share-based payment expense	R 0	R 0	R (128)

Loss on financial instruments_2

Loss on financial instruments (Details) R in Millions			12 Months Ended
	Mar. 24, 2021 $ / oz oz	Jan. 17, 2020 $ / oz oz	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2020 ZAR (R)	Mar. 09, 2020 kg R / kg
(Loss)/gain on financial instruments
Total loss on financial instruments3			R (4,279)	R (6,279)	R (2,450)
Gold
(Loss)/gain on financial instruments
Quantity of hedged instrument (in kg/ounce) | kg						1,800
Quantity per month | kg						150
Gold | Minimum
(Loss)/gain on financial instruments
Average price (in ZAR/USD per kilogram/Ounce) | R / kg						800,000
Gold | Maximum
(Loss)/gain on financial instruments
Average price (in ZAR/USD per kilogram/Ounce) | R / kg						1,080,000
Palladium
(Loss)/gain on financial instruments
Quantity of hedged instrument (in kg/ounce) | oz	140,000	240,000
Quantity per month | oz	10,000	10,000
Term of agreement	14 months	2 years
Palladium | Minimum
(Loss)/gain on financial instruments
Average price (in ZAR/USD per kilogram/Ounce) | $ / oz	1,800	1,500
Palladium | Maximum
(Loss)/gain on financial instruments
Average price (in ZAR/USD per kilogram/Ounce) | $ / oz	3,300	3,400
Derivative financial instrument | Derivatives
(Loss)/gain on financial instruments
Total loss on financial instruments3			0	0	(70)
Derivative financial instrument | Gold | Forward contract
(Loss)/gain on financial instruments
Total loss on financial instruments3			0	0	(458)
Derivative financial instrument | Palladium | Forward contract
(Loss)/gain on financial instruments
Total loss on financial instruments3			(241)	234	36
Fair value loss on cash-settled share-based payment obligations (Rustenburg and Marikana B-BBEE transactions)
(Loss)/gain on financial instruments
Total loss on financial instruments3			(2,155)	(1,264)	(129)
Loss on the revised cash flow of the Rustenburg operation deferred payment
(Loss)/gain on financial instruments
Total loss on financial instruments3			(773)	(4,653)	(2,081)
(Loss)/gain on the revised cash flow of the Burnstone Debt
(Loss)/gain on financial instruments
Total loss on financial instruments3			(776)	(2)	264
Loss on the revised cash flow of the Marikana dividend obligation
(Loss)/gain on financial instruments
Total loss on financial instruments3			(650)	(468)	0
Fair value gain on other investments
(Loss)/gain on financial instruments
Total loss on financial instruments3			152	0	0
Other
(Loss)/gain on financial instruments
Total loss on financial instruments3			R 164	R (126)	R (12)

Other costs and other income -

Other costs and other income - Other costs (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Disclosure of attribution of expenses by nature to their function [line items]
Care and maintenance	R (794)	R (737)		R (814)
Loss due to dilution of interest in joint operation	0	(4)		(30)
Non-recurring COVID-19 costs	0	(3)		(97)
Corporate and social investment costs	(237)	(288)		(258)
Cost incurred on employee and community trusts	(429)	(744)		(508)
Exploration costs	(12)	(12)		(33)
Non-mining royalties	(235)	(327)		(193)
Strike related costs	(258)	0		(1)
Service entity costs	(569)	(534)		(501)
Loss on deconsolidation of subsidiary	(309)	0		0
Other	(836)	(369)		(292)
Total other costs	(3,679)	(3,018)		(2,727)
Share-based payment obligation on acquisition/deconsolidation of subsidiary	5,275	2,887		1,628		R 1,425
Cash and cash equivalents	26,076	30,292	[1]	20,240	[1]	R 5,619
Bapo Ba Mogale Community Trust
Disclosure of attribution of expenses by nature to their function [line items]
Loss on deconsolidation of subsidiary	(309)
Share-based payment obligation on acquisition/deconsolidation of subsidiary	251	R 0		R 0
Cash and cash equivalents	R 58
[1]* Restated — see note 1.5

Other costs and other income _2

Other costs and other income - Other income (Details) R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 ZAR (R)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2020 ZAR (R)
Disclosure of attribution of expenses by nature to their function [line items]
Income on settlement of legal dispute	R 0		R 0	R 580
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable	71		167	464
Service entity income	464		398	383
Sundry income	429		183	231
Profit on sale of subsidiary	145		16	0
Gain on deregistration of a subsidiary	1		0	0
Other income	1,110		R 764	R 1,658
Lonmin Canada
Disclosure of attribution of expenses by nature to their function [line items]
Profit on sale of subsidiary	R 145
Consideration received | $		$ 10
Deferred consideration receivable | $		$ 2

Restructuring costs (Details)

Restructuring costs (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring [Line Items]
Restructuring costs	R 363	R 107	R 436
SA gold operations
Restructuring [Line Items]
Restructuring costs	330	69	108
SA PGM operations
Restructuring [Line Items]
Restructuring costs	R 26	R 27	R 310

Reversal of impairments_(impa_3

Reversal of impairments/(impairments) (Details) R in Millions	12 Months Ended
	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R) $ / oz	Dec. 31, 2020 ZAR (R)
Disclosure of impairment loss and reversal of impairment loss [line items]
Other reversal of impairment	R 7	R 0	R 2
Total reversal of impairments/(impairments)	6	R (5,148)	121
Gold spot price (in USD per ounce) | $ / oz		1,829
Driefontein
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment		R 212
Kloof
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment		3,642
Beatrix
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment		1,293
Rand Refinery
Disclosure of impairment loss and reversal of impairment loss [line items]
Other reversal of impairment	0	0	120
Property, plant and equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment	(1)	(5,148)	(1)
Investment in equity-accounted investee
Disclosure of impairment loss and reversal of impairment loss [line items]
Total reversal of impairments/(impairments)	R 0	R 0	120
Investment in equity-accounted investee | Rand Refinery
Disclosure of impairment loss and reversal of impairment loss [line items]
Other reversal of impairment			R 120

Royalties, mining and income _3

Royalties, mining and income tax, and deferred tax - Revenue from Mineral Resource (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Royalties, and mining and income tax and deferred tax
Gross revenue factor, refined minerals	12.5
Gross revenue factor, unrefined minerals	9
Additional percentage used in calculating royalty	0.50%
Maximum royalty percentage introduced on refined minerals	5%
Maximum royalty percentage introduced on unrefined minerals	7%
Royalties	R (1,834)	R (2,923)	R (1,768)
Prior year royalty tax refund	0	209	3
Total royalties	(1,834)	(2,714)	(1,765)
Current tax	(9,282)	(13,506)	(5,374)
Mining tax	(8,225)	(11,816)	(4,442)
Non-mining tax	(310)	(220)	68
Company and withholding tax	(747)	(1,470)	(1,000)
Deferred tax	358	(255)	516
Deferred tax charge	305	(593)	570
Prior year adjustment	0	252	0
Deferred tax rate adjustment	53	86	(54)
Total mining and income tax	R (8,924)	(13,761)	(4,858)
Gold
Royalties, and mining and income tax and deferred tax
Percentage to which refined	99.50%
PGMs
Royalties, and mining and income tax and deferred tax
Percentage to which refined	99.90%
South Africa
Royalties, and mining and income tax and deferred tax
Deferred tax rate adjustment	R (150)	200	(54)
United States
Royalties, and mining and income tax and deferred tax
Deferred tax rate adjustment	R 203	R (114)	R 0
SA gold operations
Royalties, and mining and income tax and deferred tax
Effective rate of royalty tax payable	0.40%	0.60%	0.50%
Royalties	R (64)	R (167)	R (142)
SA PGM operations
Royalties, and mining and income tax and deferred tax
Effective rate of royalty tax payable	2.50%	3%	3%
Royalties	R (1,770)	R (2,756)	R (1,626)

Royalties, mining and income _4

Royalties, mining and income tax, and deferred tax- Rate reconciliation (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Tax on (profit)/loss before tax at maximum South African statutory company tax rate (28%)	R (7,813)	R (13,316)	R (9,934)
South African gold mining tax formula rate adjustment	19	63	118
US statutory tax rate adjustment	181	466	550
Deferred tax rate differentials	(16)	0	0
Non-deductible amortisation and depreciation	(2)	(13)	(14)
Non-taxable dividend received	4	7	21
Non-deductible finance expense	(196)	(108)	89
Non-deductible share-based payments	(7)	(42)	(44)
Non-deductible loss on fair value of financial instruments	(976)	(1,021)	(890)
Non-taxable gain on foreign exchange differences	22	47	3
Non-taxable share of results of equity-accounted investees	360	557	476
Non-taxable reversal of impairments/(non-deductible impairments)	1	(22)	33
Non-deductible transaction costs	(76)	(69)	(50)
Tax adjustment in respect of prior periods	(35)	386	133
Net other non-taxable income and non-deductible expenditure	156	351	258
Change in estimated deferred tax rate	53	86	(54)
(Deferred tax assets derecognised)/unrecognised deferred tax assets utilised	(631)	(1,133)	4,447
Total mining and income tax	R (8,924)	R (13,761)	R (4,858)
Average effective tax rate	32%	29%	14%
Reversal of uncertain tax related to interest limitation		R 182
Derecognition of deferred tax asset	R 837
Other deductible temporary differences	50,776	R 43,061	R 36,408
Cooke
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Other deductible temporary differences	227
Burnstone
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Other deductible temporary differences	287
SGL
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Other deductible temporary differences	R 86

Royalties, mining and income _5

Royalties, mining and income tax, and deferred tax - Deferred Tax (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Income tax
Deferred tax assets	R (2,442)	R (906)	[1]	R (1,576)	[1]
Deferred tax liabilities	9,360	7,818	[1]	7,631	[1]
Net deferred tax liabilities	6,918	6,912		6,055
Reconciliation of the deferred tax balance:
Deferred tax liability (asset) at beginning of period	6,912	6,055		6,368
Deferred tax recognised in profit or loss	(358)	255		(516)
Deferred tax recognised in other comprehensive income	(81)	99		6
Foreign currency translation	445	503		197
Deferred tax liability (asset) at end of period	6,918	6,912		6,055
Deferred tax liabilities	14,008	11,650		13,079
Deferred tax assets	(7,090)	(4,738)		(7,024)
Aggregate unrecognised due to exemption	13,659	7,599		25,955
Amount now recognised		951
Other deductible temporary differences	50,776	43,061		36,408
Mining assets
Reconciliation of the deferred tax balance:
Deferred tax liabilities	13,001	10,763		11,910
Environmental rehabilitation obligation funds
Reconciliation of the deferred tax balance:
Deferred tax liabilities	713	587		962
Deferred tax assets	(1,404)	(1,229)		(1,704)
Other
Reconciliation of the deferred tax balance:
Deferred tax liabilities	294	300		207
Occupational healthcare obligation
Reconciliation of the deferred tax balance:
Deferred tax assets	(121)	0		(275)
Other provisions
Reconciliation of the deferred tax balance:
Deferred tax assets	(1,385)	(922)		(1,143)
Financial instruments
Reconciliation of the deferred tax balance:
Deferred tax assets	0	(19)		(427)
Tax losses and unredeemed capital expenditure
Reconciliation of the deferred tax balance:
Deferred tax assets	(4,097)	(2,518)		(3,437)
Share-based payment obligation
Reconciliation of the deferred tax balance:
Deferred tax assets	R (83)	R (50)		R (38)
[1]* Restated — see note 1.5

Royalties, mining and income _6

Royalties, mining and income tax, and deferred tax - Receivables and payables (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Mining and income tax
Tax receivable	R (723)	R (1,245)	[1]	R (148)	[1]
Tax, carbon tax and royalties payable	104	199		797
Non-current portion of tax, carbon tax and royalties payable	11	10	[1]	9	[1]
Current portion of tax, carbon tax and royalties payable	93	189	[1]	788	[1]
Net tax, carbon tax and royalties (receivable)/payable	(619)	(1,046)		649
Reconciliation of the net tax, carbon tax and royalties (receivable)/payable balance:
Balance at beginning of the year	(1,046)	649		154
Royalties, carbon tax and current tax	11,106	16,224		7,145
Royalties, carbon tax and tax paid	(10,681)	(17,894)		(6,525)
Royalties paid	(1,815)	(3,055)		(1,707)
Tax paid	(8,866)	(14,839)		(4,818)
Tax receivable on acquisition of subsidiaries	(3)	0		0
Other	(8)	0		0
Foreign currency translation	13	(25)		(125)
Balance at end of the year	R (619)	R (1,046)		R 649
[1]* Restated — see note 1.5

Earnings per share (Details)

Earnings per share (Details) - ZAR (R) R / shares in Units, shares in Thousands, R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted average number of shares
Ordinary shares in issue (’000) (in shares)	2,830,370	2,808,406	2,923,571
Adjustment for weighting of ordinary shares in issue (’000) (in shares)	(4,285)	90,398	(194,680)
Weighted average number of shares (’000) (in shares)	2,826,085	2,898,804	2,728,891
Profit attributable to owners of Sibanye-Stillwater (SA rand million)	R 18,396	R 33,054	R 29,312
Basic EPS (in ZAR cents per share)	R 6.51	R 11.40	R 10.74
Potential ordinary shares (’000) (in shares)	4,696	28,442	49,061
Diluted weighted average number of shares (’000)(in shares)	2,830,781	2,927,246	2,777,952
Diluted basic EPS (in ZAR cents per share)	R 6.50	R 11.29	R 10.55
Gain on disposal of property, plant and equipment	R (162)	R (36)	R (99)
Gains on disposals of property plant and equipment, net of tax	(128)	(27)	(74)
Impairment loss (reversal of impairment loss)	(6)	5,148	(121)
Impairments (reversal of impairments), net of tax	(4)	3,861	(121)
Loss on deconsolidation of subsidiaries	308	0	0
Loss on deconsolidation of subsidiaries, net of tax	308
Profit on sale of subsidiary	(145)	(16)	0
Profit on sale of subsidiary, net of tax	(145)	(12)
Foreign exchange movement recycled through profit or loss	(14)
Foreign exchange movement recycled through profit or loss, net of tax	(14)
Re-measurement items, attributable to NCI	9	0	1
Derecognition of property, plant and equipment in Marathon project		2	37
Derecognition of property, plant and equipment in Marathon project, net of tax		2	28
Headline earnings	R 18,422	R 36,878	R 29,146
Headline EPS (cents) (in ZAR per share)	R (6.52)	R 12.72	R 10.68
Diluted headline EPS (cents) (in ZAR per share)	R 651,000,000	R 1,260,000,000	R 1,049,000,000

Dividends - Accounting Policy (

Dividends - Accounting Policy (Details) - ZAR (R) R / shares in Units, R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Dividend declared and paid (interim)	R 3,905	R 8,347	R 1,338
Dividend declared after 31 December (final)	3,452	5,252	9,485
Total dividends declared for the year	R 7,357	R 13,599	R 10,823
Dividend per share (interim) (in ZAR cents per share)	R 1.38	R 2.92	R 50
Dividend per share (final) (in ZAR cents per share)	R 1.22	R 1.87	R 321
Dividends paid during the financial year	R 9,197	R 17,832	R 1,338
Dividends paid to NCI of subsidiaries during the financial year	256	344	360
Total dividends paid for the year1	R 9,453	R 18,176	R 1,698
Percentage of normalised earnings	35%	35%	35%
Dividends declared (in ZAR cents per share)	R 2.60	R 4.79	R 371
Minimum
Disclosure of classes of share capital [line items]
Percentage of normalised earnings	25%
Maximum
Disclosure of classes of share capital [line items]
Percentage of normalised earnings	35%

Dividends - Dividend Reconcilia

Dividends - Dividend Reconciliation (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends
Profit attributable to the owners of Sibanye-Stillwater	R 18,396	R 33,054	R 29,312
Adjusted for:
Loss on financial instruments	4,279	6,279	2,450
Gain/(loss) on foreign exchange differences	(616)	(1,149)	255
Gain on disposal of property, plant and equipment	(162)	(36)	(99)
(Reversal of impairments)/impairments	(6)	5,148	(121)
Restructuring costs	363	107	436
Transaction costs	152	140	139
Occupational healthcare (gain)/expense	(211)	(14)	52
Loss on BTT early settlement	0	0	186
Income on settlement of legal dispute	0	0	(580)
Loss due to dilution of interest in joint operation	0	4	30
Early redemption premium on the 2025 Notes	0	196	0
Loss on settlement of US$ Convertible Bond	0	0	1,507
Change in estimated deferred tax rate	(53)	(86)	54
Share of results of equity-accounted investees after tax	(1,287)	(1,989)	(1,700)
Loss on deconsolidation of subsidiaries	308	0	0
Profit on sale of subsidiary	(145)	(16)	0
Tax effect of the items adjusted above	(33)	(2,755)	(1,277)
NCI effect of the items listed above	36	0	(37)
Normalised earnings	R 21,021	R 38,883	R 30,607

Property plant and equipment -

Property plant and equipment - Depreciation of non-mining assets (Details)	12 Months Ended
	Dec. 31, 2022
Vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Life-of-mine	5 years
Computers
Disclosure of detailed information about property, plant and equipment [line items]
Life-of-mine	3 years
Furniture and equipment | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Life-of-mine	1 year
Furniture and equipment | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Life-of-mine	10 years
Sandouville plant
Disclosure of detailed information about property, plant and equipment [line items]
Life-of-mine	24 years

Property plant and equipment- C

Property plant and equipment- Cost, accumulated amortisation and carrying value (Details) - ZAR (R) R in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	[1]	R 62,494	R 60,600
Transfers to right-of-use assets		(45)	(65)		R (66)
Amortisation and depreciation					68
Property, plant and equipment at end of period		76,909	62,494	[1]	60,600	[1]
Non-cash additions, capitalised amortisation and depreciation		45	69		96
Changes in estimates capitalised		85	638		318
Increase (decrease) in right of recoverability liability		7	9		40
Increase (decrease) in right of recoverability asset		2	(35)		26
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		129,946	115,954		107,285
Additions		15,944	12,809		9,712
Change in estimates of rehabilitation assets		(94)	(612)		(384)
Disposals		(246)	(254)		(63)
Derecognition of property, plant and equipment		(3,340)	(2,065)		(1,968)
Transfers between classes of property, plant and equipment		0	0		0
Assets acquired on acquisition of subsidiaries		2,738
Transfers to right-of-use assets					(2)
Assets derecognised on loss with dilution of interest in joint operation			(2)		(37)
Assets derecognised on classification to other investments			(22)
Foreign currency translation		3,945	4,138		1,411
Property, plant and equipment at end of period		148,893	129,946		115,954
Accumulated amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		(67,452)	(55,354)		(49,805)
Disposals		234	210		60
Derecognition of property, plant and equipment		3,323	2,056		1,968
Foreign currency translation		(975)	(943)		9
Amortisation and depreciation		6,981	8,181		7,468
Impairment		1	5,120		1
Depreciation capitalised to inventory		132	(120)		117
Property, plant and equipment at end of period		(71,984)	(67,452)		(55,354)
Mine development, infrastructure and other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		43,498	41,436
Property, plant and equipment at end of period		56,099	43,498		41,436
Mine development, infrastructure and other | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		103,216	90,093		82,046
Additions		15,862	12,794		9,656
Change in estimates of rehabilitation assets		(54)	29		(108)
Disposals		(225)	(231)		(43)
Derecognition of property, plant and equipment		(3,339)	(2,062)		(1,905)
Transfers between classes of property, plant and equipment		275	161		(29)
Assets acquired on acquisition of subsidiaries		1,450
Transfers to right-of-use assets					(2)
Assets derecognised on loss with dilution of interest in joint operation			0		0
Assets derecognised on classification to other investments			0
Foreign currency translation		2,360	2,432		478
Property, plant and equipment at end of period		119,545	103,216		90,093
Mine development, infrastructure and other | Accumulated amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		(59,718)	(48,657)		(43,877)
Disposals		217	189		41
Derecognition of property, plant and equipment		3,323	2,056		1,905
Foreign currency translation		(733)	(694)		38
Amortisation and depreciation		6,402	7,467		6,647
Impairment		1	5,025		0
Depreciation capitalised to inventory		132	(120)		117
Property, plant and equipment at end of period		(63,446)	(59,718)		(48,657)
Land, mineral rights and rehabilitation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		18,996	18,825
Property, plant and equipment at end of period		20,810	18,996		18,825
Land, mineral rights and rehabilitation | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		24,955	23,823		23,210
Additions		22	(3)		14
Change in estimates of rehabilitation assets		(27)	(639)		(270)
Disposals		(21)	(23)		(20)
Derecognition of property, plant and equipment		0	(3)		(63)
Transfers between classes of property, plant and equipment		38	105		29
Assets acquired on acquisition of subsidiaries		1,086
Transfers to right-of-use assets					0
Assets derecognised on loss with dilution of interest in joint operation			0		(1)
Assets derecognised on classification to other investments			0
Foreign currency translation		1,510	1,695		924
Property, plant and equipment at end of period		27,563	24,955		23,823
Land, mineral rights and rehabilitation | Accumulated amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		(5,959)	(4,998)		(4,303)
Disposals		17	21		19
Derecognition of property, plant and equipment		0	0		63
Foreign currency translation		(232)	(238)		(24)
Amortisation and depreciation		579	650		753
Impairment		0	94		0
Depreciation capitalised to inventory		0	0		0
Property, plant and equipment at end of period		(6,753)	(5,959)		(4,998)
Exploration and evaluation assets
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		0	339
Property, plant and equipment at end of period		0	0		339
Exploration and evaluation assets | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		1,775	2,038		2,029
Additions		60	18		42
Change in estimates of rehabilitation assets		(13)	(2)		(6)
Disposals		0	0		0
Derecognition of property, plant and equipment		(1)	0		0
Transfers between classes of property, plant and equipment		(313)	(266)		0
Assets acquired on acquisition of subsidiaries		202
Transfers to right-of-use assets					0
Assets derecognised on loss with dilution of interest in joint operation			(2)		(36)
Assets derecognised on classification to other investments			(22)
Foreign currency translation		75	11		9
Property, plant and equipment at end of period		1,785	1,775		2,038
Exploration and evaluation assets | Accumulated amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		(1,775)	(1,699)		(1,625)
Disposals		0	0		0
Derecognition of property, plant and equipment		0	0		0
Foreign currency translation		(10)	(11)		(5)
Amortisation and depreciation		0	64
Impairment		0	1		1
Depreciation capitalised to inventory		0	0		0
Property, plant and equipment at end of period		R (1,785)	R (1,775)		R (1,699)
[1]* Restated — see note 1.5

Right-of-use assets (Details)

Right-of-use assets (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Right-of-use asset
Carring value, beginning of period	R 222	[1]	R 296	[1]	R 361
Additions and modifications	45		65		66
Right-of-use assets acquired on acquisition of subsidiaries	109
Impairment of mining assets	0		(28)		0
Depreciation	(101)		(112)		(124)
Transfers and other movements	(2)		0		(8)
Foreign currency translation	6		1		1
Carrying value, end of period	R 279		R 222	[1]	R 296	[1]
[1]* Restated — see note 1.5

Acquisitions - Keliber consider

Acquisitions - Keliber consideration paid and related costs (Details) shares in Thousands, € in Millions, R in Millions				12 Months Ended
	Mar. 14, 2022 EUR (€) shares	Sep. 16, 2021 EUR (€) tranche	Feb. 23, 2021 EUR (€) km	Dec. 31, 2022	Dec. 31, 2021	Mar. 14, 2022 ZAR (R)	Mar. 17, 2021 EUR (€)
Keliber
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in entity	30.30%
Shares acquired in equity method investment (in shares) | shares	125
Acquisition-date fair value of total consideration transferred [abstract]
Consideration						R 530
Gross value of allocated purchase consideration						1,749
NCI recognised (69.7%)						1,219
Proportion of ownership interests held by non-controlling interests	69.70%			1%
Net cash acquired						261
Third tranche | Keliber
Disclosure of detailed information about business combination [line items]
Equity investment	€ 5					84
Keliber
Disclosure of detailed information about business combination [line items]
Distance from mining area | km			66
Equity investment | €		€ 15	€ 30
Proportion of ownership interest in entity			30%
Number of tranches | tranche		2
Subscription period		12 months
Proportion of ownership interest in associate					26.60%
Acquisition-date fair value of total consideration transferred [abstract]
Investments in associates accounted for using equity method						R 446
Keliber | Non- controlling interests
Disclosure of detailed information about business combination [line items]
Equity investment | €		€ 10
Keliber | First tranche
Disclosure of detailed information about business combination [line items]
Equity investment | €							€ 15
Keliber | Second tranche
Disclosure of detailed information about business combination [line items]
Equity investment | €		€ 10

Acquisitions - Keliber Assets_l

Acquisitions - Keliber Assets/liabilities (Details) - Keliber R in Millions	Mar. 14, 2022 ZAR (R)
Identifiable assets acquired and liabilities assumed [abstract]
Property, Plant and equipment	R 1,481
Right-of-use assets	31
Other receivables — non-current	2
Trade and other receivables	31
Cash and cash equivalents	345
Borrowings	(30)
Cash-settled share-based payment obligations	(14)
Lease liabilities	(32)
Other payables — non-current	(2)
Trade and other payables	(63)
Total purchase consideration allocated on relative fair value basis	R 1,749

Acquisitions - Sandouville cons

Acquisitions - Sandouville consideration paid and related costs (Details) - Sandouville € in Millions, R in Millions	11 Months Ended	12 Months Ended
	Dec. 31, 2022 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2022 EUR (€)	May 11, 2022 ZAR (R)	May 11, 2022 EUR (€)	Feb. 04, 2022 ZAR (R)	Feb. 04, 2022 EUR (€)
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired							100%	100%
Revenue contributed	R 3,140
Profit contributed	635
Revenue of combined entity as if combination occurred at beginning of period		R 3,324
Profit (loss) of combined entity as if combination occurred at beginning of period		691
Acquisition-date fair value of total consideration transferred [abstract]
Cash	R 1,501	1,501			R 111	€ 6	R 1,390	€ 81
Total consideration				€ 1,501			R 1,501
Acquisition-related costs		R 27	R 28

Acquisitions - Sandouville Asse

Acquisitions - Sandouville Assets/liabilities, Goodwill (Details) € in Millions, R in Millions	Dec. 31, 2022 ZAR (R)	Dec. 31, 2022 EUR (€)	May 11, 2022 ZAR (R)	May 11, 2022 EUR (€)	Feb. 04, 2022 ZAR (R)	Feb. 04, 2022 EUR (€)
Identifiable assets acquired and liabilities assumed [abstract]
Right-of-use assets	R 109
Sandouville
Identifiable assets acquired and liabilities assumed [abstract]
Property, Plant and equipment					R 1,257
Right-of-use assets					78
Intangible assets					83
Other receivables — non-current					11
Inventories					601
Trade and other receivables					104
Cash and cash equivalents	108				108
Tax receivable					3
Lease liabilities					(88)
Environmental rehabilitation obligation and other provisions					(97)
Other payables — non-current					(164)
Borrowings					(9)
Trade and other payables					(409)
Fair value of identifiable net assets acquired					1,478
Net cash transferred	1,393
Cash consideration	R 1,501		R 111	€ 6	1,390	€ 81
Acquisition date goodwill [Abstract]
Total consideration		€ 1,501			1,501
Fair value of identifiable net assets acquired					(1,478)
Goodwill					R 23

Goodwill and other intangible_2

Goodwill and other intangibles - Changes to balance and allocations of goodwill in acquisitions (Details) R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 ZAR (R)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 ZAR (R)		Dec. 31, 2020 ZAR (R)		Dec. 31, 2019 ZAR (R)	Dec. 31, 2018 ZAR (R)	Dec. 31, 2017 ZAR (R)
Goodwill
Balance at beginning of the year	R 7,727		R 7,165		R 6,855
Goodwill on acquisition of subsidiaries	23		0		0
Foreign currency translation	491		562		310
Carrying value at end of the year	8,241		7,727		7,165		R 6,855
Other intangibles
Balance at beginning of the year	0		0
Balance at end of the year	81		0		0
Total goodwill and other intangibles	8,322		7,727	[1]	7,165	[1]
Cost
Other intangibles
Balance at beginning of the year	0		0		0
Intangible assets acquired on acquisition of subsidiaries	83		0		0
Foreign currency translation	3		0		0
Balance at end of the year	86		0		0		0
Accumulated amortisation and impairment
Other intangibles
Balance at beginning of the year	0		0		0
Charge for the year	5		0		0
Balance at end of the year	(5)		0		0		0
SFA Oxford Limited
Goodwill
Carrying value at end of the year	123
SFA Oxford Limited | SGL corporate
Goodwill
Carrying value at end of the year	60
SFA Oxford Limited | Rustenburg operation
Goodwill
Carrying value at end of the year	44
SFA Oxford Limited | Kroondal
Goodwill
Carrying value at end of the year	18
Qinisele Resources
Goodwill
Balance at beginning of the year			0
Goodwill on acquisition of subsidiaries			R 54
Carrying value at end of the year					R 0
Cooke Acquisition
Goodwill
Goodwill on acquisition of subsidiaries									R 737
Other intangibles
Impairment							R 436	R 99	R 201
Aquarius Acquisition
Goodwill
Carrying value at end of the year	401
Aquarius Acquisition | Rustenburg operation
Goodwill
Goodwill on acquisition of subsidiaries	267
Aquarius Acquisition | Kroondal
Goodwill
Goodwill on acquisition of subsidiaries	134
Stillwater Mining Company
Goodwill
Carrying value at end of the year	5,874	$ 450
NCI of DRDGOLD
Goodwill
Carrying value at end of the year	35
Sandouville
Goodwill
Carrying value at end of the year	R 23
[1]* Restated — see note 1.5

Goodwill and other intangible_3

Goodwill and other intangibles - Estimates and Assumptions Used in the Calculation of Goodwill (Details)		12 Months Ended
	Jul. 01, 2017	Dec. 31, 2022 $ / lb R / kg $ / oz R / oz	Dec. 31, 2021 R / kg R / oz $ / oz	Dec. 31, 2020 R / kg $ / oz R / oz
Burnstone Debt
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	20 years	22 years
Revised gold prices (ZAR/kg) | R / kg		793,473,000	729,270,000	733,037,000
Burnstone | Mining assets
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate		17.40%	15.30%	16.80%
Mimosa | Mining assets
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate		30.70%	24.40%	28.40%
SA PGM operations
Disclosure of reconciliation of changes in goodwill [line items]
Average PGM (4E) basket price (in ZAR per ounce) | R / oz		27,566	24,422	23,278
Average PGM (2E) basket price (in USD per ounce) | $ / oz		1,334	1,180	1,202
SA PGM operations | Mimosa
Disclosure of reconciliation of changes in goodwill [line items]
Average PGM (4E) basket price (in ZAR per ounce) | R / oz		25,420	21,943	21,080
SA PGM operations | South Africa
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate			20%
Inflation rate		6.50%	6%	6%
SA PGM operations | United States
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate		12.90%	8.30%	8.80%
Inflation rate		4%	2%	2%
SA PGM operations | Minimum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine		1 year	1 year	1 year
SA PGM operations | Minimum | South Africa
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate		22.50%		18.80%
SA PGM operations | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine		49 years	50 years	32 years
SA PGM operations | Maximum | South Africa
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate		22.60%		19.70%
SA PGM operations | Mining assets | Minimum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine		15 years	17 years	12 years
SA PGM operations | Mining assets | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine		49 years	50 years	39 years
SA gold operations
Disclosure of reconciliation of changes in goodwill [line items]
Average gold price (in ZAR per kilogram) | R / kg		869,035	773,398	733,037
SA gold operations | South Africa | Burnstone Debt
Disclosure of reconciliation of changes in goodwill [line items]
Inflation rate		6.50%	6%	6%
SA gold operations | Minimum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine		1 year	1 year	1 year
SA gold operations | Minimum | South Africa
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate		13.90%	11.50%	9.70%
SA gold operations | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine		22 years	24 years	21 years
SA gold operations | Maximum | South Africa
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate		15.80%	13.50%	13.60%
SA gold operations | Mining assets | Burnstone Debt
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine		22 years	24 years	21 years
SA gold operations | Mining assets | Minimum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine		4 years	4 years	3 years
SA gold operations | Mining assets | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine		10 years	9 years	13 years
Battery metals
Disclosure of reconciliation of changes in goodwill [line items]
Average nickel price (in USD per lbs) | $ / lb		8.3
Average cobalt price (in USD per lbs) | $ / lb		22.1
Life-of-mine		24 years
Battery metals | Europe
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate		9.80%
Inflation rate		2.50%
Battery metals | Mining assets
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine		24 years

Equity accounted investments -

Equity accounted investments - Summary (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	R 8,471	R 7,594	[1]	R 5,621	[1]
Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	6,650	5,413		3,929		R 2,688
Peregrine Metals Ltd.
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	1,160	1,086		1,001		954
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	578	649		691		397
Keliber
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	0	446		0		R 0
Other equity-accounted investments
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	83	R 0		R 0
Glint Incorporated
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	81
Consideration paid	R 92
[1]* Restated — see note 1.5

Equity accounted investments _2

Equity accounted investments - Rand - Narrative (Details) R in Millions		12 Months Ended
	Dec. 18, 2014 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2020 ZAR (R)	Oct. 19, 2020 USD ($)	Sep. 11, 2020 USD ($)
EQUITY-ACCOUNTED INVESTMENTS
Loan | $					$ 383,000,000	$ 200,000
Reversal of impairment		R 7	R 0	R 2
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Proportion of ownership interest in associate		44.40%
Amount of draw down from loan	R 1,029
Loan	1,200
Reversal of impairment		R 0	R 0	R 120
Rand Refinery | Subordinated shareholders loan
EQUITY-ACCOUNTED INVESTMENTS
Loan	R 385
Debt term		2 years

Equity accounted investments _3

Equity accounted investments - Rand (Details) - ZAR (R) R in Millions		1 Months Ended					12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year	[1]						R 7,594	R 5,621
Reversal of impairment							7	0		R 2
Balance at end of the year		R 8,471	R 7,594	[1]	R 5,621	[1]	8,471	7,594	[1]	5,621	[1]
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year							649	691		397
Share of results of equity-accounted investee after tax							236	287		400
Dividends received		(188)	(156)		(112)		(307)	(329)		(112)
Preference shares redeemed							0	0		(114)
Reversal of impairment							0	0		120
Balance at end of the year		R 578	R 649		R 691		R 578	R 649		R 691
[1]* Restated — see note 1.5

Equity accounted investments _4

Equity accounted investments - Summary of Financial Statements of Rand Refinery (Details) - ZAR (R) R in Millions	1 Months Ended					12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
EQUITY-ACCOUNTED INVESTMENTS
Total revenue from contracts with customers						R 138,051	R 172,313		R 126,173
Total comprehensive income						21,349	38,431		28,616
Non-current assets	R 105,867	R 88,163	[1]	R 81,860	[1]	105,867	88,163	[1]	81,860	[1]
Current assets	60,764	64,831	[1]	52,243	[1]	60,764	64,831	[1]	52,243	[1]
Non-current liabilities	(55,408)	(51,108)	[1]	(45,900)	[1]	(55,408)	(51,108)	[1]	(45,900)	[1]
Current liabilities	(20,219)	(20,541)	[1]	(17,487)	[1]	(20,219)	(20,541)	[1]	(17,487)	[1]
Equity-accounted investments	8,471	7,594	[1]	5,621	[1]	8,471	7,594	[1]	5,621	[1]
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Net assets (liabilities)	843	882		1,016		843	882		1,016
Preference shares redeemed						0	0		(114)
Dividends received	(188)	(156)		(112)		(307)	(329)		(112)
Fair value adjustment						(36)	(36)		(36)
Reconciling items						(41)	(41)		(63)
Equity-accounted investments	578	649		691		R 578	649		691		R 397
Proportion of ownership interest in associate						44.40%
Separate | Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Total revenue from contracts with customers						R 1,189	1,276		1,131
Total comprehensive income						532	646		903
Non-current assets	556	524		724		556	524		724
Current assets	1,955	2,022		2,079		1,955	2,022		2,079
Non-current liabilities	(50)	(87)		(56)		(50)	(87)		(56)
Current liabilities	(565)	(475)		(462)		(565)	(475)		(462)
Net assets (liabilities)	R 1,896	R 1,984		R 2,285		R 1,896	R 1,984		R 2,285
[1]* Restated — see note 1.5

Equity accounted investments- M

Equity accounted investments- Mimosa - Narrative (Details)	12 Months Ended
	Dec. 31, 2022
Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Proportion of ownership interest in associate	50%

Equity accounted investments-_2

Equity accounted investments- Mimosa (Details) - ZAR (R) R in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year	[1]	R 7,594	R 5,621
Balance at end of the year		8,471	7,594	[1]	R 5,621	[1]
Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year		5,413	3,929		2,688
Share of results of equity-accounted investee after tax		1,061	1,702		1,300
Dividends received		(243)	(667)		(103)
Foreign currency translation		419	449		44
Balance at end of the year		R 6,650	R 5,413		R 3,929
[1]* Restated — see note 1.5

Equity accounted investments _5

Equity accounted investments - Mimosa - Summary of Financial Statements of Mimosa (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
EQUITY-ACCOUNTED INVESTMENTS
Total revenue from contracts with customers	R 138,051	R 172,313		R 126,173
Amortisation and depreciation	(7,087)	(8,293)		(7,593)
Interest income	1,203	1,202		1,065
Finance expense	(2,840)	(2,496)		(3,152)
Total mining and income tax	(8,924)	(13,761)		(4,858)
Income tax	(8,225)	(11,816)		(4,442)
Net Royalty Expense	1,834	2,714		1,765
Profit for the year	18,980	33,796		30,622
Other comprehensive income	2,369	4,635		(2,006)
Total comprehensive income	21,349	38,431		28,616
Non-current assets	105,867	88,163	[1]	81,860	[1]
Property, plant and equipment	76,909	62,494	[1]	60,600	[1]
Right-of-use assets	279	222	[1]	296	[1]	R 361
Current assets	60,764	64,831	[1]	52,243	[1]
Cash and cash equivalents	26,076	30,292	[1]	20,240	[1]	5,619
Non-current liabilities	(55,408)	(51,108)	[1]	(45,900)	[1]
Current liabilities	(20,219)	(20,541)	[1]	(17,487)	[1]
Equity-accounted investments	8,471	7,594	[1]	5,621	[1]
Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Net assets (liabilities)	6,696	5,462		3,977
Reconciling items	R (46)	(49)		(48)
Proportion of ownership interest in associate	50%
Equity-accounted investments	R 6,650	5,413		3,929		R 2,688
Separate | Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Total revenue from contracts with customers	8,535	8,786		7,789
Amortisation and depreciation	(685)	(549)		(563)
Interest income	203	24		8
Finance expense	(71)	(10)		(28)
Total mining and income tax	(946)	(1,503)		(1,254)
Income tax	(692)	(1,183)		(984)
Net Royalty Expense	254	320		270
Profit for the year	2,123	3,405		2,599
Other comprehensive income	838	896		89
Total comprehensive income	2,961	4,301		2,688
Non-current assets	7,560	6,095		5,178
Property, plant and equipment	7,560	6,095		5,178
Right-of-use assets	0	0		0
Current assets	8,124	6,728		4,635
Cash and cash equivalents	1,545	1,131		469
Other current assets	6,579	5,597		4,166
Non-current liabilities	(1,840)	(1,443)		(1,304)
Non-current financial liabilities	0	0		(12)
Other non-current liabilities	(1,840)	(1,443)		(1,292)
Current liabilities	(453)	(456)		(556)
Current financial liabilities	(453)	(334)		(476)
Other current liabilities	0	(122)		(80)
Net assets (liabilities)	13,391	10,924		7,953
Current financial liabilities excluding trade and other payables	R 35	R 9		R 53
[1]* Restated — see note 1.5

Equity accounted investments _6

Equity accounted investments - Peregrine - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
	Oct. 25, 2018	Jun. 29, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EQUITY-ACCOUNTED INVESTMENTS
Number of shares issued (in shares)			2,830,370,000	2,808,406,000	2,923,571,000
Aldebaran
EQUITY-ACCOUNTED INVESTMENTS
Initial ownership interest of counterparty, as a percent			60%
Number of shares issued (in shares)	77,635,957
Peregrine Metals Ltd.
EQUITY-ACCOUNTED INVESTMENTS
Proceeds from sales of investments accounted for using equity method	$ 15	$ 15
Initial financing		$ 30
Debt term			5 years
Additional earn-in period		3 years
Proportion of ownership interest in joint venture			100%	100%	100%
Peregrine Metals Ltd. | Aldebaran
EQUITY-ACCOUNTED INVESTMENTS
Maximum ownership interest of counterparty, as a percent		80%
Equity interest consideration, as a percent	19.90%	19.90%
Initial ownership interest of counterparty, as a percent		60%	60%
Additional possible ownership interest, as a percent		20%
Expenditure for additional ownership interest		$ 25
Joint venture number of shares received	15,449,555

Equity accounted investments _7

Equity accounted investments - Peregrine (Details) - ZAR (R) R in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year	[1]	R 7,594	R 5,621
Balance at end of the year		8,471	7,594	[1]	R 5,621	[1]
Peregrine Metals Ltd.
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year		1,086	1,001		954
Foreign currency translation		74	85		47
Balance at end of the year		R 1,160	R 1,086		R 1,001
[1]* Restated — see note 1.5

Equity accounted investments _8

Equity accounted investments - Summary of Financial Statements of Peregrine (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
EQUITY-ACCOUNTED INVESTMENTS
Non-current assets	R 105,867	R 88,163	[1]	R 81,860	[1]
Current assets	60,764	64,831	[1]	52,243	[1]
Non-current liabilities	(55,408)	(51,108)	[1]	(45,900)	[1]
Current liabilities	(20,219)	(20,541)	[1]	(17,487)	[1]
Equity-accounted investments	8,471	7,594	[1]	5,621	[1]
Peregrine Metals Ltd.
EQUITY-ACCOUNTED INVESTMENTS
Net assets (liabilities)	1,025	946		459
Total Reconciling Items	135	140		542
Equity-accounted investments	R 1,160	1,086		1,001		R 954
Proportion of ownership interest in associate	40%
Separate | Peregrine Metals Ltd.
EQUITY-ACCOUNTED INVESTMENTS
Non-current assets	R 3,004	2,788		1,541
Current assets	0	0		7
Non-current liabilities	(426)	(409)		(382)
Current liabilities	(16)	(15)		(18)
Net assets (liabilities)	R 2,562	R 2,364		R 1,148
[1]* Restated — see note 1.5

Equity accounted investments _9

Equity accounted investments - Keliber - Narrative (Details) - Keliber - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2021	Sep. 16, 2021	Mar. 17, 2021	Feb. 23, 2021
EQUITY-ACCOUNTED INVESTMENTS
Equity investment		€ 15		€ 30
Proportion of ownership interest in associate	26.60%
First tranche
EQUITY-ACCOUNTED INVESTMENTS
Equity investment			€ 15
Second tranche
EQUITY-ACCOUNTED INVESTMENTS
Equity investment		€ 10

Equity accounted investments_10

Equity accounted investments - Keliber (Details) - ZAR (R) R in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year	[1]	R 7,594	R 5,621
Acquisition of equity-accounted investment		92	446		R 0
Balance at end of the year		8,471	7,594	[1]	5,621	[1]
Keliber
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year		446	0		0
Acquisition of equity-accounted investment		84	446		0
Transfer to asset acquisition (date of consolidation)		(530)	0		0
Balance at end of the year		R 0	R 446		R 0
[1]* Restated — see note 1.5

Interests in joint operations_2

Interests in joint operations (Details) R in Millions	12 Months Ended
	Dec. 31, 2022 ZAR (R) jointOperation	Dec. 31, 2021 ZAR (R)		Dec. 31, 2020 ZAR (R)
INTERESTS IN JOINT OPERATIONS
Revenue	R 138,288	R 172,194		R 127,392
Gain/(loss) on foreign exchange differences	(616)	(1,149)		255
Profit before tax	27,904	47,557		35,480
Profit for the year	18,980	33,796		30,622
Non-current assets	105,867	88,163	[1]	81,860	[1]
Current assets	60,764	64,831	[1]	52,243	[1]
Non-current liabilities	(55,408)	(51,108)	[1]	(45,900)	[1]
Current liabilities	R (20,219)	(20,541)	[1]	(17,487)	[1]
Marikana
INTERESTS IN JOINT OPERATIONS
Interest in joint operation (as a percent)	50%
Number of joint operations | jointOperation	2
Kroondal
INTERESTS IN JOINT OPERATIONS
Interest in joint operation (as a percent)	50%
Kroondal | Joint Operations
INTERESTS IN JOINT OPERATIONS
Revenue	R 8,371	10,293		7,973
Gain/(loss) on foreign exchange differences	131	127		(16)
Profit before tax	4,780	6,557		4,814
Profit for the year	4,781	6,556		4,814
Non-current assets	729	636		800
Current assets	3,093	3,357		3,894
Non-current liabilities	(9)	(13)		(7)
Current liabilities	(414)	(493)		(436)
Net assets (liabilities)	R 3,399	R 3,487		R 4,251
[1]* Restated — see note 1.5

Other investments (Details)

Other investments (Details) € in Millions, R in Millions

12 Months Ended

Oct. 27, 2021

Dec. 31, 2022 ZAR (R)

Dec. 31, 2022 USD ($)

Mar. 22, 2022 ZAR (R)

Feb. 28, 2022 EUR (€)

Dec. 31, 2021 ZAR (R)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 ZAR (R)

Dec. 31, 2020 USD ($)

Oct. 19, 2020 USD ($)

Sep. 11, 2020 USD ($)

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Other investments

R 3,340

R 3,367

[1]

R 847

[1]

Loan | $

$ 383,000,000

$ 200,000

Rhyolite Ridge

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Expected proportion of ownership interest in joint venture

50%

Ioneer Limited

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Government loan | $

$ 700,000,000

Ioneer Limited | Rhyolite Ridge

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Proportion of ownership interest in subsidiary

100%

Designated at FVTOCI investments: | Equity investments | Rand Mutual Assurance Company Limited

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Other investments

R 149

140

158

Designated at FVTOCI investments: | Equity investments | Furuya Metal Company Limited

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Other investments

R 455

668

343

Proportion of ownership

5.60%

Designated at FVTOCI investments: | Equity investments | Aldebaran

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Other investments

R 238

241

98

Proportion of ownership

17.59%

Designated at FVTOCI investments: | Equity investments | Generation Mining Limited

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Other investments

R 322

144

101

Proportion of ownership

18.19%

Designated at FVTOCI investments: | Equity investments | Ioneer Limited

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Other investments

R 643

1,353

0

Proportion of ownership

6.95%

Designated at FVTOCI investments: | Equity investments | New Century Resources Limited

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Other investments

R 258

698

0

Proportion of ownership

19.90%

Designated at FVTOCI investments: | Equity investments | Other

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Other investments

98

123

147

Mandatorily measured at FVTPL investments: | Verkor SA

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Other investments | $

554,000,000

$ 0

$ 0

Loan

R 409

€ 25

Financial assets measured at fair value

554

Gains (losses) on financial assets at fair value through profit or loss

145

Mandatorily measured at FVTPL investments: | EnHyWhere

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Other investments | $

$ 78,000,000

$ 0

$ 0

Mandatorily measured at FVTPL investments: | Other

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Other investments

380

0

0

Amortised cost investments

Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]

Other investments

R 165

R 0

R 0

[1]* Restated — see note 1.5

Environmental rehabilitation _5

Environmental rehabilitation obligation funds (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Disclosure of fair value measurement of assets [line items]
Balance at beginning of the year	R 5,202	[1]	R 4,934	[1]	R 4,602
Contributions made	86		72		64
Payments received	(33)		(10)		(7)
Interest income	235		174		245
Transfer to other investments	264		0		0
Balance at end of the year	5,306		5,202	[1]	4,934	[1]
Restricted funds	1,616		1,135		703
Funds	3,690		4,067		4,231
Environmental rehabilitation obligation funds
Disclosure of fair value measurement of assets [line items]
Fair value gain	R 80		R 32		R 30
[1]* Restated — see note 1.5

Other receivables and other p_3

Other receivables and other payables - Other receivables (Details) - ZAR (R) R in Millions	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Other Receivables
Right of recovery receivable	R 275	R 319		R 340
Rates and taxes receivable	93	106		105
Pre-paid royalties	322	336		364
Palladium hedge derivative asset	50	286		0
Other	139	127		49
Other receivables	879	1,174		858
Reconciliation of the non-current and current portion of the other receivables:
Other receivables	879	1,174		858
Current portion of other receivables	(81)	(523)	[1]	(37)	[1]
Other receivables	R 798	R 651	[1]	R 821	[1]
[1]* Restated — see note 1.5

Other receivables and other p_4

Other receivables and other payables - Other payables (Details) - ZAR (R) R in Millions	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Other Payables [Abstract]
Right of recovery payable	R 34	R 32		R 39
Other	582	373		367
Total other payables	6,391	9,364		5,157
Reconciliation of the non-current and current portion of the other receivables:
Other payables	6,391	9,364		5,157
Current portion of other payables	(3,891)	(4,765)	[1]	(2,246)	[1]
Other payables	2,500	4,599	[1]	2,911	[1]
Marikana
Other Payables [Abstract]
Marikana dividend obligation	2,129	1,539		0		R 0
Rustenburg Operations acquisition
Other Payables [Abstract]
Deferred payment	3,518	6,920		4,355		2,826
Pandora acquisition by Lonmin
Other Payables [Abstract]
Deferred payment	128	400		308		R 276
SFA Oxford Limited
Other Payables [Abstract]
Contingent consideration (related to SFA (Oxford) acquisition)	R 0	R 100		R 88
[1]* Restated — see note 1.5

Other receivables and other p_5

Other receivables and other payables - Right of recovery and Deferred (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Disclosure of detailed information about business combination [line items]
Rehabilitation obligation payable (as a percent)	50%
Rehabilitation recoverable (as a percent)	50%
Deferred Payment and Deferred Consideration movement
Payment made	R (185)	R (577)	R (756)
Contingent consideration
Disclosure of detailed information about business combination [line items]
Liabilities	13	124
Marikana
Deferred Payment and Deferred Consideration movement
Interest charge	165	87	0
(Gain)/loss on revised estimated cash flows	R 650	468	0
Rustenburg Operations acquisition
Disclosure of detailed information about business combination [line items]
Deferred payment percentage	35%
Measurement period	6 years
Deferred Payment and Deferred Consideration movement
Balance at the beginning of the year	R 6,920	4,355	2,826
Interest charge	266	158	187
Payment made	(4,441)	(2,246)	(739)
(Gain)/loss on revised estimated cash flows	773	4,653	2,081
Balance at end of the year	R 3,518	6,920	4,355
Pandora acquisition by Lonmin
Disclosure of detailed information about business combination [line items]
Deferred payment percentage	20%
Gross minimum deferred payment for the contingent consideration	R 400
Percentage of voting equity interests acquired				50%
Nominal discount rate	12.50%
Deferred Payment and Deferred Consideration movement
Balance at the beginning of the year	R 400	308	276
Interest charge	18	54	49
Payment made	(178)	(85)	(17)
(Gain)/loss on revised estimated cash flows	(112)	123	0
Balance at end of the year	128	400	308
Maximum
Disclosure of detailed information about business combination [line items]
Contractual rehabilitation liability	207	R 194	R 185
Minimum | Rustenburg Operations acquisition
Disclosure of detailed information about business combination [line items]
Gross minimum deferred payment for the contingent consideration	R 3,000

Other receivables and other p_6

Other receivables and other payables - Marikana dividend obligation (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
South Africa | Eastern Platinum Limited
Disclosure of nature and extent of risks arising from financial instruments [line items]
Real discount rate — South Africa	11.64%
South Africa | Western Platinum Limited
Disclosure of nature and extent of risks arising from financial instruments [line items]
Real discount rate — South Africa	11.71%
Marikana
Movement In Dividend Obligation [Abstract]
Balance at the beginning of the year	R 1,539	R 0	R 0
Marikana dividend obligation	0	1,146	0
Interest charge	165	87	0
(Gain)/loss on revised estimated cash flows	650	468	0
Payments made	(225)	(162)	0
Balance at end of the year	R 2,129	R 1,539	R 0

Other receivables and other p_7

Other receivables and other payables -Deferred/contingent payments (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about business combination [line items]
Payment made	R (185)	R (577)	R (756)
Total cash payments made	(4,730)	(2,331)	(756)
Payments in excess of the original fair value (operating cash flows)	(4,545)	(1,754)	0
Payments up to initial fair value (investing cash flows)	R (185)	(577)	(756)
Deferred payment and deferred consideration liabilities | Commodity price risk
Disclosure of detailed information about business combination [line items]
Percentage increase in risk assumption	1%
Increase in loss due to increase in commodity price	R 52	101	74
Rustenburg Operations acquisition
Disclosure of detailed information about business combination [line items]
Payment made	(4,441)	(2,246)	(739)
Payments up to initial fair value (investing cash flows)	(4,441)	(2,246)	(739)
Pandora acquisition by Lonmin
Disclosure of detailed information about business combination [line items]
Payment made	(178)	(85)	(17)
Payments up to initial fair value (investing cash flows)	(178)	(85)	(17)
SFA Oxford Limited
Disclosure of detailed information about business combination [line items]
Contingent consideration (related to SFA (Oxford) acquisition)	R (111)	R 0	R 0

Inventories (Details)

Inventories (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Consumable stores	R 2,066	R 1,923		R 1,627
PGM ore and mill inventory	535	189		142
Other	74	56		115
Inventories	26,384	25,080	[1]	24,952	[1]
Raw materials and consumables used	21,929	18,847		16,404
PGMs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	13,673	13,081		13,742
Finished goods	7,856	9,012		8,710
PGMs | Marikana
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	5,882	4,725		4,225
Gold
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	233	219		109
Finished goods	1,096	600		507
Battery metals activities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	357	0		0
Finished goods	187	0		0
Battery metals raw materials	R 307	R 0		R 0
[1]* Restated — see note 1.5

Trade and other receivables (De

Trade and other receivables (Details) - ZAR (R) R in Millions	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Payroll debtors	R 361	R 322		R 268
Interest receivable	90	54		57
Financial assets	6,279	6,147		6,043
Prepayments	433	335		369
Value added tax	788	929		454
Total trade and other receivables	7,500	7,411	[1]	6,866	[1]
Gold
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	0	44		42
PGMs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	4,304	4,823		4,655
PGM sales concentrate
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	3,564	3,794		4,030
PGM sales other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	740	1,029		625
Battery metals activities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	135	0		0
Other trade receivables
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	R 1,389	R 904		R 1,021
[1]* Restated — see note 1.5

Trade and other receivables - I

Trade and other receivables - Impairment allowance (Details) R in Millions	12 Months Ended
	Dec. 31, 2022 ZAR (R) R / $	Dec. 31, 2021 ZAR (R) R / $	Dec. 31, 2020 ZAR (R) R / $	Dec. 31, 2022 R / €
Currency risk
Disclosure of disaggregation of revenue from contracts with customers [line items]
Exchange rates (in ZAR per USD)	17.03	15.94	14.69	18.22
Currency risk | Trade receivables
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percentage decrease in risk assumption	1%
Percentage increase in risk assumption	1%
Exchange rates (in ZAR per USD) | R / $	17.03
Effect on net profit or loss	R 35
Other trade receivables
Disclosure of disaggregation of revenue from contracts with customers [line items]
Balance at beginning of the year	904	R 1,021
Balance at end of the year	1,389	904	R 1,021
PGM sales concentrate
Disclosure of disaggregation of revenue from contracts with customers [line items]
Balance at beginning of the year	3,794	4,030
Balance at end of the year	R 3,564	3,794	4,030
PGM sales concentrate | Commodity price risk
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percentage decrease in risk assumption	1%
Percentage increase in risk assumption	1%
Effect on revenue and receivable balance	R 28
Financial instruments credit-impaired | Other trade receivables
Disclosure of disaggregation of revenue from contracts with customers [line items]
Balance at beginning of the year	201	199	140
Impairment allowance recognised in profit or loss for the year	28	3	59
Impaired financial assets recovered during the year	(15)	(1)	0
Balance at end of the year	R 214	R 201	R 199

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - ZAR (R) R in Millions	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Cash and cash equivalents [abstract]
Cash at the bank, on hand and cash equivalents	R 26,076	R 30,292		R 20,240
Total cash and cash equivalents	R 26,076	R 30,292	[1]	R 20,240	[1]	R 5,619
[1]* Restated — see note 1.5

Stated share capital - Authoris

Stated share capital - Authorised and issued (Details) R / shares in Units, R in Millions				12 Months Ended
	Oct. 19, 2020 ZAR (R) shares	Oct. 19, 2020 USD ($) shares	Sep. 11, 2020 USD ($) shares	Dec. 31, 2022 ZAR (R) shares	Dec. 31, 2021 ZAR (R) R / shares shares	Dec. 31, 2020 ZAR (R) component R / shares shares
Disclosure of classes of share capital [abstract]
Authorised number of shares (in shares)				10,000,000,000	10,000,000,000	10,000,000,000
Reconciliation of issued number of shares
Number of shares in issue at beginning of the year (in shares)				2,808,406,000	2,923,571,000
Scheme implemented (in shares)				0	0	2,670,030,000
Shares issued under Sibanye-Stillwater/SGL Share Plan (in shares)				21,964,000	32,535,000	6,932,000
Shares issued upon conversion of debt (in shares)	247,912,467	247,912,467	127,967	0	0	248,040,000
Shares delisted (share buy-back) (in shares)				0	(147,700,000)	(1,431,197)
Number of shares in issue at end of the year (in shares)				2,830,370,000	2,808,406,000	2,923,571,000
Loan | $		$ 383,000,000	$ 200,000
Shares issued upon conversion of US$ Convertible Bond | R	R 12,573					R 12,573
Bond purchase price | $		$ 800,000
Number of components | component						2
Loss on settlement of US$ Convertible Bond | R				R 0	R 0	R 1,507
Repurchase value | R					R 8,503	R 84
Repurchase price, per share (in ZAR per share) | R / shares					R 57.57	R 58.80

Non-controlling interests - Gro

Non-controlling interests - Group’s NCI relates (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Oct. 03, 2022	Jul. 29, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Disclosure of subsidiaries [line items]
Equity	R 91,004			R 81,345	[1],[2]	R 70,716	[1],[2]	R 31,138
NCI of Keliber
Disclosure of subsidiaries [line items]
Cash attributed to NCI			R 1,238
Reattribution of equity		R 1,530	R 349
Net effect due to foreign currency translation, share subscription costs and put options	(106)
Non- controlling interests
Disclosure of subsidiaries [line items]
Equity	2,903			1,952	[2]	2,780	[2]	R 1,468
Non- controlling interests | NCI of Keliber
Disclosure of subsidiaries [line items]
Equity	616			0		0
Non- controlling interests | NCI of DRDGOLD
Disclosure of subsidiaries [line items]
Equity	2,283			1,939		1,768
Non- controlling interests | NCI of Platinum Mile
Disclosure of subsidiaries [line items]
Equity	0			0		37
Non- controlling interests | NCI of Group Technical Security Management
Disclosure of subsidiaries [line items]
Equity	6			5		5
Non- controlling interests | Marikana
Disclosure of subsidiaries [line items]
Equity	(2)			8		970
Non- controlling interests | Western Platinum Limited
Disclosure of subsidiaries [line items]
Equity	R 0			R 0		R 690
[1]* Restated — see note 1.5[2]** Restated — see note 1.5

Non-controlling interests - Sum

Non-controlling interests - Summarised financial information of subsidiary groups (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Disclosure of subsidiaries [line items]
Revenue	R 138,051	R 172,313		R 126,173
Profit for the year	18,980	33,796		30,622
Total comprehensive income	21,349	38,431		28,616
Non-controlling interests (NCI)	584	742		1,310
Net increase in cash and cash equivalents	(5,328)	9,344		14,969
Dividends paid	9,453	18,176		1,698
Non-current assets	105,867	88,163	[1]	81,860	[1]
Current assets	60,764	64,831	[1]	52,243	[1]
Non-current liabilities	(55,408)	(51,108)	[1]	(45,900)	[1]
Current liabilities	(20,219)	(20,541)	[1]	(17,487)	[1]
Equity	91,004	81,345	[1],[2]	70,716	[1],[2]	R 31,138
Non- controlling interests
Disclosure of subsidiaries [line items]
Profit for the year	584	742		1,310
Total comprehensive income	678	733		1,329
Equity	2,903	1,952	[2]	2,780	[2]	R 1,468
NCI of DRDGOLD | Non- controlling interests
Disclosure of subsidiaries [line items]
Equity	2,283	1,939		1,768
Operating segments | NCI of DRDGOLD
Disclosure of subsidiaries [line items]
Revenue	5,274	4,790		5,051
Profit for the year	1,157	987		1,255
Total comprehensive income	1,156	907		1,485
Non-controlling interests (NCI)	573	487		619
Operating segments | NCI of DRDGOLD | Non- controlling interests
Disclosure of subsidiaries [line items]
Net increase in cash and cash equivalents	153	70		1,626
Dividends paid	255	338		359
Non-current assets	4,303	3,741		3,620
Current assets	2,985	2,821		2,671
Non-current liabilities	(1,183)	(1,120)		(1,055)
Current liabilities	(552)	(553)		(593)
Equity	R 5,553	R 4,889		R 4,643
[1]* Restated — see note 1.5[2]** Restated — see note 1.5

Non-controlling interests - Nar

Non-controlling interests - Narrative (Details) € in Millions, R in Millions					12 Months Ended
	Oct. 03, 2022 EUR (€)	Jun. 30, 2022	Mar. 14, 2022	Jan. 10, 2020 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021	Dec. 31, 2020 ZAR (R)	Jul. 29, 2022 EUR (€)
Disclosure of subsidiaries [line items]
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity					R 3,452
Keliber
Disclosure of subsidiaries [line items]
Proportion of ownership interest in entity			30.30%
Carbon tax | €	€ 2
Consideration Transferred, Asset Acquisition | €	€ 192							€ 146
Keliber | Forecast
Disclosure of subsidiaries [line items]
Proportion of ownership interest in entity		80%
Non- controlling interests
Disclosure of subsidiaries [line items]
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity					R 686		R (324)
NCI of DRDGOLD
Disclosure of subsidiaries [line items]
Percentage of voting equity interests acquired				12.05%
Proportion of voting rights held by non-controlling interests					49.90%	49.90%	49.90%
Proportion of ownership interest in subsidiary				50.10%	49.67%	49.51%	49.34%
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity							R 0
Consideration				R 1,086
NCI of DRDGOLD | Non- controlling interests
Disclosure of subsidiaries [line items]
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity				R 220			R (324)
Western Platinum Limited
Disclosure of subsidiaries [line items]
Proportion of voting rights held by non-controlling interests							4.75%

Non-controlling interests - NCI

Non-controlling interests - NCI impact (Details) - Keliber - ZAR (R) R in Millions				12 Months Ended
	Oct. 03, 2022	Jul. 29, 2022	Mar. 14, 2022	Dec. 31, 2022
Disclosure of subsidiaries [line items]
Cash transferred	R (3,363)	R (2,476)
Cash attributed to NCI		1,238
Reattribution of equity	1,530	349
Net effect due to foreign currency translation, share subscription costs and put options				R (106)
Proportion of ownership interests held by non-controlling interests			69.70%	1%
Put option discount				10%
Effective proportion of ownership interest in subsidiary				85.90%
Accumulated profit/(loss)
Disclosure of subsidiaries [line items]
Increase (decrease) in equity	R (1,833)	R (889)		R (2,828)

Borrowings - Borrowings and der

Borrowings - Borrowings and derivative financial instrument (Details) R in Millions		1 Months Ended			12 Months Ended
	Aug. 02, 2021 USD ($)	Dec. 31, 2021 ZAR (R)		Dec. 31, 2021 USD ($)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)		Dec. 31, 2020 ZAR (R)		Dec. 31, 2022 USD ($)	Oct. 19, 2020 USD ($)	Sep. 11, 2020 USD ($)	Oct. 25, 2019 ZAR (R)	May 21, 2018 USD ($)	Jul. 01, 2017 USD ($)	Jul. 01, 2014 USD ($)
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $											$ 383,000,000	$ 200,000
Borrowings		R 20,298			R 22,728	R 20,298		R 18,383
Current portion of borrowings		(107)	[1]		(122)	(107)	[1]	(886)	[1]
Non-current portion of borrowings		20,191	[1]		22,606	20,191	[1]	17,497	[1]
Balance at beginning of the year					20,298	18,383		23,736
Borrowings acquired on acquisition of subsidiary					39	0		0
Loans raised					8,000	20,622		16,289
Loans repaid					(8,003)	(20,252)		(18,335)
US$ Convertible Bond converted into shares					0	0		(5,578)
Unwinding of loans recognised at amortised cost					216	302		394
Accrued interest (related to the 2022 and 2025 Notes, 2026 and 2029 Notes, US$ Convertible Bond and the RCFs)					1,046	801		1,290
Accrued interest paid					(1,061)	(706)		(1,298)
Early redemption premium on the 2025 Notes					0	196		0
Loss/(gain) on the revised cash flow of the Burnstone Debt					776	2		(264)
Loss on foreign exchange differences and foreign currency translation					1,417	950		2,149
Balance at end of the year		20,298			22,728	20,298		18,383
US$600 million RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $										$ 600,000,000				$ 600,000,000
Borrowings		0			0	0		6,978
Balance at beginning of the year					0	6,978		5,712
Loans raised					0	703		7,218
Loans repaid					0	(7,728)		(6,802)
Accrued interest (related to the 2022 and 2025 Notes, 2026 and 2029 Notes, US$ Convertible Bond and the RCFs)					62	113		232
Accrued interest paid					(62)	(113)		(232)
Loss on foreign exchange differences and foreign currency translation					0	47		850
Balance at end of the year		0			0	0		6,978
R5.5 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt					5,500								R 5,500
Borrowings		0			0	0		0
Balance at beginning of the year					0	0		2,500
Loans raised					8,000	0		5,000
Loans repaid					(8,000)	0		(7,500)
Accrued interest (related to the 2022 and 2025 Notes, 2026 and 2029 Notes, US$ Convertible Bond and the RCFs)					155	66		200
Accrued interest paid					(155)	(66)		(200)
Balance at end of the year		0			0	0		0
2022 and 2025 Notes, 2026 and 2029 Notes, and US$ Convertible Bond
Disclosure of detailed information about borrowings [line items]
Accrued interest (related to the 2022 and 2025 Notes, 2026 and 2029 Notes, US$ Convertible Bond and the RCFs)					1,046	801		1,290
2022 and 2025 Notes
Disclosure of detailed information about borrowings [line items]
Borrowings		0			0	0		10,136
Balance at beginning of the year					0	10,136
Balance at end of the year		0			0	0		10,136
2026 and 2029 Notes
Disclosure of detailed information about borrowings [line items]
Borrowings		18,785			20,140	18,785		0
Balance at beginning of the year					18,785	0		0
Loans raised					0	18,208		0
Unwinding of loans recognised at amortised cost					68	8		0
Accrued interest (related to the 2022 and 2025 Notes, 2026 and 2029 Notes, US$ Convertible Bond and the RCFs)					829	99		0
Accrued interest paid					(844)	0		0
Loss on foreign exchange differences and foreign currency translation					1,302	470		0
Balance at end of the year		18,785			20,140	18,785		0
Transaction costs accrued						29
Burnstone Debt
Disclosure of detailed information about borrowings [line items]
Borrowings		1,507			2,540	1,507		1,263							$ 178,000,000	$ 178,000,000
Balance at beginning of the year					1,507	1,263		1,330
Unwinding of loans recognised at amortised cost					148	125		148
Loss/(gain) on the revised cash flow of the Burnstone Debt					776	2		(264)
Balance at end of the year		1,507			2,540	1,507		1,263
Other borrowings
Disclosure of detailed information about borrowings [line items]
Borrowings		0			42	0		0
Balance at beginning of the year					0	0		0
Borrowings acquired on acquisition of subsidiary					39	0		0
Loans raised					0	1,711		4,071
Loans repaid					(3)	(1,684)		(4,020)
Balance at end of the year		0			42	0		0
Franco-Nevada liability
Disclosure of detailed information about borrowings [line items]
Borrowings		2			2	2		2
Balance at beginning of the year					2	2
Balance at end of the year		2			2	2		2
Stillwater Convertible Debentures
Disclosure of detailed information about borrowings [line items]
Borrowings		4			4	4		4
Balance at beginning of the year					4	4
Balance at end of the year		R 4			R 4	R 4		R 4
2022 Notes
Disclosure of detailed information about borrowings [line items]
Repayments of non-current borrowings | $	$ 355,800,000
2025 Notes
Disclosure of detailed information about borrowings [line items]
Redemption price (as a percent)		103.60%		103.60%
Loans repaid | $				$ (370,200,000)
Early redemption premium on the 2025 Notes		R 196
[1]* Restated — see note 1.5

Borrowings - US$600 million RCF

Borrowings - US$600 million RCF (Details) R in Millions			12 Months Ended
	Oct. 25, 2019	May 21, 2018 USD ($) extension_option	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2020 ZAR (R)	Dec. 31, 2022 USD ($)	Oct. 19, 2020 USD ($)	Sep. 11, 2020 USD ($)
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $							$ 383,000,000	$ 200,000
Balance at beginning of the year			R 20,298	R 18,383	R 23,736
Loans raised			8,000	20,622	16,289
Loans repaid			(8,003)	(20,252)	(18,335)
Accrued interest			1,046	801	1,290
Accrued interest paid			(1,061)	(706)	(1,298)
Loss on foreign exchange differences			1,417	950	2,149
Balance at end of the year			22,728	20,298	18,383
US$600 million RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $		$ 600,000,000				$ 600,000,000
Net debt to EBITDA threshold		2.50
Term of facility		3 years
Number of one-year extensions | extension_option		2
Borrowings, term of extension	1 year
Balance at beginning of the year			0	6,978	5,712
Loans raised			0	703	7,218
Loans repaid			0	(7,728)	(6,802)
Accrued interest			62	113	232
Accrued interest paid			(62)	(113)	(232)
Loss on foreign exchange differences			0	47	850
Balance at end of the year			R 0	R 0	R 6,978
US$600 million RCF | Net Debt to EBITDA less than threshold | LIBOR
Disclosure of detailed information about borrowings [line items]
Interest rate margin		1.85%
US$600 million RCF | Net Debt to EBITDA above threshold | LIBOR
Disclosure of detailed information about borrowings [line items]
Interest rate margin		2%
US$350 million RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $		$ 350,000,000

Borrowings - R5.5 billion RCF (

Borrowings - R5.5 billion RCF (Details) R in Millions		12 Months Ended
	Oct. 25, 2019 ZAR (R) extension_option	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2020 ZAR (R)	Oct. 19, 2020 USD ($)	Sep. 11, 2020 USD ($)	Nov. 15, 2016 ZAR (R)
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $					$ 383,000,000	$ 200,000
Balance at beginning of the year		R 20,298	R 18,383	R 23,736
Loans raised		8,000	20,622	16,289
Loans repaid		(8,003)	(20,252)	(18,335)
Accrued interest		1,046	801	1,290
Accrued interest paid		(1,061)	(706)	(1,298)
Balance at end of the year		22,728	20,298	18,383
R5.5 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt	R 5,500	5,500
Term of facility	3 years
Number of one-year extensions | extension_option	2
Borrowings, term of extension	1 year
Balance at beginning of the year		0	0	2,500
Loans raised		8,000	0	5,000
Loans repaid		(8,000)	0	(7,500)
Accrued interest		155	66	200
Accrued interest paid		(155)	(66)	(200)
Inter Bank transfer		0	0	0
Balance at end of the year		R 0	R 0	R 0
R5.5 billion RCF | JIBAR | Minimum
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2.40%
R5.5 billion RCF | JIBAR | Maximum
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2.90%
R6.0 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt							R 6,000

Borrowings - 2026 and 2029 Note

Borrowings - 2026 and 2029 Notes (Details) R in Millions		12 Months Ended
	Nov. 16, 2021 USD ($)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2020 ZAR (R)	Oct. 19, 2020 USD ($)	Sep. 11, 2020 USD ($)
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $					$ 383,000,000	$ 200,000
Balance at beginning of the year		R 20,298	R 18,383	R 23,736
Loans raised		8,000	20,622	16,289
Interest expense on borrowings		1,046	801	1,290
Unwinding of amortised cost		216	302	394
Accrued interest paid		(1,061)	(706)	(1,298)
Loss on foreign exchange differences		1,417	950	2,149
Balance at end of the year		22,728	20,298	18,383
US$675 million senior notes due 2026
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)	4%
Face amount of debt | $	$ 675,000,000
Debt term	5 years
US$525 million senior notes due 2029
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)	4.50%
Face amount of debt | $	$ 525,000,000
Debt term	8 years
2026 and 2029 Notes
Disclosure of detailed information about borrowings [line items]
Balance at beginning of the year		18,785	0	0
Loans raised		0	18,208	0
Interest expense on borrowings		829	99	0
Unwinding of amortised cost		68	8	0
Accrued interest paid		(844)	0	0
Loss on foreign exchange differences		1,302	470	0
Balance at end of the year		R 20,140	R 18,785	R 0

Borrowings - Burnstone Debt (De

Borrowings - Burnstone Debt (Details) R in Millions		12 Months Ended
	Jul. 01, 2017 USD ($)	Dec. 31, 2022 ZAR (R) R / kg R / $	Dec. 31, 2021 ZAR (R) R / kg R / $	Dec. 31, 2020 ZAR (R) R / kg R / $	Oct. 19, 2020 USD ($)	Sep. 11, 2020 USD ($)	Jul. 01, 2017 ZAR (R)	Jul. 01, 2017 USD ($)	Jul. 01, 2014 USD ($)
Disclosure of detailed information about borrowings [line items]
Borrowings		R 22,728	R 20,298	R 18,383
Face amount of debt | $					$ 383,000,000	$ 200,000
Balance at beginning of the year		20,298	18,383	23,736
Unwinding of amortised cost		216	302	394
Loss/(gain) on revised estimated cash flows		776	2	(264)
Gain/(loss) on foreign exchange differences		(616)	(1,149)	255
Balance at end of the year		22,728	20,298	18,383
Burnstone Debt
Disclosure of detailed information about borrowings [line items]
Borrowings		2,540	1,507	1,263				$ 178,000,000	$ 178,000,000
Bank Lenders participation in Burnstone free cash flow after Burnstone Debt repaid in full	10%
Maximum participation in Burnstone free cash flow after Burnstone Debt repaid in full | $	$ 63,000,000
Net assets		R 2,000
Borrowings on acquisition of subsidiary							R 1,008
Life-of-mine	20 years	22 years
Balance at beginning of the year		R 1,507	1,263	1,330
Unwinding of amortised cost		148	125	148
Loss/(gain) on revised estimated cash flows		776	2	(264)
Gain/(loss) on foreign exchange differences		109	117	49
Balance at end of the year	$ 178,000,000	R 2,540	R 1,507	R 1,263
Revised gold prices (ZAR/kg) | R / kg		793,473,000	729,270,000	733,037,000
Exchange rates (in ZAR per USD) | R / $		15.50	15	16
A1
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $									200,000
A2
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $									7,800,000
Free cash flow used to repay Wits Gold Loan (as a percent)	50%
Free cash flow used to repay Burnstone Debt (as a percent)	50%
Nominal discount rate		5.90%
A3 and A4
Disclosure of detailed information about borrowings [line items]
Interest rate margin							4%	4%
Free cash flow used to repay Wits Gold Loan (as a percent)	90%
Free cash flow used to repay Burnstone Debt (as a percent)	10%
Free cash flow used to repay Burnstone Debt after settlement of Wits Gold Loan (as a percent)	30%
Nominal discount rate		9.50%
A3 and A4 | LIBOR
Disclosure of detailed information about borrowings [line items]
Interest rate margin							4%	4%
A3
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $									51,000,000
A4
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $									$ 119,100,000

Borrowings - Other borrowings (

Borrowings - Other borrowings (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Balance at beginning of the year	R 20,298	R 18,383	R 23,736
Loans raised	8,000	20,622	16,289
Loans repaid	(8,003)	(20,252)	(18,335)
Borrowings acquired on acquisition of subsidiary	39	0	0
Gain/(loss) on foreign exchange differences	(616)	(1,149)	255
Balance at end of the year	22,728	20,298	18,383
Other borrowings
Disclosure of detailed information about borrowings [line items]
Balance at beginning of the year	0	0	0
Loans raised	0	1,711	4,071
Loans repaid	(3)	(1,684)	(4,020)
Borrowings acquired on acquisition of subsidiary	39	0	0
Gain/(loss) on foreign exchange differences	6	(27)	(51)
Balance at end of the year	R 42	R 0	R 0

Borrowings - Fair Value (Detail

Borrowings - Fair Value (Details) - ZAR (R) R in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Burnstone Debt
Disclosure of fair value measurement of liabilities [line items]
Discount rate	10.52%	4.18%	5.56%
Level 1
Disclosure of fair value measurement of liabilities [line items]
Liabilities	R 17,379	R 18,664	R 10,637
Level 1 | 2026 and 2029 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities	17,379
Level 1 | Burnstone Debt
Disclosure of fair value measurement of liabilities [line items]
Liabilities	0	0	0
Level 1 | 2022 and 2025 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities		18,664	10,637
Level 2
Disclosure of fair value measurement of liabilities [line items]
Liabilities	0	0	0
Level 2 | 2026 and 2029 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities	0
Level 2 | Burnstone Debt
Disclosure of fair value measurement of liabilities [line items]
Liabilities	0	0	0
Level 2 | 2022 and 2025 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities		0	0
Level 3
Disclosure of fair value measurement of liabilities [line items]
Liabilities	2,245	2,996	2,075
Level 3 | 2026 and 2029 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities	0
Level 3 | Burnstone Debt
Disclosure of fair value measurement of liabilities [line items]
Liabilities	2,245	2,996	2,075
Level 3 | 2022 and 2025 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities		0	0
Carrying value
Disclosure of fair value measurement of liabilities [line items]
Liabilities	22,680	20,292	11,399
Carrying value | 2026 and 2029 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities	20,140
Carrying value | Burnstone Debt
Disclosure of fair value measurement of liabilities [line items]
Liabilities	R 2,540	1,507	1,263
Carrying value | 2022 and 2025 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities		R 18,785	R 10,136

Borrowings - Market risk (Detai

Borrowings - Market risk (Details) R in Millions			12 Months Ended
	Oct. 25, 2019 ZAR (R)	May 21, 2018 USD ($)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R) R / $	Dec. 31, 2020 ZAR (R) R / $	Dec. 31, 2022 R / $	Dec. 31, 2022 USD ($)	Dec. 31, 2022 R / €	Oct. 19, 2020 USD ($)	Sep. 11, 2020 USD ($)	Dec. 31, 2019 ZAR (R)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings			R 22,728	R 20,298	R 18,383						R 23,736
Face amount of debt | $									$ 383,000,000	$ 200,000
US$600 million RCF
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings			0	0	6,978						5,712
Term of facility		3 years
Face amount of debt | $		$ 600,000,000					$ 600,000,000
R5.5 billion RCF
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings			0	R 0	R 0						R 2,500
Term of facility	3 years
Face amount of debt	R 5,500		5,500
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate				15.94	14.69	17.03		18.22
Decrease in profit due to decrease in exchange rate			31	R 50	R 148
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Amount exposed to risk			2,424	1,416	8,157
Change in interest expense for downward change by 1.5% in interest rate			36	21	122
Change in interest expense for downward change by 1% in interest rate			24	14	82
Change in interest expense for downward change by 0.5% in interest rate			12	7	41
Change in interest expense for upward change by 0.5% in interest rate			(12)	(7)	(41)
Change in interest expense for upward change by 1% in interest rate			(24)	(14)	(82)
Change in interest expense for upward change by 1.5% in interest rate			R (36)	(21)	(122)
Interest rate risk | Minimum
Disclosure of nature and extent of risks arising from financial instruments [line items]
Term of facility			1 month
Interest rate risk | Maximum
Disclosure of nature and extent of risks arising from financial instruments [line items]
Term of facility			3 months
Interest rate risk | JIBAR
Disclosure of nature and extent of risks arising from financial instruments [line items]
Change in interest expense for downward change by 1.5% in interest rate			R 0	0	0
Change in interest expense for downward change by 1% in interest rate			0	0	0
Change in interest expense for downward change by 0.5% in interest rate			0	0	0
Change in interest expense for upward change by 0.5% in interest rate			0	0	0
Change in interest expense for upward change by 1% in interest rate			0	0	0
Change in interest expense for upward change by 1.5% in interest rate			0	0	0
Interest rate risk | LIBOR
Disclosure of nature and extent of risks arising from financial instruments [line items]
Change in interest expense for downward change by 1.5% in interest rate			36	21	122
Change in interest expense for downward change by 1% in interest rate			24	14	82
Change in interest expense for downward change by 0.5% in interest rate			12	7	41
Change in interest expense for upward change by 0.5% in interest rate			(12)	(7)	(41)
Change in interest expense for upward change by 1% in interest rate			(24)	(14)	(82)
Change in interest expense for upward change by 1.5% in interest rate			R (36)	R (21)	R (122)

Borrowings - Interest rate chan

Borrowings - Interest rate changes (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Non-current borrowings exposed to interest rate changes	R 2,424	R 1,416	R 8,157
Committed undrawn facilities	16,403	15,749	7,336
Uncommitted undrawn facilities	2,427	2,276	2,460
Total undrawn facilities	18,830	18,025	9,796
Within one year
Disclosure of detailed information about borrowings [line items]
Committed undrawn facilities	10,903	685	229
Between one and two years
Disclosure of detailed information about borrowings [line items]
Committed undrawn facilities	5,500	9,564	229
Between one and two years
Disclosure of detailed information about borrowings [line items]
Committed undrawn facilities	0	5,500	6,878
JIBAR
Disclosure of detailed information about borrowings [line items]
Non-current borrowings exposed to interest rate changes	0	0	0
LIBOR
Disclosure of detailed information about borrowings [line items]
Non-current borrowings exposed to interest rate changes	R 2,424	R 1,416	R 8,157

Borrowings - Capital management

Borrowings - Capital management (Details) R in Millions	12 Months Ended
	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2020 ZAR (R)
Disclosure of detailed information about borrowings [abstract]
Borrowings	R 20,188	R 18,791	R 17,119
Cash and cash equivalents	26,038	30,257	20,206
Net (cash) debt	(5,850)	(11,466)	(3,087)
Adjusted EBITDA	R 41,111	R 68,606	R 49,385
Actual leverage ratio	(0.14)	(0.17)	(0.06)

Borrowings - Reconciliation of

Borrowings - Reconciliation of EBITDA (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [abstract]
Profit before royalties, carbon tax and tax	R 29,728	R 50,275	R 37,250
Adjusted for:
Amortisation and depreciation	7,087	8,293	7,593
Interest income	(1,203)	(1,202)	(1,065)
Finance expense	2,840	2,496	3,152
Share-based payments	218	383	512
Loss on financial instruments	4,279	6,279	2,450
(Gain)/loss on foreign exchange differences	(616)	(1,149)	255
Share of results of equity-accounted investees after tax	(1,287)	(1,989)	(1,700)
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable	(71)	(167)	(464)
Gain on disposal of property, plant and equipment	(162)	(36)	(99)
(Reversal of impairments)/impairments	(6)	5,148	(121)
Early redemption premium on the 2025 Notes	0	196	0
Loss on BTT early settlement	0	0	186
Loss on deconsolidation of subsidiaries	308	0	0
Restructuring costs	363	107	436
Transaction costs	152	140	139
Loss on settlement of US$ Convertible Bond	0	0	1,507
Loss due to dilution of interest in joint operation	0	4	30
Income on settlement of dispute	0	0	(580)
IFRS 16 lease payments	(163)	(142)	(148)
Profit on sale of subsidiary	(145)	(16)	0
Occupational healthcare (gain)/expense	(211)	(14)	52
Adjusted EBITDA	R 41,111	R 68,606	R 49,385

Lease liabilities - Changes in

Lease liabilities - Changes in lease liabilities (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Lease liabilities [abstract]
Balance at beginning of the year	R 281	R 326		R 383
New leases and modifications	45	67		66
Lease liabilities on acquisition of subsidiaries	120	0		0
Repayment of lease liabilities	(163)	(142)		(148)
Interest charge	31	29		34
Re-classification and other	0	0		(9)
Foreign currency translation	5	1		0
Balance at end of the year	319	281		326
Current portion of lease liabilities	(111)	(104)	[1]	(103)	[1]
Non-current lease liabilities	R 208	R 177	[1]	R 223	[1]
[1]* Restated — see note 1.5

Lease liabilities - Lease payme

Lease liabilities - Lease payments expensed (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease liabilities [abstract]
Short-term leases	R 41	R 22	R 17
Leases of low value assets	56	39	83
Variable lease payments	301	29	11
Total	R 398	R 90	R 111

Lease liabilities - Undiscounte

Lease liabilities - Undiscounted maturity analysis of lease liabilities (Details) - ZAR (R) R in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis of finance lease payments receivable [line items]
Gross lease liabilities	R 351	R 325	R 391
Within one year
Disclosure of maturity analysis of finance lease payments receivable [line items]
Gross lease liabilities	121	126	131
Between one and five years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Gross lease liabilities	161	191	245
After five years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Gross lease liabilities	R 69	R 8	R 15

Environmental rehabilitation _6

Environmental rehabilitation obligation and other provisions - Assumptions used to calculate the provision (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
US PGM operations
Disclosure of other provisions [line items]
Inflation rate	4%	2%	2%
Discount rate	4%	1.90%
US PGM operations | Minimum
Disclosure of other provisions [line items]
Discount rate			1.50%
Discount period	31 years	35 years	24 years
US PGM operations | Maximum
Disclosure of other provisions [line items]
Discount rate			1.70%
Discount period	43 years	40 years	38 years
SA gold operations
Disclosure of other provisions [line items]
Inflation rate	6.50%	6%	6%
SA gold operations | Minimum
Disclosure of other provisions [line items]
Discount rate	7.80%	5.10%	4%
Discount period	1 year	1 year	1 year
SA gold operations | Maximum
Disclosure of other provisions [line items]
Discount rate	11.50%	10.60%	10.90%
Discount period	22 years	24 years	21 years
SA PGM operations
Disclosure of other provisions [line items]
Inflation rate	6.50%	6%	6%
SA PGM operations | Minimum
Disclosure of other provisions [line items]
Discount rate	7.80%	5.10%	4%
Discount period	1 year	1 year	1 year
SA PGM operations | Maximum
Disclosure of other provisions [line items]
Discount rate	11.60%	10.60%	10.80%
Discount period	49 years	50 years	32 years
Battery metals
Disclosure of other provisions [line items]
Inflation rate	2.50%
Discount rate	3.30%
Discount period	24 years

Environmental rehabilitation _7

Environmental rehabilitation obligation and other provisions - Schedule of environmental rehabilitation obligation activity (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Balance at beginning of the year	R 8,263	[1]	R 8,634	[1]	R 8,715
Interest charge	611		615		684
Utilisation of environmental rehabilitation obligation	(236)		(236)		(97)
Change in estimates charged to profit or loss	(183)		(178)		(375)
Change in estimates capitalised	(85)		(638)		(318)
Environmental rehabilitation obligation on acquisition of subsidiaries	97		0		0
Foreign currency translation	85		66		25
Balance at the end of the year	8,552		8,263	[1]	8,634	[1]
Environmental rehabilitation obligation and other provisions consists of:
Environmental rehabilitation obligation	8,435		8,146		8,517
Other provisions	117		117		117
Environmental rehabilitation obligation and other provisions	R 8,552		R 8,263	[1]	R 8,634	[1]
[1]* Restated — see note 1.5

Environmental rehabilitation _8

Environmental rehabilitation obligation and other provisions - Narrative (Details) R in Millions	Dec. 31, 2022 ZAR (R)
Subclassifications of assets, liabilities and equities [abstract]
Provision for post closure aspects	R 956
Provision for post closure water management	R 450

Occupational healthcare oblig_3

Occupational healthcare obligation - Narrative (Details) - ZAR (R) R in Millions				12 Months Ended
	Dec. 19, 2019	Jul. 26, 2019	May 03, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of other provisions [line items]
Take-up rate (as a percent)				70%	60%	60%
Total settlement amount		R 5,000	R 5,000
Provision of guarantees	R 1,372
Legal proceedings provision				R 825	R 1,017	R 1,194	R 1,282
Occupational Healthcare provision
Disclosure of other provisions [line items]
Nominal discount rate				8.76%	7.83%	6.65%
Legal proceedings provision				R 825	R 1,017	R 1,194

Occupational healthcare oblig_4

Occupational healthcare obligation - Change in obligation (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Reconciliation of changes in other provisions [abstract]
Balance at beginning of the year	R 1,017	R 1,194		R 1,282
Balance at the end of the year	825	1,017		1,194
Reconciliation of the non-current and current portion of the occupational healthcare obligation:
Occupational healthcare obligation	825	1,017		1,194
Current portion of occupational healthcare obligation	(44)	0	[1]	(157)	[1]
Non-current portion of occupational healthcare obligation	781	1,017	[1]	1,037	[1]
Occupational Healthcare provision
Reconciliation of changes in other provisions [abstract]
Balance at beginning of the year	1,017	1,194
Interest charge	85	77		96
Change in estimate recognised in profit or loss	(211)	(14)		52
Payments made	(66)	(240)		(236)
Balance at the end of the year	825	1,017		1,194
Reconciliation of the non-current and current portion of the occupational healthcare obligation:
Occupational healthcare obligation	R 825	R 1,017		R 1,194
[1]* Restated — see note 1.5

Deferred revenue - Inputs in mo

Deferred revenue - Inputs in model to unwind deferred revenue (Details)	12 Months Ended
	Dec. 31, 2022 $ / oz oz
Wheaton Precious Metals International
Disclosure Of Contract Liabilities [Line Items]
Remaining life	97 years
Inferred resources included, as a percent	50%
Monthly cash percentage	18%
Leverage ratio threshold	3.5
Monthly deferred revenue percentage	82%
Price averaging period	5 days
Wheaton Precious Metals International | Platinum
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage	4.50%
Wheaton Precious Metals International | Gold
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage	100%
Wheaton Precious Metals International | Lowest range of product delivery | Platinum
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage	4.50%
Wheaton Precious Metals International | Middle range of product delivery | Platinum
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage	2.25%
Wheaton Precious Metals International | High range of product delivery | Platinum
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage	1%
Wheaton Precious Metals International | Advance fully utilised
Disclosure Of Contract Liabilities [Line Items]
Monthly cash percentage, 1st level	22%
Monthly cash percentage, 2nd level	20%
Monthly cash percentage, 3rd level	18%
Monthly cash percentage, 4th level	14%
Wheaton Precious Metals International | Advance not fully utilised
Disclosure Of Contract Liabilities [Line Items]
Monthly cash percentage, 1st level	18%
Monthly cash percentage, 2nd level	16%
Monthly cash percentage, 3rd level	14%
Monthly cash percentage, 4th level	10%
Wheaton Precious Metals International | Minimum
Disclosure Of Contract Liabilities [Line Items]
Estimated financing rate	4.60%
Wheaton Precious Metals International | Minimum | Middle range of product delivery | Platinum
Disclosure Of Contract Liabilities [Line Items]
Number of ounces delivered (in oz) | oz	375,000
Wheaton Precious Metals International | Minimum | High range of product delivery | Platinum
Disclosure Of Contract Liabilities [Line Items]
Number of ounces delivered (in oz) | oz	550,000
Wheaton Precious Metals International | Maximum
Disclosure Of Contract Liabilities [Line Items]
Estimated financing rate	5.20%
BTT streaming revenue
Disclosure Of Contract Liabilities [Line Items]
Estimated financing rate	11.50%
Remaining life	6 years
Entitlement percentage	23%
Monthly cash percentage	20%
BTT streaming revenue | Minimum
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage	23%
Monthly cash percentage	16%
Basket price per oz (USD/oz) | $ / oz	106
BTT streaming revenue | Maximum
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage	38%
Monthly cash percentage	20%
Basket price per oz (USD/oz) | $ / oz	280

Deferred revenue - Narrative (D

Deferred revenue - Narrative (Details) R in Millions, $ in Millions			1 Months Ended	12 Months Ended
	Jul. 25, 2018 ZAR (R)	Jul. 25, 2018 USD ($)	Jul. 31, 2018 USD ($)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2020 ZAR (R)
Disclosure Of Contract Liabilities [Line Items]
Deferred revenue advance received				R 24	R 65	R 771
Wheaton Precious Metals International
Disclosure Of Contract Liabilities [Line Items]
Deferred revenue advance received	R 6,555	$ 500	$ 500

Deferred revenue - Changes in D

Deferred revenue - Changes in Deferred Revenue (Details) - ZAR (R)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Disclosure Of Contract Liabilities [Line Items]
Balance at beginning of the year	R 6,360,000,000	R 6,430,000,000		R 8,167,000,000
Deferred revenue advance received	24,000,000	468,000,000		771,000,000
BTT early settlement payment	0	0		(787,000,000)
Deferred revenue recognised during the period	(290,000,000)	(847,000,000)		(2,256,000,000)
Interest charge	326,000,000	309,000,000		349,000,000
Loss on BTT early settlement	0	0		186,000,000
Balance at the end of the year	6,420,000,000	6,360,000,000		6,430,000,000
Current portion of deferred revenue	(21,000,000)	(156,000,000)	[1]	(67,000,000)	[1]
Non-current portion of deferred revenue	6,399,000,000	6,204,000,000	[1]	6,363,000,000	[1]
Marikana
Disclosure Of Contract Liabilities [Line Items]
Balance at beginning of the year	68,000,000	0
Deferred revenue recognised during the period	(92,000,000)	(400,000,000)
Balance at the end of the year	0	68,000,000		0
Deferred revenue recognised during the period, cash	24,000,000
Deferred revenue recognised during the period, fair value of inventory	0	403,000,000
Wheaton Precious Metals International
Disclosure Of Contract Liabilities [Line Items]
Balance at beginning of the year	6,292,000,000	6,430,000,000
Deferred revenue recognised during the period	(198,000,000)	(447,000,000)		(344,000,000)
Balance at the end of the year	R 6,420,000,000	R 6,292,000,000		6,430,000,000
BTT streaming revenue
Disclosure Of Contract Liabilities [Line Items]
Deferred revenue recognised during the period				(19,000,000)
Forward contract | Platinum
Disclosure Of Contract Liabilities [Line Items]
Deferred revenue recognised during the period				(785,000,000)
Forward contract | Gold
Disclosure Of Contract Liabilities [Line Items]
Deferred revenue recognised during the period				(1,108,000,000)
Western Platinum Limited
Disclosure Of Contract Liabilities [Line Items]
Deferred revenue advance received				R 771,000,000
[1]* Restated — see note 1.5

Trade and other payables (Detai

Trade and other payables (Details) - ZAR (R) R in Millions	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Trade and other current payables [abstract]
Trade creditors	R 4,147	R 3,670		R 4,325
Accruals and other creditors	5,470	5,192		4,166
Other	1,276	1,581		32
Financial liabilities	10,893	10,443		8,523
Payroll creditors	2,496	2,485		2,492
Leave pay accrual	2,123	2,045		2,016
VAT payable	141	189		176
Total trade and other payables	R 15,653	R 15,162	[1]	R 13,207	[1]
[1]* Restated — see note 1.5

Cash generated by operations (D

Cash generated by operations (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH GENERATED BY OPERATIONS [Abstract]
Profit for the year	R 18,980	R 33,796	R 30,622
Royalties	1,834	2,714	1,765
Carbon tax	(10)	4	5
Mining and income tax	8,924	13,761	4,858
Interest income	(1,203)	(1,202)	(1,065)
Finance expense	2,840	2,496	3,152
Profit before interest, royalties, carbon tax and tax	31,365	51,569	39,337
Non-cash adjusting items:
Amortisation and depreciation	7,087	8,293	7,593
Share-based payments	218	383	512
Loss on financial instruments	4,279	6,279	1,905
Foreign currency exchange adjustment	82	(394)	(410)
Share of results of equity-accounted investees after tax	(1,287)	(1,989)	(1,700)
Impairments/(reversal of impairments)	(6)	5,148	(121)
Loss on settlement of US$ Convertible Bond	0	0	1,507
Early redemption premium on the 2025 Notes	0	196	0
Occupational healthcare (gain)/expense	(211)	(14)	52
Loss on deconsolidation of subsidiary	309	0	0
Profit on sale of Lonmin Canada	(145)	(16)	0
Change in estimate of environmental rehabilitation obligation	(99)	(162)	(464)
Deferred revenue recognised	(290)	(847)	(2,256)
Loss on BTT early settlement	0	0	186
Income on settlement of dispute	0	0	(580)
Payment of occupational healthcare liability	(66)	(240)	(236)
Other non-cash and cash adjusting items	(490)	(438)	(137)
Total cash generated by operations	R 40,746	R 67,784	R 45,188

Change in working capital (Deta

Change in working capital (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change In Working Capital [Abstract]
Inventories	R 605	R 1,384	R (9,027)
Trade and other receivables	116	(510)	(2,167)
Trade and other payables	(335)	1,581	1,759
Total change in working capital	R 386	R 2,455	R (9,435)

Financial instruments and ris_3

Financial instruments and risk management - Significant financial instruments measured at fair value (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
(Loss)/gain on financial instruments
Maximum investment percent	2.50%
Environmental rehabilitation obligation funds | Level 1
(Loss)/gain on financial instruments
Financial assets measured at fair value	R 4,528	R 4,477	R 4,111
Environmental rehabilitation obligation funds | Level 2
(Loss)/gain on financial instruments
Financial assets measured at fair value	778	725	823
Environmental rehabilitation obligation funds | Level 3
(Loss)/gain on financial instruments
Financial assets measured at fair value	0	0	0
Trade receivables — PGM concentrate sales | Level 1
(Loss)/gain on financial instruments
Financial assets measured at fair value	0	0	0
Trade receivables — PGM concentrate sales | Level 2
(Loss)/gain on financial instruments
Financial assets measured at fair value	3,564	3,794	4,030
Trade receivables — PGM concentrate sales | Level 3
(Loss)/gain on financial instruments
Financial assets measured at fair value	0	0	0
Other investments | Level 1
(Loss)/gain on financial instruments
Financial assets measured at fair value	2,320	3,143	603
Other investments | Level 2
(Loss)/gain on financial instruments
Financial assets measured at fair value	0	0	0
Other investments | Level 3
(Loss)/gain on financial instruments
Financial assets measured at fair value	855	224	244
Asset held for sale | Level 1
(Loss)/gain on financial instruments
Financial assets measured at fair value	0	0	0
Asset held for sale | Level 2
(Loss)/gain on financial instruments
Financial assets measured at fair value	0	280	0
Asset held for sale | Level 3
(Loss)/gain on financial instruments
Financial assets measured at fair value	0	0	0
Palladium hedge contract | Level 1
(Loss)/gain on financial instruments
Financial assets measured at fair value	0	0	0
Palladium hedge contract | Level 2
(Loss)/gain on financial instruments
Financial assets measured at fair value	50	286
Palladium hedge contract | Level 3
(Loss)/gain on financial instruments
Financial assets measured at fair value	R 0	R 0	R 0

Financial instruments and ris_4

Financial instruments and risk management - Maturities (Details) - ZAR (R) R in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
(Loss)/gain on financial instruments
Other payables	R 6,391	R 9,364	R 5,157
Trade and other payables	10,893	10,443	8,523
Total	56,121	52,738	37,683
Within one year
(Loss)/gain on financial instruments
Trade and other payables	10,893	10,443	8,523
Total	15,820	16,171	12,519
Between one and two years
(Loss)/gain on financial instruments
Trade and other payables	0	0	0
Total	1,098	3,869	8,152
Between one and two years
(Loss)/gain on financial instruments
Trade and other payables	0	0	0
Total	1,446	1,248	6,717
After five years
(Loss)/gain on financial instruments
Trade and other payables	0	0	0
Total	23,924	18,572	4,468
Later than three years and not later than five years [member]
(Loss)/gain on financial instruments
Trade and other payables	0	0	0
Total	13,833	12,878	5,827
- Capital
(Loss)/gain on financial instruments
Other payables	11,201	12,661	5,089
- Capital | 2026 and 2029 Notes
(Loss)/gain on financial instruments
Non-bank borrowings	20,436	19,129
- Capital | Burnstone Debt
(Loss)/gain on financial instruments
Non-bank borrowings	132	1,158	114
- Capital | Other borrowings
(Loss)/gain on financial instruments
Non-bank borrowings	41
- Capital | Franco-Nevada liability
(Loss)/gain on financial instruments
Non-bank borrowings	2	2	2
- Capital | Stillwater Convertible Debentures
(Loss)/gain on financial instruments
Non-bank borrowings	4	4	4
- Capital | 2022 and 2025 Notes
(Loss)/gain on financial instruments
Non-bank borrowings			10,292
- Capital | US$600 million RCF
(Loss)/gain on financial instruments
US$600 million RCF			6,978
- Capital | Within one year
(Loss)/gain on financial instruments
Other payables	4,050	4,915	2,308
- Capital | Within one year | 2026 and 2029 Notes
(Loss)/gain on financial instruments
Non-bank borrowings	0	0
- Capital | Within one year | Burnstone Debt
(Loss)/gain on financial instruments
Non-bank borrowings	0	0	0
- Capital | Within one year | Other borrowings
(Loss)/gain on financial instruments
Non-bank borrowings	9
- Capital | Within one year | Franco-Nevada liability
(Loss)/gain on financial instruments
Non-bank borrowings	2	2	2
- Capital | Within one year | Stillwater Convertible Debentures
(Loss)/gain on financial instruments
Non-bank borrowings	4	4	4
- Capital | Within one year | 2022 and 2025 Notes
(Loss)/gain on financial instruments
Non-bank borrowings			0
- Capital | Within one year | US$600 million RCF
(Loss)/gain on financial instruments
US$600 million RCF			873
- Capital | Between one and two years
(Loss)/gain on financial instruments
Other payables	201	3,062	1,228
- Capital | Between one and two years | 2026 and 2029 Notes
(Loss)/gain on financial instruments
Non-bank borrowings	0	0
- Capital | Between one and two years | Burnstone Debt
(Loss)/gain on financial instruments
Non-bank borrowings	25	0	0
- Capital | Between one and two years | Other borrowings
(Loss)/gain on financial instruments
Non-bank borrowings	7
- Capital | Between one and two years | Franco-Nevada liability
(Loss)/gain on financial instruments
Non-bank borrowings	0	0	0
- Capital | Between one and two years | Stillwater Convertible Debentures
(Loss)/gain on financial instruments
Non-bank borrowings	0	0	0
- Capital | Between one and two years | 2022 and 2025 Notes
(Loss)/gain on financial instruments
Non-bank borrowings			5,196
- Capital | Between one and two years | US$600 million RCF
(Loss)/gain on financial instruments
US$600 million RCF			1,102
- Capital | Between one and two years
(Loss)/gain on financial instruments
Other payables	467	441	1,318
- Capital | Between one and two years | 2026 and 2029 Notes
(Loss)/gain on financial instruments
Non-bank borrowings	0	0
- Capital | Between one and two years | Burnstone Debt
(Loss)/gain on financial instruments
Non-bank borrowings	107	0	0
- Capital | Between one and two years | Other borrowings
(Loss)/gain on financial instruments
Non-bank borrowings	4
- Capital | Between one and two years | Franco-Nevada liability
(Loss)/gain on financial instruments
Non-bank borrowings	0	0	0
- Capital | Between one and two years | Stillwater Convertible Debentures
(Loss)/gain on financial instruments
Non-bank borrowings	0	0	0
- Capital | Between one and two years | 2022 and 2025 Notes
(Loss)/gain on financial instruments
Non-bank borrowings			0
- Capital | Between one and two years | US$600 million RCF
(Loss)/gain on financial instruments
US$600 million RCF			5,003
- Capital | After five years
(Loss)/gain on financial instruments
Other payables	5,497	3,686	58
- Capital | After five years | 2026 and 2029 Notes
(Loss)/gain on financial instruments
Non-bank borrowings	8,941	8,369
- Capital | After five years | Burnstone Debt
(Loss)/gain on financial instruments
Non-bank borrowings	0	1,158	102
- Capital | After five years | Other borrowings
(Loss)/gain on financial instruments
Non-bank borrowings	13
- Capital | After five years | Franco-Nevada liability
(Loss)/gain on financial instruments
Non-bank borrowings	0	0	0
- Capital | After five years | Stillwater Convertible Debentures
(Loss)/gain on financial instruments
Non-bank borrowings	0	0	0
- Capital | After five years | 2022 and 2025 Notes
(Loss)/gain on financial instruments
Non-bank borrowings			0
- Capital | After five years | US$600 million RCF
(Loss)/gain on financial instruments
US$600 million RCF			0
- Capital | Later than three years and not later than five years [member]
(Loss)/gain on financial instruments
Other payables	986	557	177
- Capital | Later than three years and not later than five years [member] | 2026 and 2029 Notes
(Loss)/gain on financial instruments
Non-bank borrowings	11,495	10,760
- Capital | Later than three years and not later than five years [member] | Burnstone Debt
(Loss)/gain on financial instruments
Non-bank borrowings	0	0	12
- Capital | Later than three years and not later than five years [member] | Other borrowings
(Loss)/gain on financial instruments
Non-bank borrowings	8
- Capital | Later than three years and not later than five years [member] | Franco-Nevada liability
(Loss)/gain on financial instruments
Non-bank borrowings	0	0	0
- Capital | Later than three years and not later than five years [member] | Stillwater Convertible Debentures
(Loss)/gain on financial instruments
Non-bank borrowings	0	0	0
- Capital | Later than three years and not later than five years [member] | 2022 and 2025 Notes
(Loss)/gain on financial instruments
Non-bank borrowings			5,096
- Capital | Later than three years and not later than five years [member] | US$600 million RCF
(Loss)/gain on financial instruments
US$600 million RCF			0
- Interest
(Loss)/gain on financial instruments
Non-bank borrowings	13,412	9,341	6,681
- Interest | Within one year
(Loss)/gain on financial instruments
Non-bank borrowings	862	807	809
- Interest | Between one and two years
(Loss)/gain on financial instruments
Non-bank borrowings	865	807	626
- Interest | Between one and two years
(Loss)/gain on financial instruments
Non-bank borrowings	868	807	396
- Interest | After five years
(Loss)/gain on financial instruments
Non-bank borrowings	9,473	5,359	4,308
- Interest | Later than three years and not later than five years [member]
(Loss)/gain on financial instruments
Non-bank borrowings	R 1,344	R 1,561	R 542

Financial instruments and ris_5

Financial instruments and risk management - Working capital and going concern assessment (Details) R in Millions	12 Months Ended
	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)		Dec. 31, 2020 ZAR (R)		Dec. 31, 2022 USD ($)	Oct. 19, 2020 USD ($)	Sep. 11, 2020 USD ($)	Dec. 31, 2019 ZAR (R)	Oct. 25, 2019 ZAR (R)	May 21, 2018 USD ($)
Working capital and going concern assessment
Profit for the year	R 18,980	R 33,796		R 30,622
Working capital	40,545	44,290		34,756
Equity	91,004	81,345	[1],[2]	70,716	[1],[2]				R 31,138
Cash from operating activities	15,543	32,256		27,151
Committed undrawn facilities	16,403	15,749		7,336
Cash and cash equivalents	R 26,076	R 30,292	[1]	R 20,240	[1]				R 5,619
Face amount of debt | $							$ 383,000,000	$ 200,000
Actual leverage ratio	(0.14)	(0.17)		(0.06)		(0.14)
Interest coverage ratio	93	(5,281)		80
Leverage ratio maximum per covenant for the second specified period	2.5	2.5
Minimum
Working capital and going concern assessment
Interest coverage ratio	4
US$600 million RCF
Working capital and going concern assessment
Face amount of debt | $						$ 600,000,000					$ 600,000,000
R5.5 billion RCF
Working capital and going concern assessment
Face amount of debt	R 5,500									R 5,500
[1]* Restated — see note 1.5[2]** Restated — see note 1.5

Financial instruments and ris_6

Financial instruments and risk management - Foreign currency risk (Details) R in Millions	Dec. 31, 2022 ZAR (R)	Dec. 31, 2022 R / $	Dec. 31, 2022 USD ($)	Dec. 31, 2022 R / €	Dec. 31, 2021 ZAR (R) R / $	Dec. 31, 2020 ZAR (R) R / $	Oct. 19, 2020 USD ($)	Sep. 11, 2020 USD ($)	May 21, 2018 USD ($)
Disclosure of risk management strategy related to hedge accounting [line items]
Face amount of debt							$ 383,000,000	$ 200,000
Financial assets | R	R 6,279				R 6,147	R 6,043
Currency risk
Disclosure of risk management strategy related to hedge accounting [line items]
Closing foreign exchange rate		17.03		18.22	15.94	14.69
Forward contract | Currency risk
Disclosure of risk management strategy related to hedge accounting [line items]
Financial assets			$ 18,000,000
Forward contract | Currency risk | Weighted average
Disclosure of risk management strategy related to hedge accounting [line items]
Closing foreign exchange rate | R / $		15.89
US$600 million RCF
Disclosure of risk management strategy related to hedge accounting [line items]
Face amount of debt			$ 600,000,000						$ 600,000,000

Financial instruments and ris_7

Financial instruments and risk management - Commodity price sensitivity and hedging (Details) - Palladium	Dec. 31, 2022 $ / oz oz	Mar. 24, 2021 $ / oz oz	Jan. 17, 2020 $ / oz oz
Foreign currency sensitivity analysis
Quantity of hedged instrument (in kg/ounce) | oz		140,000	240,000
Commodity price risk | Between one and two years
Foreign currency sensitivity analysis
Quantity of hedged instrument (in kg/ounce) | oz	30,000
Minimum
Foreign currency sensitivity analysis
Average price (in ZAR/USD per kilogram/Ounce)		1,800	1,500
Minimum | Commodity price risk | Between one and two years
Foreign currency sensitivity analysis
Average price (in ZAR/USD per kilogram/Ounce)	1,800
Maximum
Foreign currency sensitivity analysis
Average price (in ZAR/USD per kilogram/Ounce)		3,300	3,400
Maximum | Commodity price risk | Between one and two years
Foreign currency sensitivity analysis
Average price (in ZAR/USD per kilogram/Ounce)	3,300

Commitments (Details)

Commitments (Details) - ZAR (R) R in Millions	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	R 43,616	R 19,983		R 7,535
Contracted for capital expenditure	4,113	3,826		1,866
Other guarantees	3,314	2,653		1,488
Assets	166,631	152,994	[1]	134,103	[1]
Property, plant and equipment	76,909	62,494	[1]	60,600	[1]
Cash and cash equivalents	26,076	30,292	[1]	20,240	[1]	R 5,619
Insured entities
Disclosure Of Commitments [Line Items]
Assets	58,873
Property, plant and equipment	6,815
Trade receivables	7,684
Inventories	8,821
Cash and cash equivalents	5,220
Burnstone
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	2,741	4,353		8
Kloof
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	1,731	1,593		1,516
Driefontein
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	990	877		885
Beatrix
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	262	317		169
SGL corporate
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	521	1,086		961
Cooke
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	3	3		54
Kroondal
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	332	395		319
Platinum Mile
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	25	17		0
Rustenburg operation
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	2,697	3,348		2,574
Marikana
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	27,955	6,841		63
Other guarantees	2,200	2,100		900
Sandouville
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	290	0		0
Keliber
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	4,324	0		0
Other
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	1,745	1,153		986
DRDGOLD
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	R 1,458	R 549		R 605
[1]* Restated — see note 1.5

Related-party transactions - Na

Related-party transactions - Narrative (Details) - ZAR (R)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2016
Disclosure of transactions between related parties [line items]
Proceeds on disposal of property, plant and equipment	R 191,000,000	R 80,000,000	R 101,000,000
Purchase of property, plant and equipment, classified as investing activities	15,899,000,000	12,740,000,000	R 9,616,000,000
Other property, plant and equipment
Disclosure of transactions between related parties [line items]
Purchase of property, plant and equipment, classified as investing activities				R 201,653
Neal Froneman | Other property, plant and equipment
Disclosure of transactions between related parties [line items]
Proceeds on disposal of property, plant and equipment	R 75,000
Rand Refinery
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in associate	44.40%
Dividends received from related parties	R 307,000,000	R 112,000,000

Related-party transactions - Tr

Related-party transactions - Transactions and balances with related parties (Details) - Rand Refinery - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Gold sales	R 187	R 319	R 298
Refining fees paid	(24)	(40)	(31)
Trade payable	R (6)	R (7)	R (6)

Related-party transactions - Ke

Related-party transactions - Key management remuneration (Details) - ZAR (R) R in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [abstract]
Short-term employee benefits	R 127,542	R 90,179	R 110,134
Post-employment benefits	6,957	4,421	6,009
Share-based payment	65,338	104,550	127,097
Total	R 199,837	R 199,150	R 243,240

Directors' and prescribed off_3

Directors' and prescribed officers' remuneration - Executive directors and prescribed officers remuneration (Details) R in Thousands	12 Months Ended
	Dec. 31, 2022 R / $	Dec. 31, 2022 R / €	Dec. 31, 2022 ZAR (R)	Dec. 31, 2022 R / £	Dec. 31, 2021 ZAR (R) R / £ R / € R / $	Dec. 31, 2020 ZAR (R) R / $ R / £
Disclosure of transactions between related parties [line items]
Salary			R 127,542		R 90,179	R 110,134
Accrual of share-based payment benefits			65,338		104,550	127,097
Pension scheme total contributions			6,957		4,421	6,009
Total			199,837		199,150	243,240
Average foreign exchange rate (R per USD/GBP/EUR)	16.37	17.20
Directors and Prescribed officers
Disclosure of transactions between related parties [line items]
Salary			69,214
Cash bonus accrued for 2022 paid in 2023			52,976
Accrual of share-based payment benefits			453,579
Pension scheme total contributions			6,957
Expense allowance and other benefits			5,352
Total			588,078		794,485	296,393
Neal Froneman
Disclosure of transactions between related parties [line items]
Salary			13,824
Cash bonus accrued for 2022 paid in 2023			12,066
Accrual of share-based payment benefits			170,348
Pension scheme total contributions			1,268
Expense allowance and other benefits			526
Total			198,032		R 291,582	R 57,973
Average foreign exchange rate (R per USD/GBP/EUR) | R / $	16.37				14.79	16.46
Charl Keyter
Disclosure of transactions between related parties [line items]
Salary			6,875
Cash bonus accrued for 2022 paid in 2023			5,542
Accrual of share-based payment benefits			73,960
Pension scheme total contributions			982
Expense allowance and other benefits			123
Total			87,482		R 143,428	R 28,963
Chris Bateman
Disclosure of transactions between related parties [line items]
Total						66,959
Shadwick Bessit
Disclosure of transactions between related parties [line items]
Total						14,789
Hartley Dikgale
Disclosure of transactions between related parties [line items]
Total						29,159
Dawie Mostert
Disclosure of transactions between related parties [line items]
Salary			4,728
Cash bonus accrued for 2022 paid in 2023			3,789
Accrual of share-based payment benefits			41,530
Pension scheme total contributions			645
Expense allowance and other benefits			73
Total			50,765		71,734	16,655
Themba Nkosi
Disclosure of transactions between related parties [line items]
Salary			4,199
Cash bonus accrued for 2022 paid in 2023			3,193
Accrual of share-based payment benefits			38,620
Pension scheme total contributions			403
Expense allowance and other benefits			65
Total			46,480		58,648	15,286
Wayne Robinson
Disclosure of transactions between related parties [line items]
Total						19,272
Richard Stewart
Disclosure of transactions between related parties [line items]
Salary			5,734
Cash bonus accrued for 2022 paid in 2023			4,703
Accrual of share-based payment benefits			48,961
Pension scheme total contributions			644
Expense allowance and other benefits			83
Total			60,125		83,011	18,873
Robert van Niekerk
Disclosure of transactions between related parties [line items]
Salary			5,784
Cash bonus accrued for 2022 paid in 2023			4,641
Accrual of share-based payment benefits			67,465
Pension scheme total contributions			643
Expense allowance and other benefits			99
Total			78,632		114,686	22,975
Laurent Charbonnier
Disclosure of transactions between related parties [line items]
Salary			10,067
Cash bonus accrued for 2022 paid in 2023			6,995
Accrual of share-based payment benefits			4,663
Pension scheme total contributions			81
Expense allowance and other benefits			2,296
Total			24,102		R 23,472	R 2,614
Average foreign exchange rate (R per USD/GBP/EUR) | R / £				20.18	20.33	21.10
Lerato Legong
Disclosure of transactions between related parties [line items]
Salary			3,947
Cash bonus accrued for 2022 paid in 2023			3,010
Accrual of share-based payment benefits			2,007
Pension scheme total contributions			538
Expense allowance and other benefits			51
Total			9,553		R 7,679	R 2,875
Mika Seitovirta
Disclosure of transactions between related parties [line items]
Salary			6,896
Cash bonus accrued for 2022 paid in 2023			3,532
Accrual of share-based payment benefits			2,355
Pension scheme total contributions			1,242
Expense allowance and other benefits			1,874
Total			15,899		R 245	0
Average foreign exchange rate (R per USD/GBP/EUR) | R / €		17.20			17.49
Charles Carter
Disclosure of transactions between related parties [line items]
Salary			7,160
Cash bonus accrued for 2022 paid in 2023			5,505
Accrual of share-based payment benefits			3,670
Pension scheme total contributions			511
Expense allowance and other benefits			162
Total			R 17,008		R 0	R 0
Average foreign exchange rate (R per USD/GBP/EUR) | R / $	16.37

Directors' and prescribed off_4

Directors' and prescribed officers' remuneration - Non-executive director fees (Details) - ZAR (R) R in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Total	R 199,837	R 199,150	R 243,240
Non-executive directors
Disclosure of transactions between related parties [line items]
Directors fees	16,174
Committee fees	7,392
Expense allowance	1,484
Total	25,050	23,733	19,044
Timothy Cumming
Disclosure of transactions between related parties [line items]
Directors fees	1,127
Committee fees	982
Expense allowance	103
Total	2,212	2,229	1,909
Savannah Danson
Disclosure of transactions between related parties [line items]
Directors fees	1,127
Committee fees	774
Expense allowance	0
Total	1,901	2,062	1,680
Harry Kenyon-Slaney
Disclosure of transactions between related parties [line items]
Directors fees	1,296
Committee fees	1,095
Expense allowance	151
Total	2,542	2,369	2,114
Richard Menell
Disclosure of transactions between related parties [line items]
Directors fees	2,288
Committee fees	232
Expense allowance	215
Total	2,735	2,719	2,114
Nkosemntu Nika
Disclosure of transactions between related parties [line items]
Directors fees	1,127
Committee fees	690
Expense allowance	26
Total	1,843	1,742	1,708
Keith Rayner
Disclosure of transactions between related parties [line items]
Directors fees	1,127
Committee fees	1,169
Expense allowance	0
Total	2,296	2,385	1,864
Susan van der Merwe
Disclosure of transactions between related parties [line items]
Directors fees	1,127
Committee fees	690
Expense allowance	13
Total	1,830	1,742	1,716
Jeremiah Vilakazi
Disclosure of transactions between related parties [line items]
Directors fees	1,127
Committee fees	535
Expense allowance	0
Total	1,662	1,795	1,422
Vincent Maphai
Disclosure of transactions between related parties [line items]
Directors fees	3,405
Committee fees	0
Expense allowance	0
Total	3,405	3,265	2,756
Elaine Dorward-King
Disclosure of transactions between related parties [line items]
Directors fees	1,296
Committee fees	531
Expense allowance	976
Total	2,803	1,618	1,107
Sindiswa Zilwa
Disclosure of transactions between related parties [line items]
Directors fees	1,127
Committee fees	694
Expense allowance	0
Total	1,821	1,807	0
Wang Bin
Disclosure of transactions between related parties [line items]
Directors fees	0
Committee fees	0
Expense allowance	0
Total	0	0	327
Lu Jiongjie
Disclosure of transactions between related parties [line items]
Directors fees	0
Committee fees	0
Expense allowance	0
Total	R 0	R 0	R 327

Directors' and prescribed off_5

Directors' and prescribed officers' remuneration - Key management share ownership (Details) - shares	Apr. 24, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		13,753,744	11,774,633	7,377,480
%
Directors
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		10,359,306	9,777,728	6,835,179
%
Neal Froneman
Disclosure of transactions between related parties [line items]
Number of shares (in shares)	8,833,665	8,559,665	6,636,286	4,829,128
%		0.30%	0.24%	0.17%
ADR shares held (in shares)		225,408	90,479	3,213
Ordinary shares issued upon conversion of ADRs (in shares)		901,632	361,916	12,852
Charl Keyter
Disclosure of transactions between related parties [line items]
Number of shares (in shares)	1,616,481	1,466,181	2,866,791	1,775,994
%		0.05%	0.10%	0.06%
Timothy Cumming
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		6,000	6,000	1,242
%		0%	0%	0%
Richard Menell
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		10,125	15,125	84,625
%		0%	0%	0%
Keith Rayner
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		68,992	68,992	68,992
%		0%	0%	0%
Susan van der Merwe
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		1,028	1,028	1,027
%		0%	0%	0%
Jeremiah Vilakazi
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		4,220	2,000	0
%		0%	0%	0%
Vincent Maphai
Disclosure of transactions between related parties [line items]
Number of shares (in shares)	217,135	199,724	152,135	50,000
%		0.01%	0.01%	0%
Savannah Danson
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		16,519	2,519	2,519
%		0%	0%	0%
Harry Kenyon-Slaney
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		16,852	16,852	16,852
%		0%	0%	0%
ADR shares held (in shares)		4,213	4,213	4,213
Elaine Dorward-King
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		10,000	10,000	4,800
%		0%	0%	0%
ADR shares held (in shares)		2,500	2,500	1,200
Chris Bateman
Disclosure of transactions between related parties [line items]
Number of shares (in shares)				0
%				0%
Shadwick Bessit
Disclosure of transactions between related parties [line items]
Number of shares (in shares)				94,707
%				0%
Hartley Dikgale
Disclosure of transactions between related parties [line items]
Number of shares (in shares)				0
%				0%
Dawie Mostert
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		136,302	26,466	38,975
%		0%	0%	0%
Themba Nkosi
Disclosure of transactions between related parties [line items]
Number of shares (in shares)	283,753	251,583	204,533	59,022
%		0.01%	0.01%	0%
ADR shares held (in shares)		5,300
Ordinary shares issued upon conversion of ADRs (in shares)		21,200
Wayne Robinson
Disclosure of transactions between related parties [line items]
Number of shares (in shares)				184,333
%		0%	0%	0.01%
Richard Stewart
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		788,771	739,633	105,303
%		0.03%	0.03%	0%
Robert van Niekerk
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		1,766,770	875,261	24,341
%		0.06%	0.03%	0%
Laurent Charbonnier
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		151,012	151,012	35,620
%		0.01%	0.01%	0%
ADR shares held (in shares)		37,753	37,753	8,905
Charles Carter
Disclosure of transactions between related parties [line items]
Number of shares (in shares)	440,000	300,000	0	0
%		0.01%	0%	0%
ADR shares held (in shares)		75,000

Events after reporting date (De

Events after reporting date (Details) $ / shares in Units, $ in Millions					1 Months Ended	2 Months Ended	12 Months Ended
	Apr. 21, 2023 AUD ($)	Feb. 21, 2023 AUD ($) $ / shares	Oct. 25, 2019	May 21, 2018 USD ($) extension_option	Mar. 31, 2023 AUD ($)	Feb. 20, 2023	Dec. 31, 2022 USD ($) extension_option	Oct. 19, 2020 USD ($)	Sep. 11, 2020 USD ($)
Events after the reporting period
Loan								$ 383,000,000	$ 200,000
New Century Resources Limited
Events after the reporting period
Proportion of ownership interest in entity							19.90%
US$600 million RCF
Events after the reporting period
Loan				$ 600,000,000			$ 600,000,000
Debt term				3 years
Number of one-year extensions | extension_option				2
Borrowings, term of extension			1 year
Major business combination | New Century Resources Limited
Events after the reporting period
Proportion of ownership interest in entity						19.90%
Major business combination | New Century Resources Limited
Events after the reporting period
Consideration paid	$ 113
Proportion of ownership interest in subsidiary	95.50%
Major business combination | Forecast | New Century Resources Limited
Events after the reporting period
Consideration per share (in AUD per share) | $ / shares		$ 1.10
Consideration paid		$ 120
Refinancing of borrowings | US$1 billion RCF
Events after the reporting period
Loan							$ 1,000,000,000
Debt term							3 years
Number of one-year extensions | extension_option							2
Borrowings, term of extension							1 year
Financial support to related party | New Century Resources Limited
Events after the reporting period
Commitments made by entity, related party transactions					$ 30

Uncategorized Items - sbsw-2022

Label	Element	Value
Sibanye2017 Share Plan [Member]
Disclosure of share-based payment arrangement, percentile on peer group [table text block]	sbsw_DisclosureOfShareBasedPaymentArrangementPercentileOnPeerGroupTableTextBlock	TSR element of performance conditions % vesting 0% 0 % 10% 0 % 20% 0 % 30% 5 % 40% 20 % 50% 35 % 60% 55 % 70% 75 % 80% 90 % 90% 100 % 100% 100 %
Burnstone Debt [Member]
Disclosure of detailed information about borrowings [text block]	ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory	Facility: A1: US$0.2 million A2: US$7.8 million A3: US$51.0 million A4: US$119.1 million Interest rate: A1 and A2: Interest free A3 and A4: Interest free until 1 July 2017, then at LIBOR Interest rate margin: A3 and A4: 4% from 1 July 2017 Term of loan: No fixed term Repayment period: A1: Repaid on 1 July 2014 A2: From 1 July 2017 the first 50% of Burnstone’s free cash flow (as defined in the settlement agreement) will be used to repay the Wits Gold Loan and the balance of 50% to repay A2. A3 and A4: On settlement of A2, 90% of Burnstone’s free cash flow will be used to repay the Wits Gold Loan and the balance of 10% to repay the Burnstone Debt. On settlement of the Wits Gold Loan and interest, 30% of Burnstone’s free cash flow will be used to repay the Burnstone Debt and the balance will be distributed to Wits Gold. The Bank Lenders will continue to participate in 10% of Burnstone’s free cash flow after the Burnstone Debt has been repaid in full to a maximum amount of US$63.0 million under a revenue participation agreement. Security: The Burnstone Debt is fully secured against the assets of Burnstone (of R2.0 billion) and there is no recourse to the Group. The security package includes a cession over the bank accounts, insurance policies’ proceeds, special and general notarial bonds over movable assets and mortgage bonds over property. Wits Gold has ceded and pledged its shares in K2013 (a dormant entity) and K2013 has ceded and pledged it shares in SGEO in favour of the lenders of the Burnstone Debt.