Sibanye Stillwater Limited (SBSW) 20-F 26 Apr 24 2023 FY Annual report (foreign) Financial data

Cover

Cover - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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 Financial Statement Error Correction	false
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	2023
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Environmental rehabilitation obligation on acquisition of subsidiaries	R (3,576)	R (97)	R 0
Derecognition On Disposal, Environmental Rehabilitation Obligation	R 818	R 0	R 0
American Depositary Shares
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, 2023
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	2 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit or loss [abstract]
Revenue		R 113,684	R 138,288	R 172,194
Cost of sales		(99,768)	(101,624)	(109,306)
Interest income		1,369	1,203	1,202
Finance expense		(3,299)	(2,840)	(2,496)
Share-based payment expenses		(113)	(218)	(383)
Gain/(loss) on financial instruments		235	(4,279)	(6,279)
Gain on foreign exchange differences		1,973	616	1,149
Share of results of equity-accounted investees after tax		(1,174)	1,287	1,989
Other costs		(5,858)	(3,679)	(3,018)
Other income		1,232	1,110	764
Gain on disposal of property, plant and equipment		105	162	36
(Impairments)/reversal of impairments		(47,454)	6	(5,148)
Gain on acquisition	R 898	898	0	0
Early redemption premium on the 2025 Notes		0	0	(196)
Occupational healthcare gain		365	211	14
Restructuring costs		(515)	(363)	(107)
Transaction costs		(474)	(152)	(140)
(Loss)/profit before royalties, carbon tax and tax		(38,794)	29,728	50,275
Royalties		(1,050)	(1,834)	(2,714)
Carbon tax		(2)	10	(4)
(Loss)/profit before tax		(39,846)	27,904	47,557
Mining and income tax		2,416	(8,924)	(13,761)
(Loss)/profit for the year		(37,430)	18,980	33,796
Attributable to:
Owners of Sibanye-Stillwater		(37,772)	18,396	33,054
Non-controlling interests (NCI)		R 342	R 584	R 742
Earnings per share attributable to owners of Sibanye-Stillwater
Basic earnings per share (in ZAR per share)		R (13.34)	R 6.51	R 11.40
Diluted earnings per share (in ZAR per share)		R (13.34)	R 6.50	R 11.29

Consolidated statement of other

Consolidated statement of other comprehensive income - ZAR (R) R in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of comprehensive income [abstract]
(Loss)/profit for the year		R (37,430)	R 18,980	R 33,796
Other comprehensive income, net of tax		4,648	2,369	4,635
Foreign currency translation adjustments	[1]	5,232	3,840	3,807
Fair value adjustment on other investments	[2]	(582)	(1,467)	828
Re-measurement of defined benefit plan	[2]	(2)	(4)	0
Total comprehensive income		(32,782)	21,349	38,431
Attributable to:
Owners of Sibanye-Stillwater		(33,184)	20,671	37,698
Non-controlling interests		R 402	R 678	R 733
[1] These gains and losses will be reclassified to profit or loss in accordance with the accounting policy in note 1.4 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Non-current assets	R 81,119	R 105,867	R 88,163
Property, plant and equipment	61,338	76,909	62,494
Right-of-use assets	560	279	222
Goodwill and other intangibles	502	8,322	7,727
Equity-accounted investments	7,148	8,471	7,594
Other investments	3,179	3,340	3,367
Environmental rehabilitation obligation funds	5,927	5,306	5,202
Other receivables	523	798	651
Deferred tax assets	1,942	2,442	906
Current assets	61,822	60,764	64,831
Inventories	26,363	26,384	25,080
Trade and other receivables	8,900	7,500	7,411
Other receivables	26	81	523
Tax receivable	973	723	1,245
Cash and cash equivalents	25,560	26,076	30,292
Asset held for sale	0	0	280
Total assets	142,941	166,631	152,994
Equity and liabilities
Equity attributable to owners of Sibanye-Stillwater	48,730	88,101	79,393
Stated share capital	21,647	21,647	21,647
Other reserves	35,553	32,673	30,332
Accumulated (loss)/profit	(8,470)	33,781	27,414
Non-controlling interests	2,877	2,903	1,952
Total equity	51,607	91,004	81,345
Non-current liabilities	54,927	55,408	51,108
Borrowings and derivative financial instrument	24,946	22,606	20,191
Lease liabilities	384	208	177
Environmental rehabilitation obligation and other provisions	12,505	8,552	8,263
Occupational healthcare obligation	400	781	1,017
Cash-settled share-based payment obligations	2,718	4,991	2,829
Other payables	3,407	2,500	4,599
Deferred revenue	6,327	6,399	6,204
Tax, carbon tax and royalties payable	64	11	10
Deferred tax liabilities	4,176	9,360	7,818
Current liabilities	36,407	20,219	20,541
Borrowings and derivative financial instrument	15,482	122	107
Lease liabilities	198	111	104
Environmental rehabilitation obligation and other provisions	832	0	0
Occupational healthcare obligation	0	44	0
Cash-settled share-based payment obligations	432	284	58
Trade and other payables	16,464	15,653	15,162
Other payables	2,015	3,891	4,765
Deferred revenue	305	21	156
Tax, carbon tax and royalties payable	679	93	189
Total equity and liabilities	R 142,941	R 166,631	R 152,994

Consolidated statement of chang

Consolidated statement of changes in equity - ZAR (R) R in Millions		Total	Keliber	Century	Stated share capital	Re- organisation reserve	Share-based payment reserve	Mark-to- market reserve	Foreign currency translation reserve	Foreign currency translation reserve Keliber	Foreign currency translation reserve Century	Accumulated (loss)/profit	Accumulated (loss)/profit Keliber	Accumulated (loss)/profit Century	Equity attributable to owners of Sibanye-Stillwater	Equity attributable to owners of Sibanye-Stillwater Keliber	Equity attributable to owners of Sibanye-Stillwater Century	Non- controlling interests	Non- controlling interests Keliber	Non- controlling interests Century
Balance at beginning of period at Dec. 31, 2020		R 70,716			R 30,150	R 23,001	R 4,052	R 384	R (1,867)			R 12,216			R 67,936			R 2,780
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, net of tax		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)
Marikana B-BBEE transaction		(1,146)										34			34			(1,180)
Share buy-back		(8,503)			(8,503)										(8,503)
Transaction with shareholders		(128)										(82)			(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			21,647	23,001	4,170	1,221	1,940			27,414			79,393			1,952
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, net of tax		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)		(14)													0			(14)
Foreign exchange movement recycled through profit or loss	[1]	(14)							(14)						(14)
Balance at end of period at Dec. 31, 2022		91,004			21,647	23,001	4,184	(298)	5,786			33,781			88,101			2,903
Total comprehensive income for the year		(32,782)						(642)	5,232			(37,774)			(33,184)			402
Profit for the year		(37,430)										(37,772)			(37,772)			342
Other comprehensive income, net of tax		4,648						(642)	5,232			(2)			4,588			60
Equity-settled share-based payments		48					24								24			24
Dividends		(5,318)	R (792)									(4,953)			(4,953)			(365)	R (792)
Transaction with shareholders			R 1,097	R (906)						R (66)	R (5)		R 463	R 13		R 397	R 8		R 700	R (914)
Foreign exchange movement recycled through profit or loss	[1]	(1,663)							(1,663)						(1,663)
Century business combination		919													0			919
Balance at end of period at Dec. 31, 2023		R 51,607			R 21,647	R 23,001	R 4,208	R (940)	R 9,284			R (8,470)			R 48,730			R 2,877
[1] This relates to the deregistration of dormant subsidiaries in the Group which resulted in the reclassification of foreign currency translation reserve movements from other comprehensive income to profit or loss. The foreign exchange movement is included in gain on foreign exchange differences in profit or loss

Consolidated statement of cash

Consolidated statement of cash flows - ZAR (R) R in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Cash generated by operations		R 18,726	R 40,746	R 67,784
Deferred revenue advance received		935	24	65
Post-retirement health care payments		0	(1)	(1)
Cash-settled share-based payments paid		(637)	(272)	(240)
Payment of Marikana dividend obligation		(191)	(225)	(162)
Additional deferred/contingent payments relating to acquisition of a business		(3,733)	(4,545)	(1,754)
Change in working capital		1,750	386	2,455
Total cash generated by operations		16,850	36,113	68,147
Interest received		998	682	960
Interest paid		(1,304)	(1,118)	(781)
Royalties and carbon tax paid		(922)	(1,815)	(3,055)
Tax paid		(3,209)	(8,866)	(14,839)
Dividends paid		(5,318)	(9,453)	(18,176)
Net cash from operating activities		7,095	15,543	32,256
Cash flow from investing activities
Additions to property, plant and equipment		(22,411)	(15,899)	(12,740)
Proceeds on disposal of property, plant and equipment		168	191	80
Acquisition of subsidiaries, net of cash acquired		471	(1,132)	0
Dividends received		449	564	1,020
Additions to other investments		(658)	(772)	(1,803)
Disposals of other investments		202	0	0
Acquisition of equity-accounted investment		(396)	(92)	(446)
Contributions to environmental rehabilitation funds		(185)	(86)	(72)
Payment of deferred/contingent payment		0	(185)	(577)
Contributions to enterprise development fund		0	(10)	(65)
Cash outflow on loss of control of subsidiaries		0	(58)	0
Proceeds on disposal of subsidiary			72	25
Proceeds from environmental rehabilitation funds		322	33	10
Net cash used in investing activities		(22,038)	(17,374)	(14,568)
Cash flow from financing activities
Loans raised		14,431	8,000	20,651
Loans repaid		(1,323)	(8,003)	(20,252)
Lease payments		(219)	(131)	(112)
Acquisition of NCI	[1]	1,009	3,363	128
Proceeds from NCI on rights issue		1,096	0	0
Share buy-back		0	0	(8,503)
Net cash from/(used) in financing activities		12,976	(3,497)	(8,344)
Net (decrease)/increase in cash and cash equivalents		(1,967)	(5,328)	9,344
Effect of exchange rate fluctuations on cash held		1,451	1,112	708
Cash and cash equivalents at beginning of the year		26,076	30,292	20,240
Cash and cash equivalents at end of the year		R 25,560	R 26,076	R 30,292
[1] The acquisition of NCI relates to the cash consideration paid with the voluntary offer to the NCI of Keliber ( R103 million ) and acquisition of the remaining 49.85% interest in Century after control was obtained ( R906 million )

Consolidated statement of cas_2

Consolidated statement of cash flows - Parenthetical (Details) R in Millions	12 Months Ended
	Dec. 31, 2023 ZAR (R)
Disclosure of subsidiaries [line items]
Acquisition of NCI	R 1,009	[1]
Keliber
Disclosure of subsidiaries [line items]
Acquisition of NCI	103
Century
Disclosure of subsidiaries [line items]
Acquisition of NCI	R 906
Percentage of voting equity interests acquired	49.85%
[1] The acquisition of NCI relates to the cash consideration paid with the voluntary offer to the NCI of Keliber ( R103 million ) and acquisition of the remaining 49.85% interest in Century after control was obtained ( R906 million )

Accounting policies

Accounting policies	12 Months Ended
	Dec. 31, 2023
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 also 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 and green metals mining and processing, and increase 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 four regions, namely, Southern Africa (SA region), Americas, Europe and Australia. 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, DRDGOLD Limited (DRDGOLD) with surface tailings treatment plant in the East of Johannesburg in Gauteng and in the West Wits, 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. Burnstone is a shallow developmental stage gold mine and processing operation located in the South Rand Goldfield of the Witwatersrand Basin in the Mpumalanga province, and comprises two established shaft complexes, a carbon-in-leach gold processing plant, tailings storage facility and related surface infrastructure and mining rights. Development on the Burnstone project progressed well during 2023, however in line with the Group's Capital Allocation Framework, the Burnstone project will be delayed and is expected to ramp-up in 2025. The Southern Free State project is an advanced exploration stage project that includes the Bloemhoek, De Bron-Merriespruit, Robijn and Hakkies areas. It is located adjacent to the Beatrix operation in the Free State province . Beatrix, a conventional mining operation, comprises two operating vertical shafts and one metallurgical plant mining the Beatrix/VS5 reef, the Aandenk/Kalkoenkrans reef as well as some historical surface rock dump material. Driefontein is an established mine consisting of four operating vertical shaft complexes and one metallurgical plant mining three different reefs as well as some historical surface rock dump material. Kloof is also an ongoing mine with three operating vertical shaft complexes and one metallurgical plant. Four reefs are extracted at Kloof, together with the mining of some historical surface rock dump material. The Cooke underground operations consist of four vertical shafts, which currently are under care-and-maintenance. The surface mining section, known as Randfontein Surface Operations, mines historical surface tailings facilities and surface rock dumps, processing them at the Cooke and Ezulwini metallurgical plants. The PGM assets in the SA region are the Kroondal operation (see note 16.2 and 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 six contributing shafts namely 4Belt, K3, K4 (commenced production in 2023), Rowland, Saffy and E3 and the ore mined at the Marikana operations is processed through four of the eight concentrators on site. The PGM concentrate produced is dispatched to the smelter where a sulphide-rich matte is produced for further processing at the base metal refinery (BMR). At the BMR, base metals are removed and the resulting PGM-rich product is sent to the 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 (Bulk Tailings Treatment (BTT) plant), which transitioned from Hydraulic remining to mechanical remining of a dormant tailings storage facility during the period and the tailings are retreated at the BTT plant for the recovery of coarse chrome and PGMs. 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, remining operations are carried out on one dormant tailings storage facility (Waterval West 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 Platinum Mile for further beneficiation and recovery of chrome and PGMs. The tailings from Platinum Mile are pumped to an active tailings storage facility for final disposal. The Rustenburg operation has a tolling agreement with a third party and currently sells refined metals as well as PGM concentrate to customers. In addition, Platinum Mile successfully commissioned a coarse chrome recovery plant in 2023. Kroondal comprises of four 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. The Group obtained a 100% shareholding in the Kroondal PSA during 2023 through the Rustenburg operation, which acquired Rustenburg Platinum Mines Limited's (a subsidiary of Anglo American Platinum Limited) 50% share in the Kroondal PSA (see note 16.2). Platinum Mile is a tailings retreatment facility located on the Rustenburg lease area adjacent to our Kroondal operations. This facility recovers PGMs and chrome from the live tailings at our Rustenburg operations. Kroondal and Platinum Mile currently only sells PGM concentrate and chrome 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, BMR 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. Keliber, a Finnish mining and battery chemical company, owns the Keliber project, an advanced lithium hydroxide project located in the Kaustinen region of Finland. Since the Sibanye-Stillwater Board of Directors approved the Keliber project and the immediate construction of the Keliber Lithium Refinery in 2022, construction activities thereof have continued successfully after commencing in March 2023. Similarly, the earthworks and selected infrastructure works commenced at the Päiväneva concentrator site in late 2023. Once developed, the Keliber project will sustainably produce battery-grade lithium hydroxide, with first production expected in 2025. The Group holds a 79.82% shareholding interest in Keliber following its asset acquisition in 2022 and other subsequent shareholder transactions in 2022 and 2023 (see note 27.1 ) . In 2022, 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. This acquisition enables Sibanye-Stillwater to build a leading battery metals platform in Europe. Since acquisition in 2022, Sandouville’s production was severely hampered by plant availability, however, further studies are currently ongoing to determine the future optimal usage of infrastructure at the Sandouville nickel refinery. The Group's green metals investments also include the acquisition of a 100% stake in the Australian based entity, New Century Resources Limited (Century - previously referred to as New Century), which owns a zinc tailings retreatment operation (see notes 16.1 and 27.1 ). The Group has also exercised an option to acquire a 100% shareholding in Copper Mines of Tasmania Proprietary Limited, who owns the Mt Lyell Copper Mine in Australia (see note 16.3 ). The Group also owns a strategic 6.91% 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 is 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 2023 have been prepared on a going concern basis in accordance with International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards), 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 2023 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 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 Income Taxes (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 Presentation of Financial Statements (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 International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) In response to new legislation to introduce the global minimum top-up tax in line with the global anti-base erosion (GloBE) model, the IASB has amended IAS 12 to introduce a temporary mandatory relief from accounting for deferred tax that arises from legislation implementing the GloBE model rules. Top-up tax differs from income taxes that arise from “traditional” tax regimes and will only arise if a group pays insufficient income tax at a jurisdictional level. Disclosure is required of information that is known or can be reasonably estimated to understand the Group's exposure to Pillar Two taxes at the reporting date (see note 11). 23 May 2023 3 1 Effective date refers to annual period beginning on or after said date 2 No material impact expected 3 Disclosure requirements apply to the year ended 31 December 2023 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 2024 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 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 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 and indicate that when assessing if the host liability should be classified as current or non-current, an entity can ignore conversion options that are recognised as equity. The amendments are applicable to the Group's US$ Convertible Bond (see note 28.5) which, subject to approval by Sibanye-Stillwater shareholders, will be converted to ordinary shares of Sibanye-Stillwater. Until such shareholder approval is obtained, holders of the bonds will on conversion receive a cash amount equal to the value of the underlying ordinary shares. Therefore, the Convertible Bond and associated derivative financial instrument are considered repayable within twelve months and classified as current at 31 December 2023. 1 January 2024 International Financial Reporting Standards Sustainability Disclosure Standards (IFRS Sustainability Disclosure Standards) S1 General requirements for disclosure of sustainability-related financial information (IFRS S1) and IFRS Sustainability Disclosure Standards S2 climate-related disclosures (IFRS S2) 2 The International Sustainability Standards Board’s first two standards are designed to be applied together, supporting entities to identify and report information that investors need for informed decision-making. The general standard provides a framework for entities to report on all relevant sustainability-related topics across the areas of governance, strategy, risk management, metrics and targets. Adopting the standards is dependent on local jurisdictions which will result in a different date of first application for different countries across the world. Voluntary adoption is permitted. The effective date for application in South Africa has not been announced, therefore the Group will not apply IFRS S1 and IFRS S2 from 1 January 2024. The Group is in process of assessing the potential future impact of IFRS S1 and IFRS S2. 1 January 2024 Lack of Exchangeability (Amendments to IAS 21) 2 Under IAS 21 The Effects of Changes in Foreign Exchange Rates (IAS 21), a spot exchange rate is used when translating a foreign currency transaction. In some rare circumstances, it is possible that one currency cannot be exchanged into another. Consequently, market participants are unable to buy and sell currency to meet their needs at the official exchange rate and turn instead to unofficial, parallel markets. The IASB amended IAS 21 to clarify when a currency is exchangeable to another currency and how a spot rate can be estimated when a currency lacks exchangeability. This amendment is applicable to the Group's investment in Mimosa (domiciled in Zimbabwe), however the Group's initial assessment indicates that no material impact is expected in respect of the amendment. The Group will continue to assess the amendment for potential impacts as the effective date gets closer. 1 January 2025 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 and derivative financial instrument 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/assets 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 NCI in the statement of changes in equity at 31 December 2023, relates to the attributable share of accumulated profits of DRDGOLD, Group Technical Security Management Proprietary Limited (GTSM) and Keliber OY (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 28.6 ) 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 R1,673 million and R1,365 million , respectively, 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 Western Platinum Proprietary Limited (WPL) and Eastern Platinum Proprietary Limited (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% ,) the Bapo Ba Mogale Local Economic Development Trust (Bapo Trust) ( 0.9% ) 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. Cash-settled share-based payment obligations amounting to R1,481 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 6.5 ), 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 6.5 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 2023 was 50.28% (2022: 50.33% and 2021: 50.49% ) after considering treasury shares held by DRDGOLD (see note 27.1 ) 9 At 31 December 2023 , the Group had a 40% legal interest in Peregrine Metals Limited (Peregrine), as a result of completion of the Initial Earn-in arrangement of 60% by Aldebaran Resources Inc. (Aldebaran) during August 2023 (see note 18.3 ) 10 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 11 The Group has an effective shareholding of 79.82% (2022: 85.90% ) in Keliber OY at 31 December 2023. The Group's effective shareholding in Keliber OY at 31 December 2022 of 85.90% compared to a legal interest of 84.96% was due to put options held by shareholders holding approximately 1% in the share capital of Keliber and that could be exercised at fair value less 10% (see note 27.1 ) 12 The Group acquired a 100% shareholding in the Century on 10 May 2023 (see note 16.1) and also exercised its option to acquire a 100% shareholding in Copper Mines of Tasmania Proprietary Limited which owns the Mt Lyell copper mine (see note 16.3 ) 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. Unconsolidated structured entities During the year, the Group entered into two substantially similar wind energy power purchase agreements. The first power purchase agreement (PPA) is a 89-megawatt (MW) project entered into by Sibanye Energy Proprietary Limited (Sibanye Energy). This clean energy will be generated by the Castle Wind Farm (Castle), located near the town of De Aar in the Northern Cape province of South Africa, and will supply the SA operations via a wheeling agreement with Eskom. Under the terms of the 15 -year PPA, Castle will be funded, built, and operated by a project consortium. The Group has an option to acquire the project company or plant at the end of the 15 -year PPA in exchange for an additional payment incorporated into the energy tariff as well as a nominal exercise price. Alternatively, the PPA can be extended for an additional period of five years , whereafter it can be further extended for a period agreed between the parties. Other than in the event of default on electricity payments to be made by the Group, there is no recourse to the Group for funding or project- related risk. Castle is expected to become operational in Q1 2025. Once the wind farm begins to generate electricity, the Group will pay for all electricity produced based on a pre-determined tariff, adjusted for inflation over the term of the PPA. The arrangement does not contain any fixed or minimum payments. The second PPA is the Witberg wind energy project, located near Matjiesfontein in the Western Cape province with a contracted capacity of 103MW (Witberg), also entered into by Sibanye Energy. The terms of the Witberg PPA are similar to Castle. Witberg will also supply the SA operations via a wheeling agreement with Eskom. The project cost will be fully funded by Red Rocket, a South African Independent Power Producer developing the project, together with its lenders. Similar to the Castle project, the Group committed to a 15 -year PPA and also has a purchase option on the same terms as the Castle project. There is also no recourse to the Group, except in the event of electricity payment default. Witberg is expected to become operational in Q4 2025 and the Group will also pay a pre-determined tariff for electricity produced, adjusted for inflation over the term of the PPA. Similar to Castle, there are no fixed or minimum payments. The Group holds no shareholding or voting interest in the project companies and did not provide a guarantee for any of the obligations of these companies towards their shareholders or funders. Management concluded that the Group does not control the project companies under IFRS 10 Consolidated Financial Statements (IFRS 10) since it does not have power over the relevant activities as contemplated in IFRS 10. At the reporting date, there were no assets or liabilities recognised by the Group relating to the project companies and no financial or other support had been provided. There is also no intention to provide financial or other support to the project companies, other than payment of the electricity tariff in future periods when electricity is produced. 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 cumu

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2023
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. The presentation of the segment report was updated to remove the adjusted EBITDA non-GAAP measure, “net other cash costs”, “net other”, and “non-underlying items” and retain profit or loss as the primary measure of profitability, being one of the measures of financial information regularly provided to the chief operating decision maker. The segment reports of prior periods have been aligned with the revised presentation. The table below summarises the segmental information disclosed in note 2.1 and 2.2: 31 December 2023 31 December 2022 31 December 2021 Group Americas Southern Africa Europe Australia Group Group Americas Southern Africa Europe Group Group Americas Southern Africa Group Figures in million – SA rand Notes Total Total US PGM operations Total SA operations Total SA PGM Total SA gold Total EU operations Total AUS operations Group Corporate and reconcilin g items 1 Total Total US PGM operations Total SA operations Total SA PGM Total SA gold Total EU operation s Group Corporate and reconcilin g items 1 Total Total US PGM operations Total SA operations Total SA PGM Total SA gold Group Corporate and reconcilin g items 1 Revenue 113,684 23,812 84,736 55,593 29,143 3,024 2,251 (139) 138,288 46,090 89,507 71,665 17,842 3,140 (449) 172,194 59,053 113,512 85,154 28,358 (371) Underground 83,612 10,494 73,257 52,375 20,882 — — (139) 92,325 13,823 78,951 68,182 10,769 — (449) 120,403 18,343 102,431 81,477 20,954 (371) Surface 13,730 — 11,479 3,218 8,261 — 2,251 — 10,556 — 10,556 3,483 7,073 — — 11,081 — 11,081 3,677 7,404 — Recycling/processing 16,342 13,318 — — — 3,024 — — 35,407 32,267 — — — 3,140 — 40,710 40,710 — — — — Cost of sales, before amortisation and depreciation (89,756) (22,391) (60,780) (36,699) (24,081) (4,329) (2,256) — (94,537) (38,452) (52,454) (32,280) (20,174) (3,631) — (101,013) (46,787) (54,226) (31,971) (22,255) — Underground (62,482) (9,680) (52,802) (34,819) (17,983) — — — (52,734) (7,459) (45,275) (30,528) (14,747) — — (54,989) (7,567) (47,422) (30,430) (16,992) — Surface (10,234) — (7,978) (1,880) (6,098) — (2,256) — (7,179) — (7,179) (1,752) (5,427) — — (6,804) — (6,804) (1,541) (5,263) — Recycling/processing (17,040) (12,711) — — — (4,329) — — (34,624) (30,993) — — — (3,631) — (39,220) (39,220) — — — — Amortisation and depreciation (10,012) (3,390) (5,357) (2,975) (2,382) (206) (1,059) — (7,087) (2,803) (4,126) (2,418) (1,708) (158) — (8,293) (2,601) (5,692) (2,515) (3,177) — Interest income 1,369 213 1,089 478 611 53 10 4 1,203 309 893 402 491 — 1 1,202 382 805 219 586 15 Finance expense (3,299) (1,134) (1,603) (706) (897) (67) (184) (311) (2,840) (952) (1,547) (831) (716) (15) (326) (2,496) (954) (1,233) (666) (567) (309) Share-based payments (113) (39) (71) (18) (53) 6 — (9) (218) (47) (169) (73) (96) — (2) (383) (73) (310) (89) (221) — Gain/(loss)on financial instruments 7 235 (2,064) 1,938 1,957 (19) (168) 515 14 (4,279) (242) (4,188) (3,477) (711) 144 7 (6,279) 233 (6,563) (6,507) (56) 51 Gain/(loss) on foreign exchange differences 1,973 12 1,920 1,894 26 55 (39) 25 616 (8) 623 208 415 (49) 50 1,149 3 1,146 363 783 — Share of results of equity- accounted investees after tax (1,174) — (1,156) (1,471) 315 — — (18) 1,287 — 1,298 1,062 236 — (11) 1,989 — 1,989 1,703 286 — Other costs 8.1 (5,858) (108) (3,411) (1,441) (1,970) (2,096) (223) (20) (3,679) (129) (3,379) (1,616) (1,763) (116) (55) (3,018) (12) (3,006) (1,650) (1,356) — Other income 8.2 1,232 12 1,071 571 500 102 42 5 1,110 102 963 385 578 45 — 764 — 764 211 553 — Gain/(loss) on disposal of property, plant and equipment 105 (45) 150 79 71 — — — 162 5 157 54 103 — — 36 (32) 68 29 39 — (Impairments)/reversal of impairments 10 (47,454) (38,919) (3,239) (506) (2,733) (1,607) (3,689) — 6 — 6 6 — — — (5,148) (1) (5,147) — (5,147) — Early redemption premium on the 2025 Notes — — — — — — — — — — — — — — — (196) (196) — — — — Gain on acquisition 16.2 898 — 898 898 — — — — — — — — — — — — — — — — — Occupational healthcare gain 365 — 365 — 365 — — — 211 — 211 — 211 — — 14 — 14 — 14 — Restructuring costs (515) (41) (474) (351) (123) — — — (363) (2) (361) (26) (335) — — (107) (3) (104) (27) (77) — Transaction costs (474) (27) — — — — (2) (445) (152) (8) (2) (3) 1 — (142) (140) (42) — — — (98) Royalties and carbon tax (1,052) — (921) (805) (116) — (131) — (1,824) — (1,824) (1,772) (52) — — (2,718) — (2,718) (2,548) (170) — Mining and income tax 2,416 7,612 (5,116) (4,152) (964) (44) (2) (34) (8,924) (340) (8,541) (9,705) 1,164 (39) (4) (13,761) (1,511) (12,180) (12,112) (68) (70) Current taxation (3,178) 343 (3,408) (3,081) (327) (80) (2) (31) (9,282) (655) (8,623) (8,373) (250) — (4) (13,506) (1,422) (12,014) (11,745) (269) (70) Deferred taxation 5,594 7,269 (1,708) (1,071) (637) 36 — (3) 358 315 82 (1,332) 1,414 (39) — (255) (89) (166) (367) 201 — (Loss)/profit for the year (37,430) (36,497) 10,039 12,346 (2,307) (5,277) (4,767) (928) 18,980 3,523 17,067 21,581 (4,514) (679) (931) 33,796 7,459 27,119 29,594 (2,475) (782) Sustaining capital expenditure (6,056) (2,180) (3,514) (2,057) (1,457) (248) (114) — (4,946) (1,185) (3,671) (2,056) (1,615) (90) — (4,119) (796) (3,323) (2,019) (1,304) — Ore reserve development (9,137) (3,889) (5,248) (2,551) (2,697) — — — (6,640) (2,887) (3,753) (2,123) (1,630) — — (5,535) (1,354) (4,181) (1,577) (2,604) — Growth projects (6,886) (774) (3,591) (1,038) (2,553) (2,470) (51) — (4,313) (1,345) (2,239) (925) (1,314) (729) — (3,086) (2,411) (675) (203) (472) — Total capital expenditure (22,079) (6,843) (12,353) (5,646) (6,707) (2,718) (165) — (15,899) (5,417) (9,663) (5,104) (4,559) (819) — (12,740) (4,561) (8,179) (3,799) (4,380) — note 2.1 note 2.2 note 2.1 note 2.2 note 2.1 1 Group corporate includes the Wheaton Stream transaction and mainly includes, corporate tax, interest and transaction costs 2.1 US PGM and total SA operations Figures in million – SA rand Total US PGM operations Under- ground 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 2023 Revenue 23,812 10,494 13,318 84,736 55,593 22,722 27,282 4,563 1,026 3,217 (3,217) 29,143 8,292 8,833 4,804 1,398 5,816 — Underground 10,494 10,494 — 73,257 52,375 20,530 27,282 4,563 — 3,217 (3,217) 20,882 8,106 8,062 4,714 — — — Surface — — — 11,479 3,218 2,192 — — 1,026 — — 8,261 186 771 90 1,398 5,816 — Recycling/processing 13,318 — 13,318 — — — — — — — — — — — — — — — Cost of sales, before amortisation and depreciation 2 (22,391) (9,680) (12,711) (60,780) (36,699) (15,147) (16,961) (3,950) (641) (2,409) 2,409 (24,081) (6,567) (8,149) (4,059) (1,266) (4,040) — Underground (9,680) (9,680) — (52,802) (34,819) (13,908) (16,961) (3,950) — (2,409) 2,409 (17,983) (6,468) (7,552) (3,963) — — — Surface — — — (7,978) (1,880) (1,239) — — (641) — — (6,098) (99) (597) (96) (1,266) (4,040) — Recycling/processing (12,711) — (12,711) — — — — — — — — — — — — — — — Amortisation and depreciation (3,390) (3,386) (4) (5,357) (2,975) (1,135) (1,537) (234) (47) (475) 453 (2,382) (1,015) (796) (328) (1) (194) (48) Interest income 213 213 — 1,089 478 50 248 126 42 32 (20) 611 75 73 41 24 311 87 Finance expense (1,134) (1,134) — (1,603) (706) (4,066) (413) (122) — (28) 3,923 (897) (116) (126) (113) (113) (72) (357) Share-based payments (39) (39) — (71) (18) (9) (13) 5 — — (1) (53) (3) (2) — — (25) (23) (Loss)/gain on financial instruments (2,064) (2,064) — 1,938 1,957 5,067 1,753 (148) — — (4,715) (19) 23 18 12 28 14 (114) Gain/(loss) on foreign exchange differences 12 12 — 1,920 1,894 (5) 1,703 165 33 (233) 231 26 — — — — 5 21 Share of results of equity-accounted investees after tax — — — (1,156) (1,471) — 8 — — — (1,479) 315 — — — — — 315 Other costs (108) (108) — (3,411) (1,441) 83 (696) (124) (282) (30) (392) (1,970) (79) (147) (267) (887) (20) (570) Other income 12 12 — 1,071 571 2 164 50 — 37 318 500 3 — 19 (19) 1 496 (Loss)/gain on disposal of property, plant and equipment (45) (45) — 150 79 33 44 3 — (1) — 71 23 15 16 — 10 7 (Impairments)/reversal of impairments (38,919) (38,919) — (3,239) (506) (2) — (21) — (2,287) 1,804 (2,733) (2) (1,616) — — — (1,115) Gain on acquisition — — — 898 898 — — 898 — — — — — — — — — — Occupational healthcare gain — — — 365 — — — — — — — 365 — — — — — 365 Restructuring costs (41) (41) — (474) (351) (94) (206) (50) — — (1) (123) (25) (232) 147 (4) — (9) Transaction costs (27) (27) — — — — — — — — — — — — — — — — Royalties and carbon tax — — — (921) (805) (355) (442) (9) — (133) 134 (116) (41) (44) (24) (6) (1) — Mining and income tax 7,612 (5,116) (4,152) (1,734) (2,161) (99) (35) 410 (533) (964) (814) (571) (469) (1) (432) 1,323 Current taxation 343 (3,408) (3,081) (1,195) (1,621) (124) (11) (38) (92) (327) (2) — 1 (1) (305) (20) Deferred taxation 7,269 (1,708) (1,071) (539) (540) 25 (24) 448 (441) (637) (812) (571) (470) — (127) 1,343 (Loss)/profit for the year (36,497) 10,039 12,346 5,410 8,773 1,053 96 (1,900) (1,086) (2,307) (246) (2,744) (221) (847) 1,373 378 Sustaining capital expenditure (2,180) (2,178) (2) (3,514) (2,057) (644) (1,097) (286) (30) (1,057) 1,057 (1,457) (490) (421) (114) — (432) — Ore reserve development (3,889) (3,889) — (5,248) (2,551) (669) (1,882) — — — — (2,697) (1,461) (912) (324) — — — Growth projects (774) (774) — (3,591) (1,038) — (893) (20) (125) — — (2,553) — (117) — — (882) (1,554) Total capital expenditure (6,843) (6,841) (2) (12,353) (5,646) (1,313) (3,872) (306) (155) (1,057) 1,057 (6,707) (1,951) (1,450) (438) — (1,314) (1,554) 1 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue 2 Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R1,694 million . This write-down mainly relates to PGM in process and PGM finished goods of R1,179 million and R423 million , respectively, of which R1,374 million relates to Stillwater as a result of the lower commodity price environment Figures in million – SA rand Total US PGM operations Undergroun d 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 2022 Revenue 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 — Underground 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 — — — Surface — — — 10,556 3,483 2,046 — — 1,437 — — 7,073 273 562 49 915 5,274 — Recycling 32,267 — 32,267 — — — — — — — — — — — — — — — Cost of sales, before amortisation and depreciation (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) — Underground (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) (1,752) (1,169) — (583) — — (5,427) (196) (560) (69) (822) (3,780) — Recycling (30,993) — (30,993) — — — — — — — — — — — — — — — Amortisation and depreciation (2,803) (2,799) (4) (4,126) (2,418) (981) (1,205) (180) (40) (342) 330 (1,708) (721) (469) (305) (3) (176) (34) Interest income 309 81 228 893 402 43 214 109 30 102 (96) 491 68 57 35 35 265 31 Finance expense (952) (952) — (1,547) (831) (4,618) (320) (111) — (36) 4,254 (716) (100) (95) (95) (86) (78) (262) Share-based payments (47) (47) — (169) (73) (27) (36) (9) (1) — — (96) (20) (15) (10) — (19) (32) (Loss)/gain on financial instruments (242) (242) — (4,188) (3,477) (9,520) (1,502) — — (16) 7,561 (711) 7 8 6 — — (732) (Loss)/gain on foreign exchange differences (8) (8) — 623 208 155 (127) 165 5 (482) 492 415 — — — — 4 411 Share of results of equity-accounted investees after tax — — — 1,298 1,062 — — — — — 1,062 236 — — — — — 236 Other costs (129) (129) — (3,379) (1,616) 161 (1,040) (123) (407) (22) (185) (1,763) (169) (149) (95) (713) (21) (616) Other income 102 102 — 963 385 2 220 133 — 1 29 578 2 — — (54) 85 545 Gain/(loss) on disposal of property, plant and equipment 5 5 — 157 54 20 35 — — (2) 1 103 16 19 9 — 10 49 Reversal of impairments/(impairments) — — — 6 6 — 7 (1) — — — — — — — — — — Gain on acquisition — — — — — — — — — — — — — — — — — — Occupational healthcare gain — — — 211 — — — — — — — 211 — — — — — 211 Restructuring costs (2) (2) — (361) (26) (10) (13) (3) — — — (335) (6) (33) (290) (2) — (4) Transaction costs (8) (8) — (2) (3) — (3) — — — — 1 — — — — — 1 Royalties and carbon tax — — — (1,824) (1,772) (1,023) (735) (13) — (127) 126 (52) (22) (22) (3) (5) — — Mining and income tax (340) (8,541) (9,705) (3,759) (4,459) (1,348) (122) (346) 329 1,164 78 (187) 154 — (351) 1,470 Current taxation (655) (8,623) (8,373) (3,169) (3,766) (1,288) (130) (208) 188 (250) (6) (3) — — (226) (15) Deferred taxation 315 82 (1,332) (590) (693) (60) 8 (138) 141 1,414 84 (184) 154 — (125) 1,485 Profit/(loss) for the year 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 Sustaining capital expenditure (1,185) (1,184) (1) (3,671) (2,056) (690) (1,072) (273) (21) (864) 864 (1,615) (358) (455) (155) — (647) — Ore reserve development (2,887) (2,887) — (3,753) (2,123) (687) (1,436) — — — — (1,630) (794) (620) (216) — — — Growth projects (1,345) (1,345) — (2,239) (925) — (924) — — — (1) (1,314) — (210) (4) — (124) (976) Total capital expenditure (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) 1 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue Figures in million – SA rand Total US PGM operations Undergroun d 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 2021 Revenue 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 — Underground 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 — — — Surface — — — 11,081 3,677 2,174 — — 1,503 — — 7,404 210 1,205 200 999 4,790 — Recycling 40,710 — 40,710 — — — — — — — — — — — — — — — Cost of sales, before amortisation and depreciation (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 (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) (1,541) (1,010) — — (531) — — (5,263) (132) (858) (118) (808) (3,347) — Recycling (39,220) — (39,220) — — — — — — — — — — — — — — — Amortisation and depreciation (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 382 10 372 805 219 22 92 97 7 12 (11) 586 60 47 31 22 222 204 Finance expense (954) (897) (57) (1,233) (666) (4,201) (328) (116) — (5) 3,984 (567) (99) (85) (82) (63) (60) (178) Share-based payments (73) (73) — (310) (89) (35) (42) (12) — — — (221) (20) (32) (21) — (19) (129) (Loss)/gain on financial instruments 233 233 — (6,563) (6,507) (12,265) (1,185) — — — 6,943 (56) 7 9 3 — 1 (76) Gain/(loss) on foreign exchange differences 3 3 — 1,146 363 22 158 166 34 (43) 26 783 — — — — (3) 786 Share of results of equity-accounted investees after tax — — — 1,989 1,703 — — — — — 1,703 286 — — — — — 286 Other costs (12) (12) — (3,006) (1,650) 142 (1,092) (85) (492) (42) (81) (1,356) (76) (71) (47) (599) (21) (542) Other income — — — 764 211 3 98 76 — — 34 553 6 2 3 80 5 457 (Loss)/gain on disposal of property, plant and equipment (32) (32) — 68 29 27 1 1 — — — 39 16 8 15 — — — Impairments (1) (1) — (5,147) — — — — — — — (5,147) (212) (3,642) (1,293) — — — Early redemption premium on the 2025 Notes (196) (196) — — — — — — — — — — — — — — — — Gain on acquisition — — — — — — — — — — — — — — — — — — Occupational healthcare gain — — — 14 — — — — — — — 14 — — — — — 14 Restructuring costs (3) (3) — (104) (27) (23) (2) (2) — — — (77) (5) (53) (11) (3) — (5) Transaction costs (42) (42) — — — — — — — — — — — — — — — — Royalties and carbon tax — — — (2,718) (2,548) (1,405) (1,129) (14) — (160) 160 (170) (95) (46) (29) (5) — 5 Mining and income tax (1,511) — — (12,180) (12,112) (3,908) (6,228) (1,829) (138) (592) 583 (68) 36 1,145 226 — (340) (1,135) Current taxation (1,422) (12,014) (11,745) (4,864) (4,768) (1,885) (218) (574) 564 (269) (13) (13) (7) — (263) 27 Deferred taxation (89) (166) (367) 956 (1,460) 56 80 (18) 19 201 49 1,158 233 — (77) (1,162) Profit/(loss) for the year 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) Sustaining capital expenditure (796) (791) (5) (3,323) (2,019) (619) (1,104) (268) (28) (499) 499 (1,304) (322) (488) (164) — (330) — Ore reserve development (1,354) (1,354) — (4,181) (1,577) (629) (947) — — — (1) (2,604) (1,177) (930) (497) — — — Growth projects (2,411) (2,411) — (675) (203) — (203) — — — — (472) — (198) (7) — (47) (220) Total capital expenditure (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, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue 2.2 Sandouville nickel refinery and Century zinc retreatment operation 31 December 2023 31 December 2022 Figures in million – SA rand Total EU operations Sandouville nickel refinery Corporate and reconciling items 1 Total AUS operations Century zinc retreatment operation 2 Corporate and reconciling items 1 Total EU operations Sandouville nickel refinery 3 Corporate and reconciling items 1 Revenue 3,024 3,024 — 2,251 2,251 — 3,140 3,140 — Underground — — — — — — — — — Surface — — — 2,251 2,251 — — — — Recycling/processing 3,024 3,024 — — — — 3,140 3,140 — Cost of sales, before amortisation and depreciation (4,329) (4,329) — (2,256) (2,256) — (3,631) (3,631) — Underground — — — — — — — — — Surface — — — (2,256) (2,256) — — — — Recycling/processing (4,329) (4,329) — — — — (3,631) (3,631) — Amortisation and depreciation (206) (199) (7) (1,059) (1,059) — (158) (153) (5) Interest income 53 — 53 10 6 4 — — — Finance expense (67) (13) (54) (184) (158) (26) (15) (13) (2) Share-based payments 6 (8) 14 — — — — — — (Loss)/gain on financial instruments (168) 44 (212) 515 515 — 144 — 144 Gain/(loss) on foreign exchange differences 55 55 — (39) (4) (35) (49) 9 (58) Share of results of equity-accounted investees after tax — — — — — — — — — Other costs (2,096) (1,962) (134) (223) (223) — (116) (31) (85) Other income 102 95 7 42 42 — 45 44 1 Gain/(loss) on disposal of property, plant and equipment — — — — — — — — — Impairments (1,607) (1,607) — (3,689) (3,689) — — — — Occupational healthcare gain — — — — — — — — — Restructuring costs — — — — — — — — — Transaction costs — — — (2) — (2) — — — Royalties and carbon tax — — — (131) (131) — — — — Mining and income tax (44) — (44) (2) — (2) (39) — (39) Current taxation (80) — (80) (2) — (2) — — — Deferred taxation 36 — 36 — — — (39) — (39) Loss for the year (5,277) (4,900) (377) (4,767) (4,706) (61) (679) (635) (44) Sustaining capital expenditure (248) (248) — (114) (114) — (90) (90) — Ore reserve development — — — — — — — — — Growth projects (2,470) — (2,470) (51) (51) — (729) — (729) Total capital expenditure (2,718) (248) (2,470) (165) (165) — (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. Corporate and reconciling items for total EU operations includes Keliber 2 Century's results are included for the 10 months ended 31 December 2023 since the effective date of acquisition (see note 16.1) 3 Sandouville nickel refinery's results are included for the eleven months ended 31 December 2022 since the effective date of acquisition

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Revenue	3. Revenue Significant accounting judgements and estimates Revenue from PGM and zinc retreatment mining activities The determination of PGM and zinc 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 and zinc 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) and in the case of DRDGOLD, when the gold is transferred to the bullion bank and the sales price is fixed per deal confirmation. 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 (related to sale of concentrate). 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 and four months. Revenue on provisionally priced sales is initially recognised at the amount of consideration that the Group expects to be entitled to. Revenue from zinc concentrate sales is recognised when the buyer, pursuant to a sales contract, obtains control of the mined product which is typically upon receipt of the bill of lading when the goods are loaded for shipment under Cost, Insurance and Freight (CIF) Incoterms. The sales price is determined on a provisional basis at the date of loading. Adjustments to the selling price occur based on 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 zinc concentrate sales, the period between provisional invoicing and final pricing is typically between one and four months. Revenue on provisionally priced sales is initially recognised at the amount of consideration that the Group expects to be entitled to. The revenue adjustment mechanism relating to changes in metal market prices, embedded within provisionally priced PGM and zinc 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 other metals produced in Europe and Australia is measured and recognised based on the consideration specified in a contract with a customer. The Group recognises revenue from these 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 currently 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 cash payments 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. 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 metals to the relevant counterparty. Each metal unit is identified as a separate performance obligation. The transaction price under IFRS 15 Revenue from Contracts with Customers (IFRS 15), being the advance payment and further cash payments received, is recognised as revenue when the metals 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 2023 2022 2021 Gold mining activities 29,143 17,842 28,358 PGM mining activities 1 66,275 84,359 102,099 Nickel refining activities 3,024 3,140 — Century zinc retreatment operation 2 2,580 — — Recycling activities (US PGM) 13,318 32,267 40,710 Stream 1 509 338 625 Toll treatment arrangement (SA PGM) 3 — 105 521 Total revenue from contracts with customers 114,849 138,051 172,313 Adjustments relating to sales of PGM concentrate provisional pricing 4 (836) 237 (119) Adjustments relating to Zinc operation provisional pricing 4 (329) — — Total revenue 5 113,684 138,288 172,194 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. Revenue relating to the Wheaton Stream is incorporated in the Group corporate segment as described in the segment report (see note 2) 2 The difference between revenue from zinc retreatment operation above and total revenue from zinc retreatment operation per the segment report relates to the separate disclosure of revenue related to adjustments on the provisional pricing on zinc sales 3 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 ) 4 These adjustments relate to provisional pricing arrangements resulting in subsequent changes to the amount of revenue recognised 5 Total revenue for the year ended 31 December 2023 would have been R118,075 million if the acquisitions of Century (see note 16.1) and Kroondal (see note 16.2) was effective at 1 January 2023 Revenue per geographical region of the relevant operations: Figures in million – SA rand 2023 2022 2021 Southern Africa (SA) 84,736 89,507 113,512 United States (US) 1 23,673 45,641 58,682 Europe (EU) 3,024 3,140 — Australia (AUS) 2,251 — — Total revenue 113,684 138,288 172,194 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 Sandouville nickel refinery Century zinc retreatment operation Revenue generated per product: Figures in million – SA rand 2023 2022 2021 Gold 30,257 18,812 29,533 PGMs 71,090 111,070 137,958 Platinum 19,775 17,826 21,238 Palladium 25,271 42,275 52,859 Rhodium 21,991 47,166 59,828 Iridium 2,883 2,480 2,694 Ruthenium 1,170 1,323 1,339 Chrome 5,165 3,481 2,259 Nickel 1 4,334 4,305 1,420 Zinc 2 2,126 — — Other 3 712 620 1,024 Total revenue 113,684 138,288 172,194 1 For the year ended 31 December 2023, nickel includes R560 million (2022: R870 million ) nickel salts and R2,343 million (2022: R2,020 million ) nickel metal sold by Sandouville nickel refinery . The remaining nickel for the year ended 31 December 2023 and for the years ended 31 December 2022 and 2021 was sold from the Group's SA PGM and US PGM operations 2. Zinc sales are from the Century zinc retreatment operation since the effective date of acquisition (see note 16.1) 3. Other primarily includes revenue from silver, cobalt and copper sales. For the year ended 31 December 2022 and 31 December 2021, revenue from the Marikana toll treatment arrangement of R105 million and R521 million is included, respectively (see note 32 ) ) Major customers During 2023 , total revenue from customers A and B, which is reported in the Group’s US PGM and SA PGM operating segments, and customer C only in the SA gold operating segment, amounted to approximately R28,764 million , R13,804 million and R14,405 million , respectively . 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 European operations, 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. Market risk Foreign currency sensitivity The US PGM, European and Australian operations’ revenue (and expenses) are translated from their functional currencies (US dollars, Euros and Australian dollars, 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 2023 of R 18.42 /US$, R 19.94 /EUR and R 12.24 /AUD would have changed profit or loss by approximately R465 million .

Cost of sales

Cost of sales	12 Months Ended
	Dec. 31, 2023
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. 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 2023 2022 2021 Salaries and wages (30,591) (26,544) (26,214) Consumable stores 23 (25,778) (21,929) (18,847) Utilities (11,029) (8,465) (8,099) Mine contracts (8,005) (6,502) (5,193) Recycling 1 (12,711) (30,993) (39,220) Other (10,779) (6,745) (8,975) Ore reserve development costs capitalised 9,137 6,641 5,535 Cost of sales, before amortisation and depreciation 2 (89,756) (94,537) (101,013) Amortisation and depreciation 14,15,17 (10,012) (7,087) (8,293) Total cost of sales (99,768) (101,624) (109,306) 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 2 Included in cost of sales, before amortisation and depreciation for the year ended 31 December 2023 is total write-down of inventory to net realisable value amounting to R1,694 million (2022: R111 million and 2021: R76 million ). This write-down mainly relates to PGM in process and PGM finished goods of R1,179 million and R423 million , respectively, as a result of the lower commodity price environment. The write-down in 2022 and 2021 related to consumable stores The SA and European region employees are members of various defined contribution retirement plans. The cost of providing retirement benefits for the year amounted to R1,752 million ( 2022 : R1,506 million and 2021 : R1,520 million )

Interest income and finance exp

Interest income and finance expense	12 Months Ended
	Dec. 31, 2023
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, deferred revenue, deferred consideration, Marikana dividend obligation and other interest 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 2023 2022 2021 Interest received on cash deposits 998 910 948 Interest received on rehabilitation obligation funds 21 339 235 174 Interest on right of recovery asset 25 31 32 Other 7 27 48 Total interest income 1,369 1,203 1,202 5.2 Finance expense Figures in million – SA rand Notes 2023 2022 2021 Interest charge on: Borrowings (interest) 28 (1,192) (1,046) (801) Borrowings (unwinding of amortised cost) 28 (359) (216) (302) Lease liabilities 29 (43) (31) (29) Environmental rehabilitation obligation 30.1 (758) (611) (615) Occupational healthcare obligation 31 (70) (85) (77) Deferred payment (related to the Rustenburg operation acquisition) 22.2 (85) (266) (158) Deferred revenue 1 32 (327) (326) (309) Deferred consideration (related to Pandora acquisition) 22.2 (3) (18) (54) Marikana dividend obligation 22.2 (236) (165) (87) Other (226) (76) (64) Total finance expense (3,299) (2,840) (2,496) 1 For the year ended 31 December 2023 , interest expense includes non-cash interest of R299 million ( 2022 : R326 million , 2021 : R309 million ) relating to the Wheaton Stream. 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 Net interest (paid)/received The table below provides a summary of the cash interest paid and received: Figures in million – SA rand 2023 2022 2021 Interest paid 1 (1,304) (1,118) (781) Interest received 2 998 682 960 Net interest (paid)/received (306) (436) 179 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), US$1 billion 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, 2023
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. The valuations relating to the Group's cash-settled compensation plans make use of inputs such as the Sibanye-Stillwater share price and volatility estimates, risk free interest rates and dividend yields. 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 In prior periods, the Group operated an equity-settled compensation plans in which certain employees of the Group participated. 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 until vesting 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 6.4) and the Marikana B-BBEE transaction (see note 6.5). 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 Proprietary Limited (previously 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. From the implementation of a scheme of arrangement in 2020 , any awards vesting under the equity-settled share plans were 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 cash-settled plans for all awards issued from March 2020 (see note 6.3 ). Bonus Shares — as part of the short-term incentive The Remuneration Committee made 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 vested in two equal tranches, nine months and 18 months after the award date. Except for the right to dispose of the shares, participants had full shareholder rights in the unvested Bonus Shares during the restricted period, including the right to receive dividends. The number of shares awarded was 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 also 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 vested depended on the extent to which Sibanye-Stillwater had performed over the intervening three year period relative to two performance criteria, Total Shareholder Return (TSR) and Return on Capital Employed (ROCE). In addition, at the sole discretion of the Remuneration Committee, up to 20% of the determined number of vested shares using the two performance criteria was 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% We ighti ng The TSR element was 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 for the equity-settled share-based payments 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 was compared with the Peer Group TSR curve constructed on a market capitalisation weighted basis. The annualised TSR over the vesting period (TSR ANN ) was determined for each of the companies in the Peer Group. The Peer Group companies were sorted from lowest to highest TSR ANN . The average market capitalisation based on daily closing price was determined for each company, and each peer company was assigned its proportion of the overall average market capitalisation of the Peer Group. The peer company TSR curve was 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 was utilised. The cumulative position of Sibanye-Stillwater’s TSR ANN was 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 that governed vesting is set out in the table below with linear interpolation applied between the indicated levels. TSR element of performance conditions Percentile on peer group TSR curve % 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 generated profits from its capital employed. For Sibanye-Stillwater, ROCE was 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 that governed vesting is set out in the table below, with linear interpolation between the indicated levels. ROCE element of performance condition Annual ROCE % 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 was 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 shares Bonus shares 2021 2022 2023 Number of instruments 2023 2022 2021 62,597,425 25,199,516 410,357 Outstanding at beginning of the year — — — Movement during the year: — — — Granted during the year — — — (32,299,213) (21,823,219) (197,017) Vested — — — (5,098,696) (2,965,940) (213,340) Forfeited — — — 25,199,516 410,357 — Outstanding at end of the year 1 — — — 1 The balance at 31 December 2022 was subject to the ROCE performance condition that was measured in Q1 2023 when the 2022 financial results were finalised 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 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, is not under notice period and individual performance criteria are met. • Performance shares: 50% of the performance shares vests based on the total shareholder return measured against a hurdle rate of 15% referencing DRDGOLD's weighted average cost of capital and 50% vests based on total shareholder return measured against peer group companies. 6.3 Cash-settled share-based payments — Sibanye-Stillwater 2020 to 2023 Share Plans 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 included 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 are 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 is 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 is 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 included 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. The 2023 Share Plan is similar to the 2022 Share Plan, with key revisions such as FSU dividend equivalents no longer being deferred and the introduction of a volatility adjustment to the VWAP used for making awards and determining the settlement value of awards. The volatility adjustment incorporates a cap and floor price, which is to be applied to the relevant VWAP and is calculated as 1.5 standard deviations in the average closing share prices over a trailing 200 -day period. 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 (ADSs) 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 ADSs. 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 and 2023 Share Plans. Total Shareholder Return (TSR) — 50% Weighting The peer companies under the 2021, 2022 and 2023 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 Share Units Forfeitable Share Units 2021 2022 2023 Number of units 2023 2022 2021 15,319,984 13,754,209 12,578,174 Outstanding at beginning of the year 17,955 53,868 950,220 Movement during the year: 10,814 — — Granted during the year — — 125,693 (351,069) (206,462) (4,765,694) Vested (17,955) (35,913) (997,390) (1,225,520) (969,573) (7,728,834) Forfeited — — (24,655) 13,754,209 12,578,174 83,646 Outstanding at end of the year — 17,955 53,868 Awards granted, exercised and forfeited under the 2021 Share Plan Conditional Share Units Forfeitable Share Units 2021 2022 2023 Number of units 2023 2022 2021 — 3,445,487 3,281,578 Outstanding at beginning of the year — 696,314 — Movement during the year: 3,672,565 32,618 618 Granted during the year — — 1,510,599 — (52,356) (45,104) Vested — (673,849) (722,474) (227,078) (144,171) (296,755) Forfeited — (22,465) (91,811) 3,445,487 3,281,578 2,940,337 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 Share Units 2021 2022 2023 Number of units 2023 2022 2021 — — 7,196,744 Outstanding at beginning of the year 670,522 — — Movement during the year: — 7,401,740 301,388 Granted during the year 9,783 1,410,614 — — (5,967) (21,485) Vested (626,241) (678,252) — — (199,029) (579,437) Forfeited (54,064) (61,840) — — 7,196,744 6,897,210 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 Awards granted, exercised and forfeited under the 2023 Share Plan and the MSR plan Conditional and matching Share Units 1 Forfeitable Share Units 2021 2022 2023 Number of units 2023 2022 2021 — — — Outstanding at beginning of the year — — — Movement during the year: — — 9,598,092 Granted during the year 2,722,393 — — — — (8,024) Vested (1,269,811) — — — — (655,818) Forfeited (219,822) — — — — 8,934,250 Outstanding at end of the year 1,232,760 — — 1 Includes matching share units under the MSR plan with effect from the March 2023 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 is 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 Share Units Forfeitable Share Units 2021 2022 2023 MONTE CARLO SIMULATION 2023 2022 2021 44.29 - 68.56 48.29 - 52.15 49.47 - 60.64 Weighted average historical volatility 1 % n/a n/a n/a 1 - 3 0.17 - 3 0.17 - 3 Expected term (years) n/a n/a n/a 14 - 36 2 - 36 2 - 36 Expected term (months) 9 - 18 9 - 18 9 - 18 4.62 - 8.99 7.45 - 17.83 0 - 4.44 Expected dividend yield (US/SA) % 2.98 / 2.81 54.24 / 11.14 27.67 / 6.39 4.81 - 5.68 7.16 - 7.82 7.67 - 8.30 Risk-free interest rate (US/SA) % 2.22 / 8.17 2.48 / 7.55 0.56 / 4.35 R49.10 R44.72 R24.90 Weighted average share price (ADSs/JSE) US$5.43 / R24.9 US$10.66 / R44.72 US$12.54 / R49.10 29.95 23.69 15.45 Weighted average fair value (SA rand) 29.51 49.95 53.14 1 Based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option 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 2023 : 2022 Instruments granted Cash-settled instruments vested during the year Instruments forfeited 2023 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 3,311,410 997,717 722,028 35.05 25,306,981 944,956 2,642,143 Charl Keyter 1,272,319 387,710 324,093 34.86 11,297,308 420,742 915,194 Prescribed officers Charles Carter 148,732 1,106,212 46,332 22.97 1,064,191 — 1,208,612 Mika Seitovirta 116,231 418,898 31,017 22.84 708,282 — 504,112 Dawie Mostert 725,010 269,970 186,348 34.49 6,426,762 808,632 — Themba Nkosi 613,797 314,288 151,959 34.35 5,219,678 187,697 588,429 Richard Stewart 1,019,919 359,348 197,167 34.02 6,708,223 236,045 946,055 Laurent Charbonnier 470,330 516,307 96,425 24.03 2,316,674 52,403 837,809 Lerato Legong 309,807 197,379 69,711 30.25 2,108,677 107,522 329,953 Robert van Niekerk 1,119,908 331,019 286,013 35.01 10,013,564 377,330 787,584 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 ADSs and JSE listed shares as a result of the dual service contract 6.4 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 (fully settled by the dividend payment made by SRPM in H1 2023) 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. Cash-settled share-based payment obligations to the Rustenburg Mine Community Trust and Rustenburg Mine Employees Trust amounting to R1,365 million (2022: R1,723 million and 2021: R1,144 million ) and R1,673 million (2022: R2,112 million and 2021: R1,402 million ), respectively, are eliminated upon consolidation. The calculation of the expense and obligation relating to 44.8% of the 26% interest is based on the expected discounted future cash flows of the expected PGM reserves and costs to extract the PGM s. 6.5 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 note 6.6) • Marikana dividend obligation under IFRS 9 Financial Instruments (IFRS 9) amounting to R1,146 million (see note 22.2 ) Cash-settled share-based payment obligations amounting to R1,481 million (2022: R1,821 million and 2021: R1,671 million ) relating to the Marikana Trusts are eliminated upon consolidation. 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 2023 calculation: 2023 2022 2021 Long-term PGM (4E) basket price R/4Eoz 28,656 26,397 23,957 Real discount rate — South Africa % 15.7 - 15.8 15.0 - 15.2 13.2 Inflation rate — South Africa % 6.0 6.5 6.0 Life-of-mine years 17 - 47 19 - 49 18 - 50 6.6 Cash-settled share-based payment 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 2023 : Figures in million – SA rand Notes 2023 2022 2021 Reconciliation of the cash-settled share-based payment obligations Balance at beginning of the year 5,275 2,887 1,628 Share-based payment obligation on acquisition of subsidiary 16.2 31 14 — Derecognition with deemed disposal of interest in joint operation 19 (15) — — Cash-settled share-based payments expense 1 77 233 232 Fair value loss on initial recognition of Marikana B-BBEE cash-settled share-based payment obligation 6.5 — — 404 Recognised on deconsolidation of subsidiary — 251 — Fair value (gain)/loss on obligations 2 7 (1,589) 2,155 860 Cash-settled share-based payments paid 3 (637) (272) (240) Foreign currency translation 8 7 3 Balance at end of the year 3,150 5,275 2,887 Reconciliation of the cash-settled share-based payment obligations in the Group Cash-settled share-based payment — Rustenburg B-BBEE transaction 2,466 3,112 2,067 Cash-settled share-based payment — Marikana B-BBEE transaction 415 1,732 560 Cash-settled share-based payment — Employee incentive schemes 269 431 260 Balance at end of the year 3,150 5,275 2,887 Current portion of cash-settled share-based payment obligations (432) (284) (58) Non-current portion of cash-settled share-based payment obligations 2,718 4,991 2,829 1 Included in the amount is a cash-settled share-based payment expense for the year ended 31 December 2023 relating to the 2020 to 2023 and MSR Share Plans amounting to R88 million (2022: R194 million relating to the 2020 to 2022 and MSR Share Plans, 2021: R232 million relating to the 2020 and 2021 Share Plans). Also included in the cash-settled share-based payment obligation for the year ended 31 December 2023 is a reversal of R11 million (2022: expense capitalised of R39 million ) related to Keliber 2 The fair value gain relates to the Rustenburg and Marikana B-BBEE transactions amounting to a gain of R346 million (2022: loss of R1,190 million , 2021: loss of R671 million ) and gain of R1,243 million (2022: loss of R965 million , 2021: loss of R189 million ), respectively, and is included in the loss/gain on financial instruments in profit or loss 3 Payments made during the year relate to vesting of cash-settled awards to employees and payments made on the Rustenburg and Marikana B-BBEE transactions 6.7 Share-based payment expenses Share based payment expenses for the year consisted of the following: Figures in million – SA rand Notes 2023 2022 2021 Sibanye-Stillwater 2020 to 2023 Share Plans (cash-settled scheme) 6.3 (88) (194) (232) Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) 6.1 — (5) (132) DRDGOLD (equity-settled scheme) 6.2 (25) (19) (19) Total share-based payment expense (113) (218) (383) Reconciliation of the cash-settled and equity-settled share-based payment expense: Cash-settled share-based payment expense 1 (88) (194) (232) Equity-settled share-based payment expense (25) (24) (151) Total share-based

Gain_(loss) on financial instru

Gain/(loss) on financial instruments	12 Months Ended
	Dec. 31, 2023
(Loss)/gain on financial instruments
Gain/(loss) on financial instruments	7. Gain/(loss) on financial instruments Figures in million – SA rand Notes 2023 2022 2021 Fair value loss on gold hedge contracts 1 (140) — — Fair value gain/(loss) on palladium hedge contract 2 72 (241) 234 Fair value gain on zinc hedge contracts 3 491 — — Fair value gain/(loss) on cash-settled share-based payment obligations (Rustenburg and Marikana B-BBEE transactions) 6.6 1,589 (2,155) (1,264) Loss on the revised cash flow of the Rustenburg operation deferred payment 22.2 (4) (773) (4,653) Fair value loss on derivative instrument 28.5 (2,136) — — Gain/(loss) on the revised cash flow of the Burnstone Debt 28.6 32 (776) (2) Gain/(loss) on the revised cash flow of the Marikana dividend obligation 22.2 548 (650) (468) Fair value loss on contingent consideration (Kroondal acquisition) 22.2 (137) — — Fair value loss on Keliber dividend obligation 22.2 (287) — — Fair value gain on other investments 116 152 — Other 91 164 (126) Total gain/(loss) on financial instruments 4 235 (4,279) (6,279) 2 On 3 May 2023, Sibanye Gold Proprietary Limited (SGL) concluded a gold hedge agreement which commenced on 4 May 2023. The agreement is structured at monthly average prices, comprising the delivery of 154,320 ounces of gold over 12 months ( 12,860 ounces per month) with a zero cost collar which establishes a floor and cap of R34,214 and R46,050 per ounce, respectively. On 17 November 2023, SGL concluded two additional gold hedge agreements which commenced on 17 November 2023. The agreements are structured at monthly average prices, comprising the delivery of 120,000 and 240,000 ounces of gold over 12 months , respectively. The agreements have a zero cost collar which establishes a floor of R34,214 per ounce for both agreements and cap of R43,545 and R43,800 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 17 January 2020, Stillwater Mining Company 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. The hedge agreement concluded in March 2023. As hedge accounting is not applied, resulting gains or losses are accounted for as gains or losses on financial instruments in profit or loss 4 Century mine concluded a hedge agreement on 15 June 2021 for 90,000 tonnes of payable zinc over three years which commenced July 2021 to June 2024 in equal monthly deliveries ( 2,500 tonnes per month) at a fixed monthly price of A$3,717 /t net of all fees and costs. In November 2021, Century mine concluded an additional hedge agreement for 90,000 tonnes of payable zinc for two years ( 3,750 tonnes per month) which commenced January 2022 to December 2023 at a fixed price of A$3,938 /t net of all fees and costs. As hedge accounting is not applied, resulting gains or losses are accounted for as gains or losses on financial instruments in profit or loss 5 The unrealised gain for the purpose of the Statement of Cash Flows amounted to R101 million (2022: loss of R4,279 million and 2021: loss if R6,279 million )

Other costs and other income

Other costs and other income	12 Months Ended
	Dec. 31, 2023
Other costs [Abstract]
Other costs and other income	8. Other costs and other income 8.1 Other costs Figures in million – SA rand Note 2023 2022 2021 Care and maintenance (1,378) (794) (737) Loss due to dilution of interest in joint operation — — (4) Non-recurring COVID-19 costs — — (3) Corporate and social investment costs (149) (237) (288) Cost incurred on employee and community trusts (469) (429) (744) Onerous contract provision 30.2 (1,865) — — Exploration costs (183) (12) (12) Non-mining royalties (84) (235) (327) Strike related costs (3) (258) — Service entity costs (366) (569) (534) Loss on deconsolidation of a subsidiary — (309) — Other (1,361) (836) (369) Total other costs (5,858) (3,679) (3,018) 8.2 Other income Figures in million – SA rand Note 2023 2022 2021 Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable 45 71 167 Service entity income 497 464 398 Gain on remeasurement of previous interest in Kroondal 19 298 — — Sundry income 387 429 183 Profit on sale of Lonmin Canada 1 — 145 — Gain on increase in equity-accounted investment 5 — — Profit on sale of St Helena Hospital — — 16 Gain on deregistration of a subsidiary — 1 — Total other income 1,232 1,110 764 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, 2023
Restructuring provision [abstract]
Restructuring costs	9. Restructuring costs Restructuring costs of R515 million ( 2022 : R363 million , 2021 : R107 million ) were incurred in 2023 and included voluntary separation packages. The restructuring costs mainly related to the SA gold operations and the SA PGM operations, which amounted to R113 million ( 2022 : R330 million , 2021 : R69 million ) and R351 million ( 2022 : R26 million , 2021 : R27 million ), respectively.

(Impairments)_reversal of impai

(Impairments)/reversal of impairments	12 Months Ended
	Dec. 31, 2023
Disclosure of impairment loss and reversal of impairment loss [abstract]
(Impairments)/reversal of impairments	10. (Impairments)/reversal of impairments Figures in million – SA rand Notes 2023 2022 2021 Impairment of mining assets 14 (38,492) (1) (5,120) Impairment of right-of-use assets — mining assets 15 — — (28) Impairment of intangible assets 17 (86) — — Impairment of goodwill 17 (8,435) — — Impairment of investment in equity-accounted investee 1 18.2 (423) — — Impairment of loan to equity-accounted investee 18.3 (18) — — Other reversal of impairment — 7 — Total (impairments)/reversal of impairments (47,454) 6 (5,148) 1 A 5.3% decrease in the expected life-of-mine average recovered grade due to plant recoveries being affected by a change in the mineralogy of the ore, combined with above inflationary increases in working costs, resulted in a decrease in the expected future net cash flows from Mimosa. The lower value in use led to an after tax equity accounted impairment of property, plant and equipment amounting to R1,384 million (see note 12.3 ) and the further impairment of the investment in the equity- accounted investee of R423 million (included in SA PGM in the segment report — see note 2). The weighted average PGM (4E) basket price, nominal discount rate and life-of-mine used in the Mimosa impairment assessment was R26,632 /4Eoz , 31.2% and 11 years , respectively. The recoverable amount was determined as R2,757 million 31 December 2023 The impairment of mining assets and goodwill for the year ended 31 December 2023 relates to the following classes of assets: Figures in million – SA rand Stillwater 1 Sandouville nickel refinery 2 Century retreatment operation 3 Burnstone 4 Kloof 5 Other 1 Total Mine development, infrastructure and other 10,222 1,430 2,434 1,115 1,616 27 16,844 Land, mineral rights and rehabilitation 20,326 67 843 — — — 21,236 Exploration and evaluation assets — — 412 — — — 412 Intangible assets — 86 — — — — 86 Goodwill 8,352 23 — — — 60 8,435 Total impairment 38,900 1,606 3,689 1,115 1,616 87 47,013 1 Various operational constraints, as previously reported, in the ramp-up of the Blitz project, coupled with higher than inflation increases in operating costs and a decrease in medium to long-term forecast palladium prices, resulted in a decrease in the expected future net cash flows from the US PGM operation. The higher weighted average cost of capital, driven by a higher beta, in combination with the aforementioned factors, contributed to the reduced value in use at year end, which led to an impairment of property, plant and equipment and goodwill amounting to R38,900 million . In addition, goodwill allocated to the US PGM operation amounting to R60 million pertaining to the acquisition of SFA (Oxford) was impaired 2 An onerous supply contract (see note 30.2 ), higher fixed and variable costs, significantly reduced expected sustainable production volumes and higher than initially expected sustaining capital expenditure, resulted in the decrease in expected future net cash flows from the Sandouville nickel refinery. This, together with lower nickel prices, reduced the value in use at year end and led to an impairment of property, plant and equipment, intangible assets and goodwill amounting to R1,606 million . Further studies are currently ongoing to determine the future optimal usage of infrastructure at the Sandouville nickel refinery 3 Lower than expected production volumes, above inflationary increases in operating costs, higher sustaining capital, the approaching end of life-of-mine and the diminishing window of opportunity to develop and operate the expansion projects concurrent with the ongoing operation, resulted in a decrease in the expected future net cash flows from the Century zinc retreatment operation. The lower value in use led to an impairment of property, plant and equipment amounting to R3,689 million 4 Consistent with the requirements of the Group’s capital allocation framework, the Burnstone project (included in the SA Gold corporate and reconciling items reportable segment) will be delayed and is expected to ramp-up again during 2025. The additional costs during the delay, the deferral of mine ramp-up and higher weighted average cost of capital due to an increase in the beta, risk free rate and cost of debt, has resulted in a decrease in the expected future net cash flows from Burnstone. The lower value in use led to an impairment of property, plant and equipment amounting to R1,115 million 5 Operational constraints, including seismicity and cooling, at the Kloof 4 shaft, compounded by the shaft incident during H2 2023 that damaged the shaft infrastructure, resulted in a severe deterioration in productivity that negatively impacted the financial viability of the Kloof 4 shaft. Consequently, during 2023, following a consultative process, the Group announced the closure of Kloof 4 shaft, which led to the specific impairment of property, plant and equipment amounting to R1,616 million The assumptions applied in the value in use impairment calculation as well as the recoverable amount for each of the cash-generating units (CGU) impacted by the impairments are set out below: Stillwater Sandouville nickel refinery Century zinc retreatment operation Burnstone Weighted average PGM (2E) basket price 1 US$/2Eoz 1,281 Weighted average nickel price 1 US$/lbs 8.9 Weighted average cobalt price 1 US$/lbs 15.8 Weighted average zinc price 1 A$/t 3,873 Weighted average gold price 1 R/kg 1,012,625 Inflation rate 2 % 2.5 1.6 2.9 6.0 Nominal discount rate 3 % 12.0 7.4 9.3 18.9 Life-of-mine 4 (life-of-refinery) years 46 23 4 25 Recoverable amount R' million 22,246 — — 3,799 1 The weighted average commodity prices and exchange rate were derived by considering various bank and commodity broker consensus forecasts 2 The inflation rate is based on the expected forecast inflation rate for the geographic region which most affects the CGU's cash flows 3 The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs 4 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 31 December 2021 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)

Royalties, mining and income ta

Royalties, mining and income tax, and deferred tax	12 Months Ended
	Dec. 31, 2023
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, Australia 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, Australia 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, that affects neither accounting nor taxable profit or loss and at the time of the transaction does not give rise to equal taxable and deductible temporary differences • 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 gains or losses not relating to the sale of the mineral) 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 2023 was approximately 0.4% ( 2022 : 0.4% and 2021 : 0.6% ) of revenue at the SA gold operations and 1.4% ( 2022 : 2.5% and 2021 : 3.0% ) of revenue at the SA PGM operations. The Group is also exposed to a royalty tax in Queensland, Australia on sales of Zinc from the Century mine depending on average metal prices. The effective royalty tax rate in Australia amounted to 5.8% for the year ended 31 December 2023 for the ten months since effective date of acquisition (see note 16.1 ). 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 2023 2022 2021 Current charge (1,050) (1,834) (2,923) SA gold royalties (115) (64) (167) SA PGM royalties (804) (1,770) (2,756) Australian royalties (131) — — Prior year royalty tax refund — — 209 Total royalties (1,050) (1,834) (2,714) 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 27% . Company tax rate Companies, other than gold mining companies, are subject to the maximum South African company tax rate of 27% . 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 (8.99%) 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 estimated impact of this change was incorporated in the Group's mining and income tax provision to the extent appropriate, which includes any related deferred tax impacts. France, Finland and Australia statutory tax rates Sandouville, Keliber and Century mine are subject to tax at a corporate income tax rate of 25% , 20% and 30% , respectively. International tax reform - Pillar Two Model Rules exposure The Organisation for Economic Co-operation and Development (OECD) published the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy. It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model rules and which tax rate should be used to measure deferred taxes. In response to this uncertainty, during 2023, the IASB issued amendments to IAS 12 introducing a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed Pillar Two model rules. The Group applied the temporary exception at 31 December 2023. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions of the Group namely, France, Finland and the United Kingdom and will be effective for the Group’s financial year beginning 1 January 2024. The Group is in scope of the enacted or substantively enacted legislation and performed an assessment of the potential exposure arising from Pillar Two legislation. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, i.e. the 2022 country-by-country reporting for the constituent entities in the Group, and the latest financial information for 2023. Based on the assessment, the Group has not identified any potential exposure to Pillar Two income taxes on profits earned. However, exposure may exist should certain transactions be entered into in 2024 or the financial results of the constituent entities vary significantly from 2022. There are a limited number of jurisdictions where the transitional safe harbour relief does not apply (based on the 2022 country-by-country reporting numbers) where it is estimated that the Pillar Two effective tax rate will be below 15% . The Group does not expect a significant exposure to Pillar Two income taxes in the applicable jurisdictions since the majority of the entities in those jurisdictions have either been deregistered or are dormant and in anticipation of deregistration. Based on the assessment performed, the Pillar Two effective tax rates in all jurisdictions in which the Group operates are above 15% or the jurisdiction will meet one of the transitional safe harbours and management is not currently aware of any circumstances under which this might change. Therefore, the Group does not expect a potential exposure to Pillar Two top-up taxes at 31 December 2023. Mining and income tax The components of mining and income tax are the following: Figures in million – SA rand Note 2023 2022 2021 Current tax (3,178) (9,282) (13,506) Mining tax (2,960) (8,225) (11,816) Non-mining tax (370) (310) (220) Company and withholding tax 152 (747) (1,470) Deferred tax 11.3 5,594 358 (255) Deferred tax charge 6,277 305 (593) Prior year adjustment 43 — 252 Deferred tax rate adjustment 1 (726) 53 86 Total mining and income tax 2,416 (8,924) (13,761) The deferred tax rate adjustment in South Africa and the US was: Figures in million – SA rand 2023 2022 2021 South Africa (731) (150) 200 United States 5 203 (114) Deferred tax rate adjustment (726) 53 86 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 amounted to a deferred tax charge of R731 million for the year ended 31 December 2023 ( 2022 : charge of R150 million , which included a partial offset resulting from the change in the South African corporate tax rate from 28% to 27% from 1 January 2023, and 2021 : benefit of R200 million ) Reconciliation of the Group’s mining and income tax to the South African statutory company tax rate of 27% (2022 and 2021: 28% ): Figures in million – SA rand 2023 2022 2021 Tax on loss/(profit) before tax at maximum South African statutory company tax rate (27% (2022 and 2021: 28%)) 10,758 (7,813) (13,316) South African gold mining tax formula rate adjustment 236 19 63 US state tax adjustment 1 1,121 (168) — US statutory tax rate adjustment 1 (2,176) 181 466 Deferred tax rate differentials — 16 — Non-deductible amortisation and depreciation (2) (2) (13) Non-taxable dividend received 1 4 7 Non-deductible finance expense (180) (196) (108) Non-deductible share-based payments (7) (7) (42) Non-deductible loss on fair value of financial instruments (101) (976) (1,021) Non-taxable gain on acquisition 243 — — Non-taxable gain on foreign exchange differences 463 22 47 Non-taxable share of results of equity-accounted investees (317) 360 557 (Non-deductible impairments)/non-taxable reversal of impairments (2,392) 1 (22) Non-deductible transaction costs (158) (76) (69) Tax adjustment in respect of prior periods 10 (35) 386 Net other non-taxable income and non-deductible expenditure (272) 324 351 Change in estimated deferred tax rate (726) 53 86 Unrecognised or derecognised deferred tax assets 2 (4,085) (631) (1,133) Mining and income tax 2,416 (8,924) (13,761) Effective tax rate 6% 32% 29% 1 The US statutory rate adjustment relates to the difference between the US federal tax rate ( 21% ) and the South African statutory company tax rate ( 27% ). The US is also subject to state taxes for which adjustment has been made 2 The amount for the year ended 31 December 2023 relates mainly to unrecognised deferred tax assets at Sandouville nickel refinery of R1,358 million , Century of R1,319 million , Burnstone of R436 million , Cooke of R278 million and SGL of R384 million . 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 Notes 2023 2022 2021 Included in the statement of financial position as follows: Deferred tax assets (1,942) (2,442) (906) Deferred tax liabilities 4,176 9,360 7,818 Net deferred tax liabilities 2,234 6,918 6,912 Reconciliation of the deferred tax balance: Balance at beginning of the year 6,918 6,912 6,055 Deferred tax on acquisition of subsidiaries 16.2 348 — — Loss on remeasurement of previous interest in joint operation 21 — — Derecognition with deemed disposal of interest in joint operation 19 (142) — — Deferred tax recognised in profit or loss 11.2 (5,594) (358) 255 Deferred tax recognised in other comprehensive income 58 (81) 99 Foreign currency translation 625 445 503 Balance at end of the year 2,234 6,918 6,912 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 2023 2022 2021 Deferred tax liabilities Mining assets 9,387 13,001 10,763 Environmental rehabilitation obligation funds 973 713 587 US$ Convertible bond 349 — — Other 939 294 300 Gross deferred tax liabilities 1 11,648 14,008 11,650 Deferred tax assets Environmental rehabilitation obligation (1,583) (1,404) (1,229) Occupational healthcare obligation (91) (121) — Other payables and provisions 2 (2,047) (1,385) (922) Derivative financial instrument (349) — — Financial instruments (416) — (19) Tax losses and unredeemed capital expenditure (4,857) (4,097) (2,518) Share-based payment obligation (71) (83) (50) Gross deferred tax assets 3 (9,414) (7,090) (4,738) Net deferred tax liabilities 2,234 6,918 6,912 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 2023 , amounts to R811 million ( 2022 : R13,659 million and 2021 : R7,599 million ) 2 This includes other payables such as lease liabilities as well as employee-related liabilities. No deferred tax asset was recognised at 31 December 2023 for the onerous contract provision due to the low probability of future taxable profits for the Sandouville nickel refinery 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 R68,868 million ( 2022 : R48,648 million and 2021 : R43,061 million ). The 2022 amount changed as a result of unrecognised deferred tax assets relating to capital losses being separately disclosed in the current year. The amount of capital losses for which no deferred tax asset was recognised amounted to R6,157 million (2022: R5,613 million , 2021: R3,609 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. Tax losses are also available to be utilised against income generated by the relevant tax entity in France and Australia and do not expire. In Canada, tax losses expire after 20 years 11.4 Net tax, carbon tax and royalties (receivable)/payable Figures in million – SA rand Notes 2023 2022 2021 Included in the statement of financial position as follows: Tax, carbon tax and royalties receivable (973) (723) (1,245) Tax, carbon tax and royalties payable 743 104 199 Non-current portion of tax, carbon tax and royalties payable 64 11 10 Current portion of tax, carbon tax and royalties payable 679 93 189 Net tax, carbon tax and royalties receivable (230) (619) (1,046) Reconciliation of the net tax, carbon tax and royalties receivable balance: Balance at beginning of the year (619) (1,046) 649 Royalties, carbon tax and current tax 1 4,230 11,106 16,224 Royalties, carbon tax and tax paid (4,131) (10,681) (17,894) Royalties and carbon tax paid (922) (1,815) (3,055) Tax paid (3,209) (8,866) (14,839) Tax payable/(receivable) on acquisition of subsidiaries 16.1 285 (3) — Other 10 (8) — Foreign currency translation (5) 13 (25) Balance at end of the year (230) (619) (1,046) 1 The amount is made up of royalties tax charge of R1,050 million (2022: R1,834 million and 2021: R2,714 million ) (see note 11.1), carbon tax charge of R2 million (2022: tax income of R10 million and 2021: charge of R4 million ) and current tax charge of R3,178 million (2022: R9,282 million and 2021: R13,506 million ) (see note 11.2)

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2023
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 1/2023. 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. 2023 2022 2021 Weighted average number of shares Ordinary shares in issue (’000) 2,830,567 2,830,370 2,808,406 Adjustment for weighting of ordinary shares in issue (’000) (39) (4,285) 90,398 Weighted average number of shares (’000) 2,830,528 2,826,085 2,898,804 Profit attributable to owners of Sibanye-Stillwater (SA rand million) (37,772) 18,396 33,054 Basic EPS (cents) (1,334) 651 1,140 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 ). 2023 2022 2021 Diluted weighted average number of shares Weighted average number of shares (’000) 2,830,528 2,826,085 2,898,804 Potential ordinary shares (’000) 39 4,696 28,442 Diluted weighted average number of shares (’000) 2,830,567 2,830,781 2,927,246 Diluted basic EPS (cents) (1,334) 650 1,129 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 2023 Loss attributable to owners of Sibanye-Stillwater (37,772) Gain on disposal of property, plant and equipment (105) (79) Impairments 10 47,454 41,106 Gain on remeasurement of previous interest in Kroondal 19 (298) (298) Gain on acquisition 16.2 (898) (898) Impairment recognised by equity-accounted investee, net of tax 10 1,384 1,384 Foreign exchange movement recycled through profit or loss (1,663) (1,663) Re-measurement items, attributable to NCI 4 Headline earnings 1,784 Weighted average number of shares (’000) 2,830,528 Headline EPS (cents) 63 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 Hospital (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 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. 2023 2022 2021 Diluted headline earnings (R' million) 1,784 18,422 36,878 Diluted weighted average number of shares (’000) 2,830,567 2,830,781 2,927,246 Diluted headline EPS (cents) 63 651 1,260

Dividends

Dividends	12 Months Ended
	Dec. 31, 2023
Dividends
Dividends	13. Dividends Accounting policy Dividends are recognised as a liability on the date on which such dividends are declared. Dividend 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 2023 2022 2021 Dividend declared and paid (interim) 1,501 3,905 8,347 Dividend declared after 31 December (final) — 3,452 5,252 Total dividends declared for the year 1,501 7,357 13,599 Dividend per share (interim) — cents 53 138 292 Dividend per share (final) — cents — 122 187 Dividends paid during the financial year 4,953 9,197 17,832 Dividends paid to NCI of subsidiaries during the financial year 365 256 344 Total dividends paid for the year 1 5,318 9,453 18,176 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 dividend policy and its Capital Allocation Framework, the Board of Directors resolved not to declare a final dividend ( 2022 : 122 and 2021 : 187 SA cents per share). With the interim dividend of 53 ( 2022 : 138 and 2021 : 292 ) SA cents per share, which was declared and paid, this brings the total dividend for the year ended 31 December 2023 to 53 ( 2022 : 260 and 2021 : 479 ) SA cents per share. The interim dividend amounted to a payout of 35% of normalised earnings for H1 2023 ( 2022 and 2021 , both 35% of normalised earnings for the year ). Reconciliation of profit attributable to the owners of Sibanye-Stillwater to normalised earnings Figures in million – SA rand 2023 2022 2021 (Loss)/profit attributable to the owners of Sibanye-Stillwater (37,772) 18,396 33,054 Adjusted for: (Gain)/loss on financial instruments (235) 4,279 6,279 Gain on foreign exchange differences (1,973) (616) (1,149) Gain on disposal of property, plant and equipment (105) (162) (36) Impairments/(reversal of impairments) 47,454 (6) 5,148 Gain on acquisition (898) — — Restructuring costs 515 363 107 Transaction costs 474 152 140 Occupational healthcare gain (365) (211) (14) Gain on remeasurement of previous interest in Kroondal (298) — — Gain on increase in equity-accounted investment (5) — — Loss due to dilution of interest in joint operation — — 4 Early redemption premium on the 2025 Notes — — 196 Change in estimated deferred tax rate 726 (53) (86) Share of results of equity-accounted investees after tax 1,174 (1,287) (1,989) 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 (6,664) (33) (2,755) NCI effect of the items listed above (276) 36 — Normalised earnings 1 1,752 21,021 38,883 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 Accounting Standards

Property plant and equipment

Property plant and equipment	12 Months Ended
	Dec. 31, 2023
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, zinc 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, zinc and cobalt prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure (see note 10). 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: 23 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 2023 Cost Balance at beginning of the year 148,893 119,545 27,563 1,785 Additions 22,092 21,849 190 53 Change in estimates of rehabilitation assets 1 (415) 27 (441) (1) Disposals (688) (676) (12) — Derecognition of property, plant and equipment 2 (3,156) (2,552) (511) (93) Transfers to right-of-use assets 15 (15) (15) — — Gain on remeasurement of previous interest in joint operation 320 320 — — Derecognition with deemed disposal of interest in joint operation 3 19 (3,465) (3,465) — — Transfers between classes of property, plant and equipment — (703) 56 647 Assets acquired on acquisition of subsidiaries 16 7,259 5,760 1,144 355 Foreign currency translation 6,191 4,012 2,156 23 Balance at end of the year 177,016 144,102 30,145 2,769 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 71,984 63,446 6,753 1,785 Amortisation and depreciation 4 9,798 8,894 904 — Impairment 10 38,492 16,844 21,236 412 Disposals (630) (618) (12) — Derecognition of property, plant and equipment 2 (3,151) (2,547) (511) (93) Derecognition with deemed disposal of interest in joint operation 3 (2,438) (2,438) — — Depreciation capitalised to inventory 96 96 — — Foreign currency translation 1,527 1,155 358 14 Balance at end of the year 115,678 84,832 28,728 2,118 Carrying value at end of the year 61,338 59,270 1,417 651 1 Includes a decrease to the environmental rehabilitation obligation of R419 million (see note 30 ), decrease to the right of recoverability liability of R6 million and a decrease to the right of recoverability asset of R10 million 2 Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2021 and fully depreciated by 2023, and was derecognised, as well as other items of property, plant and equipment as no future economic benefits are expected from its use 3 The carrying value of property, plant and equipment derecognised with disposal of interest in a joint operation amounts to R1,027 million (see note 19) 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 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 a 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 in 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 30.1 , 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

Right-of-use assets

Right-of-use assets	12 Months Ended
	Dec. 31, 2023
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. See note 29 for additional detail. Figures in million – SA rand Notes 2023 2022 2021 Balance at beginning of the year 279 222 296 Additions and modifications 164 45 65 Right-of-use assets acquired on acquisition of subsidiaries 16 297 109 — Assets derecognised with deemed disposal of interest in joint operation 19 (2) — — Impairment of mining assets 10 — — (28) Depreciation (210) (101) (112) Transfers and other movements 15 (2) — Foreign currency translation 17 6 1 Balance at end of the year 560 279 222

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2023
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 Business Combinations (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. If a business combination is achieved in stages, any previously held equity interest is re-measured at its acquisition-date fair value, and any resulting gain or loss is recognised in profit or loss or other comprehensive income, as appropriate. The fair value of the previously held interest is then considered in the determination of goodwill. The same approach is applied where the previous interest was held in a joint operation. 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. To the extent that contingent consideration is payable in an asset acquisition based on future production, such variable payments are only recognised as expenses as and when incurred. 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 Century business combination 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 Century that Sibanye-Stillwater did not own. Century is an Australian base metal producer with zinc assets and a brownfield copper development project, which operates Australia's largest hydraulic mine at the Century Mine in Queensland, extracting, processing and marketing zinc recovered from historical tailings. The 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. Prior to the takeover offer, Sibanye-Stillwater was the largest shareholder in Century with a shareholding of 19.9% . On 22 February 2023, Sibanye-Stillwater obtained a controlling shareholding of 50.15% in Century through the on-market purchase of shares, therefore being the effective acquisition date. Century's financial results were consolidated from the effective date. For the ten months ended 31 December 2023, Century contributed revenue of R2,251 million ( A$184 million ) and a net loss of R4,767 million ( A$377 million ) to the Group's results. Century's pro forma revenue and net loss would have been R3,085 million ( A$253 million ) and R5,062 million ( A$403 million ), respectively, had the acquisition been effective from 1 January 2023. In determining these amounts, management assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2023. The functional currency of Century is the Australian dollar. The purchase price allocation 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. If new information obtained within one year of the acquisition date, about facts and circumstances that existed at the acquisition date, identifies adjustments to the below amounts or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised. Consideration The fair value of the consideration, including previous interest held is as follows: Figures in million – SA rand 2023 Total fair value of investment in Century prior to acquisition 730 Fair value of original investment in Century 1 357 Consideration paid for investment in associate 2 18.4 373 Cash consideration paid to obtain control 3 194 Total consideration 924 1 This represents Sibanye-Stillwater's 19.89% investment in Century acquired in 2021. Sibanye-Stillwater held 26,184,675 shares which were revalued at A$1.1 per share, being the offer price for the take-over, directly before the acquisition of Century. A fair value gain of R99 million was recognised in fair value adjustment on other investments as detailed in other comprehensive income 2 This represents 27,245,481 shares purchased by Sibanye-Stillwater at A$1.1 per share on 21 February 2023 for a cash consideration of A$30 million ( R373 million ). With this share purchase Sibanye-Stillwater obtained an additional 20.69% interest in Century, resulting in a total shareholding of 40.58% prior to the acquisition date 3 The cash consideration paid to obtain control was for the purchase of 14,257,682 shares at A$1.1 per share on 22 February 2023, amounting to A$15.7 million ( R194 million ) and an additional 9.57% interest in Century, resulting in a total shareholding of 50.15% Acquisition related costs The Group incurred total acquisition related costs of R18 million for the year ended 31 December 2023 on advisory and legal fees. These costs are recognised as transaction costs in profit or loss during the period in which 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 2023 Property, plant and equipment 2 14 4,610 Right-of-use assets 1 15 293 Other receivables 1 142 Environmental rehabilitation obligation funds 1 21 329 Inventories 1,2 422 Trade and other receivables 1 262 Cash and cash equivalents 1,3 418 Lease liabilities 1 29 (315) Environmental rehabilitation obligation and other provisions 2 30 (2,363) Other payables 1,2 (863) Borrowings 1 28 (3) Deferred revenue 1 32 (198) Trade and other payables 1 (606) Tax and royalties payable 1 11.4 (285) Fair value of identifiable net assets acquired 1,843 1 Carrying value approximate fair value, except as detailed in footnote 2 below 2 Fair value of assets and liabilities for which the carrying value does not approximate fair value, excluding those not within the IFRS 3 measurement scope, 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, and where necessary, fair values were limited to the relevant depreciated replacement cost • The fair value of inventories in respect of zinc concentrate was based on an assessment of net realisable value • The fair value of the environmental rehabilitation obligation was calculated using a discounted cash flow model considering the cost of rehabilitating and decommissioning the mine and relevant infrastructure • The fair value of a financial liability, included in other payables, was based on an income approach consisting of a discounted cash flow model • The fair value of a zinc hedge liability, included in other payables, was valued through a third party module based on the specifications of the existing hedge agreements and utilising relevant LME price inputs 3 The transaction results in net cash acquired of R224 million based on cash and cash equivalents acquired of R418 million and cash consideration paid of R194 million The table below summarises the value of the consideration paid and NCI recognised at the date of acquisition: Figures in million – SA rand 2023 Consideration 924 Fair value of identifiable net assets acquired (1,843) NCI 1 (919) 1. The amount recognised as NCI represents the NCI holders' effective proportionate share ( 49.85% ) in the fair value of the identifiable net assets acquired 16.2 Kroondal business combination On 31 January 2022, Sibanye-Stillwater announced that, through its subsidiary Sibanye Rustenburg Platinum Mines Limited (SRPM), it had entered into an agreement with RPM a subsidiary of Anglo American Platinum Limited (AAP), whereby the Group would assume full ownership of the Kroondal operation with SRPM acquiring RPM's 50% ownership in the pool and share agreement (Kroondal PSA) between Kroondal Operations Proprietary Limited (wholly-owned subsidiary of the Group) and RPM. On 1 November 2023, Sibanye-Stillwater announced that the transaction had been brought forward and all conditions precedent had either been met or waived in order for SRPM to acquire RPM's 50% share in the Kroondal PSA effective 1 November 2023 (acquisition date). The implementation of the transaction (as announced on 31 January 2022) was subject to key conditions precedent such as the relevant regulatory approvals and required consent to transfer RPM's mining right to SRPM. Another key condition precedent was the delivery of 1,350,000 4E ounces by the Kroondal operation to RPM's designated smelters through the mining of both the Kroondal PSA orebody and SRPM orebody and the Klipfontein open pit operation. In order to expedite the transaction, this condition was waived in return for SRPM paying a contingent consideration to RPM until the full agreed number of ounces are delivered, which is expected to conclude in Q2 2024. The transaction also includes a contingent payment related to the mining of the Merensky Reef mining area, however since Sibanye-Stillwater currently does not plan to mine this area, no consideration was included as part of the business combination. The conclusion of this transaction allows for the Group to extend the Kroondal operation's operating life, which was constrained by the existing Kroondal PSA and which has been transferred to SRPM on the effective date of the transaction. The Group will be able to realise the true potential of the adjacent resources by utilising the mechanised and low-cost Kroondal operation to mine across the boundary with SRPM and accelerate the extraction of more remote areas of the SRPM orebody, which is expected to sustain employment in the Group and ensure the creation of significant value. Kroondal's financial results were fully consolidated from the effective date. For the two months ended 31 December 2023, Kroondal contributed revenue of R1,006 million and a net profit of R609 million (includes a gain on acquisition of R898 million ) to the Group's results. Kroondal's pro forma revenue and net profit would have been R8,120 million and R1,387 million (includes a gain on acquisition of R898 million ), respectively, had the acquisition been effective from 1 January 2023. In determining these amounts, management assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2023. The functional currency of Kroondal is SA rand. The purchase price allocation 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. If new information obtained within one year of the acquisition date, about facts and circumstances that existed at the acquisition date, identifies adjustments to the below amounts or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised . Consideration The fair value of the consideration, including previous interest held is as follows: Figures in million – SA rand Note 2023 Cash consideration — * Fair value of previously held interest 1 19 2,354 Total contingent consideration 1,433 Contingent consideration related to delivery of agreed ounces 2 333 Contingent consideration related to AAP receivable portion 3 1,100 Total consideration 3,787 * Cash consideration of R1 1 The fair value of the previously held interest in the Kroondal joint operation includes cash and cash equivalents of R489 million . The remeasurement of the Group's previous interest in Kroondal resulted in a gain of R298 million , which is included in other income (see note 19 and 8.2 ) 2 Sibanye-Stillwater agreed to pay RPM a contingent consideration based on a percentage of the cumulative pre-tax cash flows of the Kroondal PSA (effective 1 November 2023) until the total 1,350,000 4E ounces (on a 100% basis) are delivered to RPM (agreed PSA ounces). At the effective date, approximately 204,517 4E ounces were still outstanding in terms of the Kroondal PSA and will continue to be delivered under the terms of the purchase of concentrate (PoC) arrangement. The percentage is determined based on a sliding scale/specific ranges of the PGM basket price included in the sale agreement. Sibanye-Stillwater will not make any payment to RPM if the cumulative pre-tax cash flows of the Kroondal PSA is negative. The contingent consideration at the effective date was calculated using an average 4E PGM basket price of R20,703 /4Eoz and a discount rate of 10.76% . A 10% change in the average 4E PGM basket price will result in an undiscounted R127 million change to the contingent consideration. The contingent consideration is subsequently measured at fair value with movements recognised in profit or loss. The liability at 31 December 2023 amounted to R300 million with a fair value gain of R33 million recognised in profit or loss (see note 22.2 ) 3 Sibanye-Stillwater agreed to pay RPM an amount equal to 50% of the amount receivable from RPM at the end of the final measurement period in respect of the agreed PSA ounces in footnote 2 above (agreed PSA ounces receivable). The amount receivable relates to a Kroondal PSA PGM concentrate sale agreement between Sibanye- Stillwater and RPM. RPM will withhold 50% of each payment of the agreed PSA ounces receivable until the payment is made in full. Sibanye-Stillwater determined the contingent consideration at effective date as 50% of the agreed PSA ounces receivable and was calculated using an average 4E PGM basket price of R22,495 /4Eoz and a discount rate of 10.76% . A 10% change in the average 4E PGM basket price will result in an undiscounted R123 million change to the contingent consideration. The contingent consideration is subsequently measured at fair value with movements recognised in profit or loss. The contingent consideration liability at 31 December 2023 amounted to R1,270 million with a fair value loss of R170 million recognised in profit or loss (see note 22.2 ) Acquisition related costs The Group incurred total acquisition related costs of R3 million for the year ended 31 December 2023 on advisory and legal fees. These costs are recognised as transaction costs in profit or loss during the period in which 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 2023 Property, plant and equipment 2 14 2,093 Right-of-use assets 1 15 4 Environmental rehabilitation obligation funds 1 21 287 Inventories 1 194 Trade and other receivables 1 3,462 Cash and cash equivalents 1,3 920 Environmental rehabilitation obligation and other provisions 2 30 (873) Deferred tax liabilities 4 11.3 (348) Other payables 1 (5) Cash-settled share-based payment obligations 1 6.6 (31) Trade and other payables 1 (1,018) Fair value of identifiable net assets acquired 2 4,685 1 Carrying value approximates fair value, except as detailed in footnote 2 below 2 Fair value of assets and liabilities for which the carrying value does not approximate fair value, excluding those not within the IFRS 3 measurement scope, 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, and where relevant, fair values were limited to the relevant depreciated replacement cost • The fair value of the environmental rehabilitation obligation was calculated using a discounted cash flow model considering the cost of rehabilitating and decommissioning the mine and relevant infrastructure 3 The transaction results in net cash acquired of R431 million based on total fair value of cash and cash equivalents acquired of R920 million , excluding the fair value of cash and cash equivalents included in Sibanye-Stillwater's previously held proportionally consolidated interest in Kroondal amounting to R489 million and cash consideration paid of R1 4 Not within the IFRS 3 measurement scope and therefore measured in accordance with the requirements of IAS 12 The table below summarises the value of the consideration paid and gain recognised at the date of acquisition: Figures in million – SA rand 2023 Consideration 3,787 Fair value of identifiable net assets acquired (4,685) Gain on acquisition (898) The consideration at the effective date is based on the remaining Kroondal agreed PSA ounces payable to RPM. Historically, and up to delivering the last agreed PSA ounce to RPM (expected June 2024), the delivered agreed PSA ounces included SRPM ounces mined outside of the Kroondal PSA area, resulting in reduced ounces being mined from the PSA area. The remaining PSA reserves are included in the valuation of the business combination and is the primary reason for the gain on acquisition. 16.3 Copper Mines of Tasmania Proprietary Limited (CMT) asset acquisition On 1 November 2023, Sibanye-Stillwater announced that it had exercised its option to acquire a 100% shareholding, for a consideration of US$10 million ( R186 million ), in CMT which owns the Mt Lyell copper mine in Tasmania, Australia. Sibanye-Stillwater obtained the option to acquire CMT from Vedanta Limited, as part of the Group's acquisition of Century in 2023 (see note 16.1 ). Mt Lyell is a previously operated underground copper mine which commenced production in 1894 and operated until it was put on care and maintenance in 2014. This transaction will potentially provide the Group with low cost exposure to copper, which has been identified as an essential metal necessary to enable the clean energy transition. Mt Lyell will also potentially add primary production of copper to the Group's current lithium and nickel exposure. A feasibility study, which considers the re-establishment of the operation is underway. At the date of acquisition (17 November 2023), CMT did not meet the definition of a business in terms of IFRS 3, and is therefore accounted for as an asset acquisition. 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 CMT is the Australian dollar. The table below summarises the value of the consideration paid the date of acquisition: Figures in million – SA rand 2023 Consideration 1 261 1 The consideration includes transaction costs amounting to A$6 million ( R75 million ), which was not settled at 31 December 2023 The following table summarises the allocation of the gross purchase consideration to identifiable assets and liabilities: Figures in million – SA rand Notes 2023 Property, plant and equipment 14 556 Trade and other receivables 20 Cash and cash equivalents 1 2 Inventories 53 Borrowings 28 (3) Environmental rehabilitation obligation and other provisions 30 (340) Trade and other payables (27) Total purchase consideration allocated on relative fair value basis 261 1 The transaction results in net cash paid of R184 million 16.4 Business combinations and asset acquisition net cash flow T he table below provides a summary of the net cash received/(paid) on acquisition of subsidiaries, Century, Kroondal and CMT during the year ended 31 December 2023 : Figures in million – SA rand 2023 Century acquisition, net of cash acquired 224 Cash consideration paid on effective date (194) Cash and cash equivalents acquired 418 Kroondal acquisition, net of cash acquired 431 Cash consideration paid — * Cash and cash equivalents acquired 431 CMT asset acquisition (184) Cash consideration paid (186) Cash and cash equivalents acquired 2 Total acquisition of subsidiaries, net of cash acquired 471 * Cash consideration of R1

Goodwill and other intangibles

Goodwill and other intangibles	12 Months Ended
	Dec. 31, 2023
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 (see note 10). 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 2023 2022 2021 Goodwill Balance at beginning of the year 8,241 7,727 7,165 Goodwill on acquisition of subsidiaries — 23 — Impairment 10 (8,435) — — Foreign currency translation 693 491 562 Carrying value at end of the year 1 499 8,241 7,727 Other intangibles Cost Balance at beginning of the year 86 — — Intangible assets acquired on acquisition of subsidiaries — 83 — Foreign currency translation 12 3 — Balance at end of the year 98 86 — Accumulated amortisation and impairment Balance at beginning of the year 5 — — Impairment 10 86 — — Charge for the year 4 5 — Balance at end of the year 95 5 — Carrying value at end of the year 3 81 — Total goodwill and other intangibles 502 8,322 7,727 1 The goodwill arose on the acquisition of the below subsidiaries: • SFA (Oxford), amounting to R123 million allocated to the Stillwater ( R60 million ), Rustenburg ( R44 million ) and Kroondal ( R18 million ) CGUs, where it is tested for impairment. During 2023, the R60 million goodwill allocated to Stillwater was fully impaired (see note 10 ). The remaining carrying value of goodwill related to the SFA (Oxford) acquisition amounts to R63 million at 31 December 2023 • Qinisele Resources, amounting to R54 million and fully impaired by 31 December 2020 • Cooke, amounting to R737 million which was fully impaired by 31 December 2020 • Aquarius Platinum (South Africa) Proprietary Limited (Aquarius), amounting to R401 million 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 US$450 million ( R5,874 million ), at the exchange rate on the acquisition effective date) allocated to the Stillwater CGU, where it is tested for impairment. During 2023, the entire goodwill amount allocated to the Stillwater CGU with a carrying value of R8,352 million was impaired (see note 10 ) • DRDGOLD, amounting to R35 million allocated to the DRDGOLD CGU, where it is tested for impairment. No impairment has been recognised • Sandouville, amounting to R23 million allocated to the Sandouville CGU, where it is tested for impairment. During 2023, the entire goodwill amount allocated to the Sandouville CGU was impaired (see note 10 ) The recoverable amount of goodwill was calculated based on the value in use of the CGUs to which to goodwill was allocated. None of the goodwill recognised is expected to be deductible for tax purposes. The Group’s estimates and assumptions used in the 31 December 2023 impairment testing include: Gold operations 1 PGM operations Europe (Sandouville nickel refinery) 2 AUS operations 2023 2022 2021 2023 2022 2021 2023 2022 2023 Average gold price 3,5 R/kg 1,072,364 869,035 773,398 Average PGM (4E) basket price 4,5 R/4Eoz 29,124 27,566 24,422 Average PGM (2E) basket price 5 US$/2Eoz 1,281 1,334 1,180 Average nickel price 5 US$/lbs 8.9 8.3 Average cobalt price 5 US$/lbs 15.8 22.1 Average zinc price 5 A$/t 3,873 Nominal discount rate — South Africa 6,7 % 13.7 - 15.8 13.9 - 15.8 11.5 - 13.5 22.5 - 22.7 22.5 - 22.6 20.0 Nominal discount rate — US 7 % 12.0 12.9 8.3 Nominal discount rate — Europe 7 % 7.4 9.8 Nominal discount rate — Australia 7 % 9.3 Inflation rate — South Africa 3,8 % 6.0 6.5 6.0 6.0 6.5 6.0 Inflation rate — US 8 % 2.5 4.0 2.0 Inflation rate — Europe 8 % 1.6 2.5 Inflation rate — Australia 8 % 2.9 Life-of-mine 3,9 years 4 - 11 4 - 10 4 - 9 14 - 47 15 - 49 17 - 50 23 24 4 1 Include the operating gold mines Driefontein, Kloof and Beatrix 2 The Keliber impairment assessment at 31 December 2023 applied an average lithium hydroxide price of US$22,933 /t, nominal discount rate of 10.1% , inflation rate of 2% and a life-of-mine of 24 years 3 The estimates and assumptions used in the impairment assessment of the Burnstone project include an average gold price of R1,012,625 /kg (2022: R793,473 /kg, 2021: R729,270 /kg), inflation rate of 6.0% (2022: 6.5% , 2021: 6.0% ) and life-of-mine of 25 years (2022: 22 years, 2021: 24 years) 4 The average PGM basket price used on the Mimosa equity-accounted joint venture was R26,632 /4Eoz (2022: R25,420 /4Eoz, 2021: R21,943 /4Eoz) 5 The average prices and the exchange rate were derived by considering various bank and commodity broker consensus forecasts 6 Nominal discount rate for the Burnstone project is 18.9% ( 2022 : 17.4% , 2021 : 15.3% ) and for the equity-accounted joint venture Mimosa, 31.2% ( 2022 : 30.7% , 2021 : 24.4% ) 7 The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs 8 The inflation rate is based on the expected forecast inflation rate in the geographical region which most affects the CGU's cash flows 9 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, SA PGM operations and goodwill allocated to other CGUs Other than the impairments described in note 10, no further impairment was identified for the Group's gold and SA PGM CGUs with allocated goodwill. However, holding all other assumptions constant, a decrease in the average gold price used for Kloof ( R1,064,988 /kg) exceeding 6.3% will result in impairment. 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 of the Group's CGUs, other than Kloof.

Equity accounted investments

Equity accounted investments	12 Months Ended
	Dec. 31, 2023
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. For so-called farm-in/farm-out arrangements where another party is earning into a joint venture, the Group does not recognise any expenses incurred by the other participant to the arrangement and no equity accounted earnings are recognised until the farm-in/farm-out arrangement is completed. 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 carryin g 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 2023 2022 2021 Rand Refinery 1 18.1 660 578 649 Mimosa 2 18.2 5,146 6,650 5,413 Peregrine 2 18.3 1,247 1,160 1,086 Keliber 1 — — 446 Other equity-accounted investments 3 95 83 — * Total equity-accounted investments 7,148 8,471 7,594 1 Associate 2 Joint venture 3 Includes the Group's investment in Glint Incorporated (associate) acquired during 2022 . The investment has a carrying value of R92 million (2022: R81 million ) at 31 December 2023 * 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. The movement in the equity-accounted investment in Rand Refinery for the year is as follows: Figures in million – SA rand 2023 2022 2021 Balance at beginning of the year 578 649 691 Share of results of equity-accounted investee after tax 1 315 236 287 Dividends received (233) (307) (329) Balance at end of the year 660 578 649 1 Since Rand Refinery has a 31 August year end, it is equity-accounted based on its latest management accounts for the period ended 30 November The Group’s interest in the summarised financial statements of Rand Refinery is as follows: Figures in million – SA rand 2023 2022 2021 Revenue 1,738 1,189 1,276 Total comprehensive income 708 532 646 Non-current assets 761 556 524 Current assets 1,890 1,955 2,022 Non-current liabilities (44) (50) (87) Current liabilities (688) (565) (475) Net assets ( 100% ) 1,919 1,896 1,984 Reconciliation of the total investment in Rand Refinery with attributable net assets: Net assets ( 44.4% ) 853 843 882 Dividend received 1 (116) (188) (156) Fair value adjustment 2 (36) (36) (36) Reconciling items 3 (41) (41) (41) Total investment in Rand Refinery 660 578 649 1 The dividend received relates to the dividend received from Rand Refinery after 30 November. The total dividend received for 2023 amounted to R233 million (2022: R307 million , 2021: R329 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 Note 2023 2022 2021 Balance at the beginning of the year 6,650 5,413 3,929 Share of results of equity-accounted investee after tax (1,479) 1,061 1,702 Impairment 10 (423) — — Dividends received (208) (243) (667) Foreign currency translation 606 419 449 Balance at end of the year 5,146 6,650 5,413 The Group’s interest in the summarised financial statements of Mimosa is as follows: Figures in million – SA rand 2023 2022 2021 Revenue 6,433 8,535 8,786 Amortisation and depreciation (951) (685) (549) Interest income 64 203 24 Finance expense (56) (71) (10) Income and royalty tax 554 (946) (1,503) Income tax 820 (692) (1,183) Royalty tax (266) (254) (320) Profit or loss (2,957) 2,123 3,405 Other comprehensive income 1,213 838 896 Total comprehensive income (1,744) 2,961 4,301 Non-current assets 5,675 7,560 6,095 Property, plant and equipment 1 5,675 7,560 6,095 Right-of-use assets — — — Current assets 6,997 8,124 6,728 Cash and cash equivalents 770 1,545 1,131 Other current assets 6,227 6,579 5,597 Non-current liabilities (1,037) (1,840) (1,443) Non-current financial liabilities 2 — — — Other non-current liabilities (1,037) (1,840) (1,443) Current liabilities (403) (453) (456) Current financial liabilities 2 (403) (453) (334) Other current liabilities — — (122) Net assets ( 100% ) 11,232 13,391 10,924 Reconciliation of the total investment in Mimosa with attributable net assets: Net assets ( 50% ) 5,616 6,696 5,462 Impairment of investment in Mimosa (423) — — Reconciling items 3 (47) (46) (49) Total investment in Mimosa 5,146 6,650 5,413 1 The Group impaired the property, plant and equipment of Mimosa at 31 December 2023 (see note 10 ) amounting to R3,728 million of which the Group's 50% share amounts to R1,864 million ( R1,384 million net of tax (see note 12.3 )). 2 Non-current and current financial liabilities (excluding trade and other payables and provisions) amounted to Rnil ( 2022 : Rnil , 2021 : Rnil ) and Rnil ( 2022 : R35 million , 2021 : R9 million ) , respectively 3 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 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 also received the right to 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. On 14 August 2023, Aldebaran successfully completed the Initial Earn-in and elected to earn-in an additional 20% in Peregrine over a three -year period for an additional expenditure of US$25 million . At 31 December 2023 , the Group had a 40% ( 2022 and 2021 : 100% ) legal interest in Peregrine, which is subject to an additional earn-in arrangement of 20% as described above . At 31 December 2023 , 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 Note 2023 2022 2021 Balance at the beginning of the year 1,160 1,086 1,001 Impairment of loan to Peregrine 10 (18) — — Foreign currency translation 105 74 85 Balance at end of the year 1,247 1,160 1,086 The Group’s interest in the summarised financial statements of Peregrine is as follows: Figures in million – SA rand 2023 2022 2021 Non-current assets 2,830 3,004 2,788 Current assets — — — Non-current liabilities (9) (426) (409) Current liabilities — (16) (15) Net assets ( 100% ) 2,821 2,562 2,364 Reconciliation of the total investment in Peregrine with attributable net assets: Net assets ( 20% (2021 and 2022: 40% )) 1 564 1,025 946 Reconciling items 2 683 135 140 Total investment in Peregrine 1,247 1,160 1,086 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. This also includes the dilution in the interest resulting from the earn-in requirements 18.4 Cash additions to equity-accounted investments The table below summarises the cash paid for investments in equity-accounted investees: Figures in million – SA rand Note 2023 2022 2021 Century 16.1 (373) — — Glint (23) (92) — Keliber — — (446) Total cash paid (396) (92) (446)

Interests in joint operations

Interests in joint operations	12 Months Ended
	Dec. 31, 2023
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 included a 50% interest in the Kroondal PSA . 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 (previously owned by Aquarius) through mineral rights contributed by AAP 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. On 1 November 2023, the sale transaction became effective and the Group assumed full ownership of Kroondal (see note 16.2 ). In accordance with the requirements of IFRS 3, the Group remeasured its interest in Kroondal to fair value at the effective date of the acquisition. This resulted in a gain on remeasurement of R298 million , which is included in other income (see note 8.2). The fair value of the existing interest in the Kroondal joint operation was included in calculating the gain on acquisition of R898 million and forms part of the total assets and liabilities acquired in the business combination (see note 16.2 ). The Group’s share of the assets, liabilities, revenue and expenses of the joint operations is as follows: Figures in million – SA rand 2023 2022 2021 Revenue — 8,371 10,293 Gain on foreign exchange differences — 131 127 Profit before tax — 4,780 6,557 Profit for the year — 4,781 6,556 Non-current assets — 729 636 Current assets — 3,093 3,357 Non-current liabilities — (9) (13) Current liabilities — (414) (493) Net assets ( 50% ) — 3,399 3,487 The table below summarises the assets and liabilities after remeasurement to fair value, which were held by the Group through its interest in the Kroondal joint operation, and deemed to be disposed of, at the effective date of the acquisition: Figures in million – SA rand Notes 2023 Property, plant and equipment 14 1,027 Right-of-use asset 15 2 Environmental rehabilitation obligation funds 21 260 Other receivables 255 Inventories 97 Trade and other receivables 1,731 Cash and cash equivalents 489 Environmental rehabilitation obligation and other provisions 30.1 (818) Deferred tax liabilities 11.3 (142) Other payables (23) Cash-settled share-based payment obligations 6.6 (15) Trade and other payables (509) Total fair value of previously held interest 16.2 2,354

Other investments

Other investments	12 Months Ended
	Dec. 31, 2023
Financial assets measured at fair value through other comprehensive income [abstract]
Other investments	20. Other investments Significant accounting judgements 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 2023 2022 2021 Designated at FVTOCI investments: Rand Mutual Assurance Company Limited 166 149 140 Furuya Metal Company Limited 1 500 455 668 Aldebaran 2 304 238 241 Generation Mining Limited 3 106 322 144 ioneer Limited 4 277 643 1,353 Century 5 — 258 698 Other 22 98 123 Mandatorily measured at FVTPL investments: Verkor S.A. (Verkor) 6 951 554 — EnHyWhere 107 78 — Other 452 380 — Amortised cost investments 294 165 — Total other investments 3,179 3,340 3,367 1 The Group holds approximately 4.7% 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 14.35% 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 13.90% 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 6.91% 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 2023. As announced by the Group on 13 January 2023, ioneer received a conditional commitment for a proposed loan of up to US$700 million from the US Department of Energy to support the development of Rhyolite Ridge 5 On 27 October 2021, Sibanye-Stillwater entered into a subscription agreement with 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 Century. The aggregate investment represented a 19.9% ownership interest at 31 December 2022. The Group acquired a 100% shareholding in Century during 2023 (see note 16.1) 6 On 22 March 2022, the Group, through its wholly-owned subsidiary, Sibanye Battery Metals Proprietary Limited, invested in Verkor by subscribing for a €25 million ( R409 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 convertible bond was converted into preference shares during September 2023. The convertible bond was recognised as an investment measured at fair value, with net gains and losses recognised in profit or loss. Subsequent to conversion, the preference shares continue to be measured at fair value through profit or loss. During September 2023, the Group also subscribed for a further €15 million ( R303 million ) preference share investment, which is measured at fair value through profit or loss. The fair value of the total investment in Verkor amounted to R951 million at 31 December 2023 (2022: R554 million ) , with R93 million (2022: R145 million ) recognised as a fair value gain for the year ended 31 December 2023 Fair value of other investments Other investments consists primarily of listed investments and other short-term investment products, which are measured at fair value or have carrying amounts that approximates fair value. The fair values of non-listed investments included in other investments are determined through valuation techniques that include inputs that are not based on observable market data. Fair value measurements of listed investments are categorised as level 1 under the fair value hierarchy and non-listed investments as level 3 (see note 36.1 ) .

Environmental rehabilitation ob

Environmental rehabilitation obligation funds	12 Months Ended
	Dec. 31, 2023
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 where relevant. 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 Notes 2023 2022 2021 Balance at beginning of the year 5,306 5,202 4,934 Assets acquired on acquisition of subsidiary 16 616 — — Assets derecognised with deemed disposal of interest in joint operation 19 (260) — — Contributions made 185 86 72 Payments received (322) (33) (10) Interest income 5.1 339 235 174 Transfer to other financial assets (22) (264) — Fair value gain 1 80 80 32 Foreign currency translation 5 — — Balance at end of the year 5,927 5,306 5,202 Environmental rehabilitation obligation funds comprise of the following: Restricted funds 2 1,850 1,616 1,135 Funds 4,077 3,690 4,067 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, 2023
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 2023 2022 2021 Right of recovery receivable — 275 319 Rates and taxes receivable 74 93 106 Pre-paid royalties 310 322 336 Palladium hedge derivative asset — 50 286 Other 165 139 127 Total other receivables 549 879 1,174 Reconciliation of the non-current and current portion of the other receivables: Other receivables 549 879 1,174 Current portion of other receivables (26) (81) (523) Non-current portion of other receivables 523 798 651 22.2 Other payables Figures in million – SA rand 2023 2022 2021 Deferred payment (Rustenburg operation acquisition) — 3,518 6,920 Contingent consideration (SFA (Oxford) acquisition) — — 100 Contingent consideration (Kroondal acquisition) 1,570 — — Right of recovery payable — 34 32 Deferred/contingent consideration (Pandora acquisition) 44 128 400 Marikana dividend obligation 1,626 2,129 1,539 Keliber dividend obligation 1,147 — — Gold and zinc hedge derivative liability 173 — — Other 862 582 373 Total other payables 5,422 6,391 9,364 Reconciliation of the non-current and current portion of the other receivables: Other payables 5,422 6,391 9,364 Current portion of other payables (2,015) (3,891) (4,765) Non-current portion of other payables 3,407 2,500 4,599 Right of recovery receivable and payable Based on the Kroondal PSA with AAP, Kroondal held a contractual right to recover 50% of the rehabilitation obligation relating to environmental rehabilitation resulting from PSA operations from RPM, where this rehabilitation relates to property owned by the Kroondal operation. Likewise RPM held 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. On 1 November 2023, the Group (through SRPM) acquired RPM's 50% of the PSA (see note 16.2 and 19 ), which included RPM's respective right of recovery receivable and payable. As a result, the right of recovery receivable and payable eliminates on consolidation following the Kroondal acquisition. Deferred payment (Rustenburg operation acquisition) The purchase consideration in the Rustenburg operation transaction 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 2023 2022 2021 Balance at the beginning of the year 3,518 6,920 4,355 Interest charge 5.2 85 266 158 Payment of deferred payment (3,607) (4,441) (2,246) Loss on revised estimated cash flows 7 4 773 4,653 Balance at end of the year — 3,518 6,920 Contingent consideration (Kroondal acquisition) The Group (through SRPM) assumed full ownership of Kroondal on 1 November 2023 (effective date) by acquiring RPM's 50% in the Kroondal PSA (see note 16.2). The Group agreed to pay RPM a contingent consideration based on a percentage of the cumulative pre- tax cash flows of the Kroondal PSA until a total of 1,350,000 4E ounces (on a 100% basis) are delivered to RPM (agreed PSA ounces). At the effective date, approximately 204,517 4E ounces were still outstanding in terms of the Kroondal PSA and will continue to be delivered under the terms of the PoC arrangement. The percentage is determined based on a sliding scale/specific ranges of the PGM basket price included in the sale agreement. The Group will not make any payment to RPM if the cumulative pre-tax cash flows of the Kroondal PSA is negative. The Group also agreed to pay RPM an amount equal to 50% of the amount receivable from RPM at the end of the final measurement period in respect of the agreed PSA ounces (agreed PSA ounces receivable). The amount receivable relates to a Kroondal PSA PGM concentrate sale agreement between Sibanye-Stillwater and RPM. RPM will withhold 50% of each payment of the agreed PSA ounces receivable until the payment is made in full. The Group determined the contingent consideration at the effective date as 50% of the agreed PSA ounces receivable. The Kroondal contingent consideration movement for the year is as follows: Figures in million – SA rand Note 2023 2022 2021 Balance at the beginning of the year — — — Contingent consideration on acquisition of subsidiary 1,433 — — Loss on revised estimated cash flows 1 7 137 — — Balance at end of the year 1,570 — — 1 The total net loss is made up of the fair value movement recognised on the contingent consideration (see note 16.2) in respect of the delivery of the agreed PSA ounces (gain of R33 million ) and the agreed PSA ounces receivable (loss of R170 million ) Deferred/contingent consideration (Pandora acquisition) The Lonmin group 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 was 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 R44 million at 31 December 2023 (2022: R13 million , 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 2023 2022 2021 Balance at the beginning of the year 128 400 308 Interest charge 5.2 3 18 54 Loss/(gain) on revised estimated cash flows 39 (112) 123 Payment made (126) (178) (85) Balance at end of the year 1 44 128 400 1 The outstanding balance at 31 December 2023 was settled in cash on 1 February 2024 Marikana dividend obligation The Marikana dividend obligation relates to amounts payable to external 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 6.5 , except for the discount rates of 11.64% (EPL) and 11.71% (WPL), which remains consistent over the life of the obligation ( see note 6.5 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 2023 2022 2021 Balance at the beginning of the year 2,129 1,539 — Initial recognition of the Marikana dividend obligation 6.5 — — 1,146 Interest — unwinding of amortised cost 5.2 236 165 87 (Gain)/loss on revised estimated cash flows 1 7 (548) 650 468 Payments made (191) (225) (162) Balance at end of the year 1,626 2,129 1,539 1 The gain on revised estimated cash flow in 2023 is primarily as a result of a decrease in the estimated future net cash flows over the life-of-mine Keliber dividend obligation During April 2023, Sibanye-Stillwater (through its wholly-owned subsidiary, Keliber Lithium Proprietary Limited) signed a revised shareholders' agreement with the Finnish Minerals Group, which resulted in a contractual obligation to declare dividends amounting to 40% of the free cash flow of Keliber. A dividend obligation was recognised for the NCI of Keliber on the effective date of the agreement (25 April 2023) at R792 million , with a corresponding reduction in NCI (see note 27.1 for other NCI changes). The Group's attributable portion of the dividend obligation eliminates on consolidation. The dividend obligation is a financial liability and was initially measured at fair value less any directly attributable costs, and subsequently measured at amortised cost. At 31 December 2023 the following assumptions were applied in measuring the Keliber dividend obligation: 2023 2022 2021 Average lithium hydroxide price US$/t 22,933 — — Real discount rate % 9.83 — — Inflation rate % 2.0 — — Life-of-mine years 24 0 0 The following table summarises the changes in the Keliber dividend obligation: Figures in million – SA rand Note 2023 2022 2021 Balance at the beginning of the year — — — Initial recognition of the Keliber dividend obligation 792 — — Loss on revised estimated cash flows 1 7 287 — — Interest — unwinding of amortised cost 52 — — Foreign currency translation reserve 16 — — Balance at end of the year 1,147 — — 1 The loss on revised estimated cash flow is primarily as a result of an increase in the average lithium hydroxide price Deferred/contingent payments made The table below summarises the cash deferred/contingent payments made on the obligations set out above: Figures in million – SA rand 2023 2022 2021 Deferred payment (Rustenburg operation) (3,607) (4,441) (2,246) Deferred/contingent consideration (Pandora acquisition) (126) (178) (85) Contingent consideration (SFA (Oxford) acquisition) — (111) — Total cash payments made (3,733) (4,730) (2,331) Payments in excess of the original fair value (operating cash flows) (3,733) (4,545) (1,754) Payments up to initial fair value (investing cash flows) — (185) (577) 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, except for the Marikana dividend obligation and the Keliber dividend obligation. At 31 December 2023, the fair values (level 3) of the Marikana dividend obligation and the Keliber dividend obligation amounted to R1,257 million and R1,434 million , respectively. The fair values at 31 December 2023 were calculated by applying a market-related discount rate to expected future cash flows available for dividends. At 31 December 2022 and 31 December 2021, the Marikana dividend obligation's carrying value approximated fair value (see note 36.1 ). Market risk The deferred payment relating to the Rustenburg operation (up to 31 December 2021), the deferred/contingent consideration relating to Pandora, Kroondal contingent consideration 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/loss before tax by R70 million ( 2022 : R52 million , 2021: R101 million ). The Keliber dividend obligation is sensitive to changes in the lithium hydroxide price. A one percentage point increase in the lithium hydroxide price would have impacted profit/loss before tax by R27 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, 2023
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. Metals in process quantities Recoverable metal quantities are reconciled to ore input and actual metal recoveries. Due to inherent limitations on precise monitoring of recoverability levels, the process of metallurgically balancing inputs and outputs is regularly monitored and engineering estimates are refined through reference to actual results. Periodic inventory counts are conducted at refineries to assess the accuracy of inventory quantities. Where required, changes in engineering estimates are factored into the measurement of metal inventory. Due to expected levels of estimation uncertainty, reasonable tolerances of total metals are accepted in the measurement of PGM in process quantities. Accounting policy Inventory is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Prior to physical separation and while metals are still in the production process, the combined net realisable value of the metals in process is compared to the combined costs of the metals in process for purposes of measuring "in process" inventory at the lower of cost and net realisable value. The Group values ore stockpiles and metal-in-process when it can be reliably measured. Cost 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 valued 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 2023 2022 2021 Consumable stores 1 3,317 2,066 1,923 PGM ore and mill inventory 276 535 189 PGM in process 2 13,292 13,673 13,081 PGM finished goods 6,948 7,856 9,012 Gold in process 320 233 219 Gold bullion 959 1,096 600 Sandouville metals in process 327 357 — Sandouville raw materials 168 307 — Sandouville finished goods 292 187 — Zinc concentrate inventory 345 — — Other 119 74 56 Total inventories 26,363 26,384 25,080 1 The cost of consumable stores consumed during the year and included in operating cost amounted to R25,778 million ( 2022 : R21,929 million and 2021 : R18,847 million ) 2 Included in PGM in process, is R6,771 million ( 2022 : R5,882 million , 2021: R4,725 million ) relating to the Marikana operations Inventories were reduced during 2023 by R1,694 million (2022: R111 million and 2021: R76 million ) due to write-down to net realisable value. The write-downs mainly relates to PGM in process and PGM finished goods of R1,179 million and R423 million , respectively, as a result of the lower commodity price environment. The write-downs in 2022 and 2021 relates to consumable stores. The write-downs are included in cost of sales (see note 4 ).

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2023
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 and zinc 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 based on the write-off policy included in note 36. 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. This is similar for sales of zinc concentrate also included in trade receivables. The PGM and zinc 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 and zinc 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 2023 2022 2021 Trade receivables — gold operations — — 44 Trade receivables — PGM operations 5,353 4,304 4,823 PGM sales concentrate 3,407 3,564 3,794 PGM sales other 1,946 740 1,029 Trade receivables — zinc concentrate sales 108 — — Trade receivables — Sandouville metals sales 261 135 — Other trade and non-trade receivables 1 947 1,389 904 Payroll debtors 273 361 322 Interest receivable 90 90 54 Financial assets 7,032 6,279 6,147 Prepayments 2 1,219 433 335 Value added tax 649 788 929 Total trade and other receivables 8,900 7,500 7,411 1 These receivables arise from the Group's non-core activities such as services rendered by service entities to third parties, scrap metal and diesel sales, recovery of water and electricity and other miscellaneous items, and therefore do not include the Group's proceeds from the sale of products 2 Prepayments include prepayments of DRDGOLD made towards capital projects amounting to R610 million at 31 December 2023 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 (see note 36.2). 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, including trade receivables from metal sales such as chrome, silver, cobalt, zinc and copper, are currently in a sound financial position and no impairment allowance has been recognised. The table below summarises the impairment allowance raised on other non-trade receivables that are considered to be impaired: Figures in million – SA rand 2023 2022 2021 Balance at beginning of the year 214 201 199 Impairment allowance recognised in profit or loss for the year 21 28 3 Financial assets written off (132) — — Impaired financial assets recovered during the year (2) (15) (1) Balance at end of the year 1 101 214 201 1 The impairment allowance mainly relates to payroll receivables, property rentals and certain supplier loans 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 R24 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 R 18.57 /US$ would have impacted profit/loss before tax by R40 million .

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2023
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 cash equivalents are measured at amortised cost, which is deemed to be fair value due to its short maturity. Figures in million – SA rand 2023 2022 2021 Cash at the bank, on hand and cash equivalents 25,560 26,076 30,292 Total cash and cash equivalents 25,560 26,076 30,292 Fair value of cash and cash equivalents The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of the balances. 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, 2023
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 2023 2022 2021 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 2,830,370 2,808,406 2,923,571 Shares issued under Sibanye-Stillwater/SGL Share Plan 197 21,964 32,535 Shares delisted (share buy-back) 1 — — (147,700) Number of shares in issue at end of the year 2,830,567 2,830,370 2,808,406 1 The Group entered into repurchase and cancellation of shares transactions with certain shareholders, which resulted in the total issued shares of Sibanye-Stillwater decreasing by 147,700,000 in 2021 (resulting in a total cost of R8,503 million , including transaction cost at an average of R57.57 cost per share repurchased) 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, 2023
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 of the carrying value of the net assets acquired, is recognised in equity. Gains or losses on disposals of NCI where control is not lost are also recognised in equity. Where control over a subsidiary is lost, the gains or losses are recognised in profit or loss. The Group’s NCI relates to the following subsidiaries : Figures in million – SA rand Notes 2023 2022 2021 NCI of DRDGOLD 27.1 2,634 2,283 1,939 NCI of Keliber 27.1 237 616 — NCI of Group Technical Security Management 6 6 5 NCI of Marikana 27.1 — (2) 8 Total NCI 2,877 2,903 1,952 The summarised financial information of DRDGOLD is provided below. This information is based on amounts before intercompany eliminations. Figures in million – SA rand 2023 2022 2021 DRDGOLD Limited Revenue 5,816 5,274 4,790 Profit for the year 1,333 1,157 987 Total comprehensive income 1,348 1,156 907 Profit attributable to NCI 662 573 487 Net (decrease)/increase in cash and cash equivalents (863) 153 70 Dividends paid 363 255 338 Non-current assets 5,523 4,303 3,741 Current Assets 2,751 2,985 2,821 Non-current liabilities (1,329) (1,183) (1,120) Current liabilities (730) (552) (553) Net assets 6,215 5,553 4,889 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. DRDGOLD's 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 2023 (2022: 49.90% and 2021 : 49.90% ) with an effective holding of 49.72% at 31 December 2023 (2022: 49.67% and 2021 : 49.51% ) 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, including the consideration paid for the subscription, and determined a reattribution between NCI and the Group. 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 6.5), 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 6.5 and 22.2 ). The same considerations apply to EPL and Akanani. The remaining NCI in Marikana is attributable to small non-operating entities. Keliber transactions 2023 On 25 April 2023 the Finnish Minerals Group increased its holding in Keliber from 14% to 20% by subscribing for EUR53.9 million ( R1,096 million ) of a EUR104 million rights issue. The Group's portion of the subscription (through wholly-owned subsidiary, Keliber Lithium Proprietary Limited) amounted to EUR50.2 million ( R1,009 million ), which is eliminated on a Sibanye-Stillwater Group level. In addition to the rights issue, other minority shareholders in Keliber (which held 0.79% of the total Keliber shareholding) for which the Group previously recognised an accelerated put option liability at 31 December 2022, received and accepted voluntary offers at the same share price ( EUR157.28 per share) as the voluntary offer that concluded in 2022. A total payment of EUR5.2 million ( R103 million ) was made by the Group to all the shareholders who accepted the voluntary offers during June 2023. Following these transactions, the Finnish Minerals Group holds 20% in Keliber, the Group retained 79.82% , while other minority shareholders hold the balance of the shares in Keliber. The table below summarises the above transactions that occurred during 2023 and the impact thereof on the equity attributable to the owners of Sibanye-Stillwater: Figures in million – SA rand 2023 Rights issue and voluntary offers Cash consideration paid on rights issue subscription by the Group (1,009) Payment eliminated on consolidation 1,009 Cash consideration received from rights issue subscription by NCI 1,096 Cash consideration paid by the Group to NCI on voluntary offer (103) Net cash received by the Group 993 Net reattribution of equity (accumulated profit and foreign currency translation reserve) (596) Net increase in equity attributable to the owners of Sibanye-Stillwater as a result of the transactions with Keliber shareholders 397 Increase in accumulated profit 463 Decrease in foreign currency translation reserve (66) Increase in NCI 700 Net increase in total equity as a result of the transactions with Keliber shareholders 1,097 Effective 25 April 2023, the Group also recognised a dividend obligation of R792 million with a corresponding reduction of the NCI of Keliber as a result of the revised shareholders agreement (see note 22.2). This transaction did not result in a cash flow. 2022 On 30 June 2022, Sibanye-Stillwater announced its intention to exercise the pre-emptive right to obtain a majority shareholding and majority board representation in Keliber, 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 reattribution of the NCI on accumulated profit of the Group as a result of the subsequent transactions with Keliber shareholders in 2022: Figures in million – SA rand 2022 Pre-emptive Offer Cash consideration paid to Keliber for share subscription1 (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) Net decrease in equity attributable to owners of Sibanye-Stillwater as a result of transactions with Keliber shareholders (2,766) Decrease in accumulated profit — Pre-emptive Offer (889) Decrease in accumulated profit — Voluntary Offer (1,833) Decrease in accumulated profit due to foreign currency translation, share subscription costs and put options 4 (106) Increase in foreign currency translation reserve 62 Decrease in NCI (686) Net decrease in total equity as a result of the subsequent NCI transactions 5 (3,452) 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 Century transactions Sibanye-Stillwater acquired additional shares in Century through its original take-over offer subsequent to the effective date of the acquisition (see note 16.1). On 10 May 2023, Sibanye-Stillwater, through on-and off-market trades, obtained a 100% interest in Century through cash consideration paid of A$74 million ( R906 million ) for the additional 49.85% interest in Century. The table below illustrates the effect of the remaining interest acquired in Century on equity attributable to the owners of Sibanye-Stillwater for the year ended 31 December 2023: Figures in million – SA rand 2023 Consideration paid for acquiring the remaining 49.85% interest in Century (906) Carrying value of NCI 914 Total impact on equity attributable to owners of Sibanye-Stillwater 1 8 1 The amount includes R13 million increase on accumulated profit and R5 million decrease on other reserves in respect of foreign currency translation reserve

Borrowings and derivative finan

Borrowings and derivative financial instrument	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about borrowings [abstract]
Borrowings and derivative financial instrument	28. Borrowings and derivative financial instrument 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. Derivative financial instrument Gains and losses on the derivative financial instrument are attributable to changes in various valuation inputs, including the movement in the Company's share price, change in US dollar/rand exchange rate, the volatility of the Company's shares, the Company's credit risk spreads, and the market value of the US$ Convertible Bond. Although many inputs into the valuation are observable, the valuation method separates the fair value of the derivative from the quoted fair value of the US$ Convertible Bond by adjusting certain observable inputs. These adjustments require the application of judgement and certain estimates. Changes in the relevant inputs impact the fair value gains and losses recognised. 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 that is determined by using appropriate 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. Figures in million – SA rand Note 2023 2022 2021 Borrowings 36,618 22,728 20,298 Derivative financial instrument 28.5 3,810 — — Balance at end of the year 40,428 22,728 20,298 Current portion of borrowings and derivative financial instrument (15,482) (122) (107) Non-current portion of borrowings and derivative financial instrument 24,946 22,606 20,191 Borrowings Figures in million – SA rand Notes 2023 2022 2021 US$600 million RCF 28.1 — — — US$1 billion RCF 28.2 — — — R5.5 billion RCF 28.3 4,000 — — 2026 and 2029 Notes 28.4 22,042 20,140 18,785 US$ Convertible Bond 28.5 7,538 — — Burnstone Debt 28.6 2,991 2,540 1,507 Other borrowings 28.7 40 42 — Franco-Nevada liability 3 2 2 Stillwater Convertible Debentures 4 4 4 Total borrowings 36,618 22,728 20,298 Reconciliation of the non-current and current portion of the borrowings: Borrowings 36,618 22,728 20,298 Current portion of borrowings (11,672) (122) (107) Non-current portion of borrowings 24,946 22,606 20,191 The current portion of borrowings will be repaid out of operational cash flows or it will be refinanced by utilising available Group facilities. Included in the current portion of borrowings is the US$ Convertible Bond which, subject to approval by a general meeting of Sibanye- Stillwater shareholders, will be convertible into ordinary shares of Sibanye-Stillwater. From 8 January 2024 and until such shareholder approval is obtained, holders of the bonds will on conversion receive a cash amount equal to the value of the underlying ordinary shares. Therefore, the Convertible Bond and associated derivative financial instrument are considered repayable within twelve months and classified as current at 31 December 2023. However, once the approval is obtained, the US$ Convertible Bond will be convertible into new and/or existing Sibanye-Stillwater ordinary shares and classified as non-current to the extent that settlement is not due within twelve months (see note 28.5 ). The roll forward of borrowings in the current year is as follows: Figures in million - SA rand Notes 2023 2022 2021 Balance at beginning of the year 22,728 20,298 18,383 Borrowings acquired on acquisition of subsidiary 16 6 39 — Loans raised 1 12,758 8,000 20,622 Loans repaid 2 (1,323) (8,003) (20,252) Unwinding of loans recognised at amortised cost 5.2 359 216 302 Accrued interest 3 5.2 1,192 1,046 801 Accrued interest paid (1,175) (1,061) (706) Early redemption premium on the 2025 Notes — — 196 (Gain)/loss on the revised cash flow of the Burnstone Debt 28.6 (32) 776 2 Loss on foreign exchange differences and foreign currency translation 2,105 1,417 950 Balance at end of the year 36,618 22,728 20,298 1 Total loans raised per the Statement of Cash Flows for the year ended 31 December 2023 includes the initial recognition of the derivative element of the US$ Convertible Bond of R1,673 million (see note 28.5). 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 2 Included in the repayment of R20,252 million in 2021, is the early redemption of the 2022 and 2025 Notes. 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$370.2 million which includes an early settlement premium of R196 million recognised as an early redemption premium on the 2025 Notes in profit or loss. The 2025 Notes were settled on 6 December 2021 3 Relates to the 2022 and 2025 Notes, 2026 and 2029 Notes, US$ Convertible Bond and the RCFs 28.1 US$600 million RCF On 21 May 2018, Sibanye-Stillwater cancelled and refinanced the US$350 million 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. On 6 April 2023, upon maturity of the US$600 million RCF, the Group refinanced the facility with a new US$1 billion RCF (see note 28.2 ). 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 2.50 x 2.00% if net debt to adjusted EBITDA is greater than 2.50 x Term of facility: Three years , subject to two optional one -year extensions depending on lenders' approval. As at 31 December 2021, all lenders in the facility extended the maturity date to April 2023. 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 2023 2022 2021 Balance at beginning of the year — — 6,978 Loans raised — — 703 Loans repaid — — (7,728) Accrued interest 1 20 62 113 Accrued interest paid (20) (62) (113) Loss on foreign exchange differences — — 47 Balance at end of the year — — — Current portion of balance — — — Non-current portion of balance — — — 1 Includes commitment fees 28.2 US$1 billion RCF Sibanye-Stillwater concluded the refinancing of its US$600 million RCF on 6 April 2023. 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 (SOFR), which is a recently effective interest rate published as part of the IBOR reform initiative. Terms of the US$1 billion RCF Facility: US$1 billion Interest rate: Linked term SOFR Interest rate margin: 1.60% if net debt to adjusted EBITDA is equal to or less than 1.0 x 1.80% if net debt to adjusted EBITDA is greater than 1.0 x and less than 2.0 x 2.00% if net debt to adjusted EBITDA is greater than 2.0 x Term of facility: Three years , subject to two optional one -year extensions depending on lenders' approval. On 26 March 2024, all facility lenders approved the first extension with the facility maturing on 6 April 2027 Borrowers: The Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL and Sandouville Security and/or guarantors: The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL and Sandouville Figures in million – SA rand 2023 2022 2021 Balance at beginning of the year — — — Loans raised — — — Loans repaid — — — Accrued interest 1 73 — — Accrued interest paid (73) — — Loss on foreign exchange differences — — — Balance at end of the year — — — Current portion of balance — — — Non-current portion of balance — — — 1 Includes commitment fees 28.3 R5.5 billion RCF Sibanye-Stillwater refinanced its R6.0 billion 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: 2.4% if net debt to adjusted EBITDA is equal to or less than 2.0 x 2.6% if net debt to adjusted EBITDA is greater than 2.0 x Term of facility: Three years , subject to two optional one -year extensions depending on lenders' approval. All facility lenders have approved the first and second extension with the loan facility now maturing on 11 November 2024. Borrowers: The Company, SGL, Kroondal, SRPM, EPL and WPL Security and/or guarantors: The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL and WPL Figures in million –SA rand 2023 2022 2021 Balance at beginning of the year — — — Loans raised 5,000 8,000 — Loans repaid (1,000) (8,000) — Accrued interest 1 125 155 66 Accrued interest paid (125) (155) (66) Balance at end of the year 4,000 — — Current portion of balance (4,000) — — Non-current portion of balance — — — 1 Includes commitment fees 28.4 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$525 million 4.5% Senior Notes due 2029 Interest rate: 2026 Notes: 4.0% 2029 Notes: 4.5% Term of the Notes: 2026 Notes: Five years 2029 Notes: Eight years Issuer: Stillwater Guarantors: Each of the Notes are fully and unconditionally guaranteed, jointly and severally by the Guarantors (the Company, SGL, Kroondal, SRPM, EPL, WPL and Sandouville). The guarantees rank equally in right of payment to all existing and future senior debt of the Guarantors. Figures in million – SA rand 2023 2022 2021 Balance at beginning of the year 20,140 18,785 — Loans raised — — 18,208 Interest charge 932 829 99 Unwinding of amortised cost 80 68 8 Accrued interest paid (951) (844) — Loss on foreign exchange differences 1,841 1,302 470 Balance at end of the year 22,042 20,140 18,785 Current portion of balance (116) (107) (100) Non-current portion of balance 21,926 20,033 18,685 28.5 US$ Convertible Bond Sibanye-Stillwater (through its wholly-owned subsidiary Stillwater) launched an offering of US$500 million senior, unsecured, guaranteed bonds, due in November 2028 and subject to the receipt of the requisite approval by a general meeting of the shareholders of Sibanye- Stillwater, will be convertible into new and/or existing Sibanye-Stillwater ordinary shares (Convertible Bonds). Prior to, and/or absent of such approval, holders of the Convertible Bonds will, on conversion, receive a cash amount equal to the value of the underlying ordinary shares. The proceeds of the bonds will be applied to the advancement of the Group's growth strategy including the funding of future acquisitions, whilst preserving the current balance sheet for funding existing operations and projects through a lower commodity price environment. Terms of the US$500 million Convertible Bond Issue size: US$500 million Coupon: 4.25% Maturity date: 28 November 2028 ( five years ) Conversion premium: 32.5% Reference share price: US$1.0088 ( R18.55 ), being the volume weighted average price of Sibanye-Stillwater's shares listed on the JSE Limited between opening of trading and close of trading on 21 November 2023, converted into US$ at R18.388 /US$ Initial conversion price: US$1.3367 Issuer: Stillwater Guarantors: The Company, SGL, Kroondal, SRPM, EPL, WPL The US$ Convertible Bond consists of two components. The option component is recognised as a derivative financial instrument (financial liability), measured at fair value, with changes in fair value recognised in profit or loss. The non-derivative host instrument (i.e. bond component) is recognised as a financial liability measured at amortised cost using the effective interest method. If shareholder approval is obtained for the share conversion option, the derivative element will be reclassified to equity. In addition, the bond component and derivative financial instrument will be fully classified as current liabilities while shareholder approval for the conversion option remains outstanding since bondholders are entitled to call for settlement in cash to the value of Sibanye-Stillwater shares at any time from 8 January 2024 up until shareholder approval for the share conversion option is obtained. Convertible bond at amortised cost Figures in million – SA rand 2023 2022 2021 Balance at beginning of the year — — — Loans raised 7,455 — — Interest charge 36 — — Unwinding of amortised cost 27 — — Loss on foreign exchange differences 20 — — Balance at end of the year 7,538 — — Current portion of balance (7,538) — — Non-current portion of balance — — — Derivative financial instrument Figures in million – SA rand Note 2023 2022 2021 Balance at beginning of the year — — — Initial recognition of derivative instrument 1,673 — — Loss on financial instruments 1 7 2,136 — — Loss on foreign exchange differences 1 — — Balance at end of the year 3,810 — — Current portion of balance (3,810) — — Non-current portion of balance — — — 1 The fair value loss on the derivative financial instrument is mainly due to an increase in the Sibanye-Stillwater share price since the effective date 28.6 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$63.0 million under a revenue participation agreement. Security: The Burnstone Debt is fully secured against the assets of Burnstone (of R2.0 billion ) and there is no recourse to the Group. The security package includes a cession over the bank accounts, insurance policies’ proceeds, special and general notarial bonds over movable assets and mortgage bonds over property. Wits Gold has ceded and pledged its shares in K2013 (a dormant entity) and K2013 has ceded and pledged it shares in SGEO in favour of the lenders of the Burnstone Debt. Figures in million – SA rand Note 2023 2022 2021 Balance at beginning of the year 2,540 1,507 1,263 Unwinding of amortised cost 252 148 125 (Gain)/loss on revised estimated cash flows 1 7 (32) 776 2 Loss on foreign exchange differences 231 109 117 Balance at end of the year 2,991 2,540 1,507 Current portion of balance — — — Non-current portion of balance 2,991 2,540 1,507 1 At 31 December 2023 , the expected free cash flows expected to repay the loan as detailed above were revised as a result of revised cash flows over the life-of-mine plan due to: • Revised forecast costs and capital expenditure, and • Revised weighted average gold prices 2023 : R1,012,625 /kg ( 2022 : R793,473 /kg and 2021 : R729,270 /kg) and long term exchange rates 2023 : R18.50 /US$ ( 2022 : R15.50 /US$ and 2021 : R15.00 /US$) based on a LOM of 25 years . A2 is discounted using a 5.9% discount rate and A3 and A4 is discounted at 9.5% • In line with the Group's Capital Allocation Framework, the Burnstone project will be delayed and is expected to ramp-up again during 2025. The additional costs during the delay and the deferral of mine ramp-up has resulted in a decrease in the expected future net cash flows from Burnstone, offsetting the impact of the increase in the weighted average gold price 28.7 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 and after acquisition of Sandouville, Keliber and Century. Figures in million – SA rand 2023 2022 2021 Balance at beginning of the year 42 — — Loans raised 303 — 1,711 Loans repaid (323) (3) (1,684) Borrowings acquired on acquisition of subsidiary 6 39 — Loss/(gain) on foreign exchange differences 12 6 (27) Balance at end of the year 40 42 — Current portion of balance (11) (8) — Non-current portion of balance 29 34 — 28.8 Fair value of financial instruments and risk management Fair value of borrowings The carrying amounts of variable interest rate borrowings approximates fair value as the interest rates charged are considered market 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 financial instruments 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 2023 2026 and 2029 Notes 1 22,042 18,949 — — Burnstone Debt 2 2,991 — — 2,509 US$ Convertible Bond 3 7,538 — 7,471 — Total 32,571 18,949 7,471 2,509 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 2022 and 2025 Notes 1 18,785 18,664 — — Burnstone Debt 2 1,507 — — 2,996 Total 20,292 18,664 — 2,996 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 28.6 for the key assumptions used, except for the discount rate applied in the fair value disclosure above of 10.74% (2022: 10.52% , 2021: 4.18% ), which was adjusted to a market-related rate. 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 3 The fair value of the amortised cost component of the US$ Convertible Bond is based on the quoted price of the instrument after separating the fair value of the derivative component 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 USD, EUR and AUD 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 R18.57 /US$ ( 2022 : R17.03 /US$ and 2021 : R15.94 /US$), R20.53 /€ (2022: R18.22 /€) and R12.66 /A$ would have changed the profit/loss before tax by R25 million ( 2022 : R31 million and 2021 : R50 million ). Interest rate sensitivity As at 31 December 2023 , the Group’s total borrowings (excluding the derivative financial instrument) amounted to R36,618 million ( 2022 : R22,728 million and 2021 : R20,298 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 R6,873 million ( 2022 : R2,424 million and 2021 : R1,416 million ). This debt is normally rolled for periods between one and three months and is therefore exposed to the rate changes in this period. See the Group's exposure to interest rate changes presented further in this note. T he Burnstone debt 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 only expected to be impacted by the IBOR reform at a later stage and any impact thereof will be considered when this occurs. The Burnstone debt was linked to a US LIBOR at 31 December 2023 and the Group was in process to transition the debt facility to a new interest rate at the reporting date. The impact on the Burnstone debt due to IBOR reform at 31 December 2023 was therefore unknown. On 1 March 2024, the Group transitioned the Burnstone debt to a term SOFR (consistent with the US$1 billion RCF). The Group is in process of determining the impact of the transition to the new rate subsequent to the reporting date. The table below summarises the effect of a change in finance expense on the Group’s profit/loss before tax had JIBAR or 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 2023 - JIBAR (60) (40) (20) 20 40 60 - LIBOR (43) (29) (14) 14 29 43 Change in finance expense (103) (69) (34) 34 69 103 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) 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 2023 2022 2021 Floating rate with exposure to change in JIBAR 4,000 — — Floating rate with exposure to change in term SOFR — — — Floating rate with exposure to change in LIBOR 2,873 2,424 1,416 Non-current borrowings exposed to interest rate changes 6,873 2,424 1,416 The Group has the following undrawn borrowing facilities: Committed 20,755 16,403 15,749 Uncommitted 3,274 2,427 2,276 Total undrawn facilities 24,029 18,830 18,025 All of the above facilities have floating rates. The undrawn committed facilities have the following expiry dates: - within one year 2,185 10,903 685 - later than one year and not later than two years — 5,500 9,564 - later than two years and not later than three years 18,570 — 5,500 Total undrawn committed facilities 20,755 16,403 15,749 28.9 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 debt/(cash) to adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), but does not set absolute limits for this ratio. Figures in million - SA rand 2023 2022 2021 Borrowings 1 37,437 20,188 18,791 Cash and cash equivalents 2 25,519 26,038 30,257 Net debt/(cash) 3 11,918 (5,850) (11,466) Adjusted EBITDA 4 20,556 41,111 68,606 Net debt/(cash) to adjusted EBITDA (ratio) 5 0.58 (0.14) (0.17) 1 Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt and include the derivative financial instrument 2 Cash and cash equivalents exclude cash of Burnstone 3 Net debt/(cash) 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 and include the derivative financial instrument. Net debt/(cash) 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 Accounting Standards and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity 5 Net debt/(cash) to adjusted EBITDA ratio is defined as net debt/(cash) 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 debt/(cash) to adjusted EBITDA is presented for illustration purposes only, and because of its nature, net debt/(cash) to adjusted EBITDA should not be considered as a representation of financial performance under IFRS Accounting Standards and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity Reconciliation of (loss)/profit before royalties, carbon tax and tax to adjusted EBITDA: Figures in million - SA rand 2023 2022 2021 (Loss)/profit before royalties, carbon tax and tax (38,794) 29,728 50,275 Adjusted for: Amortisation and depreciation 10,012 7,087 8,293 Interest income (1,369) (1,203) (1,202) Finance expense 3,299 2,840 2,496 Share-based payments 113 218 383 (Gain)/loss on financial instruments (235) 4,279 6,279 Gain on foreign exchange differences (1,973) (616) (1,149) Share of results of equity-accounted investees after tax 1,174 (1,287) (1,989) Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable (45) (71) (167) Gain on disposal of property, plant and equipment (105) (162) (36) Impairments/(reversal of impairments) 47,454 (6) 5,148 Early redemption premium on the 2025 Notes — — 196 Onerous contract provision 1,865 — — Gain on acquisition (898) — — Loss on deconsolidation of subsidiaries — 308 — Gain on remeasurement of previous interest in Kroondal (298) — — Gain on increase in equity-accounted investment (5) — — Restructuring costs 515 363 107 Transaction costs 474 152 140 Loss due to dilution of interest in joint operation — — 4 IFRS 16 lease payments (263) (163) (142) Profit on sale of Lonmin Canada — (145) — Profit on sale of St Helena Hospital — — (16) Occupational healthcare gain (365) (211) (14) Adjusted EBITDA 20,556 41,111 68,606

Lease liabilities

Lease liabilities	12 Months Ended
	Dec. 31, 2023
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. Figures in million - SA rand Notes 2023 2022 2021 Balance at beginning of the year 319 281 326 New leases and modifications 144 45 67 Lease liabilities on acquisition of subsidiaries 16.1 315 120 — Repayment of lease liabilities (263) (163) (142) Interest charge 5.2 43 31 29 Foreign currency translation 24 5 1 Balance at end of the year 582 319 281 Current portion of lease liabilities (198) (111) (104) Non-current lease liabilities 384 208 177 Lease payments not recognised as a liability but expensed during the year Figures in million - SA rand 2023 2022 2021 Short-term leases 69 41 22 Leases of low value assets 48 56 39 Variable lease payments 248 301 29 Total 365 398 90 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 — 2023 625 221 330 74 Contractual undiscounted cash flows — 2022 351 121 161 69 Contractual undiscounted cash flows — 2021 325 126 191 8

Environmental rehabilitation _2

Environmental rehabilitation obligation and other provisions	12 Months Ended
	Dec. 31, 2023
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 Environmental rehabilitation obligation 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 2023 SA gold operations 7.0 % 8.9% – 12.3% 1 – 25 years SA PGM operations 7.0 % 8.9% – 12.3% 1 – 48 years US PGM operations 3.5 % 4.0% 31 – 46 years European operations 2.1 % 3.1% 23 years Australian operations 2.8 % 3.7% 40 months 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 European operations 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 Onerous contract The measurement of the onerous contract provision is subject to various inputs such as estimated revenue to be generated from the contract, which is impacted by pricing and volume assumptions, as well as estimated costs to be incurred such as production costs, which include overheads, labour and manufacturing input cost. Changes to these inputs could materially impact the cash flows included in the measurement of the onerous contract provision. In addition, future negotiations on terminating the contract may result in a different total unavoidable cost to fulfil the contract. 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. Provisions are measured by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Environmental rehabilitation 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. Onerous contract provision Onerous contract provisions are measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract, which is determined based on the incremental cost of fulfilling the obligation under the contract and an allocation of other cost directly related to fulfilling the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with the contract. Figures in million – SA rand Notes 2023 2022 2021 Environmental rehabilitation obligation 30.1 11,355 8,435 8,146 Other provisions 30.2 1,982 117 117 Balance at end of the year 13,337 8,552 8,263 Current portion of environmental rehabilitation obligation and other provisions (832) — — Non-current portion of environmental rehabilitation obligation and other provisions 12,505 8,552 8,263 30.1 Environmental rehabilitation obligation Figures in million - SA rand Notes 2023 2022 2021 Balance at beginning of the year 8,435 8,146 8,517 Interest charge 5.2 758 611 615 Utilisation of environmental rehabilitation obligation 1 (274) (236) (236) Change in estimates charged to profit or loss 2 (82) (183) (178) Change in estimates capitalised 2 (419) (85) (638) Environmental rehabilitation obligation on acquisition of subsidiaries 16 3,576 97 — Derecognition with deemed disposal of interest in joint operation 19 (818) — — Foreign currency translation 179 85 66 Balance at end of the year 11,355 8,435 8,146 Reconciliation of the non-current and current portion of the environmental rehabilitation obligation: Environmental rehabilitation obligation 11,355 8,435 8,146 Current portion of environmental rehabilitation obligation — — — Non-current portion of environmental rehabilitation obligation 11,355 8,435 8,146 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. 30.2 Other provisions Figures in million - SA rand Note 2023 2022 2021 Balance at beginning of the year 117 117 117 Onerous contract provision recognised 1 8.1 1,865 — — Balance at end of the year 1,982 117 117 Other provisions consists of: Onerous contract provision 1,865 — — Other 117 117 117 Other provisions 1,982 117 117 Reconciliation of the non-current and current portion of other provisions: Other provisions 1,982 117 117 Current portion of other provisions 2 (832) — — Non-current portion of other provisions 1,150 117 117 1 This is an onerous supply contract provision relating to the raw material used in the Sandouville nickel refinery's production process, which is purchased under a single supply contract maturing on 31 December 2027. Due to sustained losses incurred at the operation, the Group assessed whether the supply contract is onerous at the reporting date. Consequently, the Group determined whether the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. Based on this assessment, the Group recognised an onerous contract provision amounting to R1,865 million , which represents the present value at 31 December 2023 of the penalty payable on early exiting the supply contract and the unavoidable losses to be incurred in meeting Sandouville's obligations under the contract during the notice period. Before the separate provision for the onerous contract was established, the Group recognised an impairment loss on assets, partially dedicated to the contract (see note 10 ). The onerous contract provision was calculated based on an expectation of terminating the contract in line with the required notice period and discounted at a pre-tax rate of 5.75% , reflecting the risks specific to the provision 2 The current portion at 31 December 2023 relates to the onerous contract provision 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 operating in similar geological settings. Acid mine drainage (AMD) specifically relates to the acidification and contamination of naturally occurring water resources by pyrite-bearing rock/ore contained in underground mines, rock dumps, tailings facilities and pits on surface. Although progress has been made to determine the potential for AMD generation and other groundwater impacts, and how, where and if it will manifest and the resultant financial impact on our closure liability, 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. The quantification of any post-closure latent environmental impacts is deemed to become a requirement once the proposed amended Financial Provisioning Regulations comes into effect (this date is yet to be announced). All water-related risks, whether operational or post-closure, are dealt with as part of our enterprise risk management framework. As at 31 December 2023, closure liability assessments make financial provision of R3,458 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. This value includes a revised post closure water treatment scenario for the Marikana operations. During the operational life-of-mine, pre-closure, the Group aims 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 operation, in a post-closure scenario. This is directly aligned to the Group’s long-term vision of full water stewardship

Occupational healthcare obligat

Occupational healthcare obligation	12 Months Ended
	Dec. 31, 2023
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 66% take-up rate (2022: 70% and 2021: 60% ) . These estimates were informed by a professional opinion. Management discounted the possible cash outflows using a discount rate of 9.44% (2022: 8.76% and 2021: 7.83% ). In assessing whether the Group has control, joint control or significant influence over the trust that administers the claim settlement process (see 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. At 31 December 2023, the value of the guarantee amounted to R992 million . Sibanye-Stillwater's current provision for its share of the settlement cost amounts to R400 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 2023 2022 2021 Balance at beginning of the year 825 1,017 1,194 Interest charge 5.2 70 85 77 Change in estimate recognised in profit or loss 1 34 (365) (211) (14) Payments made 34 (130) (66) (240) Balance at the end of the year 400 825 1,017 Reconciliation of the non-current and current portion of the occupational healthcare obligation: Occupational healthcare obligation 400 825 1,017 Current portion of occupational healthcare obligation — (44) — Non-current portion of occupational healthcare obligation 400 781 1,017 1 The gain is mainly due to the decrease in the take-up rate and an increase in the discount rate 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, 2023
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. In these instances, the Group therefore makes 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 99 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 day simple average calculated the day before delivery 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. 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 Notes 2023 2022 2021 Balance at beginning of the year 6,420 6,360 6,430 Deferred revenue recognised on acquisition of subsidiary 16.1 198 — — Deferred revenue advance received 1 935 24 468 Deferred revenue recognised during the period 2 (1,252) (290) (847) Interest charge 5.2 327 326 309 Foreign currency translation 4 — — Balance at the end of the year 6,632 6,420 6,360 Reconciliation of the deferred revenue transactions balance at year end: Wheaton Stream 6,327 6,420 6,292 Century deferred proceeds 3 305 — — Marikana toll treatment arrangement — — 68 Reconciliation of the non-current and current portion of the deferred revenue: Deferred revenue 6,632 6,420 6,360 Current portion of deferred revenue (305) (21) (156) Non-current portion of deferred revenue 6,327 6,399 6,204 1 The amount received for the year ended 31 December 2023 relates to Century deferred proceeds, amounting to cash receipts of R935 million . The amount received for 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 ) 2 Revenue recognised during the year of R1,252 million relates to R392 million recognised on the Wheaton Stream ( 2022 : R198 million , 2021 : R447 million ) and R860 million recognised in respect of Century deferred proceeds. The remaining revenue recognised relates to R92 million recognised for the year ended 31 December 2022 on material received during 2021 with respect to the toll treatment arrangement entered into by Marikana during 2021 ( R400 million recognised for the year ended 31 December 2021) 3 The deferred proceeds relate to agreements with limited customers of Century where proceeds for products are received in advance. Delivery of sold product to customers is made between one and two months after receipt of the proceeds

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2023
Trade and other current payables [abstract]
Trade and other payables	33. Trade and other payables Accounting policy Trade and other payables, excluding payroll creditors, leave pay accruals and VAT payable 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 2023 2022 2021 Trade creditors 4,278 4,147 3,670 Accruals and other creditors 6,609 5,470 5,192 Other 791 1,276 1,581 Financial liabilities 11,678 10,893 10,443 Payroll creditors 3,014 2,496 2,485 Leave pay accrual 1,686 2,123 2,045 VAT payable 86 141 189 Total trade and other payables 16,464 15,653 15,162 Fair value of trade and other payables The carrying value of trade and other payables approximate the fair value due to the short maturity of the amounts payable. 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, 2023
CASH GENERATED BY OPERATIONS [Abstract]
Cash generated by operations	34. Cash generated by operations Figures in million - SA rand Notes 2023 2022 2021 (Loss)/profit for the year (37,430) 18,980 33,796 Royalties 11.1 1,050 1,834 2,714 Carbon tax 2 (10) 4 Mining and income tax 11.2 (2,416) 8,924 13,761 Interest income 5.1 (1,369) (1,203) (1,202) Finance expense 5.2 3,299 2,840 2,496 Profit before interest, royalties, carbon tax and tax (36,864) 31,365 51,569 Non-cash adjusting items: Amortisation and depreciation 4 10,012 7,087 8,293 Share-based payments 6.7 113 218 383 (Gain)/loss on financial instruments 7 (101) 4,279 6,279 Foreign currency exchange adjustment (1,647) 82 (394) Share of results of equity-accounted investees after tax 1,174 (1,287) (1,989) Impairments/(reversal of impairments) 10 47,454 (6) 5,148 Early redemption premium on the 2025 Notes — — 196 Gain on acquisition 16.2 (898) — — Gain on remeasurement of previous interest in Kroondal 8.2 (298) — — Onerous contract provision 8.1 1,865 — — Occupational healthcare gain 31 (365) (211) (14) Loss on deconsolidation of subsidiary 8.1 — 309 — Profit on sale of Lonmin Canada 8.2 — (145) — Change in estimate of environmental rehabilitation obligation (56) (99) (162) Deferred revenue recognised 32 (1,252) (290) (847) Cash adjusting items: Payment of occupational healthcare liability 31 (130) (66) (240) Other non-cash and cash adjusting items (281) (490) (438) Total cash generated by operations 18,726 40,746 67,784

Change in working capital

Change in working capital	12 Months Ended
	Dec. 31, 2023
Change In Working Capital [Abstract]
Change in working capital	35. Change in working capital Figures in million - SA rand 2023 2022 2021 Inventories 1,513 605 1,384 Trade and other receivables 1,328 116 (510) Trade and other payables (1,091) (335) 1,581 Total change in working capital 1,750 386 2,455

Financial instruments and risk

Financial instruments and risk management	12 Months Ended
	Dec. 31, 2023
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 that are debt instruments 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. The Group considers customers with balances 60 days past due an appropriate indicator of default. These balances are investigated to establish the probability that the funds will be received. The Group Legal Department determines whether to proceed with a collection process through external attorneys and where considered appropriate, a collection process is initiated to secure payment. Following this process, trade and other receivables are written off when there is no reasonable expectation of recovering the contractual cash flows. 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 gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. 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 carrying values approximate fair value, except for the Marikana dividend obligation and the Keliber dividend obligation (see note 22. The fair value of the contingent consideration relating to the Kroondal acquisition has been derived from discounted cash flow models. These models use several key assumptions, including estimates of future production volumes, PGM basket prices, operating costs, capital expenditure and market related discount rate (see note 22). The fair value estimate is sensitive to changes in the key assumptions (see note 16.2). The extent of the fair value changes would depend on how inputs change in relation to each other . • 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 and zinc provisional price 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, the 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. The level 3 balance consists primarily of an investment in Verkor, which is valued based on a recent share subscription price recently determined by market participants and since Verkor is a pre-revenue operation still in development, the subscription price is considered a reasonable approximation of fair value. The difference between other investments in the statement of financial position and note 20, relates to investments measured at amortised cost, with carrying amounts that approximate fair value. • 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 carrying value of variable interest rate borrowings approximates fair value 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 gold and palladium hedge is determined using a Monte Carlo simulation model based on market forward prices, volatilities and interest rates. The fair value of the zinc hedge is determined by calculating the delta of the relevant forward curves relating to the fixed and floating elements of the swaps, and discounting the result using a market-related discount rate. 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 sets out the Group’s significant financial instruments measured at fair value by level within the fair value hierarchy: Figures in million - SA rand 2023 2022 2021 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 5,080 847 — 4,528 778 — 4,477 725 — Trade receivables — PGM concentrate sales — 3,407 — — 3,564 — — 3,794 — Trade receivables — Zinc provisional price sales — 108 — — — — — — — Other investments 1,652 — 1,233 2,320 — 855 3,143 — 224 Asset held for sale — — — — — — — 280 — Palladium hedge contract — — — — 50 — — 286 — Financial liabilities measured at fair value Derivative financial instrument — 3,810 — — — — — — — Gold hedge contracts — 140 — — — — — — — Zinc hedge contracts — 33 — — — — — — — Contingent consideration — — 1,570 — — — — — — The below table summarises the movement in financial assets and financial liabilities classified as level 3 in the table above: Figures in million - SA rand 2023 2022 2021 Financial assets measured at fair value Balance at beginning of the year 855 224 244 Fair value movement recognised in profit or loss 108 152 — Fair value movement recognised in other comprehensive income (59) (8) (29) Additions 323 483 — Foreign currency translation 6 4 9 Balance at end of the year 1,233 855 224 Financial liabilities measured at fair value Initial recognition 1,433 — — Fair value movement recognised in profit or loss 137 — — Balance at end of the year 1,570 — — 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 are approved by Sibanye-Stillwater’s Board of Directors (the Board) on an annual basis, or more frequent if changes are required. Management of financial risk is centralised at Sibanye-Stillwater's treasury department (Treasury). 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 significant 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 manages 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, chrome, silver, cobalt, nickel and zinc 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 28.8 , 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 year Between one and two years Between two and three years Between three and five years After five years 31 December 2023 Other payables 12,757 2,203 188 277 477 9,612 Trade and other payables 11,678 11,678 — — — — Borrowings - Capital R5.5 billion RCF 4,000 4,000 — — — — US$ Convertible Bond 9,285 9,285 — — — — 2026 and 2029 Notes 22,284 — — 12,535 — 9,749 Burnstone Debt 145 — — — 145 — Other borrowings 40 11 5 5 10 9 Franco-Nevada liability 3 3 — — — — Stillwater Convertible Debentures 4 4 — — — — - Interest 17,328 1,339 941 876 1,049 13,123 Total 77,524 28,523 1,134 13,693 1,681 32,493 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 Debentures 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 Debentures 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 Working capital and going concern assessment For the year ended 31 December 2023 , the Group realised a loss of R37,430 million ( 2022 : profit of R18,980 million and 2021 : R33,796 million ). As at 31 December 2023 , the Group’s current assets exceeded its current liabilities by R25,415 million ( 2022 : R40,545 million and 2021 : R44,290 million ) and the Group’s total assets exceeded its total liabilities by R51,607 million ( 2022 : R91,004 million and 2021 : R81,345 million ). During the year ended 31 December 2023 the Group generated net cash from operating activities of R7,095 million ( 2022 : R15,543 million and 2021 : R32,256 million ). The Group has committed undrawn debt facilities of R20,755 million at 31 December 2023 ( 2022 : R16,403 million and 2021 : R15,749 million ) and cash balances of R25,560 million ( 2022 : R26,076 million and 2021 : R30,292 million ). The Group concluded the refinancing of its US$600 million RCF to a US$1 billion RCF during 2023, and the most immediate debt maturity is the R5.5 billion RCF maturing in November 2024. During November 2023, the Group launched an offering of US$500 million senior, unsecured, guaranteed convertible bonds, due in November 2028, which will be applied to the advancement of the Group's growth strategy including the funding of future acquisitions, whilst preserving the current balance sheet for funding existing operations and projects through a lower commodity price environment. The bonds, subject to approval by a general meeting of Sibanye-Stillwater shareholders, will be convertible into existing or new ordinary shares. Until such approval is obtained, holders of the bonds will, on conversion, receive a cash amount equal to the value of the underlying ordinary shares, and therefore at 31 December 2023 the Convertible Bond and associated derivative financial instrument are classified as repayable within twelve months. Sibanye-Stillwater’s leverage ratio (net debt/(cash) to adjusted EBITDA) as at 31 December 2023 was 0.58 :1 ( 2022 was (0.14) :1 and 2021 was (0.17) :1) and its interest coverage ratio (adjusted EBITDA to net finance charges/(income)) was 66 :1 ( 2022 was 93 :1 and 2021 was (5,281) :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$1 billion 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 strong liquidity position and financial outlook, events such as a further decline or prolonged low commodity market, shaft incidents, natural disaster events and other operational related incidents 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. This is encouraged by a disciplined application of the Group's Capital allocation framework, which is essential to operational excellence and long-term value creation. This enables the Group to adhere to sound financial decision-making structures and mechanisms to manage costs and ensure long-term sustainability. 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 as appropriate. During past adversity management has successfully implemented similar actions. Management believes that the cash on hand, the committed unutilised debt facilities, additional funding opportunities and if required, delaying development expenditure 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 2023 , 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. The Group is also exposed to changes in share prices in respect of listed investments (see note 20). 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 located in South Africa, US, Zimbabwe, Finland, France and Australia. The Group's 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 and AUD/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, PGM and other metal 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$1 billion RCF, to the extent drawn (see note 28.2 ), Burnstone Debt (see note 28.6 ) and the Franco-Nevada liability. For additional disclosures, see notes 3 and 28 . Foreign currency economic hedging exposure During 2023 , 2022 and 2021 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 2023, the Group had no outstanding foreign currency contract positions. 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, nickel, zinc and copper 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, nickel, zinc and copper 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, PGM, nickel and zinc production. Commodity hedging are considered under 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 exposure At 31 December 2023 , Sibanye-Stillwater had the following commodity price hedges outstanding: • gold for a total of 64,300 o z gold at a floor price of US$34,214 /oz and capped price of US$46,050 /oz, which commenced in May 2023 and matures in May 2024 • gold for a total of 120,000 oz gold at a floor price of 34,214 /oz and capped price of 43,545 /oz, which commenced in November 2023 and matures in December 2024 • gold for a total of 240,000 oz gold at a floor price of 34,214 /oz and capped price of 43,800 /oz, which commenced in November 2023 and matures in December 2024 • zinc for a total of 15,000 t zinc at a fixed monthly price of A$3,717 /t, which commenced in July 2021 and matures in June 2024 • nickel for a total of 60 t nickel at US$16,980 /t, which commenced in November 2023 and matured in January 2024 • nickel for a total of 220 t nickel at US$16,389 /t, which commenced in December 2023 and matured in January 2024 • nickel for a total of 80 t nickel at US$16,389 /t, which commenced in December 2023 and matured in February 2024 Commodity price contract position As of 31 December 2023 , 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 note 28.8 .

Commitments

Commitments	12 Months Ended
	Dec. 31, 2023
Capital commitments [abstract]
Commitments	37. Commitments Figures in million - SA rand 2023 2022 2021 Capital expenditure Authorised 26,439 43,616 19,983 Kloof 1,104 1,731 1,593 Driefontein 664 990 877 Beatrix 144 262 317 SGL corporate 359 521 1,086 Cooke — 3 3 Burnstone 199 2,741 4,353 Kroondal 581 332 395 Platinum Mile 30 25 17 Rustenburg operation 2,280 2,697 3,348 Marikana 3,138 27,955 6,841 Sandouville nickel refinery 164 290 — Keliber 13,470 4,324 — Other 1 4,306 1,745 1,153 Contracted for 8,162 4,113 3,826 Other guarantees 2 3,647 3,314 2,653 1 Includes authorised capital expenditure relating to DRDGOLD of R3,700 million ( 2022 : R1,458 million , 2021 : R549 million ) 2 Included in the amount are guarantees related to the Marikana operations of R2.2 billion (2022: R2.2 billion , 2021: R2.1 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 2023, the insured entities' total assets amounted to R38,384 million which includes property, plant and equipment of R8,846 million , trade receivables of R3,588 million , inventory of R10,735 million and cash and cash equivalents of R2,802 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 and Keliber.

Contingent liabilities_assets

Contingent liabilities/assets	12 Months Ended
	Dec. 31, 2023
Disclosure of contingent liabilities [abstract]
Contingent liabilities/assets	38. Contingent liabilities/assets Significant accounting judgements and estimates Contingent liabilities are possible obligations arising from past events and whose existence will be confirmed by the occurrence or non- occurrence of uncertain future events that are not wholly within the control of the Group. Contingent liabilities also include present obligations arising from past events that are 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. Contingent assets are possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity. Contingent assets are not recognised, but they are disclosed when it is more likely than not that an inflow of benefits will occur. However, when the inflow of benefits is virtually certain, an asset is recognised in the statement of financial position. The assessment of facts and circumstances relating to 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. On 27 May 2022, Appian initiated legal proceedings before the High Court of England and Wales against Sibanye-Stillwater. On 3 August 2022, the Group filed its defence. Sibanye-Stillwater’s view is that the Atlantic Nickel SPA and the MVV SPA were rightfully terminated and the Group intends to strongly defend the proceedings. The trial is set to begin in June 2024, with the remaining steps to trial taking place in the lead up to June 2024. The proceedings are progressing and additional information and estimates of potential outcomes are unavailable. US PGM insurance claim During H1 2022, the US PGM operations was affected by a significant flood event, which caused the suspension of operations and consequently a loss of production. As a result of the losses incurred, a business interruption and property damage claim was lodged with the insurer. Following the assessment process, the Group believes it is probable that a reimbursement of approximately US$44 million for the business interruption and US$18 million for property damage will be received during 2024. After the reporting date and up to the date of filing this report, the Group received US$40 million relating to the business interruption claim.

Related-party transactions

Related-party transactions	12 Months Ended
	Dec. 31, 2023
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. S ee 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 2023 , the Group received a dividend of R233 million ( 2022: R307 million and 2021: R329 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 2023 2022 2021 Rand Refinery Gold sales 710 187 319 Refining fees paid (44) (24) (40) Trade payable (6) (6) (7) Key management remuneration Total key management personnel compensation recognised under IFRS Accounting Standards: Figures in thousands - SA rand 2023 2022 2021 Short-term employee benefits 1 138,209 127,542 90,179 Post-employment benefits 9,397 6,957 4,421 Share-based payment 34,578 65,338 104,550 Total 182,184 199,837 199,150 1 Includes termination benefits of R3,663,146 (see note 40) 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 2023 paid in 2024 Accrual of share-based payment benefits Pension scheme total contributions Expense allowance and other benefits 2023 2022 2021 Executive directors Neal Froneman 1 15,540 9,599 28,527 1,504 1,164 56,334 198,032 291,582 Charl Keyter 7,248 4,311 12,671 1,035 436 25,701 87,482 143,428 Prescribed officers Dawie Mostert 2 2,994 1,601 5,438 676 3,804 14,513 50,765 71,734 Themba Nkosi 4,593 2,903 6,296 441 136 14,369 46,480 58,648 Richard Stewart 6,478 4,247 8,308 720 194 19,947 60,125 83,011 Robert van Niekerk 6,143 3,627 11,210 683 193 21,856 78,632 114,686 Laurent Charbonnier 3 11,932 6,254 4,169 92 1,101 23,548 24,102 23,472 Lerato Legong 4,324 2,653 3,075 581 127 10,760 9,553 7,679 Mika Seitovirta 4 9,377 6,571 4,381 2,452 1,190 23,971 15,899 245 Charles Carter 5 13,594 5,459 3,640 1,213 416 24,322 17,008 — Total 82,223 47,225 87,715 9,397 8,761 235,321 588,078 794,485 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 R18.42 /US$ ( 2022 : R16.37 /US$ and 2021: R14.79 /US$) for the year ended 31 December 2023 2 Ceased performing a prescribed officer role on 4 August 2023, expense allowance and other benefits includes a separation benefit of R3,663,146 3 Remuneration paid in GBP was converted at the average exchange rate of R22.93 /GBP (2022: R20.18 /GBP and 2021: R20.33 /GBP) for the year ended 31 December 2023 4 Remuneration paid in Euros was converted at the average exchange rate of R19.94 /Euro (2022: R17.20 /Euro, 2021: R17.49 /Euro) for the year ended 31 December 202 3 5 Remuneration paid in US dollars converted at the average exchange rate of R18.42 /US$ (2022: R16.37 /US$, 2021: R14.79 /US$) The non-executive directors were paid the following fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance 2023 2022 2021 Timothy Cumming 1,186 1,118 231 2,535 2,212 2,229 Savannah Danson 1 1,186 938 105 2,229 1,901 2,062 Harry Kenyon-Slaney 1,364 1,219 788 3,371 2,542 2,369 Richard Menell 2,407 484 719 3,610 2,735 2,719 Nkosemntu Nika 1,186 725 16 1,927 1,843 1,742 Keith Rayner 1,186 1,357 112 2,655 2,296 2,385 Susan van der Merwe 1,186 725 126 2,037 1,830 1,742 Jeremiah Vilakazi 1,186 689 119 1,994 1,662 1,795 Vincent Maphai 3,582 — 132 3,714 3,405 3,265 Elaine Dorward-King 1,364 531 904 2,799 2,803 1,618 Sindiswa Zilwa 1,186 813 147 2,146 1,821 1,807 Total 17,019 8,599 3,399 29,017 25,050 23,733 1 Resigned as non-executive director on 11 March 2024 The directors’ and prescribed officers’ (including their associates) direct and indirect share ownership at 31 December 2023 was: Number of shares* % 2023 2022 2021 2023 2022 2021 Executive directors Neal Froneman 1,2 3,284,428 8,559,665 6,636,286 0.12 0.30 0.24 Charl Keyter 2 1,776,481 1,466,181 2,866,791 0.06 0.05 0.10 Non-executive directors Timothy Cumming 2 20,000 6,000 6,000 — — — Richard Menell 2 10,125 10,125 15,125 — — — Keith Rayner 2 73,992 68,992 68,992 — — — Susan van der Merwe 2 1,028 1,028 1,028 — — — Jeremiah Vilakazi 2 4,220 4,220 2,000 — — — Vincent Maphai 2 228,224 199,724 152,135 0.01 0.01 0.01 Savannah Danson 3 16,519 16,519 2,519 — — — Harry Kenyon-Slaney 2,4 16,852 16,852 16,852 — — — Elaine Dorward-King 2,5 — 10,000 10,000 — — — Total share ownership by directors 5,431,869 10,359,306 9,777,728 0.19 0.37 0.35 Prescribed officers 6 Dawie Mostert 7 136,302 136,302 26,466 — — — Themba Nkosi 2,8 251,583 251,583 204,533 0.01 0.01 0.01 Richard Stewart 2 788,771 788,771 739,633 0.03 0.03 0.03 Robert van Niekerk 2 490,429 1,766,770 875,261 0.02 0.06 0.03 Laurent Charbonnier 2,9 151,012 151,012 151,012 0.01 0.01 0.01 Charles Carter 2,10 580,000 300,000 — 0.02 0.01 — Total 7,829,966 13,753,744 11,774,633 0.28 0.49 0.42 * This is the shareholding at the reporting date unless otherwise stated 1 Neal Froneman and his associates hold 388,863 ADSs at 31 December 2023 (2022: 225,408 , 2021: 90,479 ) which convert to 1,555,452 (2022: 901,632 , 2021: 361,916 ) 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: • Charles Carter — 620,000 3 Last known shareholding when ceased performing a non-executive director role on 11 March 2024 4 Harry Kenyon-Slaney and his associates hold 4,213 ADSs at 31 December 2023 (2022 and 2021: 4,213 ) which convert to 16,852 (2022 and 2021: 16,852 ) ordinary shares in the Company 5 Elaine Dorward-King and her associates hold no ADSs at 31 December 2023 (2022 and 2021: 2,500 ) which convert to zero (2022 and 2021: 10,000 ) ordinary shares in the Company 6 Melanie Naidoo-Vermaak was appointed on 1 January 2024 and holds 146,858 shares at the date of this report 7 Last known shareholding when ceased performing prescribed officer role on 4 August 2023 8 Themba Nkosi and his associates hold 5,300 ADSs at 31 December 2023 (2022: 5,300 ) which convert into 21,200 (2022: 21,200 ) ordinary shares in the Company 9 Laurent Charbonnier and his associates hold 37,753 ADSs at 31 December 2023 (2022 and 2021: 37,753 ) which convert to 151,012 (2022 and 2021: 151,012 ) ordinary shares in the Company 10 Charles Carter and his associates hold 145,000 ADSs at 31 December 2023 (2022: 75,000 ) which convert to 580,000 (2022: 300,000 ) ordinary shares in the Company

Directors' and prescribed offic

Directors' and prescribed officers' remuneration	12 Months Ended
	Dec. 31, 2023
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. S ee 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 2023 , the Group received a dividend of R233 million ( 2022: R307 million and 2021: R329 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 2023 2022 2021 Rand Refinery Gold sales 710 187 319 Refining fees paid (44) (24) (40) Trade payable (6) (6) (7) Key management remuneration Total key management personnel compensation recognised under IFRS Accounting Standards: Figures in thousands - SA rand 2023 2022 2021 Short-term employee benefits 1 138,209 127,542 90,179 Post-employment benefits 9,397 6,957 4,421 Share-based payment 34,578 65,338 104,550 Total 182,184 199,837 199,150 1 Includes termination benefits of R3,663,146 (see note 40) 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 2023 paid in 2024 Accrual of share-based payment benefits Pension scheme total contributions Expense allowance and other benefits 2023 2022 2021 Executive directors Neal Froneman 1 15,540 9,599 28,527 1,504 1,164 56,334 198,032 291,582 Charl Keyter 7,248 4,311 12,671 1,035 436 25,701 87,482 143,428 Prescribed officers Dawie Mostert 2 2,994 1,601 5,438 676 3,804 14,513 50,765 71,734 Themba Nkosi 4,593 2,903 6,296 441 136 14,369 46,480 58,648 Richard Stewart 6,478 4,247 8,308 720 194 19,947 60,125 83,011 Robert van Niekerk 6,143 3,627 11,210 683 193 21,856 78,632 114,686 Laurent Charbonnier 3 11,932 6,254 4,169 92 1,101 23,548 24,102 23,472 Lerato Legong 4,324 2,653 3,075 581 127 10,760 9,553 7,679 Mika Seitovirta 4 9,377 6,571 4,381 2,452 1,190 23,971 15,899 245 Charles Carter 5 13,594 5,459 3,640 1,213 416 24,322 17,008 — Total 82,223 47,225 87,715 9,397 8,761 235,321 588,078 794,485 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 R18.42 /US$ ( 2022 : R16.37 /US$ and 2021: R14.79 /US$) for the year ended 31 December 2023 2 Ceased performing a prescribed officer role on 4 August 2023, expense allowance and other benefits includes a separation benefit of R3,663,146 3 Remuneration paid in GBP was converted at the average exchange rate of R22.93 /GBP (2022: R20.18 /GBP and 2021: R20.33 /GBP) for the year ended 31 December 2023 4 Remuneration paid in Euros was converted at the average exchange rate of R19.94 /Euro (2022: R17.20 /Euro, 2021: R17.49 /Euro) for the year ended 31 December 202 3 5 Remuneration paid in US dollars converted at the average exchange rate of R18.42 /US$ (2022: R16.37 /US$, 2021: R14.79 /US$) The non-executive directors were paid the following fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance 2023 2022 2021 Timothy Cumming 1,186 1,118 231 2,535 2,212 2,229 Savannah Danson 1 1,186 938 105 2,229 1,901 2,062 Harry Kenyon-Slaney 1,364 1,219 788 3,371 2,542 2,369 Richard Menell 2,407 484 719 3,610 2,735 2,719 Nkosemntu Nika 1,186 725 16 1,927 1,843 1,742 Keith Rayner 1,186 1,357 112 2,655 2,296 2,385 Susan van der Merwe 1,186 725 126 2,037 1,830 1,742 Jeremiah Vilakazi 1,186 689 119 1,994 1,662 1,795 Vincent Maphai 3,582 — 132 3,714 3,405 3,265 Elaine Dorward-King 1,364 531 904 2,799 2,803 1,618 Sindiswa Zilwa 1,186 813 147 2,146 1,821 1,807 Total 17,019 8,599 3,399 29,017 25,050 23,733 1 Resigned as non-executive director on 11 March 2024 The directors’ and prescribed officers’ (including their associates) direct and indirect share ownership at 31 December 2023 was: Number of shares* % 2023 2022 2021 2023 2022 2021 Executive directors Neal Froneman 1,2 3,284,428 8,559,665 6,636,286 0.12 0.30 0.24 Charl Keyter 2 1,776,481 1,466,181 2,866,791 0.06 0.05 0.10 Non-executive directors Timothy Cumming 2 20,000 6,000 6,000 — — — Richard Menell 2 10,125 10,125 15,125 — — — Keith Rayner 2 73,992 68,992 68,992 — — — Susan van der Merwe 2 1,028 1,028 1,028 — — — Jeremiah Vilakazi 2 4,220 4,220 2,000 — — — Vincent Maphai 2 228,224 199,724 152,135 0.01 0.01 0.01 Savannah Danson 3 16,519 16,519 2,519 — — — Harry Kenyon-Slaney 2,4 16,852 16,852 16,852 — — — Elaine Dorward-King 2,5 — 10,000 10,000 — — — Total share ownership by directors 5,431,869 10,359,306 9,777,728 0.19 0.37 0.35 Prescribed officers 6 Dawie Mostert 7 136,302 136,302 26,466 — — — Themba Nkosi 2,8 251,583 251,583 204,533 0.01 0.01 0.01 Richard Stewart 2 788,771 788,771 739,633 0.03 0.03 0.03 Robert van Niekerk 2 490,429 1,766,770 875,261 0.02 0.06 0.03 Laurent Charbonnier 2,9 151,012 151,012 151,012 0.01 0.01 0.01 Charles Carter 2,10 580,000 300,000 — 0.02 0.01 — Total 7,829,966 13,753,744 11,774,633 0.28 0.49 0.42 * This is the shareholding at the reporting date unless otherwise stated 1 Neal Froneman and his associates hold 388,863 ADSs at 31 December 2023 (2022: 225,408 , 2021: 90,479 ) which convert to 1,555,452 (2022: 901,632 , 2021: 361,916 ) 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: • Charles Carter — 620,000 3 Last known shareholding when ceased performing a non-executive director role on 11 March 2024 4 Harry Kenyon-Slaney and his associates hold 4,213 ADSs at 31 December 2023 (2022 and 2021: 4,213 ) which convert to 16,852 (2022 and 2021: 16,852 ) ordinary shares in the Company 5 Elaine Dorward-King and her associates hold no ADSs at 31 December 2023 (2022 and 2021: 2,500 ) which convert to zero (2022 and 2021: 10,000 ) ordinary shares in the Company 6 Melanie Naidoo-Vermaak was appointed on 1 January 2024 and holds 146,858 shares at the date of this report 7 Last known shareholding when ceased performing prescribed officer role on 4 August 2023 8 Themba Nkosi and his associates hold 5,300 ADSs at 31 December 2023 (2022: 5,300 ) which convert into 21,200 (2022: 21,200 ) ordinary shares in the Company 9 Laurent Charbonnier and his associates hold 37,753 ADSs at 31 December 2023 (2022 and 2021: 37,753 ) which convert to 151,012 (2022 and 2021: 151,012 ) ordinary shares in the Company 10 Charles Carter and his associates hold 145,000 ADSs at 31 December 2023 (2022: 75,000 ) which convert to 580,000 (2022: 300,000 ) ordinary shares in the Company

Events after reporting date

Events after reporting date	12 Months Ended
	Dec. 31, 2023
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 2023 up to the date on which the consolidated financial statements for the year ended 31 December 2023 were authorised for issue , other than those disclosed below. 41.1 Reldan acquisition On 9 November 2023, Sibanye-Stillwater announced that it had entered into a purchase agreement to acquire 100% of the Reldan group of companies (Reldan). Reldan is a Pennsylvania-based recycling group which processes various waste streams, including industrial waste (semiconductor scrap, plating waste, etc.) and electronic waste (mobile phones, tablets, etc.) to recycle green precious metals. In addition to its US operations, Reldan has established a presence in Mexico and India, where it has forged strategic joint ventures with local partners. At 31 December 2023, certain conditions precedent were still outstanding and the transaction was therefore not effective at the reporting date. The final conditions precedent were fulfilled on 15 March 2024, being the effective date of the transaction. 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. The acquisition was conducted at an enterprise value of US$211.5 million ( R3,961 million * ), with a cash consideration paid of US$155.9 million ( R2,920 million * ). * At an exchange rate at 15 March 2024 of R18.73 /US$ 41.2 Section 189 consultations — proposed restructure of SA region On 11 April 2024, Sibanye-Stillwater announced that it will enter a consultation process in terms of Section 189A of the Labour Relations Act, 66 of 1995 (S189) with organised labour and other representatives of affected stakeholders, regarding the proposed restructuring of the Group's SA gold operations and its SA region services functions. Further to previous restructuring concluded during 2023 and Q1 2024, the ongoing Group business review has identified a need to address losses at the Beatrix 1 shaft and the Kloof 2 plant. The deferral of capital expenditure at the Burnstone project also requires restructuring aligned with the reduction in planned capital activities (see note 10 ). The reduction in the operational footprint in the SA region has resulted in the capacity of the direct and shared services functions for the SA region and operations being surplus to current and future requirements. As a result, Sibanye-Stillwater proposed a re-alignment of the regional services, shared services and direct services structures to align with the requirements of the reduced operational footprint. The proposed restructure of the operations and services could potentially affect 3,107 employees and 915 contractors.

Accounting policies (Policies)

Accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Disclosure of initial application of standards or interpretations [abstract]
Basis of preparation	The consolidated financial statements for the year ended 31 December 2023 have been prepared on a going concern basis in accordance with International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards), 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 2023 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 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 Income Taxes (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 Presentation of Financial Statements (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 International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) In response to new legislation to introduce the global minimum top-up tax in line with the global anti-base erosion (GloBE) model, the IASB has amended IAS 12 to introduce a temporary mandatory relief from accounting for deferred tax that arises from legislation implementing the GloBE model rules. Top-up tax differs from income taxes that arise from “traditional” tax regimes and will only arise if a group pays insufficient income tax at a jurisdictional level. Disclosure is required of information that is known or can be reasonably estimated to understand the Group's exposure to Pillar Two taxes at the reporting date (see note 11). 23 May 2023 3 1 Effective date refers to annual period beginning on or after said date 2 No material impact expected 3 Disclosure requirements apply to the year ended 31 December 2023 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 2024 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 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 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 and indicate that when assessing if the host liability should be classified as current or non-current, an entity can ignore conversion options that are recognised as equity. The amendments are applicable to the Group's US$ Convertible Bond (see note 28.5) which, subject to approval by Sibanye-Stillwater shareholders, will be converted to ordinary shares of Sibanye-Stillwater. Until such shareholder approval is obtained, holders of the bonds will on conversion receive a cash amount equal to the value of the underlying ordinary shares. Therefore, the Convertible Bond and associated derivative financial instrument are considered repayable within twelve months and classified as current at 31 December 2023. 1 January 2024 International Financial Reporting Standards Sustainability Disclosure Standards (IFRS Sustainability Disclosure Standards) S1 General requirements for disclosure of sustainability-related financial information (IFRS S1) and IFRS Sustainability Disclosure Standards S2 climate-related disclosures (IFRS S2) 2 The International Sustainability Standards Board’s first two standards are designed to be applied together, supporting entities to identify and report information that investors need for informed decision-making. The general standard provides a framework for entities to report on all relevant sustainability-related topics across the areas of governance, strategy, risk management, metrics and targets. Adopting the standards is dependent on local jurisdictions which will result in a different date of first application for different countries across the world. Voluntary adoption is permitted. The effective date for application in South Africa has not been announced, therefore the Group will not apply IFRS S1 and IFRS S2 from 1 January 2024. The Group is in process of assessing the potential future impact of IFRS S1 and IFRS S2. 1 January 2024 Lack of Exchangeability (Amendments to IAS 21) 2 Under IAS 21 The Effects of Changes in Foreign Exchange Rates (IAS 21), a spot exchange rate is used when translating a foreign currency transaction. In some rare circumstances, it is possible that one currency cannot be exchanged into another. Consequently, market participants are unable to buy and sell currency to meet their needs at the official exchange rate and turn instead to unofficial, parallel markets. The IASB amended IAS 21 to clarify when a currency is exchangeable to another currency and how a spot rate can be estimated when a currency lacks exchangeability. This amendment is applicable to the Group's investment in Mimosa (domiciled in Zimbabwe), however the Group's initial assessment indicates that no material impact is expected in respect of the amendment. The Group will continue to assess the amendment for potential impacts as the effective date gets closer. 1 January 2025 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 and derivative financial instrument 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/assets 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 .
Standards, interpretations and amendments to published standards effective for the year ended 31 December 2023	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 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 Income Taxes (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 Presentation of Financial Statements (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 International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) In response to new legislation to introduce the global minimum top-up tax in line with the global anti-base erosion (GloBE) model, the IASB has amended IAS 12 to introduce a temporary mandatory relief from accounting for deferred tax that arises from legislation implementing the GloBE model rules. Top-up tax differs from income taxes that arise from “traditional” tax regimes and will only arise if a group pays insufficient income tax at a jurisdictional level. Disclosure is required of information that is known or can be reasonably estimated to understand the Group's exposure to Pillar Two taxes at the reporting date (see note 11). 23 May 2023 3 1 Effective date refers to annual period beginning on or after said date 2 No material impact expected 3 Disclosure requirements apply to the year ended 31 December 2023
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 2024 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 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 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 and indicate that when assessing if the host liability should be classified as current or non-current, an entity can ignore conversion options that are recognised as equity. The amendments are applicable to the Group's US$ Convertible Bond (see note 28.5) which, subject to approval by Sibanye-Stillwater shareholders, will be converted to ordinary shares of Sibanye-Stillwater. Until such shareholder approval is obtained, holders of the bonds will on conversion receive a cash amount equal to the value of the underlying ordinary shares. Therefore, the Convertible Bond and associated derivative financial instrument are considered repayable within twelve months and classified as current at 31 December 2023. 1 January 2024 International Financial Reporting Standards Sustainability Disclosure Standards (IFRS Sustainability Disclosure Standards) S1 General requirements for disclosure of sustainability-related financial information (IFRS S1) and IFRS Sustainability Disclosure Standards S2 climate-related disclosures (IFRS S2) 2 The International Sustainability Standards Board’s first two standards are designed to be applied together, supporting entities to identify and report information that investors need for informed decision-making. The general standard provides a framework for entities to report on all relevant sustainability-related topics across the areas of governance, strategy, risk management, metrics and targets. Adopting the standards is dependent on local jurisdictions which will result in a different date of first application for different countries across the world. Voluntary adoption is permitted. The effective date for application in South Africa has not been announced, therefore the Group will not apply IFRS S1 and IFRS S2 from 1 January 2024. The Group is in process of assessing the potential future impact of IFRS S1 and IFRS S2. 1 January 2024 Lack of Exchangeability (Amendments to IAS 21) 2 Under IAS 21 The Effects of Changes in Foreign Exchange Rates (IAS 21), a spot exchange rate is used when translating a foreign currency transaction. In some rare circumstances, it is possible that one currency cannot be exchanged into another. Consequently, market participants are unable to buy and sell currency to meet their needs at the official exchange rate and turn instead to unofficial, parallel markets. The IASB amended IAS 21 to clarify when a currency is exchangeable to another currency and how a spot rate can be estimated when a currency lacks exchangeability. This amendment is applicable to the Group's investment in Mimosa (domiciled in Zimbabwe), however the Group's initial assessment indicates that no material impact is expected in respect of the amendment. The Group will continue to assess the amendment for potential impacts as the effective date gets closer. 1 January 2025 1 Effective date refers to annual period beginning on or after said date 2
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.
Unconsolidated structured entities	During the year, the Group entered into two substantially similar wind energy power purchase agreements. The first power purchase agreement (PPA) is a 89-megawatt (MW) project entered into by Sibanye Energy Proprietary Limited (Sibanye Energy). This clean energy will be generated by the Castle Wind Farm (Castle), located near the town of De Aar in the Northern Cape province of South Africa, and will supply the SA operations via a wheeling agreement with Eskom. Under the terms of the 15 -year PPA, Castle will be funded, built, and operated by a project consortium. The Group has an option to acquire the project company or plant at the end of the 15 -year PPA in exchange for an additional payment incorporated into the energy tariff as well as a nominal exercise price. Alternatively, the PPA can be extended for an additional period of five years , whereafter it can be further extended for a period agreed between the parties. Other than in the event of default on electricity payments to be made by the Group, there is no recourse to the Group for funding or project- related risk. Castle is expected to become operational in Q1 2025. Once the wind farm begins to generate electricity, the Group will pay for all electricity produced based on a pre-determined tariff, adjusted for inflation over the term of the PPA. The arrangement does not contain any fixed or minimum payments. The second PPA is the Witberg wind energy project, located near Matjiesfontein in the Western Cape province with a contracted capacity of 103MW (Witberg), also entered into by Sibanye Energy. The terms of the Witberg PPA are similar to Castle. Witberg will also supply the SA operations via a wheeling agreement with Eskom. The project cost will be fully funded by Red Rocket, a South African Independent Power Producer developing the project, together with its lenders. Similar to the Castle project, the Group committed to a 15 -year PPA and also has a purchase option on the same terms as the Castle project. There is also no recourse to the Group, except in the event of electricity payment default. Witberg is expected to become operational in Q4 2025 and the Group will also pay a pre-determined tariff for electricity produced, adjusted for inflation over the term of the PPA. Similar to Castle, there are no fixed or minimum payments. The Group holds no shareholding or voting interest in the project companies and did not provide a guarantee for any of the obligations of these companies towards their shareholders or funders. Management concluded that the Group does not control the project companies under IFRS 10 Consolidated Financial Statements (IFRS 10) since it does not have power over the relevant activities as contemplated in IFRS 10. At the reporting date, there were no assets or liabilities recognised by the Group relating to the project companies and no financial or other support had been provided. There is also no intention to provide financial or other support to the project companies, other than payment of the electricity tariff in future periods when electricity is produced.
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
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. The presentation of the segment report was updated to remove the adjusted EBITDA non-GAAP measure, “net other cash costs”, “net other”, and “non-underlying items” and retain profit or loss as the primary measure of profitability, being one of the measures of financial information regularly provided to the chief operating decision maker. The segment reports of prior periods have been aligned with the revised presentation. The table below summarises the segmental information disclosed in note 2.1 and 2.2: 31 December 2023 31 December 2022 31 December 2021 Group Americas Southern Africa Europe Australia Group Group Americas Southern Africa Europe Group Group Americas Southern Africa Group Figures in million – SA rand Notes Total Total US PGM operations Total SA operations Total SA PGM Total SA gold Total EU operations Total AUS operations Group Corporate and reconcilin g items 1 Total Total US PGM operations Total SA operations Total SA PGM Total SA gold Total EU operation s Group Corporate and reconcilin g items 1 Total Total US PGM operations Total SA operations Total SA PGM Total SA gold Group Corporate and reconcilin g items 1 Revenue 113,684 23,812 84,736 55,593 29,143 3,024 2,251 (139) 138,288 46,090 89,507 71,665 17,842 3,140 (449) 172,194 59,053 113,512 85,154 28,358 (371) Underground 83,612 10,494 73,257 52,375 20,882 — — (139) 92,325 13,823 78,951 68,182 10,769 — (449) 120,403 18,343 102,431 81,477 20,954 (371) Surface 13,730 — 11,479 3,218 8,261 — 2,251 — 10,556 — 10,556 3,483 7,073 — — 11,081 — 11,081 3,677 7,404 — Recycling/processing 16,342 13,318 — — — 3,024 — — 35,407 32,267 — — — 3,140 — 40,710 40,710 — — — — Cost of sales, before amortisation and depreciation (89,756) (22,391) (60,780) (36,699) (24,081) (4,329) (2,256) — (94,537) (38,452) (52,454) (32,280) (20,174) (3,631) — (101,013) (46,787) (54,226) (31,971) (22,255) — Underground (62,482) (9,680) (52,802) (34,819) (17,983) — — — (52,734) (7,459) (45,275) (30,528) (14,747) — — (54,989) (7,567) (47,422) (30,430) (16,992) — Surface (10,234) — (7,978) (1,880) (6,098) — (2,256) — (7,179) — (7,179) (1,752) (5,427) — — (6,804) — (6,804) (1,541) (5,263) — Recycling/processing (17,040) (12,711) — — — (4,329) — — (34,624) (30,993) — — — (3,631) — (39,220) (39,220) — — — — Amortisation and depreciation (10,012) (3,390) (5,357) (2,975) (2,382) (206) (1,059) — (7,087) (2,803) (4,126) (2,418) (1,708) (158) — (8,293) (2,601) (5,692) (2,515) (3,177) — Interest income 1,369 213 1,089 478 611 53 10 4 1,203 309 893 402 491 — 1 1,202 382 805 219 586 15 Finance expense (3,299) (1,134) (1,603) (706) (897) (67) (184) (311) (2,840) (952) (1,547) (831) (716) (15) (326) (2,496) (954) (1,233) (666) (567) (309) Share-based payments (113) (39) (71) (18) (53) 6 — (9) (218) (47) (169) (73) (96) — (2) (383) (73) (310) (89) (221) — Gain/(loss)on financial instruments 7 235 (2,064) 1,938 1,957 (19) (168) 515 14 (4,279) (242) (4,188) (3,477) (711) 144 7 (6,279) 233 (6,563) (6,507) (56) 51 Gain/(loss) on foreign exchange differences 1,973 12 1,920 1,894 26 55 (39) 25 616 (8) 623 208 415 (49) 50 1,149 3 1,146 363 783 — Share of results of equity- accounted investees after tax (1,174) — (1,156) (1,471) 315 — — (18) 1,287 — 1,298 1,062 236 — (11) 1,989 — 1,989 1,703 286 — Other costs 8.1 (5,858) (108) (3,411) (1,441) (1,970) (2,096) (223) (20) (3,679) (129) (3,379) (1,616) (1,763) (116) (55) (3,018) (12) (3,006) (1,650) (1,356) — Other income 8.2 1,232 12 1,071 571 500 102 42 5 1,110 102 963 385 578 45 — 764 — 764 211 553 — Gain/(loss) on disposal of property, plant and equipment 105 (45) 150 79 71 — — — 162 5 157 54 103 — — 36 (32) 68 29 39 — (Impairments)/reversal of impairments 10 (47,454) (38,919) (3,239) (506) (2,733) (1,607) (3,689) — 6 — 6 6 — — — (5,148) (1) (5,147) — (5,147) — Early redemption premium on the 2025 Notes — — — — — — — — — — — — — — — (196) (196) — — — — Gain on acquisition 16.2 898 — 898 898 — — — — — — — — — — — — — — — — — Occupational healthcare gain 365 — 365 — 365 — — — 211 — 211 — 211 — — 14 — 14 — 14 — Restructuring costs (515) (41) (474) (351) (123) — — — (363) (2) (361) (26) (335) — — (107) (3) (104) (27) (77) — Transaction costs (474) (27) — — — — (2) (445) (152) (8) (2) (3) 1 — (142) (140) (42) — — — (98) Royalties and carbon tax (1,052) — (921) (805) (116) — (131) — (1,824) — (1,824) (1,772) (52) — — (2,718) — (2,718) (2,548) (170) — Mining and income tax 2,416 7,612 (5,116) (4,152) (964) (44) (2) (34) (8,924) (340) (8,541) (9,705) 1,164 (39) (4) (13,761) (1,511) (12,180) (12,112) (68) (70) Current taxation (3,178) 343 (3,408) (3,081) (327) (80) (2) (31) (9,282) (655) (8,623) (8,373) (250) — (4) (13,506) (1,422) (12,014) (11,745) (269) (70) Deferred taxation 5,594 7,269 (1,708) (1,071) (637) 36 — (3) 358 315 82 (1,332) 1,414 (39) — (255) (89) (166) (367) 201 — (Loss)/profit for the year (37,430) (36,497) 10,039 12,346 (2,307) (5,277) (4,767) (928) 18,980 3,523 17,067 21,581 (4,514) (679) (931) 33,796 7,459 27,119 29,594 (2,475) (782) Sustaining capital expenditure (6,056) (2,180) (3,514) (2,057) (1,457) (248) (114) — (4,946) (1,185) (3,671) (2,056) (1,615) (90) — (4,119) (796) (3,323) (2,019) (1,304) — Ore reserve development (9,137) (3,889) (5,248) (2,551) (2,697) — — — (6,640) (2,887) (3,753) (2,123) (1,630) — — (5,535) (1,354) (4,181) (1,577) (2,604) — Growth projects (6,886) (774) (3,591) (1,038) (2,553) (2,470) (51) — (4,313) (1,345) (2,239) (925) (1,314) (729) — (3,086) (2,411) (675) (203) (472) — Total capital expenditure (22,079) (6,843) (12,353) (5,646) (6,707) (2,718) (165) — (15,899) (5,417) (9,663) (5,104) (4,559) (819) — (12,740) (4,561) (8,179) (3,799) (4,380) — note 2.1 note 2.2 note 2.1 note 2.2 note 2.1 1 Group corporate includes the Wheaton Stream transaction and mainly includes, corporate tax, interest and transaction costs 2.1 US PGM and total SA operations
Revenue	Significant accounting judgements and estimates Revenue from PGM and zinc retreatment mining activities The determination of PGM and zinc 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 and zinc 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) and in the case of DRDGOLD, when the gold is transferred to the bullion bank and the sales price is fixed per deal confirmation. 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 (related to sale of concentrate). 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 and four months. Revenue on provisionally priced sales is initially recognised at the amount of consideration that the Group expects to be entitled to. Revenue from zinc concentrate sales is recognised when the buyer, pursuant to a sales contract, obtains control of the mined product which is typically upon receipt of the bill of lading when the goods are loaded for shipment under Cost, Insurance and Freight (CIF) Incoterms. The sales price is determined on a provisional basis at the date of loading. Adjustments to the selling price occur based on 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 zinc concentrate sales, the period between provisional invoicing and final pricing is typically between one and four months. Revenue on provisionally priced sales is initially recognised at the amount of consideration that the Group expects to be entitled to. The revenue adjustment mechanism relating to changes in metal market prices, embedded within provisionally priced PGM and zinc 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 other metals produced in Europe and Australia is measured and recognised based on the consideration specified in a contract with a customer. The Group recognises revenue from these 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 currently 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 cash payments 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. 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 metals to the relevant counterparty. Each metal unit is identified as a separate performance obligation. The transaction price under IFRS 15 Revenue from Contracts with Customers (IFRS 15), being the advance payment and further cash payments received, is recognised as revenue when the metals 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, deferred revenue, deferred consideration, Marikana dividend obligation and other interest 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. The valuations relating to the Group's cash-settled compensation plans make use of inputs such as the Sibanye-Stillwater share price and volatility estimates, risk free interest rates and dividend yields. 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 In prior periods, the Group operated an equity-settled compensation plans in which certain employees of the Group participated. 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 until vesting 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 6.4) and the Marikana B-BBEE transaction (see note 6.5). 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, Australia 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, Australia 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, that affects neither accounting nor taxable profit or loss and at the time of the transaction does not give rise to equal taxable and deductible temporary differences • 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 1/2023. 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. Dividend 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, zinc 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, zinc and cobalt prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure (see note 10). 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: 23 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 Business Combinations (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. If a business combination is achieved in stages, any previously held equity interest is re-measured at its acquisition-date fair value, and any resulting gain or loss is recognised in profit or loss or other comprehensive income, as appropriate. The fair value of the previously held interest is then considered in the determination of goodwill. The same approach is applied where the previous interest was held in a joint operation. 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. To the extent that contingent consideration is payable in an asset acquisition based on future production, such variable payments are only recognised as expenses as and when incurred. 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 (see note 10). 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. For so-called farm-in/farm-out arrangements where another party is earning into a joint venture, the Group does not recognise any expenses incurred by the other participant to the arrangement and no equity accounted earnings are recognised until the farm-in/farm-out arrangement is completed. 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 carryin g 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	Significant accounting judgements 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 where relevant. 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. Metals in process quantities Recoverable metal quantities are reconciled to ore input and actual metal recoveries. Due to inherent limitations on precise monitoring of recoverability levels, the process of metallurgically balancing inputs and outputs is regularly monitored and engineering estimates are refined through reference to actual results. Periodic inventory counts are conducted at refineries to assess the accuracy of inventory quantities. Where required, changes in engineering estimates are factored into the measurement of metal inventory. Due to expected levels of estimation uncertainty, reasonable tolerances of total metals are accepted in the measurement of PGM in process quantities. Accounting policy Inventory is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Prior to physical separation and while metals are still in the production process, the combined net realisable value of the metals in process is compared to the combined costs of the metals in process for purposes of measuring "in process" inventory at the lower of cost and net realisable value. The Group values ore stockpiles and metal-in-process when it can be reliably measured. Cost 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 valued 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 and zinc 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 based on the write-off policy included in note 36. 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. This is similar for sales of zinc concentrate also included in trade receivables. The PGM and zinc 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 and zinc 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 cash 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 of the carrying value of the net assets acquired, is recognised in equity. Gains or losses on disposals of NCI where control is not lost are also recognised in equity. Where control over a subsidiary is lost, 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. Derivative financial instrument Gains and losses on the derivative financial instrument are attributable to changes in various valuation inputs, including the movement in the Company's share price, change in US dollar/rand exchange rate, the volatility of the Company's shares, the Company's credit risk spreads, and the market value of the US$ Convertible Bond. Although many inputs into the valuation are observable, the valuation method separates the fair value of the derivative from the quoted fair value of the US$ Convertible Bond by adjusting certain observable inputs. These adjustments require the application of judgement and certain estimates. Changes in the relevant inputs impact the fair value gains and losses recognised. 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 that is determined by using appropriate 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. Derivative financial instrument Gains and losses on the derivative financial instrument are attributable to changes in various valuation inputs, including the movement in the Company's share price, change in US dollar/rand exchange rate, the volatility of the Company's shares, the Company's credit risk spreads, and the market value of the US$ Convertible Bond. Although many inputs into the valuation are observable, the valuation method separates the fair value of the derivative from the quoted fair value of the US$ Convertible Bond by adjusting certain observable inputs. These adjustments require the application of judgement and certain estimates. Changes in the relevant inputs impact the fair value gains and losses recognised. 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 that is determined by using appropriate 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.
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. Provisions are measured by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Environmental rehabilitation 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. Onerous contract provision Onerous contract provisions are measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract, which is determined based on the incremental cost of fulfilling the obligation under the contract and an allocation of other cost directly related to fulfilling the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with the contract.
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 66% take-up rate (2022: 70% and 2021: 60% ) . These estimates were informed by a professional opinion. Management discounted the possible cash outflows using a discount rate of 9.44% (2022: 8.76% and 2021: 7.83% ). In assessing whether the Group has control, joint control or significant influence over the trust that administers the claim settlement process (see 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.
Trade and other payables	Accounting policy Trade and other payables, excluding payroll creditors, leave pay accruals and VAT payable 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 that are debt instruments 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. The Group considers customers with balances 60 days past due an appropriate indicator of default. These balances are investigated to establish the probability that the funds will be received. The Group Legal Department determines whether to proceed with a collection process through external attorneys and where considered appropriate, a collection process is initiated to secure payment. Following this process, trade and other receivables are written off when there is no reasonable expectation of recovering the contractual cash flows. 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 gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. 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 Contingent liabilities are possible obligations arising from past events and whose existence will be confirmed by the occurrence or non- occurrence of uncertain future events that are not wholly within the control of the Group. Contingent liabilities also include present obligations arising from past events that are 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. Contingent assets are possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity. Contingent assets are not recognised, but they are disclosed when it is more likely than not that an inflow of benefits will occur. However, when the inflow of benefits is virtually certain, an asset is recognised in the statement of financial position. The assessment of facts and circumstances relating to 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, 2023
Disclosure of operating segments [abstract]
Schedule of segment reporting	The presentation of the segment report was updated to remove the adjusted EBITDA non-GAAP measure, “net other cash costs”, “net other”, and “non-underlying items” and retain profit or loss as the primary measure of profitability, being one of the measures of financial information regularly provided to the chief operating decision maker. The segment reports of prior periods have been aligned with the revised presentation. The table below summarises the segmental information disclosed in note 2.1 and 2.2: 31 December 2023 31 December 2022 31 December 2021 Group Americas Southern Africa Europe Australia Group Group Americas Southern Africa Europe Group Group Americas Southern Africa Group Figures in million – SA rand Notes Total Total US PGM operations Total SA operations Total SA PGM Total SA gold Total EU operations Total AUS operations Group Corporate and reconcilin g items 1 Total Total US PGM operations Total SA operations Total SA PGM Total SA gold Total EU operation s Group Corporate and reconcilin g items 1 Total Total US PGM operations Total SA operations Total SA PGM Total SA gold Group Corporate and reconcilin g items 1 Revenue 113,684 23,812 84,736 55,593 29,143 3,024 2,251 (139) 138,288 46,090 89,507 71,665 17,842 3,140 (449) 172,194 59,053 113,512 85,154 28,358 (371) Underground 83,612 10,494 73,257 52,375 20,882 — — (139) 92,325 13,823 78,951 68,182 10,769 — (449) 120,403 18,343 102,431 81,477 20,954 (371) Surface 13,730 — 11,479 3,218 8,261 — 2,251 — 10,556 — 10,556 3,483 7,073 — — 11,081 — 11,081 3,677 7,404 — Recycling/processing 16,342 13,318 — — — 3,024 — — 35,407 32,267 — — — 3,140 — 40,710 40,710 — — — — Cost of sales, before amortisation and depreciation (89,756) (22,391) (60,780) (36,699) (24,081) (4,329) (2,256) — (94,537) (38,452) (52,454) (32,280) (20,174) (3,631) — (101,013) (46,787) (54,226) (31,971) (22,255) — Underground (62,482) (9,680) (52,802) (34,819) (17,983) — — — (52,734) (7,459) (45,275) (30,528) (14,747) — — (54,989) (7,567) (47,422) (30,430) (16,992) — Surface (10,234) — (7,978) (1,880) (6,098) — (2,256) — (7,179) — (7,179) (1,752) (5,427) — — (6,804) — (6,804) (1,541) (5,263) — Recycling/processing (17,040) (12,711) — — — (4,329) — — (34,624) (30,993) — — — (3,631) — (39,220) (39,220) — — — — Amortisation and depreciation (10,012) (3,390) (5,357) (2,975) (2,382) (206) (1,059) — (7,087) (2,803) (4,126) (2,418) (1,708) (158) — (8,293) (2,601) (5,692) (2,515) (3,177) — Interest income 1,369 213 1,089 478 611 53 10 4 1,203 309 893 402 491 — 1 1,202 382 805 219 586 15 Finance expense (3,299) (1,134) (1,603) (706) (897) (67) (184) (311) (2,840) (952) (1,547) (831) (716) (15) (326) (2,496) (954) (1,233) (666) (567) (309) Share-based payments (113) (39) (71) (18) (53) 6 — (9) (218) (47) (169) (73) (96) — (2) (383) (73) (310) (89) (221) — Gain/(loss)on financial instruments 7 235 (2,064) 1,938 1,957 (19) (168) 515 14 (4,279) (242) (4,188) (3,477) (711) 144 7 (6,279) 233 (6,563) (6,507) (56) 51 Gain/(loss) on foreign exchange differences 1,973 12 1,920 1,894 26 55 (39) 25 616 (8) 623 208 415 (49) 50 1,149 3 1,146 363 783 — Share of results of equity- accounted investees after tax (1,174) — (1,156) (1,471) 315 — — (18) 1,287 — 1,298 1,062 236 — (11) 1,989 — 1,989 1,703 286 — Other costs 8.1 (5,858) (108) (3,411) (1,441) (1,970) (2,096) (223) (20) (3,679) (129) (3,379) (1,616) (1,763) (116) (55) (3,018) (12) (3,006) (1,650) (1,356) — Other income 8.2 1,232 12 1,071 571 500 102 42 5 1,110 102 963 385 578 45 — 764 — 764 211 553 — Gain/(loss) on disposal of property, plant and equipment 105 (45) 150 79 71 — — — 162 5 157 54 103 — — 36 (32) 68 29 39 — (Impairments)/reversal of impairments 10 (47,454) (38,919) (3,239) (506) (2,733) (1,607) (3,689) — 6 — 6 6 — — — (5,148) (1) (5,147) — (5,147) — Early redemption premium on the 2025 Notes — — — — — — — — — — — — — — — (196) (196) — — — — Gain on acquisition 16.2 898 — 898 898 — — — — — — — — — — — — — — — — — Occupational healthcare gain 365 — 365 — 365 — — — 211 — 211 — 211 — — 14 — 14 — 14 — Restructuring costs (515) (41) (474) (351) (123) — — — (363) (2) (361) (26) (335) — — (107) (3) (104) (27) (77) — Transaction costs (474) (27) — — — — (2) (445) (152) (8) (2) (3) 1 — (142) (140) (42) — — — (98) Royalties and carbon tax (1,052) — (921) (805) (116) — (131) — (1,824) — (1,824) (1,772) (52) — — (2,718) — (2,718) (2,548) (170) — Mining and income tax 2,416 7,612 (5,116) (4,152) (964) (44) (2) (34) (8,924) (340) (8,541) (9,705) 1,164 (39) (4) (13,761) (1,511) (12,180) (12,112) (68) (70) Current taxation (3,178) 343 (3,408) (3,081) (327) (80) (2) (31) (9,282) (655) (8,623) (8,373) (250) — (4) (13,506) (1,422) (12,014) (11,745) (269) (70) Deferred taxation 5,594 7,269 (1,708) (1,071) (637) 36 — (3) 358 315 82 (1,332) 1,414 (39) — (255) (89) (166) (367) 201 — (Loss)/profit for the year (37,430) (36,497) 10,039 12,346 (2,307) (5,277) (4,767) (928) 18,980 3,523 17,067 21,581 (4,514) (679) (931) 33,796 7,459 27,119 29,594 (2,475) (782) Sustaining capital expenditure (6,056) (2,180) (3,514) (2,057) (1,457) (248) (114) — (4,946) (1,185) (3,671) (2,056) (1,615) (90) — (4,119) (796) (3,323) (2,019) (1,304) — Ore reserve development (9,137) (3,889) (5,248) (2,551) (2,697) — — — (6,640) (2,887) (3,753) (2,123) (1,630) — — (5,535) (1,354) (4,181) (1,577) (2,604) — Growth projects (6,886) (774) (3,591) (1,038) (2,553) (2,470) (51) — (4,313) (1,345) (2,239) (925) (1,314) (729) — (3,086) (2,411) (675) (203) (472) — Total capital expenditure (22,079) (6,843) (12,353) (5,646) (6,707) (2,718) (165) — (15,899) (5,417) (9,663) (5,104) (4,559) (819) — (12,740) (4,561) (8,179) (3,799) (4,380) — note 2.1 note 2.2 note 2.1 note 2.2 note 2.1 1 Group corporate includes the Wheaton Stream transaction and mainly includes, corporate tax, interest and transaction costs 2.1 US PGM and total SA operations Figures in million – SA rand Total US PGM operations Under- ground 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 2023 Revenue 23,812 10,494 13,318 84,736 55,593 22,722 27,282 4,563 1,026 3,217 (3,217) 29,143 8,292 8,833 4,804 1,398 5,816 — Underground 10,494 10,494 — 73,257 52,375 20,530 27,282 4,563 — 3,217 (3,217) 20,882 8,106 8,062 4,714 — — — Surface — — — 11,479 3,218 2,192 — — 1,026 — — 8,261 186 771 90 1,398 5,816 — Recycling/processing 13,318 — 13,318 — — — — — — — — — — — — — — — Cost of sales, before amortisation and depreciation 2 (22,391) (9,680) (12,711) (60,780) (36,699) (15,147) (16,961) (3,950) (641) (2,409) 2,409 (24,081) (6,567) (8,149) (4,059) (1,266) (4,040) — Underground (9,680) (9,680) — (52,802) (34,819) (13,908) (16,961) (3,950) — (2,409) 2,409 (17,983) (6,468) (7,552) (3,963) — — — Surface — — — (7,978) (1,880) (1,239) — — (641) — — (6,098) (99) (597) (96) (1,266) (4,040) — Recycling/processing (12,711) — (12,711) — — — — — — — — — — — — — — — Amortisation and depreciation (3,390) (3,386) (4) (5,357) (2,975) (1,135) (1,537) (234) (47) (475) 453 (2,382) (1,015) (796) (328) (1) (194) (48) Interest income 213 213 — 1,089 478 50 248 126 42 32 (20) 611 75 73 41 24 311 87 Finance expense (1,134) (1,134) — (1,603) (706) (4,066) (413) (122) — (28) 3,923 (897) (116) (126) (113) (113) (72) (357) Share-based payments (39) (39) — (71) (18) (9) (13) 5 — — (1) (53) (3) (2) — — (25) (23) (Loss)/gain on financial instruments (2,064) (2,064) — 1,938 1,957 5,067 1,753 (148) — — (4,715) (19) 23 18 12 28 14 (114) Gain/(loss) on foreign exchange differences 12 12 — 1,920 1,894 (5) 1,703 165 33 (233) 231 26 — — — — 5 21 Share of results of equity-accounted investees after tax — — — (1,156) (1,471) — 8 — — — (1,479) 315 — — — — — 315 Other costs (108) (108) — (3,411) (1,441) 83 (696) (124) (282) (30) (392) (1,970) (79) (147) (267) (887) (20) (570) Other income 12 12 — 1,071 571 2 164 50 — 37 318 500 3 — 19 (19) 1 496 (Loss)/gain on disposal of property, plant and equipment (45) (45) — 150 79 33 44 3 — (1) — 71 23 15 16 — 10 7 (Impairments)/reversal of impairments (38,919) (38,919) — (3,239) (506) (2) — (21) — (2,287) 1,804 (2,733) (2) (1,616) — — — (1,115) Gain on acquisition — — — 898 898 — — 898 — — — — — — — — — — Occupational healthcare gain — — — 365 — — — — — — — 365 — — — — — 365 Restructuring costs (41) (41) — (474) (351) (94) (206) (50) — — (1) (123) (25) (232) 147 (4) — (9) Transaction costs (27) (27) — — — — — — — — — — — — — — — — Royalties and carbon tax — — — (921) (805) (355) (442) (9) — (133) 134 (116) (41) (44) (24) (6) (1) — Mining and income tax 7,612 (5,116) (4,152) (1,734) (2,161) (99) (35) 410 (533) (964) (814) (571) (469) (1) (432) 1,323 Current taxation 343 (3,408) (3,081) (1,195) (1,621) (124) (11) (38) (92) (327) (2) — 1 (1) (305) (20) Deferred taxation 7,269 (1,708) (1,071) (539) (540) 25 (24) 448 (441) (637) (812) (571) (470) — (127) 1,343 (Loss)/profit for the year (36,497) 10,039 12,346 5,410 8,773 1,053 96 (1,900) (1,086) (2,307) (246) (2,744) (221) (847) 1,373 378 Sustaining capital expenditure (2,180) (2,178) (2) (3,514) (2,057) (644) (1,097) (286) (30) (1,057) 1,057 (1,457) (490) (421) (114) — (432) — Ore reserve development (3,889) (3,889) — (5,248) (2,551) (669) (1,882) — — — — (2,697) (1,461) (912) (324) — — — Growth projects (774) (774) — (3,591) (1,038) — (893) (20) (125) — — (2,553) — (117) — — (882) (1,554) Total capital expenditure (6,843) (6,841) (2) (12,353) (5,646) (1,313) (3,872) (306) (155) (1,057) 1,057 (6,707) (1,951) (1,450) (438) — (1,314) (1,554) 1 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue 2 Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R1,694 million . This write-down mainly relates to PGM in process and PGM finished goods of R1,179 million and R423 million , respectively, of which R1,374 million relates to Stillwater as a result of the lower commodity price environment Figures in million – SA rand Total US PGM operations Undergroun d 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 2022 Revenue 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 — Underground 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 — — — Surface — — — 10,556 3,483 2,046 — — 1,437 — — 7,073 273 562 49 915 5,274 — Recycling 32,267 — 32,267 — — — — — — — — — — — — — — — Cost of sales, before amortisation and depreciation (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) — Underground (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) (1,752) (1,169) — (583) — — (5,427) (196) (560) (69) (822) (3,780) — Recycling (30,993) — (30,993) — — — — — — — — — — — — — — — Amortisation and depreciation (2,803) (2,799) (4) (4,126) (2,418) (981) (1,205) (180) (40) (342) 330 (1,708) (721) (469) (305) (3) (176) (34) Interest income 309 81 228 893 402 43 214 109 30 102 (96) 491 68 57 35 35 265 31 Finance expense (952) (952) — (1,547) (831) (4,618) (320) (111) — (36) 4,254 (716) (100) (95) (95) (86) (78) (262) Share-based payments (47) (47) — (169) (73) (27) (36) (9) (1) — — (96) (20) (15) (10) — (19) (32) (Loss)/gain on financial instruments (242) (242) — (4,188) (3,477) (9,520) (1,502) — — (16) 7,561 (711) 7 8 6 — — (732) (Loss)/gain on foreign exchange differences (8) (8) — 623 208 155 (127) 165 5 (482) 492 415 — — — — 4 411 Share of results of equity-accounted investees after tax — — — 1,298 1,062 — — — — — 1,062 236 — — — — — 236 Other costs (129) (129) — (3,379) (1,616) 161 (1,040) (123) (407) (22) (185) (1,763) (169) (149) (95) (713) (21) (616) Other income 102 102 — 963 385 2 220 133 — 1 29 578 2 — — (54) 85 545 Gain/(loss) on disposal of property, plant and equipment 5 5 — 157 54 20 35 — — (2) 1 103 16 19 9 — 10 49 Reversal of impairments/(impairments) — — — 6 6 — 7 (1) — — — — — — — — — — Gain on acquisition — — — — — — — — — — — — — — — — — — Occupational healthcare gain — — — 211 — — — — — — — 211 — — — — — 211 Restructuring costs (2) (2) — (361) (26) (10) (13) (3) — — — (335) (6) (33) (290) (2) — (4) Transaction costs (8) (8) — (2) (3) — (3) — — — — 1 — — — — — 1 Royalties and carbon tax — — — (1,824) (1,772) (1,023) (735) (13) — (127) 126 (52) (22) (22) (3) (5) — — Mining and income tax (340) (8,541) (9,705) (3,759) (4,459) (1,348) (122) (346) 329 1,164 78 (187) 154 — (351) 1,470 Current taxation (655) (8,623) (8,373) (3,169) (3,766) (1,288) (130) (208) 188 (250) (6) (3) — — (226) (15) Deferred taxation 315 82 (1,332) (590) (693) (60) 8 (138) 141 1,414 84 (184) 154 — (125) 1,485 Profit/(loss) for the year 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 Sustaining capital expenditure (1,185) (1,184) (1) (3,671) (2,056) (690) (1,072) (273) (21) (864) 864 (1,615) (358) (455) (155) — (647) — Ore reserve development (2,887) (2,887) — (3,753) (2,123) (687) (1,436) — — — — (1,630) (794) (620) (216) — — — Growth projects (1,345) (1,345) — (2,239) (925) — (924) — — — (1) (1,314) — (210) (4) — (124) (976) Total capital expenditure (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) 1 Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue Figures in million – SA rand Total US PGM operations Undergroun d 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 2021 Revenue 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 — Underground 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 — — — Surface — — — 11,081 3,677 2,174 — — 1,503 — — 7,404 210 1,205 200 999 4,790 — Recycling 40,710 — 40,710 — — — — — — — — — — — — — — — Cost of sales, before amortisation and depreciation (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 (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) (1,541) (1,010) — — (531) — — (5,263) (132) (858) (118) (808) (3,347) — Recycling (39,220) — (39,220) — — — — — — — — — — — — — — — Amortisation and depreciation (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 382 10 372 805 219 22 92 97 7 12 (11) 586 60 47 31 22 222 204 Finance expense (954) (897) (57) (1,233) (666) (4,201) (328) (116) — (5) 3,984 (567) (99) (85) (82) (63) (60) (178) Share-based payments (73) (73) — (310) (89) (35) (42) (12) — — — (221) (20) (32) (21) — (19) (129) (Loss)/gain on financial instruments 233 233 — (6,563) (6,507) (12,265) (1,185) — — — 6,943 (56) 7 9 3 — 1 (76) Gain/(loss) on foreign exchange differences 3 3 — 1,146 363 22 158 166 34 (43) 26 783 — — — — (3) 786 Share of results of equity-accounted investees after tax — — — 1,989 1,703 — — — — — 1,703 286 — — — — — 286 Other costs (12) (12) — (3,006) (1,650) 142 (1,092) (85) (492) (42) (81) (1,356) (76) (71) (47) (599) (21) (542) Other income — — — 764 211 3 98 76 — — 34 553 6 2 3 80 5 457 (Loss)/gain on disposal of property, plant and equipment (32) (32) — 68 29 27 1 1 — — — 39 16 8 15 — — — Impairments (1) (1) — (5,147) — — — — — — — (5,147) (212) (3,642) (1,293) — — — Early redemption premium on the 2025 Notes (196) (196) — — — — — — — — — — — — — — — — Gain on acquisition — — — — — — — — — — — — — — — — — — Occupational healthcare gain — — — 14 — — — — — — — 14 — — — — — 14 Restructuring costs (3) (3) — (104) (27) (23) (2) (2) — — — (77) (5) (53) (11) (3) — (5) Transaction costs (42) (42) — — — — — — — — — — — — — — — — Royalties and carbon tax — — — (2,718) (2,548) (1,405) (1,129) (14) — (160) 160 (170) (95) (46) (29) (5) — 5 Mining and income tax (1,511) — — (12,180) (12,112) (3,908) (6,228) (1,829) (138) (592) 583 (68) 36 1,145 226 — (340) (1,135) Current taxation (1,422) (12,014) (11,745) (4,864) (4,768) (1,885) (218) (574) 564 (269) (13) (13) (7) — (263) 27 Deferred taxation (89) (166) (367) 956 (1,460) 56 80 (18) 19 201 49 1,158 233 — (77) (1,162) Profit/(loss) for the year 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) Sustaining capital expenditure (796) (791) (5) (3,323) (2,019) (619) (1,104) (268) (28) (499) 499 (1,304) (322) (488) (164) — (330) — Ore reserve development (1,354) (1,354) — (4,181) (1,577) (629) (947) — — — (1) (2,604) (1,177) (930) (497) — — — Growth projects (2,411) (2,411) — (675) (203) — (203) — — — — (472) — (198) (7) — (47) (220) Total capital expenditure (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, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue 2.2 Sandouville nickel refinery and Century zinc retreatment operation 31 December 2023 31 December 2022 Figures in million – SA rand Total EU operations Sandouville nickel refinery Corporate and reconciling items 1 Total AUS operations Century zinc retreatment operation 2 Corporate and reconciling items 1 Total EU operations Sandouville nickel refinery 3 Corporate and reconciling items 1 Revenue 3,024 3,024 — 2,251 2,251 — 3,140 3,140 — Underground — — — — — — — — — Surface — — — 2,251 2,251 — — — — Recycling/processing 3,024 3,024 — — — — 3,140 3,140 — Cost of sales, before amortisation and depreciation (4,329) (4,329) — (2,256) (2,256) — (3,631) (3,631) — Underground — — — — — — — — — Surface — — — (2,256) (2,256) — — — — Recycling/processing (4,329) (4,329) — — — — (3,631) (3,631) — Amortisation and depreciation (206) (199) (7) (1,059) (1,059) — (158) (153) (5) Interest income 53 — 53 10 6 4 — — — Finance expense (67) (13) (54) (184) (158) (26) (15) (13) (2) Share-based payments 6 (8) 14 — — — — — — (Loss)/gain on financial instruments (168) 44 (212) 515 515 — 144 — 144 Gain/(loss) on foreign exchange differences 55 55 — (39) (4) (35) (49) 9 (58) Share of results of equity-accounted investees after tax — — — — — — — — — Other costs (2,096) (1,962) (134) (223) (223) — (116) (31) (85) Other income 102 95 7 42 42 — 45 44 1 Gain/(loss) on disposal of property, plant and equipment — — — — — — — — — Impairments (1,607) (1,607) — (3,689) (3,689) — — — — Occupational healthcare gain — — — — — — — — — Restructuring costs — — — — — — — — — Transaction costs — — — (2) — (2) — — — Royalties and carbon tax — — — (131) (131) — — — — Mining and income tax (44) — (44) (2) — (2) (39) — (39) Current taxation (80) — (80) (2) — (2) — — — Deferred taxation 36 — 36 — — — (39) — (39) Loss for the year (5,277) (4,900) (377) (4,767) (4,706) (61) (679) (635) (44) Sustaining capital expenditure (248) (248) — (114) (114) — (90) (90) — Ore reserve development — — — — — — — — — Growth projects (2,470) — (2,470) (51) (51) — (729) — (729) Total capital expenditure (2,718) (248) (2,470) (165) (165) — (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. Corporate and reconciling items for total EU operations includes Keliber 2 Century's results are included for the 10 months ended 31 December 2023 since the effective date of acquisition (see note 16.1) 3 Sandouville nickel refinery's results are included for the eleven months ended 31 December 2022 since the effective date of acquisition

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 2021 Gold mining activities 29,143 17,842 28,358 PGM mining activities 1 66,275 84,359 102,099 Nickel refining activities 3,024 3,140 — Century zinc retreatment operation 2 2,580 — — Recycling activities (US PGM) 13,318 32,267 40,710 Stream 1 509 338 625 Toll treatment arrangement (SA PGM) 3 — 105 521 Total revenue from contracts with customers 114,849 138,051 172,313 Adjustments relating to sales of PGM concentrate provisional pricing 4 (836) 237 (119) Adjustments relating to Zinc operation provisional pricing 4 (329) — — Total revenue 5 113,684 138,288 172,194 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. Revenue relating to the Wheaton Stream is incorporated in the Group corporate segment as described in the segment report (see note 2) 2 The difference between revenue from zinc retreatment operation above and total revenue from zinc retreatment operation per the segment report relates to the separate disclosure of revenue related to adjustments on the provisional pricing on zinc sales 3 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 ) 4 These adjustments relate to provisional pricing arrangements resulting in subsequent changes to the amount of revenue recognised 5 Total revenue for the year ended 31 December 2023 would have been R118,075 million if the acquisitions of Century (see note 16.1) and Kroondal (see note 16.2) was effective at 1 January 2023 Revenue per geographical region of the relevant operations: Figures in million – SA rand 2023 2022 2021 Southern Africa (SA) 84,736 89,507 113,512 United States (US) 1 23,673 45,641 58,682 Europe (EU) 3,024 3,140 — Australia (AUS) 2,251 — — Total revenue 113,684 138,288 172,194 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 2023 2022 2021 Gold 30,257 18,812 29,533 PGMs 71,090 111,070 137,958 Platinum 19,775 17,826 21,238 Palladium 25,271 42,275 52,859 Rhodium 21,991 47,166 59,828 Iridium 2,883 2,480 2,694 Ruthenium 1,170 1,323 1,339 Chrome 5,165 3,481 2,259 Nickel 1 4,334 4,305 1,420 Zinc 2 2,126 — — Other 3 712 620 1,024 Total revenue 113,684 138,288 172,194 1 For the year ended 31 December 2023, nickel includes R560 million (2022: R870 million ) nickel salts and R2,343 million (2022: R2,020 million ) nickel metal sold by Sandouville nickel refinery . The remaining nickel for the year ended 31 December 2023 and for the years ended 31 December 2022 and 2021 was sold from the Group's SA PGM and US PGM operations 2. Zinc sales are from the Century zinc retreatment operation since the effective date of acquisition (see note 16.1) 3. Other primarily includes revenue from silver, cobalt and copper sales. For the year ended 31 December 2022 and 31 December 2021, revenue from the Marikana toll treatment arrangement of R105 million and R521 million is included, respectively (see note 32 ) )

Cost of sales (Tables)

Cost of sales (Tables)	12 Months Ended
	Dec. 31, 2023
Cost of sales [Abstract]
Schedule of cost of sales	Figures in million – SA rand Notes 2023 2022 2021 Salaries and wages (30,591) (26,544) (26,214) Consumable stores 23 (25,778) (21,929) (18,847) Utilities (11,029) (8,465) (8,099) Mine contracts (8,005) (6,502) (5,193) Recycling 1 (12,711) (30,993) (39,220) Other (10,779) (6,745) (8,975) Ore reserve development costs capitalised 9,137 6,641 5,535 Cost of sales, before amortisation and depreciation 2 (89,756) (94,537) (101,013) Amortisation and depreciation 14,15,17 (10,012) (7,087) (8,293) Total cost of sales (99,768) (101,624) (109,306) 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 2 Included in cost of sales, before amortisation and depreciation for the year ended 31 December 2023 is total write-down of inventory to net realisable value amounting to R1,694 million (2022: R111 million and 2021: R76 million ). This write-down mainly relates to PGM in process and PGM finished goods of R1,179 million and R423 million , respectively, as a result of the lower commodity price environment. The write-down in 2022 and 2021 related to consumable stores

Interest income and finance e_2

Interest income and finance expense (Tables)	12 Months Ended
	Dec. 31, 2023
Finance expense
Schedule of interest income	Figures in million – SA rand Note 2023 2022 2021 Interest received on cash deposits 998 910 948 Interest received on rehabilitation obligation funds 21 339 235 174 Interest on right of recovery asset 25 31 32 Other 7 27 48 Total interest income 1,369 1,203 1,202
Schedule of finance expense	Figures in million – SA rand Notes 2023 2022 2021 Interest charge on: Borrowings (interest) 28 (1,192) (1,046) (801) Borrowings (unwinding of amortised cost) 28 (359) (216) (302) Lease liabilities 29 (43) (31) (29) Environmental rehabilitation obligation 30.1 (758) (611) (615) Occupational healthcare obligation 31 (70) (85) (77) Deferred payment (related to the Rustenburg operation acquisition) 22.2 (85) (266) (158) Deferred revenue 1 32 (327) (326) (309) Deferred consideration (related to Pandora acquisition) 22.2 (3) (18) (54) Marikana dividend obligation 22.2 (236) (165) (87) Other (226) (76) (64) Total finance expense (3,299) (2,840) (2,496) 1 For the year ended 31 December 2023 , interest expense includes non-cash interest of R299 million ( 2022 : R326 million , 2021 : R309 million ) relating to the Wheaton Stream. 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
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 2023 2022 2021 Interest paid 1 (1,304) (1,118) (781) Interest received 2 998 682 960 Net interest (paid)/received (306) (436) 179 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), US$1 billion 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, 2023
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Peer group companies for TSR comparison	The Peer Group for the equity-settled share-based payments 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, 2022 and 2023 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 percentile on peer group	TSR element of performance conditions Percentile on peer group TSR curve % vesting 0% 0% 10% 0% 20% 0% 30% 5% 40% 20% 50% 35% 60% 55% 70% 75% 80% 90% 90% 100% 100% 100%
Summary of return on capital employed	ROCE element of performance condition Annual ROCE % 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 shares Bonus shares 2021 2022 2023 Number of instruments 2023 2022 2021 62,597,425 25,199,516 410,357 Outstanding at beginning of the year — — — Movement during the year: — — — Granted during the year — — — (32,299,213) (21,823,219) (197,017) Vested — — — (5,098,696) (2,965,940) (213,340) Forfeited — — — 25,199,516 410,357 — Outstanding at end of the year 1 — — — 1 The balance at 31 December 2022 was subject to the ROCE performance condition that was measured in Q1 2023 when the 2022 financial results were finalised Awards granted, exercised and forfeited under the 2020 Share Plan Conditional Share Units Forfeitable Share Units 2021 2022 2023 Number of units 2023 2022 2021 15,319,984 13,754,209 12,578,174 Outstanding at beginning of the year 17,955 53,868 950,220 Movement during the year: 10,814 — — Granted during the year — — 125,693 (351,069) (206,462) (4,765,694) Vested (17,955) (35,913) (997,390) (1,225,520) (969,573) (7,728,834) Forfeited — — (24,655) 13,754,209 12,578,174 83,646 Outstanding at end of the year — 17,955 53,868 Awards granted, exercised and forfeited under the 2021 Share Plan Conditional Share Units Forfeitable Share Units 2021 2022 2023 Number of units 2023 2022 2021 — 3,445,487 3,281,578 Outstanding at beginning of the year — 696,314 — Movement during the year: 3,672,565 32,618 618 Granted during the year — — 1,510,599 — (52,356) (45,104) Vested — (673,849) (722,474) (227,078) (144,171) (296,755) Forfeited — (22,465) (91,811) 3,445,487 3,281,578 2,940,337 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 Share Units 2021 2022 2023 Number of units 2023 2022 2021 — — 7,196,744 Outstanding at beginning of the year 670,522 — — Movement during the year: — 7,401,740 301,388 Granted during the year 9,783 1,410,614 — — (5,967) (21,485) Vested (626,241) (678,252) — — (199,029) (579,437) Forfeited (54,064) (61,840) — — 7,196,744 6,897,210 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 Awards granted, exercised and forfeited under the 2023 Share Plan and the MSR plan Conditional and matching Share Units 1 Forfeitable Share Units 2021 2022 2023 Number of units 2023 2022 2021 — — — Outstanding at beginning of the year — — — Movement during the year: — — 9,598,092 Granted during the year 2,722,393 — — — — (8,024) Vested (1,269,811) — — — — (655,818) Forfeited (219,822) — — — — 8,934,250 Outstanding at end of the year 1,232,760 — — 1 Includes matching share units under the MSR plan with effect from the March 2023 remuneration cycle
Schedule of directors and prescribed officers' equity-settled instruments	The directors and prescribed officers of Sibanye-Stillwater held the following cash-settled instruments as at 31 December 2023 : 2022 Instruments granted Cash-settled instruments vested during the year Instruments forfeited 2023 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 3,311,410 997,717 722,028 35.05 25,306,981 944,956 2,642,143 Charl Keyter 1,272,319 387,710 324,093 34.86 11,297,308 420,742 915,194 Prescribed officers Charles Carter 148,732 1,106,212 46,332 22.97 1,064,191 — 1,208,612 Mika Seitovirta 116,231 418,898 31,017 22.84 708,282 — 504,112 Dawie Mostert 725,010 269,970 186,348 34.49 6,426,762 808,632 — Themba Nkosi 613,797 314,288 151,959 34.35 5,219,678 187,697 588,429 Richard Stewart 1,019,919 359,348 197,167 34.02 6,708,223 236,045 946,055 Laurent Charbonnier 470,330 516,307 96,425 24.03 2,316,674 52,403 837,809 Lerato Legong 309,807 197,379 69,711 30.25 2,108,677 107,522 329,953 Robert van Niekerk 1,119,908 331,019 286,013 35.01 10,013,564 377,330 787,584 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 ADSs and JSE listed shares as a result of the dual service contract Total key management personnel compensation recognised under IFRS Accounting Standards: Figures in thousands - SA rand 2023 2022 2021 Short-term employee benefits 1 138,209 127,542 90,179 Post-employment benefits 9,397 6,957 4,421 Share-based payment 34,578 65,338 104,550 Total 182,184 199,837 199,150 1 Includes termination benefits of R3,663,146 (see note 40) The executive directors and prescribed officers were paid the following remuneration during the year: Figures in thousands - SA rand Salary Cash bonus accrued for 2023 paid in 2024 Accrual of share-based payment benefits Pension scheme total contributions Expense allowance and other benefits 2023 2022 2021 Executive directors Neal Froneman 1 15,540 9,599 28,527 1,504 1,164 56,334 198,032 291,582 Charl Keyter 7,248 4,311 12,671 1,035 436 25,701 87,482 143,428 Prescribed officers Dawie Mostert 2 2,994 1,601 5,438 676 3,804 14,513 50,765 71,734 Themba Nkosi 4,593 2,903 6,296 441 136 14,369 46,480 58,648 Richard Stewart 6,478 4,247 8,308 720 194 19,947 60,125 83,011 Robert van Niekerk 6,143 3,627 11,210 683 193 21,856 78,632 114,686 Laurent Charbonnier 3 11,932 6,254 4,169 92 1,101 23,548 24,102 23,472 Lerato Legong 4,324 2,653 3,075 581 127 10,760 9,553 7,679 Mika Seitovirta 4 9,377 6,571 4,381 2,452 1,190 23,971 15,899 245 Charles Carter 5 13,594 5,459 3,640 1,213 416 24,322 17,008 — Total 82,223 47,225 87,715 9,397 8,761 235,321 588,078 794,485 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 R18.42 /US$ ( 2022 : R16.37 /US$ and 2021: R14.79 /US$) for the year ended 31 December 2023 2 Ceased performing a prescribed officer role on 4 August 2023, expense allowance and other benefits includes a separation benefit of R3,663,146 3 Remuneration paid in GBP was converted at the average exchange rate of R22.93 /GBP (2022: R20.18 /GBP and 2021: R20.33 /GBP) for the year ended 31 December 2023 4 Remuneration paid in Euros was converted at the average exchange rate of R19.94 /Euro (2022: R17.20 /Euro, 2021: R17.49 /Euro) for the year ended 31 December 202 3 5 Remuneration paid in US dollars converted at the average exchange rate of R18.42 /US$ (2022: R16.37 /US$, 2021: R14.79 /US$) The non-executive directors were paid the following fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance 2023 2022 2021 Timothy Cumming 1,186 1,118 231 2,535 2,212 2,229 Savannah Danson 1 1,186 938 105 2,229 1,901 2,062 Harry Kenyon-Slaney 1,364 1,219 788 3,371 2,542 2,369 Richard Menell 2,407 484 719 3,610 2,735 2,719 Nkosemntu Nika 1,186 725 16 1,927 1,843 1,742 Keith Rayner 1,186 1,357 112 2,655 2,296 2,385 Susan van der Merwe 1,186 725 126 2,037 1,830 1,742 Jeremiah Vilakazi 1,186 689 119 1,994 1,662 1,795 Vincent Maphai 3,582 — 132 3,714 3,405 3,265 Elaine Dorward-King 1,364 531 904 2,799 2,803 1,618 Sindiswa Zilwa 1,186 813 147 2,146 1,821 1,807 Total 17,019 8,599 3,399 29,017 25,050 23,733 1 Resigned as non-executive director on 11 March 2024 The directors’ and prescribed officers’ (including their associates) direct and indirect share ownership at 31 December 2023 was: Number of shares* % 2023 2022 2021 2023 2022 2021 Executive directors Neal Froneman 1,2 3,284,428 8,559,665 6,636,286 0.12 0.30 0.24 Charl Keyter 2 1,776,481 1,466,181 2,866,791 0.06 0.05 0.10 Non-executive directors Timothy Cumming 2 20,000 6,000 6,000 — — — Richard Menell 2 10,125 10,125 15,125 — — — Keith Rayner 2 73,992 68,992 68,992 — — — Susan van der Merwe 2 1,028 1,028 1,028 — — — Jeremiah Vilakazi 2 4,220 4,220 2,000 — — — Vincent Maphai 2 228,224 199,724 152,135 0.01 0.01 0.01 Savannah Danson 3 16,519 16,519 2,519 — — — Harry Kenyon-Slaney 2,4 16,852 16,852 16,852 — — — Elaine Dorward-King 2,5 — 10,000 10,000 — — — Total share ownership by directors 5,431,869 10,359,306 9,777,728 0.19 0.37 0.35 Prescribed officers 6 Dawie Mostert 7 136,302 136,302 26,466 — — — Themba Nkosi 2,8 251,583 251,583 204,533 0.01 0.01 0.01 Richard Stewart 2 788,771 788,771 739,633 0.03 0.03 0.03 Robert van Niekerk 2 490,429 1,766,770 875,261 0.02 0.06 0.03 Laurent Charbonnier 2,9 151,012 151,012 151,012 0.01 0.01 0.01 Charles Carter 2,10 580,000 300,000 — 0.02 0.01 — Total 7,829,966 13,753,744 11,774,633 0.28 0.49 0.42 * This is the shareholding at the reporting date unless otherwise stated 1 Neal Froneman and his associates hold 388,863 ADSs at 31 December 2023 (2022: 225,408 , 2021: 90,479 ) which convert to 1,555,452 (2022: 901,632 , 2021: 361,916 ) 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: • Charles Carter — 620,000 3 Last known shareholding when ceased performing a non-executive director role on 11 March 2024 4 Harry Kenyon-Slaney and his associates hold 4,213 ADSs at 31 December 2023 (2022 and 2021: 4,213 ) which convert to 16,852 (2022 and 2021: 16,852 ) ordinary shares in the Company 5 Elaine Dorward-King and her associates hold no ADSs at 31 December 2023 (2022 and 2021: 2,500 ) which convert to zero (2022 and 2021: 10,000 ) ordinary shares in the Company 6 Melanie Naidoo-Vermaak was appointed on 1 January 2024 and holds 146,858 shares at the date of this report 7 Last known shareholding when ceased performing prescribed officer role on 4 August 2023 8 Themba Nkosi and his associates hold 5,300 ADSs at 31 December 2023 (2022: 5,300 ) which convert into 21,200 (2022: 21,200 ) ordinary shares in the Company 9 Laurent Charbonnier and his associates hold 37,753 ADSs at 31 December 2023 (2022 and 2021: 37,753 ) which convert to 151,012 (2022 and 2021: 151,012 ) ordinary shares in the Company 10 Charles Carter and his associates hold 145,000 ADSs at 31 December 2023 (2022: 75,000 ) which convert to 580,000 (2022: 300,000 ) 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 is 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 Share Units Forfeitable Share Units 2021 2022 2023 MONTE CARLO SIMULATION 2023 2022 2021 44.29 - 68.56 48.29 - 52.15 49.47 - 60.64 Weighted average historical volatility 1 % n/a n/a n/a 1 - 3 0.17 - 3 0.17 - 3 Expected term (years) n/a n/a n/a 14 - 36 2 - 36 2 - 36 Expected term (months) 9 - 18 9 - 18 9 - 18 4.62 - 8.99 7.45 - 17.83 0 - 4.44 Expected dividend yield (US/SA) % 2.98 / 2.81 54.24 / 11.14 27.67 / 6.39 4.81 - 5.68 7.16 - 7.82 7.67 - 8.30 Risk-free interest rate (US/SA) % 2.22 / 8.17 2.48 / 7.55 0.56 / 4.35 R49.10 R44.72 R24.90 Weighted average share price (ADSs/JSE) US$5.43 / R24.9 US$10.66 / R44.72 US$12.54 / R49.10 29.95 23.69 15.45 Weighted average fair value (SA rand) 29.51 49.95 53.14 1 Based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option
Reconciliation of the share-based payment obligations	Cash-settled share-based payment obligations amounting to R1,481 million (2022: R1,821 million and 2021: R1,671 million ) relating to the Marikana Trusts are eliminated upon consolidation. 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 2023 calculation: 2023 2022 2021 Long-term PGM (4E) basket price R/4Eoz 28,656 26,397 23,957 Real discount rate — South Africa % 15.7 - 15.8 15.0 - 15.2 13.2 Inflation rate — South Africa % 6.0 6.5 6.0 Life-of-mine years 17 - 47 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 2023 : Figures in million – SA rand Notes 2023 2022 2021 Reconciliation of the cash-settled share-based payment obligations Balance at beginning of the year 5,275 2,887 1,628 Share-based payment obligation on acquisition of subsidiary 16.2 31 14 — Derecognition with deemed disposal of interest in joint operation 19 (15) — — Cash-settled share-based payments expense 1 77 233 232 Fair value loss on initial recognition of Marikana B-BBEE cash-settled share-based payment obligation 6.5 — — 404 Recognised on deconsolidation of subsidiary — 251 — Fair value (gain)/loss on obligations 2 7 (1,589) 2,155 860 Cash-settled share-based payments paid 3 (637) (272) (240) Foreign currency translation 8 7 3 Balance at end of the year 3,150 5,275 2,887 Reconciliation of the cash-settled share-based payment obligations in the Group Cash-settled share-based payment — Rustenburg B-BBEE transaction 2,466 3,112 2,067 Cash-settled share-based payment — Marikana B-BBEE transaction 415 1,732 560 Cash-settled share-based payment — Employee incentive schemes 269 431 260 Balance at end of the year 3,150 5,275 2,887 Current portion of cash-settled share-based payment obligations (432) (284) (58) Non-current portion of cash-settled share-based payment obligations 2,718 4,991 2,829 1 Included in the amount is a cash-settled share-based payment expense for the year ended 31 December 2023 relating to the 2020 to 2023 and MSR Share Plans amounting to R88 million (2022: R194 million relating to the 2020 to 2022 and MSR Share Plans, 2021: R232 million relating to the 2020 and 2021 Share Plans). Also included in the cash-settled share-based payment obligation for the year ended 31 December 2023 is a reversal of R11 million (2022: expense capitalised of R39 million ) related to Keliber 2 The fair value gain relates to the Rustenburg and Marikana B-BBEE transactions amounting to a gain of R346 million (2022: loss of R1,190 million , 2021: loss of R671 million ) and gain of R1,243 million (2022: loss of R965 million , 2021: loss of R189 million ), respectively, and is included in the loss/gain on financial instruments in profit or loss 3 Payments made during the year relate to vesting of cash-settled awards to employees and 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 2023 2022 2021 Sibanye-Stillwater 2020 to 2023 Share Plans (cash-settled scheme) 6.3 (88) (194) (232) Sibanye-Stillwater 2017 Share Plan (equity-settled scheme) 6.1 — (5) (132) DRDGOLD (equity-settled scheme) 6.2 (25) (19) (19) Total share-based payment expense (113) (218) (383) Reconciliation of the cash-settled and equity-settled share-based payment expense: Cash-settled share-based payment expense 1 (88) (194) (232) Equity-settled share-based payment expense (25) (24) (151) Total share-based payment expense (113) (218) (383) 1 Included in the cash-settled share-based payment expense for the year ended 31 December 2023 is the grant date fair value portion of the expense amounting to R372 million ( 2022 : R507 million , 2021: R267 million ) and fair value gains after grant date of R293 million ( 2022 : R313 million , 2021: fair value losses after grant date of R35 million ) relating to the 2020 to 2023 Share Plans and MSR Share Plans

Gain_(loss) on financial inst_2

Gain/(loss) on financial instruments (Tables)	12 Months Ended
	Dec. 31, 2023
(Loss)/gain on financial instruments
Schedule of loss on financial instrument	Figures in million – SA rand Notes 2023 2022 2021 Fair value loss on gold hedge contracts 1 (140) — — Fair value gain/(loss) on palladium hedge contract 2 72 (241) 234 Fair value gain on zinc hedge contracts 3 491 — — Fair value gain/(loss) on cash-settled share-based payment obligations (Rustenburg and Marikana B-BBEE transactions) 6.6 1,589 (2,155) (1,264) Loss on the revised cash flow of the Rustenburg operation deferred payment 22.2 (4) (773) (4,653) Fair value loss on derivative instrument 28.5 (2,136) — — Gain/(loss) on the revised cash flow of the Burnstone Debt 28.6 32 (776) (2) Gain/(loss) on the revised cash flow of the Marikana dividend obligation 22.2 548 (650) (468) Fair value loss on contingent consideration (Kroondal acquisition) 22.2 (137) — — Fair value loss on Keliber dividend obligation 22.2 (287) — — Fair value gain on other investments 116 152 — Other 91 164 (126) Total gain/(loss) on financial instruments 4 235 (4,279) (6,279) 2 On 3 May 2023, Sibanye Gold Proprietary Limited (SGL) concluded a gold hedge agreement which commenced on 4 May 2023. The agreement is structured at monthly average prices, comprising the delivery of 154,320 ounces of gold over 12 months ( 12,860 ounces per month) with a zero cost collar which establishes a floor and cap of R34,214 and R46,050 per ounce, respectively. On 17 November 2023, SGL concluded two additional gold hedge agreements which commenced on 17 November 2023. The agreements are structured at monthly average prices, comprising the delivery of 120,000 and 240,000 ounces of gold over 12 months , respectively. The agreements have a zero cost collar which establishes a floor of R34,214 per ounce for both agreements and cap of R43,545 and R43,800 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 17 January 2020, Stillwater Mining Company 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. The hedge agreement concluded in March 2023. As hedge accounting is not applied, resulting gains or losses are accounted for as gains or losses on financial instruments in profit or loss 4 Century mine concluded a hedge agreement on 15 June 2021 for 90,000 tonnes of payable zinc over three years which commenced July 2021 to June 2024 in equal monthly deliveries ( 2,500 tonnes per month) at a fixed monthly price of A$3,717 /t net of all fees and costs. In November 2021, Century mine concluded an additional hedge agreement for 90,000 tonnes of payable zinc for two years ( 3,750 tonnes per month) which commenced January 2022 to December 2023 at a fixed price of A$3,938 /t net of all fees and costs. As hedge accounting is not applied, resulting gains or losses are accounted for as gains or losses on financial instruments in profit or loss 5 The unrealised gain for the purpose of the Statement of Cash Flows amounted to R101 million (2022: loss of R4,279 million and 2021: loss if R6,279 million )

Other costs and other income (T

Other costs and other income (Tables)	12 Months Ended
	Dec. 31, 2023
Other costs [Abstract]
Schedule of other costs	Figures in million – SA rand Note 2023 2022 2021 Care and maintenance (1,378) (794) (737) Loss due to dilution of interest in joint operation — — (4) Non-recurring COVID-19 costs — — (3) Corporate and social investment costs (149) (237) (288) Cost incurred on employee and community trusts (469) (429) (744) Onerous contract provision 30.2 (1,865) — — Exploration costs (183) (12) (12) Non-mining royalties (84) (235) (327) Strike related costs (3) (258) — Service entity costs (366) (569) (534) Loss on deconsolidation of a subsidiary — (309) — Other (1,361) (836) (369) Total other costs (5,858) (3,679) (3,018)
Schedule of other income	Figures in million – SA rand Note 2023 2022 2021 Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable 45 71 167 Service entity income 497 464 398 Gain on remeasurement of previous interest in Kroondal 19 298 — — Sundry income 387 429 183 Profit on sale of Lonmin Canada 1 — 145 — Gain on increase in equity-accounted investment 5 — — Profit on sale of St Helena Hospital — — 16 Gain on deregistration of a subsidiary — 1 — Total other income 1,232 1,110 764 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

(Impairments)_reversal of imp_2

(Impairments)/reversal of impairments (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of impairment loss and reversal of impairment loss [abstract]
Schedule of impairments	Figures in million – SA rand Notes 2023 2022 2021 Impairment of mining assets 14 (38,492) (1) (5,120) Impairment of right-of-use assets — mining assets 15 — — (28) Impairment of intangible assets 17 (86) — — Impairment of goodwill 17 (8,435) — — Impairment of investment in equity-accounted investee 1 18.2 (423) — — Impairment of loan to equity-accounted investee 18.3 (18) — — Other reversal of impairment — 7 — Total (impairments)/reversal of impairments (47,454) 6 (5,148) 1 A 5.3% decrease in the expected life-of-mine average recovered grade due to plant recoveries being affected by a change in the mineralogy of the ore, combined with above inflationary increases in working costs, resulted in a decrease in the expected future net cash flows from Mimosa. The lower value in use led to an after tax equity accounted impairment of property, plant and equipment amounting to R1,384 million (see note 12.3 ) and the further impairment of the investment in the equity- accounted investee of R423 million (included in SA PGM in the segment report — see note 2). The weighted average PGM (4E) basket price, nominal discount rate and life-of-mine used in the Mimosa impairment assessment was R26,632 /4Eoz , 31.2% and 11 years , respectively. The recoverable amount was determined as R2,757 million 31 December 2023 The impairment of mining assets and goodwill for the year ended 31 December 2023 relates to the following classes of assets: Figures in million – SA rand Stillwater 1 Sandouville nickel refinery 2 Century retreatment operation 3 Burnstone 4 Kloof 5 Other 1 Total Mine development, infrastructure and other 10,222 1,430 2,434 1,115 1,616 27 16,844 Land, mineral rights and rehabilitation 20,326 67 843 — — — 21,236 Exploration and evaluation assets — — 412 — — — 412 Intangible assets — 86 — — — — 86 Goodwill 8,352 23 — — — 60 8,435 Total impairment 38,900 1,606 3,689 1,115 1,616 87 47,013 1 Various operational constraints, as previously reported, in the ramp-up of the Blitz project, coupled with higher than inflation increases in operating costs and a decrease in medium to long-term forecast palladium prices, resulted in a decrease in the expected future net cash flows from the US PGM operation. The higher weighted average cost of capital, driven by a higher beta, in combination with the aforementioned factors, contributed to the reduced value in use at year end, which led to an impairment of property, plant and equipment and goodwill amounting to R38,900 million . In addition, goodwill allocated to the US PGM operation amounting to R60 million pertaining to the acquisition of SFA (Oxford) was impaired 2 An onerous supply contract (see note 30.2 ), higher fixed and variable costs, significantly reduced expected sustainable production volumes and higher than initially expected sustaining capital expenditure, resulted in the decrease in expected future net cash flows from the Sandouville nickel refinery. This, together with lower nickel prices, reduced the value in use at year end and led to an impairment of property, plant and equipment, intangible assets and goodwill amounting to R1,606 million . Further studies are currently ongoing to determine the future optimal usage of infrastructure at the Sandouville nickel refinery 3 Lower than expected production volumes, above inflationary increases in operating costs, higher sustaining capital, the approaching end of life-of-mine and the diminishing window of opportunity to develop and operate the expansion projects concurrent with the ongoing operation, resulted in a decrease in the expected future net cash flows from the Century zinc retreatment operation. The lower value in use led to an impairment of property, plant and equipment amounting to R3,689 million 4 Consistent with the requirements of the Group’s capital allocation framework, the Burnstone project (included in the SA Gold corporate and reconciling items reportable segment) will be delayed and is expected to ramp-up again during 2025. The additional costs during the delay, the deferral of mine ramp-up and higher weighted average cost of capital due to an increase in the beta, risk free rate and cost of debt, has resulted in a decrease in the expected future net cash flows from Burnstone. The lower value in use led to an impairment of property, plant and equipment amounting to R1,115 million 5 Operational constraints, including seismicity and cooling, at the Kloof 4 shaft, compounded by the shaft incident during H2 2023 that damaged the shaft infrastructure, resulted in a severe deterioration in productivity that negatively impacted the financial viability of the Kloof 4 shaft. Consequently, during 2023, following a consultative process, the Group announced the closure of Kloof 4 shaft, which led to the specific impairment of property, plant and equipment amounting to R1,616 million
Assumptions used in value in use calculation	The assumptions applied in the value in use impairment calculation as well as the recoverable amount for each of the cash-generating units (CGU) impacted by the impairments are set out below: Stillwater Sandouville nickel refinery Century zinc retreatment operation Burnstone Weighted average PGM (2E) basket price 1 US$/2Eoz 1,281 Weighted average nickel price 1 US$/lbs 8.9 Weighted average cobalt price 1 US$/lbs 15.8 Weighted average zinc price 1 A$/t 3,873 Weighted average gold price 1 R/kg 1,012,625 Inflation rate 2 % 2.5 1.6 2.9 6.0 Nominal discount rate 3 % 12.0 7.4 9.3 18.9 Life-of-mine 4 (life-of-refinery) years 46 23 4 25 Recoverable amount R' million 22,246 — — 3,799 1 The weighted average commodity prices and exchange rate were derived by considering various bank and commodity broker consensus forecasts 2 The inflation rate is based on the expected forecast inflation rate for the geographic region which most affects the CGU's cash flows 3 The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs 4 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

Royalties, mining and income _2

Royalties, mining and income tax, and deferred tax (Tables)	12 Months Ended
	Dec. 31, 2023
Mining and income tax
Schedule of royalty tax expense	Figures in million – SA rand 2023 2022 2021 Current charge (1,050) (1,834) (2,923) SA gold royalties (115) (64) (167) SA PGM royalties (804) (1,770) (2,756) Australian royalties (131) — — Prior year royalty tax refund — — 209 Total royalties (1,050) (1,834) (2,714)
Schedule of mining and income tax expense	The components of mining and income tax are the following: Figures in million – SA rand Note 2023 2022 2021 Current tax (3,178) (9,282) (13,506) Mining tax (2,960) (8,225) (11,816) Non-mining tax (370) (310) (220) Company and withholding tax 152 (747) (1,470) Deferred tax 11.3 5,594 358 (255) Deferred tax charge 6,277 305 (593) Prior year adjustment 43 — 252 Deferred tax rate adjustment 1 (726) 53 86 Total mining and income tax 2,416 (8,924) (13,761) The deferred tax rate adjustment in South Africa and the US was: Figures in million – SA rand 2023 2022 2021 South Africa (731) (150) 200 United States 5 203 (114) Deferred tax rate adjustment (726) 53 86 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 amounted to a deferred tax charge of R731 million for the year ended 31 December 2023 ( 2022 : charge of R150 million , which included a partial offset resulting from the change in the South African corporate tax rate from 28% to 27% from 1 January 2023, and 2021 : benefit of R200 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 27% (2022 and 2021: 28% ): Figures in million – SA rand 2023 2022 2021 Tax on loss/(profit) before tax at maximum South African statutory company tax rate (27% (2022 and 2021: 28%)) 10,758 (7,813) (13,316) South African gold mining tax formula rate adjustment 236 19 63 US state tax adjustment 1 1,121 (168) — US statutory tax rate adjustment 1 (2,176) 181 466 Deferred tax rate differentials — 16 — Non-deductible amortisation and depreciation (2) (2) (13) Non-taxable dividend received 1 4 7 Non-deductible finance expense (180) (196) (108) Non-deductible share-based payments (7) (7) (42) Non-deductible loss on fair value of financial instruments (101) (976) (1,021) Non-taxable gain on acquisition 243 — — Non-taxable gain on foreign exchange differences 463 22 47 Non-taxable share of results of equity-accounted investees (317) 360 557 (Non-deductible impairments)/non-taxable reversal of impairments (2,392) 1 (22) Non-deductible transaction costs (158) (76) (69) Tax adjustment in respect of prior periods 10 (35) 386 Net other non-taxable income and non-deductible expenditure (272) 324 351 Change in estimated deferred tax rate (726) 53 86 Unrecognised or derecognised deferred tax assets 2 (4,085) (631) (1,133) Mining and income tax 2,416 (8,924) (13,761) Effective tax rate 6% 32% 29% 1 The US statutory rate adjustment relates to the difference between the US federal tax rate ( 21% ) and the South African statutory company tax rate ( 27% ). The US is also subject to state taxes for which adjustment has been made 2 The amount for the year ended 31 December 2023 relates mainly to unrecognised deferred tax assets at Sandouville nickel refinery of R1,358 million , Century of R1,319 million , Burnstone of R436 million , Cooke of R278 million and SGL of R384 million . 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
Schedule of deferred tax	Figures in million – SA rand Notes 2023 2022 2021 Included in the statement of financial position as follows: Deferred tax assets (1,942) (2,442) (906) Deferred tax liabilities 4,176 9,360 7,818 Net deferred tax liabilities 2,234 6,918 6,912 Reconciliation of the deferred tax balance: Balance at beginning of the year 6,918 6,912 6,055 Deferred tax on acquisition of subsidiaries 16.2 348 — — Loss on remeasurement of previous interest in joint operation 21 — — Derecognition with deemed disposal of interest in joint operation 19 (142) — — Deferred tax recognised in profit or loss 11.2 (5,594) (358) 255 Deferred tax recognised in other comprehensive income 58 (81) 99 Foreign currency translation 625 445 503 Balance at end of the year 2,234 6,918 6,912
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 2023 2022 2021 Deferred tax liabilities Mining assets 9,387 13,001 10,763 Environmental rehabilitation obligation funds 973 713 587 US$ Convertible bond 349 — — Other 939 294 300 Gross deferred tax liabilities 1 11,648 14,008 11,650 Deferred tax assets Environmental rehabilitation obligation (1,583) (1,404) (1,229) Occupational healthcare obligation (91) (121) — Other payables and provisions 2 (2,047) (1,385) (922) Derivative financial instrument (349) — — Financial instruments (416) — (19) Tax losses and unredeemed capital expenditure (4,857) (4,097) (2,518) Share-based payment obligation (71) (83) (50) Gross deferred tax assets 3 (9,414) (7,090) (4,738) Net deferred tax liabilities 2,234 6,918 6,912 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 2023 , amounts to R811 million ( 2022 : R13,659 million and 2021 : R7,599 million ) 2 This includes other payables such as lease liabilities as well as employee-related liabilities. No deferred tax asset was recognised at 31 December 2023 for the onerous contract provision due to the low probability of future taxable profits for the Sandouville nickel refinery 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 R68,868 million ( 2022 : R48,648 million and 2021 : R43,061 million ). The 2022 amount changed as a result of unrecognised deferred tax assets relating to capital losses being separately disclosed in the current year. The amount of capital losses for which no deferred tax asset was recognised amounted to R6,157 million (2022: R5,613 million , 2021: R3,609 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. Tax losses are also available to be utilised against income generated by the relevant tax entity in France and Australia and do not expire. In Canada, tax losses expire after 20 years
Schedule of tax and royalties receivables and payables	Figures in million – SA rand Notes 2023 2022 2021 Included in the statement of financial position as follows: Tax, carbon tax and royalties receivable (973) (723) (1,245) Tax, carbon tax and royalties payable 743 104 199 Non-current portion of tax, carbon tax and royalties payable 64 11 10 Current portion of tax, carbon tax and royalties payable 679 93 189 Net tax, carbon tax and royalties receivable (230) (619) (1,046) Reconciliation of the net tax, carbon tax and royalties receivable balance: Balance at beginning of the year (619) (1,046) 649 Royalties, carbon tax and current tax 1 4,230 11,106 16,224 Royalties, carbon tax and tax paid (4,131) (10,681) (17,894) Royalties and carbon tax paid (922) (1,815) (3,055) Tax paid (3,209) (8,866) (14,839) Tax payable/(receivable) on acquisition of subsidiaries 16.1 285 (3) — Other 10 (8) — Foreign currency translation (5) 13 (25) Balance at end of the year (230) (619) (1,046) 1 The amount is made up of royalties tax charge of R1,050 million (2022: R1,834 million and 2021: R2,714 million ) (see note 11.1), carbon tax charge of R2 million (2022: tax income of R10 million and 2021: charge of R4 million ) and current tax charge of R3,178 million (2022: R9,282 million and 2021: R13,506 million ) (see note 11.2)

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2023
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. 2023 2022 2021 Weighted average number of shares Ordinary shares in issue (’000) 2,830,567 2,830,370 2,808,406 Adjustment for weighting of ordinary shares in issue (’000) (39) (4,285) 90,398 Weighted average number of shares (’000) 2,830,528 2,826,085 2,898,804 Profit attributable to owners of Sibanye-Stillwater (SA rand million) (37,772) 18,396 33,054 Basic EPS (cents) (1,334) 651 1,140 2023 2022 2021 Diluted weighted average number of shares Weighted average number of shares (’000) 2,830,528 2,826,085 2,898,804 Potential ordinary shares (’000) 39 4,696 28,442 Diluted weighted average number of shares (’000) 2,830,567 2,830,781 2,927,246 Diluted basic EPS (cents) (1,334) 650 1,129
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 2023 Loss attributable to owners of Sibanye-Stillwater (37,772) Gain on disposal of property, plant and equipment (105) (79) Impairments 10 47,454 41,106 Gain on remeasurement of previous interest in Kroondal 19 (298) (298) Gain on acquisition 16.2 (898) (898) Impairment recognised by equity-accounted investee, net of tax 10 1,384 1,384 Foreign exchange movement recycled through profit or loss (1,663) (1,663) Re-measurement items, attributable to NCI 4 Headline earnings 1,784 Weighted average number of shares (’000) 2,830,528 Headline EPS (cents) 63 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 Hospital (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 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. 2023 2022 2021 Diluted headline earnings (R' million) 1,784 18,422 36,878 Diluted weighted average number of shares (’000) 2,830,567 2,830,781 2,927,246 Diluted headline EPS (cents) 63 651 1,260

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 2021 Dividend declared and paid (interim) 1,501 3,905 8,347 Dividend declared after 31 December (final) — 3,452 5,252 Total dividends declared for the year 1,501 7,357 13,599 Dividend per share (interim) — cents 53 138 292 Dividend per share (final) — cents — 122 187 Dividends paid during the financial year 4,953 9,197 17,832 Dividends paid to NCI of subsidiaries during the financial year 365 256 344 Total dividends paid for the year 1 5,318 9,453 18,176 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 2023 2022 2021 (Loss)/profit attributable to the owners of Sibanye-Stillwater (37,772) 18,396 33,054 Adjusted for: (Gain)/loss on financial instruments (235) 4,279 6,279 Gain on foreign exchange differences (1,973) (616) (1,149) Gain on disposal of property, plant and equipment (105) (162) (36) Impairments/(reversal of impairments) 47,454 (6) 5,148 Gain on acquisition (898) — — Restructuring costs 515 363 107 Transaction costs 474 152 140 Occupational healthcare gain (365) (211) (14) Gain on remeasurement of previous interest in Kroondal (298) — — Gain on increase in equity-accounted investment (5) — — Loss due to dilution of interest in joint operation — — 4 Early redemption premium on the 2025 Notes — — 196 Change in estimated deferred tax rate 726 (53) (86) Share of results of equity-accounted investees after tax 1,174 (1,287) (1,989) 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 (6,664) (33) (2,755) NCI effect of the items listed above (276) 36 — Normalised earnings 1 1,752 21,021 38,883 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 Accounting Standards

Property plant and equipment (T

Property plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 Cost Balance at beginning of the year 148,893 119,545 27,563 1,785 Additions 22,092 21,849 190 53 Change in estimates of rehabilitation assets 1 (415) 27 (441) (1) Disposals (688) (676) (12) — Derecognition of property, plant and equipment 2 (3,156) (2,552) (511) (93) Transfers to right-of-use assets 15 (15) (15) — — Gain on remeasurement of previous interest in joint operation 320 320 — — Derecognition with deemed disposal of interest in joint operation 3 19 (3,465) (3,465) — — Transfers between classes of property, plant and equipment — (703) 56 647 Assets acquired on acquisition of subsidiaries 16 7,259 5,760 1,144 355 Foreign currency translation 6,191 4,012 2,156 23 Balance at end of the year 177,016 144,102 30,145 2,769 Accumulated depreciation, amortisation and impairment Balance at beginning of the year 71,984 63,446 6,753 1,785 Amortisation and depreciation 4 9,798 8,894 904 — Impairment 10 38,492 16,844 21,236 412 Disposals (630) (618) (12) — Derecognition of property, plant and equipment 2 (3,151) (2,547) (511) (93) Derecognition with deemed disposal of interest in joint operation 3 (2,438) (2,438) — — Depreciation capitalised to inventory 96 96 — — Foreign currency translation 1,527 1,155 358 14 Balance at end of the year 115,678 84,832 28,728 2,118 Carrying value at end of the year 61,338 59,270 1,417 651 1 Includes a decrease to the environmental rehabilitation obligation of R419 million (see note 30 ), decrease to the right of recoverability liability of R6 million and a decrease to the right of recoverability asset of R10 million 2 Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2021 and fully depreciated by 2023, and was derecognised, as well as other items of property, plant and equipment as no future economic benefits are expected from its use 3 The carrying value of property, plant and equipment derecognised with disposal of interest in a joint operation amounts to R1,027 million (see note 19) 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 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 a 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 in 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 30.1 , 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

Right-of-use assets (Tables)

Right-of-use assets (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of quantitative information about right-of-use assets [abstract]
Summary of right-of-use asset	See note 29 for additional detail. Figures in million – SA rand Notes 2023 2022 2021 Balance at beginning of the year 279 222 296 Additions and modifications 164 45 65 Right-of-use assets acquired on acquisition of subsidiaries 16 297 109 — Assets derecognised with deemed disposal of interest in joint operation 19 (2) — — Impairment of mining assets 10 — — (28) Depreciation (210) (101) (112) Transfers and other movements 15 (2) — Foreign currency translation 17 6 1 Balance at end of the year 560 279 222

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about business combination [abstract]
Schedule of consideration paid for acquisition	The fair value of the consideration, including previous interest held is as follows: Figures in million – SA rand 2023 Total fair value of investment in Century prior to acquisition 730 Fair value of original investment in Century 1 357 Consideration paid for investment in associate 2 18.4 373 Cash consideration paid to obtain control 3 194 Total consideration 924 1 This represents Sibanye-Stillwater's 19.89% investment in Century acquired in 2021. Sibanye-Stillwater held 26,184,675 shares which were revalued at A$1.1 per share, being the offer price for the take-over, directly before the acquisition of Century. A fair value gain of R99 million was recognised in fair value adjustment on other investments as detailed in other comprehensive income 2 This represents 27,245,481 shares purchased by Sibanye-Stillwater at A$1.1 per share on 21 February 2023 for a cash consideration of A$30 million ( R373 million ). With this share purchase Sibanye-Stillwater obtained an additional 20.69% interest in Century, resulting in a total shareholding of 40.58% prior to the acquisition date 3 The cash consideration paid to obtain control was for the purchase of 14,257,682 shares at A$1.1 per share on 22 February 2023, amounting to A$15.7 million ( R194 million ) and an additional 9.57% interest in Century, resulting in a total shareholding of 50.15% The table below summarises the value of the consideration paid and NCI recognised at the date of acquisition: Figures in million – SA rand 2023 Consideration 924 Fair value of identifiable net assets acquired (1,843) NCI 1 (919) 1. The amount recognised as NCI represents the NCI holders' effective proportionate share ( 49.85% ) in the fair value of the identifiable net assets acquired The fair value of the consideration, including previous interest held is as follows: Figures in million – SA rand Note 2023 Cash consideration — * Fair value of previously held interest 1 19 2,354 Total contingent consideration 1,433 Contingent consideration related to delivery of agreed ounces 2 333 Contingent consideration related to AAP receivable portion 3 1,100 Total consideration 3,787 * Cash consideration of R1 1 The fair value of the previously held interest in the Kroondal joint operation includes cash and cash equivalents of R489 million . The remeasurement of the Group's previous interest in Kroondal resulted in a gain of R298 million , which is included in other income (see note 19 and 8.2 ) 2 Sibanye-Stillwater agreed to pay RPM a contingent consideration based on a percentage of the cumulative pre-tax cash flows of the Kroondal PSA (effective 1 November 2023) until the total 1,350,000 4E ounces (on a 100% basis) are delivered to RPM (agreed PSA ounces). At the effective date, approximately 204,517 4E ounces were still outstanding in terms of the Kroondal PSA and will continue to be delivered under the terms of the purchase of concentrate (PoC) arrangement. The percentage is determined based on a sliding scale/specific ranges of the PGM basket price included in the sale agreement. Sibanye-Stillwater will not make any payment to RPM if the cumulative pre-tax cash flows of the Kroondal PSA is negative. The contingent consideration at the effective date was calculated using an average 4E PGM basket price of R20,703 /4Eoz and a discount rate of 10.76% . A 10% change in the average 4E PGM basket price will result in an undiscounted R127 million change to the contingent consideration. The contingent consideration is subsequently measured at fair value with movements recognised in profit or loss. The liability at 31 December 2023 amounted to R300 million with a fair value gain of R33 million recognised in profit or loss (see note 22.2 ) 3 Sibanye-Stillwater agreed to pay RPM an amount equal to 50% of the amount receivable from RPM at the end of the final measurement period in respect of the agreed PSA ounces in footnote 2 above (agreed PSA ounces receivable). The amount receivable relates to a Kroondal PSA PGM concentrate sale agreement between Sibanye- Stillwater and RPM. RPM will withhold 50% of each payment of the agreed PSA ounces receivable until the payment is made in full. Sibanye-Stillwater determined the contingent consideration at effective date as 50% of the agreed PSA ounces receivable and was calculated using an average 4E PGM basket price of R22,495 /4Eoz and a discount rate of 10.76% . A 10% change in the average 4E PGM basket price will result in an undiscounted R123 million change to the contingent consideration. The contingent consideration is subsequently measured at fair value with movements recognised in profit or loss. The contingent consideration liability at 31 December 2023 amounted to R1,270 million with a fair value loss of R170 million recognised in profit or loss (see note 22.2 ) The table below summarises the value of the consideration paid and gain recognised at the date of acquisition: Figures in million – SA rand 2023 Consideration 3,787 Fair value of identifiable net assets acquired (4,685) Gain on acquisition (898)
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 2023 Property, plant and equipment 2 14 4,610 Right-of-use assets 1 15 293 Other receivables 1 142 Environmental rehabilitation obligation funds 1 21 329 Inventories 1,2 422 Trade and other receivables 1 262 Cash and cash equivalents 1,3 418 Lease liabilities 1 29 (315) Environmental rehabilitation obligation and other provisions 2 30 (2,363) Other payables 1,2 (863) Borrowings 1 28 (3) Deferred revenue 1 32 (198) Trade and other payables 1 (606) Tax and royalties payable 1 11.4 (285) Fair value of identifiable net assets acquired 1,843 1 Carrying value approximate fair value, except as detailed in footnote 2 below 2 Fair value of assets and liabilities for which the carrying value does not approximate fair value, excluding those not within the IFRS 3 measurement scope, 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, and where necessary, fair values were limited to the relevant depreciated replacement cost • The fair value of inventories in respect of zinc concentrate was based on an assessment of net realisable value • The fair value of the environmental rehabilitation obligation was calculated using a discounted cash flow model considering the cost of rehabilitating and decommissioning the mine and relevant infrastructure • The fair value of a financial liability, included in other payables, was based on an income approach consisting of a discounted cash flow model • The fair value of a zinc hedge liability, included in other payables, was valued through a third party module based on the specifications of the existing hedge agreements and utilising relevant LME price inputs 3 The transaction results in net cash acquired of R224 million based on cash and cash equivalents acquired of R418 million and cash consideration paid of R194 million The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date: Figures in million – SA rand Notes 2023 Property, plant and equipment 2 14 2,093 Right-of-use assets 1 15 4 Environmental rehabilitation obligation funds 1 21 287 Inventories 1 194 Trade and other receivables 1 3,462 Cash and cash equivalents 1,3 920 Environmental rehabilitation obligation and other provisions 2 30 (873) Deferred tax liabilities 4 11.3 (348) Other payables 1 (5) Cash-settled share-based payment obligations 1 6.6 (31) Trade and other payables 1 (1,018) Fair value of identifiable net assets acquired 2 4,685 1 Carrying value approximates fair value, except as detailed in footnote 2 below 2 Fair value of assets and liabilities for which the carrying value does not approximate fair value, excluding those not within the IFRS 3 measurement scope, 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, and where relevant, fair values were limited to the relevant depreciated replacement cost • The fair value of the environmental rehabilitation obligation was calculated using a discounted cash flow model considering the cost of rehabilitating and decommissioning the mine and relevant infrastructure 3 The transaction results in net cash acquired of R431 million based on total fair value of cash and cash equivalents acquired of R920 million , excluding the fair value of cash and cash equivalents included in Sibanye-Stillwater's previously held proportionally consolidated interest in Kroondal amounting to R489 million and cash consideration paid of R1 4
Schedule of consideration paid for asset acquisition	The table below summarises the value of the consideration paid the date of acquisition: Figures in million – SA rand 2023 Consideration 1 261 1 The consideration includes transaction costs amounting to A$6 million ( R75 million ), which was not settled at 31 December 2023 The following table summarises the allocation of the gross purchase consideration to identifiable assets and liabilities: Figures in million – SA rand Notes 2023 Property, plant and equipment 14 556 Trade and other receivables 20 Cash and cash equivalents 1 2 Inventories 53 Borrowings 28 (3) Environmental rehabilitation obligation and other provisions 30 (340) Trade and other payables (27) Total purchase consideration allocated on relative fair value basis 261 1 The transaction results in net cash paid of R184 million
Schedule of cash received (paid) on acquisition of subsidiaries	T he table below provides a summary of the net cash received/(paid) on acquisition of subsidiaries, Century, Kroondal and CMT during the year ended 31 December 2023 : Figures in million – SA rand 2023 Century acquisition, net of cash acquired 224 Cash consideration paid on effective date (194) Cash and cash equivalents acquired 418 Kroondal acquisition, net of cash acquired 431 Cash consideration paid — * Cash and cash equivalents acquired 431 CMT asset acquisition (184) Cash consideration paid (186) Cash and cash equivalents acquired 2 Total acquisition of subsidiaries, net of cash acquired 471 * Cash consideration of R1

Goodwill and other intangibles

Goodwill and other intangibles (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of reconciliation of changes in goodwill [abstract]
Schedule of changes in goodwill and intangibles	Figures in million – SA rand Notes 2023 2022 2021 Goodwill Balance at beginning of the year 8,241 7,727 7,165 Goodwill on acquisition of subsidiaries — 23 — Impairment 10 (8,435) — — Foreign currency translation 693 491 562 Carrying value at end of the year 1 499 8,241 7,727 Other intangibles Cost Balance at beginning of the year 86 — — Intangible assets acquired on acquisition of subsidiaries — 83 — Foreign currency translation 12 3 — Balance at end of the year 98 86 — Accumulated amortisation and impairment Balance at beginning of the year 5 — — Impairment 10 86 — — Charge for the year 4 5 — Balance at end of the year 95 5 — Carrying value at end of the year 3 81 — Total goodwill and other intangibles 502 8,322 7,727 1 The goodwill arose on the acquisition of the below subsidiaries: • SFA (Oxford), amounting to R123 million allocated to the Stillwater ( R60 million ), Rustenburg ( R44 million ) and Kroondal ( R18 million ) CGUs, where it is tested for impairment. During 2023, the R60 million goodwill allocated to Stillwater was fully impaired (see note 10 ). The remaining carrying value of goodwill related to the SFA (Oxford) acquisition amounts to R63 million at 31 December 2023 • Qinisele Resources, amounting to R54 million and fully impaired by 31 December 2020 • Cooke, amounting to R737 million which was fully impaired by 31 December 2020 • Aquarius Platinum (South Africa) Proprietary Limited (Aquarius), amounting to R401 million 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 US$450 million ( R5,874 million ), at the exchange rate on the acquisition effective date) allocated to the Stillwater CGU, where it is tested for impairment. During 2023, the entire goodwill amount allocated to the Stillwater CGU with a carrying value of R8,352 million was impaired (see note 10 ) • DRDGOLD, amounting to R35 million allocated to the DRDGOLD CGU, where it is tested for impairment. No impairment has been recognised • Sandouville, amounting to R23 million allocated to the Sandouville CGU, where it is tested for impairment. During 2023, the entire goodwill amount allocated to the Sandouville CGU was impaired (see note 10 )
Schedule of estimates and assumptions used in calculation of impairment of goodwill	The Group’s estimates and assumptions used in the 31 December 2023 impairment testing include: Gold operations 1 PGM operations Europe (Sandouville nickel refinery) 2 AUS operations 2023 2022 2021 2023 2022 2021 2023 2022 2023 Average gold price 3,5 R/kg 1,072,364 869,035 773,398 Average PGM (4E) basket price 4,5 R/4Eoz 29,124 27,566 24,422 Average PGM (2E) basket price 5 US$/2Eoz 1,281 1,334 1,180 Average nickel price 5 US$/lbs 8.9 8.3 Average cobalt price 5 US$/lbs 15.8 22.1 Average zinc price 5 A$/t 3,873 Nominal discount rate — South Africa 6,7 % 13.7 - 15.8 13.9 - 15.8 11.5 - 13.5 22.5 - 22.7 22.5 - 22.6 20.0 Nominal discount rate — US 7 % 12.0 12.9 8.3 Nominal discount rate — Europe 7 % 7.4 9.8 Nominal discount rate — Australia 7 % 9.3 Inflation rate — South Africa 3,8 % 6.0 6.5 6.0 6.0 6.5 6.0 Inflation rate — US 8 % 2.5 4.0 2.0 Inflation rate — Europe 8 % 1.6 2.5 Inflation rate — Australia 8 % 2.9 Life-of-mine 3,9 years 4 - 11 4 - 10 4 - 9 14 - 47 15 - 49 17 - 50 23 24 4 1 Include the operating gold mines Driefontein, Kloof and Beatrix 2 The Keliber impairment assessment at 31 December 2023 applied an average lithium hydroxide price of US$22,933 /t, nominal discount rate of 10.1% , inflation rate of 2% and a life-of-mine of 24 years 3 The estimates and assumptions used in the impairment assessment of the Burnstone project include an average gold price of R1,012,625 /kg (2022: R793,473 /kg, 2021: R729,270 /kg), inflation rate of 6.0% (2022: 6.5% , 2021: 6.0% ) and life-of-mine of 25 years (2022: 22 years, 2021: 24 years) 4 The average PGM basket price used on the Mimosa equity-accounted joint venture was R26,632 /4Eoz (2022: R25,420 /4Eoz, 2021: R21,943 /4Eoz) 5 The average prices and the exchange rate were derived by considering various bank and commodity broker consensus forecasts 6 Nominal discount rate for the Burnstone project is 18.9% ( 2022 : 17.4% , 2021 : 15.3% ) and for the equity-accounted joint venture Mimosa, 31.2% ( 2022 : 30.7% , 2021 : 24.4% ) 7 The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs 8 The inflation rate is based on the expected forecast inflation rate in the geographical region which most affects the CGU's cash flows 9 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, 2023
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 2023 2022 2021 Rand Refinery 1 18.1 660 578 649 Mimosa 2 18.2 5,146 6,650 5,413 Peregrine 2 18.3 1,247 1,160 1,086 Keliber 1 — — 446 Other equity-accounted investments 3 95 83 — * Total equity-accounted investments 7,148 8,471 7,594 1 Associate 2 Joint venture 3 Includes the Group's investment in Glint Incorporated (associate) acquired during 2022 . The investment has a carrying value of R92 million (2022: R81 million ) at 31 December 2023 * 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 2023 2022 2021 Balance at beginning of the year 578 649 691 Share of results of equity-accounted investee after tax 1 315 236 287 Dividends received (233) (307) (329) Balance at end of the year 660 578 649 1 Since Rand Refinery has a 31 August year end, it is equity-accounted based on its latest management accounts for the period ended 30 November The movement in the equity-accounted investment in Mimosa for the year is as follows: Figures in million – SA rand Note 2023 2022 2021 Balance at the beginning of the year 6,650 5,413 3,929 Share of results of equity-accounted investee after tax (1,479) 1,061 1,702 Impairment 10 (423) — — Dividends received (208) (243) (667) Foreign currency translation 606 419 449 Balance at end of the year 5,146 6,650 5,413 The equity-accounted investment in Peregrine movement for the year is as follows: Figures in million – SA rand Note 2023 2022 2021 Balance at the beginning of the year 1,160 1,086 1,001 Impairment of loan to Peregrine 10 (18) — — Foreign currency translation 105 74 85 Balance at end of the year 1,247 1,160 1,086
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 2023 2022 2021 Revenue 1,738 1,189 1,276 Total comprehensive income 708 532 646 Non-current assets 761 556 524 Current assets 1,890 1,955 2,022 Non-current liabilities (44) (50) (87) Current liabilities (688) (565) (475) Net assets ( 100% ) 1,919 1,896 1,984 Reconciliation of the total investment in Rand Refinery with attributable net assets: Net assets ( 44.4% ) 853 843 882 Dividend received 1 (116) (188) (156) Fair value adjustment 2 (36) (36) (36) Reconciling items 3 (41) (41) (41) Total investment in Rand Refinery 660 578 649 1 The dividend received relates to the dividend received from Rand Refinery after 30 November. The total dividend received for 2023 amounted to R233 million (2022: R307 million , 2021: R329 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 2023 2022 2021 Revenue 6,433 8,535 8,786 Amortisation and depreciation (951) (685) (549) Interest income 64 203 24 Finance expense (56) (71) (10) Income and royalty tax 554 (946) (1,503) Income tax 820 (692) (1,183) Royalty tax (266) (254) (320) Profit or loss (2,957) 2,123 3,405 Other comprehensive income 1,213 838 896 Total comprehensive income (1,744) 2,961 4,301 Non-current assets 5,675 7,560 6,095 Property, plant and equipment 1 5,675 7,560 6,095 Right-of-use assets — — — Current assets 6,997 8,124 6,728 Cash and cash equivalents 770 1,545 1,131 Other current assets 6,227 6,579 5,597 Non-current liabilities (1,037) (1,840) (1,443) Non-current financial liabilities 2 — — — Other non-current liabilities (1,037) (1,840) (1,443) Current liabilities (403) (453) (456) Current financial liabilities 2 (403) (453) (334) Other current liabilities — — (122) Net assets ( 100% ) 11,232 13,391 10,924 Reconciliation of the total investment in Mimosa with attributable net assets: Net assets ( 50% ) 5,616 6,696 5,462 Impairment of investment in Mimosa (423) — — Reconciling items 3 (47) (46) (49) Total investment in Mimosa 5,146 6,650 5,413 1 The Group impaired the property, plant and equipment of Mimosa at 31 December 2023 (see note 10 ) amounting to R3,728 million of which the Group's 50% share amounts to R1,864 million ( R1,384 million net of tax (see note 12.3 )). 2 Non-current and current financial liabilities (excluding trade and other payables and provisions) amounted to Rnil ( 2022 : Rnil , 2021 : Rnil ) and Rnil ( 2022 : R35 million , 2021 : R9 million ) , respectively 3 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
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 2023 2022 2021 Non-current assets 2,830 3,004 2,788 Current assets — — — Non-current liabilities (9) (426) (409) Current liabilities — (16) (15) Net assets ( 100% ) 2,821 2,562 2,364 Reconciliation of the total investment in Peregrine with attributable net assets: Net assets ( 20% (2021 and 2022: 40% )) 1 564 1,025 946 Reconciling items 2 683 135 140 Total investment in Peregrine 1,247 1,160 1,086 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. This also includes the dilution in the interest resulting from the earn-in requirements
Schedule of cash flows for equity accounted investments	The table below summarises the cash paid for investments in equity-accounted investees: Figures in million – SA rand Note 2023 2022 2021 Century 16.1 (373) — — Glint (23) (92) — Keliber — — (446) Total cash paid (396) (92) (446)

Interests in joint operations (

Interests in joint operations (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 2021 Revenue — 8,371 10,293 Gain on foreign exchange differences — 131 127 Profit before tax — 4,780 6,557 Profit for the year — 4,781 6,556 Non-current assets — 729 636 Current assets — 3,093 3,357 Non-current liabilities — (9) (13) Current liabilities — (414) (493) Net assets ( 50% ) — 3,399 3,487

Other investments (Tables)

Other investments (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 2021 Designated at FVTOCI investments: Rand Mutual Assurance Company Limited 166 149 140 Furuya Metal Company Limited 1 500 455 668 Aldebaran 2 304 238 241 Generation Mining Limited 3 106 322 144 ioneer Limited 4 277 643 1,353 Century 5 — 258 698 Other 22 98 123 Mandatorily measured at FVTPL investments: Verkor S.A. (Verkor) 6 951 554 — EnHyWhere 107 78 — Other 452 380 — Amortised cost investments 294 165 — Total other investments 3,179 3,340 3,367 1 The Group holds approximately 4.7% 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 14.35% 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 13.90% 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 6.91% 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 2023. As announced by the Group on 13 January 2023, ioneer received a conditional commitment for a proposed loan of up to US$700 million from the US Department of Energy to support the development of Rhyolite Ridge 5 On 27 October 2021, Sibanye-Stillwater entered into a subscription agreement with 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 Century. The aggregate investment represented a 19.9% ownership interest at 31 December 2022. The Group acquired a 100% shareholding in Century during 2023 (see note 16.1) 6 On 22 March 2022, the Group, through its wholly-owned subsidiary, Sibanye Battery Metals Proprietary Limited, invested in Verkor by subscribing for a €25 million ( R409 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 convertible bond was converted into preference shares during September 2023. The convertible bond was recognised as an investment measured at fair value, with net gains and losses recognised in profit or loss. Subsequent to conversion, the preference shares continue to be measured at fair value through profit or loss. During September 2023, the Group also subscribed for a further €15 million ( R303 million ) preference share investment, which is measured at fair value through profit or loss. The fair value of the total investment in Verkor amounted to R951 million at 31 December 2023 (2022: R554 million ) , with R93 million (2022: R145 million )

Environmental rehabilitation _3

Environmental rehabilitation obligation funds (Tables)	12 Months Ended
	Dec. 31, 2023
Environmental rehabilitation obligation funds [Abstract]
Schedule of the environment rehabilitation obligation funds	Figures in million – SA rand Notes 2023 2022 2021 Balance at beginning of the year 5,306 5,202 4,934 Assets acquired on acquisition of subsidiary 16 616 — — Assets derecognised with deemed disposal of interest in joint operation 19 (260) — — Contributions made 185 86 72 Payments received (322) (33) (10) Interest income 5.1 339 235 174 Transfer to other financial assets (22) (264) — Fair value gain 1 80 80 32 Foreign currency translation 5 — — Balance at end of the year 5,927 5,306 5,202 Environmental rehabilitation obligation funds comprise of the following: Restricted funds 2 1,850 1,616 1,135 Funds 4,077 3,690 4,067 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, 2023
Other receivables and other payables [Abstract]
Schedule of other receivables	Figures in million – SA rand 2023 2022 2021 Right of recovery receivable — 275 319 Rates and taxes receivable 74 93 106 Pre-paid royalties 310 322 336 Palladium hedge derivative asset — 50 286 Other 165 139 127 Total other receivables 549 879 1,174 Reconciliation of the non-current and current portion of the other receivables: Other receivables 549 879 1,174 Current portion of other receivables (26) (81) (523) Non-current portion of other receivables 523 798 651
Schedule of other payables	Figures in million – SA rand 2023 2022 2021 Deferred payment (Rustenburg operation acquisition) — 3,518 6,920 Contingent consideration (SFA (Oxford) acquisition) — — 100 Contingent consideration (Kroondal acquisition) 1,570 — — Right of recovery payable — 34 32 Deferred/contingent consideration (Pandora acquisition) 44 128 400 Marikana dividend obligation 1,626 2,129 1,539 Keliber dividend obligation 1,147 — — Gold and zinc hedge derivative liability 173 — — Other 862 582 373 Total other payables 5,422 6,391 9,364 Reconciliation of the non-current and current portion of the other receivables: Other payables 5,422 6,391 9,364 Current portion of other payables (2,015) (3,891) (4,765) Non-current portion of other payables 3,407 2,500 4,599
Schedule of deferred payment/consideration	The deferred payment movement for the year is as follows: Figures in million – SA rand Notes 2023 2022 2021 Balance at the beginning of the year 3,518 6,920 4,355 Interest charge 5.2 85 266 158 Payment of deferred payment (3,607) (4,441) (2,246) Loss on revised estimated cash flows 7 4 773 4,653 Balance at end of the year — 3,518 6,920 The Kroondal contingent consideration movement for the year is as follows: Figures in million – SA rand Note 2023 2022 2021 Balance at the beginning of the year — — — Contingent consideration on acquisition of subsidiary 1,433 — — Loss on revised estimated cash flows 1 7 137 — — Balance at end of the year 1,570 — — 1 The total net loss is made up of the fair value movement recognised on the contingent consideration (see note 16.2) in respect of the delivery of the agreed PSA ounces (gain of R33 million ) and the agreed PSA ounces receivable (loss of R170 million ) The Pandora deferred consideration movement for the year is as follows: Figures in million – SA rand Note 2023 2022 2021 Balance at the beginning of the year 128 400 308 Interest charge 5.2 3 18 54 Loss/(gain) on revised estimated cash flows 39 (112) 123 Payment made (126) (178) (85) Balance at end of the year 1 44 128 400 1 The outstanding balance at 31 December 2023 was settled in cash on 1 February 2024
Schedule of movement in dividend obligation	The following table summarises the changes in the Marikana dividend obligation: Figures in million – SA rand Notes 2023 2022 2021 Balance at the beginning of the year 2,129 1,539 — Initial recognition of the Marikana dividend obligation 6.5 — — 1,146 Interest — unwinding of amortised cost 5.2 236 165 87 (Gain)/loss on revised estimated cash flows 1 7 (548) 650 468 Payments made (191) (225) (162) Balance at end of the year 1,626 2,129 1,539 1 The gain on revised estimated cash flow in 2023 is primarily as a result of a decrease in the estimated future net cash flows over the life-of-mine The following table summarises the changes in the Keliber dividend obligation: Figures in million – SA rand Note 2023 2022 2021 Balance at the beginning of the year — — — Initial recognition of the Keliber dividend obligation 792 — — Loss on revised estimated cash flows 1 7 287 — — Interest — unwinding of amortised cost 52 — — Foreign currency translation reserve 16 — — Balance at end of the year 1,147 — — 1 The loss on revised estimated cash flow is primarily as a result of an increase in the average lithium hydroxide price
Schedule of deferred/contingent payments made	The table below summarises the cash deferred/contingent payments made on the obligations set out above: Figures in million – SA rand 2023 2022 2021 Deferred payment (Rustenburg operation) (3,607) (4,441) (2,246) Deferred/contingent consideration (Pandora acquisition) (126) (178) (85) Contingent consideration (SFA (Oxford) acquisition) — (111) — Total cash payments made (3,733) (4,730) (2,331) Payments in excess of the original fair value (operating cash flows) (3,733) (4,545) (1,754) Payments up to initial fair value (investing cash flows) — (185) (577)
Disclosure of information and assumptions used for measuring obligations	At 31 December 2023 the following assumptions were applied in measuring the Keliber dividend obligation: 2023 2022 2021 Average lithium hydroxide price US$/t 22,933 — — Real discount rate % 9.83 — — Inflation rate % 2.0 — — Life-of-mine years 24 0 0

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Classes of current inventories [abstract]
Schedule of inventories	Figures in million – SA rand 2023 2022 2021 Consumable stores 1 3,317 2,066 1,923 PGM ore and mill inventory 276 535 189 PGM in process 2 13,292 13,673 13,081 PGM finished goods 6,948 7,856 9,012 Gold in process 320 233 219 Gold bullion 959 1,096 600 Sandouville metals in process 327 357 — Sandouville raw materials 168 307 — Sandouville finished goods 292 187 — Zinc concentrate inventory 345 — — Other 119 74 56 Total inventories 26,363 26,384 25,080 1 The cost of consumable stores consumed during the year and included in operating cost amounted to R25,778 million ( 2022 : R21,929 million and 2021 : R18,847 million ) 2 Included in PGM in process, is R6,771 million ( 2022 : R5,882 million , 2021: R4,725 million ) relating to the Marikana operations

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Trade and other receivables [abstract]
Schedule of trade and other receivables	Figures in million – SA rand 2023 2022 2021 Trade receivables — gold operations — — 44 Trade receivables — PGM operations 5,353 4,304 4,823 PGM sales concentrate 3,407 3,564 3,794 PGM sales other 1,946 740 1,029 Trade receivables — zinc concentrate sales 108 — — Trade receivables — Sandouville metals sales 261 135 — Other trade and non-trade receivables 1 947 1,389 904 Payroll debtors 273 361 322 Interest receivable 90 90 54 Financial assets 7,032 6,279 6,147 Prepayments 2 1,219 433 335 Value added tax 649 788 929 Total trade and other receivables 8,900 7,500 7,411 1 These receivables arise from the Group's non-core activities such as services rendered by service entities to third parties, scrap metal and diesel sales, recovery of water and electricity and other miscellaneous items, and therefore do not include the Group's proceeds from the sale of products 2 Prepayments include prepayments of DRDGOLD made towards capital projects amounting to R610 million at 31 December 2023 The table below summarises the impairment allowance raised on other non-trade receivables that are considered to be impaired: Figures in million – SA rand 2023 2022 2021 Balance at beginning of the year 214 201 199 Impairment allowance recognised in profit or loss for the year 21 28 3 Financial assets written off (132) — — Impaired financial assets recovered during the year (2) (15) (1) Balance at end of the year 1 101 214 201 1 The impairment allowance mainly relates to payroll receivables, property rentals and certain supplier loans

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2023
Cash and cash equivalents [abstract]
Schedule of cash and cash equivalents	Figures in million – SA rand 2023 2022 2021 Cash at the bank, on hand and cash equivalents 25,560 26,076 30,292 Total cash and cash equivalents 25,560 26,076 30,292

Stated share capital (Tables)

Stated share capital (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of classes of share capital [abstract]
Schedule of shares authorized and issued	Figures in thousand 2023 2022 2021 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 2,830,370 2,808,406 2,923,571 Shares issued under Sibanye-Stillwater/SGL Share Plan 197 21,964 32,535 Shares delisted (share buy-back) 1 — — (147,700) Number of shares in issue at end of the year 2,830,567 2,830,370 2,808,406 1 The Group entered into repurchase and cancellation of shares transactions with certain shareholders, which resulted in the total issued shares of Sibanye-Stillwater decreasing by 147,700,000 in 2021 (resulting in a total cost of R8,503 million , including transaction cost at an average of R57.57 cost per share repurchased)

Non-controlling interests (Tabl

Non-controlling interests (Tables)	12 Months Ended
	Dec. 31, 2023
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 Notes 2023 2022 2021 NCI of DRDGOLD 27.1 2,634 2,283 1,939 NCI of Keliber 27.1 237 616 — NCI of Group Technical Security Management 6 6 5 NCI of Marikana 27.1 — (2) 8 Total NCI 2,877 2,903 1,952
Schedule of summarised financial information of subsidiary groups	The summarised financial information of DRDGOLD is provided below. This information is based on amounts before intercompany eliminations. Figures in million – SA rand 2023 2022 2021 DRDGOLD Limited Revenue 5,816 5,274 4,790 Profit for the year 1,333 1,157 987 Total comprehensive income 1,348 1,156 907 Profit attributable to NCI 662 573 487 Net (decrease)/increase in cash and cash equivalents (863) 153 70 Dividends paid 363 255 338 Non-current assets 5,523 4,303 3,741 Current Assets 2,751 2,985 2,821 Non-current liabilities (1,329) (1,183) (1,120) Current liabilities (730) (552) (553) Net assets 6,215 5,553 4,889
Schedule of non controlling interest effect on accumulated profits	The table below summarises the above transactions that occurred during 2023 and the impact thereof on the equity attributable to the owners of Sibanye-Stillwater: Figures in million – SA rand 2023 Rights issue and voluntary offers Cash consideration paid on rights issue subscription by the Group (1,009) Payment eliminated on consolidation 1,009 Cash consideration received from rights issue subscription by NCI 1,096 Cash consideration paid by the Group to NCI on voluntary offer (103) Net cash received by the Group 993 Net reattribution of equity (accumulated profit and foreign currency translation reserve) (596) Net increase in equity attributable to the owners of Sibanye-Stillwater as a result of the transactions with Keliber shareholders 397 Increase in accumulated profit 463 Decrease in foreign currency translation reserve (66) Increase in NCI 700 Net increase in total equity as a result of the transactions with Keliber shareholders 1,097 The table below illustrates the impact of the reattribution of the NCI on accumulated profit of the Group as a result of the subsequent transactions with Keliber shareholders in 2022: Figures in million – SA rand 2022 Pre-emptive Offer Cash consideration paid to Keliber for share subscription1 (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) Net decrease in equity attributable to owners of Sibanye-Stillwater as a result of transactions with Keliber shareholders (2,766) Decrease in accumulated profit — Pre-emptive Offer (889) Decrease in accumulated profit — Voluntary Offer (1,833) Decrease in accumulated profit due to foreign currency translation, share subscription costs and put options 4 (106) Increase in foreign currency translation reserve 62 Decrease in NCI (686) Net decrease in total equity as a result of the subsequent NCI transactions 5 (3,452) 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 The table below illustrates the effect of the remaining interest acquired in Century on equity attributable to the owners of Sibanye-Stillwater for the year ended 31 December 2023: Figures in million – SA rand 2023 Consideration paid for acquiring the remaining 49.85% interest in Century (906) Carrying value of NCI 914 Total impact on equity attributable to owners of Sibanye-Stillwater 1 8 1 The amount includes R13 million increase on accumulated profit and R5 million decrease on other reserves in respect of foreign currency translation reserve

Borrowings and derivative fin_2

Borrowings and derivative financial instrument (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about borrowings [abstract]
Schedule of the summary of borrowings	Figures in million – SA rand Note 2023 2022 2021 Borrowings 36,618 22,728 20,298 Derivative financial instrument 28.5 3,810 — — Balance at end of the year 40,428 22,728 20,298 Current portion of borrowings and derivative financial instrument (15,482) (122) (107) Non-current portion of borrowings and derivative financial instrument 24,946 22,606 20,191 Borrowings Figures in million – SA rand Notes 2023 2022 2021 US$600 million RCF 28.1 — — — US$1 billion RCF 28.2 — — — R5.5 billion RCF 28.3 4,000 — — 2026 and 2029 Notes 28.4 22,042 20,140 18,785 US$ Convertible Bond 28.5 7,538 — — Burnstone Debt 28.6 2,991 2,540 1,507 Other borrowings 28.7 40 42 — Franco-Nevada liability 3 2 2 Stillwater Convertible Debentures 4 4 4 Total borrowings 36,618 22,728 20,298 Reconciliation of the non-current and current portion of the borrowings: Borrowings 36,618 22,728 20,298 Current portion of borrowings (11,672) (122) (107) Non-current portion of borrowings 24,946 22,606 20,191
Schedule of the rollforward of borrowings	The roll forward of borrowings in the current year is as follows: Figures in million - SA rand Notes 2023 2022 2021 Balance at beginning of the year 22,728 20,298 18,383 Borrowings acquired on acquisition of subsidiary 16 6 39 — Loans raised 1 12,758 8,000 20,622 Loans repaid 2 (1,323) (8,003) (20,252) Unwinding of loans recognised at amortised cost 5.2 359 216 302 Accrued interest 3 5.2 1,192 1,046 801 Accrued interest paid (1,175) (1,061) (706) Early redemption premium on the 2025 Notes — — 196 (Gain)/loss on the revised cash flow of the Burnstone Debt 28.6 (32) 776 2 Loss on foreign exchange differences and foreign currency translation 2,105 1,417 950 Balance at end of the year 36,618 22,728 20,298 1 Total loans raised per the Statement of Cash Flows for the year ended 31 December 2023 includes the initial recognition of the derivative element of the US$ Convertible Bond of R1,673 million (see note 28.5). 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 2 Included in the repayment of R20,252 million in 2021, is the early redemption of the 2022 and 2025 Notes. 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$370.2 million which includes an early settlement premium of R196 million recognised as an early redemption premium on the 2025 Notes in profit or loss. The 2025 Notes were settled on 6 December 2021 3 Relates to the 2022 and 2025 Notes, 2026 and 2029 Notes, US$ Convertible Bond and the RCFs Figures in million – SA rand 2023 2022 2021 Balance at beginning of the year — — 6,978 Loans raised — — 703 Loans repaid — — (7,728) Accrued interest 1 20 62 113 Accrued interest paid (20) (62) (113) Loss on foreign exchange differences — — 47 Balance at end of the year — — — Current portion of balance — — — Non-current portion of balance — — — 1 Includes commitment fees Figures in million – SA rand 2023 2022 2021 Balance at beginning of the year — — — Loans raised — — — Loans repaid — — — Accrued interest 1 73 — — Accrued interest paid (73) — — Loss on foreign exchange differences — — — Balance at end of the year — — — Current portion of balance — — — Non-current portion of balance — — — Figures in million –SA rand 2023 2022 2021 Balance at beginning of the year — — — Loans raised 5,000 8,000 — Loans repaid (1,000) (8,000) — Accrued interest 1 125 155 66 Accrued interest paid (125) (155) (66) Balance at end of the year 4,000 — — Current portion of balance (4,000) — — Non-current portion of balance — — — 1 Includes commitment fees Figures in million – SA rand 2023 2022 2021 Balance at beginning of the year 20,140 18,785 — Loans raised — — 18,208 Interest charge 932 829 99 Unwinding of amortised cost 80 68 8 Accrued interest paid (951) (844) — Loss on foreign exchange differences 1,841 1,302 470 Balance at end of the year 22,042 20,140 18,785 Current portion of balance (116) (107) (100) Non-current portion of balance 21,926 20,033 18,685 Convertible bond at amortised cost Figures in million – SA rand 2023 2022 2021 Balance at beginning of the year — — — Loans raised 7,455 — — Interest charge 36 — — Unwinding of amortised cost 27 — — Loss on foreign exchange differences 20 — — Balance at end of the year 7,538 — — Current portion of balance (7,538) — — Non-current portion of balance — — — Derivative financial instrument Figures in million – SA rand Note 2023 2022 2021 Balance at beginning of the year — — — Initial recognition of derivative instrument 1,673 — — Loss on financial instruments 1 7 2,136 — — Loss on foreign exchange differences 1 — — Balance at end of the year 3,810 — — Current portion of balance (3,810) — — Non-current portion of balance — — — 1 The fair value loss on the derivative financial instrument is mainly due to an increase in the Sibanye-Stillwater share price since the effective date Figures in million – SA rand Note 2023 2022 2021 Balance at beginning of the year 2,540 1,507 1,263 Unwinding of amortised cost 252 148 125 (Gain)/loss on revised estimated cash flows 1 7 (32) 776 2 Loss on foreign exchange differences 231 109 117 Balance at end of the year 2,991 2,540 1,507 Current portion of balance — — — Non-current portion of balance 2,991 2,540 1,507 1 At 31 December 2023 , 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 2023 : R1,012,625 /kg ( 2022 : R793,473 /kg and 2021 : R729,270 /kg) and long term exchange rates 2023 : R18.50 /US$ ( 2022 : R15.50 /US$ and 2021 : R15.00 /US$) based on a LOM of 25 years . A2 is discounted using a 5.9% discount rate and A3 and A4 is discounted at 9.5% • In line with the Group's Capital Allocation Framework, the Burnstone project will be delayed and is expected to ramp-up again during 2025. The additional costs during the delay and the deferral of mine ramp-up has resulted in a decrease in the expected future net cash flows from Burnstone, offsetting the impact of the increase in the weighted average gold price Figures in million – SA rand 2023 2022 2021 Balance at beginning of the year 42 — — Loans raised 303 — 1,711 Loans repaid (323) (3) (1,684) Borrowings acquired on acquisition of subsidiary 6 39 — Loss/(gain) on foreign exchange differences 12 6 (27) Balance at end of the year 40 42 — Current portion of balance (11) (8) — Non-current portion of balance 29 34 —
Schedule of fair value of borrowings	The table below shows the fair value and carrying amount of financial instruments where the carrying amount does not approximate fair value: Carrying value Fair value Figures in million - SA rand Level 1 Level 2 Level 3 31 December 2023 2026 and 2029 Notes 1 22,042 18,949 — — Burnstone Debt 2 2,991 — — 2,509 US$ Convertible Bond 3 7,538 — 7,471 — Total 32,571 18,949 7,471 2,509 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 2022 and 2025 Notes 1 18,785 18,664 — — Burnstone Debt 2 1,507 — — 2,996 Total 20,292 18,664 — 2,996 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 28.6 for the key assumptions used, except for the discount rate applied in the fair value disclosure above of 10.74% (2022: 10.52% , 2021: 4.18% ), which was adjusted to a market-related rate. 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 3 The fair value of the amortised cost component of the US$ Convertible Bond is based on the quoted price of the instrument after separating the fair value of the derivative component
Schedule of 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 2023 - JIBAR (60) (40) (20) 20 40 60 - LIBOR (43) (29) (14) 14 29 43 Change in finance expense (103) (69) (34) 34 69 103 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) 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 2023 2022 2021 Floating rate with exposure to change in JIBAR 4,000 — — Floating rate with exposure to change in term SOFR — — — Floating rate with exposure to change in LIBOR 2,873 2,424 1,416 Non-current borrowings exposed to interest rate changes 6,873 2,424 1,416 The Group has the following undrawn borrowing facilities: Committed 20,755 16,403 15,749 Uncommitted 3,274 2,427 2,276 Total undrawn facilities 24,029 18,830 18,025 All of the above facilities have floating rates. The undrawn committed facilities have the following expiry dates: - within one year 2,185 10,903 685 - later than one year and not later than two years — 5,500 9,564 - later than two years and not later than three years 18,570 — 5,500 Total undrawn committed facilities 20,755 16,403 15,749
Schedule of the calculation of net debt to adjusted EBITDA ratio	Figures in million - SA rand 2023 2022 2021 Borrowings 1 37,437 20,188 18,791 Cash and cash equivalents 2 25,519 26,038 30,257 Net debt/(cash) 3 11,918 (5,850) (11,466) Adjusted EBITDA 4 20,556 41,111 68,606 Net debt/(cash) to adjusted EBITDA (ratio) 5 0.58 (0.14) (0.17) 1 Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt and include the derivative financial instrument 2 Cash and cash equivalents exclude cash of Burnstone 3 Net debt/(cash) 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 and include the derivative financial instrument. Net debt/(cash) 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 Accounting Standards and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity 5 Net debt/(cash) to adjusted EBITDA ratio is defined as net debt/(cash) 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 debt/(cash) to adjusted EBITDA is presented for illustration purposes only, and because of its nature, net debt/(cash) to adjusted EBITDA should not be considered as a representation of financial performance under IFRS Accounting Standards 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 (loss)/profit before royalties, carbon tax and tax to adjusted EBITDA: Figures in million - SA rand 2023 2022 2021 (Loss)/profit before royalties, carbon tax and tax (38,794) 29,728 50,275 Adjusted for: Amortisation and depreciation 10,012 7,087 8,293 Interest income (1,369) (1,203) (1,202) Finance expense 3,299 2,840 2,496 Share-based payments 113 218 383 (Gain)/loss on financial instruments (235) 4,279 6,279 Gain on foreign exchange differences (1,973) (616) (1,149) Share of results of equity-accounted investees after tax 1,174 (1,287) (1,989) Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable (45) (71) (167) Gain on disposal of property, plant and equipment (105) (162) (36) Impairments/(reversal of impairments) 47,454 (6) 5,148 Early redemption premium on the 2025 Notes — — 196 Onerous contract provision 1,865 — — Gain on acquisition (898) — — Loss on deconsolidation of subsidiaries — 308 — Gain on remeasurement of previous interest in Kroondal (298) — — Gain on increase in equity-accounted investment (5) — — Restructuring costs 515 363 107 Transaction costs 474 152 140 Loss due to dilution of interest in joint operation — — 4 IFRS 16 lease payments (263) (163) (142) Profit on sale of Lonmin Canada — (145) — Profit on sale of St Helena Hospital — — (16) Occupational healthcare gain (365) (211) (14) Adjusted EBITDA 20,556 41,111 68,606

Lease liabilities (Tables)

Lease liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Lease liabilities [abstract]
Summary of lease liabilities	Figures in million - SA rand Notes 2023 2022 2021 Balance at beginning of the year 319 281 326 New leases and modifications 144 45 67 Lease liabilities on acquisition of subsidiaries 16.1 315 120 — Repayment of lease liabilities (263) (163) (142) Interest charge 5.2 43 31 29 Foreign currency translation 24 5 1 Balance at end of the year 582 319 281 Current portion of lease liabilities (198) (111) (104) Non-current lease liabilities 384 208 177
Schedule of lease payments expensed	Lease payments not recognised as a liability but expensed during the year Figures in million - SA rand 2023 2022 2021 Short-term leases 69 41 22 Leases of low value assets 48 56 39 Variable lease payments 248 301 29 Total 365 398 90
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 — 2023 625 221 330 74 Contractual undiscounted cash flows — 2022 351 121 161 69 Contractual undiscounted cash flows — 2021 325 126 191 8

Environmental rehabilitation _4

Environmental rehabilitation obligation and other provisions (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 SA gold operations 7.0 % 8.9% – 12.3% 1 – 25 years SA PGM operations 7.0 % 8.9% – 12.3% 1 – 48 years US PGM operations 3.5 % 4.0% 31 – 46 years European operations 2.1 % 3.1% 23 years Australian operations 2.8 % 3.7% 40 months 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 European operations 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 Onerous contract The measurement of the onerous contract provision is subject to various inputs such as estimated revenue to be generated from the contract, which is impacted by pricing and volume assumptions, as well as estimated costs to be incurred such as production costs, which include overheads, labour and manufacturing input cost. Changes to these inputs could materially impact the cash flows included in the measurement of the onerous contract provision. In addition, future negotiations on terminating the contract may result in a different total unavoidable cost to fulfil the contract.
Schedule of other provisions	Figures in million – SA rand Notes 2023 2022 2021 Environmental rehabilitation obligation 30.1 11,355 8,435 8,146 Other provisions 30.2 1,982 117 117 Balance at end of the year 13,337 8,552 8,263 Current portion of environmental rehabilitation obligation and other provisions (832) — — Non-current portion of environmental rehabilitation obligation and other provisions 12,505 8,552 8,263 Figures in million - SA rand Note 2023 2022 2021 Balance at beginning of the year 117 117 117 Onerous contract provision recognised 1 8.1 1,865 — — Balance at end of the year 1,982 117 117 Other provisions consists of: Onerous contract provision 1,865 — — Other 117 117 117 Other provisions 1,982 117 117 Reconciliation of the non-current and current portion of other provisions: Other provisions 1,982 117 117 Current portion of other provisions 2 (832) — — Non-current portion of other provisions 1,150 117 117 1 This is an onerous supply contract provision relating to the raw material used in the Sandouville nickel refinery's production process, which is purchased under a single supply contract maturing on 31 December 2027. Due to sustained losses incurred at the operation, the Group assessed whether the supply contract is onerous at the reporting date. Consequently, the Group determined whether the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. Based on this assessment, the Group recognised an onerous contract provision amounting to R1,865 million , which represents the present value at 31 December 2023 of the penalty payable on early exiting the supply contract and the unavoidable losses to be incurred in meeting Sandouville's obligations under the contract during the notice period. Before the separate provision for the onerous contract was established, the Group recognised an impairment loss on assets, partially dedicated to the contract (see note 10 ). The onerous contract provision was calculated based on an expectation of terminating the contract in line with the required notice period and discounted at a pre-tax rate of 5.75% , reflecting the risks specific to the provision 2 The current portion at 31 December 2023 relates to the onerous contract provision
Schedule of environmental rehabilitation obligation activity	Figures in million - SA rand Notes 2023 2022 2021 Balance at beginning of the year 8,435 8,146 8,517 Interest charge 5.2 758 611 615 Utilisation of environmental rehabilitation obligation 1 (274) (236) (236) Change in estimates charged to profit or loss 2 (82) (183) (178) Change in estimates capitalised 2 (419) (85) (638) Environmental rehabilitation obligation on acquisition of subsidiaries 16 3,576 97 — Derecognition with deemed disposal of interest in joint operation 19 (818) — — Foreign currency translation 179 85 66 Balance at end of the year 11,355 8,435 8,146 Reconciliation of the non-current and current portion of the environmental rehabilitation obligation: Environmental rehabilitation obligation 11,355 8,435 8,146 Current portion of environmental rehabilitation obligation — — — Non-current portion of environmental rehabilitation obligation 11,355 8,435 8,146 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, 2023
Legal proceedings provision [abstract]
Schedule of estimated costs and discounted using a risk-free rate	Figures in million - SA rand Notes 2023 2022 2021 Balance at beginning of the year 825 1,017 1,194 Interest charge 5.2 70 85 77 Change in estimate recognised in profit or loss 1 34 (365) (211) (14) Payments made 34 (130) (66) (240) Balance at the end of the year 400 825 1,017 Reconciliation of the non-current and current portion of the occupational healthcare obligation: Occupational healthcare obligation 400 825 1,017 Current portion of occupational healthcare obligation — (44) — Non-current portion of occupational healthcare obligation 400 781 1,017 1 The gain is mainly due to the decrease in the take-up rate and an increase in the discount rate

Deferred revenue (Tables)

Deferred revenue (Tables)	12 Months Ended
	Dec. 31, 2023
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 99 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 day simple average calculated the day before delivery The value of each metal credit delivery is determined in terms of the contract.
Schedule of changes in deferred revenue	The following table summarises the changes in deferred revenue: Figures in million - SA rand Notes 2023 2022 2021 Balance at beginning of the year 6,420 6,360 6,430 Deferred revenue recognised on acquisition of subsidiary 16.1 198 — — Deferred revenue advance received 1 935 24 468 Deferred revenue recognised during the period 2 (1,252) (290) (847) Interest charge 5.2 327 326 309 Foreign currency translation 4 — — Balance at the end of the year 6,632 6,420 6,360 Reconciliation of the deferred revenue transactions balance at year end: Wheaton Stream 6,327 6,420 6,292 Century deferred proceeds 3 305 — — Marikana toll treatment arrangement — — 68 Reconciliation of the non-current and current portion of the deferred revenue: Deferred revenue 6,632 6,420 6,360 Current portion of deferred revenue (305) (21) (156) Non-current portion of deferred revenue 6,327 6,399 6,204 1 The amount received for the year ended 31 December 2023 relates to Century deferred proceeds, amounting to cash receipts of R935 million . The amount received for 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 ) 2 Revenue recognised during the year of R1,252 million relates to R392 million recognised on the Wheaton Stream ( 2022 : R198 million , 2021 : R447 million ) and R860 million recognised in respect of Century deferred proceeds. The remaining revenue recognised relates to R92 million recognised for the year ended 31 December 2022 on material received during 2021 with respect to the toll treatment arrangement entered into by Marikana during 2021 ( R400 million recognised for the year ended 31 December 2021) 3 The deferred proceeds relate to agreements with limited customers of Century where proceeds for products are received in advance. Delivery of sold product to customers is made between one and two months after receipt of the proceeds

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2023
Trade and other current payables [abstract]
Schedule of trade and other payables	Figures in million - SA rand 2023 2022 2021 Trade creditors 4,278 4,147 3,670 Accruals and other creditors 6,609 5,470 5,192 Other 791 1,276 1,581 Financial liabilities 11,678 10,893 10,443 Payroll creditors 3,014 2,496 2,485 Leave pay accrual 1,686 2,123 2,045 VAT payable 86 141 189 Total trade and other payables 16,464 15,653 15,162

Cash generated by operations (T

Cash generated by operations (Tables)	12 Months Ended
	Dec. 31, 2023
CASH GENERATED BY OPERATIONS [Abstract]
Schedule of cash generated by operations	Figures in million - SA rand Notes 2023 2022 2021 (Loss)/profit for the year (37,430) 18,980 33,796 Royalties 11.1 1,050 1,834 2,714 Carbon tax 2 (10) 4 Mining and income tax 11.2 (2,416) 8,924 13,761 Interest income 5.1 (1,369) (1,203) (1,202) Finance expense 5.2 3,299 2,840 2,496 Profit before interest, royalties, carbon tax and tax (36,864) 31,365 51,569 Non-cash adjusting items: Amortisation and depreciation 4 10,012 7,087 8,293 Share-based payments 6.7 113 218 383 (Gain)/loss on financial instruments 7 (101) 4,279 6,279 Foreign currency exchange adjustment (1,647) 82 (394) Share of results of equity-accounted investees after tax 1,174 (1,287) (1,989) Impairments/(reversal of impairments) 10 47,454 (6) 5,148 Early redemption premium on the 2025 Notes — — 196 Gain on acquisition 16.2 (898) — — Gain on remeasurement of previous interest in Kroondal 8.2 (298) — — Onerous contract provision 8.1 1,865 — — Occupational healthcare gain 31 (365) (211) (14) Loss on deconsolidation of subsidiary 8.1 — 309 — Profit on sale of Lonmin Canada 8.2 — (145) — Change in estimate of environmental rehabilitation obligation (56) (99) (162) Deferred revenue recognised 32 (1,252) (290) (847) Cash adjusting items: Payment of occupational healthcare liability 31 (130) (66) (240) Other non-cash and cash adjusting items (281) (490) (438) Total cash generated by operations 18,726 40,746 67,784

Change in working capital (Tabl

Change in working capital (Tables)	12 Months Ended
	Dec. 31, 2023
Change In Working Capital [Abstract]
Schedule of the change in working capital	Figures in million - SA rand 2023 2022 2021 Inventories 1,513 605 1,384 Trade and other receivables 1,328 116 (510) Trade and other payables (1,091) (335) 1,581 Total change in working capital 1,750 386 2,455

Financial instruments and ris_2

Financial instruments and risk management (Tables)	12 Months Ended
	Dec. 31, 2023
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 sets out the Group’s significant financial instruments measured at fair value by level within the fair value hierarchy: Figures in million - SA rand 2023 2022 2021 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 5,080 847 — 4,528 778 — 4,477 725 — Trade receivables — PGM concentrate sales — 3,407 — — 3,564 — — 3,794 — Trade receivables — Zinc provisional price sales — 108 — — — — — — — Other investments 1,652 — 1,233 2,320 — 855 3,143 — 224 Asset held for sale — — — — — — — 280 — Palladium hedge contract — — — — 50 — — 286 — Financial liabilities measured at fair value Derivative financial instrument — 3,810 — — — — — — — Gold hedge contracts — 140 — — — — — — — Zinc hedge contracts — 33 — — — — — — — Contingent consideration — — 1,570 — — — — — — The below table summarises the movement in financial assets and financial liabilities classified as level 3 in the table above: Figures in million - SA rand 2023 2022 2021 Financial assets measured at fair value Balance at beginning of the year 855 224 244 Fair value movement recognised in profit or loss 108 152 — Fair value movement recognised in other comprehensive income (59) (8) (29) Additions 323 483 — Foreign currency translation 6 4 9 Balance at end of the year 1,233 855 224 Financial liabilities measured at fair value Initial recognition 1,433 — — Fair value movement recognised in profit or loss 137 — — Balance at end of the year 1,570 — —
Schedule of liquidity risk	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 year Between one and two years Between two and three years Between three and five years After five years 31 December 2023 Other payables 12,757 2,203 188 277 477 9,612 Trade and other payables 11,678 11,678 — — — — Borrowings - Capital R5.5 billion RCF 4,000 4,000 — — — — US$ Convertible Bond 9,285 9,285 — — — — 2026 and 2029 Notes 22,284 — — 12,535 — 9,749 Burnstone Debt 145 — — — 145 — Other borrowings 40 11 5 5 10 9 Franco-Nevada liability 3 3 — — — — Stillwater Convertible Debentures 4 4 — — — — - Interest 17,328 1,339 941 876 1,049 13,123 Total 77,524 28,523 1,134 13,693 1,681 32,493 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 Debentures 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 Debentures 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

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2023
Capital commitments [abstract]
Schedule of commitments	Figures in million - SA rand 2023 2022 2021 Capital expenditure Authorised 26,439 43,616 19,983 Kloof 1,104 1,731 1,593 Driefontein 664 990 877 Beatrix 144 262 317 SGL corporate 359 521 1,086 Cooke — 3 3 Burnstone 199 2,741 4,353 Kroondal 581 332 395 Platinum Mile 30 25 17 Rustenburg operation 2,280 2,697 3,348 Marikana 3,138 27,955 6,841 Sandouville nickel refinery 164 290 — Keliber 13,470 4,324 — Other 1 4,306 1,745 1,153 Contracted for 8,162 4,113 3,826 Other guarantees 2 3,647 3,314 2,653 1 Includes authorised capital expenditure relating to DRDGOLD of R3,700 million ( 2022 : R1,458 million , 2021 : R549 million ) 2 Included in the amount are guarantees related to the Marikana operations of R2.2 billion (2022: R2.2 billion , 2021: R2.1 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 2023, the insured entities' total assets amounted to R38,384 million which includes property, plant and equipment of R8,846 million , trade receivables of R3,588 million , inventory of R10,735 million and cash and cash equivalents of R2,802 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, 2023
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 2023 2022 2021 Rand Refinery Gold sales 710 187 319 Refining fees paid (44) (24) (40) Trade payable (6) (6) (7)
Schedule of management personnel compensation	The directors and prescribed officers of Sibanye-Stillwater held the following cash-settled instruments as at 31 December 2023 : 2022 Instruments granted Cash-settled instruments vested during the year Instruments forfeited 2023 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 3,311,410 997,717 722,028 35.05 25,306,981 944,956 2,642,143 Charl Keyter 1,272,319 387,710 324,093 34.86 11,297,308 420,742 915,194 Prescribed officers Charles Carter 148,732 1,106,212 46,332 22.97 1,064,191 — 1,208,612 Mika Seitovirta 116,231 418,898 31,017 22.84 708,282 — 504,112 Dawie Mostert 725,010 269,970 186,348 34.49 6,426,762 808,632 — Themba Nkosi 613,797 314,288 151,959 34.35 5,219,678 187,697 588,429 Richard Stewart 1,019,919 359,348 197,167 34.02 6,708,223 236,045 946,055 Laurent Charbonnier 470,330 516,307 96,425 24.03 2,316,674 52,403 837,809 Lerato Legong 309,807 197,379 69,711 30.25 2,108,677 107,522 329,953 Robert van Niekerk 1,119,908 331,019 286,013 35.01 10,013,564 377,330 787,584 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 ADSs and JSE listed shares as a result of the dual service contract Total key management personnel compensation recognised under IFRS Accounting Standards: Figures in thousands - SA rand 2023 2022 2021 Short-term employee benefits 1 138,209 127,542 90,179 Post-employment benefits 9,397 6,957 4,421 Share-based payment 34,578 65,338 104,550 Total 182,184 199,837 199,150 1 Includes termination benefits of R3,663,146 (see note 40) The executive directors and prescribed officers were paid the following remuneration during the year: Figures in thousands - SA rand Salary Cash bonus accrued for 2023 paid in 2024 Accrual of share-based payment benefits Pension scheme total contributions Expense allowance and other benefits 2023 2022 2021 Executive directors Neal Froneman 1 15,540 9,599 28,527 1,504 1,164 56,334 198,032 291,582 Charl Keyter 7,248 4,311 12,671 1,035 436 25,701 87,482 143,428 Prescribed officers Dawie Mostert 2 2,994 1,601 5,438 676 3,804 14,513 50,765 71,734 Themba Nkosi 4,593 2,903 6,296 441 136 14,369 46,480 58,648 Richard Stewart 6,478 4,247 8,308 720 194 19,947 60,125 83,011 Robert van Niekerk 6,143 3,627 11,210 683 193 21,856 78,632 114,686 Laurent Charbonnier 3 11,932 6,254 4,169 92 1,101 23,548 24,102 23,472 Lerato Legong 4,324 2,653 3,075 581 127 10,760 9,553 7,679 Mika Seitovirta 4 9,377 6,571 4,381 2,452 1,190 23,971 15,899 245 Charles Carter 5 13,594 5,459 3,640 1,213 416 24,322 17,008 — Total 82,223 47,225 87,715 9,397 8,761 235,321 588,078 794,485 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 R18.42 /US$ ( 2022 : R16.37 /US$ and 2021: R14.79 /US$) for the year ended 31 December 2023 2 Ceased performing a prescribed officer role on 4 August 2023, expense allowance and other benefits includes a separation benefit of R3,663,146 3 Remuneration paid in GBP was converted at the average exchange rate of R22.93 /GBP (2022: R20.18 /GBP and 2021: R20.33 /GBP) for the year ended 31 December 2023 4 Remuneration paid in Euros was converted at the average exchange rate of R19.94 /Euro (2022: R17.20 /Euro, 2021: R17.49 /Euro) for the year ended 31 December 202 3 5 Remuneration paid in US dollars converted at the average exchange rate of R18.42 /US$ (2022: R16.37 /US$, 2021: R14.79 /US$) The non-executive directors were paid the following fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance 2023 2022 2021 Timothy Cumming 1,186 1,118 231 2,535 2,212 2,229 Savannah Danson 1 1,186 938 105 2,229 1,901 2,062 Harry Kenyon-Slaney 1,364 1,219 788 3,371 2,542 2,369 Richard Menell 2,407 484 719 3,610 2,735 2,719 Nkosemntu Nika 1,186 725 16 1,927 1,843 1,742 Keith Rayner 1,186 1,357 112 2,655 2,296 2,385 Susan van der Merwe 1,186 725 126 2,037 1,830 1,742 Jeremiah Vilakazi 1,186 689 119 1,994 1,662 1,795 Vincent Maphai 3,582 — 132 3,714 3,405 3,265 Elaine Dorward-King 1,364 531 904 2,799 2,803 1,618 Sindiswa Zilwa 1,186 813 147 2,146 1,821 1,807 Total 17,019 8,599 3,399 29,017 25,050 23,733 1 Resigned as non-executive director on 11 March 2024 The directors’ and prescribed officers’ (including their associates) direct and indirect share ownership at 31 December 2023 was: Number of shares* % 2023 2022 2021 2023 2022 2021 Executive directors Neal Froneman 1,2 3,284,428 8,559,665 6,636,286 0.12 0.30 0.24 Charl Keyter 2 1,776,481 1,466,181 2,866,791 0.06 0.05 0.10 Non-executive directors Timothy Cumming 2 20,000 6,000 6,000 — — — Richard Menell 2 10,125 10,125 15,125 — — — Keith Rayner 2 73,992 68,992 68,992 — — — Susan van der Merwe 2 1,028 1,028 1,028 — — — Jeremiah Vilakazi 2 4,220 4,220 2,000 — — — Vincent Maphai 2 228,224 199,724 152,135 0.01 0.01 0.01 Savannah Danson 3 16,519 16,519 2,519 — — — Harry Kenyon-Slaney 2,4 16,852 16,852 16,852 — — — Elaine Dorward-King 2,5 — 10,000 10,000 — — — Total share ownership by directors 5,431,869 10,359,306 9,777,728 0.19 0.37 0.35 Prescribed officers 6 Dawie Mostert 7 136,302 136,302 26,466 — — — Themba Nkosi 2,8 251,583 251,583 204,533 0.01 0.01 0.01 Richard Stewart 2 788,771 788,771 739,633 0.03 0.03 0.03 Robert van Niekerk 2 490,429 1,766,770 875,261 0.02 0.06 0.03 Laurent Charbonnier 2,9 151,012 151,012 151,012 0.01 0.01 0.01 Charles Carter 2,10 580,000 300,000 — 0.02 0.01 — Total 7,829,966 13,753,744 11,774,633 0.28 0.49 0.42 * This is the shareholding at the reporting date unless otherwise stated 1 Neal Froneman and his associates hold 388,863 ADSs at 31 December 2023 (2022: 225,408 , 2021: 90,479 ) which convert to 1,555,452 (2022: 901,632 , 2021: 361,916 ) 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: • Charles Carter — 620,000 3 Last known shareholding when ceased performing a non-executive director role on 11 March 2024 4 Harry Kenyon-Slaney and his associates hold 4,213 ADSs at 31 December 2023 (2022 and 2021: 4,213 ) which convert to 16,852 (2022 and 2021: 16,852 ) ordinary shares in the Company 5 Elaine Dorward-King and her associates hold no ADSs at 31 December 2023 (2022 and 2021: 2,500 ) which convert to zero (2022 and 2021: 10,000 ) ordinary shares in the Company 6 Melanie Naidoo-Vermaak was appointed on 1 January 2024 and holds 146,858 shares at the date of this report 7 Last known shareholding when ceased performing prescribed officer role on 4 August 2023 8 Themba Nkosi and his associates hold 5,300 ADSs at 31 December 2023 (2022: 5,300 ) which convert into 21,200 (2022: 21,200 ) ordinary shares in the Company 9 Laurent Charbonnier and his associates hold 37,753 ADSs at 31 December 2023 (2022 and 2021: 37,753 ) which convert to 151,012 (2022 and 2021: 151,012 ) ordinary shares in the Company 10 Charles Carter and his associates hold 145,000 ADSs at 31 December 2023 (2022: 75,000 ) which convert to 580,000 (2022: 300,000 ) ordinary shares in the Company

Directors' and prescribed off_2

Directors' and prescribed officers' remuneration (Tables)	12 Months Ended
	Dec. 31, 2023
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 cash-settled instruments as at 31 December 2023 : 2022 Instruments granted Cash-settled instruments vested during the year Instruments forfeited 2023 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 3,311,410 997,717 722,028 35.05 25,306,981 944,956 2,642,143 Charl Keyter 1,272,319 387,710 324,093 34.86 11,297,308 420,742 915,194 Prescribed officers Charles Carter 148,732 1,106,212 46,332 22.97 1,064,191 — 1,208,612 Mika Seitovirta 116,231 418,898 31,017 22.84 708,282 — 504,112 Dawie Mostert 725,010 269,970 186,348 34.49 6,426,762 808,632 — Themba Nkosi 613,797 314,288 151,959 34.35 5,219,678 187,697 588,429 Richard Stewart 1,019,919 359,348 197,167 34.02 6,708,223 236,045 946,055 Laurent Charbonnier 470,330 516,307 96,425 24.03 2,316,674 52,403 837,809 Lerato Legong 309,807 197,379 69,711 30.25 2,108,677 107,522 329,953 Robert van Niekerk 1,119,908 331,019 286,013 35.01 10,013,564 377,330 787,584 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 ADSs and JSE listed shares as a result of the dual service contract Total key management personnel compensation recognised under IFRS Accounting Standards: Figures in thousands - SA rand 2023 2022 2021 Short-term employee benefits 1 138,209 127,542 90,179 Post-employment benefits 9,397 6,957 4,421 Share-based payment 34,578 65,338 104,550 Total 182,184 199,837 199,150 1 Includes termination benefits of R3,663,146 (see note 40) The executive directors and prescribed officers were paid the following remuneration during the year: Figures in thousands - SA rand Salary Cash bonus accrued for 2023 paid in 2024 Accrual of share-based payment benefits Pension scheme total contributions Expense allowance and other benefits 2023 2022 2021 Executive directors Neal Froneman 1 15,540 9,599 28,527 1,504 1,164 56,334 198,032 291,582 Charl Keyter 7,248 4,311 12,671 1,035 436 25,701 87,482 143,428 Prescribed officers Dawie Mostert 2 2,994 1,601 5,438 676 3,804 14,513 50,765 71,734 Themba Nkosi 4,593 2,903 6,296 441 136 14,369 46,480 58,648 Richard Stewart 6,478 4,247 8,308 720 194 19,947 60,125 83,011 Robert van Niekerk 6,143 3,627 11,210 683 193 21,856 78,632 114,686 Laurent Charbonnier 3 11,932 6,254 4,169 92 1,101 23,548 24,102 23,472 Lerato Legong 4,324 2,653 3,075 581 127 10,760 9,553 7,679 Mika Seitovirta 4 9,377 6,571 4,381 2,452 1,190 23,971 15,899 245 Charles Carter 5 13,594 5,459 3,640 1,213 416 24,322 17,008 — Total 82,223 47,225 87,715 9,397 8,761 235,321 588,078 794,485 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 R18.42 /US$ ( 2022 : R16.37 /US$ and 2021: R14.79 /US$) for the year ended 31 December 2023 2 Ceased performing a prescribed officer role on 4 August 2023, expense allowance and other benefits includes a separation benefit of R3,663,146 3 Remuneration paid in GBP was converted at the average exchange rate of R22.93 /GBP (2022: R20.18 /GBP and 2021: R20.33 /GBP) for the year ended 31 December 2023 4 Remuneration paid in Euros was converted at the average exchange rate of R19.94 /Euro (2022: R17.20 /Euro, 2021: R17.49 /Euro) for the year ended 31 December 202 3 5 Remuneration paid in US dollars converted at the average exchange rate of R18.42 /US$ (2022: R16.37 /US$, 2021: R14.79 /US$) The non-executive directors were paid the following fees during the year: Figures in thousands - SA rand Directors fees Committee fees Expense allowance 2023 2022 2021 Timothy Cumming 1,186 1,118 231 2,535 2,212 2,229 Savannah Danson 1 1,186 938 105 2,229 1,901 2,062 Harry Kenyon-Slaney 1,364 1,219 788 3,371 2,542 2,369 Richard Menell 2,407 484 719 3,610 2,735 2,719 Nkosemntu Nika 1,186 725 16 1,927 1,843 1,742 Keith Rayner 1,186 1,357 112 2,655 2,296 2,385 Susan van der Merwe 1,186 725 126 2,037 1,830 1,742 Jeremiah Vilakazi 1,186 689 119 1,994 1,662 1,795 Vincent Maphai 3,582 — 132 3,714 3,405 3,265 Elaine Dorward-King 1,364 531 904 2,799 2,803 1,618 Sindiswa Zilwa 1,186 813 147 2,146 1,821 1,807 Total 17,019 8,599 3,399 29,017 25,050 23,733 1 Resigned as non-executive director on 11 March 2024 The directors’ and prescribed officers’ (including their associates) direct and indirect share ownership at 31 December 2023 was: Number of shares* % 2023 2022 2021 2023 2022 2021 Executive directors Neal Froneman 1,2 3,284,428 8,559,665 6,636,286 0.12 0.30 0.24 Charl Keyter 2 1,776,481 1,466,181 2,866,791 0.06 0.05 0.10 Non-executive directors Timothy Cumming 2 20,000 6,000 6,000 — — — Richard Menell 2 10,125 10,125 15,125 — — — Keith Rayner 2 73,992 68,992 68,992 — — — Susan van der Merwe 2 1,028 1,028 1,028 — — — Jeremiah Vilakazi 2 4,220 4,220 2,000 — — — Vincent Maphai 2 228,224 199,724 152,135 0.01 0.01 0.01 Savannah Danson 3 16,519 16,519 2,519 — — — Harry Kenyon-Slaney 2,4 16,852 16,852 16,852 — — — Elaine Dorward-King 2,5 — 10,000 10,000 — — — Total share ownership by directors 5,431,869 10,359,306 9,777,728 0.19 0.37 0.35 Prescribed officers 6 Dawie Mostert 7 136,302 136,302 26,466 — — — Themba Nkosi 2,8 251,583 251,583 204,533 0.01 0.01 0.01 Richard Stewart 2 788,771 788,771 739,633 0.03 0.03 0.03 Robert van Niekerk 2 490,429 1,766,770 875,261 0.02 0.06 0.03 Laurent Charbonnier 2,9 151,012 151,012 151,012 0.01 0.01 0.01 Charles Carter 2,10 580,000 300,000 — 0.02 0.01 — Total 7,829,966 13,753,744 11,774,633 0.28 0.49 0.42 * This is the shareholding at the reporting date unless otherwise stated 1 Neal Froneman and his associates hold 388,863 ADSs at 31 December 2023 (2022: 225,408 , 2021: 90,479 ) which convert to 1,555,452 (2022: 901,632 , 2021: 361,916 ) 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: • Charles Carter — 620,000 3 Last known shareholding when ceased performing a non-executive director role on 11 March 2024 4 Harry Kenyon-Slaney and his associates hold 4,213 ADSs at 31 December 2023 (2022 and 2021: 4,213 ) which convert to 16,852 (2022 and 2021: 16,852 ) ordinary shares in the Company 5 Elaine Dorward-King and her associates hold no ADSs at 31 December 2023 (2022 and 2021: 2,500 ) which convert to zero (2022 and 2021: 10,000 ) ordinary shares in the Company 6 Melanie Naidoo-Vermaak was appointed on 1 January 2024 and holds 146,858 shares at the date of this report 7 Last known shareholding when ceased performing prescribed officer role on 4 August 2023 8 Themba Nkosi and his associates hold 5,300 ADSs at 31 December 2023 (2022: 5,300 ) which convert into 21,200 (2022: 21,200 ) ordinary shares in the Company 9 Laurent Charbonnier and his associates hold 37,753 ADSs at 31 December 2023 (2022 and 2021: 37,753 ) which convert to 151,012 (2022 and 2021: 151,012 ) ordinary shares in the Company 10 Charles Carter and his associates hold 145,000 ADSs at 31 December 2023 (2022: 75,000 ) which convert to 580,000 (2022: 300,000 ) ordinary shares in the Company

Accounting policies (Tables)

Accounting policies (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of initial application of standards or interpretations [abstract]
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 and derivative financial instrument 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/assets

Accounting policies - Reporting

Accounting policies - Reporting entity (Details)			7 Months Ended	12 Months Ended
	Nov. 17, 2023	May 10, 2023	Dec. 31, 2023 continent	Dec. 31, 2023 shaft continent reef facility region shaftComplex plant concentrator miningTailingDam	Dec. 31, 2022	Nov. 01, 2023
Accounting policies
Number of continents | continent			5	5
Number of regions | region				4
Number of established shaft complexes | shaftComplex				2
Number of concentrators on site | concentrator				8
Copper Mines Of Tasmania Proprietary Limited
Accounting policies
Proportion of ownership interest in entity	100%			100%
Kroondal Mine
Accounting policies
Percentage of voting equity interests acquired			100%	100%
Rhyolite Ridge
Accounting policies
Expected proportion of ownership interest in joint venture				50%
Ioneer Limited
Accounting policies
Proportion of ownership interest in entity				6.91%
Keliber
Accounting policies
Proportion of ownership interest in subsidiary			79.82%	79.82%	84.96%
Century
Accounting policies
Percentage of voting equity interests acquired		49.85%	49.85%	49.85%
Proportion of ownership interest in subsidiary		100%		100%
Beatrix
Accounting policies
Number of operating vertical shafts				2
Number of metallurgical plants | plant				1
Driefontein
Accounting policies
Number of operating vertical shafts				4
Number of metallurgical plants | plant				1
Number of reefs | reef				3
Kloof
Accounting policies
Number of operating vertical shafts				3
Number of metallurgical plants | plant				1
Number of reefs | reef				4
Cooke
Accounting policies
Number of operating vertical shafts				4
Marikana
Accounting policies
Number of shafts and concentrators				6
Number of concentrators on site | concentrator				4
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
Rustenburg operation | Kroondal Mine
Accounting policies
Percentage of voting equity interests acquired			50%	50%		50%
Kroondal
Accounting policies
Number of operating decline shafts				4
Number of concentrating plants | plant				2
Number of storage facilities | facility				3

Accounting policies - Consolida

Accounting policies - Consolidation (Details) R in Millions					7 Months Ended	12 Months Ended
	Nov. 17, 2023	May 10, 2023	Jan. 10, 2020 ZAR (R) shares	Jun. 29, 2018	Dec. 31, 2023 ZAR (R)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022	Dec. 31, 2021
Copper Mines Of Tasmania Proprietary Limited
Accounting policies
Proportion of ownership interest in entity	100%					100%
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%			50.28%	50.33%	50.49%
Peregrine
Accounting policies
Proportion of legal ownership interest in associate						40%
Peregrine | Aldebaran
Accounting policies
Joint venture ownership interest of counterparty, initial				60%		20%
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%
Bapo Trust
Accounting policies
Percentage of stake held						0.90%
Marikana Community Trust
Accounting policies
Percentage of stake held						0.90%
Liabilities					R 1,481	R 1,481
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%	26%
Newshelf 1114
Accounting policies
Proportion of ownership interest in subsidiary						76%
Keliber
Accounting policies
Proportion of ownership interest in subsidiary					79.82%	79.82%	84.96%
Effective proportion of ownership interest in subsidiary						79.82%	85.90%
Proportion of ownership interests held by non-controlling interests						1%
Put option discount						10%
Century
Accounting policies
Percentage of voting equity interests acquired		49.85%			49.85%	49.85%
Proportion of ownership interest in subsidiary		100%				100%
Rustenburg Mine Employees Trust
Accounting policies
Proportion of ownership interest in subsidiary						30.40%
Liabilities					R 1,673	R 1,673
Rustenburg Mine Community Development Trust
Accounting policies
Percentage of stake held						24.80%
Liabilities					R 1,365	R 1,365

Accounting policies - Unconsoli

Accounting policies - Unconsolidated structured entities (Details)	12 Months Ended
	Dec. 31, 2023 agreement
Disclosure of initial application of standards or interpretations [abstract]
Number of power purchase agreements	2
Term, power purchase agreements	15 years
Extension period, power purchase agreements	5 years

Segment reporting (Details)

Segment reporting (Details) - ZAR (R) R in Millions	2 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEGMENT REPORTING
Total revenue		R 113,684	R 138,288	R 172,194
Cost of sales, before amortisation and depreciation		(89,756)	(94,537)	(101,013)
Amortisation and depreciation		(10,012)	(7,087)	(8,293)
Interest income		1,369	1,203	1,202
Finance expense		(3,299)	(2,840)	(2,496)
Total share-based payment expense		(113)	(218)	(383)
Gain/(loss) on financial instruments		235	(4,279)	(6,279)
Gain/(loss) on foreign exchange differences		1,973	616	1,149
Share of results of equity-accounted investees after tax		(1,174)	1,287	1,989
Other costs		(5,858)	(3,679)	(3,018)
Other income		1,232	1,110	764
Gain on disposal of property, plant and equipment		105	162	36
Total (impairments)/reversal of impairments		(47,454)	6	(5,148)
Early redemption premium on the 2025 Notes		0	0	(196)
Gain on acquisition	R 898	898	0	0
Occupational healthcare gain		365	211	14
Restructuring costs		(515)	(363)	(107)
Transaction costs		(474)	(152)	(140)
Royalties and carbon tax		(1,052)	(1,824)	(2,718)
Total mining and income tax		2,416	(8,924)	(13,761)
Current taxation		(3,178)	(9,282)	(13,506)
Deferred taxation		5,594	358	(255)
(Loss)/profit for the year		(37,430)	18,980	33,796
Sustaining capital expenditure		(6,056)	(4,946)	(4,119)
Ore reserve development		(9,137)	(6,640)	(5,535)
Growth projects		(6,886)	(4,313)	(3,086)
Total capital expenditure		(22,079)	(15,899)	(12,740)
Inventory write-down		1,694	111	76
SGL corporate
SEGMENT REPORTING
Inventory write-down		1,374
Underground
SEGMENT REPORTING
Total revenue		83,612	92,325	120,403
Cost of sales, before amortisation and depreciation		(62,482)	(52,734)	(54,989)
Surface
SEGMENT REPORTING
Total revenue		13,730	10,556	11,081
Cost of sales, before amortisation and depreciation		(10,234)	(7,179)	(6,804)
Recycling/processing
SEGMENT REPORTING
Total revenue		16,342	35,407	40,710
Cost of sales, before amortisation and depreciation		(17,040)	(34,624)	(39,220)
Recycling
SEGMENT REPORTING
Cost of sales, before amortisation and depreciation		(12,711)	(30,993)	(39,220)
Work in progress
SEGMENT REPORTING
Inventory write-down		1,179
Finished goods
SEGMENT REPORTING
Inventory write-down		423
SA PGM operations
SEGMENT REPORTING
Restructuring costs		(351)	(26)	(27)
SA gold operations
SEGMENT REPORTING
Restructuring costs		(113)	(330)	(69)
Southern Africa (SA)
SEGMENT REPORTING
Total revenue		84,736	89,507	113,512
Europe (EU)
SEGMENT REPORTING
Total revenue		3,024	3,140	0
Australia
SEGMENT REPORTING
Total revenue		2,251	0	0
Operating segments | US Region/ Stillwater | US PGM operations
SEGMENT REPORTING
Total revenue		23,812	46,090	59,053
Cost of sales, before amortisation and depreciation		(22,391)	(38,452)	(46,787)
Amortisation and depreciation		(3,390)	(2,803)	(2,601)
Interest income		213	309	382
Finance expense		(1,134)	(952)	(954)
Total share-based payment expense		(39)	(47)	(73)
Gain/(loss) on financial instruments		(2,064)	(242)	233
Gain/(loss) on foreign exchange differences		12	(8)	3
Share of results of equity-accounted investees after tax		0	0	0
Other costs		(108)	(129)	(12)
Other income		12	102	0
Gain on disposal of property, plant and equipment		(45)	5	(32)
Total (impairments)/reversal of impairments		(38,919)	0	(1)
Early redemption premium on the 2025 Notes		0	0	(196)
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		(41)	(2)	(3)
Transaction costs		(27)	(8)	(42)
Royalties and carbon tax		0	0	0
Total mining and income tax		7,612	340	(1,511)
Current taxation		343	(655)	(1,422)
Deferred taxation		7,269	315	(89)
(Loss)/profit for the year		(36,497)	3,523	7,459
Sustaining capital expenditure		(2,180)	(1,185)	(796)
Ore reserve development		(3,889)	(2,887)	(1,354)
Growth projects		(774)	(1,345)	(2,411)
Total capital expenditure		(6,843)	(5,417)	(4,561)
Operating segments | US Region/ Stillwater | US PGM operations | Underground
SEGMENT REPORTING
Total revenue		10,494	13,823	18,343
Cost of sales, before amortisation and depreciation		(9,680)	(7,459)	(7,567)
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		13,318	32,267	40,710
Cost of sales, before amortisation and depreciation		(12,711)	(30,993)	(39,220)
Operating segments | US Region/ Stillwater | Underground
SEGMENT REPORTING
Total revenue		10,494	13,823	18,343
Cost of sales, before amortisation and depreciation		(9,680)	(7,459)	(7,567)
Amortisation and depreciation		(3,386)	(2,799)	(2,598)
Interest income		213	81	10
Finance expense		(1,134)	(952)	(897)
Total share-based payment expense		(39)	(47)	(73)
Gain/(loss) on financial instruments		(2,064)	(242)	233
Gain/(loss) on foreign exchange differences		12	(8)	3
Share of results of equity-accounted investees after tax		0	0	0
Other costs		(108)	(129)	(12)
Other income		12	102	0
Gain on disposal of property, plant and equipment		(45)	5	(32)
Total (impairments)/reversal of impairments		(38,919)	0	(1)
Early redemption premium on the 2025 Notes				196
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		(41)	(2)	(3)
Transaction costs		(27)	(8)	(42)
Royalties and carbon tax		0	0	0
Total mining and income tax				0
Sustaining capital expenditure		(2,178)	(1,184)	(791)
Ore reserve development		(3,889)	(2,887)	(1,354)
Growth projects		(774)	(1,345)	(2,411)
Total capital expenditure		(6,841)	(5,416)	(4,556)
Operating segments | US Region/ Stillwater | Underground | Underground
SEGMENT REPORTING
Total revenue		10,494	13,823	18,343
Cost of sales, before amortisation and depreciation		(9,680)	(7,459)	(7,567)
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		13,318	32,267	40,710
Cost of sales, before amortisation and depreciation		(12,711)	(30,993)	(39,220)
Amortisation and depreciation		(4)	(4)	(3)
Interest income		0	228	372
Finance expense		0	0	(57)
Total share-based payment expense		0	0	0
Gain/(loss) on financial instruments		0	0	0
Gain/(loss) on foreign exchange differences		0	0	0
Share of results of equity-accounted investees after tax		0	0	0
Other costs		0	0	0
Other income		0	0	0
Gain on disposal of property, plant and equipment		0	0	0
Total (impairments)/reversal of impairments		0	0	0
Early redemption premium on the 2025 Notes				0
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		0	0	0
Transaction costs		0	0	0
Royalties and carbon tax		0	0	0
Total mining and income tax				0
Sustaining capital expenditure		(2)	(1)	(5)
Ore reserve development		0	0	0
Growth projects		0	0	0
Total capital expenditure		(2)	(1)	(5)
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		13,318
Cost of sales, before amortisation and depreciation		(12,711)
Operating segments | US Region/ Stillwater | Recycling | Recycling
SEGMENT REPORTING
Total revenue			32,267	40,710
Cost of sales, before amortisation and depreciation			(30,993)	(39,220)
Operating segments | Southern Africa (SA)
SEGMENT REPORTING
Total revenue		84,736	89,507	113,512
Cost of sales, before amortisation and depreciation		(60,780)	(52,454)	(54,226)
Amortisation and depreciation		(5,357)	(4,126)	(5,692)
Interest income		1,089	893	805
Finance expense		(1,603)	(1,547)	(1,233)
Total share-based payment expense		(71)	(169)	(310)
Gain/(loss) on financial instruments		1,938	(4,188)	(6,563)
Gain/(loss) on foreign exchange differences		1,920	623	1,146
Share of results of equity-accounted investees after tax		(1,156)	1,298	1,989
Other costs		(3,411)	(3,379)	(3,006)
Other income		1,071	963	764
Gain on disposal of property, plant and equipment		150	157	68
Total (impairments)/reversal of impairments		(3,239)	6	(5,147)
Early redemption premium on the 2025 Notes		0	0	0
Gain on acquisition		898	0	0
Occupational healthcare gain		365	211	14
Restructuring costs		(474)	(361)	(104)
Transaction costs		0	(2)	0
Royalties and carbon tax		(921)	(1,824)	(2,718)
Total mining and income tax		(5,116)	8,541	(12,180)
Current taxation		(3,408)	(8,623)	(12,014)
Deferred taxation		(1,708)	82	(166)
(Loss)/profit for the year		10,039	17,067	27,119
Sustaining capital expenditure		(3,514)	(3,671)	(3,323)
Ore reserve development		(5,248)	(3,753)	(4,181)
Growth projects		(3,591)	(2,239)	(675)
Total capital expenditure		(12,353)	(9,663)	(8,179)
Operating segments | Southern Africa (SA) | Underground
SEGMENT REPORTING
Total revenue		73,257	78,951	102,431
Cost of sales, before amortisation and depreciation		(52,802)	(45,275)	(47,422)
Operating segments | Southern Africa (SA) | Surface
SEGMENT REPORTING
Total revenue		11,479	10,556	11,081
Cost of sales, before amortisation and depreciation		(7,978)	(7,179)	(6,804)
Operating segments | Southern Africa (SA) | Recycling/processing
SEGMENT REPORTING
Total revenue		0	0	0
Cost of sales, before amortisation and depreciation		0	0	0
Operating segments | Southern Africa (SA) | SA PGM operations
SEGMENT REPORTING
Total revenue		55,593	71,665	85,154
Cost of sales, before amortisation and depreciation		(36,699)	(32,280)	(31,971)
Amortisation and depreciation		(2,975)	(2,418)	(2,515)
Interest income		478	402	219
Finance expense		(706)	(831)	(666)
Total share-based payment expense		(18)	(73)	(89)
Gain/(loss) on financial instruments		1,957	(3,477)	(6,507)
Gain/(loss) on foreign exchange differences		1,894	208	363
Share of results of equity-accounted investees after tax		(1,471)	1,062	1,703
Other costs		(1,441)	(1,616)	(1,650)
Other income		571	385	211
Gain on disposal of property, plant and equipment		79	54	29
Total (impairments)/reversal of impairments		(506)	6	0
Early redemption premium on the 2025 Notes		0	0	0
Gain on acquisition		898	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		(351)	(26)	(27)
Transaction costs		0	(3)	0
Royalties and carbon tax		(805)	(1,772)	(2,548)
Total mining and income tax		(4,152)	9,705	(12,112)
Current taxation		(3,081)	(8,373)	(11,745)
Deferred taxation		(1,071)	(1,332)	(367)
(Loss)/profit for the year		12,346	21,581	29,594
Sustaining capital expenditure		(2,057)	(2,056)	(2,019)
Ore reserve development		(2,551)	(2,123)	(1,577)
Growth projects		(1,038)	(925)	(203)
Total capital expenditure		(5,646)	(5,104)	(3,799)
Operating segments | Southern Africa (SA) | SA PGM operations | Underground
SEGMENT REPORTING
Total revenue		52,375	68,182	81,477
Cost of sales, before amortisation and depreciation		(34,819)	(30,528)	(30,430)
Operating segments | Southern Africa (SA) | SA PGM operations | Surface
SEGMENT REPORTING
Total revenue		3,218	3,483	3,677
Cost of sales, before amortisation and depreciation		(1,880)	(1,752)	(1,541)
Operating segments | Southern Africa (SA) | SA PGM operations | Recycling/processing
SEGMENT REPORTING
Total revenue		0	0	0
Cost of sales, before amortisation and depreciation		0	0	0
Operating segments | Southern Africa (SA) | Rustenburg operation
SEGMENT REPORTING
Total revenue		22,722	29,104	31,749
Cost of sales, before amortisation and depreciation		(15,147)	(13,546)	(11,464)
Amortisation and depreciation		(1,135)	(981)	(885)
Interest income		50	43	22
Finance expense		(4,066)	(4,618)	(4,201)
Total share-based payment expense		(9)	(27)	(35)
Gain/(loss) on financial instruments		5,067	(9,520)	(12,265)
Gain/(loss) on foreign exchange differences		(5)	155	22
Share of results of equity-accounted investees after tax		0	0	0
Other costs		83	161	142
Other income		2	2	3
Gain on disposal of property, plant and equipment		33	20	27
Total (impairments)/reversal of impairments		(2)	0	0
Early redemption premium on the 2025 Notes				0
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		(94)	(10)	(23)
Transaction costs		0	0	0
Royalties and carbon tax		(355)	(1,023)	(1,405)
Total mining and income tax		(1,734)	3,759	(3,908)
Current taxation		(1,195)	(3,169)	(4,864)
Deferred taxation		(539)	(590)	956
(Loss)/profit for the year		5,410	(3,999)	(2,221)
Sustaining capital expenditure		(644)	(690)	(619)
Ore reserve development		(669)	(687)	(629)
Growth projects		0	0	0
Total capital expenditure		(1,313)	(1,377)	(1,248)
Operating segments | Southern Africa (SA) | Rustenburg operation | Underground
SEGMENT REPORTING
Total revenue		20,530	27,058	29,575
Cost of sales, before amortisation and depreciation		(13,908)	(12,377)	(10,454)
Operating segments | Southern Africa (SA) | Rustenburg operation | Surface
SEGMENT REPORTING
Total revenue		2,192	2,046	2,174
Cost of sales, before amortisation and depreciation		(1,239)	(1,169)	(1,010)
Operating segments | Southern Africa (SA) | Rustenburg operation | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Southern Africa (SA) | Rustenburg operation | Recycling
SEGMENT REPORTING
Total revenue			0	0
Cost of sales, before amortisation and depreciation			0	0
Operating segments | Southern Africa (SA) | Marikana
SEGMENT REPORTING
Total revenue		27,282	32,753	41,610
Cost of sales, before amortisation and depreciation		(16,961)	(14,603)	(16,561)
Amortisation and depreciation		(1,537)	(1,205)	(1,099)
Interest income		248	214	92
Finance expense		(413)	(320)	(328)
Total share-based payment expense		(13)	(36)	(42)
Gain/(loss) on financial instruments		1,753	(1,502)	(1,185)
Gain/(loss) on foreign exchange differences		1,703	(127)	158
Share of results of equity-accounted investees after tax		8	0	0
Other costs		(696)	(1,040)	(1,092)
Other income		164	220	98
Gain on disposal of property, plant and equipment		44	35	1
Total (impairments)/reversal of impairments		0	7	0
Early redemption premium on the 2025 Notes				0
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		(206)	(13)	(2)
Transaction costs		0	(3)	0
Royalties and carbon tax		(442)	(735)	(1,129)
Total mining and income tax		(2,161)	4,459	(6,228)
Current taxation		(1,621)	(3,766)	(4,768)
Deferred taxation		(540)	(693)	(1,460)
(Loss)/profit for the year		8,773	9,186	14,293
Sustaining capital expenditure		(1,097)	(1,072)	(1,104)
Ore reserve development		(1,882)	(1,436)	(947)
Growth projects		(893)	(924)	(203)
Total capital expenditure		(3,872)	(3,432)	(2,254)
Operating segments | Southern Africa (SA) | Marikana | Underground
SEGMENT REPORTING
Total revenue		27,282	32,753	41,610
Cost of sales, before amortisation and depreciation		(16,961)	(14,603)	(16,561)
Operating segments | Southern Africa (SA) | Marikana | Surface
SEGMENT REPORTING
Total revenue		0	0	0
Cost of sales, before amortisation and depreciation		0		0
Operating segments | Southern Africa (SA) | Marikana | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Southern Africa (SA) | Marikana | Recycling
SEGMENT REPORTING
Total revenue			0	0
Cost of sales, before amortisation and depreciation			0	0
Operating segments | Southern Africa (SA) | Kroondal
SEGMENT REPORTING
Total revenue		4,563	8,371	10,293
Cost of sales, before amortisation and depreciation		(3,950)	(3,548)	(3,416)
Amortisation and depreciation		(234)	(180)	(495)
Interest income		126	109	97
Finance expense		(122)	(111)	(116)
Total share-based payment expense		5	(9)	(12)
Gain/(loss) on financial instruments		(148)	0	0
Gain/(loss) on foreign exchange differences		165	165	166
Share of results of equity-accounted investees after tax		0	0	0
Other costs		(124)	(123)	(85)
Other income		50	133	76
Gain on disposal of property, plant and equipment		3	0	1
Total (impairments)/reversal of impairments		(21)	(1)	0
Early redemption premium on the 2025 Notes				0
Gain on acquisition		(898)	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		(50)	(3)	(2)
Transaction costs		0	0	0
Royalties and carbon tax		(9)	(13)	(14)
Total mining and income tax		(99)	1,348	(1,829)
Current taxation		(124)	(1,288)	(1,885)
Deferred taxation		25	(60)	56
(Loss)/profit for the year		1,053	3,442	4,664
Sustaining capital expenditure		(286)	(273)	(268)
Ore reserve development		0	0	0
Growth projects		(20)	0	0
Total capital expenditure		(306)	(273)	(268)
Operating segments | Southern Africa (SA) | Kroondal | Underground
SEGMENT REPORTING
Total revenue		4,563	8,371	10,293
Cost of sales, before amortisation and depreciation		(3,950)	(3,548)	(3,416)
Operating segments | Southern Africa (SA) | Kroondal | Surface
SEGMENT REPORTING
Total revenue		0	0	0
Cost of sales, before amortisation and depreciation		0	0	0
Operating segments | Southern Africa (SA) | Kroondal | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Southern Africa (SA) | Kroondal | Recycling
SEGMENT REPORTING
Total revenue			0	0
Cost of sales, before amortisation and depreciation			0	0
Operating segments | Southern Africa (SA) | Platinum Mile
SEGMENT REPORTING
Total revenue		1,026	1,437	1,503
Cost of sales, before amortisation and depreciation		(641)	(583)	(531)
Amortisation and depreciation		(47)	(40)	(31)
Interest income		42	30	7
Finance expense		0	0	0
Total share-based payment expense		0	(1)	0
Gain/(loss) on financial instruments		0	0	0
Gain/(loss) on foreign exchange differences		33	5	34
Share of results of equity-accounted investees after tax		0	0	0
Other costs		(282)	(407)	(492)
Other income		0	0	0
Gain on disposal of property, plant and equipment		0	0	0
Total (impairments)/reversal of impairments		0	0	0
Early redemption premium on the 2025 Notes				0
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		0	0	0
Transaction costs		0	0	0
Royalties and carbon tax		0	0	0
Total mining and income tax		(35)	122	(138)
Current taxation		(11)	(130)	(218)
Deferred taxation		(24)	8	80
(Loss)/profit for the year		96	319	352
Sustaining capital expenditure		(30)	(21)	(28)
Ore reserve development		0	0	0
Growth projects		(125)	0	0
Total capital expenditure		(155)	(21)	(28)
Operating segments | Southern Africa (SA) | Platinum Mile | Underground
SEGMENT REPORTING
Total revenue		0	0	0
Cost of sales, before amortisation and depreciation		0	0	0
Operating segments | Southern Africa (SA) | Platinum Mile | Surface
SEGMENT REPORTING
Total revenue		1,026	1,437	1,503
Cost of sales, before amortisation and depreciation		(641)	(583)	(531)
Operating segments | Southern Africa (SA) | Platinum Mile | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Southern Africa (SA) | Platinum Mile | Recycling
SEGMENT REPORTING
Total revenue			0	0
Cost of sales, before amortisation and depreciation			0	0
Operating segments | Southern Africa (SA) | Mimosa
SEGMENT REPORTING
Total revenue		3,217	4,267	4,393
Cost of sales, before amortisation and depreciation		(2,409)	(1,936)	(1,587)
Amortisation and depreciation		(475)	(342)	(274)
Interest income		32	102	12
Finance expense		(28)	(36)	(5)
Total share-based payment expense		0	0	0
Gain/(loss) on financial instruments		0	(16)	0
Gain/(loss) on foreign exchange differences		(233)	(482)	(43)
Share of results of equity-accounted investees after tax		0	0	0
Other costs		(30)	(22)	(42)
Other income		37	1	0
Gain on disposal of property, plant and equipment		(1)	(2)	0
Total (impairments)/reversal of impairments		(2,287)	0	0
Early redemption premium on the 2025 Notes				0
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		0	0	0
Transaction costs		0	0	0
Royalties and carbon tax		(133)	(127)	(160)
Total mining and income tax		410	346	(592)
Current taxation		(38)	(208)	(574)
Deferred taxation		448	(138)	(18)
(Loss)/profit for the year		(1,900)	1,061	1,702
Sustaining capital expenditure		(1,057)	(864)	(499)
Ore reserve development		0	0	0
Growth projects		0	0	0
Total capital expenditure		(1,057)	(864)	(499)
Operating segments | Southern Africa (SA) | Mimosa | Underground
SEGMENT REPORTING
Total revenue		3,217	4,267	4,393
Cost of sales, before amortisation and depreciation		(2,409)	(1,936)	(1,587)
Operating segments | Southern Africa (SA) | Mimosa | Surface
SEGMENT REPORTING
Total revenue		0	0	0
Cost of sales, before amortisation and depreciation		0	0	0
Operating segments | Southern Africa (SA) | Mimosa | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Southern Africa (SA) | Mimosa | Recycling
SEGMENT REPORTING
Total revenue			0	0
Cost of sales, before amortisation and depreciation			0	0
Operating segments | Southern Africa (SA) | SA gold operations
SEGMENT REPORTING
Total revenue		29,143	17,842	28,358
Cost of sales, before amortisation and depreciation		(24,081)	(20,174)	(22,255)
Amortisation and depreciation		(2,382)	(1,708)	(3,177)
Interest income		611	491	586
Finance expense		(897)	(716)	(567)
Total share-based payment expense		(53)	(96)	(221)
Gain/(loss) on financial instruments		(19)	(711)	(56)
Gain/(loss) on foreign exchange differences		26	415	783
Share of results of equity-accounted investees after tax		315	236	286
Other costs		(1,970)	(1,763)	(1,356)
Other income		500	578	553
Gain on disposal of property, plant and equipment		71	103	39
Total (impairments)/reversal of impairments		(2,733)	0	(5,147)
Early redemption premium on the 2025 Notes		0	0	0
Gain on acquisition		0	0	0
Occupational healthcare gain		365	211	14
Restructuring costs		(123)	(335)	(77)
Transaction costs		0	1	0
Royalties and carbon tax		(116)	(52)	(170)
Total mining and income tax		(964)	(1,164)	(68)
Current taxation		(327)	(250)	(269)
Deferred taxation		(637)	1,414	201
(Loss)/profit for the year		(2,307)	(4,514)	(2,475)
Sustaining capital expenditure		(1,457)	(1,615)	(1,304)
Ore reserve development		(2,697)	(1,630)	(2,604)
Growth projects		(2,553)	(1,314)	(472)
Total capital expenditure		(6,707)	(4,559)	(4,380)
Operating segments | Southern Africa (SA) | SA gold operations | Underground
SEGMENT REPORTING
Total revenue		20,882	10,769	20,954
Cost of sales, before amortisation and depreciation		(17,983)	(14,747)	(16,992)
Operating segments | Southern Africa (SA) | SA gold operations | Surface
SEGMENT REPORTING
Total revenue		8,261	7,073	7,404
Cost of sales, before amortisation and depreciation		(6,098)	(5,427)	(5,263)
Operating segments | Southern Africa (SA) | SA gold operations | Recycling/processing
SEGMENT REPORTING
Total revenue		0	0	0
Cost of sales, before amortisation and depreciation		0	0	0
Operating segments | Southern Africa (SA) | Driefontein
SEGMENT REPORTING
Total revenue		8,292	4,486	7,932
Cost of sales, before amortisation and depreciation		(6,567)	(5,281)	(5,691)
Amortisation and depreciation		(1,015)	(721)	(1,165)
Interest income		75	68	60
Finance expense		(116)	(100)	(99)
Total share-based payment expense		(3)	(20)	(20)
Gain/(loss) on financial instruments		23	7	7
Gain/(loss) on foreign exchange differences		0	0	0
Share of results of equity-accounted investees after tax		0	0	0
Other costs		(79)	(169)	(76)
Other income		3	2	6
Gain on disposal of property, plant and equipment		23	16	16
Total (impairments)/reversal of impairments		(2)	0	(212)
Early redemption premium on the 2025 Notes				0
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		(25)	(6)	(5)
Transaction costs		0	0	0
Royalties and carbon tax		(41)	(22)	(95)
Total mining and income tax		(814)	(78)	36
Current taxation		(2)	(6)	(13)
Deferred taxation		(812)	84	49
(Loss)/profit for the year		(246)	(1,662)	694
Sustaining capital expenditure		(490)	(358)	(322)
Ore reserve development		(1,461)	(794)	(1,177)
Growth projects		0	0	0
Total capital expenditure		(1,951)	(1,152)	(1,499)
Operating segments | Southern Africa (SA) | Driefontein | Underground
SEGMENT REPORTING
Total revenue		8,106	4,213	7,722
Cost of sales, before amortisation and depreciation		(6,468)	(5,085)	(5,559)
Operating segments | Southern Africa (SA) | Driefontein | Surface
SEGMENT REPORTING
Total revenue		186	273	210
Cost of sales, before amortisation and depreciation		(99)	(196)	(132)
Operating segments | Southern Africa (SA) | Driefontein | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Southern Africa (SA) | Driefontein | Recycling
SEGMENT REPORTING
Total revenue			0	0
Cost of sales, before amortisation and depreciation			0	0
Operating segments | Southern Africa (SA) | Kloof
SEGMENT REPORTING
Total revenue		8,833	4,486	9,294
Cost of sales, before amortisation and depreciation		(8,149)	(6,381)	(7,844)
Amortisation and depreciation		(796)	(469)	(1,064)
Interest income		73	57	47
Finance expense		(126)	(95)	(85)
Total share-based payment expense		(2)	(15)	(32)
Gain/(loss) on financial instruments		18	8	9
Gain/(loss) on foreign exchange differences		0	0	0
Share of results of equity-accounted investees after tax		0	0	0
Other costs		(147)	(149)	(71)
Other income		0	0	2
Gain on disposal of property, plant and equipment		15	19	8
Total (impairments)/reversal of impairments		(1,616)	0	(3,642)
Early redemption premium on the 2025 Notes				0
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		(232)	(33)	(53)
Transaction costs		0	0	0
Royalties and carbon tax		(44)	(22)	(46)
Total mining and income tax		(571)	187	1,145
Current taxation		0	(3)	(13)
Deferred taxation		(571)	(184)	1,158
(Loss)/profit for the year		(2,744)	(2,781)	(2,332)
Sustaining capital expenditure		(421)	(455)	(488)
Ore reserve development		(912)	(620)	(930)
Growth projects		(117)	(210)	(198)
Total capital expenditure		(1,450)	(1,285)	(1,616)
Operating segments | Southern Africa (SA) | Kloof | Underground
SEGMENT REPORTING
Total revenue		8,062	3,924	8,089
Cost of sales, before amortisation and depreciation		(7,552)	(5,821)	(6,986)
Operating segments | Southern Africa (SA) | Kloof | Surface
SEGMENT REPORTING
Total revenue		771	562	1,205
Cost of sales, before amortisation and depreciation		(597)	(560)	(858)
Operating segments | Southern Africa (SA) | Kloof | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Southern Africa (SA) | Kloof | Recycling
SEGMENT REPORTING
Total revenue			0	0
Cost of sales, before amortisation and depreciation			0	0
Operating segments | Southern Africa (SA) | Beatrix
SEGMENT REPORTING
Total revenue		4,804	2,681	5,343
Cost of sales, before amortisation and depreciation		(4,059)	(3,910)	(4,565)
Amortisation and depreciation		(328)	(305)	(691)
Interest income		41	35	31
Finance expense		(113)	(95)	(82)
Total share-based payment expense		0	(10)	(21)
Gain/(loss) on financial instruments		12	6	3
Gain/(loss) on foreign exchange differences		0	0	0
Share of results of equity-accounted investees after tax		0	0	0
Other costs		(267)	(95)	(47)
Other income		19	0	3
Gain on disposal of property, plant and equipment		16	9	15
Total (impairments)/reversal of impairments		0	0	(1,293)
Early redemption premium on the 2025 Notes				0
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		147	(290)	(11)
Transaction costs		0	0	0
Royalties and carbon tax		(24)	(3)	(29)
Total mining and income tax		(469)	(154)	226
Current taxation		1	0	(7)
Deferred taxation		(470)	154	233
(Loss)/profit for the year		(221)	(1,823)	(1,118)
Sustaining capital expenditure		(114)	(155)	(164)
Ore reserve development		(324)	(216)	(497)
Growth projects		0	(4)	(7)
Total capital expenditure		(438)	(375)	(668)
Operating segments | Southern Africa (SA) | Beatrix | Underground
SEGMENT REPORTING
Total revenue		4,714	2,632	5,143
Cost of sales, before amortisation and depreciation		(3,963)	(3,841)	(4,447)
Operating segments | Southern Africa (SA) | Beatrix | Surface
SEGMENT REPORTING
Total revenue		90	49	200
Cost of sales, before amortisation and depreciation		(96)	(69)	(118)
Operating segments | Southern Africa (SA) | Beatrix | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Southern Africa (SA) | Beatrix | Recycling
SEGMENT REPORTING
Total revenue			0	0
Cost of sales, before amortisation and depreciation			0	0
Operating segments | Southern Africa (SA) | Cooke
SEGMENT REPORTING
Total revenue		1,398	915	999
Cost of sales, before amortisation and depreciation		(1,266)	(822)	(808)
Amortisation and depreciation		(1)	(3)	(11)
Interest income		24	35	22
Finance expense		(113)	(86)	(63)
Total share-based payment expense		0	0	0
Gain/(loss) on financial instruments		28	0	0
Gain/(loss) on foreign exchange differences		0	0	0
Share of results of equity-accounted investees after tax		0	0	0
Other costs		(887)	(713)	(599)
Other income		(19)	(54)	80
Gain on disposal of property, plant and equipment		0	0	0
Total (impairments)/reversal of impairments		0	0	0
Early redemption premium on the 2025 Notes				0
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		(4)	(2)	(3)
Transaction costs		0	0	0
Royalties and carbon tax		(6)	(5)	(5)
Total mining and income tax		(1)	0	0
Current taxation		(1)	0	0
Deferred taxation		0	0	0
(Loss)/profit for the year		(847)	(735)	(388)
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 (SA) | Cooke | Underground
SEGMENT REPORTING
Total revenue		0	0	0
Cost of sales, before amortisation and depreciation		0	0	0
Operating segments | Southern Africa (SA) | Cooke | Surface
SEGMENT REPORTING
Total revenue		1,398	915	999
Cost of sales, before amortisation and depreciation		(1,266)	(822)	(808)
Operating segments | Southern Africa (SA) | Cooke | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Southern Africa (SA) | Cooke | Recycling
SEGMENT REPORTING
Total revenue			0	0
Cost of sales, before amortisation and depreciation			0	0
Operating segments | Southern Africa (SA) | DRDGOLD
SEGMENT REPORTING
Total revenue		5,816	5,274	4,790
Cost of sales, before amortisation and depreciation		(4,040)	(3,780)	(3,347)
Amortisation and depreciation		(194)	(176)	(188)
Interest income		311	265	222
Finance expense		(72)	(78)	(60)
Total share-based payment expense		(25)	(19)	(19)
Gain/(loss) on financial instruments		14	0	1
Gain/(loss) on foreign exchange differences		5	4	(3)
Share of results of equity-accounted investees after tax		0	0	0
Other costs		(20)	(21)	(21)
Other income		1	85	5
Gain on disposal of property, plant and equipment		10	10	0
Total (impairments)/reversal of impairments		0	0	0
Early redemption premium on the 2025 Notes				0
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		0	0	0
Transaction costs		0	0	0
Royalties and carbon tax		(1)	0	0
Total mining and income tax		(432)	351	(340)
Current taxation		(305)	(226)	(263)
Deferred taxation		(127)	(125)	(77)
(Loss)/profit for the year		1,373	1,213	1,040
Sustaining capital expenditure		(432)	(647)	(330)
Ore reserve development		0	0	0
Growth projects		(882)	(124)	(47)
Total capital expenditure		(1,314)	(771)	(377)
Operating segments | Southern Africa (SA) | DRDGOLD | Underground
SEGMENT REPORTING
Total revenue		0	0	0
Cost of sales, before amortisation and depreciation		0	0	0
Operating segments | Southern Africa (SA) | DRDGOLD | Surface
SEGMENT REPORTING
Total revenue		5,816	5,274	4,790
Cost of sales, before amortisation and depreciation		(4,040)	(3,780)	(3,347)
Operating segments | Southern Africa (SA) | DRDGOLD | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Southern Africa (SA) | DRDGOLD | Recycling
SEGMENT REPORTING
Total revenue			0	0
Cost of sales, before amortisation and depreciation			0	0
Operating segments | Europe (EU)
SEGMENT REPORTING
Total revenue		3,024	3,140
Cost of sales, before amortisation and depreciation		(4,329)	(3,631)
Amortisation and depreciation		(206)	(158)
Interest income		53	0
Finance expense		(67)	(15)
Total share-based payment expense		6	0
Gain/(loss) on financial instruments		(168)	144
Gain/(loss) on foreign exchange differences		55	(49)
Share of results of equity-accounted investees after tax		0	0
Other costs		(2,096)	(116)
Other income		102	45
Gain on disposal of property, plant and equipment		0	0
Total (impairments)/reversal of impairments		(1,607)	0
Early redemption premium on the 2025 Notes		0	0
Gain on acquisition		0	0
Occupational healthcare gain		0	0
Restructuring costs		0	0
Transaction costs		0	0
Royalties and carbon tax		0	0
Total mining and income tax		(44)	(39)
Current taxation		(80)	0
Deferred taxation		36	(39)
(Loss)/profit for the year		(5,277)	(679)
Sustaining capital expenditure		(248)	(90)
Ore reserve development		0	0
Growth projects		(2,470)	(729)
Total capital expenditure		(2,718)	(819)
Operating segments | Europe (EU) | Underground
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Europe (EU) | Surface
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Europe (EU) | Recycling/processing
SEGMENT REPORTING
Total revenue		3,024	3,140
Cost of sales, before amortisation and depreciation		(4,329)	(3,631)
Operating segments | Europe (EU) | Sandouville nickel refinery
SEGMENT REPORTING
Total revenue		3,024	3,140
Cost of sales, before amortisation and depreciation		(4,329)	(3,631)
Amortisation and depreciation		(199)	(153)
Interest income		0	0
Finance expense		(13)	(13)
Total share-based payment expense		(8)	0
Gain/(loss) on financial instruments		44	0
Gain/(loss) on foreign exchange differences		55	9
Share of results of equity-accounted investees after tax		0	0
Other costs		(1,962)	(31)
Other income		95	44
Gain on disposal of property, plant and equipment		0	0
Total (impairments)/reversal of impairments		(1,607)	0
Occupational healthcare gain		0	0
Restructuring costs		0	0
Transaction costs		0	0
Royalties and carbon tax		0	0
Total mining and income tax		0	0
Current taxation		0	0
Deferred taxation		0	0
(Loss)/profit for the year		(4,900)	(635)
Sustaining capital expenditure		(248)	(90)
Ore reserve development		0	0
Growth projects		0	0
Total capital expenditure		(248)	(90)
Operating segments | Europe (EU) | Sandouville nickel refinery | Underground
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Europe (EU) | Sandouville nickel refinery | Surface
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Operating segments | Europe (EU) | Sandouville nickel refinery | Recycling/processing
SEGMENT REPORTING
Total revenue		3,024	3,140
Cost of sales, before amortisation and depreciation		(4,329)	(3,631)
Operating segments | Australia
SEGMENT REPORTING
Total revenue		2,251
Cost of sales, before amortisation and depreciation		(2,256)
Amortisation and depreciation		(1,059)
Interest income		10
Finance expense		(184)
Total share-based payment expense		0
Gain/(loss) on financial instruments		515
Gain/(loss) on foreign exchange differences		(39)
Share of results of equity-accounted investees after tax		0
Other costs		(223)
Other income		42
Gain on disposal of property, plant and equipment		0
Total (impairments)/reversal of impairments		(3,689)
Early redemption premium on the 2025 Notes		0
Gain on acquisition		0
Occupational healthcare gain		0
Restructuring costs		0
Transaction costs		(2)
Royalties and carbon tax		(131)
Total mining and income tax		(2)
Current taxation		(2)
Deferred taxation		0
(Loss)/profit for the year		(4,767)
Sustaining capital expenditure		(114)
Ore reserve development		0
Growth projects		(51)
Total capital expenditure		(165)
Operating segments | Australia | Underground
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Australia | Surface
SEGMENT REPORTING
Total revenue		2,251
Cost of sales, before amortisation and depreciation		(2,256)
Operating segments | Australia | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Australia | Century zinc retreatment operation
SEGMENT REPORTING
Total revenue		2,251
Cost of sales, before amortisation and depreciation		(2,256)
Amortisation and depreciation		(1,059)
Interest income		6
Finance expense		(158)
Total share-based payment expense		0
Gain/(loss) on financial instruments		515
Gain/(loss) on foreign exchange differences		(4)
Share of results of equity-accounted investees after tax		0
Other costs		(223)
Other income		42
Gain on disposal of property, plant and equipment		0
Total (impairments)/reversal of impairments		(3,689)
Occupational healthcare gain		0
Restructuring costs		0
Transaction costs		0
Royalties and carbon tax		(131)
Total mining and income tax		0
Current taxation		0
Deferred taxation		0
(Loss)/profit for the year		(4,706)
Sustaining capital expenditure		(114)
Ore reserve development		0
Growth projects		(51)
Total capital expenditure		(165)
Operating segments | Australia | Century zinc retreatment operation | Underground
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Operating segments | Australia | Century zinc retreatment operation | Surface
SEGMENT REPORTING
Total revenue		2,251
Cost of sales, before amortisation and depreciation		(2,256)
Operating segments | Australia | Century zinc retreatment operation | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Material reconciling items
SEGMENT REPORTING
Total revenue		(139)	(449)	(371)
Cost of sales, before amortisation and depreciation		0	0	0
Amortisation and depreciation		0	0	0
Interest income		4	1	15
Finance expense		(311)	(326)	(309)
Total share-based payment expense		(9)	(2)	0
Gain/(loss) on financial instruments		14	7	51
Gain/(loss) on foreign exchange differences		25	50	0
Share of results of equity-accounted investees after tax		(18)	(11)	0
Other costs		(20)	(55)	0
Other income		5	0	0
Gain on disposal of property, plant and equipment		0	0	0
Total (impairments)/reversal of impairments		0	0	0
Early redemption premium on the 2025 Notes		0	0	0
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		0	0	0
Transaction costs		(445)	(142)	(98)
Royalties and carbon tax		0	0	0
Total mining and income tax		(34)	(4)	(70)
Current taxation		(31)	(4)	(70)
Deferred taxation		(3)	0	0
(Loss)/profit for the year		(928)	(931)	(782)
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 | Underground
SEGMENT REPORTING
Total revenue		(139)	(449)	(371)
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	0	0
Cost of sales, before amortisation and depreciation		0	0	0
Material reconciling items | Southern Africa (SA) | Underground
SEGMENT REPORTING
Cost of sales, before amortisation and depreciation		0	0	0
Material reconciling items | Southern Africa (SA) | Surface
SEGMENT REPORTING
Cost of sales, before amortisation and depreciation		0	0	0
Material reconciling items | Southern Africa (SA) | Recycling/processing
SEGMENT REPORTING
Cost of sales, before amortisation and depreciation		0
Material reconciling items | Southern Africa (SA) | Recycling
SEGMENT REPORTING
Cost of sales, before amortisation and depreciation			0	0
Material reconciling items | Southern Africa (SA) | SA PGM operations
SEGMENT REPORTING
Total revenue		(3,217)	(4,267)	(4,394)
Cost of sales, before amortisation and depreciation		2,409	1,936	1,588
Amortisation and depreciation		453	330	269
Interest income		(20)	(96)	(11)
Finance expense		3,923	4,254	3,984
Total share-based payment expense		(1)	0	0
Gain/(loss) on financial instruments		(4,715)	7,561	6,943
Gain/(loss) on foreign exchange differences		231	492	26
Share of results of equity-accounted investees after tax		(1,479)	1,062	1,703
Other costs		(392)	(185)	(81)
Other income		318	29	34
Gain on disposal of property, plant and equipment		0	1	0
Total (impairments)/reversal of impairments		1,804	0	0
Early redemption premium on the 2025 Notes				0
Gain on acquisition		0	0	0
Occupational healthcare gain		0	0	0
Restructuring costs		(1)	0	0
Transaction costs		0	0	0
Royalties and carbon tax		134	126	160
Total mining and income tax		(533)	(329)	583
Current taxation		(92)	188	564
Deferred taxation		(441)	141	19
(Loss)/profit for the year		(1,086)	11,572	10,804
Sustaining capital expenditure		1,057	864	499
Ore reserve development		0	0	(1)
Growth projects		0	(1)	0
Total capital expenditure		1,057	863	498
Material reconciling items | Southern Africa (SA) | SA PGM operations | Underground
SEGMENT REPORTING
Total revenue		(3,217)	(4,267)	(4,394)
Cost of sales, before amortisation and depreciation		2,409	1,936	1,588
Material reconciling items | Southern Africa (SA) | SA PGM operations | Surface
SEGMENT REPORTING
Total revenue		0	0	0
Cost of sales, before amortisation and depreciation		0	0	0
Material reconciling items | Southern Africa (SA) | SA PGM operations | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Material reconciling items | Southern Africa (SA) | 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) | SA gold operations
SEGMENT REPORTING
Total revenue		0	0	0
Cost of sales, before amortisation and depreciation		0	0	0
Amortisation and depreciation		(48)	(34)	(58)
Interest income		87	31	204
Finance expense		(357)	(262)	(178)
Total share-based payment expense		(23)	(32)	(129)
Gain/(loss) on financial instruments		(114)	(732)	(76)
Gain/(loss) on foreign exchange differences		21	411	786
Share of results of equity-accounted investees after tax		315	236	286
Other costs		(570)	(616)	(542)
Other income		496	545	457
Gain on disposal of property, plant and equipment		7	49	0
Total (impairments)/reversal of impairments		(1,115)	0	0
Early redemption premium on the 2025 Notes				0
Gain on acquisition		0	0	0
Occupational healthcare gain		365	211	14
Restructuring costs		(9)	(4)	(5)
Transaction costs		0	1	0
Royalties and carbon tax		0	0	5
Total mining and income tax		1,323	(1,470)	(1,135)
Current taxation		(20)	(15)	27
Deferred taxation		1,343	1,485	(1,162)
(Loss)/profit for the year		378	1,274	(371)
Sustaining capital expenditure		0	0	0
Ore reserve development		0	0	0
Growth projects		(1,554)	(976)	(220)
Total capital expenditure		(1,554)	(976)	(220)
Material reconciling items | Southern Africa (SA) | SA gold operations | Underground
SEGMENT REPORTING
Total revenue		0	0	0
Material reconciling items | Southern Africa (SA) | SA gold operations | Surface
SEGMENT REPORTING
Total revenue		0	0	0
Material reconciling items | Southern Africa (SA) | SA gold operations | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Material reconciling items | Southern Africa (SA) | SA gold operations | Recycling
SEGMENT REPORTING
Total revenue			0	R 0
Material reconciling items | Europe (EU)
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Amortisation and depreciation		(7)	(5)
Interest income		53	0
Finance expense		(54)	(2)
Total share-based payment expense		14	0
Gain/(loss) on financial instruments		(212)	144
Gain/(loss) on foreign exchange differences		0	(58)
Share of results of equity-accounted investees after tax		0	0
Other costs		(134)	(85)
Other income		7	1
Gain on disposal of property, plant and equipment		0	0
Total (impairments)/reversal of impairments		0	0
Occupational healthcare gain		0	0
Restructuring costs		0	0
Transaction costs		0	0
Royalties and carbon tax		0	0
Total mining and income tax		(44)	(39)
Current taxation		(80)	0
Deferred taxation		36	(39)
(Loss)/profit for the year		(377)	(44)
Sustaining capital expenditure		0	0
Ore reserve development		0	0
Growth projects		(2,470)	(729)
Total capital expenditure		(2,470)	(729)
Material reconciling items | Europe (EU) | Underground
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Material reconciling items | Europe (EU) | Surface
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	0
Material reconciling items | Europe (EU) | Recycling/processing
SEGMENT REPORTING
Total revenue		0	0
Cost of sales, before amortisation and depreciation		0	R 0
Material reconciling items | Australia
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Amortisation and depreciation		0
Interest income		4
Finance expense		(26)
Total share-based payment expense		0
Gain/(loss) on financial instruments		0
Gain/(loss) on foreign exchange differences		(35)
Share of results of equity-accounted investees after tax		0
Other costs		0
Other income		0
Gain on disposal of property, plant and equipment		0
Total (impairments)/reversal of impairments		0
Occupational healthcare gain		0
Restructuring costs		0
Transaction costs		(2)
Royalties and carbon tax		0
Total mining and income tax		(2)
Current taxation		(2)
Deferred taxation		0
(Loss)/profit for the year		(61)
Sustaining capital expenditure		0
Ore reserve development		0
Growth projects		0
Total capital expenditure		0
Material reconciling items | Australia | Underground
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Material reconciling items | Australia | Surface
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		0
Material reconciling items | Australia | Recycling/processing
SEGMENT REPORTING
Total revenue		0
Cost of sales, before amortisation and depreciation		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, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue advance received				R 935	R 24	R 65
PGMs | Minimum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Period between provisional invoicing and final pricing				1 month
PGMs | Maximum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Period between provisional invoicing and final pricing				4 months
Zinc | Minimum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Period between provisional invoicing and final pricing				1 month
Zinc | 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%

Revenue - Sources of revenue (D

Revenue - Sources of revenue (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	R 114,849	R 138,051	R 172,313
Total revenue	113,684	138,288	172,194
Pro Forma
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	118,075
Southern Africa (SA)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	84,736	89,507	113,512
United States (US)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	23,673	45,641	58,682
Europe (EU)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	3,024	3,140	0
Australia (AUS)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	2,251	0	0
Gold mining activities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	30,257	18,812	29,533
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	29,143	17,842	28,358
PGM mining activities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Adjustments relating to provisional pricing	(836)	237	(119)
Total revenue	71,090	111,070	137,958
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	66,275	84,359	102,099
Nickel refining activities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	4,334	4,305	1,420
Nickel refining 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	3,024	3,140	0
Zinc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Adjustments relating to provisional pricing	(329)	0	0
Total revenue	2,126	0	0
Zinc | 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	2,580	0	0
Recycling activities (US PGM) | 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	13,318	32,267	40,710
Stream | Streaming agreements (over time)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	509	338	625
Toll treatment arrangement (SA PGM) | Streaming agreements (over time)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	R 0	R 105	R 521

Revenue - Revenue per product (

Revenue - Revenue per product (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	R 113,684	R 138,288	R 172,194
Total revenue from contracts with customers	114,849	138,051	172,313
Gold
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	30,257	18,812	29,533
PGMs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	71,090	111,070	137,958
Platinum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	19,775	17,826	21,238
Palladium
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	25,271	42,275	52,859
Rhodium
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	21,991	47,166	59,828
Iridium
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	2,883	2,480	2,694
Ruthenium
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	1,170	1,323	1,339
Chrome
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	5,165	3,481	2,259
Nickel
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	4,334	4,305	1,420
Nickel salts
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	560	870
Nickel metal
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	2,343	2,020
Zinc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	2,126	0	0
Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue	712	620	1,024
Toll treatment arrangement (SA PGM) | Streaming agreements (over time)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	R 0	R 105	R 521

Revenue - Narrative (Details)

Revenue - Narrative (Details) R in Millions	12 Months Ended
	Dec. 31, 2023 ZAR (R)	Dec. 31, 2023 R / $	Dec. 31, 2023 R / €	Dec. 31, 2023 R / $	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from largest customer	R 28,764				R 42,555	R 52,128
Revenue from second largest customer	13,804				18,140	29,160
Revenue from third largest customer	14,405				R 23,492	R 28,056
Average foreign exchange rate (R/US$ rate)		18.42	19.94	12.24
Currency risk
Disclosure of disaggregation of revenue from contracts with customers [line items]
Increase in adjusted EBITDA due to decrease in exchange rate	R (465)

Cost of sales (Details)

Cost of sales (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of performance obligations [line items]
Salaries and wages	R (30,591)	R (26,544)	R (26,214)
Consumable stores	(25,778)	(21,929)	(18,847)
Utilities	(11,029)	(8,465)	(8,099)
Mine contracts	(8,005)	(6,502)	(5,193)
Recycling	(89,756)	(94,537)	(101,013)
Other	(10,779)	(6,745)	(8,975)
Ore reserve development costs capitalised	9,137	6,641	5,535
Cost of sales, before amortisation and depreciation	(89,756)	(94,537)	(101,013)
Amortisation and depreciation	(10,012)	(7,087)	(8,293)
Total cost of sales	(99,768)	(101,624)	(109,306)
Inventory write-down	1,694	111	76
Post-employment benefit expense, defined contribution plans	1,752	1,506	1,520
Work in progress
Disclosure of performance obligations [line items]
Inventory write-down	1,179
Finished goods
Disclosure of performance obligations [line items]
Inventory write-down	423
Recycling
Disclosure of performance obligations [line items]
Recycling	(12,711)	(30,993)	(39,220)
Cost of sales, before amortisation and depreciation	R (12,711)	R (30,993)	R (39,220)

Interest income and finance e_3

Interest income and finance expense (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income [Abstract]
Interest received on cash deposits	R 998	R 910	R 948
Interest received on rehabilitation obligation funds	339	235	174
Interest on right of recovery asset	25	31	32
Other	7	27	48
Finance income	1,369	1,203	1,202
Finance expense
Borrowings (interest)	(1,192)	(1,046)	(801)
Borrowings (unwinding of amortised cost)	(359)	(216)	(302)
Lease liabilities	(43)	(31)	(29)
Environmental rehabilitation obligation	(758)	(611)	(615)
Occupational healthcare obligation	(70)	(85)	(77)
Deferred payment (related to the Rustenburg operation acquisition)	(85)	(266)	(158)
Deferred revenue	(327)	(326)	(309)
Deferred consideration (related to Pandora acquisition)	(3)	(18)	(54)
Marikana dividend obligation	236	165	87
Other	(226)	(76)	(64)
Total finance expense	R (3,299)	(2,840)	(2,496)
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 (299)	R (326)	R (309)

Interest income and finance e_4

Interest income and finance expense - Cash interest (Details) R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2023 USD ($)	Apr. 06, 2023 USD ($)	Oct. 25, 2019 ZAR (R)	May 21, 2018 USD ($)
Disclosure of detailed information about borrowings [line items]
Interest paid	R (1,304)	R (1,118)	R (781)
Interest received	998	682	960
Net interest (paid)/received	(306)	R (436)	R 179
US$600 million RCF
Disclosure of detailed information about borrowings [line items]
Loan | $				$ 600			$ 600
US$1 billion RCF
Disclosure of detailed information about borrowings [line items]
Loan | $				$ 1,000	$ 1,000
R5.5 billion RCF
Disclosure of detailed information about borrowings [line items]
Loan	R 5,500					R 5,500

Share-based payments - Equity s

Share-based payments - Equity settled, 2017 and 2013 Plans (Details)	12 Months Ended
	Dec. 31, 2023 tranche performanceCriteria methodOfParticipation peerGroupCompany
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
Share-based payments
Number of methods of participation | methodOfParticipation	2
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme)
Share-based payments
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Sibanye 2017 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
Sibanye Stillwater 2017 Share Plan - Performance Shares
Share-based payments
Outstanding at beginning of the year (in shares)	410,357	25,199,516	62,597,425
Granted during the year (in shares)	0	0	0
Vested (in shares)	(197,017)	(21,823,219)	(32,299,213)
Forfeited (in shares)	(213,340)	(2,965,940)	(5,098,696)
Outstanding at end of the year (in shares)	0	410,357	25,199,516

Share-based payments - Equity_3

Share-based payments - Equity settled, Directors and Prescribed Officers 2017 and 2013 Plans (Details)	12 Months Ended
	Dec. 31, 2023 R / $	Dec. 31, 2023 R / €	Dec. 31, 2023 R / $	Dec. 31, 2022 R / $	Dec. 31, 2021 R / $
Share-based payments
Average foreign exchange rate (R/US$ rate)	18.42	19.94	12.24
Neal Froneman
Share-based payments
Average foreign exchange rate (R/US$ rate)	18.42			16.37	14.79

Share-based payments - Equity_4

Share-based payments - Equity settled, DRD Gold (Details) - DRDGOLD (equity-settled scheme)	12 Months Ended
	Dec. 31, 2023
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%
Vesting period	3 years
Percentage vesting upon satisfaction of criteria , Retention shares	100%
Hurdle rate	15%
TSR, Hurdle rate
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage vesting upon satisfaction of criteria , Performance shares	50%
TSR, Group companies
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage vesting upon satisfaction of criteria , Performance shares	50%

Share-based payments - Cash set

Share-based payments - Cash settled, 2020, 2021, 2022 and 2023 Plan (Details)	12 Months Ended
	Dec. 31, 2023 shares R / shares	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares R / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares R / shares	Dec. 31, 2021 shares $ / shares
Share-based payments
TSR Weighting percentage	50%	50%
GSR Weighting percentage	20%	20%
ROCE Weighting percentage	30%	30%
Standard deviations, volatility adjustment	1.5	1.5
Term, volatility adjustment	200 days	200 days
TSR
Share-based payments
Expected term (years)	3 years	3 years
ROIC
Share-based payments
Expected term (years)	3 years	3 years
ESG
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
Outstanding at beginning of the year (in shares)	12,578,174	12,578,174	13,754,209	13,754,209	15,319,984	15,319,984
Granted during the year (in shares)	0	0	0	0	10,814	10,814
Vested (in shares)	(4,765,694)	(4,765,694)	(206,462)	(206,462)	(351,069)	(351,069)
Forfeited (in shares)	(7,728,834)	(7,728,834)	(969,573)	(969,573)	(1,225,520)	(1,225,520)
Outstanding at end of the year (in shares)	83,646	83,646	12,578,174	12,578,174	13,754,209	13,754,209
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 2020 Share Plan Forfeitable Shares
Share-based payments
Outstanding at beginning of the year (in shares)	17,955	17,955	53,868	53,868	950,220	950,220
Granted during the year (in shares)	0	0	0	0	125,693	125,693
Vested (in shares)	(17,955)	(17,955)	(35,913)	(35,913)	(997,390)	(997,390)
Forfeited (in shares)	0	0	0	0	(24,655)	(24,655)
Outstanding at end of the year (in shares)	0	0	17,955	17,955	53,868	53,868
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 2020 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 2020 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 Stillwater 2021 Share Plan Conditional Shares
Share-based payments
Outstanding at beginning of the year (in shares)	3,281,578	3,281,578	3,445,487	3,445,487	0	0
Granted during the year (in shares)	618	618	32,618	32,618	3,672,565	3,672,565
Vested (in shares)	(45,104)	(45,104)	(52,356)	(52,356)	0	0
Forfeited (in shares)	(296,755)	(296,755)	(144,171)	(144,171)	(227,078)	(227,078)
Outstanding at end of the year (in shares)	2,940,337	2,940,337	3,281,578	3,281,578	3,445,487	3,445,487
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 Stillwater 2021 Share Plan Conditional Shares | Minimum
Share-based payments
Expected term (years)			2 months 1 day	2 months 1 day	1 year	1 year
Weighted average historical volatility1 %			48.29%	48.29%	44.29%	44.29%
Expected term (months)			2 months	2 months	14 months	14 months
Expected dividend yield (US/SA) %			7.45%	7.45%	4.62%	4.62%
Risk-free interest rate (US/SA) %			7.16%	7.16%	4.81%	4.81%
Sibanye Stillwater 2021 Share Plan Conditional Shares | Maximum
Share-based payments
Expected term (years)			3 years	3 years	3 years	3 years
Weighted average historical volatility1 %			52.15%	52.15%	68.56%	68.56%
Expected term (months)			36 months	36 months	36 months	36 months
Expected dividend yield (US/SA) %			17.83%	17.83%	8.99%	8.99%
Risk-free interest rate (US/SA) %			7.82%	7.82%	5.68%	5.68%
Sibanye Stillwater 2021 Share Plan Forfeitable Shares
Share-based payments
Outstanding at beginning of the year (in shares)	0	0	696,314	696,314	0	0
Granted during the year (in shares)	0	0	0	0	1,510,599	1,510,599
Vested (in shares)	0	0	(673,849)	(673,849)	(722,474)	(722,474)
Forfeited (in shares)	0	0	(22,465)	(22,465)	(91,811)	(91,811)
Outstanding at end of the year (in shares)	0	0	0	0	696,314	696,314
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 Stillwater 2021 Share 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 Stillwater 2021 Share 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%
Sibanye Stillwater2022 Share Plan & Minimum Shareholding Requirement Plan, Conditional and matching Shares
Share-based payments
Outstanding at beginning of the year (in shares)	7,196,744	7,196,744	0	0	0	0
Granted during the year (in shares)	301,388	301,388	7,401,740	7,401,740	0	0
Vested (in shares)	(21,485)	(21,485)	(5,967)	(5,967)	0	0
Forfeited (in shares)	(579,437)	(579,437)	(199,029)	(199,029)	0	0
Outstanding at end of the year (in shares)	6,897,210	6,897,210	7,196,744	7,196,744	0	0
Weighted average share price (ZAR/USD per share) | R / shares	R 24.90
Weighted average fair value per share (in ZAR per share) | R / shares	R 15.45
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 volatility1 %	49.47%	49.47%
Expected term (months)	2 months	2 months
Expected dividend yield (US/SA) %	0%	0%
Risk-free interest rate (US/SA) %	7.67%	7.67%
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 volatility1 %	60.64%	60.64%
Expected term (months)	36 months	36 months
Expected dividend yield (US/SA) %	4.44%	4.44%
Risk-free interest rate (US/SA) %	8.30%	8.30%
Sibanye Stillwater2022 Share Plan & Minimum Shareholding Requirement Plan, Forfeitable Shares
Share-based payments
Outstanding at beginning of the year (in shares)	670,522	670,522	0	0	0	0
Granted during the year (in shares)	9,783	9,783	1,410,614	1,410,614	0	0
Vested (in shares)	(626,241)	(626,241)	(678,252)	(678,252)	0	0
Forfeited (in shares)	(54,064)	(54,064)	(61,840)	(61,840)	0	0
Outstanding at end of the year (in shares)	0	0	670,522	670,522	0	0
Weighted average share price (ZAR/USD per share) | (per share)	R 24.9	$ 5.43
Weighted average fair value per share (in ZAR per share) | R / shares	R 29.51
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) %	2.98%	2.98%
Risk-free interest rate (US/SA) %	2.22%	2.22%
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) %	2.81%	2.81%
Risk-free interest rate (US/SA) %	8.17%	8.17%
Sibanye Stillwater2023 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)	9,598,092	9,598,092	0	0	0	0
Vested (in shares)	(8,024)	(8,024)	0	0	0	0
Forfeited (in shares)	(655,818)	(655,818)	0	0	0	0
Outstanding at end of the year (in shares)	8,934,250	8,934,250	0	0	0	0
Sibanye Stillwater2023 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)	2,722,393	2,722,393	0	0	0	0
Vested (in shares)	(1,269,811)	(1,269,811)	0	0	0	0
Forfeited (in shares)	(219,822)	(219,822)	0	0	0	0
Outstanding at end of the year (in shares)	1,232,760	1,232,760	0	0	0	0

Share-based payments - Cash s_2

Share-based payments - Cash settled, Directors (Details)	12 Months Ended
	Dec. 31, 2023 ZAR (R) shares R / shares	Dec. 31, 2022 ZAR (R) shares	Dec. 31, 2021 ZAR (R)
Share-based payments
Cash proceeds from instruments exercised | R	R 637,000,000	R 272,000,000	R 240,000,000
Sibanye Stillwater2021 Share Plan | Neal Froneman
Share-based payments
Outstanding at beginning of the year (in shares)	3,311,410
Outstanding at end of the year (in shares)		3,311,410
Sibanye Stillwater2021 Share Plan | Charl Keyter
Share-based payments
Outstanding at beginning of the year (in shares)	1,272,319
Outstanding at end of the year (in shares)		1,272,319
Sibanye Stillwater2021 Share Plan | Charles Carter
Share-based payments
Outstanding at beginning of the year (in shares)	148,732
Outstanding at end of the year (in shares)		148,732
Sibanye Stillwater2021 Share Plan | Mika Seitovirta
Share-based payments
Outstanding at beginning of the year (in shares)	116,231
Outstanding at end of the year (in shares)		116,231
Sibanye Stillwater2021 Share Plan | Dawie Mostert
Share-based payments
Outstanding at beginning of the year (in shares)	725,010
Outstanding at end of the year (in shares)		725,010
Sibanye Stillwater2021 Share Plan | Themba Nkosi
Share-based payments
Outstanding at beginning of the year (in shares)	613,797
Outstanding at end of the year (in shares)		613,797
Sibanye Stillwater2021 Share Plan | Richard Stewart
Share-based payments
Outstanding at beginning of the year (in shares)	1,019,919
Outstanding at end of the year (in shares)		1,019,919
Sibanye Stillwater2021 Share Plan | Laurent Charbonnier
Share-based payments
Outstanding at beginning of the year (in shares)	470,330
Outstanding at end of the year (in shares)		470,330
Sibanye Stillwater2021 Share Plan | Lerato Legong
Share-based payments
Outstanding at beginning of the year (in shares)	309,807
Outstanding at end of the year (in shares)		309,807
Sibanye Stillwater2021 Share Plan | Robert van Niekerk
Share-based payments
Outstanding at beginning of the year (in shares)	1,119,908
Outstanding at end of the year (in shares)		1,119,908
Sibanye Stillwater2021 and 2022 Share Plan | Neal Froneman
Share-based payments
Granted during the year (in shares)	997,717
Instruments exercised (in shares)	722,028
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 35.05
Cash proceeds from instruments exercised | R	R 25,306,981
Instruments forfeited (in shares)	944,956
Outstanding at end of the year (in shares)	2,642,143
Sibanye Stillwater2021 and 2022 Share Plan | Charl Keyter
Share-based payments
Granted during the year (in shares)	387,710
Instruments exercised (in shares)	324,093
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 34.86
Cash proceeds from instruments exercised | R	R 11,297,308
Instruments forfeited (in shares)	420,742
Outstanding at end of the year (in shares)	915,194
Sibanye Stillwater2021 and 2022 Share Plan | Charles Carter
Share-based payments
Granted during the year (in shares)	1,106,212
Instruments exercised (in shares)	46,332
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 22.97
Cash proceeds from instruments exercised | R	R 1,064,191
Instruments forfeited (in shares)	0
Outstanding at end of the year (in shares)	1,208,612
Sibanye Stillwater2021 and 2022 Share Plan | Mika Seitovirta
Share-based payments
Granted during the year (in shares)	418,898
Instruments exercised (in shares)	31,017
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 22.84
Cash proceeds from instruments exercised | R	R 708,282
Instruments forfeited (in shares)	0
Outstanding at end of the year (in shares)	504,112
Sibanye Stillwater2021 and 2022 Share Plan | Dawie Mostert
Share-based payments
Granted during the year (in shares)	269,970
Instruments exercised (in shares)	186,348
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 34.49
Cash proceeds from instruments exercised | R	R 6,426,762
Instruments forfeited (in shares)	808,632
Outstanding at end of the year (in shares)	0
Sibanye Stillwater2021 and 2022 Share Plan | Themba Nkosi
Share-based payments
Granted during the year (in shares)	314,288
Instruments exercised (in shares)	151,959
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 34.35
Cash proceeds from instruments exercised | R	R 5,219,678
Instruments forfeited (in shares)	187,697
Outstanding at end of the year (in shares)	588,429
Sibanye Stillwater2021 and 2022 Share Plan | Richard Stewart
Share-based payments
Granted during the year (in shares)	359,348
Instruments exercised (in shares)	197,167
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 34.02
Cash proceeds from instruments exercised | R	R 6,708,223
Instruments forfeited (in shares)	236,045
Outstanding at end of the year (in shares)	946,055
Sibanye Stillwater2021 and 2022 Share Plan | Laurent Charbonnier
Share-based payments
Granted during the year (in shares)	516,307
Instruments exercised (in shares)	96,425
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 24.03
Cash proceeds from instruments exercised | R	R 2,316,674
Instruments forfeited (in shares)	52,403
Outstanding at end of the year (in shares)	837,809
Sibanye Stillwater2021 and 2022 Share Plan | Lerato Legong
Share-based payments
Granted during the year (in shares)	197,379
Instruments exercised (in shares)	69,711
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 30.25
Cash proceeds from instruments exercised | R	R 2,108,677
Instruments forfeited (in shares)	107,522
Outstanding at end of the year (in shares)	329,953
Sibanye Stillwater2021 and 2022 Share Plan | Robert van Niekerk
Share-based payments
Granted during the year (in shares)	331,019
Instruments exercised (in shares)	286,013
Average price of instruments exercised (in ZAR in per share ) | R / shares	R 35.01
Cash proceeds from instruments exercised | R	R 10,013,564
Instruments forfeited (in shares)	377,330
Outstanding at end of the year (in shares)	787,584

Share-based payments - Cash s_3

Share-based payments - Cash settled, BEE transactions narrative (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based payments
Share-based payment obligation	R 3,150	R 5,275	R 2,887	R 1,628
Marikana
Share-based payments
Marikana dividend obligation	R 0	0	1,146
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
Share-based payment obligation	R 415	1,732	560
Initial recognition of the Marikana B-BBEE cash-settled share-based payment obligation	404
Marikana dividend obligation	1,146
Share-based payment on BEE transaction | Marikana | Pro Forma
Share-based payments
Share-based payment obligation	R 1,481	1,821	1,671
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%
Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary | Share-based payment on BEE transaction | Rustenburg Mine Community Trust | Pro Forma
Share-based payments
Share-based payment obligation	R 1,365	1,723	1,144
Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary | Share-based payment on BEE transaction | Rustenburg Mine Employees Trust | Pro Forma
Share-based payments
Share-based payment obligation	R 1,673	R 2,112	R 1,402

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based payments
Long-term PGM (4E) basket price	28,656	26,397	23,957
Minimum
Share-based payments
Life-of-mine	17 years	19 years	18 years
Maximum
Share-based payments
Life-of-mine	47 years	49 years	50 years
South Africa
Share-based payments
Real discount rate — South Africa			13.20%
Inflation rate — South Africa	6%	6.50%	6%
South Africa | Minimum
Share-based payments
Real discount rate — South Africa	15.70%	15%
South Africa | Maximum
Share-based payments
Real discount rate — South Africa	15.80%	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, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based payments
Liabilities from share-based payment transactions beginning balance	R 5,275	R 2,887	R 1,628
Share-based payment obligation on acquisition/deconsolidation of subsidiary	3,150	5,275	2,887
Fair value (gain)/loss on obligations	1,589	(2,155)	(860)
Cash settled share-based payments paid	(637)	(272)	(240)
Foreign currency translation	8	7	3
Liabilities from share-based payment transactions end balance	3,150	5,275	2,887
Current portion of cash-settled share-based payment obligations	(432)	(284)	(58)
Non-current portion of cash-settled share-based payment obligations	2,718	4,991	2,829
Keliber
Share-based payments
Liabilities from share-based payment transactions beginning balance	14	0
Share-based payment obligation on acquisition/deconsolidation of subsidiary	31	14	0
Cash-settled share-based payments expense	11	(39)
Liabilities from share-based payment transactions end balance	31	14	0
Bapo Ba Mogale Community Trust
Share-based payments
Liabilities from share-based payment transactions beginning balance	251	0
Share-based payment obligation on acquisition/deconsolidation of subsidiary	0	251	0
Liabilities from share-based payment transactions end balance	0	251	0
Rustenburg operation
Share-based payments
Fair value (gain)/loss on obligations	346	(1,190)	(671)
Marikana
Share-based payments
Fair value (gain)/loss on obligations	1,243	(965)	(189)
Share-Based Payment Arrangements other than BEE transaction
Share-based payments
Liabilities from share-based payment transactions beginning balance	431	260
Share-based payment obligation on acquisition/deconsolidation of subsidiary	269	431	260
Derecognition with deemed disposal of interest in joint operation	(15)	0	0
Cash-settled share-based payments expense	(77)	(233)	(232)
Liabilities from share-based payment transactions end balance	269	431	260
Share-based payment on BEE transaction
Share-based payments
Fair value (gain)/loss on obligations	0	0	(404)
Share-based payment on BEE transaction | Rustenburg operation
Share-based payments
Liabilities from share-based payment transactions beginning balance	3,112	2,067
Share-based payment obligation on acquisition/deconsolidation of subsidiary	2,466	3,112	2,067
Liabilities from share-based payment transactions end balance	2,466	3,112	2,067
Share-based payment on BEE transaction | Marikana
Share-based payments
Liabilities from share-based payment transactions beginning balance	1,732	560
Share-based payment obligation on acquisition/deconsolidation of subsidiary	415	1,732	560
Liabilities from share-based payment transactions end balance	415	1,732	560
Sibanye-Stillwater 2020 to 2023 Share Plans (cash-settled scheme)
Share-based payments
Expense from cash-settled share-based payment transactions	R 88	R 194	R 232

Share-based payments - Expense

Share-based payments - Expense (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based payments
Total share-based payment expense	R (113)	R (218)	R (383)
Cash-settled share-based payment expense	(88)	(194)	(232)
Equity-settled share-based payment expense	(25)	(24)	(151)
Expense from movement in grant date fair value	(372)	(507)	267
Expense from movement in post grant date fair value	(293)	313	(35)
Sibanye-Stillwater 2020 to 2023 Share Plans (cash-settled scheme)
Share-based payments
Total share-based payment expense	(88)	(194)	(232)
Sibanye-Stillwater 2017 Share Plan (equity-settled scheme)
Share-based payments
Total share-based payment expense	0	(5)	(132)
DRDGOLD (equity-settled scheme)
Share-based payments
Total share-based payment expense	R (25)	R (19)	R (19)

Gain_(loss) on financial inst_3

Gain/(loss) on financial instruments (Details) R in Millions						1 Months Ended	12 Months Ended
	Nov. 17, 2023 oz R / oz agreement	May 03, 2023 oz R / oz	Jun. 15, 2021 oz	Mar. 24, 2021 oz $ / oz	Jan. 17, 2020 oz $ / oz	Nov. 30, 2021 t	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							R 235	R (4,279)	R (6,279)
Unrealised gains (losses)							(101)	4,279	6,279
Gold
(Loss)/gain on financial instruments
Quantity of hedged instrument (in kg/ounce) | oz		154,320
Term of agreement		12 months
Quantity per month | oz		12,860
Number of hedge agreements | agreement	2
Gold | Hedge agreement 1
(Loss)/gain on financial instruments
Quantity of hedged instrument (in kg/ounce) | oz	120,000
Term of agreement	12 months
Gold | Hedge agreement 2
(Loss)/gain on financial instruments
Quantity of hedged instrument (in kg/ounce) | oz	240,000
Term of agreement	12 months
Gold | Minimum
(Loss)/gain on financial instruments
Average price (in ZAR/USD per kilogram/Ounce) | R / oz		34,214
Gold | Minimum | Hedge agreement 1
(Loss)/gain on financial instruments
Average price (in ZAR/USD per kilogram/Ounce) | R / oz	34,214
Gold | Minimum | Hedge agreement 2
(Loss)/gain on financial instruments
Average price (in ZAR/USD per kilogram/Ounce) | R / oz	34,214
Gold | Maximum
(Loss)/gain on financial instruments
Average price (in ZAR/USD per kilogram/Ounce) | R / oz		46,050
Gold | Maximum | Hedge agreement 1
(Loss)/gain on financial instruments
Average price (in ZAR/USD per kilogram/Ounce) | R / oz	43,545
Gold | Maximum | Hedge agreement 2
(Loss)/gain on financial instruments
Average price (in ZAR/USD per kilogram/Ounce) | R / oz	43,800
Palladium
(Loss)/gain on financial instruments
Quantity of hedged instrument (in kg/ounce) | oz				140,000	240,000
Term of agreement				14 months	2 years
Quantity per month | oz				10,000	10,000
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
Zinc
(Loss)/gain on financial instruments
Quantity of hedged instrument (in kg/ounce)			90,000			90,000
Term of agreement			3 years			2 years
Quantity per month			2,500			3,750
Derivative financial instrument | Derivative financial instrument
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							491	0	0
Derivative financial instrument | Option contract [member]
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							(2,136)	0	0
Derivative financial instrument | Gold | Forward contract
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							(140)	0	0
Derivative financial instrument | Palladium | Forward contract
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							72	(241)	234
Share-based payment arrangements [member]
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							1,589	(2,155)	(1,264)
Loss on the revised cash flow of the Rustenburg operation deferred payment
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							(4)	(773)	(4,653)
Gain/(loss) on the revised cash flow of the Burnstone Debt
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							32	(776)	(2)
Gain/(loss) on the revised cash flow of the Marikana dividend obligation
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							548	(650)	(468)
Fair value loss on contingent consideration (Kroondal acquisition)
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							(137)	0	0
Fair value loss on Keliber dividend obligation
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							(287)	0	0
Fair value gain on other investments
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							116	152	0
Other
(Loss)/gain on financial instruments
Total gain/(loss) on financial instruments							R 91	R 164	R (126)

Other costs and other income -

Other costs and other income - Other costs (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other costs [Abstract]
Care and maintenance	R (1,378)	R (794)	R (737)
Loss due to dilution of interest in joint operation	0	0	(4)
Non-recurring COVID-19 costs	0	0	(3)
Corporate and social investment costs	(149)	(237)	(288)
Cost incurred on employee and community trusts	(469)	(429)	(744)
Onerous contract provision	1,865	0	0
Exploration costs	(183)	(12)	(12)
Non-mining royalties	(84)	(235)	(327)
Strike related costs	(3)	(258)	0
Service entity costs	(366)	(569)	(534)
Loss on deconsolidation of a subsidiary	0	(309)	0
Other	(1,361)	(836)	(369)
Total other costs	R (5,858)	R (3,679)	R (3,018)

Other costs and other income _2

Other costs and other income - Other income (Details) R in Millions, $ in Millions		12 Months Ended
	Nov. 01, 2023 ZAR (R)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 ZAR (R)
Disclosure of attribution of expenses by nature to their function [line items]
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable		R 45	R 71		R 167
Service entity income		497	464		398
Gain on remeasurement of previous interest in Kroondal	R 298	298	0		0
Sundry income		387	429		183
Profit on sale of subsidiary		(1,384)	145		16
Gain on increase in equity-accounted investment		5	0		0
Gain on deregistration of a subsidiary		0	1		0
Other income		R 1,232	1,110		R 764
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring [Line Items]
Restructuring costs	R 515	R 363	R 107
SA gold operations
Restructuring [Line Items]
Restructuring costs	113	330	69
SA PGM operations
Restructuring [Line Items]
Restructuring costs	R 351	R 26	R 27

(Impairments)_reversal of imp_3

(Impairments)/reversal of impairments (Details) R in Millions	12 Months Ended
	Dec. 31, 2023 ZAR (R) R / oz	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment of mining assets	R (38,492)	R (1)	R (5,120)
Impairment of intangible assets	(86)	0	0
Impairment of goodwill	(8,435)	0	0
Impairment of investment in equity-accounted investee	47,013
Other reversal of impairment	0	7	0
Total (impairments)/reversal of impairments	(47,454)	6	(5,148)
PPE impairment of joint venture	1,384	(145)	(12)
Mining assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment of mining assets	(16,844)
Mimosa
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment of mining assets	(1,864)
Impairment of investment in equity-accounted investee	R 423	0	0
Decrease in useful life	5.30%
PPE impairment of joint venture	R 1,384
Average PGM (4E) basket price (in ZAR per ounce) | R / oz	26,632
Nominal discount rate	31.20%
Recoverable amount	R 2,757
Mimosa | Mining assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Life-of-mine	11 years
Right-of-use assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment of mining assets	R 0	0	(28)
Investment in equity-accounted investee
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment of investment in equity-accounted investee	423	0	0
Impairment of loan to equity-accounted investee	R (18)	R 0	R 0

(Impairments)_reversal of imp_4

(Impairments)/reversal of impairments) - Mining assets and goodwill (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	R 38,492	R 1	R 5,120
Intangible assets	86	0	0
Goodwill	8,435	0	R 0
Total impairment	47,013
Stillwater
Disclosure of impairment loss and reversal of impairment loss [line items]
Intangible assets	0
Goodwill	8,352
Total impairment	38,900
Sandouville nickel refinery
Disclosure of impairment loss and reversal of impairment loss [line items]
Intangible assets	86
Goodwill	23
Total impairment	1,606
Century zinc retreatment operation
Disclosure of impairment loss and reversal of impairment loss [line items]
Intangible assets	0
Goodwill	0
Total impairment	3,689
Burnstone
Disclosure of impairment loss and reversal of impairment loss [line items]
Intangible assets	0
Goodwill	0
Total impairment	1,115
Kloof
Disclosure of impairment loss and reversal of impairment loss [line items]
Intangible assets	0
Goodwill	0
Total impairment	1,616	R (3,642)
Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Intangible assets	0
Goodwill	60
Total impairment	87
Mine development, infrastructure and other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	16,844
Mine development, infrastructure and other | Stillwater
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	10,222
Mine development, infrastructure and other | Sandouville nickel refinery
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	1,430
Mine development, infrastructure and other | Century zinc retreatment operation
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	2,434
Mine development, infrastructure and other | Burnstone
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	1,115
Mine development, infrastructure and other | Kloof
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	1,616
Mine development, infrastructure and other | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	27
Land, mineral rights and rehabilitation
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	21,236
Land, mineral rights and rehabilitation | Stillwater
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	20,326
Land, mineral rights and rehabilitation | Sandouville nickel refinery
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	67
Land, mineral rights and rehabilitation | Century zinc retreatment operation
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	843
Land, mineral rights and rehabilitation | Burnstone
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	0
Land, mineral rights and rehabilitation | Kloof
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	0
Land, mineral rights and rehabilitation | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	0
Exploration and evaluation assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	412
Exploration and evaluation assets | Stillwater
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	0
Exploration and evaluation assets | Sandouville nickel refinery
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	0
Exploration and evaluation assets | Century zinc retreatment operation
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	412
Exploration and evaluation assets | Burnstone
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	0
Exploration and evaluation assets | Kloof
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	0
Exploration and evaluation assets | Other
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss, PPE	R 0

(Impairments)_reversal of imp_5

(Impairments)/reversal of impairments - Impairment assumptions (Details) R in Millions	12 Months Ended
	Dec. 31, 2023 ZAR (R) $ / t $ / lb R / kg $ / oz
Stillwater
Disclosure of impairment loss and reversal of impairment loss [line items]
Weighted average PGM (2E) basket price | $ / oz	1,281
Inflation rate	2.50%
Nominal discount rate	12%
Recoverable amount	R 22,246
Stillwater | Mining assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Life-of-mine (life-of-refinery)	46 years
Sandouville nickel refinery
Disclosure of impairment loss and reversal of impairment loss [line items]
Weighted average nickel price | $ / lb	8.9
Weighted average cobalt price | $ / lb	15.8
Inflation rate	1.60%
Nominal discount rate	7.40%
Recoverable amount	R 0
Sandouville nickel refinery | Mining assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Life-of-mine (life-of-refinery)	23 years
Century zinc retreatment operation
Disclosure of impairment loss and reversal of impairment loss [line items]
Weighted average zinc price | $ / t	3,873
Inflation rate	2.90%
Nominal discount rate	9.30%
Recoverable amount	R 0
Century zinc retreatment operation | Mining assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Life-of-mine (life-of-refinery)	4 years
Burnstone
Disclosure of impairment loss and reversal of impairment loss [line items]
Weighted average gold price | R / kg	1,012,625
Inflation rate	6%
Nominal discount rate	18.90%
Recoverable amount	R 3,799
Burnstone | Mining assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Life-of-mine (life-of-refinery)	25 years

(Impairments)_reversal of imp_6

(Impairments)/reversal of impairments - Narrative (Details) R in Millions	12 Months Ended
	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R) $ / oz
Disclosure of impairment loss and reversal of impairment loss [line items]
Gold spot price (in USD per ounce) | $ / oz		1,829
Impairment	R (47,013)
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	R (1,616)	3,642
Beatrix
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment		R 1,293

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, 2023	Dec. 31, 2022	Dec. 31, 2021
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 (1,050)	R (1,834)	R (2,923)
Prior year royalty tax refund	0	0	209
Total royalties	R (1,050)	R (1,834)	R (2,714)
Average effective tax rate	6%	32%	29%
Current tax	R (3,178)	R (9,282)	R (13,506)
Mining tax	(2,960)	(8,225)	(11,816)
Non-mining tax	(370)	(310)	(220)
Company and withholding tax	152	(747)	(1,470)
Deferred tax	5,594	358	(255)
Deferred tax charge	6,277	305	(593)
Prior year adjustment	43	0	252
Deferred tax rate adjustment	(726)	53	86
Total mining and income tax	R 2,416	(8,924)	(13,761)
Maximum
Royalties, and mining and income tax and deferred tax
Average effective tax rate	15%
Minimum
Royalties, and mining and income tax and deferred tax
Average effective tax rate	15%
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%
Australia
Royalties, and mining and income tax and deferred tax
Effective rate of royalty tax payable	5.80%
Royalties	R (131)	0	0
South Africa
Royalties, and mining and income tax and deferred tax
Deferred tax rate adjustment	(731)	(150)	200
United States
Royalties, and mining and income tax and deferred tax
Deferred tax rate adjustment	R 5	R 203	R (114)
SA gold operations
Royalties, and mining and income tax and deferred tax
Effective rate of royalty tax payable	0.40%	0.40%	0.60%
Royalties	R (115)	R (64)	R (167)
SA PGM operations
Royalties, and mining and income tax and deferred tax
Effective rate of royalty tax payable	1.40%	2.50%	3%
Royalties	R (804)	R (1,770)	R (2,756)

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Tax on loss/(profit) before tax at maximum South African statutory company tax rate (27% (2022 and 2021: 28%))	R 10,758	R (7,813)	R (13,316)
South African gold mining tax formula rate adjustment	236	19	63
US state tax adjustment	1,121	(168)	0
US statutory tax rate adjustment	(2,176)	181	466
Deferred tax rate differentials	0	(16)	0
Non-deductible amortisation and depreciation	(2)	(2)	(13)
Non-taxable dividend received	1	4	7
Non-deductible finance expense	(180)	(196)	(108)
Non-deductible share-based payments	(7)	(7)	(42)
Non-deductible loss on fair value of financial instruments	(101)	(976)	(1,021)
Non-taxable gain on acquisition	243	0	0
Non-taxable gain on foreign exchange differences	463	22	47
Non-taxable share of results of equity-accounted investees	(317)	360	557
(Non-deductible impairments)/non-taxable reversal of impairments	(2,392)	1	(22)
Non-deductible transaction costs	(158)	(76)	(69)
Tax adjustment in respect of prior periods	10	(35)	386
Net other non-taxable income and non-deductible expenditure	(272)	324	351
Change in estimated deferred tax rate	(726)	53	86
(Deferred tax assets derecognised)/unrecognised deferred tax assets utilised	(4,085)	(631)	(1,133)
Total mining and income tax	R 2,416	R (8,924)	R (13,761)
Average effective tax rate	6%	32%	29%
Other deductible temporary differences	R 68,868	R 48,648	R 43,061
Derecognition of deferred tax asset			R 837
Sandouville nickel refinery
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Other deductible temporary differences	1,358
Century zinc retreatment operation
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Other deductible temporary differences	1,319
Cooke
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Other deductible temporary differences	278	227
Burnstone
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Other deductible temporary differences	436	287
SGL
Reconciliation of average effective tax rate and applicable tax rate [abstract]
Other deductible temporary differences	R 384	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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax
Deferred tax assets	R (1,942)	R (2,442)	R (906)
Deferred tax liabilities	4,176	9,360	7,818
Net deferred tax liabilities	2,234	6,918	6,912
Reconciliation of the deferred tax balance:
Deferred tax liability (asset) at beginning of period	6,918	6,912	6,055
Deferred tax on acquisition of subsidiaries	348	0	0
Loss on remeasurement of previous interest in joint operation	21	0	0
Derecognition with deemed disposal of interest in joint operation	(142)	0	0
Deferred tax recognised in profit or loss	(5,594)	(358)	255
Deferred tax recognised in other comprehensive income	58	(81)	99
Foreign currency translation	625	445	503
Deferred tax liability (asset) at end of period	2,234	6,918	6,912
Deferred tax liabilities	11,648	14,008	11,650
Deferred tax assets	(9,414)	(7,090)	(4,738)
Aggregate unrecognised due to exemption	811	13,659	7,599
Other deductible temporary differences	68,868	48,648	43,061
Capital losses for which no deferred tax asset recognised	6,157	5,613	3,609
Mining assets
Reconciliation of the deferred tax balance:
Deferred tax liabilities	9,387	13,001	10,763
Environmental rehabilitation obligation funds
Reconciliation of the deferred tax balance:
Deferred tax liabilities	973	713	587
Deferred tax assets	(1,583)	(1,404)	(1,229)
US$ Convertible bond
Reconciliation of the deferred tax balance:
Deferred tax liabilities	349	0	0
Other
Reconciliation of the deferred tax balance:
Deferred tax liabilities	939	294	300
Occupational healthcare obligation
Reconciliation of the deferred tax balance:
Deferred tax assets	(91)	(121)	0
Other payables and provisions
Reconciliation of the deferred tax balance:
Deferred tax assets	(2,047)	(1,385)	(922)
Derivative financial instrument
Reconciliation of the deferred tax balance:
Deferred tax assets	(349)	0	0
Financial instruments
Reconciliation of the deferred tax balance:
Deferred tax assets	(416)	0	(19)
Tax losses and unredeemed capital expenditure
Reconciliation of the deferred tax balance:
Deferred tax assets	(4,857)	(4,097)	(2,518)
Share-based payment obligation
Reconciliation of the deferred tax balance:
Deferred tax assets	R (71)	R (83)	R (50)

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Mining and income tax
Tax, carbon tax and royalties receivable	R (973)	R (723)	R (1,245)
Tax, carbon tax and royalties payable	743	104	199
Non-current portion of tax, carbon tax and royalties payable	64	11	10
Current portion of tax, carbon tax and royalties payable	679	93	189
Net tax, carbon tax and royalties receivable	(230)	(619)	(1,046)
Reconciliation of the net tax, carbon tax and royalties receivable balance:
Balance at beginning of the year	(619)	(1,046)	649
Royalties, carbon tax and current tax1	4,230	11,106	16,224
Royalties, carbon tax and tax paid	(4,131)	(10,681)	(17,894)
Royalties and carbon tax paid	(922)	(1,815)	(3,055)
Tax paid	(3,209)	(8,866)	(14,839)
Tax payable/(receivable) on acquisition of subsidiaries	285	(3)	0
Other	10	(8)	0
Foreign currency translation	(5)	13	(25)
Balance at end of the year	R (230)	R (619)	R (1,046)

Earnings per share (Details)

Earnings per share (Details) - ZAR (R) R / shares in Units, shares in Thousands, R in Millions		2 Months Ended	12 Months Ended
	Nov. 01, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted average number of shares
Ordinary shares in issue (’000) (in shares)			2,830,567	2,830,370	2,808,406
Adjustment for weighting of ordinary shares in issue (’000) (in shares)			(39)	(4,285)	90,398
Weighted average number of shares (’000) (in shares)			2,830,528	2,826,085	2,898,804
Profit attributable to owners of Sibanye-Stillwater (SA rand million)			R (37,772)	R 18,396	R 33,054
Basic EPS (in ZAR cents per share)			R (13.34)	R 6.51	R 11.40
Potential ordinary shares (’000) (in shares)			39	4,696	28,442
Diluted weighted average number of shares (’000)(in shares)			2,830,567	2,830,781	2,927,246
Diluted basic EPS (in ZAR cents per share)			R (13.34)	R 6.50	R 11.29
Gain on disposal of property, plant and equipment			R (105)	R (162)	R (36)
Gains on disposals of property plant and equipment, net of tax			(79)	(128)	(27)
Impairment loss (reversal of impairment loss)			47,454	(6)	5,148
Impairments (reversal of impairments), net of tax			41,106	(4)	3,861
Gain on remeasurement of previous interest in Kroondal	R (298)		(298)	0	0
Gain on remeasurement of previous interest in Kroondal, net of tax			(298)
Gain on acquisition		R (898)	(898)	0	0
Gain on acquisition, net of tax			(898)
Loss on deconsolidation of subsidiaries			0	308	0
Loss on deconsolidation of subsidiaries, net of tax				308
Profit on sale of subsidiary			1,384	(145)	(16)
Profit on sale of subsidiary, net of tax			1,384	(145)	(12)
Foreign exchange movement recycled through profit or loss			(1,663)	(14)
Foreign exchange movement recycled through profit or loss, net of tax			(1,663)	(14)
Derecognition of property, plant and equipment in Marathon project					2
Derecognition of property, plant and equipment in Marathon project, net of tax					2
Re-measurement items, attributable to NCI			4	9	0
Headline earnings			R 1,784	R 18,422	R 36,878
Headline EPS (cents) (in ZAR per share)			R (0.63)	R 6.52	R 12.72
Diluted headline EPS (cents) (in ZAR per share)			R 63,000,000	R 651,000,000	R 1,260,000,000

Dividends - Accounting Policy (

Dividends - Accounting Policy (Details) - ZAR (R) R / shares in Units, R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Dividend declared and paid (interim)	R 1,501	R 3,905	R 8,347
Dividend declared after 31 December (final)	0	3,452	5,252
Total dividends declared for the year	R 1,501	R 7,357	R 13,599
Dividend per share (interim) (in ZAR cents per share)	R 0.53	R 1.38	R 2.92
Dividend per share (final) (in ZAR cents per share)	R 0	R 1.22	R 1.87
Dividends paid during the financial year	R 4,953	R 9,197	R 17,832
Dividends paid to NCI of subsidiaries during the financial year	365	256	344
Total dividends paid for the year1	R 5,318	R 9,453	R 18,176
Percentage of normalised earnings	35%	35%	35%
Dividends declared (in ZAR cents per share)	R 0.53	R 2.60	R 4.79
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		2 Months Ended	12 Months Ended
	Nov. 01, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends
(Loss)/profit attributable to the owners of Sibanye-Stillwater			R (37,772)	R 18,396	R 33,054
Adjusted for:
(Gain)/loss on financial instruments			(235)	4,279	6,279
Gain on foreign exchange differences			(1,973)	(616)	(1,149)
Gain on disposal of property, plant and equipment			(105)	(162)	(36)
Impairments/(reversal of impairments)			47,454	(6)	5,148
Gain on acquisition		R (898)	(898)	0	0
Restructuring costs			515	363	107
Transaction costs			474	152	140
Occupational healthcare gain			(365)	(211)	(14)
Gain on remeasurement of previous interest in Kroondal	R (298)		(298)	0	0
Gain on increase in equity-accounted investment			(5)	0	0
Loss due to dilution of interest in joint operation			0	0	4
Early redemption premium on the 2025 Notes			0	0	196
Change in estimated deferred tax rate			726	(53)	(86)
Share of results of equity-accounted investees after tax			1,174	(1,287)	(1,989)
Loss on deconsolidation of subsidiaries			0	308	0
Profit on sale of subsidiary			1,384	(145)	(16)
Tax effect of the items adjusted above			(6,664)	(33)	(2,755)
NCI effect of the items listed above			(276)	36	0
Normalised earnings			R 1,752	R 21,021	R 38,883

Property plant and equipment -

Property plant and equipment - Depreciation of non-mining assets (Details)	12 Months Ended
	Dec. 31, 2023
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	23 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
	Nov. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		R 76,909	R 62,494
Gain on remeasurement of previous interest in joint operation	R 298	298	0	R 0
Derecognition with deemed disposal of interest in joint operation		(1,027)
Amortisation and depreciation				64
Impairment		(38,492)	(1)	(5,120)
Property, plant and equipment at end of period		61,338	76,909	62,494
Changes in estimates capitalised		419	85	638
Increase (decrease) in right of recoverability liability		6	7	9
Increase (decrease) in right of recoverability asset		(10)	2	(35)
Non-cash additions, capitalised amortisation and depreciation			45	69
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		148,893	129,946	115,954
Additions		22,092	15,944	12,809
Change in estimates of rehabilitation assets		(415)	(94)	(612)
Disposals		688	246	254
Derecognition of property, plant and equipment		(3,156)	(3,340)	(2,065)
Transfers to right-of-use assets		(15)
Gain on remeasurement of previous interest in joint operation		320
Derecognition with deemed disposal of interest in joint operation		(3,465)
Transfers between classes of property, plant and equipment		0	0	0
Assets acquired on acquisition of subsidiaries		7,259	2,738
Assets derecognised on loss with dilution in interest in joint operation				2
Assets derecognised on classification to other investments				(22)
Foreign currency translation		6,191	3,945	4,138
Property, plant and equipment at end of period		177,016	148,893	129,946
Accumulated amortisation and impairment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		(71,984)	(67,452)	(55,354)
Disposals		(630)	(234)	(210)
Derecognition of property, plant and equipment		3,151	3,323	2,056
Derecognition with deemed disposal of interest in joint operation		2,438
Foreign currency translation		(1,527)	(975)	(943)
Amortisation and depreciation		9,798	6,981	8,181
Impairment		38,492	1	5,120
Depreciation capitalised to inventory		96	(132)	120
Property, plant and equipment at end of period		(115,678)	(71,984)	(67,452)
Mine development, infrastructure and other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		56,099	43,498
Impairment		(16,844)
Property, plant and equipment at end of period		59,270	56,099	43,498
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		119,545	103,216	90,093
Additions		21,849	15,862	12,794
Change in estimates of rehabilitation assets		27	(54)	29
Disposals		676	225	231
Derecognition of property, plant and equipment		(2,552)	(3,339)	(2,062)
Transfers to right-of-use assets		(15)
Gain on remeasurement of previous interest in joint operation		320
Derecognition with deemed disposal of interest in joint operation		(3,465)
Transfers between classes of property, plant and equipment		(703)	275	161
Assets acquired on acquisition of subsidiaries		5,760	1,450
Assets derecognised on loss with dilution in interest in joint operation				0
Assets derecognised on classification to other investments				0
Foreign currency translation		4,012	2,360	2,432
Property, plant and equipment at end of period		144,102	119,545	103,216
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		(63,446)	(59,718)	(48,657)
Disposals		(618)	(217)	(189)
Derecognition of property, plant and equipment		2,547	3,323	2,056
Derecognition with deemed disposal of interest in joint operation		2,438
Foreign currency translation		(1,155)	(733)	(694)
Amortisation and depreciation		8,894	6,402	7,467
Impairment		16,844	1	5,025
Depreciation capitalised to inventory		96	(132)	120
Property, plant and equipment at end of period		(84,832)	(63,446)	(59,718)
Land, mineral rights and rehabilitation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		20,810	18,996
Impairment		(21,236)
Property, plant and equipment at end of period		1,417	20,810	18,996
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		27,563	24,955	23,823
Additions		190	22
Change in estimates of rehabilitation assets		(441)	(27)	(639)
Disposals		12	21	23
Derecognition of property, plant and equipment		(511)	0	(3)
Transfers to right-of-use assets		0
Gain on remeasurement of previous interest in joint operation		0
Derecognition with deemed disposal of interest in joint operation		0
Transfers between classes of property, plant and equipment		56	38	105
Assets acquired on acquisition of subsidiaries		1,144	1,086
Assets derecognised on loss with dilution in interest in joint operation				0
Assets derecognised on classification to other investments				0
Foreign currency translation		2,156	1,510	1,695
Property, plant and equipment at end of period		30,145	27,563	24,955
Land, mineral rights and rehabilitation | Gross carrying amount, including reversals, netting
Disclosure of detailed information about property, plant and equipment [line items]
Additions				(3)
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		(6,753)	(5,959)	(4,998)
Disposals		(12)	(17)	(21)
Derecognition of property, plant and equipment		511	0	0
Derecognition with deemed disposal of interest in joint operation		0
Foreign currency translation		(358)	(232)	(238)
Amortisation and depreciation		904	579	650
Impairment		21,236	0	94
Depreciation capitalised to inventory		0	0	0
Property, plant and equipment at end of period		(28,728)	(6,753)	(5,959)
Exploration and evaluation assets
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		0	0
Impairment		(412)
Property, plant and equipment at end of period		651	0	0
Exploration and evaluation assets | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period		1,785	1,775	2,038
Additions		53	60	18
Change in estimates of rehabilitation assets		(1)	(13)	(2)
Disposals		0	0	0
Derecognition of property, plant and equipment		(93)	(1)	0
Transfers to right-of-use assets		0
Gain on remeasurement of previous interest in joint operation		0
Derecognition with deemed disposal of interest in joint operation		0
Transfers between classes of property, plant and equipment		647	(313)	(266)
Assets acquired on acquisition of subsidiaries		355	202
Assets derecognised on loss with dilution in interest in joint operation				2
Assets derecognised on classification to other investments				(22)
Foreign currency translation		23	75	11
Property, plant and equipment at end of period		2,769	1,785	1,775
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		(1,785)	(1,775)	(1,699)
Disposals		0	0	0
Derecognition of property, plant and equipment		93	0	0
Derecognition with deemed disposal of interest in joint operation		0
Foreign currency translation		(14)	(10)	(11)
Amortisation and depreciation		0	0
Impairment		412	0	1
Depreciation capitalised to inventory		0	0	0
Property, plant and equipment at end of period		R (2,118)	R (1,785)	R (1,775)

Right-of-use assets (Details)

Right-of-use assets (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [abstract]
Carring value, beginning of period	R 279	R 222	R 296
Additions and modifications	164	45	65
Right-of-use assets acquired on acquisition of subsidiaries	297	109	0
Assets derecognised with deemed disposal of interest in joint operation	(2)	0	0
Impairment of mining assets	0	0	(28)
Depreciation	(210)	(101)	(112)
Transfers and other movements	15	(2)	0
Foreign currency translation	17	6	1
Carrying value, end of period	R 560	R 279	R 222

Acquisitions - Century narrativ

Acquisitions - Century narrative (Details) $ / shares in Units, R in Millions, $ in Millions			2 Months Ended	10 Months Ended		12 Months Ended
	Feb. 22, 2023 $ / shares	Feb. 21, 2023 $ / shares	Feb. 20, 2023 $ / shares	Dec. 31, 2023 ZAR (R)	Dec. 31, 2023 AUD ($)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2023 AUD ($)
Century
Disclosure of detailed information about business combination [line items]
Consideration per share (in AUD per share)			$ 1.1
Proportion of ownership interest in entity			19.89%
Century
Disclosure of detailed information about business combination [line items]
Consideration per share (in AUD per share)	$ 1.1	$ 1.10
Proportion of ownership interest in subsidiary	50.15%
Revenue contributed				R 2,251	$ 184
Profit contributed				R 4,767	$ 377
Revenue of combined entity as if combination occurred at beginning of period						R 3,085	$ 253
Profit (loss) of combined entity as if combination occurred at beginning of period						5,062	$ 403
Acquisition-related costs | R						R 18

Acquisitions - Century consider

Acquisitions - Century consideration paid (Details) $ / shares in Units, $ in Millions					2 Months Ended		12 Months Ended
		Feb. 22, 2023 ZAR (R) $ / shares shares	Feb. 21, 2023 ZAR (R) shares	Feb. 21, 2023 AUD ($) $ / shares shares	Feb. 20, 2023 ZAR (R) shares	Feb. 20, 2023 ZAR (R) $ / shares shares	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Nov. 01, 2023 ZAR (R)	Feb. 22, 2023 AUD ($)
Disclosure of detailed information about business combination [line items]
Gains (losses) on financial assets measured at fair value through other comprehensive income, net of tax	[1]						R (582,000,000)	R (1,467,000,000)	R 828,000,000
Century
Disclosure of detailed information about business combination [line items]
Consideration paid for investment in associate			R 373,000,000	$ 30
Consideration per share (in AUD per share) | $ / shares				$ 1.1
Number of shares acquired (in shares) | shares			27,245,481	27,245,481
Percentage of voting equity interests acquired			20.69%
Proportion of ownership interest in associate			40.58%	40.58%
Century
Disclosure of detailed information about business combination [line items]
Fair value of original investment in Century					R 357,000,000	R 357,000,000
Proportion of ownership interest in entity					19.89%
Shares held in entity (in shares) | shares					26,184,675	26,184,675
Consideration per share (in AUD per share) | $ / shares						R 1.1
Gains (losses) on financial assets measured at fair value through other comprehensive income, net of tax					R 99,000,000
Century
Disclosure of detailed information about business combination [line items]
Total fair value of previously held interest			R 730,000,000
Cash consideration		R 194,000,000					194,000,000				$ 15.7
Total consideration		R 924,000,000
Consideration per share (in AUD per share) | $ / shares		R 1.1		$ 1.10
Number of shares acquired (in shares) | shares		14,257,682
Percentage of voting equity interests acquired		9.57%									9.57%
Proportion of ownership interest in subsidiary		50.15%
Kroondal Mine
Disclosure of detailed information about business combination [line items]
Total fair value of previously held interest										R 2,354,000,000
Cash consideration							R 0			1
Total consideration										R 3,787,000,000
Percentage of voting equity interests acquired							100%
[1] These gains and losses will never be reclassified to profit or loss

Acquisitions - Century assets_l

Acquisitions - Century assets/liabilities & NCI (Details) R in Millions, $ in Millions	Feb. 22, 2023 ZAR (R)	Dec. 31, 2023 ZAR (R)	Feb. 22, 2023 AUD ($)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)
Disclosure of detailed information about business combination [line items]
Right-of-use asset		R 297		R 109	R 0
Deferred revenue		(198)		R 0	R 0
Century
Disclosure of detailed information about business combination [line items]
Property, plant and equipment	R 4,610
Right-of-use asset	293
Other receivables	142
Environmental rehabilitation obligation funds	329
Inventories	422
Trade and other receivables	262
Cash and cash equivalents	418	418
Lease liabilities	(315)
Environmental rehabilitation obligation and other provisions	(2,363)
Other payables	(863)
Borrowings	(3)
Deferred revenue	(198)
Trade and other payables	(606)
Tax and royalties payable	(285)
Fair value of identifiable net assets acquired	1,843
Net cash acquired	224	224
Cash consideration	194	R 194	$ 15.7
Non-controlling interests
Consideration	924
Fair value of identifiable net assets acquired	1,843
NCI	R (919)
Proportion of ownership interests held by non-controlling interests	49.85%

Acquisitions - Kroondal narrati

Acquisitions - Kroondal narrative (Details) R in Millions		2 Months Ended	12 Months Ended
	Nov. 01, 2023 ZAR (R) oz	Dec. 31, 2023 ZAR (R)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)
Disclosure of detailed information about business combination [line items]
Gain on acquisition		R 898	R 898	R 0	R 0
Kroondal Mine
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired		100%	100%
Revenue contributed		R 1,006
Profit contributed		609
Profit (loss) of combined entity as if combination occurred at beginning of period			R 1,387
Gain on acquisition	R 898	R 898
Revenue of combined entity as if combination occurred at beginning of period			8,120
Acquisition-related costs			R 3
Kroondal Mine | Rustenburg operation
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired	50%	50%	50%
Platinum delivery condition | oz	1,350,000

Acquisitions - Kroondal conside

Acquisitions - Kroondal consideration paid (Details)		12 Months Ended
	Nov. 01, 2023 ZAR (R) R / oz oz	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2020 ZAR (R)
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents		R 25,560,000,000	R 26,076,000,000	R 30,292,000,000	R 20,240,000,000
Gain on remeasurement of previous interest in Kroondal	R 298,000,000	298,000,000	0	0
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities		(1,589,000,000)	2,155,000,000	860,000,000
Rustenburg operation
Disclosure of detailed information about business combination [line items]
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities		(346,000,000)	1,190,000,000	671,000,000
Kroondal Mine
Disclosure of detailed information about business combination [line items]
Total fair value of previously held interest	2,354,000,000
Cash and cash equivalents	R 489,000,000
Contingent consideration
Disclosure of detailed information about business combination [line items]
Liabilities		44,000,000	13,000,000	124,000,000
Contingent consideration related to AAP receivable portion | Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary
Disclosure of detailed information about business combination [line items]
% of receivable used to determine contingency	50%
Kroondal Mine
Disclosure of detailed information about business combination [line items]
Cash consideration	R 1	0
Total fair value of previously held interest	2,354,000,000
Total contingent consideration	1,433,000,000
Total consideration	3,787,000,000
Gain on remeasurement of previous interest in Kroondal	R 298,000,000
Kroondal Mine | Rustenburg operation
Disclosure of detailed information about business combination [line items]
Platinum delivery condition | oz	1,350,000
Kroondal Mine | Contingent consideration
Disclosure of detailed information about business combination [line items]
Total contingent consideration		1,433,000,000	0	0
Liabilities		1,570,000,000	0	0	R 0
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities		R 137,000,000	R 0	R 0
Kroondal Mine | Contingent consideration related to delivery of agreed ounces
Disclosure of detailed information about business combination [line items]
Total contingent consideration	R 333,000,000
Average PGM (4E) basket price (in ZAR per ounce) | R / oz	20,703
Discount rate	10.76%
Percentage of reasonably possible increase in unobservable input, liabilities		10%
Percentage of reasonably possible decrease in unobservable input, liabilities		10%
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities		R 127,000,000
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities		127,000,000
Liabilities		300,000,000
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities		R (33,000,000)
Kroondal Mine | Contingent consideration related to delivery of agreed ounces | Rustenburg operation
Disclosure of detailed information about business combination [line items]
Platinum delivery condition | oz	1,350,000
Platinum delivery outstanding | oz	204,517
Kroondal Mine | Contingent consideration related to AAP receivable portion
Disclosure of detailed information about business combination [line items]
Total contingent consideration	R 1,100,000,000
Average PGM (4E) basket price (in ZAR per ounce) | R / oz	22,495
Discount rate	10.76%
Percentage of reasonably possible increase in unobservable input, liabilities		10%
Percentage of reasonably possible decrease in unobservable input, liabilities		10%
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities		R 123,000,000
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities		123,000,000
Liabilities		1,270,000,000
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities		R 170,000,000

Acquisitions - Kroondal assets_

Acquisitions - Kroondal assets/liabilities & Gain (Details) - ZAR (R)		2 Months Ended	12 Months Ended
	Nov. 01, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about business combination [line items]
Right-of-use asset		R 297,000,000	R 297,000,000	R 109,000,000	R 0
Cash and cash equivalents		25,560,000,000	25,560,000,000	26,076,000,000	30,292,000,000	R 20,240,000,000
Gain on acquisition
Gain on acquisition		(898,000,000)	(898,000,000)	R 0	R 0
Kroondal Mine
Disclosure of detailed information about business combination [line items]
Property, plant and equipment	R 1,027,000,000
Right-of-use asset	2,000,000
Environmental rehabilitation obligation funds	260,000,000
Inventories	97,000,000
Trade and other receivables	1,731,000,000
Cash and cash equivalents	489,000,000
Environmental rehabilitation obligation and other provisions	(818,000,000)
Deferred tax liabilities	(142,000,000)
Other payables	(23,000,000)
Cash-settled share-based payment obligations	(15,000,000)
Trade and other payables	(509,000,000)
Cash and cash equivalents	489,000,000
Kroondal Mine
Disclosure of detailed information about business combination [line items]
Property, plant and equipment	2,093,000,000
Right-of-use asset	4,000,000
Environmental rehabilitation obligation funds	287,000,000
Inventories	194,000,000
Trade and other receivables	3,462,000,000
Cash and cash equivalents	920,000,000
Environmental rehabilitation obligation and other provisions	(873,000,000)
Deferred tax liabilities	(348,000,000)
Other payables	(5,000,000)
Cash-settled share-based payment obligations	(31,000,000)
Trade and other payables	(1,018,000,000)
Fair value of identifiable net assets acquired	4,685,000,000
Net cash acquired	431,000,000	431,000,000	431,000,000
Cash consideration	1	0	R 0
Gain on acquisition
Total consideration	3,787,000,000
Fair value of identifiable net assets acquired	4,685,000,000
Gain on acquisition	R (898,000,000)	R (898,000,000)

Acquisitions - Copper Mines con

Acquisitions - Copper Mines consideration (Details) - Copper Mines Of Tasmania Proprietary Limited R in Millions, $ in Millions, $ in Millions		12 Months Ended
	Nov. 17, 2023 USD ($)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2023 AUD ($)	Nov. 17, 2023 ZAR (R)
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in entity	100%	100%	100%
Consideration	$ 10	R 186		R 186
Consideration, incl transaction cost				R 261
Transaction costs		R 75	$ 6

Acquisitions - Copper Mine asse

Acquisitions - Copper Mine asset/liabilities (Details) - Copper Mines Of Tasmania Proprietary Limited - ZAR (R) R in Millions	Dec. 31, 2023	Nov. 17, 2023
Disclosure of detailed information about business combination [line items]
Property, plant and equipment		R 556
Trade and other receivables		20
Cash and cash equivalents	R 2	2
Inventories		53
Borrowings		(3)
Environmental rehabilitation obligation and other provisions		(340)
Trade and other payables		(27)
Total purchase consideration allocated on relative fair value basis		261
Net cash transferred	R 184	R 184

Acquisitions - Net cash flow (D

Acquisitions - Net cash flow (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Nov. 17, 2023 ZAR (R)	Nov. 17, 2023 USD ($)	Nov. 01, 2023 ZAR (R)	Feb. 22, 2023 ZAR (R)	Feb. 22, 2023 AUD ($)
Disclosure of detailed information about business combination [line items]
Total acquisition of subsidiaries, net of cash acquired	R 471,000,000	R (1,132,000,000)	R 0
Copper Mines Of Tasmania Proprietary Limited
Disclosure of detailed information about business combination [line items]
Net cash transferred	(184,000,000)			R (184,000,000)
Consideration	(186,000,000)			(186,000,000)	$ (10)
Cash and cash equivalents, asset acquisition	2,000,000			R 2,000,000
Century
Disclosure of detailed information about business combination [line items]
Net cash acquired	224,000,000						R 224,000,000
Cash	(194,000,000)						(194,000,000)	$ (15.7)
Cash and cash equivalents	418,000,000						R 418,000,000
Kroondal Mine
Disclosure of detailed information about business combination [line items]
Net cash acquired	431,000,000					R 431,000,000
Cash	R 0					(1)
Cash and cash equivalents						R 920,000,000

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, 2023 ZAR (R)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2020 ZAR (R)
Reconciliation of changes in goodwill [abstract]
Balance at beginning of the year	R 8,241		R 7,727	R 7,165
Goodwill on acquisition of subsidiaries	0		23	0
Impairment	(8,435)		0	0
Foreign currency translation	693		491	562
Carrying value at end of the year1	499		8,241	7,727	R 7,165
Other intangibles
Balance at beginning of the year	81		0
Impairment	86		0	0
Balance at end of the year	3		81	0
Total goodwill and other intangibles	502		8,322	7,727
Cost
Other intangibles
Balance at beginning of the year	86		0	0
Intangible assets acquired on acquisition of subsidiaries	0		83	0
Foreign currency translation	12		3	0
Balance at end of the year	98		86	0	0
Accumulated amortisation and impairment
Other intangibles
Balance at beginning of the year	(5)		0	0
Impairment	(86)		0	0
Charge for the year	4		5	0
Balance at end of the year	(95)		R (5)	R 0	0
SFA Oxford Limited
Reconciliation of changes in goodwill [abstract]
Balance at beginning of the year					123
Carrying value at end of the year1	63
SFA Oxford Limited | SGL corporate
Reconciliation of changes in goodwill [abstract]
Balance at beginning of the year					60
Impairment	(60)
SFA Oxford Limited | Rustenburg operation
Reconciliation of changes in goodwill [abstract]
Balance at beginning of the year					44
SFA Oxford Limited | Kroondal
Reconciliation of changes in goodwill [abstract]
Balance at beginning of the year					18
Qinisele Resources
Reconciliation of changes in goodwill [abstract]
Goodwill on acquisition of subsidiaries					54
Cooke Acquisition
Reconciliation of changes in goodwill [abstract]
Goodwill on acquisition of subsidiaries					R 737
Aquarius Acquisition
Reconciliation of changes in goodwill [abstract]
Carrying value at end of the year1	401
Aquarius Acquisition | Rustenburg operation
Reconciliation of changes in goodwill [abstract]
Goodwill on acquisition of subsidiaries	267
Aquarius Acquisition | Kroondal
Reconciliation of changes in goodwill [abstract]
Goodwill on acquisition of subsidiaries	134
Stillwater Mining Company
Reconciliation of changes in goodwill [abstract]
Impairment	(8,352)
Carrying value at end of the year1	5,874	$ 450
NCI of DRDGOLD
Reconciliation of changes in goodwill [abstract]
Carrying value at end of the year1	35
Sandouville
Reconciliation of changes in goodwill [abstract]
Carrying value at end of the year1	R 23

Goodwill and other intangible_3

Goodwill and other intangibles - Estimates and Assumptions Used in the Calculation of Goodwill (Details)	12 Months Ended
	Dec. 31, 2023 $ / lb $ / t R / kg $ / t R / oz $ / oz	Dec. 31, 2022 R / kg $ / lb R / oz $ / oz	Dec. 31, 2021 R / kg R / oz $ / oz
Disclosure of reconciliation of changes in goodwill [line items]
Average lithium hydroxide price (in USD per tonne) | $ / t	22,933
Keliber
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	10.10%
Inflation rate	2%
Mimosa
Disclosure of reconciliation of changes in goodwill [line items]
Average PGM (4E) basket price (in ZAR per ounce) | R / oz	26,632
Burnstone Debt
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	25 years
Revised gold prices (ZAR/kg) | R / kg	1,012,625	793,473	729,270
Europe (EU)
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	23 years	24 years
Australia
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	40 months
Mining assets | Keliber
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	24 years
Mining assets | Mimosa
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	11 years
Burnstone | Mining assets
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	18.90%	17.40%	15.30%
Mimosa | Mining assets
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	31.20%	30.70%	24.40%
SA gold operations
Disclosure of reconciliation of changes in goodwill [line items]
Average gold price (in ZAR per kilogram) | R / kg	1,072,364	869,035	773,398
SA gold operations | South Africa | Burnstone Debt
Disclosure of reconciliation of changes in goodwill [line items]
Inflation rate	6%	6.50%	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	13.70%	13.90%	11.50%
SA gold operations | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	25 years	22 years	24 years
SA gold operations | Maximum | South Africa
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	15.80%	15.80%	13.50%
SA gold operations | Mining assets | Burnstone Debt
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	25 years	22 years	24 years
SA gold operations | Mining assets | Minimum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	4 years	4 years	4 years
SA gold operations | Mining assets | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	11 years	10 years	9 years
SA PGM operations
Disclosure of reconciliation of changes in goodwill [line items]
Average PGM (4E) basket price (in ZAR per ounce) | R / oz	29,124	27,566	24,422
Average PGM (2E) basket price (in USD per ounce) | $ / oz	1,281	1,334	1,180
SA PGM operations | Mimosa
Disclosure of reconciliation of changes in goodwill [line items]
Average PGM (4E) basket price (in ZAR per ounce) | R / oz	26,632	25,420	21,943
SA PGM operations | South Africa
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate			20%
Inflation rate	6%	6.50%	6%
SA PGM operations | United States
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	12%	12.90%	8.30%
Inflation rate	2.50%	4%	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%	22.50%
SA PGM operations | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	48 years	49 years	50 years
SA PGM operations | Maximum | South Africa
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	22.70%	22.60%
SA PGM operations | Mining assets | Minimum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	14 years	15 years	17 years
SA PGM operations | Mining assets | Maximum
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	47 years	49 years	50 years
Europe (Sandouville nickel refinery)
Disclosure of reconciliation of changes in goodwill [line items]
Average nickel price (in USD per lbs) | $ / lb	8.9	8.3
Average cobalt price (in USD per lbs) | $ / lb	15.8	22.1
Europe (Sandouville nickel refinery) | Europe (EU)
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	7.40%	9.80%
Inflation rate	1.60%	2.50%
Europe (Sandouville nickel refinery) | Mining assets
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	23 years	24 years
AUS operations
Disclosure of reconciliation of changes in goodwill [line items]
Average zinc price (in AUD per tonne) | $ / t	3,873
AUS operations | Australia
Disclosure of reconciliation of changes in goodwill [line items]
Nominal discount rate	9.30%
Inflation rate	2.90%
AUS operations | Mining assets
Disclosure of reconciliation of changes in goodwill [line items]
Life-of-mine	4 years
Kloof
Disclosure of reconciliation of changes in goodwill [line items]
Weighted average gold price | R / kg	1,064,988
Percentage of reasonably possible decrease in unobservable input, assets	6.30%

Equity accounted investments -

Equity accounted investments - Summary (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	R 7,148	R 8,471	R 7,594
Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	5,146	6,650	5,413	R 3,929
Peregrine
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	1,247	1,160	1,086	1,001
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	660	578	649	R 691
Keliber
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	0	0	446
Other equity-accounted investments
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	95	83	R 0
Glint
EQUITY-ACCOUNTED INVESTMENTS
Total equity-accounted investments	R 92	R 81

Equity accounted investments _2

Equity accounted investments - Rand - Narrative (Details)	12 Months Ended
	Dec. 31, 2023
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Proportion of ownership interest in associate	44.40%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year				R 8,471	R 7,594
Balance at end of the year	R 8,471	R 7,594		7,148	8,471	R 7,594
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year				578	649	691
Share of results of equity-accounted investee after tax				315	236	287
Dividends received	(116)	(188)	R (156)	(233)	(307)	(329)
Balance at end of the year	R 578	R 649	R 691	R 660	R 578	R 649

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, 2023	Dec. 31, 2022	Dec. 31, 2021
EQUITY-ACCOUNTED INVESTMENTS
Total revenue from contracts with customers				R 114,849	R 138,051	R 172,313
Total comprehensive income				(32,782)	21,349	38,431
Non-current assets	R 105,867	R 88,163		81,119	105,867	88,163
Current assets	60,764	64,831		61,822	60,764	64,831
Non-current liabilities	(55,408)	(51,108)		(54,927)	(55,408)	(51,108)
Current liabilities	(20,219)	(20,541)		(36,407)	(20,219)	(20,541)
Fair value adjustment				(108)	(152)	0
Equity-accounted investments	8,471	7,594		7,148	8,471	7,594
Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Net assets (liabilities)	843	882		853	843	882
Dividends received	(116)	(188)	R (156)	(233)	(307)	(329)
Fair value adjustment				36	36	36
Reconciling items				(41)	(41)	(41)
Equity-accounted investments	578	649	R 691	R 660	578	649
Proportion of ownership interest in associate				44.40%
Separate | Rand Refinery
EQUITY-ACCOUNTED INVESTMENTS
Total revenue from contracts with customers				R 1,738	1,189	1,276
Total comprehensive income				708	532	646
Non-current assets	556	524		761	556	524
Current assets	1,955	2,022		1,890	1,955	2,022
Non-current liabilities	(50)	(87)		(44)	(50)	(87)
Current liabilities	(565)	(475)		(688)	(565)	(475)
Net assets (liabilities)	R 1,896	R 1,984		R 1,919	R 1,896	R 1,984

Equity accounted investments- M

Equity accounted investments- Mimosa - Narrative (Details)	12 Months Ended
	Dec. 31, 2023
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, 2023	Dec. 31, 2022	Dec. 31, 2021
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year	R 8,471	R 7,594
Impairment	(47,013)
Balance at end of the year	7,148	8,471	R 7,594
Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year	6,650	5,413	3,929
Share of results of equity-accounted investee after tax	(1,479)	1,061	1,702
Impairment	(423)	0	0
Dividends received	(208)	(243)	(667)
Foreign currency translation	606	419	449
Balance at end of the year	R 5,146	R 6,650	R 5,413

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EQUITY-ACCOUNTED INVESTMENTS
Total revenue from contracts with customers	R 114,849	R 138,051	R 172,313
Amortisation and depreciation	(10,012)	(7,087)	(8,293)
Interest income	1,369	1,203	1,202
Finance expense	(3,299)	(2,840)	(2,496)
Total mining and income tax	2,416	(8,924)	(13,761)
Income tax	(2,960)	(8,225)	(11,816)
Royalty tax	1,050	1,834	2,714
(Loss)/profit for the year	(37,430)	18,980	33,796
Other comprehensive income	4,648	2,369	4,635
Total comprehensive income	(32,782)	21,349	38,431
Non-current assets	81,119	105,867	88,163
Property, plant and equipment	61,338	76,909	62,494
Right-of-use assets	560	279	222	R 296
Current assets	61,822	60,764	64,831
Cash and cash equivalents	25,560	26,076	30,292	20,240
Non-current liabilities	(54,927)	(55,408)	(51,108)
Current liabilities	(36,407)	(20,219)	(20,541)
Impairment	(47,013)
Equity-accounted investments	7,148	8,471	7,594
Impairment loss, PPE	38,492	1	5,120
Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Net assets (liabilities)	5,616	6,696	5,462
Impairment	(423)	0	0
Reconciling items	(47)	(46)	(49)
Equity-accounted investments	R 5,146	6,650	5,413	R 3,929
Proportion of ownership interest in associate	50%
Impairment loss, PPE	R 1,864
Impairment loss, PPE, net of tax	1,384
Separate | Mimosa
EQUITY-ACCOUNTED INVESTMENTS
Total revenue from contracts with customers	6,433	8,535	8,786
Amortisation and depreciation	(951)	(685)	(549)
Interest income	64	203	24
Finance expense	(56)	(71)	(10)
Total mining and income tax	554	(946)	(1,503)
Income tax	820	(692)	(1,183)
Royalty tax	266	254	320
(Loss)/profit for the year	(2,957)	2,123	3,405
Other comprehensive income	1,213	838	896
Total comprehensive income	(1,744)	2,961	4,301
Non-current assets	5,675	7,560	6,095
Property, plant and equipment	5,675	7,560	6,095
Right-of-use assets	0	0	0
Current assets	6,997	8,124	6,728
Cash and cash equivalents	770	1,545	1,131
Other current assets	6,227	6,579	5,597
Non-current liabilities	(1,037)	(1,840)	(1,443)
Non-current financial liabilities	0	0	0
Other non-current liabilities	(1,037)	(1,840)	(1,443)
Current liabilities	(403)	(453)	(456)
Current financial liabilities	(403)	(453)	(334)
Other current liabilities	0	0	(122)
Net assets (liabilities)	11,232	13,391	10,924
Impairment loss, PPE	3,728
Current financial liabilities excluding trade and other payables	R 0	R 35	R 9

Equity accounted investments _6

Equity accounted investments - Peregrine - Narrative (Details) - USD ($) $ in Millions				12 Months Ended
	Aug. 14, 2023	Oct. 25, 2018	Jun. 29, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EQUITY-ACCOUNTED INVESTMENTS
Number of shares issued (in shares)				2,830,567,000	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
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				40%	100%	100%
Peregrine | 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%	20%
Additional possible ownership interest, as a percent			20%
Expenditure for additional ownership interest			$ 25
Joint venture number of shares received		15,449,555
Peregrine | Aldebaran | Forecast
EQUITY-ACCOUNTED INVESTMENTS
Additional possible ownership interest, as a percent	20%
Expenditure for additional ownership interest	$ 25
Additional earn-in period	3 years

Equity accounted investments _7

Equity accounted investments - Peregrine (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year	R 8,471	R 7,594
Balance at end of the year	7,148	8,471	R 7,594
Peregrine
EQUITY-ACCOUNTED INVESTMENTS
Balance at the beginning of the year	1,160	1,086	1,001
Impairment of loan to Peregrine	18	0	0
Foreign currency translation	105	74	85
Balance at end of the year	R 1,247	R 1,160	R 1,086

Equity accounted investments _8

Equity accounted investments - Summary of Financial Statements of Peregrine (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EQUITY-ACCOUNTED INVESTMENTS
Non-current assets	R 81,119	R 105,867	R 88,163
Current assets	61,822	60,764	64,831
Non-current liabilities	(54,927)	(55,408)	(51,108)
Current liabilities	(36,407)	(20,219)	(20,541)
Equity-accounted investments	7,148	8,471	7,594
Peregrine
EQUITY-ACCOUNTED INVESTMENTS
Net assets (liabilities)	564	1,025	946
Total Reconciling Items	683	135	140
Equity-accounted investments	R 1,247	R 1,160	R 1,086	R 1,001
Proportion of ownership interest in associate	20%	40%	40%
Separate | Peregrine
EQUITY-ACCOUNTED INVESTMENTS
Non-current assets	R 2,830	R 3,004	R 2,788
Current assets	0	0	0
Non-current liabilities	(9)	(426)	(409)
Current liabilities	0	(16)	(15)
Net assets (liabilities)	R 2,821	R 2,562	R 2,364

Equity accounted investments _9

Equity accounted investments - Cash flows (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EQUITY-ACCOUNTED INVESTMENTS
Total cash paid	R (396)	R (92)	R (446)
Century
EQUITY-ACCOUNTED INVESTMENTS
Total cash paid	(373)	0	0
Glint
EQUITY-ACCOUNTED INVESTMENTS
Total cash paid	(23)	(92)	0
Keliber
EQUITY-ACCOUNTED INVESTMENTS
Total cash paid	R 0	R 0	R (446)

Interests in joint operations_2

Interests in joint operations (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INTERESTS IN JOINT OPERATIONS
Revenue	R 113,684	R 138,288	R 172,194
Gain on foreign exchange differences	(1,973)	(616)	(1,149)
Profit before tax	(39,846)	27,904	47,557
(Loss)/profit for the year	(37,430)	18,980	33,796
Non-current assets	81,119	105,867	88,163
Current assets	61,822	60,764	64,831
Non-current liabilities	(54,927)	(55,408)	(51,108)
Current liabilities	(36,407)	(20,219)	(20,541)
Kroondal Mine
INTERESTS IN JOINT OPERATIONS
Revenue	0	8,371	10,293
Gain on foreign exchange differences	0	131	127
Profit before tax	0	4,780	6,557
(Loss)/profit for the year	0	4,781	6,556
Non-current assets	0	729	636
Current assets	0	3,093	3,357
Non-current liabilities	0	(9)	(13)
Current liabilities	0	(414)	(493)
Net assets (liabilities)	R 0	R 3,399	R 3,487
Marikana
INTERESTS IN JOINT OPERATIONS
Interest in joint operation (as a percent)	50%
Kroondal
INTERESTS IN JOINT OPERATIONS
Interest in joint operation (as a percent)	50%

Interests in joint operations -

Interests in joint operations - Assets/liabilities (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Nov. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
INTERESTS IN JOINT OPERATIONS
Right-of-use asset	R 297		R 109	R 0
Kroondal Mine
INTERESTS IN JOINT OPERATIONS
Property, plant and equipment		R 1,027
Right-of-use asset		2
Environmental rehabilitation obligation funds		260
Other receivables		255
Inventories		97
Trade and other receivables		1,731
Cash and cash equivalents		489
Environmental rehabilitation obligation and other provisions		(818)
Deferred tax liabilities		(142)
Other payables		(23)
Cash-settled share-based payment obligations		(15)
Trade and other payables		(509)
Total fair value of previously held interest		R 2,354

Other investments (Details)

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

12 Months Ended

May 10, 2023

Oct. 27, 2021

Dec. 31, 2023 ZAR (R)

Dec. 31, 2022 ZAR (R)

Dec. 31, 2023 USD ($)

Sep. 30, 2023 ZAR (R)

Sep. 30, 2023 EUR (€)

Dec. 31, 2022 USD ($)

Feb. 28, 2022 ZAR (R)

Feb. 28, 2022 EUR (€)

Dec. 31, 2021 ZAR (R)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 ZAR (R)

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

Other investments

R 3,179

R 3,340

R 3,367

Financial assets measured at fair value

R 1,233

855

224

R 244

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%

Century

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%

100%

Ioneer Limited

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

Government loan | $

$ 700

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 166

149

140

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 500

455

668

Proportion of ownership

4.70%

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 304

238

241

Proportion of ownership

14.35%

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 106

322

144

Proportion of ownership

13.90%

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 277

643

1,353

Proportion of ownership

6.91%

Designated at FVTOCI investments: | Equity investments | Century

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

Other investments

R 0

258

698

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

22

98

123

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 | $

951

$ 554

$ 0

Loan

R 303

€ 15

R 409

€ 25

Financial assets measured at fair value

951

554

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

93

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 | $

$ 107

$ 78

$ 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

452

380

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 294

R 165

R 0

Environmental rehabilitation _5

Environmental rehabilitation obligation funds (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of fair value measurement of assets [line items]
Balance at beginning of the year	R 5,306	R 5,202	R 4,934
Assets acquired on acquisition of subsidiary	616	0	0
Assets derecognised with deemed disposal of interest in joint operation	(260)	0	0
Contributions made	185	86	72
Payments received	(322)	(33)	(10)
Interest income	339	235	174
Transfer to other financial assets	22	264	0
Fair value movement recognised in profit or loss	108	152	0
Balance at end of the year	5,927	5,306	5,202
Restricted funds	1,850	1,616	1,135
Funds	4,077	3,690	4,067
Environmental rehabilitation obligation funds
Disclosure of fair value measurement of assets [line items]
Fair value movement recognised in profit or loss	80	80	32
Foreign currency translation	R 5	R 0	R 0

Other receivables and other p_3

Other receivables and other payables - Other receivables (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Receivables
Right of recovery receivable	R 0	R 275	R 319
Rates and taxes receivable	74	93	106
Pre-paid royalties	310	322	336
Palladium hedge derivative asset	0	50	286
Other	165	139	127
Other receivables	549	879	1,174
Reconciliation of the non-current and current portion of the other receivables:
Other receivables	549	879	1,174
Current portion of other receivables	(26)	(81)	(523)
Other receivables	R 523	R 798	R 651

Other receivables and other p_4

Other receivables and other payables - Other payables (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Payables [Abstract]
Right of recovery payable	R 0	R 34	R 32
Gold and zinc hedge derivative liability	173	0	0
Other	862	582	373
Other payables	5,422	6,391	9,364
Reconciliation of the non-current and current portion of the other receivables:
Other payables	5,422	6,391	9,364
Current portion of other payables	(2,015)	(3,891)	(4,765)
Other payables	3,407	2,500	4,599
Marikana
Other Payables [Abstract]
Dividend obligation	1,626	2,129	1,539
Keliber
Other Payables [Abstract]
Dividend obligation	1,147	0	0
Rustenburg Operations acquisition
Other Payables [Abstract]
Deferred payment	0	3,518	6,920	R 4,355
Pandora acquisition by Lonmin
Other Payables [Abstract]
Deferred payment	44	128	400
SFA Oxford Limited
Other Payables [Abstract]
Contingent consideration (SFA (Oxford) acquisition)	0	0	100
Kroondal
Other Payables [Abstract]
Contingent consideration (SFA (Oxford) acquisition)	R 1,570	R 0	R 0

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 01, 2023
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 0	R (185)	R (577)
Kroondal Mine
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired	100%
Kroondal Mine | Rustenburg operation
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired	50%			50%
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 3,518	6,920	4,355
Interest charge	85	266	158
Payment made	(3,607)	(4,441)	(2,246)
Loss/(gain) on revised estimated cash flows	4	773	4,653
Balance at end of the year	0	R 3,518	R 6,920
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 - Contingent consideration (Details) R in Millions	12 Months Ended
	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Nov. 01, 2023 ZAR (R) oz	Dec. 31, 2017
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities	R (1,589)	R 2,155	R 860
Payment made	R 0	(185)	(577)
Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
Percentage of voting equity interests acquired	26%
Rustenburg operation
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities	R (346)	1,190	671
Contingent consideration
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
Balance at the beginning of the year	13	124
Balance at end of the year	R 44	13	124
Contingent consideration related to AAP receivable portion | Sibanye Rustenburg Platinum Mines Proprietary Limited Subsidiary
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
% of receivable used to determine contingency				50%
Payment % withheld by subsidiary				50%
Kroondal Mine
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
Contingent consideration on acquisition of subsidiary				R 1,433
Percentage of voting equity interests acquired	100%
Kroondal Mine | Rustenburg operation
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
Percentage of voting equity interests acquired	50%			50%
Platinum delivery condition | oz				1,350,000
Kroondal Mine | Contingent consideration
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
Balance at the beginning of the year	R 0	0	0
Contingent consideration on acquisition of subsidiary	1,433	0	0
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities	137	0	0
Balance at end of the year	1,570	0	0
Kroondal Mine | Contingent consideration related to delivery of agreed ounces
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
Contingent consideration on acquisition of subsidiary				R 333
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities	(33)
Balance at end of the year	300
Kroondal Mine | Contingent consideration related to delivery of agreed ounces | Rustenburg operation
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
Platinum delivery condition | oz				1,350,000
Platinum delivery outstanding | oz				204,517
Kroondal Mine | Contingent consideration related to AAP receivable portion
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
Contingent consideration on acquisition of subsidiary				R 1,100
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities	170
Balance at end of the year	1,270
Pandora acquisition by Lonmin
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
Payment made	R (126)	(178)	(85)
Percentage of voting equity interests acquired					50%
Measurement period	6 years
Gross minimum deferred payment for the contingent consideration	R 400
Deferred payment percentage	20%
Nominal discount rate	12.50%
Pandora acquisition by Lonmin | Contingent consideration
Reconciliation of changes in contingent liabilities recognised in business combination [abstract]
Balance at the beginning of the year	R 128	400	308
Interest charge	3	18	54
Gains (losses) recognised in profit or loss excluding exchange differences, fair value measurement, liabilities	39	(112)	123
Payment made	(126)	(178)	(85)
Balance at end of the year	R 44	R 128	R 400

Other receivables and other p_7

Other receivables and other payables - Marikana dividend obligation (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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 2,129	R 1,539	R 0
Marikana dividend obligation	0	0	1,146
Interest — unwinding of amortised cost	236	165	87
Loss/(gain) on revised estimated cash flows	(548)	650	468
Payments made	(191)	(225)	(162)
Balance at end of the year	R 1,626	R 2,129	R 1,539

Other receivables and other p_8

Other receivables and other payables - Keliber dividend obligation (Details) - Keliber R in Millions		12 Months Ended
	Apr. 25, 2023 ZAR (R)	Dec. 31, 2023 ZAR (R) $ / t	Dec. 31, 2022 ZAR (R) $ / t	Dec. 31, 2021 ZAR (R) $ / t
Disclosure of detailed information about business combination [line items]
Cash flow % declared as dividend	40%
Dividend obligation	R 792
Average lithium hydroxide price (in USD per tonne) | $ / t		22,933	0	0
Real discount rate		9.83%	0%	0%
Inflation rate		2%	0%	0%
Movement In Dividend Obligation [Abstract]
Balance at the beginning of the year		R 0	R 0	R 0
Marikana dividend obligation		792	0	0
Loss/(gain) on revised estimated cash flows		287	0	0
Interest — unwinding of amortised cost		52	0	0
Foreign currency translation reserve		16	0	0
Balance at end of the year		R 1,147	R 0	R 0
Mining assets
Disclosure of detailed information about business combination [line items]
Life-of-mine		24 years	0 years	0 years

Other receivables and other p_9

Other receivables and other payables - Payments made (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about business combination [line items]
Payment made	R 0	R (185)	R (577)
Total cash payments made	(3,733)	(4,730)	(2,331)
Payments in excess of the original fair value (operating cash flows)	R (3,733)	(4,545)	(1,754)
Deferred payment and deferred consideration liabilities | Commodity price risk
Disclosure of detailed information about business combination [line items]
Increase in loss due to increase in commodity price			101
Deferred payment and deferred consideration liabilities | Commodity price risk | 4E Basket Price
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 70	52
Deferred payment and deferred consideration liabilities | Commodity price risk | Lithium Hydroxide Price
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 27
Keliber
Disclosure of detailed information about business combination [line items]
Marikana dividend obligation	1,147	0	0	R 0
Marikana
Disclosure of detailed information about business combination [line items]
Marikana dividend obligation	1,626	2,129	1,539	R 0
Carrying value | Keliber
Disclosure of detailed information about business combination [line items]
Marikana dividend obligation	1,434
Carrying value | Marikana
Disclosure of detailed information about business combination [line items]
Marikana dividend obligation	1,257
Rustenburg Operations acquisition
Disclosure of detailed information about business combination [line items]
Payment made	(3,607)	(4,441)	(2,246)
Pandora acquisition by Lonmin
Disclosure of detailed information about business combination [line items]
Payment made	(126)	(178)	(85)
SFA Oxford Limited
Disclosure of detailed information about business combination [line items]
Contingent consideration (SFA (Oxford) acquisition)	R 0	R (111)	R 0

Inventories (Details)

Inventories (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Consumable stores	R 3,317	R 2,066	R 1,923
PGM ore and mill inventory	276	535	189
Other	119	74	56
Inventories	26,363	26,384	25,080
Raw materials and consumables used	25,778	21,929	18,847
Inventory write-down	1,694	111	76
PGMs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	13,292	13,673	13,081
Finished goods	6,948	7,856	9,012
PGMs | Marikana
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	6,771	5,882	4,725
Pgm Mining Activities, Work In Process
Disclosure of disaggregation of revenue from contracts with customers [line items]
Inventory write-down	1,179
Pgm Mining Activities, Finished Goods
Disclosure of disaggregation of revenue from contracts with customers [line items]
Inventory write-down	423
Gold
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	320	233	219
Finished goods	959	1,096	600
Sandouville metals sales
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	327	357	0
Finished goods	292	187	0
Sandouville raw materials	168	307	0
Zinc concentrate inventory
Disclosure of disaggregation of revenue from contracts with customers [line items]
Work in process	R 345	R 0	R 0

Trade and other receivables (De

Trade and other receivables (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Payroll debtors	R 273	R 361	R 322
Interest receivable	90	90	54
Financial assets	7,032	6,279	6,147
Prepayments	1,219	433	335
Value added tax	649	788	929
Total trade and other receivables	8,900	7,500	7,411
NCI of DRDGOLD
Disclosure of disaggregation of revenue from contracts with customers [line items]
Prepayments	610
Gold
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	0	0	44
PGMs
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	5,353	4,304	4,823
PGM sales concentrate
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	3,407	3,564	3,794
PGM sales other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	1,946	740	1,029
Zinc concentrate sales
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	108	0	0
Sandouville metals sales
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	261	135	0
Other trade and non-trade receivables
Disclosure of disaggregation of revenue from contracts with customers [line items]
Current trade receivables	R 947	R 1,389	R 904

Trade and other receivables - I

Trade and other receivables - Impairment allowance (Details) R in Millions	12 Months Ended
	Dec. 31, 2023 ZAR (R) R / $	Dec. 31, 2022 ZAR (R) R / $	Dec. 31, 2021 ZAR (R) R / $	Dec. 31, 2023 R / €	Dec. 31, 2023 R / $	Dec. 31, 2022 R / €
Disclosure of disaggregation of revenue from contracts with customers [line items]
Impairment allowance recognised in profit or loss for the year	R 47,013
Currency risk
Disclosure of disaggregation of revenue from contracts with customers [line items]
Exchange rates (in ZAR per USD)	18.57	17.03	15.94	20.53	12.66	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 / $	18.57
Effect on net profit or loss	R 40
Other trade and non-trade receivables
Disclosure of disaggregation of revenue from contracts with customers [line items]
Balance at beginning of the year	1,389	R 904
Balance at end of the year	947	1,389	R 904
PGM sales concentrate
Disclosure of disaggregation of revenue from contracts with customers [line items]
Balance at beginning of the year	3,564	3,794
Balance at end of the year	R 3,407	3,564	3,794
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 24
Financial instruments credit-impaired | Other trade and non-trade receivables
Disclosure of disaggregation of revenue from contracts with customers [line items]
Balance at beginning of the year	214	201	199
Impairment allowance recognised in profit or loss for the year	21	28	3
Financial assets written off	(132)	0	0
Impaired financial assets recovered during the year	(2)	(15)	(1)
Balance at end of the year	R 101	R 214	R 201

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents [abstract]
Cash at the bank, on hand and cash equivalents	R 25,560	R 26,076	R 30,292
Total cash and cash equivalents	R 25,560	R 26,076	R 30,292	R 20,240

Stated share capital - Authoris

Stated share capital - Authorised and issued (Details) - ZAR (R) R / shares in Units, R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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)	2,830,370,000	2,808,406,000	2,923,571,000
Shares issued under Sibanye-Stillwater/SGL Share Plan (in shares)	197,000	21,964,000	32,535,000
Shares delisted (share buy-back) (in shares)	0	0	(147,700,000)
Number of shares in issue at end of the year (in shares)	2,830,567,000	2,830,370,000	2,808,406,000
Repurchase value			R 8,503
Repurchase price, per share (in ZAR per share)			R 57.57

Non-controlling interests - Gro

Non-controlling interests - Group’s NCI relates (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of subsidiaries [line items]
Equity	R 51,607	R 91,004	R 81,345	R 70,716
Non- controlling interests
Disclosure of subsidiaries [line items]
Equity	2,877	2,903	1,952	R 2,780
Non- controlling interests | NCI of Keliber
Disclosure of subsidiaries [line items]
Equity	237	616	0
Non- controlling interests | NCI of DRDGOLD
Disclosure of subsidiaries [line items]
Equity	2,634	2,283	1,939
Non- controlling interests | NCI of Group Technical Security Management
Disclosure of subsidiaries [line items]
Equity	6	6	5
Non- controlling interests | NCI of Marikana
Disclosure of subsidiaries [line items]
Equity	R 0	R (2)	R 8

Non-controlling interests - Sum

Non-controlling interests - Summarised financial information of subsidiary groups (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of subsidiaries [line items]
Revenue	R 114,849	R 138,051	R 172,313
(Loss)/profit for the year	(37,430)	18,980	33,796
Total comprehensive income	(32,782)	21,349	38,431
Non-controlling interests (NCI)	342	584	742
Net (decrease)/increase in cash and cash equivalents	(1,967)	(5,328)	9,344
Dividends paid	5,318	9,453	18,176
Non-current assets	81,119	105,867	88,163
Current assets	61,822	60,764	64,831
Non-current liabilities	(54,927)	(55,408)	(51,108)
Current liabilities	(36,407)	(20,219)	(20,541)
Equity	51,607	91,004	81,345	R 70,716
Non- controlling interests
Disclosure of subsidiaries [line items]
(Loss)/profit for the year	342	584	742
Total comprehensive income	402	678	733
Equity	2,877	2,903	1,952	R 2,780
NCI of DRDGOLD | Non- controlling interests
Disclosure of subsidiaries [line items]
Equity	2,634	2,283	1,939
Operating segments | NCI of DRDGOLD
Disclosure of subsidiaries [line items]
Revenue	5,816	5,274	4,790
(Loss)/profit for the year	1,333	1,157	987
Total comprehensive income	1,348	1,156	907
Non-controlling interests (NCI)	662	573	487
Operating segments | NCI of DRDGOLD | Non- controlling interests
Disclosure of subsidiaries [line items]
Net (decrease)/increase in cash and cash equivalents	(863)	153	70
Dividends paid	363	255	338
Non-current assets	5,523	4,303	3,741
Current assets	2,751	2,985	2,821
Non-current liabilities	(1,329)	(1,183)	(1,120)
Current liabilities	(730)	(552)	(553)
Equity	R 6,215	R 5,553	R 4,889

Non-controlling interests - Nar

Non-controlling interests - Narrative (Details) € / shares in Units, € in Millions, R in Millions

1 Months Ended

7 Months Ended

12 Months Ended

Apr. 25, 2023 ZAR (R)

Apr. 25, 2023 EUR (€) € / shares

Apr. 24, 2023

Oct. 03, 2022 EUR (€)

Jun. 30, 2022

Jun. 30, 2023 ZAR (R)

Jun. 30, 2023 EUR (€)

Dec. 31, 2023

Dec. 31, 2023 ZAR (R)

Dec. 31, 2022 ZAR (R)

Dec. 31, 2021 ZAR (R)

Jul. 29, 2022 EUR (€)

Jan. 10, 2020

Disclosure of subsidiaries [line items]

Payments to acquire or redeem entity's shares | R

R 0

R 0

R 8,503

Keliber

Disclosure of subsidiaries [line items]

Dividend obligation | R

R 792

Consideration Transferred, Asset Acquisition

€ 192

€ 146

Carbon tax

€ 2

Keliber | Forecast

Disclosure of subsidiaries [line items]

Proportion of ownership interest in entity

80%

Finnish Mineral Group | Keliber

Disclosure of subsidiaries [line items]

Payments to acquire or redeem entity's shares

1,096

€ 53.9

Minority shareholders | Keliber

Disclosure of subsidiaries [line items]

Proportion of ownership interests held by non-controlling interests

1%

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

49.72%

49.67%

49.51%

Keliber

Disclosure of subsidiaries [line items]

Proportion of ownership interest in subsidiary

79.82%

79.82%

84.96%

Proportion of ownership interests held by non-controlling interests

1%

Payments to acquire or redeem entity's shares

R 1,009

50.2

R 103

€ 5.2

R 1,009

Issue of equity

€ 104

Keliber | Finnish Mineral Group

Disclosure of subsidiaries [line items]

Proportion of ownership interests held by non-controlling interests

20%

20%

14%

Keliber | Minority shareholders

Disclosure of subsidiaries [line items]

Proportion of ownership interests held by non-controlling interests

0.79%

Weighted average share price (in EUR per share) | € / shares

€ 157.28

Non-controlling interests - NCI

Non-controlling interests - NCI impact 2023 (Details) € in Millions, R in Millions				1 Months Ended		12 Months Ended
		Apr. 25, 2023 ZAR (R)	Apr. 25, 2023 EUR (€)	Jun. 30, 2023 ZAR (R)	Jun. 30, 2023 EUR (€)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)
Disclosure of subsidiaries [line items]
Payments to acquire or redeem entity's shares						R 0	R 0	R (8,503)
Payments from changes in ownership interests in subsidiaries that do not result in loss of control	[1]					(1,009)	R (3,363)	R (128)
Keliber
Disclosure of subsidiaries [line items]
Payments to acquire or redeem entity's shares		R (1,009)	€ (50.2)	R (103)	€ (5.2)	(1,009)
Proceeds from contributions of non-controlling interests						1,096
Payments from changes in ownership interests in subsidiaries that do not result in loss of control						(103)
Net cash received by the Group						993
Reattribution of equity						(596)
Increase (decrease) in equity						1,097
Keliber | Equity attributable to owners of Sibanye-Stillwater
Disclosure of subsidiaries [line items]
Increase (decrease) in equity						397
Keliber | Accumulated (loss)/profit
Disclosure of subsidiaries [line items]
Increase (decrease) in equity						463
Keliber | Foreign currency translation reserve
Disclosure of subsidiaries [line items]
Increase (decrease) in equity						(66)
Keliber | Non- controlling interests
Disclosure of subsidiaries [line items]
Increase (decrease) in equity						700
Keliber | Payment eliminated on consolidation
Disclosure of subsidiaries [line items]
Payments to acquire or redeem entity's shares						R 1,009
[1] The acquisition of NCI relates to the cash consideration paid with the voluntary offer to the NCI of Keliber ( R103 million ) and acquisition of the remaining 49.85% interest in Century after control was obtained ( R906 million )

Non-controlling interests - N_2

Non-controlling interests - NCI impact 2022 (Details) - ZAR (R) R in Millions					12 Months Ended
	Apr. 25, 2023	Apr. 24, 2023	Oct. 03, 2022	Jul. 29, 2022	Dec. 31, 2023	Dec. 31, 2022
Keliber
Disclosure of subsidiaries [line items]
Reattribution of equity					R (596)
Increase (decrease) in equity					R 1,097
Proportion of ownership interests held by non-controlling interests					1%
Put option discount					10%
Effective proportion of ownership interest in subsidiary					79.82%	85.90%
Keliber | Finnish Mineral Group
Disclosure of subsidiaries [line items]
Proportion of ownership interests held by non-controlling interests	20%	14%
Keliber | Minority shareholders
Disclosure of subsidiaries [line items]
Proportion of ownership interests held by non-controlling interests					0.79%
Accumulated (loss)/profit | Keliber
Disclosure of subsidiaries [line items]
Increase (decrease) in equity					R 463
Equity attributable to owners of Sibanye-Stillwater | Keliber
Disclosure of subsidiaries [line items]
Increase (decrease) in equity					397
Foreign currency translation reserve | Keliber
Disclosure of subsidiaries [line items]
Increase (decrease) in equity					(66)
Non- controlling interests | Keliber
Disclosure of subsidiaries [line items]
Increase (decrease) in equity					R 700
Keliber
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
Increase (decrease) in equity			(1,833)	(889)		R (3,452)
Net effect due to foreign currency translation, share subscription costs and put options						R (106)
Put option discount						10%
Effective proportion of ownership interest in subsidiary						85.90%
Keliber | Minority shareholders
Disclosure of subsidiaries [line items]
Proportion of ownership interests held by non-controlling interests						1%
Keliber | Accumulated (loss)/profit
Disclosure of subsidiaries [line items]
Increase (decrease) in equity			R (1,833)	R (889)
Keliber | Equity attributable to owners of Sibanye-Stillwater
Disclosure of subsidiaries [line items]
Increase (decrease) in equity						R (2,766)
Keliber | Foreign currency translation reserve
Disclosure of subsidiaries [line items]
Increase (decrease) in equity						62
Keliber | Non- controlling interests
Disclosure of subsidiaries [line items]
Increase (decrease) in equity						R (686)

Non-controlling interests - Cen

Non-controlling interests - Century (Details) R in Millions, $ in Millions			12 Months Ended
	May 10, 2023 ZAR (R)	May 10, 2023 AUD ($)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)
Disclosure of subsidiaries [line items]
Non-controlling interests			R 2,877	R 2,903	R 1,952
Century
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100%	100%	100%
Consideration paid	R 906	$ 74	R 906
Percentage of voting equity interests acquired	49.85%	49.85%	49.85%
Non-controlling interests			R 914
Century | Equity attributable to owners of Sibanye-Stillwater
Disclosure of subsidiaries [line items]
Increase (decrease) in equity			8
Century | Accumulated (loss)/profit
Disclosure of subsidiaries [line items]
Increase (decrease) in equity			13
Century | Foreign currency translation reserve
Disclosure of subsidiaries [line items]
Increase (decrease) in equity			R (5)

Borrowings and derivative fin_3

Borrowings and derivative financial instrument - Summary (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [abstract]
Borrowings	R 36,618	R 22,728	R 20,298	R 18,383
Derivative financial instrument	3,810	0	0
Balance at end of the year	40,428	22,728	20,298
Current portion of borrowings and derivative financial instrument	(15,482)	(122)	(107)
Non-current portion of borrowings and derivative financial instrument	R 24,946	R 22,606	R 20,191

Borrowings and derivative fin_4

Borrowings and derivative financial instrument - Borrowings and derivative financial instrument (Details) R in Millions, $ in Millions		1 Months Ended		12 Months Ended
	Aug. 02, 2021 USD ($)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2023 USD ($)	Apr. 06, 2023 USD ($)	Oct. 25, 2019 ZAR (R)	May 21, 2018 USD ($)	Jul. 01, 2014 USD ($)
Disclosure of detailed information about borrowings [line items]
Borrowings		R 20,298		R 36,618	R 22,728	R 20,298
Current portion of borrowings		(107)		(11,672)	(122)	(107)
Non-current portion of borrowings		20,191		24,946	22,606	20,191
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				22,728	20,298	18,383
Borrowings acquired on acquisition of subsidiary				6	39	0
Loans raised				12,758	8,000	20,622
Loans repaid				(1,323)	(8,003)	(20,252)
Unwinding of loans recognised at amortised cost				359	216	302
Accrued interest				1,192	1,046	801
Accrued interest paid				(1,175)	(1,061)	(706)
Early redemption premium on the 2025 Notes				0	0	196
(Gain)/loss on the revised cash flow of the Burnstone Debt				(32)	776	2
Loss on foreign exchange differences and foreign currency translation				2,105	1,417	950
Balance at end of the year		20,298		36,618	22,728	20,298
Proceeds from borrowings, classified as financing activities				14,431	8,000	20,651
US$600 million RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $							$ 600			$ 600
Borrowings		0		0	0	0
Current portion of borrowings		0		0	0	0
Non-current portion of borrowings		0		0	0	0
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				0	0	6,978
Loans raised				0	0	703
Loans repaid				0	0	(7,728)
Accrued interest				20	62	113
Accrued interest paid				(20)	(62)	(113)
Loss on foreign exchange differences and foreign currency translation				0	0	47
Balance at end of the year		0		0	0	0
US$1 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $							1,000	$ 1,000
Borrowings		0		0	0	0
Current portion of borrowings		0		0	0	0
Non-current portion of borrowings		0		0	0	0
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				0	0	0
Loans raised					0	0
Loans repaid				0	0	0
Accrued interest				73	0	0
Accrued interest paid				(73)	0	0
Loss on foreign exchange differences and foreign currency translation				0	0	0
Balance at end of the year		0		0	0	0
Proceeds from borrowings, classified as financing activities				0
R5.5 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt				5,500					R 5,500
Borrowings		0		4,000	0	0
Current portion of borrowings		0		(4,000)	0	0
Non-current portion of borrowings		0		0	0	0
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				0	0	0
Loans raised				5,000	8,000	0
Loans repaid				(1,000)	(8,000)	0
Accrued interest				125	155	66
Accrued interest paid				(125)	(155)	(66)
Balance at end of the year		0		4,000	0	0
US$ Convertible bond, derivative
Reconciliation Of Changes In Borrowings [Abstract]
Proceeds from borrowings, classified as financing activities				1,673
2026 and 2029 Notes
Disclosure of detailed information about borrowings [line items]
Borrowings		18,785		22,042	20,140	18,785
Current portion of borrowings		(100)		(116)	(107)	(100)
Non-current portion of borrowings		18,685		21,926	20,033	18,685
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				20,140	18,785	0
Loans raised				0	0	18,208
Unwinding of loans recognised at amortised cost				80	68	8
Accrued interest				932	829	99
Accrued interest paid				(951)	(844)	0
Loss on foreign exchange differences and foreign currency translation				1,841	1,302	470
Balance at end of the year		18,785		22,042	20,140	18,785
Transaction costs accrued					29
US$ Convertible bond
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $							$ 500
Borrowings		0		7,538	0	0
Current portion of borrowings		0		(7,538)	0	0
Non-current portion of borrowings		0		0	0	0
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				0	0	0
Unwinding of loans recognised at amortised cost				27	0	0
Accrued interest				36	0	0
Loss on foreign exchange differences and foreign currency translation				20	0	0
Balance at end of the year		0		7,538	0	0
Proceeds from borrowings, classified as financing activities				7,455	0	0
Burnstone Debt
Disclosure of detailed information about borrowings [line items]
Borrowings		1,507		2,991	2,540	1,507					$ 178
Current portion of borrowings		0		0	0	0
Non-current portion of borrowings		1,507		2,991	2,540	1,507
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				2,540	1,507	1,263
Unwinding of loans recognised at amortised cost				252	148	125
(Gain)/loss on the revised cash flow of the Burnstone Debt				(32)	776	2
Balance at end of the year		1,507		2,991	2,540	1,507
Other borrowings
Disclosure of detailed information about borrowings [line items]
Borrowings		0		40	42	0
Current portion of borrowings		0		(11)	(8)	0
Non-current portion of borrowings		0		29	34	0
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				42	0	0
Borrowings acquired on acquisition of subsidiary				6	39	0
Loans raised				303	0	1,711
Loans repaid				(323)	(3)	(1,684)
Balance at end of the year		0		40	42	0
Franco-Nevada liability
Disclosure of detailed information about borrowings [line items]
Borrowings		2		3	2	2
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				2	2
Balance at end of the year		2		3	2	2
Stillwater Convertible Debentures
Disclosure of detailed information about borrowings [line items]
Borrowings		4		4	4	4
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				4	4
Balance at end of the year		4		4	4	4
2022 Notes
Reconciliation Of Changes In Borrowings [Abstract]
Repayments of non-current borrowings | $	$ 355.8
2025 Notes
Reconciliation Of Changes In Borrowings [Abstract]
Loans repaid | $			$ (370.2)
Early redemption premium on the 2025 Notes		R 196
Redemption price (as a percent)		103.60%	103.60%
2022 and 2025 Notes, 2026 and 2029 Notes, and US$ Convertible Bond
Reconciliation Of Changes In Borrowings [Abstract]
Accrued interest				R 1,192	R 1,046	R 801

Borrowings and derivative fin_5

Borrowings and derivative financial instrument - US$600 million RCF (Details) R in Millions, $ in Millions			12 Months Ended
	Oct. 25, 2019	May 21, 2018 USD ($) extension_option	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2023 USD ($)
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year			R 22,728	R 20,298	R 18,383
Loans raised			12,758	8,000	20,622
Loans repaid			(1,323)	(8,003)	(20,252)
Accrued interest			1,192	1,046	801
Accrued interest paid			(1,175)	(1,061)	(706)
Loss on foreign exchange differences			2,105	1,417	950
Balance at end of the year			36,618	22,728	20,298
Current portion of balance			(11,672)	(122)	(107)
Non-current portion of balance			24,946	22,606	20,191
US$600 million RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $		$ 600				$ 600
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
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year			0	0	6,978
Loans raised			0	0	703
Loans repaid			0	0	(7,728)
Accrued interest			20	62	113
Accrued interest paid			(20)	(62)	(113)
Loss on foreign exchange differences			0	0	47
Balance at end of the year			0	0	0
Current portion of balance			0	0	0
Non-current portion of balance			R 0	R 0	R 0
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

Borrowings and derivative fin_6

Borrowings and derivative financial instrument - US$1 billion RCF (Details) R in Millions, $ in Millions				12 Months Ended
	Apr. 06, 2023 USD ($) extension_option	Oct. 25, 2019	May 21, 2018 USD ($) extension_option	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2023 USD ($)
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				R 22,728	R 20,298	R 18,383
Loans raised				12,758	8,000	20,622
Loans repaid				(1,323)	(8,003)	(20,252)
Accrued interest				1,192	1,046	801
Accrued interest paid				(1,175)	(1,061)	(706)
Loss on foreign exchange differences				2,105	1,417	950
Balance at end of the year				36,618	22,728	20,298
Current portion of balance				(11,672)	(122)	(107)
Non-current portion of balance				24,946	22,606	20,191
US$600 million RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $			$ 600				$ 600
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
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				0	0	6,978
Loans raised				0	0	703
Loans repaid				0	0	(7,728)
Accrued interest				20	62	113
Accrued interest paid				(20)	(62)	(113)
Loss on foreign exchange differences				0	0	47
Balance at end of the year				0	0	0
Current portion of balance				0	0	0
Non-current portion of balance				0	0	0
US$1 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $	$ 1,000						$ 1,000
Term of facility	3 years
Number of one-year extensions | extension_option	2
Borrowings, term of extension	1 year
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year				0	0	0
Loans raised					0	0
Loans repaid				0	0	0
Accrued interest				73	0	0
Accrued interest paid				(73)	0	0
Loss on foreign exchange differences				0	0	0
Balance at end of the year				0	0	0
Current portion of balance				0	0	0
Non-current portion of balance				R 0	R 0	R 0
US$1 billion RCF | Minimum
Disclosure of detailed information about borrowings [line items]
Net debt to EBITDA threshold	0.010
US$1 billion RCF | Maximum
Disclosure of detailed information about borrowings [line items]
Net debt to EBITDA threshold	0.020
US$1 billion RCF | Net Debt to EBITDA less than threshold | Linked term SOFR
Disclosure of detailed information about borrowings [line items]
Interest rate margin	1.60%
US$1 billion RCF | Net debt to EBITDA at midrange | Linked term SOFR
Disclosure of detailed information about borrowings [line items]
Interest rate margin	1.80%
US$1 billion RCF | Net Debt to EBITDA above threshold | Linked term SOFR
Disclosure of detailed information about borrowings [line items]
Interest rate margin	2%

Borrowings and derivative fin_7

Borrowings and derivative financial instrument - R5.5 billion RCF (Details) R in Millions		12 Months Ended
	Oct. 25, 2019 ZAR (R) extension_option	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Nov. 15, 2016 ZAR (R)
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year		R 22,728	R 20,298	R 18,383
Loans raised		12,758	8,000	20,622
Loans repaid		(1,323)	(8,003)	(20,252)
Accrued interest		1,192	1,046	801
Accrued interest paid		(1,175)	(1,061)	(706)
Balance at end of the year		36,618	22,728	20,298
Current portion of balance		(11,672)	(122)	(107)
Non-current portion of balance		24,946	22,606	20,191
R5.5 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt	R 5,500	5,500
Net debt to EBITDA threshold	2
Term of facility	3 years
Number of one-year extensions | extension_option	2
Borrowings, term of extension	1 year
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year		0	0	0
Loans raised		5,000	8,000	0
Loans repaid		(1,000)	(8,000)	0
Accrued interest		125	155	66
Accrued interest paid		(125)	(155)	(66)
Balance at end of the year		4,000	0	0
Current portion of balance		(4,000)	0	0
Non-current portion of balance		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	2.60%
R6.0 billion RCF
Disclosure of detailed information about borrowings [line items]
Face amount of debt					R 6,000

Borrowings and derivative fin_8

Borrowings and derivative financial instrument - 2026 and 2029 Notes (Details) R in Millions, $ in Millions		12 Months Ended
	Nov. 16, 2021 USD ($)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year		R 22,728	R 20,298	R 18,383
Loans raised		12,758	8,000	20,622
Interest charge		1,192	1,046	801
Unwinding of amortised cost		359	216	302
Accrued interest paid		(1,175)	(1,061)	(706)
Loss on foreign exchange differences		2,105	1,417	950
Balance at end of the year		36,618	22,728	20,298
Current portion of balance		(11,672)	(122)	(107)
Non-current portion of borrowings		24,946	22,606	20,191
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
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
Debt term	8 years
2026 and 2029 Notes
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year		20,140	18,785	0
Loans raised		0	0	18,208
Interest charge		932	829	99
Unwinding of amortised cost		80	68	8
Accrued interest paid		(951)	(844)	0
Loss on foreign exchange differences		1,841	1,302	470
Balance at end of the year		22,042	20,140	18,785
Current portion of balance		(116)	(107)	(100)
Non-current portion of borrowings		R 21,926	R 20,033	R 18,685

Borrowings and derivative fin_9

Borrowings and derivative financial instrument - US$ Convertible Bond (Details) R / shares in Units, $ / shares in Units, R in Millions, $ in Millions			12 Months Ended
	Nov. 21, 2023 R / $ $ / shares	Nov. 21, 2023 R / $ R / shares	Dec. 31, 2023 ZAR (R)	Dec. 31, 2023 ZAR (R) $ / shares	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2023 USD ($)
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year			R 22,728		R 20,298	R 18,383
Proceeds from borrowings, classified as financing activities			14,431		8,000	20,651
Interest charge			1,192		1,046	801
Unwinding of amortised cost			359		216	302
Loss on foreign exchange differences			2,105		1,417	950
Balance at end of the year			36,618		22,728	20,298
Current portion of balance			(11,672)	R (11,672)	(122)	(107)
Non-current portion of balance			24,946	R 24,946	22,606	20,191
Reconciliation Of Changes In Derivatives [Abstract]
Balance at beginning of the year			0		0
Initial recognition of derivative instrument			1,433		0	0
Loss on foreign exchange differences			(1,973)		(616)	(1,149)
Balance at end of the year			R 3,810		0	0
US$ Convertible bond, derivative
Disclosure of detailed information about borrowings [line items]
Conversion premium (as a percent)			32.50%
Weighted average share price (in USD/ZAR per share) | (per share)	$ 1.0088	R 18.55
Exchange rates (in ZAR per USD) | R / $	18.388	18.388
Initial conversion price (USD per share) | $ / shares				R 1.3367
Reconciliation Of Changes In Derivatives [Abstract]
Balance at beginning of the year			R 0		0	0
Initial recognition of derivative instrument			1,673		0	0
Loss on financial instruments			2,136		0	0
Loss on foreign exchange differences			1		0	0
Balance at end of the year			3,810		0	0
Current portion of balance			(3,810)	R (3,810)	0	0
Non-current portion of balance			R 0	R 0	0	0
US$ Convertible bond
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $							$ 500
Interest rate (as a percent)			4.25%	4.25%			4.25%
Term of facility			5 years
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year			R 0		0	0
Proceeds from borrowings, classified as financing activities			7,455		0	0
Interest charge			36		0	0
Unwinding of amortised cost			27		0	0
Loss on foreign exchange differences			20		0	0
Balance at end of the year			7,538		0	0
Current portion of balance			(7,538)	R (7,538)	0	0
Non-current portion of balance			R 0	R 0	R 0	R 0

Borrowings and derivative fi_10

Borrowings and derivative financial instrument - Burnstone Debt (Details) R in Millions, $ in Millions		12 Months Ended
	Jul. 01, 2017 USD ($)	Dec. 31, 2023 ZAR (R) R / kg R / $	Dec. 31, 2022 ZAR (R) R / kg R / $	Dec. 31, 2021 ZAR (R) R / kg R / $	Jul. 01, 2014 USD ($)
Disclosure of detailed information about borrowings [line items]
Borrowings		R 36,618	R 22,728	R 20,298
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year		22,728	20,298	18,383
Unwinding of amortised cost		359	216	302
Loss/(gain) on revised estimated cash flows		(32)	776	2
Gain on foreign exchange differences		(1,973)	(616)	(1,149)
Balance at end of the year		36,618	22,728	20,298
Current portion of balance		(11,672)	(122)	(107)
Non-current portion of balance		24,946	22,606	20,191
Burnstone Debt
Disclosure of detailed information about borrowings [line items]
Borrowings		2,991	2,540	1,507	$ 178
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
Net assets		2,000
Reconciliation Of Changes In Borrowings [Abstract]
Balance at beginning of the year		2,540	1,507	1,263
Unwinding of amortised cost		252	148	125
Loss/(gain) on revised estimated cash flows		(32)	776	2
Gain on foreign exchange differences		231	109	117
Balance at end of the year		2,991	2,540	1,507
Current portion of balance		0	0	0
Non-current portion of balance		R 2,991	R 2,540	R 1,507
Revised gold prices (ZAR/kg) | R / kg		1,012,625	793,473	729,270
Exchange rates (in ZAR per USD) | R / $		18.50	15.50	15
Life-of-mine		25 years
A1
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $					0.2
A2
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $					7.8
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%
Reconciliation Of Changes In Borrowings [Abstract]
Nominal discount rate		5.90%
A3 and A4
Disclosure of detailed information about borrowings [line items]
Interest rate margin	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%
Reconciliation Of Changes In Borrowings [Abstract]
Nominal discount rate		9.50%
A3
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $					51
A4
Disclosure of detailed information about borrowings [line items]
Face amount of debt | $					$ 119.1

Borrowings and derivative fi_11

Borrowings and derivative financial instrument - Other borrowings (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Balance at beginning of the year	R 22,728	R 20,298	R 18,383
Loans raised	12,758	8,000	20,622
Loans repaid	(1,323)	(8,003)	(20,252)
Borrowings acquired on acquisition of subsidiary	6	39	0
Gain on foreign exchange differences	(1,973)	(616)	(1,149)
Balance at end of the year	36,618	22,728	20,298
Current portion of balance	(11,672)	(122)	(107)
Non-current portion of borrowings	24,946	22,606	20,191
Other borrowings
Disclosure of detailed information about borrowings [line items]
Balance at beginning of the year	42	0	0
Loans raised	303	0	1,711
Loans repaid	(323)	(3)	(1,684)
Borrowings acquired on acquisition of subsidiary	6	39	0
Gain on foreign exchange differences	12	6	(27)
Balance at end of the year	40	42	0
Current portion of balance	(11)	(8)	0
Non-current portion of borrowings	R 29	R 34	R 0

Borrowings and derivative fi_12

Borrowings and derivative financial instrument - Fair Value (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Burnstone Debt
Disclosure of fair value measurement of liabilities [line items]
Discount rate	10.74%	10.52%	4.18%
Level 1
Disclosure of fair value measurement of liabilities [line items]
Liabilities	R 18,949	R 17,379	R 18,664
Level 1 | 2026 and 2029 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities	18,949	17,379
Level 1 | Burnstone Debt
Disclosure of fair value measurement of liabilities [line items]
Liabilities	0	0	0
Level 1 | US$ Convertible bond
Disclosure of fair value measurement of liabilities [line items]
Liabilities	0
Level 1 | 2022 and 2025 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities			18,664
Level 2
Disclosure of fair value measurement of liabilities [line items]
Liabilities	7,471	0	0
Level 2 | 2026 and 2029 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities	0	0
Level 2 | Burnstone Debt
Disclosure of fair value measurement of liabilities [line items]
Liabilities	0	0	0
Level 2 | US$ Convertible bond
Disclosure of fair value measurement of liabilities [line items]
Liabilities	7,471
Level 2 | 2022 and 2025 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities			0
Level 3
Disclosure of fair value measurement of liabilities [line items]
Liabilities	2,509	2,245	2,996
Level 3 | 2026 and 2029 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities	0	0
Level 3 | Burnstone Debt
Disclosure of fair value measurement of liabilities [line items]
Liabilities	2,509	2,245	2,996
Level 3 | US$ Convertible bond
Disclosure of fair value measurement of liabilities [line items]
Liabilities	0
Level 3 | 2022 and 2025 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities			0
Carrying value
Disclosure of fair value measurement of liabilities [line items]
Liabilities	32,571	22,680	20,292
Carrying value | 2026 and 2029 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities	22,042	20,140
Carrying value | Burnstone Debt
Disclosure of fair value measurement of liabilities [line items]
Liabilities	2,991	R 2,540	1,507
Carrying value | US$ Convertible bond
Disclosure of fair value measurement of liabilities [line items]
Liabilities	R 7,538
Carrying value | 2022 and 2025 Notes
Disclosure of fair value measurement of liabilities [line items]
Liabilities			R 18,785

Borrowings and derivative fi_13

Borrowings and derivative financial instrument - Market risk (Details) R in Millions, $ in Billions			12 Months Ended
	Apr. 06, 2023 USD ($)	Oct. 25, 2019 ZAR (R)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R) R / $	Dec. 31, 2023 USD ($)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2023 R / $	Dec. 31, 2023 R / €	Dec. 31, 2023 R / $	Dec. 31, 2022 R / $	Dec. 31, 2022 R / €	Dec. 31, 2020 ZAR (R)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings				R 22,728	R 20,298		R 36,618						R 18,383
R5.5 billion RCF
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings				0	0		4,000						0
Term of facility		3 years
Face amount of debt		R 5,500					5,500
US$1 billion RCF
Disclosure of nature and extent of risks arising from financial instruments [line items]
Borrowings				0	R 0		0						R 0
Term of facility	3 years
Face amount of debt | $	$ 1					$ 1
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Closing foreign exchange rate					15.94			18.57	20.53	12.66	17.03	18.22
Decrease in profit due to decrease in exchange rate			R 25	31	R 50
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Amount exposed to risk				2,424	1,416		R 6,873
Change in interest expense for downward change by 1.5% in interest rate			(103)	36	21
Change in interest expense for downward change by 1% in interest rate			(69)	24	14
Change in interest expense for downward change by 0.5% in interest rate			(34)	12	7
Change in interest expense for upward change by 0.5% in interest rate			34	(12)	(7)
Change in interest expense for upward change by 1% in interest rate			69	(24)	(14)
Change in interest expense for upward change by 1.5% in interest rate			R 103	(36)	(21)
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 (60)	0	0
Change in interest expense for downward change by 1% in interest rate			(40)	0	0
Change in interest expense for downward change by 0.5% in interest rate			(20)	0	0
Change in interest expense for upward change by 0.5% in interest rate			20	0	0
Change in interest expense for upward change by 1% in interest rate			40	0	0
Change in interest expense for upward change by 1.5% in interest rate			60	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			(43)	36	21
Change in interest expense for downward change by 1% in interest rate			(29)	24	14
Change in interest expense for downward change by 0.5% in interest rate			(14)	12	7
Change in interest expense for upward change by 0.5% in interest rate			14	(12)	(7)
Change in interest expense for upward change by 1% in interest rate			29	(24)	(14)
Change in interest expense for upward change by 1.5% in interest rate			R 43	R (36)	R (21)

Borrowings and derivative fi_14

Borrowings and derivative financial instrument - Interest rate changes (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Non-current borrowings exposed to interest rate changes	R 6,873	R 2,424	R 1,416
Committed undrawn facilities	20,755	16,403	15,749
Uncommitted undrawn facilities	3,274	2,427	2,276
Total undrawn facilities	24,029	18,830	18,025
Within one year
Disclosure of detailed information about borrowings [line items]
Committed undrawn facilities	2,185	10,903	685
Between one and two years
Disclosure of detailed information about borrowings [line items]
Committed undrawn facilities	0	5,500	9,564
Between two and three years
Disclosure of detailed information about borrowings [line items]
Committed undrawn facilities	18,570	0	5,500
JIBAR
Disclosure of detailed information about borrowings [line items]
Non-current borrowings exposed to interest rate changes	4,000	0	0
Linked term SOFR
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 2,873	R 2,424	R 1,416

Borrowings and derivative fi_15

Borrowings and derivative financial instrument - Capital management (Details) R in Millions	12 Months Ended
	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)
Disclosure of detailed information about borrowings [abstract]
Borrowings	R 37,437	R 20,188	R 18,791
Cash and cash equivalents	25,519	26,038	30,257
Net (cash) debt	11,918	(5,850)	(11,466)
Adjusted EBITDA	R 20,556	R 41,111	R 68,606
Actual leverage ratio	0.58	(0.14)	(0.17)

Borrowings and derivative fi_16

Borrowings and derivative financial instrument - Reconciliation of EBITDA (Details) - ZAR (R) R in Millions		2 Months Ended	12 Months Ended
	Nov. 01, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [abstract]
(Loss)/profit before royalties, carbon tax and tax			R (38,794)	R 29,728	R 50,275
Adjusted for:
Amortisation and depreciation			10,012	7,087	8,293
Interest income			(1,369)	(1,203)	(1,202)
Finance expense			3,299	2,840	2,496
Share-based payments			113	218	383
(Gain)/loss on financial instruments			(235)	4,279	6,279
Gain on foreign exchange differences			(1,973)	(616)	(1,149)
Share of results of equity-accounted investees after tax			1,174	(1,287)	(1,989)
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable			(45)	(71)	(167)
Gain on disposal of property, plant and equipment			(105)	(162)	(36)
Impairments/(reversal of impairments)			47,454	(6)	5,148
Early redemption premium on the 2025 Notes			0	0	196
Onerous contract provision			1,865	0	0
Gain on acquisition		R (898)	(898)	0	0
Loss on deconsolidation of subsidiaries			0	308	0
Gain on remeasurement of previous interest in Kroondal	R (298)		(298)	0	0
Gain on increase in equity-accounted investment			(5)	0	0
Restructuring costs			515	363	107
Transaction costs			474	152	140
Loss due to dilution of interest in joint operation			0	0	4
IFRS 16 lease payments			(263)	(163)	(142)
Profit on sale of subsidiary			1,384	(145)	(16)
Occupational healthcare gain			(365)	(211)	(14)
Adjusted EBITDA			R 20,556	R 41,111	R 68,606

Lease liabilities - Changes in

Lease liabilities - Changes in lease liabilities (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease liabilities [abstract]
Balance at beginning of the year	R 319	R 281	R 326
New leases and modifications	144	45	67
Lease liabilities on acquisition of subsidiaries	315	120	0
Repayment of lease liabilities	(263)	(163)	(142)
Interest charge	43	31	29
Foreign currency translation	24	5	1
Balance at end of the year	582	319	281
Current portion of lease liabilities	(198)	(111)	(104)
Non-current lease liabilities	R 384	R 208	R 177

Lease liabilities - Lease payme

Lease liabilities - Lease payments expensed (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease liabilities [abstract]
Short-term leases	R 69	R 41	R 22
Leases of low value assets	48	56	39
Variable lease payments	248	301	29
Total	R 365	R 398	R 90

Lease liabilities - Undiscounte

Lease liabilities - Undiscounted maturity analysis of lease liabilities (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of maturity analysis of finance lease payments receivable [line items]
Gross lease liabilities	R 625	R 351	R 325
Within one year
Disclosure of maturity analysis of finance lease payments receivable [line items]
Gross lease liabilities	221	121	126
Between one and five years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Gross lease liabilities	330	161	191
After five years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Gross lease liabilities	R 74	R 69	R 8

Environmental rehabilitation _6

Environmental rehabilitation obligation and other provisions - Assumptions used to calculate the provision (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
US PGM operations
Disclosure of other provisions [line items]
Inflation rate	3.50%	4%	2%
Discount rate	4%	4%	1.90%
US PGM operations | Minimum
Disclosure of other provisions [line items]
Discount period	31 years	31 years	35 years
US PGM operations | Maximum
Disclosure of other provisions [line items]
Discount period	46 years	43 years	40 years
European operations
Disclosure of other provisions [line items]
Inflation rate	2.10%	2.50%
Discount rate	3.10%	3.30%
Discount period	23 years	24 years
Australian operations
Disclosure of other provisions [line items]
Inflation rate	2.80%
Discount rate	3.70%
Discount period	40 months
SA gold operations
Disclosure of other provisions [line items]
Inflation rate	7%	6.50%	6%
SA gold operations | Minimum
Disclosure of other provisions [line items]
Discount rate	8.90%	7.80%	5.10%
Discount period	1 year	1 year	1 year
SA gold operations | Maximum
Disclosure of other provisions [line items]
Discount rate	12.30%	11.50%	10.60%
Discount period	25 years	22 years	24 years
SA PGM operations
Disclosure of other provisions [line items]
Inflation rate	7%	6.50%	6%
SA PGM operations | Minimum
Disclosure of other provisions [line items]
Discount rate	8.90%	7.80%	5.10%
Discount period	1 year	1 year	1 year
SA PGM operations | Maximum
Disclosure of other provisions [line items]
Discount rate	12.30%	11.60%	10.60%
Discount period	48 years	49 years	50 years

Environmental rehabilitation _7

Environmental rehabilitation obligation and other provisions - Summary (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Environmental rehabilitation obligation	R 11,355	R 8,435	R 8,146	R 8,517
Other provisions	1,982	117	117	R 117
Balance at end of the year	13,337	8,552	8,263
Current portion of environmental rehabilitation obligation and other provisions	(832)	0	0
Non-current portion of environmental rehabilitation obligation and other provisions	R 12,505	R 8,552	R 8,263

Environmental rehabilitation _8

Environmental rehabilitation obligation and other provisions - Schedule of environmental rehabilitation obligation activity (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Balance at beginning of the year	R 8,435	R 8,146	R 8,517
Interest charge	758	611	615
Utilisation of environmental rehabilitation obligation	(274)	(236)	(236)
Change in estimates charged to profit or loss	(82)	(183)	(178)
Change in estimates capitalised	(419)	(85)	(638)
Environmental rehabilitation obligation on acquisition of subsidiaries	3,576	97	0
Derecognition with deemed disposal of interest in joint operation	(818)	0	0
Foreign currency translation	179	85	66
Balance at end of the year	11,355	8,435	8,146
Reconciliation of the non-current and current portion of the environmental rehabilitation obligation:
Environmental rehabilitation obligation	11,355	8,435	8,146
Current portion of environmental rehabilitation obligation	0	0	0
Non-current portion of environmental rehabilitation obligation	R 11,355	R 8,435	R 8,146

Environmental rehabilitation _9

Environmental rehabilitation obligation and other provisions - Other provisions (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in other provisions [abstract]
Balance at beginning of the year	R 117	R 117	R 117
Onerous contract provision recognised	1,865	0	0
Balance at end of the year	1,982	117	117
Onerous contract provision	1,865	0	0
Other	117	117	117
Other provisions	1,982	117	117
Reconciliation of the non-current and current portion of other provisions:
Other provisions	1,982	117	117
Current portion of other provisions	(832)	0	0
Non-current portion of other provisions	1,150	R 117	R 117
Onerous contract provision
Reconciliation of changes in other provisions [abstract]
Onerous contract provision recognised	R 1,865
Reconciliation of the non-current and current portion of other provisions:
Discount rate	5.75%

Environmental rehabilitation_10

Environmental rehabilitation obligation and other provisions - Narrative (Details) R in Millions	Dec. 31, 2023 ZAR (R)
Subclassifications of assets, liabilities and equities [abstract]
Provision for post closure aspects	R 3,458

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of other provisions [line items]
Take-up rate (as a percent)				66%	70%	60%
Total settlement amount		R 5,000	R 5,000
Provision of guarantees	R 1,372			R 992
Legal proceedings provision				R 400	R 825	R 1,017	R 1,194
Occupational Healthcare provision
Disclosure of other provisions [line items]
Nominal discount rate				9.44%	8.76%	7.83%
Legal proceedings provision				R 400	R 825	R 1,017

Occupational healthcare oblig_4

Occupational healthcare obligation - Change in obligation (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in other provisions [abstract]
Balance at beginning of the year	R 825	R 1,017	R 1,194
Balance at the end of the year	400	825	1,017
Reconciliation of the non-current and current portion of the occupational healthcare obligation:
Occupational healthcare obligation	400	825	1,017
Current portion of occupational healthcare obligation	0	(44)	0
Non-current portion of occupational healthcare obligation	400	781	1,017
Occupational Healthcare provision
Reconciliation of changes in other provisions [abstract]
Balance at beginning of the year	825	1,017
Interest charge	70	85	77
Change in estimate recognised in profit or loss	(365)	(211)	(14)
Payments made	(130)	(66)	(240)
Balance at the end of the year	400	825	1,017
Reconciliation of the non-current and current portion of the occupational healthcare obligation:
Occupational healthcare obligation	R 400	R 825	R 1,017

Deferred revenue - Inputs in mo

Deferred revenue - Inputs in model to unwind deferred revenue (Details) - Wheaton Precious Metals International	12 Months Ended
	Dec. 31, 2023 oz
Disclosure Of Contract Liabilities [Line Items]
Remaining life	99 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
Platinum
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage	4.50%
Gold
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage	100%
Lowest range of product delivery | Platinum
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage	4.50%
Middle range of product delivery | Platinum
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage	2.25%
High range of product delivery | Platinum
Disclosure Of Contract Liabilities [Line Items]
Entitlement percentage	1%
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%
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%
Minimum
Disclosure Of Contract Liabilities [Line Items]
Estimated financing rate	4.60%
Minimum | Middle range of product delivery | Platinum
Disclosure Of Contract Liabilities [Line Items]
Number of ounces delivered (in oz)	375,000
Minimum | High range of product delivery | Platinum
Disclosure Of Contract Liabilities [Line Items]
Number of ounces delivered (in oz)	550,000
Maximum
Disclosure Of Contract Liabilities [Line Items]
Estimated financing rate	5.20%

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, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)
Disclosure Of Contract Liabilities [Line Items]
Deferred revenue advance received				R 935	R 24	R 65
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) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 22, 2023
Disclosure Of Contract Liabilities [Line Items]
Balance at beginning of the year	R 6,420	R 6,360	R 6,430
Deferred revenue recognised on acquisition of subsidiary	198	0	0
Deferred revenue advance received	935	24	468
Deferred revenue recognised during the period	(1,252)	(290)	(847)
Interest charge	327	326	309
Foreign currency translation	4	0	0
Balance at the end of the year	6,632	6,420	6,360
Reconciliation of the non-current and current portion of the deferred revenue:
Deferred revenue	6,632	6,420	6,360
Current portion of deferred revenue	(305)	(21)	(156)
Non-current portion of deferred revenue	6,327	6,399	6,204
Century
Disclosure Of Contract Liabilities [Line Items]
Balance at beginning of the year	0	0
Deferred revenue recognised on acquisition of subsidiary				R 198
Deferred revenue recognised during the period	(860)
Balance at the end of the year	305	0	0
Reconciliation of the non-current and current portion of the deferred revenue:
Deferred revenue	305	0	0
Deferred revenue recognised during the period, cash	935
Marikana
Disclosure Of Contract Liabilities [Line Items]
Balance at beginning of the year	0	68
Deferred revenue recognised during the period		(92)	(400)
Balance at the end of the year	0	0	68
Reconciliation of the non-current and current portion of the deferred revenue:
Deferred revenue	0	0	68
Deferred revenue recognised during the period, cash		24	65
Deferred revenue recognised during the period, fair value of inventory	0	403
Wheaton Precious Metals International
Disclosure Of Contract Liabilities [Line Items]
Balance at beginning of the year	6,420	6,292
Deferred revenue recognised during the period	(392)	(198)	(447)
Balance at the end of the year	6,327	6,420	6,292
Reconciliation of the non-current and current portion of the deferred revenue:
Deferred revenue	R 6,327	R 6,420	R 6,292

Trade and other payables (Detai

Trade and other payables (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Trade and other current payables [abstract]
Trade creditors	R 4,278	R 4,147	R 3,670
Accruals and other creditors	6,609	5,470	5,192
Other	791	1,276	1,581
Financial liabilities	11,678	10,893	10,443
Payroll creditors	3,014	2,496	2,485
Leave pay accrual	1,686	2,123	2,045
VAT payable	86	141	189
Total trade and other payables	R 16,464	R 15,653	R 15,162

Cash generated by operations (D

Cash generated by operations (Details) - ZAR (R) R in Millions		2 Months Ended	12 Months Ended
	Nov. 01, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH GENERATED BY OPERATIONS [Abstract]
(Loss)/profit for the year			R (37,430)	R 18,980	R 33,796
Royalties			1,050	1,834	2,714
Carbon tax			2	(10)	4
Mining and income tax			(2,416)	8,924	13,761
Interest income			(1,369)	(1,203)	(1,202)
Finance expense			3,299	2,840	2,496
Profit before interest, royalties, carbon tax and tax			(36,864)	31,365	51,569
Non-cash adjusting items:
Amortisation and depreciation			10,012	7,087	8,293
Share-based payments			113	218	383
(Gain)/loss on financial instruments			(101)	4,279	6,279
Foreign currency exchange adjustment			(1,647)	82	(394)
Share of results of equity-accounted investees after tax			1,174	(1,287)	(1,989)
Impairments/(reversal of impairments)			47,454	(6)	5,148
Early redemption premium on the 2025 Notes			0	0	196
Gain on acquisition		R (898)	(898)	0	0
Gain on remeasurement of previous interest in Kroondal	R (298)		(298)	0	0
Onerous contract provision			1,865	0	0
Occupational healthcare gain			(365)	(211)	(14)
Loss on deconsolidation of subsidiary			0	309	0
Profit on sale of Lonmin Canada			1,384	(145)	(16)
Change in estimate of environmental rehabilitation obligation			(56)	(99)	(162)
Deferred revenue recognised			(1,252)	(290)	(847)
Payment of occupational healthcare liability			(130)	(66)	(240)
Other non-cash and cash adjusting items			(281)	(490)	(438)
Total cash generated by operations			R 18,726	R 40,746	R 67,784

Change in working capital (Deta

Change in working capital (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change In Working Capital [Abstract]
Inventories	R 1,513	R 605	R 1,384
Trade and other receivables	1,328	116	(510)
Trade and other payables	(1,091)	(335)	1,581
Total change in working capital	R 1,750	R 386	R 2,455

Financial instruments and ris_3

Financial instruments and risk management - Significant financial instruments measured at fair value (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
(Loss)/gain on financial instruments
Financial assets measured at fair value	R 1,233	R 855	R 224	R 244
Financial liabilities measured at fair value	1,570	0	0
Level 1 | Derivative financial instrument
(Loss)/gain on financial instruments
Financial liabilities measured at fair value	0	0	0
Level 1 | Gold hedge contracts
(Loss)/gain on financial instruments
Financial liabilities measured at fair value	0	0	0
Level 1 | Zinc hedge contracts
(Loss)/gain on financial instruments
Financial liabilities measured at fair value	0	0	0
Level 1 | Contingent consideration
(Loss)/gain on financial instruments
Financial liabilities measured at fair value	0	0	0
Level 2 | Derivative financial instrument
(Loss)/gain on financial instruments
Financial liabilities measured at fair value	3,810	0	0
Level 2 | Gold hedge contracts
(Loss)/gain on financial instruments
Financial liabilities measured at fair value	140	0	0
Level 2 | Zinc hedge contracts
(Loss)/gain on financial instruments
Financial liabilities measured at fair value	33	0	0
Level 2 | Contingent consideration
(Loss)/gain on financial instruments
Financial liabilities measured at fair value	0	0	0
Level 3 | Derivative financial instrument
(Loss)/gain on financial instruments
Financial liabilities measured at fair value	0	0	0
Level 3 | Gold hedge contracts
(Loss)/gain on financial instruments
Financial liabilities measured at fair value	0	0	0
Level 3 | Zinc hedge contracts
(Loss)/gain on financial instruments
Financial liabilities measured at fair value	0	0	0
Level 3 | Contingent consideration
(Loss)/gain on financial instruments
Financial liabilities measured at fair value	1,570	0	0
Environmental rehabilitation obligation funds | Level 1
(Loss)/gain on financial instruments
Financial assets measured at fair value	5,080	4,528	4,477
Environmental rehabilitation obligation funds | Level 2
(Loss)/gain on financial instruments
Financial assets measured at fair value	847	778	725
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	3,407	3,564	3,794
Trade receivables — PGM concentrate sales | Level 3
(Loss)/gain on financial instruments
Financial assets measured at fair value	0	0	0
Trade receivables — Zinc provisional price sales | Level 1
(Loss)/gain on financial instruments
Financial assets measured at fair value	0	0	0
Trade receivables — Zinc provisional price sales | Level 2
(Loss)/gain on financial instruments
Financial assets measured at fair value	108	0	0
Trade receivables — Zinc provisional price 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	1,652	2,320	3,143
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	1,233	855	224
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	0	280
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	0	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 - Reconciliation (Details) - ZAR (R) R in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial assets measured at fair value
Balance at beginning of the year	R 855	R 224	R 244
Fair value movement recognised in profit or loss	108	152	0
Fair value movement recognised in other comprehensive income	(59)	(8)	(29)
Additions	323	483	0
Foreign currency translation	6	4	9
Balance at end of the year	1,233	855	224
Financial liabilities measured at fair value
Initial recognition	1,433	0	0
Fair value movement recognised in profit or loss	137	0	0
Balance at end of the year	R 1,570	R 0	R 0
Maximum investment percent	2.50%

Financial instruments and ris_5

Financial instruments and risk management - Maturities (Details) R in Millions, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Oct. 25, 2019 ZAR (R)
(Loss)/gain on financial instruments
Other payables		R 5,422	R 6,391	R 9,364
Trade and other payables		11,678	10,893	10,443
Total		77,524	56,121	52,738
R5.5 billion RCF
(Loss)/gain on financial instruments
Loan		5,500			R 5,500
US$ Convertible bond
(Loss)/gain on financial instruments
Loan | $	$ 500
Within one year
(Loss)/gain on financial instruments
Trade and other payables		11,678	10,893	10,443
Total		28,523	15,820	16,171
Between one and two years
(Loss)/gain on financial instruments
Trade and other payables		0	0	0
Total		1,134	1,098	3,869
Between two and three years
(Loss)/gain on financial instruments
Trade and other payables		0	0	0
Total		13,693	1,446	1,248
Between three and five years
(Loss)/gain on financial instruments
Trade and other payables		0	0	0
Total		1,681	13,833	12,878
After five years
(Loss)/gain on financial instruments
Trade and other payables		0	0	0
Total		32,493	23,924	18,572
- Capital
(Loss)/gain on financial instruments
Other payables		12,757	11,201	12,661
- Capital | R5.5 billion RCF
(Loss)/gain on financial instruments
Non-bank borrowings		4,000
- Capital | US$ Convertible bond
(Loss)/gain on financial instruments
Non-bank borrowings		9,285
- Capital | 2026 and 2029 Notes
(Loss)/gain on financial instruments
Non-bank borrowings		22,284	20,436	19,129
- Capital | Burnstone Debt
(Loss)/gain on financial instruments
Non-bank borrowings		145	132	1,158
- Capital | Other borrowings
(Loss)/gain on financial instruments
Non-bank borrowings		40	41
- Capital | Franco-Nevada liability
(Loss)/gain on financial instruments
Non-bank borrowings		3	2	2
- Capital | Stillwater Convertible Debentures
(Loss)/gain on financial instruments
Non-bank borrowings		4	4	4
- Capital | Within one year
(Loss)/gain on financial instruments
Other payables		2,203	4,050	4,915
- Capital | Within one year | R5.5 billion RCF
(Loss)/gain on financial instruments
Non-bank borrowings		4,000
- Capital | Within one year | US$ Convertible bond
(Loss)/gain on financial instruments
Non-bank borrowings		9,285
- Capital | Within one year | 2026 and 2029 Notes
(Loss)/gain on financial instruments
Non-bank borrowings		0	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		11	9
- Capital | Within one year | Franco-Nevada liability
(Loss)/gain on financial instruments
Non-bank borrowings		3	2	2
- Capital | Within one year | Stillwater Convertible Debentures
(Loss)/gain on financial instruments
Non-bank borrowings		4	4	4
- Capital | Between one and two years
(Loss)/gain on financial instruments
Other payables		188	201	3,062
- Capital | Between one and two years | R5.5 billion RCF
(Loss)/gain on financial instruments
Non-bank borrowings		0
- Capital | Between one and two years | US$ Convertible bond
(Loss)/gain on financial instruments
Non-bank borrowings		0
- Capital | Between one and two years | 2026 and 2029 Notes
(Loss)/gain on financial instruments
Non-bank borrowings		0	0	0
- Capital | Between one and two years | Burnstone Debt
(Loss)/gain on financial instruments
Non-bank borrowings		0	25	0
- Capital | Between one and two years | Other borrowings
(Loss)/gain on financial instruments
Non-bank borrowings		5	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 two and three years
(Loss)/gain on financial instruments
Other payables		277	467	441
- Capital | Between two and three years | R5.5 billion RCF
(Loss)/gain on financial instruments
Non-bank borrowings		0
- Capital | Between two and three years | US$ Convertible bond
(Loss)/gain on financial instruments
Non-bank borrowings		0
- Capital | Between two and three years | 2026 and 2029 Notes
(Loss)/gain on financial instruments
Non-bank borrowings		12,535	0	0
- Capital | Between two and three years | Burnstone Debt
(Loss)/gain on financial instruments
Non-bank borrowings		0	107	0
- Capital | Between two and three years | Other borrowings
(Loss)/gain on financial instruments
Non-bank borrowings		5	4
- Capital | Between two and three years | Franco-Nevada liability
(Loss)/gain on financial instruments
Non-bank borrowings		0	0	0
- Capital | Between two and three years | Stillwater Convertible Debentures
(Loss)/gain on financial instruments
Non-bank borrowings		0	0	0
- Capital | Between three and five years
(Loss)/gain on financial instruments
Other payables		477	986	557
- Capital | Between three and five years | R5.5 billion RCF
(Loss)/gain on financial instruments
Non-bank borrowings		0
- Capital | Between three and five years | US$ Convertible bond
(Loss)/gain on financial instruments
Non-bank borrowings		0
- Capital | Between three and five years | 2026 and 2029 Notes
(Loss)/gain on financial instruments
Non-bank borrowings		0	11,495	10,760
- Capital | Between three and five years | Burnstone Debt
(Loss)/gain on financial instruments
Non-bank borrowings		145	0	0
- Capital | Between three and five years | Other borrowings
(Loss)/gain on financial instruments
Non-bank borrowings		10	8
- Capital | Between three and five years | Franco-Nevada liability
(Loss)/gain on financial instruments
Non-bank borrowings		0	0	0
- Capital | Between three and five years | Stillwater Convertible Debentures
(Loss)/gain on financial instruments
Non-bank borrowings		0	0	0
- Capital | After five years
(Loss)/gain on financial instruments
Other payables		9,612	5,497	3,686
- Capital | After five years | R5.5 billion RCF
(Loss)/gain on financial instruments
Non-bank borrowings		0
- Capital | After five years | US$ Convertible bond
(Loss)/gain on financial instruments
Non-bank borrowings		0
- Capital | After five years | 2026 and 2029 Notes
(Loss)/gain on financial instruments
Non-bank borrowings		9,749	8,941	8,369
- Capital | After five years | Burnstone Debt
(Loss)/gain on financial instruments
Non-bank borrowings		0	0	1,158
- Capital | After five years | Other borrowings
(Loss)/gain on financial instruments
Non-bank borrowings		9	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
- Interest
(Loss)/gain on financial instruments
Non-bank borrowings		17,328	13,412	9,341
- Interest | Within one year
(Loss)/gain on financial instruments
Non-bank borrowings		1,339	862	807
- Interest | Between one and two years
(Loss)/gain on financial instruments
Non-bank borrowings		941	865	807
- Interest | Between two and three years
(Loss)/gain on financial instruments
Non-bank borrowings		876	868	807
- Interest | Between three and five years
(Loss)/gain on financial instruments
Non-bank borrowings		1,049	1,344	1,561
- Interest | After five years
(Loss)/gain on financial instruments
Non-bank borrowings		R 13,123	R 9,473	R 5,359

Financial instruments and ris_6

Financial instruments and risk management - Working capital and going concern assessment (Details) R in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2021 ZAR (R)	Dec. 31, 2023 USD ($)	Apr. 06, 2023 USD ($)	Dec. 31, 2020 ZAR (R)	Oct. 25, 2019 ZAR (R)	May 21, 2018 USD ($)
Working capital and going concern assessment
(Loss)/profit for the year	R (37,430)	R 18,980	R 33,796
Working capital	25,415	40,545	44,290
Equity	51,607	91,004	81,345			R 70,716
Cash from operating activities	7,095	15,543	32,256
Committed undrawn facilities	20,755	16,403	15,749
Cash and cash equivalents	R 25,560	R 26,076	R 30,292			R 20,240
Actual leverage ratio	0.58	(0.14)	(0.17)	0.58
Interest coverage ratio	66	93	(5,281)
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				$ 600
US$1 billion RCF
Working capital and going concern assessment
Face amount of debt | $				1,000	$ 1,000
R5.5 billion RCF
Working capital and going concern assessment
Face amount of debt	R 5,500						R 5,500
US$ Convertible bond
Working capital and going concern assessment
Face amount of debt | $				$ 500

Financial instruments and ris_7

Financial instruments and risk management - Commodity price sensitivity and hedging (Details)	Dec. 31, 2023 t $ / t	Nov. 30, 2023 oz $ / oz t $ / t	May 31, 2023 $ / oz oz	May 03, 2023 oz R / oz	Nov. 30, 2021 t AUD ($)	Jul. 31, 2021 t $ / t	Jun. 15, 2021 oz $ / t
Foreign currency sensitivity analysis
Fixed monthly price					3,938		3,717
Gold
Foreign currency sensitivity analysis
Quantity of hedged instrument (in kg/ounce) | oz				154,320
Gold | Commodity price risk | Not later than six months
Foreign currency sensitivity analysis
Quantity of hedged instrument (in kg/ounce) | oz			64,300
Gold | Commodity price risk | Within one year | Hedging instrument 1
Foreign currency sensitivity analysis
Quantity of hedged instrument (in kg/ounce) | oz		120,000
Gold | Commodity price risk | Within one year | Hedging instrument 2
Foreign currency sensitivity analysis
Quantity of hedged instrument (in kg/ounce) | oz		240,000
Gold | Minimum
Foreign currency sensitivity analysis
Average price (in USD/USD per ounce/tonne) | R / oz				34,214
Gold | Minimum | Commodity price risk | Not later than six months
Foreign currency sensitivity analysis
Average price (in USD/USD per ounce/tonne)			34,214
Gold | Minimum | Commodity price risk | Within one year | Hedging instrument 1
Foreign currency sensitivity analysis
Average price (in USD/USD per ounce/tonne)		34,214
Gold | Minimum | Commodity price risk | Within one year | Hedging instrument 2
Foreign currency sensitivity analysis
Average price (in USD/USD per ounce/tonne)		34,214
Gold | Maximum
Foreign currency sensitivity analysis
Average price (in USD/USD per ounce/tonne) | R / oz				46,050
Gold | Maximum | Commodity price risk | Not later than six months
Foreign currency sensitivity analysis
Average price (in USD/USD per ounce/tonne)			46,050
Gold | Maximum | Commodity price risk | Within one year | Hedging instrument 1
Foreign currency sensitivity analysis
Average price (in USD/USD per ounce/tonne)		43,545
Gold | Maximum | Commodity price risk | Within one year | Hedging instrument 2
Foreign currency sensitivity analysis
Average price (in USD/USD per ounce/tonne)		43,800
Zinc
Foreign currency sensitivity analysis
Quantity of hedged instrument (in kg/ounce)					90,000		90,000
Zinc | Commodity price risk | Not later than six months
Foreign currency sensitivity analysis
Quantity of hedged instrument (in kg/ounce) | t						15,000
Fixed monthly price | $ / t						3,717
Nickel | Commodity price risk | Not later than one month
Foreign currency sensitivity analysis
Quantity of hedged instrument (in kg/ounce) | t	220	60
Average price (in USD/USD per ounce/tonne) | $ / t	16,389	16,980
Nickel | Commodity price risk | Not later than three months
Foreign currency sensitivity analysis
Quantity of hedged instrument (in kg/ounce) | t	80
Average price (in USD/USD per ounce/tonne) | $ / t	16,389

Commitments (Details)

Commitments (Details) - ZAR (R) R in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	R 26,439	R 43,616	R 19,983
Contracted for capital expenditure	8,162	4,113	3,826
Other guarantees	3,647	3,314	2,653
Assets	142,941	166,631	152,994
Property, plant and equipment	61,338	76,909	62,494
Cash and cash equivalents	25,560	26,076	30,292	R 20,240
Insured entities
Disclosure Of Commitments [Line Items]
Assets	38,384
Property, plant and equipment	8,846
Trade receivables	3,588
Inventories	10,735
Cash and cash equivalents	2,802
Burnstone
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	199	2,741	4,353
Kloof
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	1,104	1,731	1,593
Driefontein
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	664	990	877
Beatrix
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	144	262	317
SGL corporate
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	359	521	1,086
Cooke
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	0	3	3
Kroondal
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	581	332	395
Platinum Mile
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	30	25	17
Rustenburg operation
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	2,280	2,697	3,348
Marikana
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	3,138	27,955	6,841
Other guarantees	2,200	2,200	2,100
Sandouville nickel refinery
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	164	290	0
Keliber
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	13,470	4,324	0
Other
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	4,306	1,745	1,153
DRDGOLD
Disclosure Of Commitments [Line Items]
Authorised capital expenditure	R 3,700	R 1,458	R 549

Contingent liabilities_assets (

Contingent liabilities/assets (Details) - USD ($) $ in Millions	4 Months Ended
	Apr. 26, 2024	Dec. 31, 2023
Business interruption
Disclosure of non-adjusting events after reporting period [line items]
Estimated financial effect of contingent assets		$ 44
Business interruption | Insurance claim paid out
Disclosure of non-adjusting events after reporting period [line items]
Income from reimbursements under insurance policies	$ 40
Property damage
Disclosure of non-adjusting events after reporting period [line items]
Estimated financial effect of contingent assets		$ 18

Related-party transactions - Na

Related-party transactions - Narrative (Details) - Rand Refinery - ZAR (R) R in Millions	1 Months Ended			12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in associate				44.40%
Dividends received from related parties					R 329
Dividends received	R 116	R 188	R 156	R 233	R 307	R 329

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Gold sales	R 710	R 187	R 319
Refining fees paid	(44)	(24)	(40)
Trade payable	R (6)	R (6)	R (7)

Related-party transactions - Ke

Related-party transactions - Key management remuneration (Details) - ZAR (R)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [abstract]
Short-term employee benefits	R 138,209,000	R 127,542,000	R 90,179,000
Post-employment benefits	9,397,000	6,957,000	4,421,000
Share-based payment	34,578,000	65,338,000	104,550,000
Total	182,184,000	R 199,837,000	R 199,150,000
Termination benefits expense	R 3,663,146

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, 2023 R / $	Dec. 31, 2023 R / €	Dec. 31, 2023 R / $	Dec. 31, 2023 ZAR (R)	Dec. 31, 2023 R / £	Dec. 31, 2022 ZAR (R) R / $ R / € R / £	Dec. 31, 2021 ZAR (R) R / £ R / € R / $
Disclosure of transactions between related parties [line items]
Salary				R 138,209		R 127,542	R 90,179
Accrual of share-based payment benefits				34,578		65,338	104,550
Pension scheme total contributions				9,397		6,957	4,421
Total				182,184		199,837	199,150
Average foreign exchange rate (R per USD/GBP/EUR)	18.42	19.94	12.24
Directors and Prescribed officers
Disclosure of transactions between related parties [line items]
Salary				82,223
Cash bonus accrued for 2023 paid in 2024				47,225
Accrual of share-based payment benefits				87,715
Pension scheme total contributions				9,397
Expense allowance and other benefits				8,761
Total				235,321		588,078	794,485
Neal Froneman
Disclosure of transactions between related parties [line items]
Salary				15,540
Cash bonus accrued for 2023 paid in 2024				9,599
Accrual of share-based payment benefits				28,527
Pension scheme total contributions				1,504
Expense allowance and other benefits				1,164
Total				56,334		R 198,032	R 291,582
Average foreign exchange rate (R per USD/GBP/EUR) | R / $	18.42					16.37	14.79
Charl Keyter
Disclosure of transactions between related parties [line items]
Salary				7,248
Cash bonus accrued for 2023 paid in 2024				4,311
Accrual of share-based payment benefits				12,671
Pension scheme total contributions				1,035
Expense allowance and other benefits				436
Total				25,701		R 87,482	R 143,428
Dawie Mostert
Disclosure of transactions between related parties [line items]
Salary				2,994
Cash bonus accrued for 2023 paid in 2024				1,601
Accrual of share-based payment benefits				5,438
Pension scheme total contributions				676
Expense allowance and other benefits				3,804
Total				14,513		50,765	71,734
Themba Nkosi
Disclosure of transactions between related parties [line items]
Salary				4,593
Cash bonus accrued for 2023 paid in 2024				2,903
Accrual of share-based payment benefits				6,296
Pension scheme total contributions				441
Expense allowance and other benefits				136
Total				14,369		46,480	58,648
Richard Stewart
Disclosure of transactions between related parties [line items]
Salary				6,478
Cash bonus accrued for 2023 paid in 2024				4,247
Accrual of share-based payment benefits				8,308
Pension scheme total contributions				720
Expense allowance and other benefits				194
Total				19,947		60,125	83,011
Robert van Niekerk
Disclosure of transactions between related parties [line items]
Salary				6,143
Cash bonus accrued for 2023 paid in 2024				3,627
Accrual of share-based payment benefits				11,210
Pension scheme total contributions				683
Expense allowance and other benefits				193
Total				21,856		78,632	114,686
Laurent Charbonnier
Disclosure of transactions between related parties [line items]
Salary				11,932
Cash bonus accrued for 2023 paid in 2024				6,254
Accrual of share-based payment benefits				4,169
Pension scheme total contributions				92
Expense allowance and other benefits				1,101
Total				23,548		R 24,102	R 23,472
Average foreign exchange rate (R per USD/GBP/EUR) | R / £					22.93	20.18	20.33
Lerato Legong
Disclosure of transactions between related parties [line items]
Salary				4,324
Cash bonus accrued for 2023 paid in 2024				2,653
Accrual of share-based payment benefits				3,075
Pension scheme total contributions				581
Expense allowance and other benefits				127
Total				10,760		R 9,553	R 7,679
Mika Seitovirta
Disclosure of transactions between related parties [line items]
Salary				9,377
Cash bonus accrued for 2023 paid in 2024				6,571
Accrual of share-based payment benefits				4,381
Pension scheme total contributions				2,452
Expense allowance and other benefits				1,190
Total				23,971		R 15,899	R 245
Average foreign exchange rate (R per USD/GBP/EUR) | R / €		19.94				17.20	17.49
Charles Carter
Disclosure of transactions between related parties [line items]
Salary				13,594
Cash bonus accrued for 2023 paid in 2024				5,459
Accrual of share-based payment benefits				3,640
Pension scheme total contributions				1,213
Expense allowance and other benefits				416
Total				R 24,322		R 17,008	R 0
Average foreign exchange rate (R per USD/GBP/EUR) | R / $	18.42

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Total	R 182,184	R 199,837	R 199,150
Non-executive directors
Disclosure of transactions between related parties [line items]
Directors fees	17,019
Committee fees	8,599
Expense allowance	3,399
Total	29,017	25,050	23,733
Timothy Cumming
Disclosure of transactions between related parties [line items]
Directors fees	1,186
Committee fees	1,118
Expense allowance	231
Total	2,535	2,212	2,229
Savannah Danson
Disclosure of transactions between related parties [line items]
Directors fees	1,186
Committee fees	938
Expense allowance	105
Total	2,229	1,901	2,062
Harry Kenyon-Slaney
Disclosure of transactions between related parties [line items]
Directors fees	1,364
Committee fees	1,219
Expense allowance	788
Total	3,371	2,542	2,369
Richard Menell
Disclosure of transactions between related parties [line items]
Directors fees	2,407
Committee fees	484
Expense allowance	719
Total	3,610	2,735	2,719
Nkosemntu Nika
Disclosure of transactions between related parties [line items]
Directors fees	1,186
Committee fees	725
Expense allowance	16
Total	1,927	1,843	1,742
Keith Rayner
Disclosure of transactions between related parties [line items]
Directors fees	1,186
Committee fees	1,357
Expense allowance	112
Total	2,655	2,296	2,385
Susan van der Merwe
Disclosure of transactions between related parties [line items]
Directors fees	1,186
Committee fees	725
Expense allowance	126
Total	2,037	1,830	1,742
Jeremiah Vilakazi
Disclosure of transactions between related parties [line items]
Directors fees	1,186
Committee fees	689
Expense allowance	119
Total	1,994	1,662	1,795
Vincent Maphai
Disclosure of transactions between related parties [line items]
Directors fees	3,582
Committee fees	0
Expense allowance	132
Total	3,714	3,405	3,265
Elaine Dorward-King
Disclosure of transactions between related parties [line items]
Directors fees	1,364
Committee fees	531
Expense allowance	904
Total	2,799	2,803	1,618
Sindiswa Zilwa
Disclosure of transactions between related parties [line items]
Directors fees	1,186
Committee fees	813
Expense allowance	147
Total	R 2,146	R 1,821	R 1,807

Directors' and prescribed off_5

Directors' and prescribed officers' remuneration - Key management share ownership (Details) - shares	Apr. 26, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		7,829,966	13,753,744	11,774,633
Ownership interest		0.28%	0.49%	0.42%
Directors
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		5,431,869	10,359,306	9,777,728
Ownership interest		0.19%	0.37%	0.35%
Neal Froneman
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		3,284,428	8,559,665	6,636,286
Ownership interest		0.12%	0.30%	0.24%
ADR shares held (in shares)		388,863	225,408	90,479
Ordinary shares issued upon conversion of ADRs (in shares)		1,555,452	901,632	361,916
Charl Keyter
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		1,776,481	1,466,181	2,866,791
Ownership interest		0.06%	0.05%	0.10%
Timothy Cumming
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		20,000	6,000	6,000
Ownership interest		0%	0%	0%
Richard Menell
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		10,125	10,125	15,125
Ownership interest		0%	0%	0%
Keith Rayner
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		73,992	68,992	68,992
Ownership interest		0%	0%	0%
Susan van der Merwe
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		1,028	1,028	1,028
Ownership interest		0%	0%	0%
Jeremiah Vilakazi
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		4,220	4,220	2,000
Ownership interest		0%	0%	0%
Vincent Maphai
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		228,224	199,724	152,135
Ownership interest		0.01%	0.01%	0.01%
Savannah Danson
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		16,519	16,519	2,519
Ownership interest		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
Ownership interest		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)		0	10,000	10,000
Ownership interest		0%	0%	0%
ADR shares held (in shares)		0	2,500	2,500
Dawie Mostert
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		136,302	136,302	26,466
Ownership interest		0%	0%	0%
Themba Nkosi
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		251,583	251,583	204,533
Ownership interest		0.01%	0.01%	0.01%
ADR shares held (in shares)		5,300	5,300
Ordinary shares issued upon conversion of ADRs (in shares)		21,200	21,200
Richard Stewart
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		788,771	788,771	739,633
Ownership interest		0.03%	0.03%	0.03%
Robert van Niekerk
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		490,429	1,766,770	875,261
Ownership interest		0.02%	0.06%	0.03%
Laurent Charbonnier
Disclosure of transactions between related parties [line items]
Number of shares (in shares)		151,012	151,012	151,012
Ownership interest		0.01%	0.01%	0.01%
ADR shares held (in shares)		37,753	37,753	37,753
Charles Carter
Disclosure of transactions between related parties [line items]
Number of shares (in shares)	620,000	580,000	300,000	0
Ownership interest		0.02%	0.01%	0%
ADR shares held (in shares)		145,000	75,000
Melanie Naidoo-Vermaak | Appointment of director
Disclosure of transactions between related parties [line items]
Number of shares (in shares)	146,858

Events after reporting date (De

Events after reporting date (Details) R in Millions, $ in Millions	Apr. 11, 2024 contractor employee	Mar. 15, 2024 ZAR (R) R / $	Mar. 15, 2024 USD ($) R / $	Nov. 09, 2023
Reldan Group | Forecast
Events after the reporting period
Percentage of voting equity interests acquired				100%
Major business combination | Reldan Group
Events after the reporting period
Fair value of identifiable net assets acquired		R 3,961	$ 211.5
Cash consideration		R 2,920	$ 155.9
Exchange rates (in ZAR per USD) | R / $		18.73	18.73
Restructure of operations in South Africa | Forecast
Events after the reporting period
Employees impacted | employee	3,107
Contractors impacted | contractor	915