Sibanye-Stillwater received notification from the United Steelworkers union that its members, covered by the Stillwater East mine and Columbus metallurgical facility collective bargaining agreement, intend to commence strike action on Thursday morning, 3 September 2026 at 7am

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

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

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

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

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