28 Oct - 50 min read

Operating update for the quarter ended 30 September 2021

Operating update for the quarter ended 30 September 2021

SIBANYE STILLWATER LIMITED
(SIBANYE-STILLWATER)
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share code: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701


Johannesburg, 28 October 2021: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to provide an
operating update for the quarter ended 30 September 2021. Financial results are only provided on a six-monthly basis.


SALIENT FEATURES - QUARTER ENDED 30 SEPTEMBER 2021 (Q3 2021) COMPARED TO QUARTER ENDED 30 SEPTEMBER 2020 (Q3 2020)
  - Solid operational results confirm the stabilisation of operations at pre-COVID-19 levels
  - Robust financial performance - Group adjusted EBITDA of R14.9 billion (US$1 billion)
  - Successful vaccine rollout to date - approximately 78% of employees in South Africa vaccinated
  - Capital allocation discipline - early redemption of 2022 notes and 5% share buy-back successfully concluded
  - Significant progress on green metals strategy - strategic acquisitions announced, shaping a meaningful initial footprint
  - Precious metal prices stabilising - outlook positive

              US dollar                                                                                                   SA rand
            Quarter ended                                                                                              Quarter ended
Sep 2020       Jun 2021     Sep 2021                             KEY STATISTICS                             Sep 2021      Jun 2021     Sep 2020
                                                        UNITED STATES (US) OPERATIONS
                                                        PGM underground operations(1,2)
147,835        143,951      144,325    oz                      2E PGM production(2)                    kg     4,489         4,477         4,598
  1,898          2,432        2,114    US$/2Eoz               Average basket price                 R/2Eoz    30,924        34,366        32,095
    181            242          179    US$m                      Adjusted EBITDA(3)                    Rm     2,622         3,424         3,057
     62             66           59    %                     Adjusted EBITDA margin(3)                  %        59            66            62
    875          1,031          968    US$/2Eoz              All-in sustaining cost(4)             R/2Eoz    14,156        14,561        14,803
                                                                 PGM recycling(1,2)
202,661        207,398      179,765    oz                       3E PGM recycling(2)                    kg     5,591         6,451         6,303
  2,246          3,426        4,386    US$/3Eoz               Average basket price                 R/3Eoz    64,167        48,409        37,980
     10             26           30    US$m                      Adjusted EBITDA(3)                    Rm       436           374           170
      4              4            4    %                     Adjusted EBITDA margin(3)                  %         4             4             4
                                                         SOUTHERN AFRICA (SA) OPERATIONS
                                                                 PGM operations(2)
416,934        468,681      500,073    oz                     4E PGM production(2,5)                   kg    15,554        14,578        12,968
  2,179          3,833        2,895    US$/4Eoz               Average basket price                 R/4Eoz    42,347        54,158        36,840
    549          1,136          721    US$m                      Adjusted EBITDA(3)                    Rm    10,542        16,058         9,287
     58             65           56    %                     Adjusted EBITDA margin(3)                  %        56            65            58
    981          1,146        1,093    US$/4Eoz              All-in sustaining cost(4)             R/4Eoz    15,992        16,193        16,597
                                                                 Gold operations
288,938        269,455      293,761    oz                        Gold produced                        kg      9,137         8,381          8,987
  1,845          1,807        1,781    US$/oz                  Average gold price                   R/kg    837,799       820,688      1,002,945
    190             69           97    US$m                     Adjusted EBITDA(3)                    Rm      1,421           975          3,218
     37             14           19    %                     Adjusted EBITDA margin(3)                 %         19            14             37
  1,316          1,778        1,692    US$/oz                All-in sustaining cost(4)              R/kg    796,008       807,623        715,345
                                                                      GROUP
      922        1,467        1,017    US$m                      Adjusted EBITDA(3)                   Rm     14,877        20,723        15,592
    16.91        14.13        14.63    R/US$      Average exchange rate using daily closing rate

(1) The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand). In addition
    to the US PGM operations' underground production, the operation treats recycling material which is excluded from the 2E PGM production, average basket
    price and All-in sustaining cost statistics shown. PGM recycling represents palladium, platinum, and rhodium ounces fed to the furnace
(2) Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in
    the US operations is principally platinum and palladium, referred to as 2E (2PGM) and US PGM recycling is principally platinum, palladium and rhodium
    referred to as 3E (3PGM)
(3) The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements
    for compliance with the debt covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not
    a measure of performance under IFRS and should be considered in addition to and not as a substitute for other measures of financial performance and
    liquidity. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see "Adjusted EBITDA reconciliation - Quarters". Adjusted EBITDA
    margin is calculated by dividing adjusted EBITDA by revenue
(4) See "Salient features and cost benchmarks - Quarters" for the definition of All-in sustaining cost (AISC) and the "Reconciliation of AISC and AIC excluding
    third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"
(5) The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production
    including third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and
    Marikana - Quarters"

Stock data for the Quarter ended 30 September 2021                   JSE Limited - (SSW)
Number of shares in issue*                                           Price range per ordinary share (High/Low)                         R45.58 to R64.52
- at 30 September 2021                               2,838,104,936   Average daily volume                                                    14,734,089
- weighted average                                   2,898,425,858   NYSE - (SBSW); one ADR represents four ordinary shares
Free Float                                                    99 %   Price range per ADR (High/Low)                              US$12.07 to US$17.59
Bloomberg/Reuters                                     SSWSJ/SSWJ.J   Average daily volume                                                   2,786,623

*   The number of shares in issue at 30 September 2021 includes 23,941,416 ordinary shares which were repurchased as part of the share buy-back programme
    but not yet cancelled as at 30 September 2021

OVERVIEW FOR THE QUARTER ENDED 30 SEPTEMBER 2021 COMPARED TO QUARTER ENDED 30 SEPTEMBER 2020

The Group recorded another solid operational performance for Q3 2021. Consistent results from the Group operating segments for a
second consecutive quarter at pre-pandemic levels, while continuing to adhere to COVID-19 protocols, is a significant achievement.

South Africa was significantly impacted by a third and more severe wave of COVID-19 infections which extended into Q3 2021. Despite
an associated increase in infection rates among our employees resulting in staffing challenges during July and August 2021, due to the
integrity of our COVID-19 protocols, the South African operations were able to continue without significant disruption throughout the
quarter. While infection rates in South Africa have fallen since the end of September 2021, the ongoing impact of the COVID-19
pandemic has highlighted the imperative of taking bolder steps to ensure the safety and well-being of employees in the workplace.

SAFE PRODUCTION
The roll out of our Group wide safe production intervention, the "Rules of Life" campaign continued during Q3 2021, delivering positive
results through most of the quarter, including a significant decline in injuries and an increase in the number of consecutive workdays
during which no recordable/reportable safety incidents occurred.

Regrettably, we were unable to report a fatality free quarter due to a tragic incident at our SA gold operations on 19 September 2021,
which resulted in the loss of three colleagues.

While conducting a search and rescue operation to locate an employee, Vittalis Matanhire, a supervisor engineering electrician, who
went missing after completing routine maintenance work with his team on 19 September 2021, two members of our Driefontein mine
rescue team (proto team) Leon Peacock (team captain) and George Kolbe (team member) were overcome by heat in a back area at
the Kloof Thuthukani shaft, on the evening of 19 September 2021. Following continued search and rescue efforts by the proto teams, Mr
Matanhire's body was located on 22 September 2021 some distance from, and a level below, where he had been carrying out electrical
maintenance work with his team. Mr Matanhire is survived by his wife and two children, Mr Peacock by his wife and child and Mr Kolbe by
his three children. The Board and management of Sibanye-Stillwater extends heartfelt condolences to the families, friends and colleagues
of the deceased employees. The incident is being investigated with all relevant stakeholders and appropriate support is being provided
to the families of the deceased.

The health and safety of our employees remains the most important priority and we remain committed to continuous improvement in
health and safety at our operations. We are enhancing our focus on ensuring a safe work environment and instilling a values-based
culture throughout the organisation.
Our ongoing efforts to ensure the safety and well-being of our employees, included applying for accreditation to administer COVID-19
vaccines earlier in the year. After approval was granted by the South African Department of Health on 24 June 2021, our planned COVID-
19 vaccination programme was rolled out to eligible employees in South Africa and extended to the entire workforce as soon as blanket
authorisation was obtained. As a result of detailed pre-planning, including the preparation of vaccination sites with world class protocols
and sufficient refrigeration capacity as well as training and registering healthcare employees well ahead of accreditation, the vaccine
roll out has been a notable success. About 50,000 (approximately 76%) of our full time employees in South Africa had been vaccinated
by 21 October 2021. We continue to drive the vaccine roll out through high visibility communication campaigns and have extended it to
dependents of our employees. There has however, been a noticeable slow-down in vaccination rates and due consideration is now
being given to the next steps that will be required to ensure healthy and safe working environments at our operations, with minimal risk of
transmission of COVID-19.

The SA PGM operations again delivered outstanding results during Q3 2021, with 4E PGM production increasing by 20% and all-in
sustaining cost (AISC) declining by 4% year-on-year. This decline in costs is notable in the context of significant inflationary pressures with
annual electricity tariffs in South Africa in particular continuing to rise at rates well above inflation. As highlighted during the PGM investor
day on 23 September 2021 (https://www.sibanyestillwater.com/news-investors/reports/quarterly/2021/), the consistent operational
performance and excellent cost management delivered by the SA PGM operations, has resulted in the SA PGM operations migrating
down the industry cost curves. With unit costs at the US PGM operations forecast to decline significantly by 2025 as production from
Stillwater East builds up, our relative competitiveness in the global PGM industry expected to continue to improve.

As previously highlighted (in our H12021 results at https://www.sibanyestillwater.com/news-investors/reports/quarterly/2021/), a production
shortfall of approximately 40,000 2Eoz is anticipated from the US PGM operations during H2 2021. This is primarily due to the temporary loss
of producing blocks at the Stillwater West mine following the imposition of operational restrictions by the Mine Safety and Health
Administration (MSHA) after the fatal incident at the Stillwater West mine in June 2021. Consequently, mined 2E PGM production from the
US PGM operations was marginally lower than for the comparable period in 2020, with AISC 11% higher. Cost management is a priority for
management at the US PGM operations to counter inflationary cost pressures, and the 6% reduction in AISC for Q3 2021 relative to
Q2 2021 is positive.

3E PGM production from the PGM recycling operations was 11% lower than for the comparable period in 2020 as a result of temporary
processing disruptions, which have since been resolved with feed rates recovering towards the end of the quarter. The recycling
operations continued to benefit from robust PGM prices, in particular for rhodium, resulting in adjusted EBITDA increasing to US$30 million
for Q3 2021 compared with US$10 million for Q3 2020.

Production from the SA gold operations was 2% higher than for Q3 2020 reflecting normalisation of operations after the COVID-19
disruptions in 2020, with mined grades returning to planned levels. AISC increased 11% year-on-year due to a higher operating costs
associated with the increase in production and carry-over of ore reserve development (ORD) and maintenance capital from 2020. AISC
for Q3 2021 was however marginally lower than for the previous quarter and well below average AISC guidance for the year, achieving a
positive adjusted EBITDA margin of 19% for the quarter.

Despite the solid operational performance, lower average PGM and gold prices for Q3 2021 resulted in a decline in Group adjusted
EBITDA from record levels achieved in previous quarters. Group adjusted EBITDA of R14,877 million (US$1,017 million) for Q3 2021 was 5%
lower than for Q3 2020. PGM prices continued to decrease during Q3 2021 as a result of the ongoing global chip shortage that continues
to negatively impact PGM demand in the automobile industry. Prices have since stabilised and we remain confident that the automobile
supply chain constraints should start easing during the course of 2022.

Consistent with the Group capital allocation framework and the robust operational and financial outlook, a decision was made to
redeem the US$353 million June 2022 corporate bonds early. This was successfully concluded on 2 August 2021, reducing future financing
costs and further enhancing balance sheet flexibility. The share buy-back programme which commenced on 2 June 2021, was also
successfully concluded on 4 October 2021, well ahead of schedule. The buy-back was executed during a period of relative market
weakness, enabling the purchase of 147,700,000 ordinary shares (5%) for an aggregate purchase price of R8.1 billion (excluding costs).
The repurchased shares have been cancelled and their listing removed.

We have significantly advanced our green metals strategy (covered in detail at our interim results presentation on 26 August 2021 and
available at https://www.sibanyestillwater.com/news-investors/reports/quarterly/2021/), announcing two transactions during Q3 2021 and
two further transactions during the past week. In summary:

   -    On 30 July 2021 the proposed acquisition of 100% of Eramet's Sandouville nickel processing facilities in Le Havre, France for an
        effective cash cost of Euro 65 million, was announced. This existing hydrometallurgical facility which is already zoned for heavy
        industrial purposes, is scaleable for nickel, cobalt and lithium battery grade products with potential to introduce recycling
        operations, and will provide strategic access to extensive logistical infrastructure supporting future supply of battery metal
        products into the European end user markets
   -    On 16 September 2021 a proposed 50:50 joint venture (JV) with ioneer with respect to ioneer's Rhyolite Ridge Lithium-Boron
        project in Nevada, USA, was announced. In terms of the proposed transaction, Sibanye-Stillwater will, after various conditions
        have been met and relevant permits have been obtained, contribute US$490 million for a 50% interest in the JV and subscribe for
        a 7.1% direct equity share in ioneer for approximately US$70 million. Rhyolite Ridge is a world-class lithium project with the
        potential to become the largest and lowest cost lithium mine in the US and is strategically positioned close to the rapidly
        developing battery production facilities in the region
   -    On 26 October 2021, the proposed US$1 billion acquisition of the low cost Santa Rita nickel and Serrote copper mines in Brazil
        from Appian Capital, was announced. The transaction represents a unique opportunity for Sibanye-Stillwater to acquire
        significantly pre-developed and pre-capitalised, low-cost, producing nickel and copper assets with strong ESG credentials and
        will provide a platform for growth in South America. The assets will continue to be managed by the existing high-quality team
        which has a wealth of operating experience in Brazil
   -    On 27 October the proposed acquisition of a 19.9% stake in New Century, a leading Australian tailings reprocessing Group for a
        maximum cash consideration of US$46 million, was announced. This transaction represents a significant next step in our strategy
        of building a leading global tailings retreatment business, diversified by commodity and geography, which is a critical element in
        building our portfolio of green metals, and complements the position we have established in the mineral resources circular
        economy through our investment in DRDGOLD

These transactions are the outcome of over two years of detailed analysis of the battery metals markets and provide the Group with a
solid initial platform for sustained value creation establishing it as a meaningful participant at a formative stage in the growth of the
future green global economy.

Notwithstanding the acceleration of our green metals strategy, we continue to invest in the sustainability of our existing operations. The
R6.3 billion investment in high return SA PGM and gold projects (K4, Klipfontein and Burnstone) that we announced at our year-end results
on 18 February 2021, has now commenced and we estimate that around R850 million will be spent in 2021. In the US, we continue to
invest in growth at Stillwater East. These investments will secure employment and deliver significant economic value to all stakeholders
over the long term.

OPERATING REVIEW

US PGM operations
Mined 2E PGM production for Q3 2021 of 144,325 2Eoz was 2% lower than for Q3 2020. Production from the Stillwater operation (including
Stillwater West and Stillwater East) was 90,262 2Eoz, or 2% lower than for Q3 2020, primarily due to reduced heading availability in key
production stopes constrained by rail restrictions, resulting in mining of lower grade areas. East Boulder delivered 54,063 2Eoz, 3% lower
than for Q3 2020, due to reduced high grade sublevel mining throughput. Tonnes milled for Q3 2021 totalled 384kt, 4% higher than for Q3
2020. Plant head grade of 12.9g/t for Q3 2021 was 5% lower than for Q3 2020, impacted by the lack of operational flexibility, primarily
at Stillwater West where the revised rail standard operating procedures were being implemented by the site teams.

Returnable ounce sales for Q3 2021 of 132,637 2Eoz, were 8% lower year-on-year and also 8% lower than 2E oz produced, mainly due to
operational outages, resulting in lower concentrate production, coupled with downtime at the metallurgical complex.

Total development was also impacted by the MSHA restrictions resulting from the Q2 2021 accident but increased by 4% year-on-year to
7,262 metres. Total Stillwater East expansion development of 2,568 metres was 25% higher than Q3 2020, as a result of the focus on
increasing operational flexibility.

AISC of US$968/2Eoz for Q3 2021 was 11% higher than for the comparable period in 2020 (US$875), primarily due to the ongoing impact of
the safety incident and associated restrictions. AISC declined by 6% quarter-on-quarter from US$1,031/2Eoz for Q2 2021. Higher royalties,
insurance and taxes added US$195/2Eoz to AISC for Q3 2021 compared with US$174/2Eoz for Q3 2020, a 12% increase.

PGM recycling operations
The recycling operations fed an average of 22.7 tonnes per day (tpd) for Q3 2021, 7% lower than for the comparable period in 2020.
Reduced feed rates were largely a consequence of unplanned downtime at the Columbus Metallurgical Complex during the quarter.
These issues have been addressed, with feed rates recovering to approximately 29 tpd for Q4 2021 to date. The recycling operation is
currently expending approximately US$8 million per day on recycle advances compared with US$10 million per day for H1 2021, resulting
in a recycle working capital of approximately US$624 million at the end of September 2021. This represents a reduction of around US$200
million during Q3 2021 with the segment's working capital reducing due to lower PGM prices during the quarter. Recycle inventory of
approximately 449 tonnes at the quarter end reflects a 17 tonnes increase from approximately 432 tonnes at the end of Q2 2021.
Assuming constant feed rates are maintained during Q4 2021, recycle inventory should reduce to approximately 300 tonnes by year-end.

SA PGM operations
The SA PGM operations continue to perform strongly in Q3 2021 with 4E PGM production (excluding third party purchase of concentrate
(PoC)) of 500,073 4Eoz, 20% higher than for the comparable period in 2020 (which was impacted by the slow start-up of operations post
the COVID-19 lockdown) and 7% higher than for Q2 2021, confirming the sustainable return to normalised operating levels at all the
operating sites while continuing to adhere to COVID-19 protocols. Third party PoC processed at Marikana smelting and refining operations
increased by 27% to 13,703 4Eoz year-on-year. AISC (excluding the cost of third party PoC) for Q3 2021 of R15,992/4Eoz (US$1,093/4Eoz),
was 4% lower than for Q3 2020 (R16,597/4Eoz (US$981) despite higher royalties of R573 million (US$39 million) compared to R444 million
(US$26 million) for Q3 2020.

4E PGM production from the Rustenburg operation for Q3 2021 of 183,606 4Eoz, was 19% higher year-on-year. Surface production
increased by 9% with underground production increasing by 20%. This reflects the normalisation of production from the COVID-19
disruptions in 2020 as well as improved plant head grades at both the underground and surface operations. AISC for the Rustenburg
operations decreased by 6% year-on-year to R17,701/4Eoz (US$1,210/4Eoz) as a result of the increase in production.

Kroondal continued to perform strongly, with 4E PGM production of 61,083 4Eoz for Q3 2021, 15% higher than for the comparable period in
2020. Kroondal AISC of R12,327/4Eoz (US$843/4Eoz), was 4% lower than Q3 2020 as a result of increased production.

4E PGM production from the Marikana operations (excluding third party PoC) of 212,888 4Eoz for Q3 2021, was 28% higher than for Q3 2020.
Underground mined production increased by 28% to 205,340 4Eoz and surface production increased by 12% to 7,548 4Eoz. Third
party concentrate processed at the Marikana smelting and refining operation increased by 27% year-on-year to 13,703 4Eoz compared
to 10,781 4Eoz in Q3 2020. Processing of third party concentrate generates meaningful profit for Marikana smelting and refining operations
through more effective utilisation of available capacity. AISC (excluding cost of third party PoC) for the Marikana operations of
R15,933/4Eoz (US$1,089/4Eoz), was consistent with the comparable period in 2020, with the increased production output offsetting a
significant inventory build of R1,043 million (US$62 million) in Q3 2020.

Attributable 4E PGM production from Mimosa of 28,770 oz was 9% lower than for Q3 2020. The focus is currently to optimise the reagent
suite and cell settings across the flotation circuit to improve recoveries. AISC increased by 14% year-on-year to US$1,045/4Eozmainly due
to reduced volumes.

Chrome sales for Q3 2021of approximately 561kt were 31% higher than for Q3 2020 underpinning a 97% increase in chrome revenue. The
chrome price received of US$170/tonne was 23% higher than for Q3 2020 (US$138/tonne).

Capital expenditure of R948 million (US$65 million) for Q3 2021 was 85% higher than for the corresponding period in 2020, reflecting an
increase in ORD and maintenance capital to more normalised levels and capital expenditure at organic projects. R56 million (US$4 million)
was spent on the K4 project at the Marikana operation during Q3 2021.

SA gold operations
Production from the SA gold operations for Q3 2021 increased by 2% to 9,137kg (293,761oz) compared with Q3 2020). Gold production
excluding DRDGOLD, increased by 3% to 7,688kg (247,175oz), with Beatrix mainly responsible for the increase. Underground tonnes milled
increased by 22% from Q3 2020 which had been impacted by a slow build-up post COVID-19 lockdown in March 2020. Surface tonnes
milled decreased by 5% year-on-year with significantly lower tonnages treated at Beatrix and Kloof. Underground yields decreased by
12% year-on-year in line with the increase in throughput as the operational mix normalised from a specific focus on higher grade panels
for Q3 2020, as mining crews returned from COVID-19 lockdowns.

Total gold sold increased by 4% to 9,069kg (291,575oz) and excluding DRDGOLD the gold sold of 7,641kg (245,664oz) is 6% higher than for
the same period in 2020 with 665kg (21,380oz) (2020: 338kg (10,867oz)) of unsold gold at the end of the current financial period.

AISC increased by 11% to R796,008/kg (US$1,692/oz) reflecting normalisation of operations with a significant increase in stoping and
development rates compared with Q3 2020, when available crews were specifically deployed to stoping areas. AISC excluding
DRDGOLD increased by 10% to R822,144/kg (US$1,748/oz) compared to Q3 2020. The increase was mainly due to the 14% increase in
working cost and 64% increase in stay-in-business (SIB) capital, partly offset by a 4% increase in gold sold.

Capital expenditure (excluding DRDGOLD) increased by 48% to R1,076 million (US$74 million) compared to the same period in 2020. This
was primarily due to a 38% increase in ORD (R199 million (US$14 million)) as the operations returning to normal production levels after
the COVID-19 lockdown and some catchup in development to restore flexibility that was lost in 2020 with development meters 28% higher
year-on-year.

Underground production from the Driefontein operation increased by 2% to 2,470kg (79,412oz) compared to the same period in 2020.
Although the underground throughput increased significantly, this was offset by a normalisation of underground grades from the focus on
high grade stopes during the phased production build up in 2020. AISC for Q3 2021 increased by 7% to R790,669/kg (US$1,681/oz) mainly
due to a 9% increase in working cost and 45% increase in capital expenditure, partly offset by a 7% increase in gold sold.

Underground production from the Kloof operation decreased by 3% to 2,801kg (90,054oz) despite a 4% increase in tonnes milled, with
higher throughput offset by lower grades as explained above. Surface production for the Kloof operation decreased by 45% to 253kg
(8,134oz) due to ongoing depletion of the available surface reserves. AISC for Q3 2021 increased by 18% to R848,444/kg (US$1,804/oz)
compared to the same period in 2020. The increase in unit cost is mainly due to the 10% decrease in gold sold together with the 4%
increase in working cost and 31% increase in capital expenditure.

Underground production of 1,777kg (57,132oz) from the Beatrix operation was 35% higher year-on-year, with a 55% increase in throughput
offset by a 13% decline in underground grade as a result of a change in focus from higher grade stopes during Q3 2020. Gold production
from surface sources decreased by 53% to 30kg (965oz) as a result of depletion of higher grade sources. AISC for Q3 2021 decreased by
3% to R825,593/kg (US$1,755/oz) compared to the same period in 2020 primarily due to the increase in gold sold, which offset increased
costs.

No underground production took place in 2021 from the Cooke operations. Surface gold production decreased by 12% to 290kg
(9,324oz) due to lower throughput. Third party material continues to be toll treated at both the Cooke and Ezulwini plants. Care and
maintenance cost at Cooke operations decreased by R9 million (US$1 million) to R154 million (US$11 million) due to lower infrastructure
maintenance requirements.

DRDGOLD surface tonnes milled increased by 2% year-on-year, but due to a 7% decrease in grade, gold production of 1,449kg (46,586oz)
was, 4% lower than for Q3 2020. AISC of R649,860/kg (US$1,382/oz) increased by 10% year-on-year.

OPERATING GUIDANCE FOR 2021
The previously revised 2E PGM production forecast from the US PGM operations is maintained at between 620,000 2Eoz and 650,000 2Eoz,
with AISC of between US$910/2Eoz to US$940/2Eoz. Capital expenditure is forecast to be between US$285m and US$295m of which 55% to
60% is growth capital. Estimated PGM recycling for the year is unchanged at between 790,000 to 810,000 3Ekoz.

Forecast 4E PGM production from the SA PGM operations for 2021 is maintained at between 1,750,000 4Eoz and 1,850,000 4Eoz with AISC
between R18,500/4Eoz and R19,500/4Eoz (US$1,230/4Eoz and US$1,295/4Eoz). Capital expenditure is forecast at R3,850 million (US$257
million) which includes R350 million (US$23 million) of project capital expenditure expected for the K4 and Klipfontein projects for the
year. Due to the consistently strong operational performance from the SA PGM operations during 2021, 4E PGM production for 2021 is likely to
be at the upper end of the guidance range with AISC at the lower end of guidance.

Forecast gold production from the SA gold operations for 2021 is maintained at between 27,500 kg (884,000 oz) and 29,500 kg (948,000 oz)
with AISC of between R815,000/kg and R840,000/kg (US$1,690/oz and US$1,742/oz, revised higher due to higher electricity tariffs and other
above inflation cost increases. Capital expenditure has been revised due to delays in delivery of certain capital assets due to the recent
industrial action in South Africa and is now forecast to be approximately 4,100 million (US$273 million), including carry-over of unspent
capital from 2020, due to the COVID-19 disruptions. R500 million (US$33 million) of project capital expenditure is included in the forecast,
primarily for the Burnstone project and the Kloof 4 deepening project.

The dollar costs are based on an average exchange rate of R15.00/US$.

NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS
US and SA PGM operations

                                                                                  US OPERATIONS                                                                      SA OPERATIONS
                                                                       Total US
                                                                        and SA      Total US
                                                                         PGM(1)       PGM                   Total SA PGM(1)                  Rustenburg               Marikana(1)                 Kroondal   Plat Mile      Mimosa

                                                                                     Under-                   Under-                   Under-                       Under-                        Attribu-                  Attribu-
Attributable                                                                      ground(2)        Total      ground    Surface        ground            Surface    ground              Surface      table        Surface      table

Production
Tonnes milled/treated             000't                   Sep   2021    10,747          384        10,363      4,964      5,399      1,778                1,442       1,889              1,044         945         2,913         352
                                                          Jun   2021    10,096          370         9,726      4,688      5,038      1,616                1,462       1,767                934         939         2,642         366
                                                          Sep   2020     9,570          371         9,199      4,229      4,970      1,546                1,446       1,526                976         795         2,548         362
Plant head grade                  g/t                     Sep   2021      2.46        12.92          2.08       3.40       0.86       3.37                 1.17        3.89               0.87        2.40          0.71        3.58
                                                          Jun   2021      2.44        13.44          2.02       3.37       0.77       3.41                 1.03        3.80               0.85        2.41          0.60        3.58
                                                          Sep   2020      2.42        13.62          1.96       3.31       0.82       3.25                 0.98        3.72               0.87        2.49          0.71        3.60
Plant recoveries(3)               %                       Sep   2021     75.69        90.62         72.27      85.07      25.78      86.38                31.72       86.92              25.85       83.77         20.64       71.01
                                                          Jun   2021     77.35        88.86         74.20      85.78      26.44      88.16                31.80       87.19              25.36       83.09         21.80       73.20
                                                          Sep   2020     75.96        91.02         71.93      85.38      24.96      86.14                34.59       87.79              24.60       83.75         17.58       75.35
Yield(3)                          g/t                     Sep   2021      1.86        11.71          1.50       2.89       0.22       2.91                 0.37        3.38               0.22        2.01          0.15        2.54
                                                          Jun   2021      1.89        11.94          1.50       2.89       0.20       3.01                 0.33        3.31               0.22        2.00          0.13        2.62
                                                          Sep   2020      1.84        12.40          1.41       2.83       0.20       2.80                 0.34        3.27               0.21        2.09          0.12        2.71
PGM production(3,4)               4Eoz - 2Eoz             Sep   2021   644,398      144,325       500,073    461,593     38,480    166,400               17,206     205,340              7,548      61,083        13,726      28,770
                                                          Jun   2021   612,632      143,951       468,681    435,703     32,978    156,200               15,398     188,217              6,472      60,450        11,108      30,836
                                                          Sep   2020   564,769      147,835       416,934    384,236     32,698    139,144               15,760     160,221              6,715      53,299        10,223      31,572
PGM sold(5)                       4Eoz - 2Eoz             Sep   2021   592,631      132,637       459,994                          144,461               16,088               196,251               61,083        13,726      28,385
                                                          Jun   2021   600,350      140,814       459,536                          132,161               17,244               210,060               60,450        11,108      28,513
                                                          Sep   2020   510,194      143,716       366,478                          115,662                6,970               149,149               53,299        10,223      31,175
Price and costs(6)
Average PGM basket price(7)       R/4Eoz - R/2Eoz         Sep   2021    39,662        30,924      42,347                               43,089            28,266               42,247                46,357        34,642      33,392
                                                          Jun   2021    49,284        34,366      54,158                               55,441            33,062               54,043                60,058        41,697      39,857
                                                          Sep   2020    35,416        32,095      36,840                               37,878            26,818               36,141                40,595        22,541      31,936
                                  US$/4Eoz - US$/2Eoz     Sep   2021     2,711         2,114       2,895                                2,945             1,932                2,888                 3,169         2,368       2,282
                                                          Jun   2021     3,488         2,432       3,833                                3,924             2,340                3,825                 4,250         2,951       2,821
                                                          Sep   2020     2,094         1,898       2,179                                2,240             1,586                2,137                 2,401         1,333       1,889
Operating cost(8)                 R/t                     Sep   2021       928         4,932         775                                1,575               244                1,233                   894            48       1,173
                                                          Jun   2021       932         5,030         770                                1,566               205                1,275                   862            46       1,085
                                                          Sep   2020     1,035         5,192         860                                1,558               183                1,634                   892            51       1,204
                                  US$/t                   Sep   2021        63           337          53                                  108                17                   84                    61             3          80
                                                          Jun   2021        66           356          54                                  111                15                   90                    61             3          77
                                                          Sep   2020        61           307          51                                   92                11                   97                    53             3          71
                                  R/4Eoz - R/2Eoz         Sep   2021    15,673        13,123      16,454                               16,833            20,458               16,990                13,834        10,200      14,355
                                                          Jun   2021    15,585        12,928      16,458                               16,204            19,483               17,695                13,383        10,893      12,875
                                                          Sep   2020    17,870        13,030      19,724                               17,314            16,751               24,494                13,302        12,716      13,800
                                  US$/4Eoz - US$/2Eoz     Sep   2021     1,071           897       1,125                                1,151             1,398                1,161                   946           697         981
                                                          Jun   2021     1,103           915       1,165                                1,147             1,379                1,252                   947           771         911
                                                          Sep   2020     1,057           771       1,166                                1,024               991                1,448                   787           752         816
All-in sustaining cost(9)         R/4Eoz - R/2Eoz         Sep   2021    15,561        14,156      15,992                                        17,701                        15,933                12,327        10,345      15,294
                                                          Jun   2021    15,789        14,561      16,193                                        17,209                        16,853                12,093        11,343      13,134
                                                          Sep   2020    16,099        14,803      16,597                                        18,864                        15,868                12,805        13,880      15,450
                                  US$/4Eoz - US$/2Eoz     Sep   2021     1,064           968       1,093                                         1,210                         1,089                   843           707       1,045
                                                          Jun   2021     1,117         1,031       1,146                                         1,218                         1,193                   856           803         930
                                                          Sep   2020       952           875         981                                         1,116                           938                   757           821         914
All-in cost(9)                    R/4Eoz - R/2Eoz         Sep   2021    16,609        18,195      16,123                                        17,701                        16,224                12,327        10,345      15,294
                                                          Jun   2021    16,898        18,986      16,211                                        17,209                        16,894                12,093        11,343      13,134
                                                          Sep   2020    17,273        18,997      16,613                                        18,864                        15,904                12,805        13,880      15,450
                                  US$/4Eoz - US$/2Eoz     Sep   2021     1,135         1,244       1,102                                         1,210                         1,109                   843           707       1,045
                                                          Jun   2021     1,196         1,344       1,147                                         1,218                         1,196                   856           803         930
                                                          Sep   2020     1,021         1,123         982                                         1,116                           941                   757           821         914
Capital expenditure(6)
Ore reserve development           Rm                      Sep   2021       739          296          443                                           168                           275                     -             -             -
                                                          Jun   2021       672          277          395                                           168                           227                     -             -             -
                                                          Sep   2020       607          302          305                                           107                           198                     -             -             -
Sustaining capital                Rm                      Sep   2021       592          143          449                                           115                           268                    58             8           118
                                                          Jun   2021       669          250          419                                           121                           222                    68             8            86
                                                          Sep   2020       444          238          206                                            57                           103                    38             8           130
Corporate and projects            Rm                      Sep   2021       639          583           56                                             -                            56                     -             -             -
                                                          Jun   2021       643          637            6                                             -                             6                     -             -             -
                                                          Sep   2020       620          620            -                                             -                             -                     -             -             -
Total capital expenditure         Rm                      Sep   2021     1,970        1,022          948                                           283                           599                    58             8           118
                                                          Jun   2021     1,984        1,164          820                                           289                           455                    68             8            86
                                                          Sep   2020     1,671        1,160          511                                           164                           301                    38             8           130
                                  US$m                    Sep   2021       135           70           65                                            19                            41                     4             1             8
                                                          Jun   2021       140           82           58                                            20                            32                     5             1             6
                                                          Sep   2020        99           69           30                                            10                            18                     2             1             8

Average exchange rate for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively
Figures may not add as they are rounded independently

(1)   The Total US and SA PGM, Total SA PGM and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the
      Operating cost, AISC and AIC excluding third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters" and
      "Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"
(2)   The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations' underground
      production, the operation treats recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below
(3)   The Eastern Tailings Treatment Plant (ETTP) processing facility ounce production resulting from the processing of material from the Marikana underground operation was previously reported under
      the surface operation. These produced ounces are now appropriately included in the Marikana underground production resulting in a revision of previously reported plant recoveries and yield
      for the Marikana underground and surface operations
(4)   Production per product - see prill split in the table below
(5)   PGM sold includes the third party PoC ounces sold
(6)   The Total US and SA PGM and Total SA PGM operations' unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded from
      revenue and cost of sales
(7)   The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
(8)   Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
      period by the tonnes milled/treated in the same period, and operating cost per ounce (and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation and change
      in inventory in a period, by the PGM produced in the same period. The operating cost of Marikana operations for 2020 includes the purchase of concentrate from Rustenburg, Kroondal and
      Platinum Mile
(9)   All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments,
      financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-
      total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and
      kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period. For a reconciliation of cost of sales,
      before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"

Mining - PGM Prill split including third party PoC, excluding recycling operations

                                                    GROUP PGM                                                          SA OPERATIONS                                                              US OPERATIONS
                            Sep 2021                 Jun 2021              Sep 2020               Sep 2021                 Jun 2021               Sep 2020               Sep 2021                    Jun 2021               Sep 2020
                                          %                   %                         %                       %                        %                      %                     %                        %                         %
Platinum                336,620         51%     317,895     51%         288,406       50%      304,116        59%       285,221        59%       255,268      60%      32,504       23%            32,674    23%          33,138       22%
Palladium               265,876         40%     255,784     41%         241,852       42%      154,055        30%       144,507        30%       127,155      30%     111,821       77%           111,277    77%         114,697       78%
Rhodium                  44,433          7%    42,721          7%         35,600     6%       44,433      9%        42,721       9%         35,600
Gold                     11,174          2%    11,934          1%          9,692     2%       11,174      2%        11,934       2%          9,692       2%
PGM production 4E/2E    658,103        100%   628,334        100%        575,550   100%      513,778    100%       484,383     100%        427,715     100%     144,325    100%        143,951     100%       147,835      100%
Ruthenium                80,065                80,431                     56,991              80,065                80,431                  56,991
Iridium                  18,451                17,786                     14,039              18,451                17,786                  14,039
Total 6E/2E             756,619               726,551                    646,580             612,294               582,600                 498,745              144,325                143,951                147,835

Recycling at US operations

                                   Unit                    Sep 2021          Jun 2021                   Sep 2020
Average catalyst fed/day           Tonne                       22.7              25.6                       24.5
Total processed                    Tonne                      2,087             2,334                      2,254
Tolled                             Tonne                         23                 -                        103
Purchased                          Tonne                      2,064             2,334                      2,151
PGM fed                            3Eoz                     179,765           207,398                    202,661
PGM sold                           3Eoz                     183,734           203,935                    113,225
PGM tolled returned                3Eoz                          99             1,377                     24,585

SA gold operations

                                                                                                                                   SA OPERATIONS
                                                                            Total SA gold                           Driefontein                         Kloof                    Beatrix                  Cooke         DRDGOLD
                                                                                   Under-                      Under-                      Under-                          Under-
                                                                 Total             ground     Surface          ground         Surface      ground               Surface   ground              Surface     Surface       Surface
Production
Tonnes milled/treated             000't       Sep   2021        11,199               1,474      9,725             432                164         493               855       549                  103      1,182          7,421
                                              Jun   2021        11,412               1,357     10,055             376                 41         489             1,124       492                  145      1,239          7,506
                                              Sep   2020        11,399               1,213     10,186             387                  -         472             1,450       354                  165      1,311          7,260
Yield                             g/t         Sep   2021          0.82                4.78       0.21            5.72               0.41        5.68              0.30      3.24                 0.29       0.25           0.20
                                              Jun   2021          0.73                4.65       0.21            5.82               0.37        5.14              0.30      3.26                 0.34       0.25           0.18
                                              Sep   2020          0.79                5.46       0.23            6.26                  -        6.10              0.32      3.73                 0.39       0.25           0.21
Gold produced                     kg          Sep   2021         9,137               7,048      2,089           2,470                 67       2,801               253     1,777                   30        290          1,449
                                              Jun   2021         8,381               6,306      2,075           2,189                 15       2,515               341     1,602                   50        312          1,357
                                              Sep   2020         8,987               6,624      2,363           2,424                  -       2,881               457     1,319                   64        328          1,514
                                  oz          Sep   2021       293,761             226,598     67,163          79,412              2,154      90,054             8,134    57,132                  965      9,324         46,586
                                              Jun   2021       269,455             202,742     66,713          70,378                482      80,859            10,963    51,505                1,608     10,031         43,629
                                              Sep   2020       288,938             212,966     75,972          77,933                  -      92,626            14,693    42,407                2,058     10,545         48,676
Gold sold                         kg          Sep   2021         9,069               7,025      2,044           2,375                 47       2,742               247     1,908                   30        292          1,428
                                              Jun   2021         8,343               6,189      2,154           2,167                 15       2,564               392     1,458                   50        332          1,365
                                              Sep   2020         8,726               6,349      2,377           2,230                  -       2,865               463     1,254                   58        334          1,522
                                  oz          Sep   2021       291,575             225,859     65,716          76,358              1,511      88,157             7,941    61,344                  965      9,388         45,911
                                              Jun   2021       268,234             198,981     69,253          69,671                482      82,434            12,603    46,876                1,608     10,674         43,886
                                              Sep   2020       280,547             204,125     76,422          71,696                  -      92,112            14,886    40,317                1,865     10,738         48,933
Price and costs
Gold price received               R/kg        Sep   2021       837,799                                                 839,389                       836,066                        834,881              842,466      841,737
                                              Jun   2021       820,688                                                 822,181                       819,689                        820,292              816,265      821,978
                                              Sep   2020     1,002,945                                               1,004,843                     1,001,683                        962,652             ,025,749    1,031,406
                                  US$/oz      Sep   2021         1,781                                                   1,785                         1,777                          1,775                1,791        1,790
                                              Jun   2021         1,807                                                   1,810                         1,804                          1,806                1,797        1,809
                                              Sep   2020         1,845                                                   1,848                         1,842                          1,771                1,887        1,897
Operating cost(1)                 R/t         Sep   2021           537               3,157        139            3,438             159         3,907                251     2,262                 204        184          118
                                              Jun   2021           500               3,236        130            3,790             195         3,656                227     2,394                 186        177          107
                                              Sep   2020           473               3,383        127            3,683               -         3,626                190     2,732                 207        149          108
                                  US$/t       Sep   2021            37                 216         10              235              11           267                 17       155                  14         13            8
                                              Jun   2021            35                 229          9              268              14           259                 16       169                  13         13            8
                                              Sep   2020            28                 200          8              218               -           214                 11       162                  12          9            6
                                  R/kg        Sep   2021       657,656             660,187    649,114          601,215         388,060       687,612            849,802   698,931             700,000    751,724       604,55
                                              Jun   2021       680,348             696,321    631,807          650,982         533,333       710,934            747,801   735,331             540,000    701,923      591,010
                                              Sep   2020       600,033             619,520    545,408          587,995               -       594,030            604,376   733,131             532,813    594,817      517,437
                                  US$/oz      Sep   2021         1,398               1,404      1,380            1,278             825         1,462              1,807     1,486               1,488      1,598        1,285
                                              Jun   2021         1,498               1,533      1,391            1,433           1,174         1,565              1,646     1,619               1,189      1,545        1,301
                                              Sep   2020         1,104               1,140      1,003            1,082               -         1,093              1,112     1,348                 980      1,094          952
All-in sustaining cost(2)         R/kg        Sep   2021       796,008                                                 790,669                       848,444                        825,593              787,671      649,860
                                              Jun   2021       807,623                                                 822,181                       835,250                        863,395              713,855      676,923
                                              Sep   2020       715,345                                                 741,525                       718,630                        847,561              648,503      591,393
                                  US$/oz      Sep   2021         1,692                                                   1,681                         1,804                          1,755                1,675        1,382
                                              Jun   2021         1,778                                                   1,810                         1,839                          1,901                1,571        1,490
                                              Sep   2020         1,316                                                   1,364                         1,322                          1,559                1,193        1,088
All-in cost(2)                    R/kg        Sep   2021       809,792                                                 790,669                       862,830                        826,625              787,671      659,664
                                              Jun   2021       822,366                                                 822,181                       848,782                        863,395              713,855      683,516
                                              Sep   2020       726,782                                                 741,525                       729,447                        847,561              648,503      608,016
                                  US$/oz      Sep   2021         1,722                                                   1,681                         1,834                          1,757                1,675        1,402
                                              Jun   2021         1,810                                                   1,810                         1,868                          1,901                1,571        1,505
                                              Sep   2020         1,337                                                   1,364                         1,342                          1,559                1,193        1,118
Capital expenditure
Ore reserve development           Rm          Sep   2021           729                                                       324                          270                          135                     -              -
                                              Jun   2021           650                                                       291                          232                          127                     -              -
                                              Sep   2020           530                                                       233                          215                           82                     -              -
Sustaining capital                Rm          Sep   2021           342                                                        94                          128                           45                     -             75
                                              Jun   2021           295                                                        68                           79                           41                     -            107
                                              Sep   2020           258                                                        55                           88                           20                     -             95
Corporate and projects(3)         Rm          Sep   2021            97                                                         -                           43                            2                     -             14
                                              Jun   2021            70                                                         -                           40                            -                     -              9
                                              Sep   2020            70                                                         -                           36                            -                     -             25
Total capital expenditure         Rm          Sep   2021         1,168                                                       418                          441                          182                     -             89
                                              Jun   2021         1,015                                                       359                          351                          168                     -            116
                                              Sep   2020           858                                                       288                          339                          101                     -            120
                                  US$m        Sep   2021            80                                                        29                           30                           12                     -              6
                                              Jun   2021            72                                                        25                           25                           12                     -              8
                                              Sep   2020            51                                                        17                           20                            6                     -              7

Average exchange rates for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively
Figures may not add as they are rounded independently

(1)   Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
      period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and change
      in inventory in a period by the gold produced in the same period
(2)   All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments,
      financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-
      total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and
      ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period. For a reconciliation of cost of sales before
      amortisation and depreciation to All-in cost, see "All-in costs - Quarters"
(3)   Corporate project expenditure for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R38 million (US$3 million), R21 million (US$1 million) and R9 million (US$1 million),
      respectively, the majority of which related to the Burnstone project and various IT projects

ALL-IN COSTS - QUARTERS
SA and US PGM operations
Figures are in millions unless otherwise stated

                                                                                                        US OPERATIONS                                               SA OPERATIONS
                                                                                             Total US
                                                                                               and SA       Total US     Total SA
                                                           R' million                          PGM(1)         PGM(2)       PGM(1)     Rustenburg     Marikana(1)      Kroondal      Plat Mile       Mimosa     Corporate
Cost of sales, before amortisation and
depreciation(3)                                                           Sep   2021       9,598        1,820        7,778          2,647          4,077            914            140          419     (419)
                                                                          Jun   2021       9,822        1,733        8,089          2,714          4,388            866            121          402     (402)
                                                                          Sep   2020       8,375        1,865        6,509          2,479          3,425            761            130          463     (748)
Royalties                                                                 Sep   2021         573            -          573            269            302              2              -           42      (42)
                                                                          Jun   2021         742            -          742            453            285              5              -           50      (51)
                                                                          Sep   2020         444            -          444            327            114              3              -           31      (31)
Carbon tax                                                                Sep   2021         (1)            -          (1)              -            (1)              -              -            -         -
                                                                          Jun   2021           1            -            1              -              1              -              -            -         -
                                                                          Sep   2020           1            -            1              -              1              -              -            -         -
Community costs                                                           Sep   2021          92            -           92              3             89              -              -            -         -
                                                                          Jun   2021          40            -           40              3             37              -              -            -         -
                                                                          Sep   2020          46            -           46            (5)             51              -              -            -         -
Inventory change(4)                                                       Sep   2021         982           74          908            711            197              -              -          (6)         6
                                                                          Jun   2021         387          128          259            335           (76)              -              -          (5)         5
                                                                          Sep   2020       1,655           61        1,594            265          1,043              -              -         (27)       313
Share-based payments(5)                                                   Sep   2021          50           21           29             12             13              4              -            -         -
                                                                          Jun   2021          74           30           44             17             21              6              -            -         -
                                                                          Sep   2020          41           20           21              9             11              2              -            -         -
Rehabilitation interest and amortisation(6)                               Sep   2021          64            8           56            (1)             40             17              -            1       (1)
                                                                          Jun   2021          62            8           54            (1)             38             17              -            1       (1)
                                                                          Sep   2020          68            7           60              1             39             20              -            1       (1)
Leases                                                                    Sep   2021          12            -           12              2              9              1              -            -         -
                                                                          Jun   2021          13            -           13              3              8              2              -            -         -
                                                                          Sep   2020          15            1           14              4              9              2              -            -         -
Ore reserve development                                                   Sep   2021         739          296          443            168            275              -              -            -         -
                                                                          Jun   2021         672          277          395            168            227              -              -            -         -
                                                                          Sep   2020         607          302          305            107            198              -              -            -         -
Sustaining capital expenditure                                            Sep   2021         592          143          449            115            268             58              8          118     (118)
                                                                          Jun   2021         669          250          419            121            222             68              8           86      (86)
                                                                          Sep   2020         444          238          206             57            103             38              8          130     (130)
Less: By-product credit(7)                                                Sep   2021     (2,591)        (319)      (2,272)          (676)        (1,347)          (243)            (6)        (134)       134
                                                                          Jun   2021     (2,565)        (330)      (2,235)          (860)        (1,139)          (233)            (3)        (129)       129
                                                                          Sep   2020     (2,778)        (306)      (2,472)          (322)        (2,010)          (144)              4        (109)       109
Total All-in-sustaining costs(8)                                          Sep   2021      10,110        2,043        8,067          3,250          3,922            753            142          440     (440)
                                                                          Jun   2021       9,917        2,096        7,821          2,953          4,012            731            126          405     (406)
                                                                          Sep   2020       8,917        2,188        6,729          2,922          2,982            683            142          488     (488)
Plus: Corporate cost, growth and capital                                  Sep   2021         645          583           62              -             62              -              -            -         -
                                                                          Jun   2021         645          637            8              -              8              -              -            -         -
                                                                          Sep   2020         626          620            6              -              6              -              -            -         -
Total All-in-costs(8)                                                     Sep   2021      10,755        2,626        8,129          3,250          3,984            753            142          440     (440)
                                                                          Jun   2021      10,562        2,733        7,829          2,953          4,020            731            126          405     (406)
                                                                          Sep   2020       9,543        2,808        6,735          2,922          2,988            683            142          488     (488)
PGM production                                     4Eoz - 2Eoz            Sep   2021     658,101      144,325      513,776        183,606        226,591         61,083         13,726       28,770         -
                                                                          Jun   2021     628,334      143,951      484,383        171,598        210,391         60,450         11,108       30,836         -
                                                                          Sep   2020     575,550      147,835      427,715        154,904        177,717         53,299         10,223       31,572         -
                                                   kg                     Sep   2021      20,469        4,489       15,980          5,711          7,048          1,900            427          895         -
                                                                          Jun   2021      19,543        4,477       15,066          5,337          6,544          1,880            345          959         -
                                                                          Sep   2020      17,902        4,598       13,303          4,818          5,528          1,658            318          982         -
All-in-sustaining cost                             R/4Eoz - R/2Eoz        Sep   2021      16,065       14,156       16,633         17,701         17,309         12,327         10,345       15,294         -
                                                                          Jun   2021      16,598       14,561       17,244         17,209         19,069         12,093         11,343       13,134         -
                                                                          Sep   2020      16,392       14,803       16,985         18,864         16,779         12,805         13,880       15,450         -
                                                   US$/4Eoz - US$/2Eoz    Sep   2021       1,098          968        1,137          1,210          1,183            843            707        1,045         -
                                                                          Jun   2021       1,175        1,031        1,220          1,218          1,350            856            803          930         -
                                                                          Sep   2020         969          875        1,004          1,116            992            757            821          914         -
All-in-cost                                        R/4Eoz - R/2Eoz        Sep   2021      17,090       18,195       16,761         17,701         17,582         12,327         10,345       15,294         -
                                                                          Jun   2021      17,677       18,986       17,262         17,209         19,107         12,093         11,343       13,134         -
                                                                          Sep   2020      17,543       18,997       17,001         18,864         16,814         12,805         13,880       15,450         -
                                                   US$/4Eoz - US$/2Eoz    Sep   2021       1,168        1,244        1,146          1,210          1,202            843            707        1,045         -
                                                                          Jun   2021       1,251        1,344        1,222          1,218          1,352            856            803          930         -
                                                                          Sep   2020       1,037        1,123        1,005          1,116            994            757            821          914         -

Average exchange rates for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively
Figures may not add as they are rounded independently

(1)   The Total US and SA PGM, Total SA PGM and Marikana includes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating
      cost, AISC and AIC excluding third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters" and
      "Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"
(2)   The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into SA rand. In addition to the US PGM operations' underground
      production, the operation processes various recycling material which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown
(3)   Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs. The
      September 2020 quarter includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
(4)   Inventory adjustment in Corporate for September 2020 quarter includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
(5)   Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value
(6)   Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to
      the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
(7)   The September 2020 quarter by-product credit for Marikana includes the benefit from the sale of concentrate purchased from Rustenburg, Kroondal and Platinum Mile of R1,546 million. The cost
      associated with the purchase and processing of the intercompany concentrate is included in the Marikana cost of sales, before amortisation and depreciation
(8)   All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments,
      financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-
      total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and
      kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period

Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters

                                                                                             Total US and SA PGM                       Total SA PGM                             Marikana
                                                                           R' million    Sep 2021   Jun 2021    Sep 2020   Sep 2021       Jun 2021     Sep 2020      Sep 2021     Jun 2021   Sep 2020
Cost of sales, before amortisation and depreciation as reported
per table above                                                                             9,598     9,822       8,375       7,778          8,089          6,509      4,077        4,388      3,425
Inventory change as reported per table above                                                  982       387       1,655         908            259          1,594        197         (76)      1,043
Less: Chrome cost of sales                                                                  (338)     (342)       (157)       (338)          (342)          (157)       (64)         (67)       (34)
Total operating cost including third party PoC                                             10,242     9,867       9,873       8,348          8,006          7,946      4,210        4,245      4,434
Less: Purchase cost of PoC                                                                  (593)     (800)       (345)       (593)          (800)          (345)      (593)        (800)      (345)
Total operating cost excluding third party PoC                                              9,649     9,067       9,528       7,755          7,206          7,601      3,617        3,445      4,089

PGM production as reported per table above                                  4Eoz-2Eoz     658,101    628,334     575,550    513,776       484,383       427,715       226,591     210,391     177,717
Less: Mimosa production                                                                  (28,770)   (30,836)    (31,572)   (28,770)      (30,836)      (31,572)             -           -           -
PGM production excluding Mimosa                                                           629,331    597,498     543,978    485,006       453,547       396,143       226,591     210,391     177,717
Less: PoC production                                                                     (13,703)   (15,702)    (10,781)   (13,703)      (15,702)      (10,781)      (13,703)    (15,702)    (10,781)
PGM production excluding Mimosa and third party PoC                                       615,628    581,796     533,197    471,303       437,845       385,362       212,888     194,689     166,936

PGM production including Mimosa and excluding third party PoC                             644,398   612,632     564,769      500,073        468,681        416,934   212,888      194,689    166,936

Tonnes milled/treated                                                            000't     10,747    10,096       9,570      10,363          9,726          9,199      2,933        2,701      2,502
Less: Mimosa tonnes                                                                         (352)     (366)       (362)       (352)          (366)          (362)          -            -          -
PGM tonnes excluding Mimosa and third party PoC                                            10,395     9,730       9,208      10,011          9,360          8,837      2,933        2,701      2,502
Operating cost including third party PoC                                 R/4Eoz-R/2Eoz     16,274    16,514      18,148      17,212         17,652         20,058     18,580       20,177     24,947
                                                                     US$/4Eoz-US$/2Eoz      1,112     1,169       1,073       1,176          1,249          1,186      1,270        1,428      1,475
                                                                                   R/t        985     1,014       1,072         834            855            899      1,435        1,572      1,772
                                                                                 US$/t         67        72          63          57             61             53         98          111        105
Operating cost excluding third party PoC                                 R/4Eoz-R/2Eoz     15,673    15,585      17,870      16,454         16,458         19,724     16,990       17,695     24,494
                                                                     US$/4Eoz-US$/2Eoz      1,071     1,103       1,057       1,125          1,165          1,166      1,161        1,252      1,448
                                                                                   R/t        928       932       1,035         775            770            860      1,233        1,275      1,634
                                                                                US$/t            63           66          61           53              54               51           84          90            97

Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters

                                                                                             Total US and SA PGM                        Total SA PGM                                Marikana
                                                                            R' million    Sep 2021   Jun 2021    Sep 2020       Sep 2021     Jun 2021            Sep 2020    Sep 2021   Jun 2021       Sep 2020
Total All-in-sustaining cost as reported per table above                                    10,110      9,917       8,917          8,067        7,821               6,729       3,922      4,012          2,982
Less: Purchase cost of PoC                                                                   (593)      (800)       (345)          (593)        (800)               (345)       (593)      (800)          (345)
Add: By-product credit of PoC                                                                   63         69          12             63           69                  12          63         69             12
Total All-in-sustaining cost excluding third party PoC                                       9,580      9,186       8,584          7,537        7,090               6,396       3,392      3,281          2,649
Plus: Corporate cost, growth and capital expenditure                                           645        645         626             62            8                   6          62          8              6
Total All-in-cost excluding third party PoC                                                 10,225      9,831       9,210          7,599        7,098               6,402       3,454      3,289          2,655

PGM production excluding Mimosa and third party PoC                         4Eoz-2Eoz      615,628      581,796       533,197   471,303         437,845          385,362      212,888      194,689         166,936

All-in-sustaining cost excluding third party PoC                       R/4Eoz-R/2Eoz        15,561       15,789       16,099       15,992        16,193           16,597       15,933       16,853         15,868
                                                                   US$/4Eoz-US$/2Eoz         1,064        1,117          952        1,093         1,146              981        1,089        1,193            938

All-in-cost excluding third party PoC                                  R/4Eoz-R/2Eoz        16,609       16,898       17,273       16,123        16,211           16,613       16,224       16,894         15,904
                                                                   US$/4Eoz-US$/2Eoz         1,135        1,196        1,021        1,102         1,147              982        1,109        1,196            941

SA gold operations
Figures are in millions unless otherwise stated
                                                                                                                                SA OPERATIONS
                                                                                          Total SA
                                                              R' million                      gold     Driefontein         Kloof           Beatrix       Cooke       DRDGOLD         Corporate
Cost of sales, before amortisation and depreciation(1)                       Sep   2021      5,978           1,450         2,102             1,371         217           838                 -
                                                                             Jun   2021      5,626           1,390         2,115             1,088         230           803                 -
                                                                             Sep   2020      5,306           1,331         2,018               960         201           795                 -
Royalties                                                                    Sep   2021         49              19            12                 8           1             -                 9
                                                                             Jun   2021         44              14            12                 6           1             -                11
                                                                             Sep   2020         36              11            42                14           2             -              (33)
Carbon tax                                                                   Sep   2021          -               -             -                 -           -             -                 -
                                                                             Jun   2021          -               -             -                 -           -             -                 -
                                                                             Sep   2020          1               -             -                 1           -             -                 -
Community costs                                                              Sep   2021         33              12            10                 9           -             2                 -
                                                                             Jun   2021         31              12             9                 6           1             3                 -
                                                                             Sep   2020         25               3             8                14           -             -                 -
Share-based payments(2)                                                      Sep   2021         26               6             9                 6           -             5                 -
                                                                             Jun   2021         37               9            14                 9           -             5                 -
                                                                             Sep   2020         20               5             6                 4           -             4                 -
Rehabilitation interest and amortisation(3)                                  Sep   2021         50              10             5                20           9             5                 1
                                                                             Jun   2021         39              10             5                19           2             2                 1
                                                                             Sep   2020         59              16            12                15          10             5                 1
Leases                                                                       Sep   2021         19               2             2                 7           3             5                 -
                                                                             Jun   2021         22               2             5                 7           3             5                 -
                                                                             Sep   2020         18               2             4                 4           4             4                 -
Ore reserve development                                                      Sep   2021        729             324           270               135           -             -                 -
                                                                             Jun   2021        650             291           232               127           -             -                 -
                                                                             Sep   2020        530             233           215                82           -             -                 -
Sustaining capital expenditure                                               Sep   2021        342              94           128                45           -            75                 -
                                                                             Jun   2021        295              68            79                41           -           107                 -
                                                                             Sep   2020        258              55            88                20           -            95                 -
Less: By-product credit                                                      Sep   2021        (7)             (2)           (2)               (1)           -           (2)                 -
                                                                             Jun   2021        (6)             (2)           (2)               (1)           -           (1)                 -
                                                                             Sep   2020        (8)             (3)           (2)               (1)           -           (2)                 -
Total All-in-sustaining costs(4)                                             Sep   2021      7,219           1,915         2,536             1,600         230           928                10
                                                                             Jun   2021      6,738           1,794         2,469             1,302         237           924                12
                                                                             Sep   2020      6,242           1,654         2,392             1,112         217           900              (32)
Plus: Corporate cost, growth and capital expenditure                         Sep   2021        125               -            43                 2           -            14                66
                                                                             Jun   2021        123               -            40                 -           -             9                74
                                                                             Sep   2020        100               -            36                 -           -            25                39
Total All-in-costs(4)                                                        Sep   2021      7,344           1,915         2,579             1,602         230           942                76
                                                                             Jun   2021      6,861           1,794         2,509             1,302         237           933                86
                                                                             Sep   2020      6,342           1,654         2,428             1,112         217           925                 7
Gold sold                                                             kg     Sep   2021      9,069           2,422         2,989             1,938         292         1,428                 -
                                                                             Jun   2021      8,343           2,182         2,956             1,508         332         1,365                 -
                                                                             Sep   2020      8,726           2,230         3,328             1,312         334         1,522                 -
                                                                      oz     Sep   2021    291,575          77,869        96,099            62,308       9,388        45,911                 -
                                                                             Jun   2021    268,234          70,153        95,038            48,483      10,674        43,886                 -
                                                                             Sep   2020    280,547          71,696       106,998            42,182      10,738        48,933                 -
All-in-sustaining cost                                              R/kg     Sep   2021    796,008         790,669       848,444           825,593     787,671       649,860                 -
                                                                             Jun   2021    807,623         822,181       835,250           863,395     713,855       676,923                 -
                                                                             Sep   2020    715,345         741,525       718,630           847,561     648,503       591,393                 -
                                                                  US$/oz     Sep   2021      1,692           1,681         1,804             1,755       1,675         1,382                 -
                                                                             Jun   2021      1,778           1,810         1,839             1,901       1,571         1,490                 -
                                                                             Sep   2020      1,316           1,364         1,322             1,559       1,193         1,088                 -
All-in-cost                                                         R/kg     Sep   2021    809,792         790,669       862,830           826,625     787,671       659,664                 -
                                                                             Jun   2021    822,366         822,181       848,782           863,395     713,855       683,516                 -
                                                                             Sep   2020    726,782         741,525       729,447           847,561     648,503       608,016                 -
                                                                  US$/oz     Sep   2021      1,722           1,681         1,834             1,757       1,675         1,402                 -
                                                                             Jun   2021      1,810           1,810         1,868             1,901       1,571         1,505                 -
                                                                             Sep   2020      1,337           1,364         1,342             1,559       1,193         1,118                 -

Average exchange rates for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively
Figures may not add as they are rounded independently

(1)   Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
(2)   Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting
      date fair value
(3)   Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
      to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
(4)   All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
      impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
      given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost
      per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period

 ADJUSTED EBITDA RECONCILIATION - QUARTERS
                                                                                            Quarter ended Sep 2021                                                                   Quarter ended Jun 2021                                                        Quarter ended Sep 2020
                                                                                 US          US                                                                  US             US                                                           US      US
                                                                 Total US    Under-       Recy-                        Corpo-                  Total US      Under-          Recy-                          Corpo-            Total US   Under-   Recy-                      Corpo-
                                                                      PGM    ground       cling    SA PGM SA Gold        rate      Total            PGM      ground          cling    SA PGM   SA Gold        rate   Total         PGM   ground   cling   SA PGM   SA Gold     rate     Total
Figures in million - SA rand                                                    PGM                                                                             PGM                                                                         PGM
Profit/(loss) before royalties and tax                              3,021     2,502        519       10,043   1,192     (236)   14,020               2,981    2,515           466     15,445          36     (209)   18,253     2,293     2,085    208    9,265       375    (225)      11,708
Adjusted for:
Amortisation and depreciation                                         631       630          1          678     885         -      2,194               589        589            -       610       784           -   1,983        698      697       1      518       785         -     2,001
Interest income                                                      (94)         -       (94)         (45)   (160)       (2)      (301)             (117)          -        (117)      (63)     (156)           -   (336)       (53)        -    (53)     (47)     (127)         -     (227)
Finance expense                                                       167       157         10          154     113        80        514               256        231           25       187       138          80     661        245      231      14      150       296        80       771
Share-based payments                                                    4         4          -            6      34         -         44                49         49            -        53        97           -     199         23       23       -       27        17         -        67
(Gain)/loss on financial instruments                                (684)     (684)          -           83     (2)         -      (603)                 9          9            -       473      (14)           -     468          3        3       -       55     2,188         -     2,246
(Gain)/loss on foreign exchange differences                             -         -          -         (83)   (527)         -      (610)                 1          1            -        54       217           -     272          -        -       -      213     (174)         -        39
Share of results of equity-accounted investees after tax                -         -          -        (286)    (71)         -      (357)                 -          -            -     (684)      (68)           -   (752)          -        -       -    (304)     (163)         -     (467)
Change in estimate of environmental rehabilitation obligation,
and right of recovery receivable and payable                                -          -         -         -       -          -         -                -              -        -        -        (5)         -       (5)          -          -      -        -       -       -        -
(Gain)/loss on disposal of property, plant and equipment                    8          8         -       (1)     (10)         -       (3)               20             20        -      (7)       (14)         -       (1)          -          -      -     (27)     (7)       -     (34)
Restructuring cost                                                          -          -         -         6        4         -        10                -              -        -        2          8         -        10          -          -      -       25      47       -       72
IFRS 16 lease payments                                                      -          -         -      (13)     (21)         -      (34)                1              1        -     (12)       (23)         -      (34)          -          -      -     (14)    (19)       -     (33)
Occupational healthcare expense                                             -          -         -         -        -         -         -                -              -        -        -       (24)         -      (24)          -          -      -        -       -       -        -
Loss due to dilution of interest in joint operation                         -          -         -         -        -         -         -                2              2        -        -          -         -         2          -          -      -        -       -       -        -
Other non-recurring costs/(income)                                          5          5         -         -     (16)        14         3                7              7        -        -        (1)        21        27         18         18      -    (574)       -       5    (551)
Adjusted EBITDA                                                         3,058      2,622       436    10,542    1,421     (144)    14,877            3,798          3,424      374   16,058        975     (108)    20,723      3,227      3,057    170    9,287   3,218   (140)   15,592

DEVELOPMENT RESULTS

Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore reserves.
All figures below exclude shaft sinking metres, which are reported separately where appropriate.


US PGM operations

Quarter ended                                                       Sep 2021                                                        Jun 2021                                                    Nine months ended Sep 2021
                                                                                 Stillwater                                                          Stillwater                                                               Stillwater
                                 Reef                                            incl Blitz   East Boulder                                           incl Blitz     East Boulder                                              incl Blitz   East Boulder
Total US PGM                     Unit
Primary development (off reef)   (m)                                                 1,522             290                                               1,213                460                                                 4,519            1,226
Secondary development            (m)                                                 3,797           1,653                                               3,720              1,266                                                11,892            4,321

SA PGM operations

Quarter ended                                                       Sep 2021                                                       Jun 2021                                                      Nine months ended Sep 2021
                                 Reef                   Bathopele   Thembelani   Khuseleka    Siphumelele                 Bathopele   Thembelani     Khuseleka       Siphumelele                Bathopele   Thembelani        Khuseleka     Siphumelele
Rustenburg                       Unit
Advanced                         (m)                         487        2,192        3,276            825                         331       1,605        3,056               828                   1,124           5,298          8,796            2,351
Advanced on reef                 (m)                         487          977        1,260            442                         331         670        1,017               439                   1,124           2,314          3,155            1,267
Height                           (cm)                        210          282          285            283                         218         292          289               281                     215             287            287              278
Average value                    (g/t)                       2.9          2.3          2.3            2.8                         2.4         2.5          2.1               3.1                     2.5             2.4            2.2              3.0
                                 (cm.g/t)                    599          644          645            801                         523         714          597               866                     536             672            627              833

Quarter ended                                                       Sep 2021                                                      Jun 2021                                                      Nine months ended Sep 2021
                                 Reef             K3     Rowland         Saffy          E3             4B           K3     Rowland        Saffy               E3              4B          K3     Rowland        Saffy                E3              4B
Marikana                         Unit
Primary development              (m)           8,563       7,107        3,846          857           1,181       8,301       6,897          4,185        1,051              1,336     23,323      19,335       12,012             2,804            3,665
Primary development - on reef    (m)           6,265       5,380        2,429          537             786       6,383       5,314          2,773          708                841     17,577      14,907        8,037             1,796            2,404
Height                           (cm)            217         221          216          214             218         217         219            216          216                219        216         220          217               215              220
Average value                    (g/t)           2.9         2.5          2.8          2.8             2.9         3.3         2.6            2.7          2.7                2.7        3.2         2.5          2.7               2.8              2.8
                                 (cm.g/t)        624         549          599          601             630         711         560            590          573                589        680         553          591               604              606

Quarter ended                                                       Sep 2021                                                      Jun 2021                                                      Nine months ended Sep 2021
                                 Reef        Kopaneng    Simunye     Bambanani       Kwezi             K6      Kopaneng    Simunye    Bambanani          Kwezi                K6     Kopaneng    Simunye    Bambanani             Kwezi              K6
Kroondal                         Unit
Advanced                         (m)             864                      546          622            406          745                         525           491             423       2,113         110           1,531          1,550            1,285
Advanced on reef                 (m)             410                      326          237            399          475                         205           255             421       1,335           -             791            824            1,276
Height                           (cm)            236                      216          217            234          241                         216           222             228         240         291             216            220              233
Average value                    (g/t)           1.2                      1.6          1.1            1.9          1.8                         1.0           1.5             2.3         1.8           -             1.3            1.6              2.1
                                 (cm.g/t)        288                      336          244            442          439                         221           342             531         418           -             286            354              499

SA gold operations

Quarter ended                                                       Sep 2021                                                        Jun 2021                                                    Nine months ended Sep 2021
                                                                        Carbon                                                             Carbon                                                              Carbon
                                 Reef                                   leader        Main            VCR                                  leader            Main            VCR                               leader              Main             VCR
Driefontein                      Unit
Advanced                         (m)                                    1,043          285           1,106                                    799             331           1,193                                  2,601            752            3,435
Advanced on reef                 (m)                                       21           48             212                                     89              91             456                                    190            182            1,034
Channel width                    (cm)                                      30           30              66                                     16              57              78                                     18             54               82
Average value                    (g/t)                                   41.7         22.8            41.6                                   89.3            10.6            50.9                                   51.7           12.2             46.1
                                 (cm.g/t)                               1,254          685           2,738                                  1,426             607           3,962                                    944            652            3,796

Quarter ended                                                       Sep 2021                                                        Jun 2021                                                    Nine months ended Sep 2021
                                 Reef                                    Kloof        Main            VCR                                   Kloof            Main            VCR                                Kloof              Main             VCR
Kloof                            Unit
Advanced                         (m)                                    1,941          605           1,428                                  1,434             530           1,444                                  4,571          1,564            4,112
Advanced on reef                 (m)                                      421          145             258                                    363             184             218                                  1,029            471              640
Channel width                    (cm)                                     148           85             127                                    185              72             121                                    166             73              119
Average value                    (g/t)                                    8.5         10.5             9.4                                    4.3            12.4            15.2                                    6.8           12.6             13.0
                                 (cm.g/t)                               1,263          892           1,187                                    791             900           1,832                                  1,128            915            1,554

Quarter ended                                                       Sep 2021                                                        Jun 2021                                                    Nine months ended Sep 2021
                                                                                                 Kalkoen-                                                               Kalkoen-                                                               Kalkoen-
                                 Reef                                              Beatrix          krans                                              Beatrix             krans                                                Beatrix           krans
Beatrix                          Unit
Advanced                         (m)                                                 2,976             245                                               3,072                112                                                 8,847              462
Advanced on reef                 (m)                                                 1,168              51                                                 796                 37                                                 2,562              123
Channel width                    (cm)                                                  164             123                                                 162                 98                                                   156              126
Average value                    (g/t)                                                 6.1            12.8                                                 7.1               17.8                                                   6.7             11.5
                                 (cm.g/t)                                            1,008           1,580                                               1,145              1,741                                                 1,047            1,450

ADMINISTRATION AND CORPORATE INFORMATION

SIBANYE STILLWATER LIMITED
(SIBANYE-STILLWATER)
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share code: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701

LISTINGS
JSE: SSW
NYSE: SBSW

WEBSITE
www.sibanyestillwater.com

REGISTERED AND CORPORATE OFFICE
Constantia Office Park
Bridgeview House, Building 11,Ground floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park 1709
South Africa

Private Bag X5
Westonaria 1780
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863
COMPANY SECRETARY
Lerato Matlosa
Tel: +27 10 493 6921
Email: lerato.matlosa@sibanyestillwater.com

DIRECTORS
Dr Vincent Maphai* (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Timothy Cumming*
Savannah Danson*
Dr Elaine Dorward-King*
Harry Kenyon-Slaney*
Richard Menell*^
Nkosemntu Nika*
Keith Rayner*
Susan van der Merwe*
Jeremiah Vilakazi*
Sindiswa Zilwa*#

* Independent non-executive
^ Lead independent director
# Appointed 1 January 2021

INVESTOR ENQUIRIES
James Wellsted
Senior Vice President: Investor Relations
Cell: +27 83 453 4014
Tel: +27 10 493 6923
Email: james.wellsted@sibanyestillwater.com or ir@sibanyestillwater.com

JSE SPONSOR
JP Morgan Equities South Africa Proprietary Limited
Registration number 1995/011815/07
1 Fricker Road
Illovo
Johannesburg 2196
South Africa

Private Bag X9936
Sandton 2146
South Africa

AUDITORS
Ernst & Young Inc. (EY)
102 Rivonia Road
Sandton 2196
South Africa

Private Bag X14
Sandton 2146
South Africa
Tel: +27 11 772 3000

AMERICAN DEPOSITARY RECEIPTS TRANSFER AGENT
BNY Mellon Shareowner Services
PO Box 358516
Pittsburgh
PA 15252-8516

US toll free: +1 888 269 2377
Tel: +1 201 680 6825
Email: shrrelations@bnymellon.com

Tatyana Vesselovskaya
Relationship Manager
BNY Mellon
Depositary Receipts

Direct line: +1 212 815 2867
Mobile: +1 203 609 5159
Fax: +1 212 571 3050
Email: tatyana.vesselovskaya@bnymellon.com

TRANSFER SECRETARIES
SOUTH AFRICA
Computershare Investor Services
Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank 2196

PO Box 61051
Marshalltown 2107
South Africa

Tel: +27 11 370 5000
Fax: +27 11 688 5248

FORWARD-LOOKING STATEMENTS
The information in this document may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private
Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's
("Sibanye-Stillwater" or the "Group") financial positions, business strategies, plans and objectives of management for future operations, are necessarily
estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that
could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements
should be considered in light of various important factors, including those set forth in this document.

All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking statements also often
use words such as "will", "forecast", "potential", "estimate", "expect", "plan", "anticipate" and words of similar meaning. By their nature, forward-looking
statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors,
including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.

The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from estimates or projections
contained in the forward-looking statements include, without limitation, Sibanye-Stillwater's future financial position, plans, strategies, objectives, capital
expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political
and social conditions in South Africa, Zimbabwe, the United States and elsewhere; plans and objectives of management for future operations; Sibanye-
Stillwater's ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other
covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater's ability to service its bond instruments (including
high yield bonds and convertible bonds, if any); changes in assumptions underlying Sibanye-Stillwater's estimation of its current mineral reserves; any failure of
a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in connection with, and the ability to successfully integrate,
past, ongoing and future acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the
success of Sibanye-Stillwater's business strategy and exploration and development activities, including any proposed, anticipated or planned expansions into
the battery metals or adjacent sectors and estimations or expectations of enterprise value; the ability of Sibanye-Stillwater to comply with requirements that it
operate in ways that provide progressive benefits to affected communities; changes in the market price of gold and PGMs; the occurrence of hazards
associated with underground and surface mining; any further downgrade of South Africa's credit rating; a challenge regarding the title to any of Sibanye-Stillwater's
properties by claimants to land under restitution and other legislation; Sibanye-Stillwater's ability to implement its strategy and any changes thereto;
the occurrence of labour disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of regulatory
costs and relevant government regulations, particularly environmental, tax, health and safety regulations and new legislation affecting water, mining, mineral
rights and business ownership, including any interpretation thereof which may be subject to dispute; the outcome and consequence of any potential or
pending litigation or regulatory proceedings or environmental, health or safety issues; the concentration of all final refining activity and a large portion of
Sibanye-Stillwater's PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and internal
controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control
Regulations on Sibanye-Stillwater's financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous
experience; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs; the regional
concentration of Sibanye-Stillwater's operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary
policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; Sibanye-Stillwater's ability to hire and retain
senior management or sufficient technically skilled employees, as well as its ability to achieve sufficient representation of historically disadvantaged South
Africans in its management positions; failure of Sibanye-Stillwater's information technology and communications systems; the adequacy of Sibanye-Stillwater's
insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based
operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19). Further details of potential
risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater's filings with the Johannesburg Stock Exchange and the United States Securities
and Exchange Commission, including the Integrated Annual Report 2020 and the Annual Report on Form 20-F for the fiscal year ended 31 December 2020.

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or
revise any forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed or reported on by
the Group's external auditors.

Date: 28-10-2021 01:49:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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