Commentary & Deal Flow

Sibanye Stillwater Limited, a leading mining group with a portfolio of platinum group metals (PGMs) and gold operations in the United States and South Africa, (tickers: JSE: SSW, NYSE: SBSW) rated Ba2/BB/BB by Moody's/S&P/Fitch, has mandated BofA Securities, Mizuho, Morgan Stanley, Rand Merchant Bank and RBC Capital Markets as Global Coordinators and Joint Bookrunners to arrange a Global Investor Call and a series of hybrid fixed income investor meetings commencing 06-May-26. A Preliminary Offering Memorandum and a NetRoadshow presentation with voiceover recording have been made available.

A US$500m WNG, 144A/Reg S, Senior Unsecured 5.5NC2 US$ offering by Sibanye-Stillwater UK Financing Plc will follow, subject to market conditions. The Notes are expected to be rated Ba2 by Moody’s and BB by S&P.

Concurrently, Sibanye-Stillwater has announced a tender offer for Stillwater Mining Company’s 4.0% Notes due 2026 (any and all) and 4.5% Notes due 2029 (up to a Capped Maximum Acceptance Amount of US$75,000,000).

• Call Schedule:
• • 06-May-26: Global Investor Call at 14:30 UK / 09:30 NY
• Target Market: Manufacturer target market (EU MiFID and MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).
• Docs: No EU PRIIPs key information document (KID) or disclosure document required by the Financial Conduct Authority’s (FCA) Product Disclosure Sourcebook (DISC) has been prepared as not available to retail in EEA or UK.
• Stabilisation: FCA / ICMA Stabilisation applies.