Commentary & Deal Flow

IPTs: 5.5NC2: 6.75%a

• Issuer: Sibanye-Stillwater UK Financing Plc (a wholly owned subsidiary of Sibanye Stillwater Limited)
• Guarantor: Sibanye Stillwater Limited and certain of its subsidiaries (the Notes will be fully and unconditionally guaranteed on a senior basis)
• Company Rating: Ba2 (stable) by Moody's, BB (stable) by S&P and BB (stable) by Fitch
• Expected Issue Rating: Ba2 by Moody's and BB by S&P
• Ranking: Senior Unsecured (pari passu to all existing and future senior unsecured debt)
• Format: 144A / Reg S
• Tenor: 5.5-year
• Call Option: NC2 (50 / 25 / Par)
• Maturity: 15-Nov-31
• Settlement: 15-May-26 (T+6)
• Size: US$500 million (WNG)
• Coupon: Fixed, semi-annual, 30 / 360
• IPTs: 6.75% area
• Use of Proceeds: The net proceeds of the Offering will be used to (i) repurchase any and all outstanding 2026 Notes and (ii) to repurchase up to US$75 million of the 2029 Notes, with any remaining funds being used for general corporate purposes
• Change of Control Put: 101%
• Optional Redemption: Make-whole call / Tax call / 90% clean-up call / 35% equity claw
• Denominations: US$200k x US$1k
• Listing / Law: Euronext Dublin (GEM) / New York Law
• Documentation: Standalone, Preliminary Offering Memorandum dated 6-May-26
• Global Coordinators & Joint Bookrunners: BofA Securities, Mizuho, Morgan Stanley (B&D), Rand Merchant Bank, RBC Capital Markets
• ISINs: 144A: USG8118LAA64 / RegS: US82575QAA31
• Timing: Books open, Today's business
• Stabilisation: FCA/ICMA
• NetRoadshow Link: FINAL LINK: www.netroadshow.com/nrs/home/#!/?show=a9b002f5 (Recommended) OR Visit www.netroadshow.com and enter the entry code: Euro_2026 (not case-sensitive)