Cre a ting a n industry-le a ding surfa c e mining pa rtne rship 22 No ve mb e r 2017
Disc laime r Sibanye - Stillwater’s F or war d looking State me nts Ce rtain state me nts in this pre se ntatio n c o nstitute “forward -lo o king statements” within the me aning o f the “safe harbour” pro visio ns o f the Unite d State s Private Se c uritie s L itig atio n Re fo rm Ac t o f 1995. he se fo rward-lo o king state me nts, inc luding , amo ng o the rs, tho se re lating to Sib anye - Stillwater’s future b usine ss pro spe c ts, re ve nue s and inc o me , whe re ve r the y may o c c ur in T this pre se ntatio n and the e xhib its to this pre se ntatio n, are ne c e ssarily e stimate s re fle c ting the b e st judg me nt o f the se nio r manag e me nt and dire c to rs o f Sib anye -Stillwate r, and invo lve a numb e r o f kno wn and unkno wn risks and unc e rtaintie s that c o uld c ause ac tual re sults, pe rfo rmanc e o r ac hie ve me nts o f the Gro up to diffe r mate rially fro m tho se sug ge ste d by the fo rward-lo o king state me nts. As a c o nse que nc e , the se fo rward-lo o king state me nts sho uld b e c o nside re d in lig ht o f vario us impo rtant fac to rs, inc luding tho se se t fo rth in this pre se ntatio n. I mpo rtant fac to rs that c o uld c ause the ac tual re sults to diffe r mate rially fro m e stimate s o r pro je c tio ns c o ntaine d in the fo rward-lo o king state me nts imb ab we and e lse whe re ; c hang e s in assumptio ns unde rlying Sib anye - Stillwater’s inc lude , witho ut limitatio n, e c o no mic , b usine ss, po litic al and so c ial c o nditio ns in So uth Afric a, Z e stimatio n o f its c urre nt Mine ral Re se rve s and Re so urc e s; the ab ility to ac hie ve antic ipate d e ffic ie nc ie s and o the r c o st saving s in c o nne c tio n with past and future ac quisitio ns, as suc c e ss o f Sib anye - Stillwater’s b usine ss strate gy, e xplo ratio n and de ve lo pme nt ac tivitie s; the ab ility o f Sib anye -Stillwate r to c o mply with we ll as e xisting o pe ratio ns; the re q uire me nts that it o pe rate in a sustainable manne r; c hang e s in the marke t pric e o f g o ld, platinum g ro up me tals (“PGMs”) a nd/o r uranium; the o c c urre nc e o f hazards asso c iate d with unde rg ro und and surfac e go ld, PGMs and uranium mining ; the o c c urre nc e o f labo ur disruptio ns and industrial ac tio n; the availability, te rms and de plo yme nt o f c apital o r c re dit; c hang e s in g o ve rnme nt re g ulatio ns, partic ularly e nviro nme ntal re g ulatio ns and ne w le g islatio n affe c ting wate r, mining , mine ral rig hts and b usine ss o wne rship, inc luding any inte rpre tatio ns the re o f whic h may b e sub je c t to dispute ; the o utc o me and c o nse que nc e o f any po te ntial o r pe nding litig atio n o r re gulato ry pro c e e dings o r o the r e nviro nme ntal, he alth and safe ty issue s; po we r disruptio ns, c o nstraints and c o st inc re ase s; supply c hain sho rtag e s and inc re ase s in the pric e o f pro duc tio n inputs; fluc tuatio ns in e xc hang e rate s, c urre nc y de valuatio ns, inflatio n and o the r mac ro -e c o no mic mo ne tary po lic ie s; the o c c urre nc e o f te mpo rary sto ppage s o f mine s fo r safe ty inc ide nts and unplanne d mainte nanc e ; Sib anye - Stillwater’s ab ility to hire and re tain se nio r ma nag e me nt o r suffic ie nt te c hnic ally skille d e mplo ye e s, as we ll as its ab ility to ac hie ve suffic ie nt re pre se ntatio n o f histo ric ally disadvantage d So uth Afric ans in its manag e me nt po sitio ns; failure o f Sib anye - Stillwater’s info rmatio n te c hno lo g y and c o mmunic atio ns syste ms; the ade quac y o f Sib anye - Stillwater’s insuranc e c o ve rag e ; any so c ial unre st, sic kne ss o r natural o r ma n-made disaste r at info rmal se ttle me nts in the vic inity o f so me o f Sib anye - Stillwater’s o pe ratio ns; and the impac t o f HI V, tub e rc ulo sis and o the r c o ntag io us dise ase s. T he se fo rward-lo o king state me nts spe ak o nly as o f the date o f this pre se ntatio n. T he Gro up unde rtake s no o b lig atio n to update public ly o r re le ase any re visio ns to the se fo rward-lo o king state me nts to re fle c t e ve nts o r c irc umstanc e s afte r the date o f this pre se ntatio n o r to re fle c t the o c c urre nc e o f unantic ipate d e ve nts. Compe te nt person’s state me nt C Co de , with re spo nsib ility fo r the c o nso lidatio n and re po rting o f Sib anye - Stillwater’s Mine ral Re so urc e s and T he le ad c o mpe te nt pe rso n de sig nate d in te rms o f the SAMRE Mine ral Re se rve s, and fo r o ve rall re g ulato ry c o mplianc e o f the se fig ure s, is Ge rhard Janse van Vuure n., Ge rhard g ave his c o nse nt fo r the disc lo sure o f the 2016 Mine ral Re so urc e s and Mine ral Re se rve s State me nt as inc lude d in this anno unc e me nt. Ge rhard [GDE (Mining E ng ), MBA, MSCC and B.T e c h (MRM)] is re g iste re d with SAI MM (706705) and has 29 years’ e xpe rie nc e re lative to the type and style o f mine ral de po sit unde r c o nside ratio n. DR DGOL D disc laime r Ma ny fa c to rs c o uld c a use the a c tual re sults, pe rfo rma nc e o r a c hie ve me nts to b e ma te rially diffe re nt fro m a ny future re sults, pe rfo rma nc e o r a c hie ve me nts tha t may b e e xpre sse d o r implie d b y suc h fo rwa rd-lo o king sta te me nts, inc luding , a mo ng o the rs, a dve rse c ha ng e s o r unc e rtaintie s in g e ne ral e c o no mic c o nditio ns in the ma rke ts we se rve , a dro p in the g o ld pric e , a susta ine d stre ng the ning o f the ra nd a g ainst the do llar, re g ula to ry de ve lo pme nts a dve rse to DRDGOL D o r diffic ultie s in maintaining ne c e ssa ry lic e nse s o r o the r g o ve rnme ntal a ppro vals, c ha ng e s in DRDGOLD’s c o mpe titive po sitio n, c ha ng e s in b usine ss stra te gy, a ny majo r disruptio n in pro duc tio n a t ke y fa c ilitie s o r a dve rse he se risks inc lude , witho ut limitatio n, tho se de sc rib e d in the se c tio n e ntitle d “Risk Factors” inc lude d in o ur a nnual c ha ng e s in fo re ig n e xc ha ng e ra te s a nd va rio us o the r fa c to rs. T re po rt fo r the fisc al ye a r e nde d 30 June 2017, whic h we file d with the Unite d Sta te s Se c uritie s a nd E xc ha ng e Co mmissio n o n 31 Oc to b e r 2017 o n F o rm 20-F. Yo u sho uld no t pla c e undue re lia nc e o n the se fo rwa rd-lo o king sta te me nts, whic h spe a k o nly a s o f the da te the re o f. We do no t unde rta ke a ny o blig a tio n to public ly upda te o r re vise the se fo rwa rd-lo o king sta te me nts to re fle c t e ve nts o r c irc umsta nc e s a fte r the da te o f this re po rt o r to the o c c urre nc e o f una ntic ipa te d e ve nts. Any fo rwa rd-lo o king sta te me nts inc lude d in this pre se nta tio n ha ve no t b e e n re vie we d a nd re po rte d o n b y DRDGOLD’s a udito rs. 2 www.sib anye stillwate r.c o m
Age nda 1. T ra nsa c tio n o ve rvie w Ne al F ro ne man 2. Sib a nye -Stillwa te r tra nsa c tio n ra tio na le Ne al F ro ne man 3. Gro wing a n industry-le a ding surfa c e mining c o mpa ny Nië l Pre to rius 4. Co nc lusio n Ne al F ro ne man 5. Appe ndix 3 www.sib anye stillwate r.c o m
T ra nsa c tio n o ve rvie w Ne a l F ro ne ma n 4
T r ansac tion ove r vie w • Sib a nye -Stillwa te r – Will ve nd se le c te d g o ld surfa c e pro c e ssing a sse ts a nd ta iling s sto ra g e fa c ilitie s (T SF s) into DRDGOL D fo r a 38% sta ke wo rth c .R1.3 b illio n* – Ha s a n o ptio n to inc re a se its o wne rship in DRDGOL D to 50.1% within 24 mo nths b y a c q uiring a dditio na l sha re s a t a 10% disc o unt to the 30 da y VWAP – Re ta ins o wne rship o f the Co o ke a nd E zulwini pla nts a nd a sso c ia te d ura nium a nd g o ld T SF s with the a b ility to de po sit pro c e sse d surfa c e ma te ria l o nto the Re g io na l T a iling s Sto ra g e F a c ility (RT SF ), sub je c t to pa ying a n a ppro pria te sha re o f c a pita l a nd c o sts • DRDGOL D – Will de ve lo p the We st Ra nd T a iling s Re tre a tme nt Pro je c t (WRT RP) in pha se s, c o mme nc ing with initia l pro duc tio n thro ug h the Drie fo nte in DP2 a nd DP3 pla nts a nd c ulmina ting in the de ve lo pme nt o f a Ce ntra l Pro c e ssing Pla nt (CPP) a nd RT SF * DRDGOLD’s closing share price of R4.96 on 20 November 2017 multiplied by the 265 million shares to be issued to Sibanye-Stillwater An innovative and value ac c re tive pa rtne rship 5 www.sib anye stillwate r.c o m
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