$SBGL : Sibanye-Stillwater Updated High Level Analysis

5 November 2019 Updated Global Reserve Model
Discounted Global Gold Reserve Value *$3,704,036,400
Discounted Global 4PE Reserve Value **$16,582,170,000
Discounted Global 4PE Reserve Value, Lonmin ***$6,798,330,000
Discounted Global Copper Resource Value ****$7,589,744,040
Discounted Global Uranium Resource Value *****$286,861,500
Aggregate Net Global Reserve Value$34,961,141,940
Estimated Reserve Lifespan
PGM32.5 Years
AU13 Years
2020 Estimated Net Income$1,165,371,398
2020 Estimated Market Cap$11,653,713,980
2020 Projected Market Cap Growth133%
FCM Target Price$17.45/sh.

Notes: All Values in U.S. Dollars

*Rustenburg, Kroondal, Mimosa, Rustenburg Tailings, Stillwater, East Boulder

**Beatrix, Cooke, Driefontein, Kloof, WRTRP, DRDGOLD, SA

***Marikana, Tailings

****Altar, Marathon, Rio Grande

*****Beatrix, WRTRP