SIBANYE GOLD LIMITED Trading as SIBANYE-STILLWATER Incorporated in the Republic of South Africa Registration number 2002/031431/06 Share code: SGL Issuer code: SGL ISIN: ZAE E000173951 Operating update For the quarter ended 30 September 2017 WESTONARIA, 26 October 2017: Sibanye Gold Limited trading as Sibanye-Stillwater (Sibanye-Stillwater or the Group) (JSE: SGL & NYSE: SBGL) is pleased to provide an operating update for the quarter ended 30 September 2017. Detailed financial and operating results are provided on a six-monthly basis. SALIENT FEATURES FOR THE QUARTER ENDED 30 SEPTEMBER 2017 - Group operating profit of R2,859 million (US$217 million) was 41% higher quarter-on-quarter and 5% higher year-on-year - SA gold production of 11,576kg (372,177oz) 4% higher than for June 2017 quarter - SA PGM production increased by 1% to 306,184 4Eoz - record quarterly production from the Kroondal Operations - First production from the Blitz project, three months ahead of schedule - Stillwater Bridge Facility refinance completed during the quarter US dollar SA rand Quarter ended Quarter ended Sep 2016 Jun 2017 Sep 2017 KEY STATISTICS Sep 2017 Jun 2017 Sep 2016 SOUTHERN AFRICA (SA) REGION Gold operations 382.5 358.5 372.2 000'oz Gold produced kg 11,576 11,152 11,897 1,322 1,249 1,280 US$/oz Average gold price R/kg 542,407 530,111 597,705 179.5 104.9 114.3 US$m Operating profit Rm 1,506.9 1,386.0 2,530.5 36 23 24 % Operating margin % 24 23 36 1,062 1,125 1,150 US$/oz All-in sustaining cost(1) R/kg 487,068 477,600 479,785 Platinum Group Metals (PGM) operations 94,791 303,996 306,184 oz 4E PGM(2) production kg 9,523 9,455 2,948 901 901 953 US$/4Eoz Average basket price R/4Eoz 12,551 11,893 12,726 12.8 19.9 42.6 US$m Operating profit Rm 562.2 262.6 189.7 25 9 16 % Operating margin % 16 9 25 703 769 777 US$/4Eoz All-in sustaining cost(1) R/4Eoz 10,229 10,152 9,886 UNITED STATES (US) REGION Platinum Group Metals (PGM) operations(3) - 93,725 135,585 oz 2E PGM(2) production kg 4,217 2,915 - - 850 914 US$/2Eoz Average basket price R/2Eoz 12,047 11,242 - - 28.3 59.9 US$m Operating profit Rm 789.6 374.0 - - 38 42 % Operating margin % 42 38 - - 622 695 US$/2Eoz All-in sustaining cost(1) R/2Eoz 9,162 8,134 - GROUP 192.3 153.1 216.8 US$m Operating profit Rm 2,858.7 2,022.6 2,720.2 14.06 13.20 13.18 R/US$ Average exchange rate (1) All-in sustaining cost is defined as production costs plus all costs relating to sustaining current production and sustaining capital expenditure, and includes (but not limited to) operating costs, share based payments, royalties, rehabilitation costs and sustaining capital expenditure, and excludes non-4E/2E PGM production. (2) Platinum Group Metals (PGM), of which 4E represents platinum, palladium, rhodium and gold, and 2E represents platinum and palladium. Mined production excluding recycled production. (3) Stillwater's production is converted to metric tonnes and kilograms. The income and expenses are translated into SA rand. Stock data for the quarter ended 30 September 2017 JSE Limited - (SGL) Number of shares in issue Price range per ordinary share R14.75 to R21.89 - at 30 September 2017 2,126,126,173 Average daily volume 9,240,630 - weighted average 2,125,921,577 NYSE - (SBGL); one ADR represents four ordinary shares Free Float 80% Price range per ADR US$4.30 to US$6.57 Bloomberg/Reuters SGLS/SGLJ.J Average daily volume 3,056,891 OVERVIEW AND UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2017 COMPARED WITH THE QUARTER ENDED 30 SEPTEMBER 2016 The US PGM operations were incorporated for a full quarter for the first time during the September 2017 quarter. The strategic significance of this was marked by the rebranding of the Group as Sibanye-Stillwater. The Group operating results for the September 2017 quarter reflect continued improvements during the year, underpinned by higher commodity prices and a more positive commodity price outlook. Group operating profit of R2,859 million (US$217 million) is 41% higher compared to the June 2017 quarter and 5% higher compared to September 2016 quarter. Underperforming gold operations are being addressed and the restructuring process in terms of section 189A of the Labour Relations Act, 66 of 1995 (S189) is progressing well. The SA PGM operations continue to deliver strong operational results, and the realisation of substantial cost synergies earlier than expected, has averted the need for significant rationalisation of the production footprint. The integration of the US PGM operations continues to proceeding smoothly, with first production from the Blitz Project realised three months ahead of schedule. An increasingly supportive environment for commodities has resulted in continued gains in precious metals prices during the September 2017 quarter, with the average prices received increasing across the board. Despite a relatively flat rand:dollar exchange rate, the average rand gold price received of R542,407/kg (US$1,280/oz) was 4% higher than for the six months ended 30 June 2017 (H1 2017) and the 4E PGM basket price was 5% higher at R12,551/4Eoz (US$953/4Eoz). The 2E PGM basket price received by the US PGM operations was 8% higher than the average for May and June 2017 at US$914/oz. The rising commodity price trend has continued into the December 2017 quarter, implying a strong end to the year. The US$450 million convertible bond which was issued, on favourable terms during the September 2017 quarter, marked the successful conclusion of refinancing of the US$2.65 billion bridge facility raised for the acquisition of Stillwater. This followed the c.US$1.0 billion rights offering and c.US$1.05 billion corporate bonds, both of which were concluded in June 2017. Relative to benchmarks for transaction of this type, the 1.875% per annum coupon was competitively priced and well below the Group's average borrowing costs, with the 35% conversion premium at the top end of the anticipated range. The Sibanye- Stillwater convertible bond is among the lowest yield convertible bonds issued in the EMEA universe in the past three years and is also one of the lowest yield coupon achieved by a mining issuer since 2013. Recent share price volatility associated with these refinancing steps has now moderated and with a more certain outlook, the Sibanye-Stillwater share price has begun to recover off a low base. The Group's focus is now firmly on optimising the operations in order to reduce its financial leverage from a net debt to earnings before interest, taxes, depreciation and amortisation (ND:EBITDA) level of 2.6:1 at 30 June 2017, to targeted levels of 1.0:1 within two to four years. Given the successful integration of the SA and US PGM operations, ongoing operational restructuring and an improved price outlook for the precious metals in general, it appears unlikely that Group leverage will approach anywhere close to covenant limits of 3.5:1 ND:EBITDA. SAFETY Quarter-on-quarter the SA region serious injury frequency rate, lost day injury frequency rate and total injury frequency rate have all improved significantly. We believe that our enhanced efforts and our safe behaviour focus will assist further improvements in the fourth quarter 2017. Regrettably, there were, four fatal accidents during the September 2017 quarter at the SA region gold operations and one at the SA region PGM operations. Sibanye-Stillwater management and the board express their sincere condolences to the family and colleagues of the deceased employees: Nkosinathi Marumo, Thandisile Deku, Puseletso Molebogeng Mashego, Geraldo Julio Sitoe, and Sibongile Ganithuli. Management remains determined and committed to its zero harm policy. Sibanye-Stillwater's US PGM operations remain a benchmark safety performer globally, with a continued focus on safe and quality mining. Year to date, the Serious Injury Frequency Rate was approximately 1.8 per million hours, a significant improvement on 2016's 2.8 per million hours. OPERATING REVIEW SA REGION SA gold operations The SA gold operations delivered an improved operational performance in the September 2017 quarter, with gold production of 11,576kg (372,200oz) 4% higher than for the June 2017 quarter. This was a notable performance considering the S189 processes affecting the Cooke and Beatrix West operations during the period. Compared to the September 2016 quarter, gold production declined by only 3% (321kg or 10,320oz), primarily due to the suspension of underground operations at the Cooke 4 mine toward the end of 2016, which resulted in 436kg (14,017oz) less production year-on-year. Gold production from surface sources was also 376kg (12,087oz) lower year-on-year, reflecting a decline in available, high grade surface reserves. The average dollar gold price received for the quarter ended 30 September 2017 of US$1,280/oz, was 3% lower than for the comparable period in 2016. In addition, a 6% appreciation of the rand relative to the US dollar, from an average of R14.06/US$ to R13.18/US$, resulted in the average rand gold price received declining by 9% from R597,705/kg to R542,407/kg. The net result of the lower gold price and slightly lower gold production was a 12% decrease in revenue from R7,111 million to R6,279 million. Operating cost increased by approximately 4% year-on-year to R4,772 million (US$362 million). Increases in Total cash cost (TCC) and All-in sustaining cost (AISC) were well below inflation at 1% and 2% respectively compared to the September 2016 quarter, to R401,693/kg (US$948/oz) and R487,068/kg (US$1,150/oz). Operating profit for the September 2017 quarter of R1,507 million, was 8% higher than for the June 2017 quarter as a result of the higher rand gold price, increased production and good operating cost control. The 9% decline in the average rand gold price received year-on-year, resulted in operating profit declining by 40% relative to the comparable period in 2016. Underground production from the Kloof operations increased by 14% to 4,137kg (133,000oz) due to higher underground grades and mining volumes than for the comparable period in 2016. Surface production increasing by 8% to 390kg (12,500oz) due to a 36% increase in throughput resulting from the processing of Venterspost surface material at the Ezulwini plant, following the closure of Cooke 4. Underground production of 3,306kg (106,300oz) from the Driefontein operations was 5% lower year-on-year, due to an increase in lower grade development material processed with underground ore. Gold production from surface sources decreased by 20% to 438kg (14,100oz) due to the depletion of higher grade surface reserves. At the Beatrix operations, underground gold production was relatively stable at 2,376kg (76,400oz). Gold production from surface sources decreased by 82% to 21kg (700oz) due to reduced throughput resulting from depletion of available surface reserves. As a result of the closure of Cooke 4 in 2016 and disruptions relating to the S189 process, underground production from the Cooke operations declined by 37% year-on-year to 710kg (22,800oz). Partial depletion of surface resources resulted in an 11% or 198kg (6,400oz) reduction in surface production. Conclusion of the S189 consultation process relating to the Cooke and Beatrix West operations, which began on 3 August 2017 is expected at the end of October 2017. SA PGM operations The SA PGM operations reported another solid operational performance for the September 2017 quarter, with Kroondal delivering the highest 4E PGM production in its history. Attributable 4E PGM production from the SA PGM operations increased by 1% to 306,1844Eoz for the September 2017 quarter, compared to the June 2017 quarter, reflecting the continued optimisation of these operations and the benefits of the revised regional organisational structure implemented during the June 2017 quarter. The average 4E PGM basket price was 6% higher than for the June 2017 quarter at R12,551/4Eoz (US$953/4Eoz), primarily due to continued increases in palladium and rhodium prices. Operating costs of R3,029 million were 15% higher than for the June 2017 quarter, due to wages increases, higher winter electricity tariffs and various accounting adjustments. Normalising operating costs for winter tariffs and accounting adjustments, results in a significantly lower quarter-on-quarter cost increase of approximately 3%. The SA PGM operations recorded a R562 million (US$42.6 million) operating profit for the September 2017 quarter, at an average 16% operating margin. This is double the operating margin achieved in the June 2017 quarter. An additional attributable, R94 million (US$7 million) operating profit from Mimosa is not included in reported Group operating profit, but is separately equity accounted under sundry items. AISC (which includes sustaining capital expenditure and royalties, net of by-product credits, per ounce of PGM produced) for the SA PGM operations increased by 1% compared to the June 2017 quarter to R10,229/4Eoz (US$777/4Eoz). With further cost and operational synergies expected before year end, these operations are likely to contribute positively to Group profits, which, considering the relatively short period these operations have been under Sibanye-Stillwater management control, is a positive outcome and reflects the benefits accruing from operational consolidation. Realised metallurgical chrome prices improved from US$140/tonne in for the June 2017 quarter, to US$175/tonne at for the September 2017 quarter. The Rustenburg Operations delivered another robust operational performance during the September 2017 quarter. 4E PGM production of 207,246oz was flat quarter-on-quarter and 4% higher than the comparable period in 2016. AISC of R10,317/4Eoz (US$782/4Eoz) were similar to the June 2017 quarter, but have improved significantly since the acquisition of these assets. Kroondal, Mimosa and Platinum Mile reported attributable 4E PGM production of 98,938oz for the quarter ended 30 September 2017, with Kroondal delivering another record quarterly performance in terms of tonnes processed and ounces produced. Cost control across these operations was good, with respective AISC of R10,188/4Eoz (US$773/4Eoz), R8,559/4Eoz (US$650/4Eoz) and R7,081/4Eoz (US$537/4Eoz), below full-year guidance. The Group recently concluded a review of the SA PGM operations, as announced on 16 October 2017. As a result of the continued strong operational performance, and the early realisation of significantly higher than anticipated synergies, the possible restructuring of the conventional shafts is no longer necessary. US REGION US PGM operations The US PGM operations, comprising the Stillwater Mine (including the Blitz project), East Boulder Mine, and Columbus Metallurgical Complex (the smelter and base metals refinery and the recycling operation) were incorporated into the Sibanye-Stillwater group effective from 4 May 2017. The US PGM operations reported mined 2E PGM production of 135,585 oz at an AISC of US$695/2Eoz for the September 2017 quarter, the first full quarter that they have been incorporated in the Sibanye-Stillwater results. Capital expenditure of US$51 million included US$26 million growth capital on the Blitz project. The Blitz project commenced with first production on 29 September 2017, following the completion of a secondary escape-way system, which was three-months ahead of forecast. Approximately US$166 million of the US$260 million project capital expenditure through to the end of 2021, has been spent to date. Blitz is forecast to build up to full production of approximately 300,000oz per annum 2E PGMs by late 2021. Notably, due to the 33% increase in the palladium price in 2017 until the end of the September 2017 quarter, the average 2E PGM basket price has risen substantially. The average 2E PGM basket price received for the September 2017 quarter of US$914/2Eoz was US$220/2Eoz or 32% higher than the average basket price received in 2016. Recycling volumes remained consistent, averaging approximately 23.3 tonnes of feed material per day. The recycling operation contributed US$4 million operating profit out of total operating profit of US$60 million for the September 2017 quarter from the US region as a whole. OUTLOOK The solid September 2017 quarter operational performance is expected to continue in the December 2017 quarter, underpinning a positive outlook for the Group for the rest of the year. Precious metals prices remain supportive and if maintained, should result in the Group ending the year on a significantly firmer financial footing, with improved cash flow and balance sheet leverage compared to the first half of the year. Production from the SA gold operations for the year ending 31 December 2017 is likely to be at the upper limit of previous guidance of between 42,000kg and 43,000kg (1.35Moz and 1.38Moz). TCC is forecast between R415,000/kg and R430,000/kg (US$955/oz and US$990/oz) and AISC between R485,000/kg and R495,000/kg (US$1,115/oz and US$1,140/oz). Total capital expenditure, including Burnstone, is forecast at approximately R3,200 million (US$237 million) . The dollar costs are based on an average exchange rate of R13.50/US$. Production from the SA PGM operations for the year ending 31 December 2017, is likely to be at the upper limit of previous guidance of between 1,100,000 4Eoz and 1,150,000 4Eoz. TCC is forecast at between R10,400/4Eoz and R10,750/oz (US$770/4Eoz and US$795/4Eoz) and AISC between R10,500/4Eoz and R11,000/4Eoz (US$775/4Eoz and US$815/4Eoz). Capital expenditure is forecast to be R1,350 million (US$100 million). Previous guidance for the US region remains unchanged with production forecast at between 350,000 2Eoz and 380,000 2Eoz for the eight months ending 31 December 2017. AISC is forecast between US$620/2Eoz and US$650/2Eoz. Total capital expenditure is expected to be approximately US$115 million for the eight months. NEAL FRONEMAN CHIEF EXECUTIVE OFFICER SALIENT FEATURES AND COST BENCHMARKS FOR THE QUARTER ENDED 30 SEPTEMBER 2017, 30 JUNE 2017 AND 30 SEPTEMBER 2016 SA gold operations Total SA gold operations Driefontein Under- Under- Total ground Surface ground Surface Production Tonnes milled/treated 000't Sep 2017 4,924 2,007 2,917 551 1,090 Jun 2017 5,007 1,979 3,028 536 997 Sep 2016 5,238 2,066 3,172 506 1,098 Yield g/t Sep 2017 2.35 5.25 0.36 6.00 0.40 Jun 2017 2.23 5.08 0.36 6.79 0.45 Sep 2016 2.27 5.15 0.39 6.85 0.50 Gold produced kg Sep 2017 11,576 10,529 1,047 3,306 438 Jun 2017 11,152 10,062 1,090 3,639 453 Sep 2016 11,897 10,649 1,248 3,468 550 000'oz Sep 2017 372.2 338.5 33.7 106.3 14.1 Jun 2017 358.5 323.5 35.0 117.0 14.6 Sep 2016 382.5 342.4 40.1 111.5 17.7 Gold sold kg Sep 2017 11,576 10,529 1,047 3,306 438 Jun 2017 11,152 10,062 1,090 3,639 453 Sep 2016 11,897 10,649 1,248 3,468 550 000'oz Sep 2017 372.2 338.5 33.7 106.3 14.1 Jun 2017 358.5 323.5 35.0 117.0 14.6 Sep 2016 382.5 342.4 40.1 111.5 17.7 Price and costs Gold price received R/kg Sep 2017 542,407 540,251 Jun 2017 530,111 529,765 Sep 2016 597,705 597,760 US$/oz Sep 2017 1,280 1,275 Jun 2017 1,249 1,248 Sep 2016 1,322 1,323 Operating cost R/t Sep 2017 969 2,134 167 2,643 175 Jun 2017 904 2,052 154 2,563 188 Sep 2016 874 1,996 144 2,479 187 Operating margin % Sep 2017 24 25 14 19 19 Jun 2017 23 24 19 29 22 Sep 2016 36 35 40 39 38 Total cash cost(1) R/kg Sep 2017 401,693 420,700 Jun 2017 408,940 385,802 Sep 2016 398,319 378,372 US$/oz Sep 2017 948 993 Jun 2017 964 909 Sep 2016 881 837 All-in sustaining cost(2) R/kg Sep 2017 487,068 522,703 Jun 2017 477,600 453,397 Sep 2016 479,785 449,154 US$/oz Sep 2017 1,150 1,234 Jun 2017 1,125 1,068 Sep 2016 1,062 994 All-in cost R/kg Sep 2017 503,041 526,068 Jun 2017 495,839 456,109 Sep 2016 497,974 453,708 US$/oz Sep 2017 1,187 1,242 Jun 2017 1,168 1,075 Sep 2016 1,102 1,004 Capital expenditure Total capital expenditure(3) Rm Sep 2017 867.9 313.3 Jun 2017 827.6 274.5 Sep 2016 1,024.0 286.4 US$m Sep 2017 65.9 23.8 Jun 2017 62.5 20.7 Sep 2016 71.7 20.1 SA REGION Kloof Beatrix Cooke Under- Under- Under- ground Surface ground Surface ground Surface Production Tonnes milled/treated 000't Sep 2017 574 933 725 78 157 816 Jun 2017 570 886 744 138 129 1,007 Sep 2016 555 687 743 359 262 1,028 Yield g/t Sep 2017 7.21 0.42 3.28 0.27 4.52 0.24 Jun 2017 6.38 0.47 2.93 0.25 4.71 0.19 Sep 2016 6.52 0.53 3.28 0.32 4.30 0.22 Gold produced kg Sep 2017 4,137 390 2,376 21 710 198 Jun 2017 3,635 415 2,181 35 607 187 Sep 2016 3,617 361 2,438 115 1,126 222 000'oz Sep 2017 133.0 12.5 76.4 0.7 22.8 6.4 Jun 2017 116.9 13.3 70.1 1.1 19.5 6.0 Sep 2016 116.3 11.6 78.4 3.7 36.2 7.1 Gold sold kg Sep 2017 4,137 390 2,376 21 710 198 Jun 2017 3,635 415 2,181 35 607 187 Sep 2016 3,617 361 2,438 115 1,126 222 000'oz Sep 2017 133.0 12.5 76.4 0.7 22.8 6.4 Jun 2017 116.9 13.3 70.1 1.1 19.5 6.0 Sep 2016 116.3 11.6 78.4 3.7 36.2 7.1 Price and costs Gold price received R/kg Sep 2017 542,412 543,763 547,687 Jun 2017 530,914 529,829 528,463 Sep 2016 597,386 598,198 606,009 US$/oz Sep 2017 1,280 1,284 1,293 Jun 2017 1,251 1,248 1,245 Sep 2016 1,322 1,324 1,341 Operating cost R/t Sep 2017 2,337 186 1,418 141 2,917 138 Jun 2017 2,276 180 1,306 238 3,247 84 Sep 2016 2,207 164 1,226 131 2,802 89 Operating margin % Sep 2017 40 18 20 4 (18) (4) Jun 2017 33 27 16 (77) (30) 14 Sep 2016 43 48 38 34 (10) 35 Total cash cost(1) R/kg Sep 2017 332,892 417,856 623,678 Jun 2017 365,580 452,031 628,967 Sep 2016 352,086 389,111 611,573 US$/oz Sep 2017 786 986 1,472 Jun 2017 861 1,065 1,482 Sep 2016 779 861 1,353 All-in sustaining cost(2) R/kg Sep 2017 419,395 498,748 646,035 Jun 2017 435,309 521,977 693,073 Sep 2016 441,956 462,162 676,632 US$/oz Sep 2017 990 1,177 1,525 Jun 2017 1,026 1,230 1,633 Sep 2016 978 1,023 1,497 All-in cost R/kg Sep 2017 425,160 499,458 646,035 Jun 2017 441,975 522,067 699,118 Sep 2016 452,690 462,201 690,134 US$/oz Sep 2017 1,004 1,179 1,525 Jun 2017 1,041 1,230 1,647 Sep 2016 1,002 1,023 1,527 Capital expenditure Total capital expenditure(3) Rm Sep 2017 328.8 132.8 - Jun 2017 275.1 136.4 30.3 Sep 2016 365.3 162.8 70.0 US$m Sep 2017 25.0 10.1 - Jun 2017 20.8 10.3 2.3 Sep 2016 25.2 11.5 4.9 Average exchange rates for the quarters ended 30 September 2017, 30 June 2017 and 30 September 2016 were R13.18/US$, R13.20/US$ and R14.06/US$, respectively. Figures may not add as they are rounded independently. (1) Total cash cost is calculated as cost of sales as recorded in profit or loss, less amortisation and depreciation and off-site (i.e. central) general and administrative (G&A) expenses (including head office costs) plus royalties and production taxes. Total cash cost per kilogram is defined as the average cost of producing a kilogram of gold, calculated by dividing the total cash cost in a period by the total gold sold over the same period. (2) All-in sustaining cost is defined as production costs plus all costs relating to sustaining current production and sustaining capital expenditure, and includes (but not limited to) operating costs, share based payments, royalties, rehabilitation costs and sustaining capital expenditure. All-in sustaining cost per kilogram is calculated by dividing the All-in sustaining cost in a period by the total gold sold over the same period. (3) Corporate project expenditure for the quarters ended 30 September 2017, 30 June 2017 and 30 September 2016 amounted to R93.0 million (US$7.0 million), R111.3 million (US$8.4 million), and R139.5 million (US$10.0 million), respectively. The majority of this expenditure was on the Burnstone project. SA and US PGM operations GROUP SA REGION Total SA and US PGM operations Total SA PGM operations(1) Kroondal Under- Attributable Total ground Surface Attributable Production Tonnes milled/treated 000't Sep 2017 7,223 6,914 3,209 3,705 978 Jun 2017 6,996 6,776 3,101 3,675 924 Sep 2016 3,112 3,112 1,242 1,870 897 Plant head grade g/t Sep 2017 2.56 2.01 3.26 0.92 2.39 Jun 2017 2.43 2.04 3.33 0.94 2.39 Sep 2016 1.49 1.49 2.79 0.63 2.51 Plant recoveries % Sep 2017 74.43 68.68 84.11 21.43 81.85 Jun 2017 72.65 68.56 83.77 23.29 82.45 Sep 2016 63.60 63.60 80.75 12.77 81.97 Yield g/t Sep 2017 1.90 1.38 2.74 0.20 1.96 Jun 2017 1.77 1.40 2.79 0.22 1.97 Sep 2016 0.95 0.95 2.25 0.08 2.06 PGM production(3) 4Eoz - 2Eoz Sep 2017 441,769 306,184 282,666 23,518 61,633 Jun 2017 397,721 303,996 278,032 25,964 58,513 Sep 2016 94,791 94,791 89,990 4,801 59,268 Price and costs(4) Average PGM basket price5 R/4Eoz - R/2Eoz Sep 2017 12,385 12,551 12,550 12,571 12,520 Jun 2017 11,726 11,893 11,893 11,894 12,000 Sep 2016 12,726 12,726 12,711 13,015 12,949 US$/4Eoz Sep 2017 940 953 953 954 950 Jun 2017 888 901 901 901 909 Sep 2016 901 901 899 925 914 Operating cost(6) R/t Sep 2017 590 462 974 68 626 Jun 2017 479 410 870 65 628 Sep 2016 290 290 703 16 625 US$/t Sep 2017 45 35 74 5 48 Jun 2017 36 31 66 5 48 Sep 2016 21 21 50 1 44 Operating margin % Sep 2017 24 16 16 8 16 Jun 2017 16 9 9 14 9 Sep 2016 25 25 24 39 23 Total cash cost(7) R/4Eoz - R/2Eoz Sep 2017 9,461 11,155 10,473 Jun 2017 8,590 9,533 9,485 Sep 2016 9,360 9,360 9,474 US$/4Eoz - US$/2Eoz Sep 2017 718 846 795 Jun 2017 651 722 719 Sep 2016 666 666 674 All-in sustaining cost(8) R/4Eoz - R/2Eoz Sep 2017 9,876 10,229 10,188 Jun 2017 9,636 10,152 10,176 Sep 2016 9,886 9,886 10,021 US$/4Eoz - US$/2Eoz Sep 2017 749 777 773 Jun 2017 730 769 771 Sep 2016 703 703 713 All-in cost R/4Eoz - R/2Eoz Sep 2017 10,778 10,229 10,188 Jun 2017 10,116 10,152 10,176 Sep 2016 9,886 9,886 10,021 US$/4Eoz - US$/2Eoz Sep 2017 818 777 773 Jun 2017 766 769 771 Sep 2016 703 703 713 Capital expenditure Total capital Rm Sep 2017 923.9 256.5 252.7 3.8 40.6 expenditure Jun 2017 778.8 449.1 443.6 5.5 55.2 Sep 2016 87.5 87.5 87.2 0.3 41.5 US$m Sep 2017 70.0 19.5 19.2 0.3 3.1 Jun 2017 59.0 34.0 33.6 0.4 4.2 Sep 2016 6.2 6.2 6.2 - 2.9 US REGION Mimosa Plat Mile Rustenburg Stillwater(1) Under- Under- Attributable Attributable Surface ground Surface ground(2) Production Tonnes milled/treated 000't 359 2,202 1,872 1,503 309 346 2,072 1,831 1,603 220 345 1,870 - - - Plant head grade g/t 3.59 0.60 3.64 1.39 14.86 3.58 0.63 3.76 1.35 14.74 3.53 0.63 - - - Plant recoveries % 78.19 11.70 86.00 27.57 91.0 77.49 10.94 85.33 30.68 92.0 78.50 12.77 - - - Yield g/t 2.80 0.07 3.14 0.38 13.65 2.78 0.07 3.20 0.42 13.24 2.77 0.08 - - - PGM production(3) 4Eoz - 2Eoz 32,334 4,971 188,699 18,547 135,585 30,904 4,570 188,615 21,394 93,725 30,722 4,801 - - - Price and costs(4) Average PGM basket price5 R/4Eoz - R/2Eoz 12,650 12,666 12,560 12,545 12,047 12,071 12,106 11,859 11,849 11,242 12,252 13,015 - - - US$/4Eoz 960 961 954 953 914 914 917 898 898 850 871 925 - - - Operating cost(6) R/t 750 15 1,156 145 3,305 993 15 992 129 2,491 907 16 - - - US$/t 57 1 88 11 251 75 1 75 10 190 64 1 - - - Operating margin % 26 36 16 1 42 18 24 9 12 38 26 39 - - - Total cash cost(7) R/4Eoz - R/2Eoz 8,653 6,860 11,461 6,038 11,562 6,871 9,604 5,566 11,256 7,955 - - US$/4Eoz - US$/2Eoz 657 521 869 458 876 521 728 425 801 566 - - All-in sustaining cost(8) R/4Eoz - R/2Eoz 8,559 7,081 10,317 9,162 9,465 6,740 10,219 8,134 10,614 8,226 - - US$/4Eoz - US$/2Eoz 650 537 782 695 717 511 774 622 755 585 - - All-in cost R/4Eoz - R/2Eoz 8,559 7,081 10,317 11,885 9,465 6,740 10,219 10,014 10,614 8,226 - - US$/4Eoz - US$/2Eoz 650 537 782 902 717 511 774 765 755 585 - - Capital expenditure Total capital Rm 53.6 3.8 158.5 - 667.4 expenditure 49.3 3.8 339.1 1.7 329.7 45.7 0.3 - - - US$m 4.1 0.3 12.0 - 50.5 3.7 0.3 25.7 0.1 25.0 3.3 - - - - Average exchange rates for the quarters ended 30 September 2017, 30 June 2017 and 30 September 2016 were R13.18/US$, R13.20/US$ and R14.06/US$, respectively. Figures may not add as they are rounded independently. (1) The SA PGM operations' results for the September 2016 quarter include the Rustenburg Operations for the two months since acquisition. Stillwater's results for the June 2017 quarter are for two months since acquisition. Stillwater's production is converted to metric tonnes. The income and expenses are translated into SA rand. (2) In addition to Stillwater's on-mine underground production, the operation treats various recycling material which is excluded from the underground statistics shown above and is detailed in the PGM recycling table below. (3) Production per product - see prill split in the table below. (4) The Group and total SA PGM operations' unit cost benchmarks exclude the financial results of Mimosa, which is equity accounted and excluded from net operating profit. (5) PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment. (6) Operating costs are all mining related costs calculated as costs of sales before amortisation and depreciation. (7) Total cash cost is calculated as costs of sales as recorded in profit or loss, less amortisation and depreciation and off-site (i.e. central) G&A expenses (including head office costs) plus royalties and production taxes. Total cash costs per 4E/2E ounce is defined as the average cost of producing a 4E/2E ounce, calculated by dividing the total cash cost in a period by the 4E/2E PGM produced over the same period. (8) All-in sustaining cost is defined as production costs plus all costs relating to sustaining current production and sustaining capital expenditure, and includes (but not limited to) operating costs, share based payments, royalties, rehabilitation costs and sustaining capital expenditure, and excludes non-4E/2E PGM production. All-in sustaining cost per 4E/2E ounce is calculated by dividing the All-in sustaining cost in a period by the 4E/2E PGM produced over the same period. Mining - Prill split excluding Recycling operations GROUP SA REGION US REGION Quarter ended Quarter ended Quarter ended Quarter ended Quarter ended Quarter ended Sep 2017 Sep 2017 June 2017 Sep 2016 Sep 2017 June 2017 4Eoz % 4Eoz % 4Eoz % 4Eoz % 2Eoz % 2Eoz % Platinum 208,051 47% 177,108 58% 176,970 58% 52,480 55% 30,943 23% 21,260 23% Palladium 200,818 45% 96,176 31% 94,779 31% 31,697 33% 104,642 77% 72,465 77% Rhodium 25,875 6% 25,875 8% 29,022 10% 8,129 9% 0% - 0% Gold 7,025 2% 7,025 2% 3,225 1% 2,485 3% 0% - 0% PGM production 441,769 100% 306,184 100% 303,996 100% 94,791 100% 135,585 100% 93,725 100% Ruthenium 40,265 40,265 39,490 12,368 - - Iridium 9,261 9,261 9,136 3,038 - - Total 491,295 355,710 352,622 110,197 135,585 93,725 Recycling Operation US REGION US REGION Quarter ended Quarter ended Unit Sep 20173 Jun 20173 Average tons of catalyst fed/dayTonne 23.0 25.2 Total tonnes processed Tonne 2,120 1,541 Tolled tonnes Tonne 359 232 Purchased tonnes Tonne 1,761 1,309 PGM ounces fed Troy oz 197,300 126,400 PGM ounces sold Troy oz 141,700 94,400 PGM tolled ounces returned Troy oz 34,600 28,800 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. SA gold operation Nine months ended Quarter ended Sep 2017 June 2017 Sep 2017 Carbon Carbon Carbon Driefontein Reef Black Reef Main VCR Main VCR leader leader Black Reefleader Main VCR Total advanced (m) 12 1,925 1,009 1,126 1,546 1,098 937 12 4,780 2,951 2,865 Advanced on reef (m) 12 180 215 237 211 326 183 12 556 796 571 Channel width (cm) 13 55 75 89 84 88 76 13 68 79 86 Average grade (g/t) 2.3 29.5 7.0 36.6 18.1 6.0 21.4 2.3 20.7 7.2 31.7 Average value (cm.g/t) 30 1,620 528 3,260 1,514 527 1636 30 1,410 570 2,735 Nine months ended Quarter ended Sep 2017 June 2017 Sep 2017 Kloof Reef Cobble Kloof Main Libanon VCR Cobble Kloof Main Libanon VCR Cobble Kloof Main Libanon VCR Total advanced (m) 1,197 678 179 1,738 9 1,104 546 144 1,833 9 3,080 1,665 542 5,388 Advanced on reef (m) 242 159 57 403 108 100 63 305 - 517 301 182 951 Channel width (cm) 154 56 122 124 150 56 184 111 - 157 53 150 112 Average grade (g/t) 10.0 12.4 6.9 21.8 9.3 14.0 3.5 22.9 - 8.4 14.0 5.1 21.4 Average value (cm.g/t) 1,535 696 845 2,705 1,395 785 644 2,538 - 1,315 745 766 2,383 Nine months ended Quarter ended Sep 2017 June 2017 Sep 2017 Beatrix Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans Beatrix Kalkoenkrans Total advanced (m) 4,617 210 4,143 417 12,458 1,103 Advanced on reef (m) 1,156 98 835 137 2,797 295 Channel width (cm) 133 214 162 129 150 149 Average grade (g/t) 8.4 13.3 6.8 9.4 7.0 12.9 Average value (cm.g/t) 1,121 2,845 1,098 1,212 1,047 1,923 Nine months ended Quarter ended Sep 2017 June 2017 Sep 2017 ElsburgsElsburgs Elsburgs Elsburgs Cooke Reef VCR Kimberley Reefs VCR Elsburgs Reefs Kimberley Reefs VCR Elsburgs Reefs Kimberley Reefs Reefs Massives Massives Massives Total advanced (m) 11 61 106 457 - 186 250 1,185 424 Advanced on reef (m) - 55 39 122 - 34 98 260 127 Channel width (cm) - 144 113 111 - 161 71 114 143 Average grade (g/t) - 11.1 8.5 6.7 - 3.6 8.5 7.6 7.2 Average value (cm.g/t) - 1,599 959 745 - 578 604 867 1,033 Nine months ended Quarter ended Sep 2017 June 2017 Sep 2017 Kimberley Kimberley Kimberley Burnstone Reef Reefs Reefs Reefs Total advanced (m) 1,240 2,338 3,578 Advanced on reef (m) 102 250 352 Channel width (cm) 34 61 53 Average grade (g/t) 14.3 6.7 8.1 Average value (cm.g/t) 488 408 431 SA PGM operations Nine months ended Quarter ended Sep 2017 June 2017 Sep 2017 Kroondal Reef Kopaneng Simunye Bambanani Kwezi K6 Kopaneng Simunye Bambanani Kwezi K6 Kopaneng Simunye Bambanani Kwezi K6 Total advanced (m) 795 483 731 806 1,013 834 660 656 901 797 1,952 1,702 2,124 2,826 2,493 Advanced on reef (m) 653 283 662 460 630 636 594 495 550 705 1,510 1,436 1,715 1,926 2,018 Height (cm) 228 241 228 244 239 233 247 231 239 237 243 248 233 243 239 Average grade (g/t) 2.0 1.6 2.4 1.5 1.7 1.9 2.3 1.9 1.6 2.3 1.9 2.2 2.1 1.8 2.1 Average value (cm.g/t) 464 388 548 359 409 449 573 442 376 545 462 540 491 424 501 Nine months ended Quarter ended Sep 2017 June 2017 Sep 2017 Bathopel Thembela Siphumelel Bathopel Thembela Siphumelel Bathopel Thembela Siphumelel Rustenburg Reef e ni Khuseleka e e ni Khuseleka e e ni Khuseleka e Total advanced (m) 436 1,614 2,524 1,087 464 1,628 1,785 1,045 1,234 4,611 5,487 3,245 Advanced on reef (m) 436 809 725 382 464 666 493 335 1,234 2,086 1,524 987 Height (cm) 203 117 116 118 199 118 116 118 199 118 116 117 Average grade (g/t) 1.5 2.1 2.1 2.4 1.8 1.7 2.1 2.0 2.2 1.8 2.1 2.0 Average value (cm.g/t) 305 240 240 278 354 203 249 242 433 211 248 233 US PGM operations Five months ended Quarter ended Sep 2017 June 2017 Sep 2017 Stillwater incl East Stillwater incl East Stillwater incl East Stillwater(1) Reef Blitz Boulder Blitz Boulder Blitz Boulder Primary development (off reef) (m) 3,090 877 1,736 730 4,827 1,607 Secondary development (m) 1,588 1,181 1,310 567 2,898 1,748 (1)Stillwater's development data for the June 2017 quarter are for two months since acquisition. ADMINISTRATION AND CORPORATE INFORMATION SIBANYE GOLD LIMITED DIRECTORS AMERICAN DEPOSITORY Trading as SIBANYE-STILLWATER Sello Moloko(1) (Chairman) RECEIPTS TRANSFER AGENT Incorporated in the Republic of South Africa Neal Froneman (CEO) BNY Mellon Shareowner Services Registration number 2002/031431/06 Charl Keyter (CFO) PO Box 358516 Share code: SGL Savannah Danson(1) Pittsburgh Issuer code: SGL Timothy Cumming(1) PA15252-8516 ISIN: ZAE E000173951 Barry Davison(1) US toll-free: +1 888 269 2377 Rick Menell(1) Tel: +1 201 680 6825 LISTINGS Nkosemntu Nika(1) Email: shrrelations@bnymellon.com JSE: SGL Keith Rayner(1) NYSE: SBGL Susan van der Merwe(1) Tatyana Vesselovskaya Jerry Vilakazi1 Relationship Manager WEBSITE (1)Independent non-executive BNY Mellon www.sibanyestillwater.com Depositary Receipts JSE SPONSOR Direct Line: +1 212 815 2867 REGISTERED OFFICE JP Morgan Equities South Africa Proprietary Mobile: +1 203 609 5159 Libanon Business Park Limited Fax: +1 212 571 3050 1 Hospital Street (Off Cedar Ave) (Registration number : 1995/011815/07) Email: tatyana.vesselovskaya@bnymellon.com Libanon 1 Fricker Road Westonaria 1780 Illovo TRANSFER SECRETARIES South Africa Johannesburg 2196 SOUTH AFRICA South Africa Computershare Investor Services Proprietary Limited Private Bag X5 Rosebank Towers Westonaria 1780 Private Bag X9936 15 Biermann Avenue South Africa Sandton 2196 Rosebank 2196 Tel: +27 11 278 9600 South Africa Fax: +27 11 278 9863 PO Box 61051 OFFICE OF THE UNITED KINGDOM Marshalltown 2107 INVESTOR ENQUIRIES SECRETARIES LONDON South Africa James Wellsted St James's Corporate Services Limited Tel: +27 11 370 5000 Senior Vice President: Suite 31 Fax: +27 11 688 5248 Investor Relations Second Floor Tel: +27 10 493 6923 107 Cheapside TRANSFER SECRETARIES +27 11 278 9656 London EC2V 6DN UNITED KINGDOM Email: james.wellsted@sibanyestillwater.com United Kingdom Capita Asset Services or ir@sibanyestillwater.com Tel: +44 20 7796 8644 The Registry Fax: +44 20 7796 8645 34 Beckenham Road CORPORATE SECRETARY Beckenham Cain Farrel AUDITORS Kent BR3 4TU Tel: +27 10 493 6921 KPMG Inc. England Fax: +27 11 278 9863 KPMG Crescent Tel:0871 664 0300 Email: cain.farrel@sibanyestillwater.com 85 Empire Road (calls cost 10p a minute plus network extras, lines are Parktown 2193 open 8.30am - 5pm Mon-Fri) or Johannesburg +44 20 8639 3399 (from overseas) South Africa Fax: +44 20 8658 3430 Tel: +27 11 647 7111 Email: ssd@capitaregistrars.com FORWARD-LOOKING STATEMENTS This announcement includes "forward-looking statements" within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "target", "will", "forecast", "expect", "potential", "intend", "estimate", "anticipate", "can" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements set out in this announcement involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Sibanye-Stillwater, that could cause Sibanye-Stillwater's actual results and outcomes to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this announcement. Sibanye-Stillwater undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events, save as required by applicable law.