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MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015

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Page 1: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

SIBANYE GOLD M

INERAL RESOU

RCES AND M

INERAL RESERVES REPORT 2015

MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015

Page 2: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Sibanye Gold Limited’s guiding principles are to ensure integrity and responsibility

in reporting its Mineral Resources and Mineral Reserves, to be compliant with public and internal

regulatory codes and to inform all stakeholders on the status of the Group’s fundamental asset base.

Sibanye further aims to report on information, that is rated important for disclosure, to a level of detail

that ensures competency, transparency and materiality.

INTENT

Neal Froneman commented: 'The increase in Reserves reflects the continious positive impact of prior operational restructuring, the increased technical focus at the operations, as well as R3.6 billion capital investment into organic projects’

Beatrix 3 Shaft

Page 3: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

SECTION 1

SECTION 2

GROUP OVERVIEW

OPERATIONS AND PROJECTS

Introduction 2

Highlights 3

Location 4

Headline numbers 5

Corporate governance 6Group consolidated Mineral

Resource and Mineral Reserve Statement 10Group consolidated Mineral Resources and Mineral

Reserves depletion and growth 15

Introduction 20

OperationsBeatrix 24

Cooke 32

Driefontein 42

Kloof 50

ProjectsBurnstone Project 59

West Rand Tailings Retreatment Project 64

Southern Orange Free State Projects 67

SECTION 3

SUPPLEMENTARYINFORMATION75 Professional organisations

75 SAMREC Code definitions

76 Glossary of terms

78 Conversion table

79 Abbreviations

80 Disclaimer

CONTENTS

SECTION 4

SHAREHOLDERPLANSBeatrix

Cooke

Driefontein

Kloof

Burnstone

Sibanye is a forerunner in South African gold mining, with a portfolio of four operating mines, a surface mining operation and organic growth projects

Sibanye Gold Mineral Resources and Mineral Reserves 2015 11

CONTENTSNEXTBACKPRINTHOME

Page 4: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

INTRODUCTION

Sibanye Gold Limited (‘Sibanye Gold’, ‘Sibanye’, or ‘the Group’) is an unhedged producer of gold, with an attributable, annualised production of ~1.5Moz of gold from four underground mining operations and a surface mining operation, all located in South Africa. The Group is additionally concentrating on growing its planned uranium production and ramping the Burnstone Project to full production.

The geology and evaluation models of the Group’s operational assets have been updated to reflect the latest available data, and have proved to be stable with only minor variances in the Mineral Resources and Mineral Reserves year-on-year. Sibanye Mineral Resource and Mineral Reserve protocols have been employed through all operations and project portfolios. Operational models are coupled with an integrated and holistic mine design and schedule plan that is based on actual and expected performance levels.

The Mineral Resources and Mineral Reserves have been prepared in compliance with and to the extent required by the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code – 2007 edition and amended July 2009), South African Code for the Reporting of Mineral Asset Valuation (SAMVAL Code – 2008 edition and amended July 2009).

The mineral asset valuations supporting the Mineral Reserve estimates have been prepared in compliance with and to the extent required by the 2008 SAMVAL Code, published under the joint auspices of the South African Institute of Mining and Metallurgy (SAIMM) and the Geological Society of South Africa (GSSA).

At 31 December 2015, Sibanye had total managed Mineral Resources, inclusive of projects, of 98.8Moz of gold and 229.9Mlb of uranium. Managed Mineral Resources (excluding projects) were 73.5Moz gold and 95.4Mlb uranium net of depletion. The corresponding total managed gold and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion respectively.

IMPORTANT NOTICES• The United States Securities and

Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce from. Certain terms are used in this report, such as ‘Mineral Resources’, that the SEC guidelines strictly prohibit companies from including in filings. United States investors are urged to consider closely the disclosure in the Form 20-F submission.

• Mineral Resources and Mineral Reserves reported are managed by Sibanye unless otherwise stated, and Mineral Resources are inclusive of Mineral Reserves.

• Rounding-off of figures in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant.

• The 31 December 2015 Mineral Resources and Mineral Reserves are net of depletion.

• Above infrastructure (AI) is that part of the Mineral Resources and/or Mineral Reserves, which is above the lowest mining level and can be accessed via the current mine infrastructure (shafts and underground haulages).

• Below infrastructure (BI) is that part of the Mineral Resources and/or Mineral Reserves which is below the lowest mining level and that can only be accessed following approved capital expenditure.

Driefontein 10 Shaft

Sibanye Gold Mineral Resources and Mineral Reserves 2015 22

SECTION 1 GROUP OVERVIEW

Page 5: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

HIGHLIGHTS98.8Moz 31.0Moz

Gold Mineral Resources Gold Mineral Reserves

229.9Mlb 113.8MlbUranium Mineral Resources Uranium Mineral Reserves

TOTAL GOLD MINERAL RESERVES INCREASED BY

9%

TOTAL URANIUM MINERAL RESERVES INCREASED BY

11%• The mature Sibanye operations planned production levels are

based on current and expected performance levels, and are reliant on the existing stable geology and estimation models.

• Year-on-year the post production depleted Mineral Resources of the underground operations Kloof, Driefontein, Beatrix and Cooke reduced to 73.103Moz (compared to 78.124Moz as at 31 December 2014).

• The total gold Mineral Reserves at the operations increased by 4% to 20.591Moz compared to 19.878Moz as at 31 December 2014.

• Development has commenced at Burnstone subsequent to the finalisation of the feasibility study (FS) in 2015.

• The Kloof drop-down project has proceeded into development phase.

• The total uranium Mineral Resources at the operations increased year-on-year to 95.391Mlb (93.353Mlb as at 31 December 2014).

• The total Uranium Mineral Reserves at the operations increased considerably from 3.827Mlb (as at December 2014) to 14.727Mlb (as at 31 December 2015).

• Gold Mineral Reserves have increased by 2.294Moz with the inclusion of Beisa and Burnstone Projects.

• Uranium Mineral Reserves have increased by 11.654Mlb with the inclusion of the Beisa Project at Beatrix.

• Ongoing assessment of secondary reefs and white areas at Kloof and Driefontein, has resulted in the inclusion of 1.435Moz gold Mineral Reserves.

Mineralised conglomerate

Sibanye Gold Mineral Resources and Mineral Reserves 2015 33

SECTION 1 GROUP OVERVIEWNEXTBACKPRINTHOME

Page 6: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

LOCATION OF GOLD OPERATIONS AND PROJECTS

Competency and integrity are key in the Sibanye Mineral Resource and Mineral Reserve declaration strategy. The aim is sustained delivery and organic growth within existing operations and new projects.The Mineral Resources and Mineral Reserves, status and changes at each operation and project, are addressed within this supplement to the Sibanye Gold Integrated Annual Report 2015, to a level of detail that ensures competency, transparency and materiality.

GROUP OVERVIEW

Sibanye Witwatersrand BasinOperationsProjects

Sibanye Witwatersrand BasinOperationsProjects

Eastern Cape

Lesotho

Free State

North West

Randfontein

CarletonvilleWestonaria

PotchefstroomVredefort

Welkom

Virginia

Theunissen

Bloemfontein

Limpopo

Western Cape

Northern Cape

Cape Town

Johannesburg

Balfour

0 100 200km

Eastern Cape

KwaZulu-Natal

Lesotho

Mpumalanga

Free State

North WestRandfontein

WestonariaCarletonville

PotchefstroomParys

Welkom Virginia

Theunissen

Bloemfontein

Durban

Limpopo

Western Cape

Northern Cape

Cape Town

JohannesburgBalfour

0 100 200km

B

A

C

Legend

Sibanye

Witwatersrand Basin

Vredefort Dome

A WEST WITSKloof OperationCooke OperationDriefontein OperationWest Rand Tailings Retreatment Project

B SOUTH RANDBurnstone Project

C FREE STATEBeatrix OperationBeisa North ProjectBeisa South ProjectSOFS Projects

Driefontein 1 Plant

T N

0 100 200km

44

SECTION 1 GROUP OVERVIEW

Sibanye Gold Mineral Resources and Mineral Reserves 2015

Page 7: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Uranium Mineral Resources (229.9Mlb)

Beatrix 27.0Mlb

WRTRP 99.1Mlb

Cooke 68.4Mlb

Projects 35.4Mlb

12%

30%

43%

15%

Uranium Mineral Reserves (113.8Mlb)

3%10%

87%

Beatrix 11.7Mlb

WRTRP 99.1Mlb

Cooke 3.1Mlb

Gold Mineral Reserves (31.0Moz)

14%

5%

26%

21%

21%

13%

Beatrix 4.3Moz

Driefontein 8.2Moz

WRTRP 6.5Moz

Cooke 1.5Moz

Kloof 6.5Moz

Projects 3.9Moz

Gold Mineral Resources (98.8Moz)

Beatrix 9.6Moz

Driefontein 19.8Moz

WRTRP 6.5Moz

Cooke 15.9Moz

Kloof 28.2Moz

Projects 18.8Moz

10%

20%

16%

28%

7%

19%

MAN

AGED

URA

NIU

M M

INER

AL R

ESOU

RCES

AN

D M

INER

AL R

ESER

VES

SPLI

T PE

R OP

ERAT

ION

AN

D PR

OJEC

T AS

AT

31 D

ECEM

BER

2015

MAN

AGED

GOL

D M

INER

AL R

ESOU

RCES

AN

D M

INER

AL R

ESER

VES

SPLI

T

PER

OPER

ATIO

N A

ND

PROJ

ECT

AS A

T 31

DEC

EMBE

R 20

15

HEADLINE NUMBERS

12 MONTHS PRODUCTION DEPLETION

1.984Moz 0.187MlbGold Mineral Resources Uranium Mineral Resources

1.577Moz 0.291MlbGold Mineral Reserves Uranium Mineral Reserves

31 DECEMBER 2015*

98.790Moz 229.852MlbGold Mineral Resources Uranium Mineral Resources

30.988Moz 113.814MlbGold Mineral Reserves Uranium Mineral Reserves

* Refer to tables in following sub-sections for detailed Mineral Resource and Mineral Reserve classificationsNotes:• The 31 December 2015 Mineral Resources and Mineral Reserves are net of production depletion• Mineral Reserve gold price of R430,000/kg and long-term contract Mineral Reserve uranium price of

R1,140/kg• Mineral Resources are inclusive of Mineral Reserves• Mineral Resources and Mineral Reserves are 100% attributable and managed by Sibanye

31 DECEMBER 2014

103.944Moz 227.379MlbGold Mineral Resources Uranium Mineral Resources

28.425Moz 102.480MlbGold Mineral Reserves Uranium Mineral Reserves

BEATRIX COOKE DRIEFONTEIN KLOOF

Capex Capex Capex Capex

R597m R337m R994m R1,130m

Operating profit Operating profit Operating profit Operating profit

R1,425m R(4)m R3,002m R1,914m

Gold produced Gold produced Gold produced Gold produced

10,105kg 6,252kg 17,350kg 14,068kg

Main development Main development Main development Main development

21,599m 12,923m 15,704m 17,899m

Area mined Area mined Area mined Area mined

416,684m2 204,835m2 384,109m2 307,750m2

Yield Yield Yield Yield

2.34g/t 1.08g/t 3.01g/t 3.54g/t

Sibanye Gold Mineral Resources and Mineral Reserves 2015 55

SECTION 1 GROUP OVERVIEWNEXTBACKPRINTHOME

Page 8: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

CORPORATE GOVERNANCE

The Mineral Resources and Mineral Reserves are supported by appropriate Mineral Resource management processes and protocols that ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act of 2002 (SOX)

REPORTING CODESibanye reports its Mineral Resources and Mineral Reserves in accordance with the SAMREC Code, the SAMVAL Code and other relevant international codes such as the SEC Industry Guide 7 for the reporting of Mineral Reserves. The assessment and reporting criteria, as outlined in the SAMREC Code, have been used in the preparation of internal Competent Persons reports for the Mineral Resources and Mineral Reserves for each of the operations and projects from which the numbers stated in this supplement are drawn.

The process followed in producing the declaration is in alignment with the guiding principles of SOX, and covers the entire Group’s Mineral Resource Management (MRM) function. SOX audits run in parallel with external Mineral Resource and Mineral Reserve audits and strengthen the internal control process, leading to world-class corporate governance practices.

The Sibanye operations operate under new order mining rights in terms of the Mineral and Petroleum Resources Development of Act, 2002 (Act No 28 of 2002) (MPRDA). All required operating permits have been obtained and are in good standing.

The gold Mineral Reserve price used for estimation is in accordance with the SEC guidelines and approximate the three-year trailing average price, as calculated on a monthly basis, based on the London afternoon gold price fix. The Mineral Resource gold price used has a premium of ~10% over the R/kg Mineral Reserve gold price, representing upside potential leverage to the spot price of gold. The uranium Mineral Reserve price used for estimation is based on the long-term outlook price for uranium and is ~3% higher, in South African Rand terms, than the price used for the 31 December 2014 declaration.

Currency prices used in this declaration are as follows:

31 Dec 2015 31 Dec 2014

Commodity Unit Resource Reserve Resource Reserve

Gold R/kg 470,000 430,000 460,000 420,000

$/oz 1,277 1,170 1,590 1,450

Uranium R/kg* 1,140 1,140 1,110 1,110

$/lb 45** 45 56 56

* Sibanye used a ‘long-term’ Mineral Reserve uranium price for the declaration estimate (three-year average trailing R/kg)

The Group has proven expertise in exploration, resource modelling, mine planning and reconciliation methodologies for shallow and deep to ultra-deep underground mining operations. Sibanye constantly reviews and considers the application of international leading practices in Mineral Resource management at all its operations and projects.

ESTIMATION PRINCIPLES • Mineral Resource tonnages and grades are estimated in situ over an estimated mining

width, and include mineralisation below the selected cut-off grade to ensure that the Mineral Resources comprise practical mining blocks of adequate size and continuity. Measured and Indicated Mineral Resources are reported inclusive of those Mineral Resources modified to produce Mineral Reserves.

• Mineral Reserves are that portion of the Mineral Resources which technical and economic studies have demonstrated can justify extraction at the time of disclosure (to a minimum pre-feasibility study (PFS) level). Estimates of tonnages and grades quoted as Mineral Reserves include allowances for all mining dilution, all other mining factors (modifying factors) and consequently are reported as net tons and grades delivered to the mill.

• Estimation and modelling processes protocol includes the following:

• The Mineral Resource is divided into domains based on the geological models. The domains may be further sub-divided so as to ensure homogeneity, and are used as the basis for the geostatistical estimation. Detailed exploratory data analyses, including sample verification,

ENVIRONMENTAL AND SOCIAL CONSIDERATIONSAs part of the Sibanye Integrated, Compliance, Governance and Risk (ICGR) framework, the company has initiated a process for improved regulatory risk profile and action plans to address any gaps in the identification of risk, level of adequacy and effectiveness of control measures. This has provided the Environmental and Corporate Affairs Departments with a much clearer picture of all the legal requirements, its risk exposure and what mitigatory actions (compliance risk management plans) need to be put in place to improve and ensure compliance.

The following key environmental legislation and its associated subsequent amendments was identified for every operation and project (where applicable), and will be further subjected to the compliance methodology:

• South African Constitution

• Mineral and Petroleum Resources Development Act, 2002 (Act No 28 of 2002) (MPRDA)

• National Environmental Management Act, 1998 (Act No 107 of 1998) (NEMA)

• National Environmental Management: Biodiversity Act, 2004 (Act No 10 of 2004)

• National Environmental Management Waste Act, 2008 (Act No 59 of 2008) (Waste Act)

• National Nuclear Regulator Act, 1999 (Act No 47 of 1999) (NNR)

• National Environmental Management: Air Quality Act, 2004 (Act No 39 of 2004) (Air Quality Act)

• National Water Act, 1998 (Act No 36 of 1998)

• Water Services Act, 1997 (Act No 108 of 1997)

• Mineral and Petroleum Resources Royalty Act, 2008 (Act No 28 of 2008)

• Hazardous Substances Act, 1973 (Act No 15 of 1973)

• National Heritage Resources Act, 1999 (Act No 25 of 1999)

• National Forests Act, 1998 (Act No 84 of 1998)

• National Road Traffic Act, 1996 (Act No 93 of 1996)

• Road Transportation Act, 1977 (Act No 74 of 1977)

• Conservation of Agricultural Resources Act, 1983 (Act No 43 of 1983)

• National Veld and Forest Fire Act, 1998 (Act No 101 of 1998)

Sibanye Gold Mineral Resources and Mineral Reserves 2015 66

SECTION 1 GROUP OVERVIEW

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histogram and cumulative frequency plots for distributional analysis, additive constant estimates, outlier checks, trend analyses, and de-clustering are carried out on individual domains.

• The main interpolation methodology utilised is ordinary and simple Kriging of various block sizes including macro-Kriging. Detailed checks are carried out on the Kriged estimates by compiling Kriging efficiencies and Kriging slopes of regression on an individual Kriged block basis.

• Variography studies are carried out on point and regularised data. Relative and traditional variograms are used for Kriging purposes. The Resource block widths are projections of the stoping width (SW), and are estimated using a study of the historical channel width/stoping width (CW/SW) relationship derived from the stope sampling records.

• Historical statistics are used where unavoidable un-pay areas to be mined are included in the Mineral Resource. The historical percentage un-pay is then added to the portion of blocks above the pay limit, while ensuring there are sufficient Mineral Resources available.

• All operations have documented the guidelines and modifying factors that underpin the life of mine (LoM) plans, which are supported by mine designs and schedules.

• A detailed one-year operating and capital cost budget is produced and, where appropriate, extended for the LoM production schedule. The operational plan is prepared on a monthly basis, using zero-based costing. Of critical importance is the utilisation of historically achieved data to estimate planned productivity and operating cost.

• Only Measured and Indicated Mineral Resources have been included in any PFS or FS. No Inferred Mineral Resources have been included in any of the above-mentioned studies.

• Caution should be exercised when interpreting the grade tonnage curves presented. The ability to selectively mine the deposits may be precluded by the deposit geometry, mining method and the need for practical development of the orebody.

• Gold and uranium are reported separately, therefore no gold equivalents are stated to avoid potential anomalies because of year-on-year metal price differentials.

• Mineral Reserves are estimated using a total cost (excluding capital) pay limit/cut-off grade at a margin, historic cost levels and mining efficiencies at each operation. The conversion ratio from Mineral Resources to Mineral Reserves is further affected by the following key factors:

• Mining constraints applied to the extraction, based on the geometry of the geological structures as presently interpreted.

• Mining quality factors, such as Mine Call Factor (MCF) and dilution.

• Power and utility escalation has been factored into all financial models.

• All financial models are based on promulgated tax laws as at 31 December 2015.

• The Sibanye operations are entitled to mine all declared material located within their Mining Rights and all necessary statutory mining authorisations and permits are in place or have reasonable expectation of being granted. However, the duration taken for final approval may impact the production schedules.

• Uranium is not the commodity of primary interest and is only exploited in areas where the primary commodity (in this case gold) is of economic concern, hence the uranium Mineral Resources are a subset of the gold Mineral Resources and only included where the grades are sufficiently high to warrant the extraction thereof.

• All tabulated numbers represent Sibanye’s total managed Mineral Resources and Mineral Reserves unless otherwise stated and all references to tons are metric units.

Driefontein 7 Shaft bank entrance

Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying’ factors)

Exploration Results

Mineral Resources

Inferred

Indicated

Measured

Probable

Proved

Mineral Reserves

Reported as mineableproduction estimates

Reported as in situ mineralisation estimates

Increasinglevel of

geoscientificknowledge

and confidence

RELATIONSHIP BETWEEN EXPLORATION RESULTS, MINERAL RESOURCES AND MINERAL RESERVES (SAMREC CODE)

Sibanye Gold Mineral Resources and Mineral Reserves 2015 77

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CODE OF PRACTICEDISCOVERY AND EXPLORATIONThe discovery of gold in quartz-pebble conglomerates on the farm Langlaagte near Johannesburg in March 1886 focused the world’s attention on a sequence of rocks that was to become the greatest source of gold on earth. Initial activities were confined to outcrops but prospectors quickly realised, through geological synthesis and technological innovation, the extension of these rocks under younger cover rocks. Diamond drilling was used as early as 1889 and together with geophysical methods, led to the discovery of the Carletonville Goldfields (West Wits Line) in the 1930s and the Welkom Goldfields in 1946. After the initial discoveries, extensive exploration, using a combination of surface exploration drilling and geophysical methods, led to the discovery of the Sibanye operations (a detailed history of each operation is captured on the back of the shareholders’ plan of each operation which are attached as fold-outs at the end of this document).

Exploration drilling during the discovery period of the Sibanye operations and projects was executed from surface, on irregular grids of 500m to 2,000m depending on the exploration strategy, depth of the mineralised horizons and geological uncertainty. Once in operation with underground access established, infill grade control drilling is conducted from access haulages and cross-cuts to provide a 30m to 100m grid depending on geological requirements, evaluation and safety.

In the interests of proactive geological understanding, Sibanye’s exploration strategy includes the following:

• Initial (discovery and secondary reefs) and infill (resource definition enhancement) exploration drilling (current and new projects)

• Timeous prospect development

• Reducing localised uncertainty inherent to the deposit at current operations

• Grade-control drilling on current operations

• Exploratory visits to previously mined areas to confirm structure and facies

A continuous Mineral Resource definition programme is in place at each operation and project in order to facilitate better planning and optimisation with appropriate lead time, and to ensure robust geological and evaluation models that will underpin the resource definition of the various reefs mined. The programme will confirm the orebody potential in all areas of operation, including secondary reefs and secondary uranium potential.

QUALITY ASSURANCE AND QUALITY CONTROLSibanye upholds rigorous Quality Assurance and Quality Control (QA/QC) procedures on all of its exploration drilling and sampling programmes (including underground chip sampling). It follows industry best practice in data acquisition, ensuring data reliability, and utilises analytical laboratories which are frequently reviewed, both internally and externally. Analytical QA/QC is maintained and enforced through the submission of blanks, certified reference material, duplicate samples, umpire laboratory checks and density measurements.

Laboratories currently used by Sibanye and their related South African National Accreditation System (SANAS) facility accreditation numbers are as follows:

• Sibanye Analytical Laboratory (Driefontein), Reg No. 2002/031431/07 (SANAS Facility Accreditation No. T0379)

• Performance Laboratory (Randfontein), Reg No. 1996/01447/07 (now part of SGS) (SANAS Facility Accreditation No. T0265)

• Performance Laboratory (Allanridge), Reg No. 1996/01447/07 (now part of SGS) (SANAS Facility Accreditation No. T0385)

• The process to achieve SANAS accreditation for the Beatrix Analytical Laboratory (Reg No. 2002/031431/07) will be completed in C2016

The QA/QC of borehole data is handled through the Sibanye Borehole Management System. This software is developed by Century Systems and Datamine and comprises ‘DH Logger’ for borehole log inputs, and the Fusion sequel (SQL) database. The underground gold assay values are kept in digital format in Sibanye Integrated Resource and Reserve Information System (IRRIS) under the MineRP Sampling System. The database’s integrity is maintained by the initial authorisation of all sampling data. Final submission of each sample into the IRRIS database is only completed following a series of checks and approvals in the Borehole Management System or the MineRP Sampling System.

CORPORATE GOVERNANCE CONTINUED

Ezulwini processing plant

Sibanye Gold Mineral Resources and Mineral Reserves 2015 88

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The long mining history and the quantity and quality of the data upon which the Mineral Resource and Mineral Reserve estimates are based, are sufficient to support the estimates as derived. The Borehole Management and IRRIS Systems provide an auditable trail from sampling through to the Mineral Resource and Mineral Reserve estimates.

MINERAL RESOURCE AND MINERAL RESERVE EVALUATIONThe Mineral Resource and Mineral Reserve evaluation is based on systematic and sustainable mineral reporting practices compliant with the SAMREC Code. Data from exploration drilling, underground mapping and prospect drilling is used to generate or update the geological models, which in turn are used as the basis of each declaration. At current operations, ongoing grid-based sampling of all development and stoping provides additional data which is incorporated into a detailed evaluation model.

Mineral Resource categories are based upon the quantity, distribution and quality of data available and confidence attached to the data, i.e. drilling, geological understanding, interpretation and mapping, sampling, analytical data and geostatistical relationships. Drilling, sampling and analytical QA/QC also plays a major part in the data confidence applied for the final classification.

Peer reviews, together with internal and external audits, ensure consistency and compliance with regulatory codes. Mineral Resources and Mineral Reserves are reported within each individual mining or prospecting right and are adjusted to show the separation between above (AI) and below (BI) current shaft infrastructure.

Sibanye Mineral Resources and Mineral Reserves are reviewed and audited on an ongoing basis by internal Competent Persons, with formal audits conducted as follows:

• Ongoing technical review of all the operations and projects

• Annual executive review of all operations and projects

In addition to the internal audits, the December 2015 statement was reviewed and audited by external auditors AMEC Foster Wheeler Plc (Mineral Resources) and by the Mineral Corporation Pty Ltd (Mineral Reserves), and was found to comply with the relevant codes. No material shortcomings were identified in any of the processes by which the Sibanye Mineral Resources and Mineral Reserves were compiled and evaluated.

The 31 December 2015 declaration reports on Mineral Resource and Mineral Reserve information that is rated important for disclosure and that reflects a level of detail required for competency, transparency and materiality in reporting.

COMPETENT PERSONS AND DECLARATION CONSENTThe Competent Persons designated in terms of SAMREC who take responsibility for the reporting of Mineral Resources and Mineral Reserves are the respective operation (per mining unit) and project based Mineral Resource Manager or Manager Geology. The Competent Persons have sufficient experience relative to the type and style of mineral deposit under consideration and are full-time employees of Sibanye. Competent Persons’ consent and confirmation signatures are presented in each individual Competent Person’s Report per operation and project, which can be viewed on the company’s website at www.sibanyegold.co.za. Operational and project based Competent Persons are acknowledged in the pertinent section concerned in this Mineral Resources and Mineral Reserves Supplement.

Corporate Governance on the overall compliance of the company’s figures and responsibility for the generation of a Group consolidated statement has been overseen by the Libanon Business Park Technical Services team listed below. This team, whose members consent to the disclosure of the C2015 Mineral Resource and Mineral Reserve Statement, are permanent employees of Sibanye, and function independently of the operating mines and projects.

Competent Person Title Qualifications Years

Gerhard Janse van Vuuren1 PMS0243 VP Mine Technical Services B Tech (Mineral Resource Management); GDE (Mining Engineering); MBA; MSCC

28

Johan van Eeden2 400043/09 Manager Geology MSc. (Geology) 32

Leon Tolmay3 704140 Manager Evaluation NHD (Mine Survey); GDE (Mining Engineering); MSCC 39

Steven Wild3 706556 Manager Mine Planning GDE (Mining Engineering); NHD MRM 20

Werner de Klerk1 PMS0233 Manager Survey GDE (Mining Engineering); MSCC; ND Survey 331 Registered South African Council for Professional and Technical Surveyors (PLATO) member 2 Registered South African Council for Natural Scientific Professions (SACNASP) members3 Registered South African Institute of Mining and Metallurgy (SAIMM) members

Note: Details of professional organisations to which the respective Competent Persons are affiliated to are listed at the end of the report under Supplementary information

Sibanye Gold Mineral Resources and Mineral Reserves 2015 99

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Page 12: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

GROUP CONSOLIDATED MINERAL RESOURCE AND MINERAL RESERVE STATEMENT

The graphs depict the Group’s managed gold and uranium Mineral Resources and Mineral Reserves as at 31 December 2015, split per operation and projects and is compared to the 31 December 2014 declaration.

Gold Mineral Reserves comparison

Beatrix Cooke Driefontein Kloof WRTRP Projects0

2

4

6

8

10

3.91

1

2.08

8

6.48

6

6.45

9

6.54

6

6.90

08.19

6

7.35

4

1.52

3

1.95

5

3.66

9

4.32

6

Gold

(Moz

)

December 2014 December 2015

Gold Mineral Resources comparison

Beatrix Cooke Driefontein Kloof WRTRP Projects

December 2014 December 2015

0

10

20

30

40

18.8

28

18.8

28

6.48

6

6.45

9

28.1

86

29.3

29

19.7

8622.8

80

15.9

11

16.5

89

9.85

9

9.59

2Gold

(Moz

)

Uranium Mineral Reserves comparison

Beatrix Cooke WRTRP0

25

50

75

100

125

98.6

53

99.0

88

3.07

3

3.82

7

11.6

54

Uran

ium

(Mlb

)

December 2014 December 2015

Uranium Mineral Resources comparison

Beatrix Cooke WRTRP Projects0

25

50

75

100

125

35.3

73

35.3

73

99.0

88

98.6

53

68.4

23

66.3

85

26.9

68

26.9

68

Uran

ium

(Mlb

)

December 2014 December 2015

Cooke gold pour

Sibanye Gold Mineral Resources and Mineral Reserves 2015 1010

SECTION 1 GROUP OVERVIEW

Page 13: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

GROUP CONSOLIDATED MINERAL RESOURCE AND MINERAL RESERVE STATEMENT

Gold and uranium Mineral Resource and Mineral Reserve classification details are itemised in the respective tables below.

All stated Mineral Resources and Mineral Reserve estimates are net of 12 months production depletion with the 31 December 2014 declaration, where appropriate, also tabulated for an appraised comparison.

CLASSIFIED GOLD MINERAL RESOURCE AND MINERAL RESERVE STATEMENT1

Mineral Resources Mineral Reserves

31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2014

Gold classification per operation/project

Tons (Mt)

Grade (g/t)

Gold (Moz) Gold (Moz)

Gold classification per operation/project

Tons (Mt)

Grade (g/t)

Gold (Moz) Gold (Moz)

OPERATIONS OPERATIONS

BEATRIX BEATRIX

Measured AI 26.6 5.7 4.857 3.792 Proved AI 20.1 3.7 2.389 1.706

Indicated AI2 22.2 5.2 3.677 5.332 Probable AI2 18.1 3.2 1.875 1.892

Inferred AI 0.0 3.3 0.004 0.004

Total AI 48.8 5.4 8.538 9.128 Total AI 38.2 3.5 4.264 3.598

Indicated BI3 6.9 4.4 0.991 0.660

Beatrix – total underground 55.8 5.3 9.530 9.788

Beatrix – total underground 38.2 3.5 4.264 3.598

COOKE COOKE

Measured AI 8.5 5.7 1.566 3.175 Proved AI 6.8 4.7 1.014 1.555

Indicated AI 34.7 7.1 7.969 7.659 Probable AI 3.1 4.6 0.457 0.286

Inferred AI 11.9 6.1 2.326 1.643

Total AI 55.1 6.7 11.862 12.477 Total AI 9.8 4.7 1.471 1.841

Inferred BI4 40.7 3.1 3.998 3.998

Cooke – total underground 95.8 5.1 15.860 16.475

Cooke – total underground 9.8 4.7 1.471 1.841

DRIEFONTEIN DRIEFONTEIN

Measured AI 18.9 10.7 6.503 8.229 Proved AI 17.9 7.2 4.133 2.716

Indicated AI 7.5 12.7 3.053 4.088 Probable AI 8.6 6.7 1.846 3.387

Inferred AI 0.7 14.6 0.314 0.550

Total AI 27.0 11.4 9.870 12.867 Total AI 26.4 7.0 5.980 6.103

Indicated BI5 28.0 10.9 9.821 9.684 Probable BI5 9.1 7.3 2.122 1.126

Inferred BI5 0.204

Total BI 28.0 10.9 9.821 9.888 Total BI 9.1 7.3 2.122 1.126

Driefontein – total underground 55.0 11.1 19.691 22.755

Driefontein – total underground 35.5 7.1 8.102 7.228

KLOOF KLOOF

Measured AI 14.4 13.4 6.196 9.618 Proved AI 19.6 7.7 4.857 2.932

Indicated AI 1.2 12.4 0.468 0.775 Probable AI 4.6 6.9 1.024 3.243

Total AI 15.5 13.3 6.664 10.393 Total AI 24.2 7.6 5.881 6.175

Indicated BI6 24.6 14.2 11.246 8.538 Indicated BI6 2.1 7.4 0.502 0.532

Inferred BI6 16.4 19.2 10.112 10.175

Total BI 41.0 16.2 21.359 18.713 Total BI 2.1 7.4 0.502 0.532

Kloof – total underground 56.6 15.4 28.023 29.106

Kloof – total underground 26.3 7.5 6.383 6.706

Sibanye Gold Mineral Resources and Mineral Reserves 2015 1111

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Page 14: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

GROUP CONSOLIDATED MINERAL RESOURCE AND MINERAL RESERVE STATEMENTCONTINUED

CLASSIFIED GOLD MINERAL RESOURCE AND MINERAL RESERVE STATEMENT1

Mineral Resources Mineral Reserves

31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2014

Gold classification per operation/project

Tons (Mt)

Grade (g/t)

Gold (Moz) Gold (Moz)

Gold classification per operation/project

Tons (Mt)

Grade (g/t)

Gold (Moz) Gold (Moz)

Operations – total underground 263.2 8.6 73.103 78.124

Operations – total underground 109.8 5.7 20.219 19.374

Surface Rock Dumps (SRD) and Tailings Storage Facilities (TSF) Surface Rock Dumps (SRD) and Tailings Storage Facilities (TSF)

Beatrix (Indicated) 5.3 0.4 0.062 0.071 Beatrix (Probable) 5.3 0.4 0.062 0.071

Randfontein surface (Measured) 4.7 0.3 0.052 0.086

Randfontein surface (Proved) 4.7 0.3 0.052 0.086

Randfontein surface (Indicated) 0.028

Randfontein surface (Probable) 0.028

Driefontein (Indicated) 4.6 0.6 0.094 0.125 Driefontein (Probable) 4.6 0.6 0.094 0.125

Kloof (Indicated) 9.5 0.5 0.163 0.223 Kloof (Probable) 9.5 0.5 0.163 0.194

Operations – total surface (SRD and TSF) 24.1 0.5 0.372 0.533

Operations – total surface (SRD and TSF) 24.1 0.5 0.372 0.504

Total operations (incl. SRD and TSF – excl. Projects) Total operations (incl. SRD and TSF – excl. Projects)

Beatrix 61.1 4.9 9.592 9.859 Beatrix 43.5 3.1 4.326 3.669

Cooke 100.5 4.9 15.911 16.589 Cooke 14.5 3.3 1.523 1.955

Driefontein 59.6 10.3 19.786 22.880 Driefontein 40.1 6.4 8.196 7.354

Kloof 66.1 13.3 28.186 29.329 Kloof 35.8 5.7 6.546 6.900

Operations – total (incl. SRD and TSF) 287.3 8.0 73.475 78.657

Operations – total (incl. SRD and TSF) 134.0 4.8 20.591 19.878

PROJECTS PROJECTS

BEISA NORTH* BEISA NORTH

Inferred 14.8 3.4 1.619 1.619

Beisa North – total underground 14.8 3.4 1.619 1.619

Beisa North – total underground

BLOEMHOEK* BLOEMHOEK

Indicated 27.4 4.7 4.163 4.163

Inferred 0.9 4.9 0.135 0.135

Bloemhoek – total underground 28.3 4.7 4.297 4.297

Bloemhoek – total underground

BURNSTONE BURNSTONE

Indicated 25.4 5.3 4.350 4.350 Probable 13.0 4.3 1.799

Inferred 28.7 4.9 4.540 4.540

Burnstone – total underground 54.1 5.1 8.890 8.890

Burnstone – total underground 13.0 4.3 1.799

DE BRON MERRIESPRUIT*

DE BRON MERRIESPRUIT

Indicated 23.0 4.5 3.307 3.307 Probable 15.4 4.3 2.112 2.088

Inferred 5.3 4.2 0.715 0.715

De Bron Merriespruit – total underground 28.3 4.4 4.022 4.022

De Bron Merriespruit – total underground 15.4 4.3 2.112 2.088

Projects – total underground 125.5 4.7 18.828 18.828

Projects – total underground 28.4 4.3 3.911 2.088

Sibanye Gold Mineral Resources and Mineral Reserves 2015 1212

SECTION 1 GROUP OVERVIEW

Page 15: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

CLASSIFIED GOLD MINERAL RESOURCE AND MINERAL RESERVE STATEMENT1

Mineral Resources Mineral Reserves

31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2014

Gold classification per operation/project

Tons (Mt)

Grade (g/t)

Gold (Moz) Gold (Moz)

Gold classification per operation/project

Tons (Mt)

Grade (g/t)

Gold (Moz) Gold (Moz)

WRTRP WRTRP

Measured 662.5 0.3 5.962 5.935 Proved

Indicated 52.3 0.3 0.524 0.524 Probable 714.8 0.3 6.486 6.459

WRTRP – total surface 714.8 0.3 6.486 6.459

WRTRP – total surface 714.8 0.3 6.486 6.459

Projects – total surface 714.8 0.3 6.486 6.459 Projects – total surface 714.8 0.3 6.486 6.459

Projects – total underground and surface 840.3 0.9 25.314 25.287

Projects – total underground and surface 743.2 0.4 10.397 8.547

Grand total – underground and surface 1,127.6 2.7 98.790 103.944

Grand total – underground and surface 877.1 1.1 30.988 28.425

Al: Above Infrastructure

Bl: Below Infrastructure

Mineral Resources are inclusive of Mineral Reserves

All tons (t) are expressed in metric units

Rounding-off of figures may result in minor computational discrepancies. Where this happens, it is not deemed significant

Cut-off grades have been calculated in accordance with the SEC Guidelines for mineral pricing and approximate the historic two- to three-year average commodity prices

Mineral Resources were declared at a premium of 10% over the Mineral Reserve metal price

Gold Mineral Resources were determined at R470,000/kg and the Gold Mineral Reserves at R430,000/kg1 Managed, unless otherwise stated2 Beatrix Indicated Mineral Resources AI and Probable Mineral Reserves includes the Beisa Project3 Beatrix Indicated Mineral Resources BI refers to material below 26 Level (1,341mbs)4 Cooke Inferred Mineral Resources BI refers to material within Cooke 4 Shaft prospecting right (Zuurbekom)5 Driefontein Indicated and Inferred Mineral Resources and Probable Mineral Reserves BI refers to material below 50 Level (3,300mbs)6 Kloof Indicated and Inferred Mineral Resources and Probable Mineral Reserves BI refers to material below 45 Level (3,347mbs)

* SOFS Projects

Sibanye Gold Mineral Resources and Mineral Reserves 2015 1313

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Page 16: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

GROUP CONSOLIDATED MINERAL RESOURCE AND MINERAL RESERVE STATEMENTCONTINUED

CLASSIFIED URANIUM MINERAL RESOURCE AND MINERAL RESERVE STATEMENT1

Mineral Resources Mineral Reserves

31 Dec 2015 31 Dec 2014 31 Dec 2015 31 Dec 2014

Uranium classification per operation/project

Tons (Mt)

Grade (kg/t)

U3O8 (Mlb)

U3O8

(Mlb)

Uranium classification per operation/project

Tons (Mt)

Grade (kg/t)

U3O8 (Mlb)

U3O8

(Mlb)

OPERATIONS OPERATIONS

BEATRIX2 BEATRIX2

Measured AI 3.6 1.086 8.548 8.548 Proved AI

Indicated AI 7.8 1.069 18.330 18.330 Probable AI 7.4 0.715 11.654

Inferred AI 0.0 1.101 0.090 0.090

Beatrix (Beisa) – total underground 11.4 1.074 26.968 26.968

Beatrix (Beisa) – total underground 7.4 0.715 11.654

COOKE COOKE

Measured AI 4.9 0.447 4.873 5.697 Proved AI 2.7 0.348 2.056 3.388

Indicated AI 11.0 0.476 11.546 15.987 Probable AI 1.5 0.314 1.017 0.439

Inferred AI 6.7 0.546 8.020 0.717

Total AI 22.6 0.490 24.439 22.401 Total AI 4.2 0.336 3.073 3.827

Inferred BI3 35.9 0.555 43.984 43.984

Cooke – total underground 58.5 0.530 68.423 66.385

Cooke – total underground 4.2 0.336 3.073 3.827

Operations – total underground 69.9 0.619 95.391 93.353

Operations – total underground 11.5 0.579 14.727 3.827

PROJECTS PROJECTS

BEISA NORTH BEISA NORTH

Inferred 14.8 1.084 35.373 35.373

Beisa North – total underground 14.8 1.084 35.373 35.373

Beisa North – total underground

Projects – total underground 14.8 1.084 35.373 35.373

Projects – total underground

WRTRP WRTRP

Measured 654.3 0.062 89.151 88.717 Proved

Indicated 52.3 0.086 9.936 9.936 Probable 706.6 0.064 99.088 98.653

WRTRP – total surface 706.6 0.064 99.088 98.653

WRTRP – total surface 706.6 0.064 99.088 98.653

Projects – total surface 706.6 0.064 99.088 98.653

Projects – total surface 706.6 0.064 99.088 98.653

Projects – total underground and surface 721.4 0.085 134.461 134.026

Projects – total underground and surface 706.6 0.064 99.088 98.653

Grand total – underground and surface 791.3 0.132 229.852 227.379

Grand total – underground and surface 718.1 0.072 113.814 102.480

Al: Above Infrastructure

All tons (t) are expressed in metric units

Mineral Resources are inclusive of Mineral Reserves

Rounding-off of figures may result in minor computational discrepancies. Where this happens, it is not deemed significant

For uranium Mineral Reserves, a long-term contract price of R1,140/kg was used1 Managed, unless otherwise stated2 Beatrix includes uranium Mineral Resources and Mineral Reserves from the Beisa Project3 Cooke Inferred Mineral Resources BI refers to material within the Cooke 4 Shaft prospecting right (Zuurbekom)

Sibanye Gold Mineral Resources and Mineral Reserves 2015 1414

SECTION 1 GROUP OVERVIEW

Page 17: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

GROUP MINERAL RESOURCE AND MINERAL RESERVE DEPLETION AND GROWTH

DEPLETION AND GROWTH OUTLINEQuality Mineral Reserves are the foundation of wealth and future security of Sibanye, and Mineral

Reserve sustainability is reliant on a sound brownfield and growth project stream.

Key aspects that impacted the 31 December 2015 Statement of Mineral Resources and Mineral

Reserves were:

• Gold Mineral Reserves for the Group increased by 9% to 31.0Moz from 28.4Moz declared at

31 December 2014 despite depletion of 1.6Moz in C2015.

• Uranium Mineral Reserves for the Group increased by 11% to 113.8Mlb with a maiden

Mineral Reserve declared at Beatrix’s Beisa Project.

• Gold Mineral Reserves at Operations increased by 0.7Moz or 4% to 20.6Moz, from 19.9Moz

declared at December 2014, despite depletion of 1.6Moz in 2015.

• The Group again made significant gains in the exploration of ‘secondary reefs’ at Kloof and

Driefontein, specifically in the Middelvlei (MVR) and Kloof Reef (KR) horizons. There is also a

comprehensive review and investigation programme in place to identify previously unmined

areas with economic potential (white areas). These interventions resulted in additional gold

Mineral Reserves of 1.4Moz.

• A maiden gold Mineral Reserve of 1.8Moz was declared at the Burnstone Project, following the

completion of a FS, and the initiation of the full-scale development of the operation.

• Maiden gold and uranium Mineral Reserves of 0.5Moz and 11.7Mlb respectively were

declared for the Beisa Project at Beatrix West.

SUMMARISED OPERATION REVIEWBEATRIXBeatrix is an established, low-cost, high-productivity asset with a LoM extending up to 2029.

The Mineral Resources include 9.6Moz gold and 27.0Mlb uranium. Gold Mineral Reserves

increased by 18% net of production depletion to 4.3Moz in C2015 due to an extended life

at Beatrix West, as well as a maiden Reserve being declared at the Beisa Project (0.5Moz).

Uranium Mineral Reserves for the Beisa Project are estimated at 11.7Mlb. The underground

production is supplemented by a low-cost surface operation treating historic rock dumps, which

is estimated at 0.1Moz.

DRIEFONTEINDriefontein is a high-yield, medium- to long-term operation with Mineral Resources of 19.8Moz

and Mineral Reserves of 8.2Moz, with a LoM extending to 2042. The Mineral Reserves increased

by 11% net of depletion from the previous year, mainly due to the extension of the area accessible

through the drop-down project at 5 Shaft and additional economically mineable secondary reefs

and white areas previously excluded. The underground production is supplemented by a low-cost

surface operation treating historical rock dumps, which is estimated at 0.1Moz.

KLOOF Kloof is a high-yield medium- to long-term operation, with Mineral Resources of 28.2Moz and

Mineral Reserves of 6.5Moz, with a LoM extending to 2033. The Mineral Reserves decreased by

5% with production depletion mitigated by additional Mineral Reserves from secondary reefs and

white areas. The underground production is also supplemented by a low-cost surface operation

treating historical rock dumps, which is estimated at 0.2Moz.

COOKECooke is a low-cost, short- to medium-term asset, producing both gold and uranium. The current

LoM is estimated to extend to 2023. The operation has gold Mineral Resources of approximately

16.0Moz and gold Mineral Reserves of 1.5Moz. Uranium Mineral Resources at the operation are

68.4Mlb and the uranium Mineral Reserves 3.1Mlb. The gold and uranium Mineral Reserves have

decreased year-on-year mainly due to an increase in the pay limit, as well as the suspension of

the mechanised mining section at Cooke 1 Shaft. The underground production is supplemented

by a low-cost surface operation treating historical tailings storage facilities (gold Mineral Reserves

estimated at 0.1Moz).

SUMMARISED PROJECT REVIEWBURNSTONE PROJECTFollowing the completion of a FS and the initiation of full-scale development, a maiden gold Mineral Reserve of 1.8Moz was declared for the Burnstone Project.

WEST RAND TAILINGS RETREATMENT PROJECT The WRTRP entails processing the historic tailings storage facility (TSF) of the Driefontein, Kloof and Cooke operations for gold and uranium. The definitive feasibility study (DFS) for this project was completed in C2015. The project has an estimated gold and uranium Mineral Reserve of 6.5Moz and 99.1Mlb respectively.

SOFSDE BRON MERRIESPRUIT PROJECTThe gold Mineral Reserves for the De Bron Merriespruit Project are re-estimated, based on additional work done on the production design and schedule in C2015. The production design and schedule was modified to fall in line with geological and estimation models, which were restated following the acquisition of Wits Gold in 2014. The gold Mineral Reserves, however, remain constant

at 2.1Moz.

BLOEMHOEK PROJECT The Bloemhoek Project, which is adjacent to Beatrix North, has Mineral Resources of 4.3Moz. A study to access a portion of this area with a decline system from Beatrix North has commenced and is due for completion in 2016. Concurrently, an exploration programme, designed to improve geological confidence in the immediate vicinity of the planned decline system, will also be completed.

Sibanye Gold Mineral Resources and Mineral Reserves 2015 1515

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Page 18: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

GOLD MINERAL RESOURCE RECONCILIATION

Factors Gold (Moz)

31 December 2014 103.944

2015 depletion (1.984)

Post-depletion 101.960

Changes in geology structure at operations 0.641

Changes in estimation models at operations due to additional sampling (0.053)

Changes in geostatistical modelling parameters at operations 0.874

Specific inclusions:

Deposition to active TSFs which form part of the WRTRP 0.027

Additional surface sources (SRDs) at Driefontein, Kloof and Beatrix 0.024

Specific exclusions:

Resource blocks clean-up (0.608)

Uneconomical areas excluded (3.308)

Exclusion of inaccessible areas at Cooke 4 Shaft (0.767)

31 December 2015 98.790

Gold Mineral Resource reconciliation

31 D

ec 2

014

31 D

ec 2

015

2015

Dep

letio

n

Post

-dep

letio

n

Chan

ges

in g

eolo

gy

Chan

ges

in e

stim

atio

n

Chan

ges

in g

eost

atis

tical

mod

ellin

g

Depo

sitio

n to

act

ive

TSFs

Addi

tiona

l sur

face

sou

rces

Reso

urce

blo

cks

clea

n-up

Unec

onom

ical

exc

lusi

ons

Inac

cess

ible

are

as C

ooke

4

(1,984) (53)641 874 27 24

(608) (3,308) (767)

Gold

(’00

0oz)

103,944 101,960 98,790

0

20,000

40,000

60,000

80,000

100,000

120,000

Kloof 7 Shaft

GROUP MINERAL RESOURCE AND MINERAL RESERVE DEPLETION AND GROWTH CONTINUED

Please supply pic

Driefontein 10 Shaft

Sibanye Gold Mineral Resources and Mineral Reserves 2015 1616

SECTION 1 GROUP OVERVIEW

Page 19: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Gold Mineral Reserve reconciliation

31 D

ec 2

014

31 D

ec 2

015

2015

Dep

letio

n

Post

-dep

letio

n

Chan

ges

in g

eolo

gy

Chan

ges

in e

stim

atio

n

Tech

nica

l fac

tors

(min

e)

Drie

font

ein

5 Sh

aft d

rop

DBM

revi

sed

layo

ut

Burn

ston

e Pr

ojec

t inc

lusi

on

Beat

rix S

outh

G-B

lock

Beis

a Pr

ojec

t mai

den

Whi

te a

reas

Depo

sitio

n to

act

ive

TSFs

Addi

tiona

l sur

face

sou

rces

Beat

rix 2

Sha

ft de

com

mis

sion

ed

Seco

ndar

y ree

f

Unec

onom

ic e

xclu

sion

s

(1,577) (81) (845)

1,0161,799

452(113) (230)495

108 1,073 362 27 54

24

Gold

(’00

0oz)

28,425 26,848

30,988

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

GOLD MINERAL RESERVE RECONCILIATION

Factors Gold (Moz)

LoM 31 December 2014 28.425

2015 depletion (1.577)

Post-depletion LoM 26.848

Changes in geology structure at operations (0.081)

Changes in estimation models at operations (0.845)

Technical factors [Mine Call Factor (MCF), % waste mining] 0.452

Specific inclusions:

Driefontein 5 Shaft drop-down project extension beyond inner core 1.016

Beatrix Beisa Project maiden Mineral Reserve 0.495

Revised mining method applied to De Bron Merriespruit Project 0.024

Burnstone Project maiden Mineral Reserve 1.799

Beatrix South G-Block Project 0.108

White areas and general additions mainly at Driefontein 8 Shaft and Beatrix West 1.073

Secondary reefs at Driefontein 8 Shaft and Kloof 8 Shaft 0.362

Deposition to active TSFs which form part of the WRTRP 0.027

Additional SRDs at Driefontein, Kloof and Beatrix 0.054

Specific exclusions:

Beatrix South 2 Shaft decommissioned (0.113)

Uneconomic areas excluded, mainly from Cooke (0.230)

LoM 31 December 2015 30.988

Sibanye Gold Mineral Resources and Mineral Reserves 2015 1717

SECTION 1 GROUP OVERVIEWNEXTBACKPRINTHOME

Page 20: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

URANIUM MINERAL RESOURCE RECONCILIATION

Factors U3O8 (Mlb)

31 December 2014 227.3792015 depletion (0.187)

Post-depletion 227.193Changes in estimation models at operations due to additional sampling 0.427

Specific inclusions:

Deposition to active TSFs which form part of the WRTRP 0.435

Specific exclusions:

Uneconomical areas excluded 3.899

Resource blocks re-definition (2.102)

31 December 2015 229.852

URANIUM MINERAL RESERVE RECONCILIATION

Factors U3O8 (Mlb)

31 December 2014 102.480

2015 depletion (0.291)

Post-depletion 102.189

Changes in estimation models at operations 0.341

Exclusions at Cooke 3 Shaft and Cooke 4 Shaft due to tail management (0.804)

Specific inclusions:

Beatrix Beisa Project maiden Mineral Reserve 11.654

Deposition to active TSFs which form part of the WRTRP 0.435

31 December 2015 113.814

GROUP MINERAL RESOURCE AND MINERAL RESERVE DEPLETION AND GROWTH CONTINUED

Cooke 4 Shaft

Uranium Mineral Resource reconciliation

31 D

ec 2

014

31 D

ec 2

015

2015

Dep

letio

n

Post

dep

letio

n

Chan

ges

in e

stim

atio

n

Depo

stio

n to

TSF

s

Reso

urce

blo

cks

re-d

efin

ition

Unec

onom

ical

exc

lusi

ons

(187) (2,102)427 435 3,899

Uran

ium

(’00

0lb)

0

50,000

100,000

150,000

200,000

250,000 227,379 229,852227,193

Uranium Mineral Reserve reconciliation

31 D

ec 2

014

31 D

ec 2

015

2015

Dep

letio

n

Post

dep

letio

n

Chan

ges

in e

stim

atio

n

Beis

a in

clus

ion

Depo

stio

n to

TSF

s

Excl

usio

ns a

t Coo

ke 3

and

4

(291) (804)341

11,654435

Uran

ium

(’00

0lb)

0

30,000

60,000

90,000

120,000

150,000

113,814102,480 102,189

Sibanye Gold Mineral Resources and Mineral Reserves 2015 1818

SECTION 1 GROUP OVERVIEW

Page 21: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

GOLD MINERAL RESERVE SENSITIVITYThe sensitivities of gold Mineral Reserve ounces at all the operations are shown in the accompanying chart at -10%, -5%, Base (R430,000), +5% and +10%, and are derived from a factored application of the base-case scheduled Mineral Reserve, reflecting the impact of a changing gold price on the prevailing cut-offs.

The Mineral Reserve sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only. WRTRP included across the range at the base declaration price and growth projects (Beisa North, Beatrix Beisa, Bloemhoek and Burnstone) were declared at a premium of 10% over the reserve price.

Managed gold Mineral Reserve sensitivities

-10% -5% R430,000 5% 10%

WRTRP Beatrix Cooke Driefontein Kloof Burnstone De Bron Merriespruit

Gold Price (R/kg)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

4,0571,382

7,868

6,528

6,486

4,0881,524

8,042

6,544

6,486

1,795

4,3261,523

8,196

6,486

1,7992,112

6,546

4,6261,519

8,329

6,537 6,521

6,486

1,8012,162

4,6421,513

8,442

6,486

1,8032,207

Gold

(’00

0oz)

Driefontein 8 Shaft bank area

Sibanye Gold Mineral Resources and Mineral Reserves 2015 1919

SECTION 1 GROUP OVERVIEWNEXTBACKPRINTHOME

Page 22: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Sibanye is the largest individual producer of gold in South Africa and is one of the 10 largest gold producers globally.

OPERATIONS AND PROJECTS

Beatrix headgear

Sibanye Gold Mineral Resources and Mineral Reserves 2015 2020

SECTION 2 OPERATIONS AND PROJECTS

Sibanye Gold Mineral Resources and Mineral Reserves 2015

NEXTBACKPRINTHOME

Page 23: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

OVERVIEWSibanye’s portfolio of operating assets includes the Beatrix, Cooke, Driefontein and Kloof operations. The Group’s new and exciting project opportunities include Burnstone, the drop-down project at Kloof, Beatrix (Beisa Project), Driefontein depth-extension project, Southern Orange Free State Projects (SOFS) and WRTRP.

Gold Mineral Reserves at the Group’s current operations increased by 0.7Moz or 3.6% to 20.591Moz from the 19.878Moz declared at 31 December 2014 despite a production depletion of 1.577Moz in 2015.

FORECAST GOLD PRODUCTION BASED ON THE C2016 LOM PLAN

Gold produced

17,350kg

DRIEFONTEIN

Gold produced

14,068kg

KLOOF

WRTRPBurnstoneDBMK4 Depth Ext.D5 Depth Ext.BeisaKloofDriefonteinCookeBeatrixGold Fields 2012 Harvest Plan

0

10,000

20,000

30,000

40,000

50,000

2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042

Kg

Gold produced

10,105kgUranium produced

Gold produced

6,252kgUranium produced

79,839kgMineral Reserves

3.073Mlb

BEATRIX COOKE

Mineral Reserves

11.654Mlb

Mineral Reserves

4.326MlbMineral Reserves

1.523Moz

Mineral Reserves

8.196MozMineral Reserves

6.546Moz

Sibanye Gold Mineral Resources and Mineral Reserves 2015 2121

SECTION 2 OPERATIONS AND PROJECTSNEXTBACKPRINTHOME

Page 24: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

OPERATIONS AND PROJECTS CONTINUED

GEOLOGICAL SETTING Gold was first discovered near Johannesburg in March 1886 with the recognition of gold in quartz-pebble conglomerates (traditionally termed ‘reefs’). The gold bearing 6,000m thick succession of principally argillaceous and arenaceous sediments is called the Witwatersrand Basin.

The basin is geographically located in the central north to north-eastern part of South Africa and extends from Johannesburg in the north to some 40km south of Welkom, and covers an area of approximately 70,000km2. More than 150 mines have operated in the basin since gold was first discovered, primarily producing gold, but since the early 1950s additionally uranium. Together, these mines have produced approximately 150,000 tons of uranium and more than 46,000 tons of gold, amounting to no less than 39% of all gold ever mined in the world. The Sibanye operations are hosted in this unique and renowned basin, which remains the world’s single largest gold-producing region.

The Sibanye operations and projects are located in three geographical regions of the Witwatersrand Basin, namely the Far West Rand Goldfield (West Rand and West Wits Line), some 30km to 80km west to south-west of Johannesburg, the Free State Goldfield, 240km south-west of Johannesburg and the South Rand Goldfield, some 75km south-east of Johannesburg. The operations of the Far West Rand Goldfield are the Driefontein, Kloof and Cooke Operations between the towns of Carletonville and Randfontein, in the Free State Goldfield, the Beatrix Operation near Virginia and in the South Rand Goldfield, the Burnstone Project near Balfour some 30km east of Heidelberg.

The Witwatersrand Basin is overlain by outliers of Karoo Supergroup shales and sandstones at the surface, followed by Pretoria Group sediments and the Chuniespoort Group dolomites. The dolomite overlies the Klipriviersberg Group volcanic rocks which, in turn, cap the Ventersdorp Contact Reef (VCR) and sediments of the Central Rand Group that host the other gold-bearing reefs exploited.

The reefs, which are generally less than 2m thick, are widely considered to represent extensive fluvial deposits into a yoked basin. The gold is mainly of detrital origin, deposited syngenetically with the conglomerates interrelated with sedimentary features such as unconformities and fluvial channels. Deposition took place along the interface between a fluvial system that brought the sediments and heavy minerals from an elevated source-area, and a lacustrine littoral system that reworked the material and redistributed the finer sediments along the shoreline of an intra-cratonic lake or shallow inland sea.

Although the gold generally occurs in native form and is usually associated with pyrite, carbon and uranium, most of it has been subsequently modified and remobilised during secondary hydrothermalism. This has informed the use of the modified palaeo-placer model, which emphasises a control on the occurrence of ore minerals by placer-forming mechanisms, while accepting some modification by metamorphism. It is the generally accepted model for the origin of gold and uranium mineralisation of the Witwatersrand Basin.

For several decades, models using sedimentological principles have been successfully used to define gold distribution on mine properties. The most fundamental control to the gold distribution remains the association with quartz-pebble conglomerates on intra-basinal unconformities. The reefs are continuous, as a consequence of the regional nature of the erosional surfaces. Bedrock (footwall) controls govern the distribution of many of the reefs. Consequently, the identification and modelling of erosional/sedimentary features are the keys to in situ resource estimation.

As early as 1923, the presence of uranium was noted in the Witwatersrand conglomerates. The changing economics regarding uranium near the end of World War II prompted a second look at the Witwatersrand conglomerates as a source of supply. It was found that on average the conglomerates contain about 0.03% uranium and, as a by-product of gold, relatively low uranium grades can be recovered.

Notwithstanding different opinions as to the origin of the uranium in the conglomerates of the Witwatersrand Basin, most theories accept localisation of both gold and uranium as a function of sedimentary textures. Mineral concentrations are directly related to conglomerate formations. Exploration programmes and evaluation of uranium as per the placer philosophy, have proved to be successful.

VCR buckshot pyrite

UE1A mineralised conglomorate

VCR Reef

VCR D Facies

Sibanye Gold Mineral Resources and Mineral Reserves 2015 2222

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Page 25: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

EXPLORATION ACTIVITIES 2015Over the past 12 months, on-mine exploration activities focused mainly on Mineral Resource definition drilling, the timeous conversion of Mineral Resources to Mineral Reserves, delineating secondary reef potential and exploring white areas. The table below summarises exploration metres drilled and expenditure for the 12 months ending 31 December 2015 with the C2014 details added for comparison.

EXPLORATION DRILLING DETAILS FOR 12 MONTHS ENDING 31 DECEMBER 20151

2015 2014

Operation Metres drilledExpenditure

(Rm) Metres drilledExpenditure

(Rm)

Beatrix North2 7,127 5.682 7,089 5.440

Beatrix South2 1,303 0.883 1,480 0.961

Beatrix West2 2,316 1.541 733 0.395

Cooke* 21,029 20.870 18,323 17.590

Driefontein* 19,242 17.071 19,664 22.713

Kloof* 16,355 17.130 15,610 16.730

Burnstone3 1,354 1.852

WRTRP4 2,188 0.415 4,260 0.397

Total 69,560 63.592 68,513 66.0781 Figures are exclusive of cover drilling2 Includes Mineral Resource conversion drilling conducted for the Beatrix Beisa Project3 Mineral Resource definition drilling conducted at Burnstone; further exploration drilling has been postponed

until C20164 WRTRP Cooke and Cooke 4 South TSFs bulk sample project for metallurgical test work

* C2014 numbers corrected from previous publication since some shafts included cover drilling figures

SCHEMATIC DEPOSITIONAL MODEL OF THE WITWATERSRAND BASIN

T N

0 cm 1

0 cm 3

0 cm 10

0 cm 10

Sibanye Gold Mineral Resources and Mineral Reserves 2015 2323

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Page 26: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Sibanye’s acquisition of the Wits Gold assets, contiguous to Beatrix, consolidated its position as a top producer of gold in the southernmost extent of the Witwatersrand Basin.The current Mineral Reserves of Beatrix are estimated to sustain the operation until 2029.

BEATRIX

Beatrix 1 Shaft

2424 Sibanye Gold Mineral Resources and Mineral Reserves 2015

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Page 27: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Gauss Conform Projection Central Meridian 27°

0 5km

Mining RightProspecting RightTownsMain roadsArterial roads

T N

BEATRIX BLOEMHOEKROBIJN

DE BRONMERRIESPRUIT

Virginia

HAKKIESBEISANORTH

ADAMSONSVLEY

BEISASOUTH

Welkom

Co-ordinatesLatitude: 28° 15’00”SLongitude: 26° 47’00”E Theunissen

HARMONY

HARMONY

HARMONY

HARMONY

LOCATION

OVERVIEWBeatrix, a shallow to intermediate level gold mine, has been producing gold since 1983, in the southern portion of the Free State-Goldfields.

In accordance with Section 24 of the MPRDA, 2002 (Act No 28 of 2002), Beatrix has begun the process of applying for the extension, renewal and amendment of the valid Mining Right [DMR Ref. FS30/5/1/2/2(81) MR]. This application is amended to include the valid and lapsed Prospecting Rights [PR (FS30/5/1/1/2(10134)PR), PR (FS30/5/1/1/2(10324)PR), and FS30/5/1/1/2 (10145) respectively. The current Mining Right [DMR Ref. FS30/5/1/2/2(81)MR] expires in February 2019, well before the estimated LoM ends in 2029. An application for the extension of the mining right period will be submitted in 2016.

Beatrix is located in the magisterial district Matjhabeng, a semi-arid relatively flat region, near the towns of Welkom and Virginia, approximately 240km south-west of Johannesburg, in the Free State province of South Africa. Before the advent of mining, the land was used for agricultural purposes and very little natural vegetation remains.

The current mine infrastructure consists of three producing shaft complexes. Mining is focused on open ground and pillars (white areas) of differing reef horizons with the deepest operating level some 2,055m below surface (22 Level at 4 Shaft). The principal mining takes place on the Beatrix Reef (BXR) and local facies variations thereof, which include the VS5 and Aandenk Reefs (AAR), which constitutes almost 54% of the Mineral Reserve ounces and the Kalkoenkrans Reef (KKR) 33%. With the inclusion of the Beisa Project, mining the Beisa Reef now makes up 11%, with the remaining 2% from surface sources. Beatrix makes use of two gold processing plants, both treating underground and surface material.

Gold Mineral Resources 9.592Moz (–3% post-production depletion of 0.383Moz)

Uranium Mineral Resources 26.968Mlb (no change year-on-year)

Gold Mineral Reserves 4.326Moz (+18% post-production depletion of 0.325Moz)

Uranium Mineral Reserve 11.654Mlb following the inclusion of the Beisa Project

Strategic intent

• Extend the LoM

• Stabilise production profiles at current performance levels

• Reduce pay limits through quality mining and cost reduction

• Fast track Mineral Resource to Mineral Reserve conversion

• Regional synergies with the acquisition of Wits Gold focused on value creation

• Beisa is a maiden reserve following the completion of a PFS in December 2014, further optimisation studies will be conducted in 2016

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Page 28: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

BEATRIX CONTINUED

BEATRIX OVERVIEW

Mineralisation style Palaeo-placer

Mineralisation characteristics • Hosted by auriferous and uraniferous predominantly quartz pebble conglomerates (reefs)

• Laterally continuous with relatively long-range predictability

• Clear patterns of mineralisation governed by sedimentary characteristics

Deposit type Shallow to intermediate-depth gold mine exploiting the Beatrix Reef (BXR) and the underlying Kalkoenkrans (KKR)/Aandenk (AAR) Reefs, both of the Kimberley Conglomerate Formation

Licence status and holdings Beatrix has a new order mining right in terms of the MPRDA, valid from 7 February 2007 to 6 February 2019 in respect of a mining area totalling 16,817ha. The process for an extension of the mining right is underway with the amendment to include adjacent prospecting rights. All required operating permits have been obtained and are in good standing

Infrastructure • Three shaft complexes (one sub-shaft)

• Two mineral processing plants

• Tailings storage facilities

Mining methods Conventional breast mining, scattered mining, some pillar mining and surface rock dump mining

Mineral processing Two gold processing plants:

• No. 1 Carbon-in-leach (CIL) plant – processing underground ore and low-grade surface rock dump material

• No. 2 CIL plant – processing underground ore and low-grade surface rock dump material

Tailings disposal Two TSFs with LoM deposition estimated at 58.9Mt against a combined capacity of 117.4Mt (surplus of 58.5Mt)

Climate No surface climatic conditions affect the underground mining operations

Environmental/Health and Safety Beatrix’s systems, procedures and training are in line with international best practice

Life of Mine It is estimated that the current Mineral Reserves will sustain the operation until 2029 (for 14 years)

SCHEMATIC 3D SECTION THROUGH THE BEATRIX OREBODY LOOKING NORTH-NORTH-EAST

T N

Sibanye Gold Mineral Resources and Mineral Reserves 2015 2626

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Page 29: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Competent Persons The Competent Persons at each mining unit (MU) designated in terms of SAMREC who take responsibility for the consolidation, reporting and overall compliance of Beatrix’s 2015 Mineral Resources and Mineral Reserves are the respective Mineral Resource Managers:

MU1: North Section (3 Shaft) Mr C Opperman [ND Mine Surveying, LDP (UNISA), MAP] is a registered SAIMM member (No. 706906) and has 34 years’ experience

MU2: South Section (1 Shaft) Mr S Becker [BEng. Mining Engineering, Mine Manager’s Certificate] is a registered Engineering Council of South Africa (ECSA) member (No. H875564) and has 33 years’ experience

MU3: West Section (4 Shaft) Mr D Oosthuizen [MSCC] is a registered SAIMM member (No. 706910) and has 27 years’ experience

ANNUAL DEVELOPMENT RESULTS

Financial year total

Category Unit Beatrix* KKR 2015 2014

Main development (advanced) km 16.8 4.8 21.6 19.7

Main on-reef development (advanced) km 5.3 1.0 6.3 6.1

Channel width cm 139 121 136 118

Average reef value g/t 7.4 12.1 8.1 8.7

cm.g/t 1,031 1,461 1,100 1,034

*Includes development advances on the Aandenk and VS5 Reefs

REVIEWGold Mineral Resources at Beatrix decreased by approximately 0.267Moz (3%) to 9.592Moz (inclusive of Beisa at 1.194Moz).

Gold Mineral Reserves increased by 18% to 4.326Moz, mainly as a result of the tail management of the west section (because of the inclusion of Beisa in C2016 reserving).

The Beisa North Project gold and uranium Mineral Resources were re-estimated based on the same principles as in 2014. During 2015, Sibanye continued studies relating to the two projects with a view of optimising any potential synergies with Beatrix.

Mineral Reserve development will remain a key performance indicator for C2016. The table details the development advanced for the last 12 months to December 2015 (C2014 numbers included for comparison). A total of 21.6km was developed in C2015 of which 6.3km was on-reef.

A full account of all the operating statistics of Beatrix is posted on the back of the Beatrix shareholders plan, attached to the end of this Mineral Resources and Mineral Reserves Supplement.

West Section

North Section

South Section

North Section (below infrastructure)

Vlakpan

KEY PLAN TO MINING SECTIONS (SHAFT ZONES)

0 2.5km1kmT N

KEY DEVELOPMENTS AND BROWNFIELD PROJECTS (ON-MINE)Beatrix is accessing the Vlakpan area over the LoM, as part of the strategy of optimising the Mineral Resource to Mineral Reserve conversion. The Vlakpan Project comprises ground between 16 and 22 Level to the west of the Beatrix North and South Sections. Access to the area is by means of twin haulages, and a winze from South Section. A detailed mine design and schedule, based on the current geological interpretation, evaluation and economic parameters, coupled with a detailed engineering layout, cost and cash flow models, have been completed for the project, and as a consequence has been incorporated into the current LoM plan.

The PFS for the Beisa Project was completed in December 2014 with the project requiring dual mining consideration with West Shaft as it was sub-economic at the reported uranium price as a stand alone project. The mine schedule was optimised during C2015 and the project has been subsequently included in the LoM plan for Beatrix West. The plan for C2016 is to review the PFS, finalise the remaining permitting issues with the planned uranium plant, and proceed with the FS.

A PFS is to be finalised in C2016 to assess the potential below current infrastructure at 3 Shaft, to access part of the Bloemhoek area to the north of 3 Shaft (outside the current Beatrix Mining Right). Additional drilling to firm up the structure and grade of the target area will additionally be completed in C2016.Beatrix 3 Shaft

Sibanye Gold Mineral Resources and Mineral Reserves 2015 2727

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Page 30: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Gold Mineral Resource reconciliation

Dec

2014

Depl

etio

n

Beat

rix 2

Sha

ft de

com

mis

sion

ed

Geol

ogic

al s

truct

ure/

sam

plin

g

Mod

ellin

g

Payli

mit

Surfa

ce s

ourc

es

Dec

2015

(405) (444)(51)

387 13233

Gold

(’00

0oz)

0

2,000

4,000

6,000

8,000

10,000

12,0009,859 9,454 9,592

Post

-dep

letio

n

GOLD MINERAL RESOURCE CLASSIFICATION (REPORTED INCLUSIVE OF MINERAL RESERVES)

Tons (Mt) Grade (g/t) Gold (‘000 oz)

Gold classification Dec 2015 Dec 2014 Dec 2015 Dec 2014 Dec 2015 Dec 2014

Underground

Measured 26.6 18.5 5.7 6.4 4,857 3,792

Indicated AI 22.2 32.0 5.2 5.2 3,677 5,332

Indicated BI 6.9 4.2 4.4 4.9 991 660

Inferred AI 0.037 0.037 3.3 3.3 4 4

Total underground 55.8 54.7 5.3 5.6 9,530 9,788

Total above infrastructure 48.8 50.5 5.4 5.6 8,538 9,128

Total below infrastructure 6.9 4.2 4.4 4.9 991 660

Surface

Indicated surface rock dumps 5.3 6.2 0.4 0.4 62 71

Total gold Mineral Resources 61.1 60.9 4.9 5.0 9,592 9,859

URANIUM MINERAL RESOURCE CLASSIFICATION

Tons (Mt) Grade (kg/t) U3O8 (‘000 lb)

Uranium classification Dec 2015 Dec 2014 Dec 2015 Dec 2014 Dec 2015 Dec 2014

Measured AI 3.6 3.6 1.086 1.086 8,548 8,548

Indicated AI 7.8 7.8 1.069 1.069 18,330 18,330

Inferred AI 0.037 0.037 1.101 1.101 90 90

Total uranium Mineral Resources 11.4 11.4 1.074 1.074 26,968 26,968

Aandenk channel

BEATRIX CONTINUED

0 cm 5

Sibanye Gold Mineral Resources and Mineral Reserves 2015 2828

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BEATRIX/AANDENK/VS5 REEFS

Legend ClassificationMine boundaryShaftsMined-out areasPillars

MeasuredIndicatedInferred

KALKOENKRANS REEF

Legend ClassificationMine boundaryShaftsMined-out areasPillars

MeasuredIndicatedInferred

0 2.5km1kmT N

0 2.5km1kmT N

Tons

(Mt)

Aver

age

valu

e ab

ove

cut-

off (

cm.g

/t)

Tons GradeCut-off value (cm.g/t)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

20

40

60

80

100

120

2,5002,0001,000 1,5005000

Gold grade tonnage curveThe grade tonnage curve represents undiluted grade (at block width) and tons within the total Mineral Resources (all reefs at zero cut-off).

MODIFYING FACTORS

Parameter Unit Dec 2015 Dec 2014

Mineral Resource pay limit cm.g/t 760 710

Mineral Reserve pay limit cm.g/t 840 780

Mined value* cm.g/t 774 1,025

Mine call factor % 84 81

Block factor % 100 100

Shortfall % 7 6

Mining dilution % 16 18

Stoping width cm 158 172

Mill width cm 189 203

Plant recovery factor UG % 96 96

Plant recovery factor SRD % 88 89

* Includes lower grade Beisa Reef, which will be mined for both gold and uranium

Sibanye Gold Mineral Resources and Mineral Reserves 2015 2929

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BEATRIX CONTINUED

GOLD MINERAL RESERVE CLASSIFICATION

Tons (Mt) Grade (g/t) Gold (‘000 oz)

Gold classification Dec 2015 Dec 2014 Dec 2015 Dec 2014 Dec 2015 Dec 2014

Underground

Proved 20.1 13.0 3.7 4.1 2,389 1,706

Probable AI 18.1 14.0 3.2 4.2 1,875 1,892

Probable BI

Total underground 38.2 27.0 3.5 4.1 4,264 3,598

Surface

Probable surface rock dumps 5.3 6.2 0.4 0.4 62 71

Total gold Mineral Reserves 43.5 33.2 3.1 3.4 4,326 3,669

GOLD MINERAL RESERVES PER MINING AREA

Proved Mineral Reserves Probable Mineral ReservesTotal Mineral Reserves

31 Dec 2015Total

Dec 14

Mining areaTons (Mt)

Grade (g/t)

Gold (‘000 oz)

Tons (Mt)

Grade (g/t)

Gold (‘000 oz)

Tons (Mt)

Grade (g/t)

Gold (‘000 oz)

Gold (‘000 oz)

North Section (3 Shaft) 13.5 3.0 1,311 5.7 2.8 514 19.2 3.0 1,825 1,952

South Section (2 Shaft) 3.3 3.4 351 1.5 3.1 148 4.7 3.3 499 590

West Section (4 Shaft) 3.3 6.8 727 3.5 6.4 717 6.8 6.6 1,444 1,055

Beisa (4 Shaft)* 7.4 2.1 495 7.4 2.1 495

Total underground 20.1 3.7 2,389 18.1 3.2 1,875 38.2 3.5 4,264 3,598

Surface rock dumps 5.3 0.4 62 5.3 0.4 62 71

Total gold Mineral Reserves 20.1 3.7 2,389 23.4 2.6 1,938 43.5 3.1 4,326 3,669

*Further optimisation studies scheduled for 2016

URANIUM MINERAL RESERVE CLASSIFICATION

Tons (Mt) Grade (kg/t) U3O8 (‘000 lb)

Uranium classification Dec 2015 Dec 2014 Dec 2015 Dec 2014 Dec 2015 Dec 2014

Probable AI 7.4 0.715 11,654

Total AI 7.4 0.715 11,654

Total underground 7.4 0.715 11,654

GOLD MINERAL RESERVE RECONCILIATION AT 31 DECEMBER 2015

Factors Moz

31 December 2014 3.669

2014 Depletion (0.325)

Post depletion 3.344

Geological changes 0.080

White areas 0.602

General exclusions (0.237)

Evaluation (0.034)

Technical factors 0.061

Surface sources 0.014

Beisa 0.495

31 December 2015 4.326

Gold Mineral Reserve reconciliation

Dec

2014

Depl

etio

n

Geol

ogic

al c

hang

es

Whi

te a

reas

Gene

ral e

xclu

sion

s

Eval

uatio

n

Tech

nica

l fac

tors

Surfa

ce s

ourc

es

Beis

a

Dec

2015

(325)

80 (237)

602

(34)

61 14495

Gold

(’00

0oz)

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

3,6693,344

4,326

Post

-dep

letio

n

Sibanye Gold Mineral Resources and Mineral Reserves 2015 3030

SECTION 2 THE BEATRIX OPERATION NEXTBACKPRINTHOME

Page 33: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

CURRENT LOM ESTIMATED TO SUSTAIN OPERATION UNTIL 2029, A FURTHER 14 YEARS

PRODUCTION AND HOISTING CAPACITIES

Mining unitOperating

shaft

Operational hoisting

capacity (ktpm)

Planned production

(ktpm)*

1 3 170 152

2 1 138 55

2 2 Decommissioned

3 4** 120 99

3 4 SV 120 51

* Planned production is a five-year hoisted average from 2016 onwards

** 4 Shaft includes Beisa

PLANT CAPACITIES

Plant

Design capacity

(ktpm)

Current operational

capacity (ktpm)

Average recovery

factor (%)Material treated

1 (CIL) 233 243 95.8 88.9

UG Surface

2 (CIP) 130 130 94.8 86.1

UG Surface

CIP: Carbon in pulp

Beatrix 2 processing plant

Sibanye Gold Mineral Resources and Mineral Reserves 2015 3131

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Page 34: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Our Cooke operation was first established as the Western Areas Gold mine in 1961 following detailed exploration of the gold-and uranium-bearing conglomerates of the Elsburg Formation that had began in the

1950s. The current Mineral Reserves are estimated to sustain the operation until 2023.

COOKE

Cooke 4 Shaft complex

3232 Sibanye Gold Mineral Resources and Mineral Reserves 2015

SECTION 2 THE COOKE OPERATION NEXTBACKPRINTHOME

Page 35: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Mining RightSection 102 applicationTownsNational roadsArterial roadsMain roads

EX-BLYVOORUITZICHT

Fochville

KLOOF

DRIEFONTEIN

ZUURBEKOMPR TO BE INCLUDED INCOOKE 4

WRTRP

WRTRP

WRTRP

Westonaria

Randfontein

Carletonville

WRTRP

RSOWRTRP

HARMONY

HARMONY

GOLD FIELDS

ANGLOGOLD

COOKE 4

COOKE 123

COOKE 123

RSO

Gauss Conform Projection Central Meridian 27°

0 5km

Co-ordinatesLatitude: 26° 15’00”SLongitude: 24° 45’00”E

T N

OVERVIEWCooke is a large, established, shallow to intermediate-level gold mine. The mine has been producing uranium and gold since 1961. As per legislation, the mine operates under three Mining Rights, covering areas adjacent to each other. The Mining Rights are as follows:

• Cooke 1,2,3 [DMR Ref. GP30/5/1/2/2(07) MR], valid from 18 December 2007 to 17 December 2037 and covering a total area of 7,875ha

• Cooke 4 (Ezulwini) [DMR Ref. GP30/5/1/2/2(38) MR], valid from 20 November 2006 to 19 November 2036 and covering a total area of 3,718ha

• Randfontein Surface Operations (RSO) [DMR Ref. GP30/5/1/2/2(173) MR] valid from 07 May 2009 to 06 May 2039 with a total area of 3,130ha

The underground mining activities at Cooke and the RSO are located in the Randfontein District of the Gauteng province in South Africa. Cooke shafts are located approximately 30km to 40km south-west of Johannesburg. The sites are accessed via the R28 highway between Randfontein and Westonaria or via the N12 national road between Johannesburg and Potchefstroom.

The topography of the surface area is relatively flat and the vegetation of the area is classified as Bankenveld consisting of grassland. Livestock farming is widespread in the surrounding area and no climate extremes are experienced that affect mining operations.

The RSO assets include several TSFs on the West Rand near Randfontein.

LOCATION

Gold Mineral Resources 15.911Moz (4.08% decrease post-production depletion of 0.120Moz)

Uranium Mineral Resources 68.423Mlb (+3.1% post-production depletion of 0.291Mlb)

Gold Mineral Reserves 1.523Moz (-12% post-production depletion of 0.216Moz)

Uranium Mineral Reserves 3.073Mlb (-13% post-production depletion of 0.291Mlb)

Strategic intent

• Stabilise production profiles and performance levels

• Reduce pay limits through quality mining and cost reduction

• Strengthen uranium potential

• Unlock secondary reef potentials

Sibanye Gold Mineral Resources and Mineral Reserves 2015 3333

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Page 36: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

COOKE CONTINUED

The current mine infrastructure consists of four producing shaft complexes that mine open ground and pillars (white areas), with the deepest operating level some 1,634m below surface (58 level at Cooke 4 SV Shaft). The production from the four Cooke shafts is hoisted to surface separately. Underground material from Cooke 1,2 and 3 is processed at the Doornkop Plant, operated by Harmony Gold Mining Company Ltd, on a toll treatment basis. Run-of-mine (ROM) from Cooke 4, is treated at the Ezulwini gold-uranium plant situated near Cooke 4 Shaft. Ore from the uranium section at Cooke 3 is hoisted separately and trucked, along private roads, to the Ezulwini gold-uranium plant for treatment.

The principal mining takes place on the UE1A Reef, which constitutes 63% of the underground Mineral Reserve ounces, the Upper Elsburg Reefs (24%), various secondary reefs of the Elsburg and Kimberley Formations (3%) and the VCR (10%). The principal source of uranium is the UE1A Reef.

SCHEMATIC 3D SECTION THROUGH THE COOKE OREBODY LOOKING NORTH-NORTH-WEST

T N

SCHEMATIC 3D SECTION OF THE COOKE 4 OREBODY LOOKING WEST-NORTH-WEST

T N

Sibanye Gold Mineral Resources and Mineral Reserves 2015 3434

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Page 37: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

COOKE OVERVIEW

Mineralisation style Palaeo-placer

Mineralisation characteristics • Hosted by auriferous and uraniferous, quartz pebble conglomerates (reefs)

• Laterally extensive with relatively long-range predictability

• Clear patterns of mineralisation governed by sedimentary characteristics

Deposit type Shallow to intermediate-depth gold mine exploiting the UE1A Reef, various secondary reefs of the Elsburg and Kimberley Conglomerate Formations and the VCR

Licence status and holdings Cooke has a new order mining right in terms of the MPRDA, separated into three individual rights with granted durations as follows:

• Cooke 1,2,3 from 18 December 2007 to 17 December 2037 in respect of a mining area totalling 7,875ha

• Cooke 4 from 20 November 2006 to 19 November 2036 covering a total area of 3,718ha

• RSO from 7 May 2009 to 6 May 2039 covering a total area of 3,230ha

All required operating permits have been obtained and are in good standing. Cooke 4 also holds a prospecting right [DMR Ref. GP (10151)PR] in respect of a contiguous area (6,842ha) to the east of Cooke 1,2,3 and Cooke 4, which is valid until October 2016. Cooke 4 is in the process of finalising a Section 102 application to amend the Cooke 4 mining right through the inclusion of this prospecting right (Zuurbekom)

Cooke 1,2,3 holds a prospecting right GP(10055)PR over the Cooke 4 South TSF, measuring 244ha, a S102 application was submitted in 2015 for GP(10055)PR to be included into C123MR

Infrastructure Four shaft complexes and a surface mining operation

Mining methods • Cooke 1,2,3: conventional breast mining, scattered mining and pillar mining

• Cooke 4: conventional breast mining, drift and benching, scattered mining and pillar mining

• RSO: hydraulic reclamation (water jets), gravity feed to sump pump station and pumped via pipeline to processing plant

Mineral processing Three processing plants (one external)

• Harmony Doornkop Plant: processing Cooke 1,2,3 underground ore on a toll treatment basis for gold

• Ezulwini Plant: processing Cooke 1,2,3 and Cooke 4 underground ore for gold and uranium

• Cooke Plant: processing RSO tailings material for gold

Tailings disposal A tailings storage facility (Ezulwini) with LoM deposition estimated at 6.6Mt against a capacity of 10.0Mt (surplus of 3.4Mt)

Cooke 1,2,3 tailings via the Doornkop Plant are deposited on the Doornkop TSF

Currently RSO tailings are deposited down old, defunct open-cast mine workings estimated to accomodate all planned residue over the LoM

Climate No extreme climate conditions are experienced that affect mining operations

Environmental/Health and Safety Cooke systems, procedures and training are on par with international best practice

Life of Mine It is estimated that the current Mineral Reserves will sustain the operation until 2023 (based on Cooke LoM)

Competent Persons The Competent Persons at each MU designated in terms of SAMREC, who take responsibility for the consolidation, reporting and overall compliance of Cooke’s Mineral Resources and Mineral Reserves are the respective Mineral Resource Managers:

MU1: 1 and 2 Shafts Mr L Madondo [BSc. Geology, COMSCC] is a registered SACNASP member (No. 200016/09) and has 11 years’ experience

MU2: 3 Shaft Mr S Stander [BSc (Hon) Geology, GDE (Mining), B.Com., MBL, Dipl. PM] is a registered SACNASP member (No.400089/96) and has 13 years’ experience

MU3: 4 Shaft Mr I Kitchin [BSc. (CPD Mineral Resource Management)] is a registered SAIMM member (No. 705144) and has 32 years’ experience

Compliance Internal technical reviews have been conducted by the Competent Persons who gave their consent for the disclosure of the C2015 Mineral Resource and Mineral Reserve Statement. All have sufficient experience relative to the type and style of mineral deposit under consideration and are full-time employees of Sibanye

Sibanye Gold Mineral Resources and Mineral Reserves 2015 3535

SECTION 2 THE COOKE OPERATIONNEXTBACKPRINTHOME

Page 38: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Cooke 1 and 2Shafts

Cooke 3 Shaft

Cooke 4 Shaft

ZuurbekomProspecting

Right

KEY PLAN TO MINING SECTIONS (SHAFT ZONES)

0 2.5km1kmT N

KEY DEVELOPMENTS AND BROWNFIELD PROJECTS (ON-MINE)The potential that exists in the Zuurbekom area and the secondary reefs will be re-assessed during the course of C2016.

The build-up in the production of uranium at Cooke 3 and 4 Shafts will continue in C2016.

COOKE CONTINUED

REVIEWGold Mineral Resources at Cooke decreased by 0.677Moz (-4.08%) to 15.911Moz due to pay limit variations pertaining to the Cooke 1,2,3 operations.

The Uranium Mineral Resources at Cooke increased by approximately 2.038Mlb (+3.07%) to 68.423Mlb.

Gold Mineral Reserves decreased by 22% to 1.523Moz. The change was as a result of pay limit variation.

Uranium Mineral Reserve decreased by 20% (-0.754Mlb) amounting to a total 3.073Mlb.

COOKEANNUAL DEVELOPMENT RESULTS

Financial year total

Category Unit VCRElsburg

ReefsElsburg

MassivesKimberley

ReefsTotal 2015

Main development (advanced) km 2 .197 9.450 0.212 1.064 12.923

Main on-reef development (advanced) km 1. 250 3. 607 0.169 0.620 5.646

Channel width cm 94 129 177 75 117

Average reef value g/t 7.6 7.6 9.1 8.2 7.7

cm.g/t 712 977 1,616 614 898

A full account of all the operating statistics of Cooke is posted on the back of the Cooke shareholders plan attached to the end of this Mineral Resources and Mineral Reserves Supplement.

Lining of the TSF

Bullion scrubbing

Sibanye Gold Mineral Resources and Mineral Reserves 2015 3636

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Page 39: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

GOLD MINERAL RESOURCE CLASSIFICATION (REPORTED INCLUSIVE OF MINERAL RESERVES)

Tons (Mt) Grade (g/t) Gold (‘000 oz)

Gold classification Dec 2015 Dec 2014 Dec 2015 Dec 2014 Dec 2015 Dec 2014

Underground

Measured 8.5 11.5 5.7 8.6 1,566 3,175

Indicated AI 34.7 34.8 7.1 6.8 7,969 7,659

Inferred AI 11.9 8.6 6.1 5.9 2,326 1,643

Total above infrastructure 55.1 54.9 6.7 7.1 11,862 12,477

Inferred BI 40.7 40.7 3.1 3.1 3,998 3,998

Total underground 95.8 95.6 5.1 5.4 15,860 16,475

Surface – TSFs

Measured 4.7 7.3 0.3 0.4 52 86

Indicated 2.2 0.4 28

Total surface 4.7 9.4 0.3 0.4 52 114

Total gold Mineral Resources 100.5 105.0 4.9 4.9 15,911 16,589

URANIUM MINERAL RESOURCE CLASSIFICATION (REPORTED INCLUSIVE OF MINERAL RESERVES)

Tons (Mt) Grade (kg/t) U3O8 (‘000 lb)

Uranium classification Dec 2015 Dec 2014 Dec 2015 Dec 2014 Dec 2015 Dec 2014

Underground

Measured 4.9 4.4 0.447 0.590 4,873 5,697

Indicated AI 11.0 12.4 0.476 0.584 11,546 15,987

Inferred AI 6.7 1.1 0.546 0.288 8,020 717

Total above infrastructure 22.6 17.9 0.490 0.567 24,439 22,401

Inferred BI 35.9 35.9 0.555 0.555 43,984 43,984

Total uranium Mineral Resources 58.5 53.9 0.530 0.559 68,423 66,385

Ezulwini processing plant

Sibanye Gold Mineral Resources and Mineral Reserves 2015 3737

SECTION 2 OPERATIONS AND PROJECTSNEXTBACKPRINTHOME

Page 40: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

SINGLE REEF

MULTI REEF

UE1A/E9EC

AN

TIC

LIN

E A

XIS

UE1A/E9EC

North

COOKE 3

COOKE 2

AND COOKE 4

COOKE 1

ILLUSTRATION OF UE1A/E9EC CLASTIC WEDGE

UPPER ELSBURG

0 2.5km1kmT N

Ezulwini processing plant

Legend ClassificationShaftsMining BoundaryMined-out areasUpper Elsburg subcrop

MeasuredIndicatedInferred

VENTERSDORP CONTACT REEF

0 2.5km1kmT N

UE1A AND E9EC

0 2.5km1kmT N

Legend ClassificationShaftsMining BoundaryMined-out areasUE1A subcropPillars

MeasuredIndicatedInferred

Legend ClassificationShaftsMining BoundaryMined-out areasVCR subcrop

MeasuredIndicatedInferred

COOKE CONTINUED

Gold Mineral Resource reconciliation

Dec

2014

2015

Dep

letio

n

Addi

tiona

l blo

ckin

g

Mod

ellin

g

Payli

mit

Geol

ogic

al s

truct

ure

Reso

urce

blo

cks

clea

nup

Surfa

ce s

ourc

es

Dec

2015

(291)

3,168

(1,850)(1,871) (26)

(140)

332

Gold

(’00

0oz)

0

5,000

10,000

15,000

20,00016,589 16,298 15,911

Post

-dep

letio

n

Sibanye Gold Mineral Resources and Mineral Reserves 2015 3838

SECTION 2 OPERATIONS AND PROJECTS NEXTBACKPRINTHOME

Page 41: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

RSO MODIFYING FACTORS (SURFACE)

Parameter Unit Dec 2015 Dec 2014

Mineral Resource pay limit g/t 0.26 0.31

Mineral Reserve pay limit g/t 0.29 0.33

Mined value g/t 0.34 0.38

Plant recovery factor % 60 61

GOLD MINERAL RESERVE CLASSIFICATION

Tons (Mt) Grade (g/t) Gold (‘000 oz)

Gold classification Dec 2015 Dec 2014 Dec 2015 Dec 2014 Dec 2015 Dec 2014

Underground

Proved 6.8 10.1 4.7 4.8 1,014 1,555

Probable AI 3.1 1.8 4.6 4.9 457 286

Total above infrastructure 9.8 11.9 4.7 4.8 1,471 1,841

Probable BI

Total underground 9.8 11.9 4.7 4.8 1,471 1,841

Surface – TSFs

Proved 4.7 7.3 0.3 0.4 52 86

Probable 2.2 0.4 28

Total surface 4.7 9.4 0.3 0.4 52 114

Total gold Mineral Reserves 14.5 21.3 3.3 2.8 1,523 1,955

GOLD GRADE TONNAGE CURVEThe grade tonnage curve represents undiluted grade (at block width) and tons within the total Mineral Resources (all reefs at zero cut-off).

MODIFYING FACTORS (UNDERGROUND)

Parameter Unit Dec 2015 Dec 2014

Mineral Resource pay limit cm.g/t 970 860

Mineral Reserve pay limit cm.g/t 1,090 950

Mined value cm.g/t 1,150 1,039

Mine call factor (gold) % 79 79

Mine call factor (uranium) % 76 77

Block factor % 100 100

Shortfall % 0 1

Mining dilution % 17 28

Stoping width cm 188 160

Mill width cm 235 206

Plant recovery factor – gold UG % 95 96

Plant recovery factor –

uranium UG % 78 79

Tons GradeCut-off grade (cm.g/t)

Tons

(Mt)

Aver

age

valu

e ab

ove

cut o

ff (c

m.g

/t)

0

500

1000

1500

2000

2500

3000

3500

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,5002,0001,000 1,5005000

Cooke 1 processing plant feed

Sibanye Gold Mineral Resources and Mineral Reserves 2015 3939

SECTION 2 OPERATIONS AND PROJECTSNEXTBACKPRINTHOME

Page 42: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

COOKE CONTINUED

URANIUM MINERAL RESERVE CLASSIFICATION

Tons (Mt) Grade (kg/t) U3O8 (‘000 lb)

Uranium classification Dec 2015 Dec 2014 Dec 2015 Dec 2014 Dec 2015 Dec 2014

Underground

Proved 2.7 4.1 0.348 0.379 2,056 3,388

Probable AI 1.5 0.5 0.314 0.369 1,017 439

Total above infrastructure 4.2 4.6 0.336 0.378 3,073 3,827

Probable BI

Total uranium Mineral Reserves 4.2 4.6 0.336 0.378 3,073 3,827

GOLD MINERAL RESERVES PER MINING AREA

Proved Mineral Reserves Probable Mineral ReservesTotal Mineral Reserves

31 Dec 2015Total

Dec 14

Mining areaTons (Mt)

Grade (g/t)

Gold (‘000 oz)

Tons (Mt)

Grade (g/t)

Gold (‘000 oz)

Tons (Mt)

Grade (g/t)

Gold (‘000 oz)

Gold (‘000 oz)

1 Shaft 0.5 7.4 111 0.0 2.1 1 0.5 7.2 112 134

2 Shaft 0.9 6.1 179 0.2 8.4 60 1.1 6.5 239 353

3 Shaft 3.3 4.6 493 0.8 3.1 76 4.1 4.3 569 669

4 Shaft 2.0 3.5 232 2.1 4.8 320 4.1 4.2 551 685

Total underground 6.8 4.7 1,014 3.1 4.6 457 9.8 4.7 1,471 1,841

RSO TSFs 4.7 0.3 52 4.7 0.3 52 114

Total gold Mineral Reserves 11.5 2.9 1,066 3.1 4.6 457 14.5 3.3 1,523 1,955

URANIUM MINERAL RESERVES PER MINING AREA

Proved Mineral Reserves Probable Mineral ReservesTotal Mineral Reserves

31 Dec 2015Total

Dec 14

Mining areaTons (Mt)

Grade (kg/t)

U3O8 (‘000 lb)

Tons (Mt)

Grade (kg/t)

U3O8 (‘000 lb)

Tons (Mt)

Grade (kg/t)

U3O8 (‘000 lb)

U3O8

(‘000 lb)

1 Shaft

2 Shaft

3 Shaft 1.6 0.360 1,233 1.0 0.290 622 2.5 0.333 1,855 2,001

4 Shaft 1.1 0.330 823 0.5 0.360 394 1.6 0.340 1,218 1,826

Total underground 2.7 0.348 2,056 1.5 0.314 1,017 4.2 0.336 3,073 3,827

RSO TSFs

Total uranium Mineral Reserves 2.7 0.348 2,056 1.5 0.314 1,017 4.2 0.336 3,073 3,827

Cooke processing plant gold pour

Sibanye Gold Mineral Resources and Mineral Reserves 2015 4040

SECTION 2 THE COOKE OPERATION NEXTBACKPRINTHOME

Page 43: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

GOLD MINERAL RESERVE RECONCILIATION AT 31 DECEMBER 2015

Factors Moz

31 December 2014 1.955

2015 Depletion (0.216)

Post-depletion 1.739

Geological changes (0.025)

General inclusions (white areas) 0.028

General exclusions (pay limit) (0.230)

Evaluation 0.047

Technical factors (0.012)

Surface exclusions (0.025)

31 December 2015 1.523

URANIUM MINERAL RESERVE RECONCILIATION AT 31 DECEMBER 2015

Factors Mlb

31 December 2014 3.827

2015 Depletion (0.291)

Post-depletion 3.536

General exclusions (pay limit) (0.463)

31 December 2015 3.073

Gold Mineral Reserve reconciliation

Dec

2014

2015

Dep

letio

n

Geol

ogic

al c

hang

es

Whi

te a

reas

Pay l

imit

Eval

uatio

n

Tech

nica

l fac

tors

Surfa

ce s

ourc

es

Dec

2015

(216) 47(12) (25)(230)

28(25)

Gold

(’00

0oz)

0

500

1,000

1,500

2,000 1,9551,739

1,523Po

st-d

eple

tion

Uranium Mineral Reserve reconciliation

Dec

2014

2015

Dep

letio

n

Pay l

imit

Dec

2015

(463)(291)

U 3O 8 (’00

0lb)

0500

1,0001,5002,0002,5003,0003,5004,000 3,827

3,5363,073

Post

-dep

letio

n

PRODUCTION AND HOISTING CAPACITIES

Mining unit Operating shaftOperational hoisting

capacity (ktpm)*Planned production

(ktpm)

1 1 15 10

1 2 28 19

2 3 54 49

3 4 56 49

3 4 SV Decommissioned

RSO TSF 400** 400* Planned production is five-year hoisted average from C2016 onwards

** Reclamation capacity

PLANT CAPACITIES

PlantDesign capacity

(ktpm)Current operational

capacity (ktpm)Average recovery

factor (%) Material treated

Doornkop 80 56 95.4 UG

Ezulwini gold* 200 150 95.1 UG

Ezulwini uranium 100 50 78.2 UG

Cooke 400 400 60.4 TSF

* Ezulwini gold plant capacity is inclusive of the 100ktpm uranium plant tails

CURRENT LOM ESTIMATED TO SUSTAIN OPERATION UNTIL 2023, A FURTHER 8 YEARS

Sibanye Gold Mineral Resources and Mineral Reserves 2015 4141

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Page 44: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Driefontein started production in 1952 and is officially the most prolific gold mine, having produced more than 108Moz of gold over the past 63 years. The current Mineral Reserves are estimated to sustain the

operation until 2042.

DRIEFONTEIN

Driefontein 2 ventilation shaft

4242 Sibanye Gold Mineral Resources and Mineral Reserves 2015

SECTION 2 THE DRIEFONTEIN OPERATION NEXTBACKPRINTHOME

Page 45: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

EX-BLYVOORUITZICHT

HARMONY RSO

RSO

RSOC123

C123

HARMONY

ANGLOGOLD

Fochville

KLOOF

COOKE 4

Westonaria

COOKE 123

Randfontein

Carletonville

DRIEFONTEIN

CoordinatesLatitude: 26° 24’00”SLongitude: 27° 30’00”E

ZUURBEKOM PR TO BE INCLUDED INTOCOOKE 123

WRTRP

EXTENSION OFDRIEFONTEIN MR

WRTRP

WRTRP

Mining Right (MR)Section 102 applicationTownsNational roadsArterial roadsMain roads

Gauss Conform Projection Central Meridian 27°

0 5kmT N

WRTRP

GOLD FIELDS

LOCATION

OVERVIEWDriefontein is a large, established, shallow to ultra-deep-level gold mine, operating under a Mining Right [DMR Ref. GP30/5/1/2/2(51)MR] valid from 30 January 2007 to 29 January 2037 covering a total area of 8,561ha.

Geographically, Driefontein is located in the West Wits Line Goldfield of the Witwatersrand Basin, near Carletonville, approximately 70km west of Johannesburg in the Gauteng province of South Africa. Topography is characterised by moderately undulating plains, classified as Bankenveld, consisting of grassland with livestock farming widespread in the surrounding areas.

The current mine infrastructure consists of six producing shaft complexes that mine open ground and pillars (white areas), with the deepest operating level currently some 3,420m below surface (50 Level at 5 Shaft), and three gold processing plants. The principal mining takes place on the Carbon Leader Reef (CLR), which constitutes almost 67% of the Mineral Reserves, the VCR 29%, the Middelvlei Reef (MVR) 3% and the remainder from surface sources.

Gold Mineral Resources 19.786Moz (-14% post-production depletion of 0.589Moz)

Gold Mineral Reserves 8.196Moz (+21% post-production depletion of 0.581Moz)

Strategic intent

• Extend the LoM

• Stabilise production profiles at current performance levels

• Reduce pay limits through quality mining and cost reduction

• 1 Shaft pillar extraction PFS completed

• 5 Shaft drop-down PFS completed and development commenced

• Target secondary reefs on an incremental basis above infrastructure

Driefontein 1 Shaft

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SCHEMATIC 3D SECTION THROUGH THE DRIEFONTEIN OREBODY LOOKING NORTH

DRIEFONTEIN OVERVIEW

Mineralisation style Palaeo-placer

Mineralisation characteristics • Hosted by auriferous and uraniferous quartz pebble conglomerates (reefs)

• Laterally continuous with relatively long-range predictability

• Clear patterns of mineralisation governed by sedimentary characteristics

Deposit type Auriferous and uraniferous quartz pebble conglomerates, hosted by the VCR and Main Conglomerate Formation, CLR and MVR, of the Central Rand Group

Licence status and holdings Driefontein has a new order mining right in terms of the MPRDA, valid from 30 January 2007 to 29 January 2037 in respect of a mining area totalling 8,561ha. All required operating permits have been obtained, and are in good standing

Infrastructure Six shaft complexes (five sub-shafts and one tertiary shaft)

Mining methods Scattered stoping, mini-longwall stoping with closely spaced dip pillars (140m x 40m and 130m x 30m regional pillars) and surface rock-dump mining

Mineral processing Three gold processing plants and a centralised elution and carbon treatment facility at the No. 1 Plant:

• No. 1 CIP Plant: processing underground ore and low-grade surface rock dump material

• No. 2 CIP Plant: processing only low-grade surface rock dump material

• No. 3 CIL Plant: processing only low-grade surface rock dump material

Tailings disposal Three TSFs with LoM deposition estimated at 40.1Mt against a combined capacity of 94.5Mt (surplus 54.4Mt)

Climate No extreme climate conditions are experienced that may affect mining operations

Environmental/Health and Safety Driefontein’s systems, procedures and training are in line with international best practice

Life of Mine It is estimated that the current Mineral Reserves will sustain the operation until 2042 (for 27 years)

DRIEFONTEIN CONTINUED

T N

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Page 47: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

Competent Persons The Competent Persons at each MU designated in terms of SAMREC, who take responsibility for the consolidation, reporting and overall compliance of Driefontein’s Mineral Resources and Mineral Reserves are the respective Mineral Resource Managers:

MU1: 1 Shaft Mr C Labuschagne [GDE Mining Eng. BSc (Hon) Geology. MSc. Env. Management] is a registered SACNASP member (No. 400237/08) and has 18 years’ experience

MU2: 2 & 4 Shafts Mr M Tandree [ND Mine Surveying; MSCC; GDE Mining] is a registered SAIMM member (No. 706330) and has 18 years’ experience

MU3: 6 & 8 Shafts Mr C Dewey [ND Mine Survey, MSCC, GDE (Mining Engineering), MSc. Eng (Mining Engineering)] is a registered PLATO member (PMS0234) and has 41 years’ experience

MU4: 5 Shaft Mr J du Plessis [MSc. (Mining Engineering), GDE Mining Engineering NHD Mine Surveying, MSCC] is a registered PLATO member (PMS0145) and has 36 years’ experience

Compliance Internal technical reviews have been conducted by the Competent Persons who gave their consent for the disclosure of the C2015 Mineral Resource and Mineral Reserve Statement. All have sufficient experience relative to the type and style of mineral deposit under consideration and are full-time employees of Sibanye.

REVIEWThe Mineral Resources at Driefontein decreased by 3.095Moz (14%) from the previous year.

The Mineral Reserves increased overall by 0.842Moz (11%). This increase is mainly a result of the inclusion of white areas (0.538Moz) that have, since the previous C2015 LoM plan, been investigated for their economic potential.

Mineral Reserve development will remain a key performance indicator for C2016. The following table details the development advanced for the last 12 months to December 2015 C2014 added for comparison). A total of 15.7km was developed in C2015 of which 3.2km was on-reef.

A full account of all the operating statistics of Driefontein is posted on the back of the Driefontein shareholders plan, attached at the end of this Mineral Resources and Mineral Reserves Report.

ANNUAL DEVELOPMENT RESULTS

Financial year total

Category Unit CL VCR MR 2015 2014

Main development (advanced) km 6.836 5.102 3.766 15.7 17.4

Main on-reef development (advanced) km 1.638 0.841 0.763 3.2 3.9

Channel width cm 89 54 79 78 72

Average reef value g/t 18.2 34.3 9.1 18.9 19.7

cm.g/t 1,621 1,852 717 1,468 1,415

Surface rock dump 12 at DriefonteinSurface rock dump 2

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KEY DEVELOPMENTS AND BROWNFIELD PROJECTS (ON-MINE)The following projects are ongoing and have been included in the LoM:

• The 1 Shaft Pillar Extraction Project PFS, completed by Royal HaskoningDHV in 2013, is included in the LoM production plan. It is planned to finalise the FS for this project over the next two years, as investigations are hampered by ventilation constraints for the sub vertical SV area.

• The FS for the Driefontein 5 Shaft drop-down project (below 50 Level) was approved in November 2015, and it is planned to commence with the development in C2016. The mine design on the target levels has been extended towards the Driefontein mining boundary, resulting in additional Mineral Reserves of 1.0Moz.

• The SRDs at Driefontein are expected to be depleted in C2017. As a result, detailed studies are underway to utilise the Driefontein Surface Plant infrastructure for the first phase of the WRTRP.

DRIEFONTEIN CONTINUED

KEY PLAN TO MINING UNITS (SHAFT ZONES)

2 Shaft8 Shaft

6 Shaft10 Shaft 1 Shaft

4 Shaft

5 Shaft

6T Shaft

0 2.5km1kmT N

GOLD MINERAL RESOURCE CLASSIFICATION (REPORTED INCLUSIVE OF MINERAL RESERVES)

Tons (Mt) Grade (g/t) Gold (‘000 oz)

Gold classification Dec 2015 Dec 2014 Dec 2015 Dec 2014 Dec 2015 Dec 2014

Underground

Measured 18.9 21.5 10.7 11.9 6,503 8,229

Indicated AI 7.5 10.5 12.7 12.1 3,053 4,088

Indicated BI 28.0 29.5 10.9 10.2 9,821 9,684

Inferred AI 0.7 1.1 14.6 16.0 314 550

Inferred BI 0.7 9.4 204

Total underground 55.0 63.2 11.1 11.2 19,691 22,755

Total above infrastructure 27.0 33.1 11.4 12.1 9,870 12,867

Total below infrastructure 28.0 30.1 10.9 10.2 9,821 9,888

Surface

Indicated surface rock dump 4.6 6.8 0.6 0.6 94 125

Total gold Mineral Resources 59.6 70.0 10.3 10.2 19,786 22,880

Driefontein 8 Shaft headgear

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VENTERSDORP CONTACT REEF

0 2.5km1kmT N

MIDDELVLEI REEF

CARBON LEADER REEF

Legend ClassificationShaftsMined-out areasCLR subcropPillars

MeasuredIndicatedInferred

0 2.5km1kmT N

0 2.5km1kmT N

Legend ClassificationShaftsMined-out areasVCR subcropPillars

MeasuredIndicatedInferred

Legend ClassificationShaftsMined-out areasMVR subcropPillars

MeasuredIndicatedInferred

Gold Mineral Resource reconciliation

Dec

2014

2015

Dep

letio

n

post

-dep

letio

n

Estim

atio

n an

d ge

olog

y

Mod

ellin

g

Payli

mit

Surfa

ce s

ourc

es

Dec

2015

(668)(2,529)

22,212

(199)253 48

Gold

(’00

0oz)

0

5,000

10,000

15,000

20,000

25,000 22,88019,786

Sibanye Gold Mineral Resources and Mineral Reserves 2015 4747

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GOLD MINERAL RESERVE CLASSIFICATION

Tons (Mt) Grade (g/t) Gold (‘000 oz)

Gold classification Dec 2015 Dec 2014 Dec 2015 Dec 2014 Dec 2015 Dec 2014

Underground

Proved AI 17.9 12.1 7.2 7.0 4,133 2,716

Probable AI 8.6 14.4 6.7 7.3 1,846 3,387

Total above infrastructure 26.4 26.6 7.0 7.1 5,980 6,103

Probable BI 9.1 5.5 7.3 6.3 2,122 1,126

Total underground 35.5 32.1 7.1 7.0 8,102 7,228

Surface

Probable surface rock dump 4.6 6.8 0.6 0.6 94 125

Total gold Mineral Reserves 40.1 38.9 6.4 5.9 8,196 7,354

GOLD MINERAL RESERVES PER MINING AREA

Proved Mineral Reserves Probable Mineral ReservesTotal Mineral Reserves

31 Dec 2015Total

Dec 14

Mining areaTons (Mt)

Grade (g/t)

Gold (‘000 oz)

Tons (Mt)

Grade (g/t)

Gold (‘000 oz)

Tons (Mt)

Grade (g/t)

Gold (‘000 oz)

Gold (‘000 oz)

1 Shaft 2.2 8.6 599 0.0 3.7 5 2.2 8.5 604 684

1 SV Shaft Pillar 2.7 7.2 616 2.7 7.2 616 536

2 Shaft 1.3 7.5 327 0.2 3.3 22 1.6 7.0 350 459

4 Shaft 2.5 9.3 752 1.8 8.0 449 4.3 8.8 1,201 1,350

5 Shaft 6.2 7.0 1,404 2.6 7.0 582 8.8 7.0 1,985 2,286

5 Shaft drop-down 9.1 7.3 2,122 9.1 7.3 2,122 1,126

6 Shaft 1.3 7.6 306 0.2 5.0 33 1.5 7.2 339 304

8 Shaft 4.4 5.3 746 1.1 3.9 139 5.5 5.0 886 483

Total underground 17.9 7.2 4,133 17.6 7.0 3,968 35.5 7.1 8,102 7,228

Surface

Surface rock dumps 4.6 0.6 94 4.6 0.6 94 125

Total gold Mineral Reserves 17.9 7.2 4,133 22.2 5.7 4,063 40.1 6.4 8,196 7,354

The Mineral Reserves increased overall by 0.842Moz (11%). This increase is mainly a result of the inclusion of white areas (0.538Moz) that have been investigated for their economic potential since the previous C2015 LoM plan.

DRIEFONTEIN CONTINUED

MODIFYING FACTORS

Parameter Unit Dec 2015 Dec 2014

Mineral Resource pay limit cm.g/t 1,210 1,170

Mineral Reserve pay limit cm.g/t 1,330 1,280

Mined value cm.g/t 1,654 1,726

Mine call factor % 86 86

Block factor % 100 100

Shortfall % 11 12

Mining dilution % 24 35

Stoping width cm 155 158

Mill width cm 203 214

Plant recovery factor UG % 97 97

Plant recovery factor SRD % 81 86

Tons

(Mt)

Tons Grade

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

0

50

100

150

200

250

300

350

400

450

Avar

age

valu

e ab

ove

cut-

off (

cm.g

/t)

Cut-off grade (cm.g/t)2,5002,0001,000 1,5005000

GOLD GRADE TONNAGE CURVEThe grade tonnage curve represents undiluted grade (at block width) and tons within the total Mineral Resources (all reefs at zero).

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Page 51: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

GOLD MINERAL RESERVE RECONCILIATION AT 31 DECEMBER 2015

Factors Moz

31 December 2014 7.354

2015 Depletion (0.581)

Post depletion 6.773

Geological changes 0.010

White areas 0.751

5 Shaft drop-down additions 1.016

Change in average mining value (0.792)

Changes in modifying factors 0.390

Surface additions 0.049

31 December 2015 8.196

Gold Mineral Reserve reconciliation

Dec

2014

2015

Dep

letio

n

Post

-dep

letio

n

Geol

ogic

al c

hang

es

Whi

te a

reas

5 Sh

aft d

ropd

own

chan

ges

Chan

ges

in a

vera

ge m

inin

g va

lue

Tech

nica

l fac

tors

Surfa

ce s

ourc

es

Dec

2015

(581)10 (792)

751 1,061 390 49

Gold

(’00

0oz)

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

7,3546,773

8,196

PLANT CAPACITIES

PlantDesign capacity

(ktpm)Current operational

capacity (ktpm)Average recovery

factor (%) Material treated

1 (CIP) 240 240 97.3 UG/SRD

2 (CIP) 200 180 80.5 SRD

3 (CIL) 115 100 81.7 SRD

HOISTING AND PRODUCTION CAPACITIES

Mining unit Operating shaftOperational hoisting

capacity (ktpm)Planned production

(ktpm)*

1 1 105 37

1 1 SV 105 37

1 1 T 121 37

2 2 165 108

2 4 SV 57 31

3 6 SV 26 14

3 8 60 42

4 5 N/A N/A

4 5 SV 159 67

* Planned production is five-year hoisted average from C2016 onwards

CURRENT LOM ESTIMATED TO SUSTAIN OPERATION UNTIL 2042, A FURTHER 27 YEARS

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Kloof, a mature operation with a safe operational blueprint, remains a world-class asset and will continue to add value to all its stakeholders for many years to come.

Kloof’s current Mineral Reserve is estimated as sufficient to sustain the operation until 2033.

KLOOF

Kloof 8 Shaft

5050 Sibanye Gold Mineral Resources and Mineral Reserves 2015

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Page 53: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

COOKE 123

COOKE 4

DRIEFONTEIN

CoordinatesLatitude: 26° 24’00”SLongitude: 27° 36’00”E

EX-BLYVOORUITZICHT

Westonaria

Randfontein

Carletonville

Fochville

KLOOF

Gauss Conform Projection Central Meridian 27°

0 5km

Mining RightSection 102 applicationTownsNational roadsArterial roadsMain roads

ZUURBEKOM PRTO BE INCLUDED INCOOKE 123

EXTENSION OFKLOOF MR

EXTENSION OFKLOOF MR

T N

HARMONY

HARMONY

WRTRP

WRTRP

WRTRP

GOLD FIELDS

ANGLOGOLD

RSO

OVERVIEWKloof is an established, shallow to ultra-deep-level gold mine, operating under Mining Right [DMR Ref. GP30/5/1/2/2(66)MR] valid from 30 January 2007 to 29 January 2027 covering a total area of 20,087ha. Kloof is located in the West Wits Line Goldfield of the Witwatersrand Basin, near Westonaria in the Gauteng province of South Africa. The topography is characterised by moderately undulating plains, consisting mainly of grassland.

Kloof, in its current form, dates from April 2000 when the Venterspost (1939), Libanon (1945), Kloof (1968) and Leeudoorn (1993) Mines were amalgamated. The current mine infrastructure consists of five producing shaft complexes that mine open ground and pillars (white areas), with the deepest operating level some 3,347m below surface (45 Level at 4 Shaft), and two gold processing plants. The principal mining takes place on the VCR, which constitutes almost 81% of the underground Mineral Reserve ounces, the MVR amounts to 6% and the remainder is made up from the Kloof Reef (KR) at 9% and the Libanon Reef (LR) at 2%. Surface operations provide 2% to the total mined.

Gold Mineral Resources 28.2Moz (-3.9% post-production depletion of 0.572Moz)

Gold Mineral Reserves 6.5Moz (+2% post-production depletion of 0.456Moz)

Strategic intent

• Extend the LoM

• Stabilise production profiles at current performance levels

• Reduce pay limits through quality mining and cost reduction

• 4 Shaft drop-down project has commenced

• Target secondary reefs on an incremental basis above infrastructure

LOCATION

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KLOOF CONTINUED

SCHEMATIC 3D SECTION THROUGH THE KLOOF OREBODY LOOKING NORTH-NORTH-EAST

KLOOF OVERVIEW

Mineralisation style Palaeo-placer

Mineralisation characteristics • Hosted by auriferous and uraniferous, quartz pebble conglomerates (reefs)

• Laterally extensive with relatively long-range predictability

• Clear patterns of mineralisation, governed by sedimentary characteristics

Deposit type Auriferous and uraniferous quartz pebble conglomerates hosted by the VCR, KR and LR of the Elsburg and Kimberley Conglomerate Formations and the MVR of the Main Conglomerate Formation

Licence status and holdings Kloof has a new order mining right in terms of the MPRDA, valid from 30 January 2007 to 29 January 2027 in respect of a mining area totalling 20,087ha. All required operating permits have been obtained, and are in good standing

Based on the current LoM and prevailing economic conditions, if needed, Kloof will ask for an extension of the mining right through a renewal application at the specified time

The Kloof operation also holds a prospecting right [DMR Ref. GP (10096)PR] in respect of a small area (25ha) confined within the Kloof mining right. Kloof has submitted a Section 102 application to amend Kloof’s mining right through the inclusion of the prospecting right

Infrastructure Five shaft complexes (five sub-shafts and one tertiary shaft)

Mining method Scattered stoping, mini-longwall stoping with closely spaced dip pillars (110 x 40m and 100 x 35m regional pillars) and surface rock-dump mining

T N

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Mineral processing Two gold plants and a centralised elution and carbon treatment facility at the No. 2 Plant:

• No. 1 CIP Plant – processing primarily low-grade surface rock dump material

• No. 2 CIP Plant – processing primarily underground ore

Tailings disposal Two TSFs with LoM deposition estimated at 32.8Mt against a combined capacity of 61.6Mt (surplus of 28.8Mt)

Climate No extreme climatic conditions are experienced that may affect mining operations

Environmental/Health and Safety Kloof’s systems, procedures and training are on par with international best practice

Life of Mine It is estimated that the current Mineral Reserves will sustain the operation until 2033 (for 18 years)

Competent Persons The Competent Persons per MU designated in terms of SAMREC, that take responsibility for the consolidation, reporting and overall compliance of Kloof’s Mineral Resources and Mineral Reserves are the respective Mineral Resource Managers:

MU1: Main Mr S Louw [MMCC] is a registered SAIMM member (No. 707018) and has 34 years’ experience

MU2: 7 Shaft and 8 Shafts Mr M Dekeda [BTech. MRM, MSCC] is a registered SAIMM member (No. 703902) and has 14 years’ experience

MU3: 3 Shaft Mr K Sibeko [ND Economic Geology; BSc. (Hon) Geology] is a registered GSSA member (No. 964872) and has 16 years’ experience

MU4: 4 Shaft Mr JH Engelbrecht [GDE Mining Engineering NHD Mine Surveying, MSCC] is a registered SAIMM member (No. 706905) and has 33 years’ experience

Compliance Internal technical reviews have been conducted by the Competent Persons listed who gave their consent for the disclosure of the C2016 Mineral Resource and Mineral Reserve Statement. All have appropriate experience relative to the type and style of mineral deposit under consideration and are full-time employees of Sibanye

REVIEWGold Mineral Resources at Kloof decreased by approximately 1.143Moz (-3.89%) to 28.186Moz post a production depletion of 0.572Moz. The greatest influence to the year-on-year change is mainly due to pay limit adjustment.

Gold Mineral Reserves decreased by 0.354Moz (5%) to 6.546Moz following a depletion of 0.456Moz. The decrease is as a result of the accumulation of modifying factors rather than due to one particular factor. Gold Mineral Reserve development will remain a key performance indicator for C2016.

A full account of all the operating statistics of Kloof is posted on the back of the Kloof shareholders plan attached at the end of this Mineral Resources and Mineral Reserves Supplement.

The table below details the development advanced for the last 12 months to December 2015 (C2014 numbers added for comparison). A total of 17.9km was developed in C2015 of which 4.3km was on-reef.

ANNUAL DEVELOPMENT RESULTS

Financial year total

Category Unit VCR MVR LR KR C2015 C2014

Main development (advanced) km 11.3 3.4 0.7 2.5 17.9 18.7

Main on-reef development (advanced) km 2.5 0.6 0.3 0.9 4.3 4.0

Channel width cm 110 120 163 154 125 118

Average reef value g/t 23.0 7.4 2.6 6.6 14.6 14.1

cm.g/t 2,539 885 421 1,012 1,824 1,664

Kloof 8 Shaft headgear and processing plant feed

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Venterspost

10 Shaft

BBEEBA

EBA1

4 Shaft EXT

KEA

3 Shaft (P)3 Shaft (I)

3 Shaft (3D)

7 Shaft

55Decline4

Shaf

t

2 SV

Sha

ft

Mai

n Sh

aft

8 Sh

aft

9 Sh

aft

Mai

n1S

V Sh

aft

KEY PLAN TO MINING UNITS (SHAFT ZONES)

0 2.5km1kmT N

KEY DEVELOPMENTS AND BROWNFIELD PROJECTS (ON-MINE)The following projects have been included in the Kloof LoM:

• Kloof have commenced with the development of the Kloof 4 Shaft depth extension project during C2015. It is planned to intersect reef during C2021.

• A major exploration programme, targeting the KR and MVR at Main and 8 Shafts, has resulted in additional Mineral Reserves of ~0.166Moz.

• The Eastern Boundary Area (EBA) Project, included in the Mineral Resources, embodies a significantly high grade opportunity in the area below 7 Shaft. Various studies conducted since the 1990s indicated that the EBA project can be economically viable, and requires further study.

• A study to optimise the extraction of the SRD resources is underway. The intention is to improve the economic viability of SRDs that are a distance from the processing plants.

GOLD MINERAL RESOURCE CLASSIFICATION (REPORTED INCLUSIVE OF MINERAL RESERVES)

Tons (Mt) Grade (g/t) Gold (‘000 oz)

Gold classification Dec 2015 Dec 2014 Dec 2015 Dec 2014 Dec 2015 Dec 2014

Underground

Measured 14.4 20.7 13.4 14.5 6,196 9,618

Indicated AI 1.2 1.9 12.4 12.6 468 775

Indicated BI 24.6 19.2 14.2 13.8 11,246 8,538

Inferred BI 16.4 19.0 19.2 16.7 10,112 10,175

Total underground 56.6 60.7 15.4 14.9 28,023 29,106

Total above infrastructure 15.5 22.6 13.3 14.3 6,664 10,393

Total below infrastructure 41.0 38.1 16.2 15.3 21,359 18,713

Surface

Indicated surface rock dump 9.5 13.1 0.5 0.5 163 223

Total gold Mineral Resources 66.1 73.8 13.3 12.4 28,186 29,329

KLOOF CONTINUED

Kloof 4 Shaft

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VENTERSDORP CONTACT REEF

Legend

Classification

ShaftsMine BoundaryMined-out areasVCR SubcropPillars

MeasuredIndicatedInferred

KLOOF REEF

Legend

Classification

ShaftsMine BoundaryMined-out areasKR SubcropPillars

MeasuredIndicatedInferred

0 2.5km1kmT N

MIDDELVLEI REEF

Legend

Classification

ShaftsMine BoundaryMined-out areasMVR SubcropPillars

MeasuredIndicatedInferred

0 2.5km1kmT N

0 2.5km1kmT N

Gold Mineral Resource reconciliation

Dec

2014

2015

Dep

letio

n

Estim

atio

n an

d ge

olog

y

Geol

ogic

al s

truct

ure

Mod

ellin

g

Payli

mit

Surfa

ce s

ourc

es

Dec

2015

(620) (3)56

(13)250

(815)

Gold

(’00

0oz)

05,000

10,00015,00020,00025,00030,000 29,329 28,710 28,186

Post

-dep

letio

n

Sibanye Gold Mineral Resources and Mineral Reserves 2015 5555

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KLOOF CONTINUED

GOLD MINERAL RESERVE CLASSIFICATION

Tons (Mt) Grade (g/t) Gold (‘000 oz)

Gold classification Dec 2015 Dec 2014 Dec 2015 Dec 2014 Dec 2015 Dec 2014

Underground

Proved 19.6 11.3 7.7 8.1 4,857 2,932

Probable AI 4.6 12.8 6.9 7.9 1,024 3,243

Total above infrastructure 24.2 24.1 7.6 8.0 5,881 6,175

Probable BI 2.1 2.1 7.4 7.9 502 532

Total underground 26.3 26.2 7.5 8.0 6,383 6,706

Surface

Probable surface rock dump 9.5 10.3 0.5 0.6 163 194

Total gold Mineral Reserves 35.8 36.5 5.7 5.9 6,546 6,900

GOLD MINERAL RESERVES PER MINING AREA

Proved Mineral Reserves Probable Mineral ReservesTotal Mineral Reserves

31 Dec 2015Total

Dec 14

Mining areaTons (Mt)

Grade (g/t)

Gold (‘000 oz)

Tons (Mt)

Grade (g/t)

Gold (‘000 oz)

Tons (Mt)

Grade (g/t)

Gold (‘000 oz)

Gold (‘000 oz)

Main Shaft SV 1 3.4 3.7 411 3.4 3.7 411 504

Main Shaft SV 2 3.9 9.3 1,162 0.2 6.2 35 4.1 9.2 1,197 1,292

3 Shaft 2.7 10.1 881 0.5 2.8 48 3.2 8.9 929 983

4 Shaft 7.2 7.7 1,796 3.7 7.6 897 10.9 7.7 2,694 2,809

4 Shaft drop-down 2.1 7.4 502 2.1 7.4 502 532

7 Shaft 1.2 6.8 267 0.1 12.0 22 1.3 7.0 290 492

8 Shaft 1.1 9.4 340 0.1 5.3 21 1.2 9.0 361 95

Total underground 19.6 7.7 4,857 6.7 7.1 1,526 26.3 7.5 6,383 6,706

Surface

Surface rock dumps 9.5 0.5 163 9.5 0.5 163 194

Total gold Mineral Reserves 19.6 7.7 4,857 16.2 3.2 1,689 35.8 5.7 6,546 6,900

MODIFYING FACTORS

Parameter Unit Dec 2015 Dec 2014

Mineral Resource pay limit cm.g/t 1,430 1,610

Mineral Reserve pay limit cm.g/t 1,580 1,770

Mined value cm.g/t 1,912 2,065

Mine call factor % 82 82

Block factor % 100 100

Shortfall % 17 17

Mining dilution % 23 34

Stoping width cm 161 160

Mill width cm 209 213

Plant recovery factor UG % 98 98

Plant recovery factor SRD % 90 90

Tons

(Mt)

Avar

age

valu

e ab

ove

cut-

off (

cm.g

/t)

2,5002,0001,000500 1,5000

Tons GradeCut-off grade (cm.g/t)

0

100

200

300

400

500

600

700

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

GOLD GRADE TONNAGE CURVEThe grade tonnage curve represents undiluted grade (at block width) and tons within the total Mineral Resources (all reefs at zero cut-off).

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GOLD MINERAL RESERVE RECONCILIATION AT 31 DECEMBER 2015

Factors Moz

31 December 2014 6.900

2015 Depletion (0.456)

Post depletion 6.444

Geological changes (0.147)

Secondary reefs 0.166

Inclusion of white areas 0.121

Evaluation (0.067)

Technical factors 0.012

Surface additions 0.017

31 December 2015 6.546

(456) (147) (67)121 12 17

Gold Mineral Reserve reconciliation

Dec

2014

2015

Dep

letio

n

Geol

ogic

al c

hang

es

Seco

ndar

y ree

fs

Whi

te a

reas

Eval

uatio

n

Tech

nica

l fac

tors

Surfa

ce s

ourc

es

Dec

2015

Gold

(’00

0oz)

01,0002,0003,0004,0005,0006,0007,0008,000

6,9006,444 6,546166

Post

-dep

letio

n

HOISTING AND PRODUCTION CAPACITIES

Mining unit Operating shaftOperational hoisting

capacity (ktpm)Planned production

(ktpm)*

1 Main 100 85

2 7 32 21

2 8 15 12

3 3 55 41

4 4 82 55

* Planned production is five-year hoisted average from C2016 onwards

PLANT CAPACITIES

PlantDesign capacity

(ktpm)Current operational

capacity (ktpm)Average recovery

factor (%)Material treated

1 (CIP) 180 180 91.6 Primarily SRD

2 (CIP) 120 165 97.7 Primarily UG

CURRENT LOM ESTIMATED TO SUSTAIN OPERATION UNTIL 2033, FOR A FURTHER 18 YEARS

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In achieving the aim of growing Sibanye’s Mineral Reserves and commodity production, the focus is on

high-quality targets and opportunities. Projects that enhance value are being assessed from the large

Mineral Resource base.

PROJECTS

Surface drill rig

Since the inorganic growth of 2014, Sibanye has a large endowment of brownfields projects that are at various stages of evaluation, from early stage scoping studies to FS that can be underpinned by leveraging synergies off existing infrastructure. Project evaluation criteria have been developed to guide the Mineral Resource and Mineral Reserve estimations, in the hope of acquiring a fundamental understanding of the potential of each project to extract optimal value.

In line with Sibanye’s strategy, steps to improve the quality of assets through delivery on major advanced and growth projects is in progress and include:

• Project appraisal that underpins a focus on value creation and dividend yield rather than driven by growth

• An established in-house project assessment capacity

• The risk assessment, returns and the impact of financing on returns, for each project

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Sibanye Gold Mineral Resources and Mineral Reserves 2015

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Gold Mineral Resources 8.890Moz

Gold Mineral Reserves 1.799Moz

Strategic intent

• Develop a new mine from first principles, supported by existing, newly-built, plant and infrastructure

• Modifying the mining methods to suit the orebody

• Confirming areas with the

geological model

LOCATION

THE BURNSTONE PROJECT

BURNSTONE

Greylingstad

Balfour

Mining RightSection 102 ApplicationTownsArterial roadsMain roadsVertical shaftsDecline shaft

CoordinatesLatitude: 26° 39’00”SLongitude: 28° 40’12”E

Gauss Conform Projection Central Meridian 29°

0 5km2.5km

T N

OVERVIEWThe Burnstone Project (Burnstone), acquired in July 2014, is a project in execution. The completed FS was independently reviewed in November 2015, with finance approval for development to begin in C2016. The mine design and schedule in the FS was limited to the mineable reserves within a 3km radius of the shaft infrastructure. Extensive development will begin in C2016 with first gold production due in C2018 and full production run rate to be achieved in C2020.

The operation has a Mining Right [DMR Ref. MP30/5/1/2/2(248)MR] to mine and process gold, silver and aggregate, covering a total area of 13,135ha, and is valid from 17 February 2009 to 16 February 2027.

A section 102 application in line with the MPRDA to enlarge the Burnstone MR to 38,900ha, is pending execution.

Geographically, Burnstone is in the South Rand Goldfield of the Witwatersrand Basin next to the town of Balfour, approximately 75km east of Johannesburg in the Mpumalanga province of South Africa. Burnstone is accessed from the Johannesburg to Durban N3 highway via the Heidelberg South R23 road at the Balfour exit. The town of Balfour is located approximately 18km east of the N3. The Burnstone property is accessible via a network of unpaved roads, approximately 6.5km east of Balfour.

The Burnstone area forms part of the South African Highveld, situated 1,670m above mean sea level. Gently-undulating grassland terrain predominates in the areas not used for farming activities. The mild climate, with warm to hot, moist summers and cool dry winters is conducive to farming activities including maize, fodder and livestock farming, prevalent in the project area.

Sibanye purchased Witwatersrand Consolidated Gold Resources Limited (Wits Gold) and, additionally, aquired Southgold Exploration (Pty) Limited, the sole owner of the Burnstone assets in 2014. Two shaft complexes; a 3-leg decline and vertical shaft (shaft bottom at 495m below surface), a 125,000tpm gold processing plant, TSF and all the necessary equipment and services of a producing operation comprise the Burnstone infrastructure. Burnstone has been on care and maintenance since mid-2012. Under previous ownership, the mine produced approximately 38koz of gold.

The UK9 Reef of the Kimberley Formation, is the only known exploitable gold bearing reef.

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BURNSTONE PROJECT CONTINUED

SCHEMATIC 3D SECTION OF THE BURNSTONE OREBODY LOOKING NORTH

Intermediate Pump Station (IPC)

T N

PROJECT FUNDAMENTALSBurnstone lies within the Witwatersrand Basin and Archaean (2.7 billion year-old) sedimentary basin. The Basin is filled with approximately 14,000m sedimentary and subordinate volcanic rocks, which have been folded along a north-east to south-west axis into an asymmetrical synclinorium. The sediments consist mainly of quartzites and shales and less prevalent, but generally economically important, gold-bearing conglomeratic zones, which occur on regional unconformities. These are commonly referred to as reefs or placers.

Burnstone is located in the South Rand Basin, a subsidiary of the main Witwatersrand Basin. The gold-bearing target UK9 Reef of the Kimberley Formation, occurs in the Central Rand Group of rocks. This reef lies between the outcrop and a depth of 1,300m below surface in the mining right area. Structurally, the project area is located on the northern limb of the arcuate South Rand Basin, which is locally deformed by a east-north-east-plunging anticline and cut by east-west and north-south normal faults, formed in response to the stress regime corresponding to the main structural feature of the region, which is the east-west striking Sugarbush Fault. This fault is a left-lateral wrench fault, which comprises the northern boundary of the South Rand Basin at this point.

The UK9 Reef is stratigraphically split into the UK9a and UK9b members, and the UK9a is further laterally subdivided into either channel or inter-channel facies. The UK9a channel facies represents the primary mining horizon, while the UK9a inter-channel Facies and UK9b offer only local upside potential.

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Kimberley Reef in the South Rand Goldfields was first discovered in 1887 and soon led to the establishment of a few small operations that operated sporadically between 1892 and 1962 and collectively produced only 0.05Moz of gold at an average of 5.3g/t. A lack in continuity of grade and tonnage as well as structural complexity is commonly posed as the reason for the demise of these operations.

A steep rise in the gold price sparked renewed interest in the South Rand Goldfield and various major mining houses conducting fairly extensive exploration programmes between 1974 and 1993, but general low grades, notwithstanding at shallow depths, resulted in a poor ranking against rival projects elsewhere in the Witwatersrand Basin. As a consequence, none of these projects were advanced past the exploration phase.

Southgold drilled an additional 18 boreholes in 2002, prior to Sibanye’s acquisition. These were primarily within the current Burnstone mining right area and intermittently intersected higher grade Kimberley Reef. In November 2002 Great Basin Gold (GBG) acquired 100% of Southgold and immediately embarked on an extensive surface diamond drilling programme. Until September 2012, a further 374 boreholes were drilled, either within, or in close proximity to the current Burnstone mining right. Based on this drilling programme, GBG declared a large measured and indicated gold Mineral Resource, upon which the Burnstone operation was initiated, in June 2006. Burnstone saw the inclusion into Sibanye in 2014.

The Burnstone Project, as per the FS, was presented to the Sibanye Board for approval in 2015. The revised project envisages 110koz per annum mine with a 23-year LoM plan, with reserves of 1.8Moz and a resource of 8.9Moz. The mine design and schedule in the FS was limited to the mineable reserves within a 3km radius of the shaft infrastructure. Extensive development will begin in 2016 with first gold production due in 2018 and full production run rate to be achieved in 2020. Total project capital forecast at R1,852 million (in C2015 terms).

In C2015, R282 million was spent on completing the pumping and rock hoisting infrastructure, dewatering the mine and approximately 2km of development to access the orebody. The project budget for C2016 is R705 million for procurement of additional mechanised fleet, extensive development to access the orebody and additional infrastructure.

Approximately 4,500m of primary off-reef development will be done in 2016 to access the various planned mining blocks as well as 1,200m on-reef development in preparation for the first raise lines in C2017. Three existing mechanised development fleets were refurbished in C2015 and an additional three fleets will be procured and delivered in C2016. A mechanised development fleet comprises one twin-boom drill rig, one roof bolter, one LHD (load, haul, dump) machine, one or two dump trucks and a dedicated emulsion explosive charge-up utility vehicle.

The major capital projects’ budget (including growth and exploration) presented for C2016 amounts to R1,028 million – up from R484 million approved in 2015.

SOUTH NORTH

4m

9a Inter-channel Reef9a Channel Reef

9b Channel remnants

SCHEMATIC NORTH – SOUTH SECTION ACROSS THE BURNSTONE PROJECT, SHOWING THE RELATIONSHIP BETWEEN UK9a AND UK9b

Burnstone Shaft headgear

The major capital projects’ budget

(including adjacent property growth and exploration activities) presented for C2016 amounts to R1,028 million – up from R484 million approved in C2015.

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BURNSTONE OVERVIEW

Mineralisation style Palaeo-placer

Mineralisation characteristics • Hosted by auriferous and uraniferous predominantly quartz pebble conglomerates (reefs)

• Laterally continuous with mid-range predictability

• Clear patterns of mineralisation governed by sedimentary characteristics

Deposit type Shallow gold deposit exploiting the UK9a Reef of the Kimberley Formation, Central Rand Group, Witwatersrand Supergroup

Licence status and holdings Burnstone has a new order mining right in terms of the MPRDA, valid from 17 February 2009 to 16 February 2027 in respect of an area totalling 13,135.724ha. All required operating permits have been obtained, and are in good standing

Burnstone also holds a large number of prospecting rights either contiguous or in the vicinity to the Burnstone mining right. Burnstone is in the process of finalising a Section 102 application to amend the Burnstone mining right with the inclusion of certain farms or portions thereof that form part of the prospecting right holdings

Infrastructure Shallow underground mining project with two established shaft complexes (one vertical and one decline shaft)

Mining method Conventional selective scattered breast mining with scraper cleaning and mechanised footwall infrastructure

Mineral processing One CIL gold processing plant

Tailings disposal One tailing storage facilities with LoM deposition capacity of 24Mt

Climate The area is characterised by a mild climate, with warm to hot, moist summers and cool dry winters. No extreme climate conditions are experienced that may affect mining operations

Environmental/Health and Safety Burnstone currently holds all material permits required to conduct mining and exploration, as well as an approved Environmental Management Programme (EMP)

Life of Mine LoM plan optimisation in progress

Competent Persons The Competent Persons designated in terms of SAMREC, who take responsibility for the consolidation, reporting and overall compliance of Burnstone’s Mineral Resources are:

Mr L Tolmay [GDE Mineral Resource, NHD Mineral Resource, MSCC], a registered SAIMM member (No. 704140) and has 39 years experience

Mr J van Eeden [MSc. Geology] is a registered SACNASP member (No. 400043/09) and has 31 years’ experience

Mr S Wild [GDE (Mining Engineering); NHD MRM] a registerd SAIMM member (No. 706556) and has 20 years’ experience

Mr G Janse van Vuuren [GDE Mining, B Tech MRM, MBA, MSCC] is a registered PLATO member (No. PMS0243) and has 27 years’ experience

Compliance Internal technical reviews have been conducted by the Competent Persons who gave their consent for the disclosure of the C2015 Mineral Resource Statement. The competent persons have appropriate experience relative to the type and style of mineral deposit under consideration and are a full-time employees of Sibanye

REVIEWA gold Mineral Resource of 8.890Mt at an average grade of 5.1g/t has been declared for Burnstone. A maiden gold Mineral Reserve of 1.799Moz has been stated.

KEY DEVELOPMENTS DURING 2015• The FS was approved and capital allocated in C2015 for development commencement in C2016.

• The additional geological review included an updated structure model and a detailed sedimentological study of the UK9 Reef led to an updated facies model and related geo-domains and trends for evaluation.

• A thorough review and QA/QC of all the data in line with Sibanye’s standards and procedures. The revised model is consistent with the characteristics of similar orebodies in the East Rand Basin, affording greater confidence in the interpretation and supporting the gold Mineral Resource estimate.

BURNSTONE PROJECT CONTINUED

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2,5002,0001,000 1,5005000

Tons Grade

0

50

100

150

200

250

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Tons

(Mt)

Aver

age

valu

e ab

ove

cut-

off (

cm.g

/t)

Cut-off value (cm.g/t)

GOLD MINERAL RESOURCE CLASSIFICATION AS AT 31 DECEMBER 2015

Tons (Mt) Grade (g/t) Gold (‘000 oz)

Gold Mineral Resource classification as at 31 December 2015 underground Dec15 Dec14 Dec15 Dec14 Dec15 Dec14

Indicated 25.4 25.4 5.3 5.3 4,350 4,350

Inferred (AI) 28.7 28.7 4.9 4.9 4,540 4,540

Total underground 54.1 54.1 5.1 5.1 8,890 8,890

Total Resource 54.1 54.1 5.1 5.1 8,890 8,890

GOLD MINERAL RESERVE AS AT 31 DECEMBER 2015

Tons (Mt) Grade (g/t) Gold (‘000 oz)

Gold Mineral Resource classification as at 31 December 2015 underground Dec15 Dec14 Dec15 Dec14 Dec15 Dec14

Underground

Proved

Probable 13.0 4.3 1,799

Total underground 13.0 4.3 1,799

Surface

Total Resource 13.0 4.3 1,799

HOISTING AND PRODUCTION CAPACITIES

Mining unit Operating shaftOperational hoisting

capacity (ktpm)Planned production

(ktpm)*

1 1 165 85

* At peak between 2022 – 2026

PLANT CAPACITIES

PlantDesign capacity

(ktpm)Current operational

capacity (ktpm)Average recovery

factor (%)Material treated

1 125 125 96.0 UG

GOLD GRADE TONNAGE CURVE The grade tonnage curve represents undiluted grade (at block width) and tons within the total Mineral Resources (all reefs at zero cut-off).

MODIFYING FACTORS

Parameter Unit Dec 2015 Dec 2014

Mineral Resource pay limit cm.g/t 440

Mineral Reserve pay limit cm.g/t 480

Mined value cm.g/t 605

Mine call factor % 86

Block factor % 100

Shortfall % (2)

Mining dilution % 2

Stoping width cm 120

Mill width cm 122

Plant recovery factor UG % 96

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WEST RAND TAILINGS RETREATMENT PROJECT

Gold Mineral Resources 6.486Moz (+0.4% year-on-year)

Uranium Mineral Resources 99.088Mlb (+0.4% year-on-year)

Gold Mineral Reserves 6.486Moz (+0.4% year-on-year)

Uranium Mineral Reserves 99.088Mlb (+0.4% year-on-year)

Strategic intent

• Building Sibanye’s sixth operation

• Regional consolidation opportunities present potential upside

• The strategic phasing of capital in order to generate cash flow and enhanced value

• Considering utilisation of existing surface infrastructure

• The DFS was completed during C2015 and further metallurgical work and front end engineering design to be undertaken

• West Rand community and social development upliftment

Sibanye is on track with its vision of creating sustainable value for all its stakeholders by growing the business, Sibanye will be able to provide that value into the future

EXTENSION OFKLOOF MINING RIGHT

PLANNED RTSF

KLOOF 2LEEUDOORN

MILLSITE PROSPECTING RIGHTTO BE INCLUDED INTOCOOKE 1,2,3

COOKE 4

Gauss Conform Projection Central Meridian 27°

0 5km

Mining rightSection 102 applicationTSF activeTSF dormantPlanned Regional TSFTownsNational roadsArterial roadsMain roadsSurface plantsShaftsNew Central Plant (planned)

Co-ordinatesLatitude: 26° 21’00”SLongitude: 27° 42’00”E

T N

Carletonville

DRIEFONTEIN

Fochville

KLOOF

Westonaria

VENTERSPOST NORTH

EXTENSION OF KLOOF MINING RIGHT

VENTERSPOSTSOUTH

LIBANON

DRIEFONTEIN 2

DRIEFONTEIN 4

DRIEFONTEIN 1

DRIEFONTEIN 5

DRIEFONTEIN 3

COOKE 123

Randfontein

MILLSITE 38-41

HARMONY DOORNKOPPLANT

COOKE

RANDFONTEINSURFACE OPERATION

LINDUM

ZUURBEKOMPROSPECTING RIGHTTO BE INCLUDED INTOCOOKE 123

COOKE 4 SOUTH TSF PRTO BE INCLUDED INTOCOOKE 123GOLD FIELDS

OVERVIEWGold mining in the Witwatersrand area has accumulated TSFs, which Sibanye exploits, and has proven to contain recoverable grades of gold and uranium.

WRTRP incorporates all of Sibanye’s current and dormant TSFs on the West Rand, all of which form part of new order MRs as well as several PRs, collectively valid from 2007 to 2027 (earliest expiry date of a valid mining right). The WRTRP assets stretch from Randfontein to Carletonville and are accessed via the local R28 highway between Randfontein and Westonaria, or via the N12 national road between Johannesburg and Potchefstroom.

Gently undulating savannah grassland plains prevail in the surrounds of the WRTRP. Pre-mining conditions were generally farmlands, which are now largely built-up and industrialised. The area is characterised by a mild climate, with warm to hot, moist summers and cool dry winters.

The WRTRP in its current form dates from May 2014 when Sibanye acquired the Cooke assets from Gold One, merging the Cooke TSF assets with those of the historic Kloof and Driefontein TSF assets.

PROJECT FUNDAMENTALSThe WRTRP is key to the Sibanye surface-operations strategy, which involves leveraging existing surface operations and infrastructure and developing a strong, long-life surface business, by exploiting the low-risk and relatively high-margin characteristics of the surface resources located on the West Rand. The WRTRP is well positioned to become Sibanye’s sixth mine and also presents a valuable environmental solution for existing and future surface tailings, promoting socially and environmentally responsible deposition of tailings in a centrally managed area.

Prior to a WRTRP PFS a number of other studies had been conducted including the Gold Fields Limited Tailings Treatment Project (DFS accuracy), Cooke Uranium Project (DFS accuracy and 70% engineering), Gold Fields/Senet Kloof Driefontein Complex Study (PFS accuracy) and the West Rand surface optimisation scoping study.

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The business rationale leading to the current Sibanye status of the WRTRP is based on the following:

• Value accretive (net present value positive project)

• regional synergies add potential upside to current value

• Remediation solution for existing and future surface tailings

• extracting residual gold and uranium unlocks value

• leverages existing metallurgical capacity and extends operational life

• reduces future environmental liability

• releases land for development

• A modular and phased design

• utilising capacity at existing infrastructure (lower upfront capital)

• phased and flexible capital scheduling

• early phases partially fund later capex

• flexibility and leverage to future commodity prices

• Significant investment into the declining West Rand

• direct and indirect job creation

KEY DEVELOPMENTSWRTRP through the completion of the DFS has proven to be economically viable. This viability involves the construction of a large-scale Central Processing Plant for the extraction of gold and uranium from the re-treatment of historic and current tailings. A further objective remains the re-deposition of the residue onto a regional tailings facility, in accordance with modern sustainable deposition practices, reducing future environmental liabilities.

Sibanye’s revised strategy is to develop the WRTRP in phases. The conclusion of the DFS enables the Front End Engineering Design phase together with the roll-out of a pilot plant.

REVIEWThe WRTRP PFS (assessing the potential for extraction of gold and uranium from Sibanye’s West Wits Line and the adjacent Cooke TSFs), was successfully concluded and is currently the subject of a DFS. The Sibanye gold and uranium Mineral Resources and Mineral Reserves estimate for the WRTRP are tabulated below and are compliant in respect of the SAMREC Code.

The gold and uranium Mineral Resources and Mineral Reserves remain largely unchanged year-on-year with only a small increase in Mineral Reserves due to deposition on active TSFs during 2014 (gold 0.027Moz and uranium 0.435Mlb).

GOLD MINERAL RESOURCE AND MINERAL RESERVE CLASSIFICATION

Mineral Resources Mineral Reserves

31 Dec 2015Dec

201431 Dec 2015

Dec 2014

Gold classificationTons (Mt)

Grade (g/t)

Gold (‘000oz)

Gold (‘000oz) Gold classification

Tons (Mt)

Grade (g/t)

Gold (‘000oz)

Gold (‘000oz)

Tailings storage facilities Tailings storage facilities

Driefontein (Measured) 169.1 0.3 1,819 1,805 Driefontein (Proved)

(Indicated) (Probable) 169.1 0.3 1,819 1,805

Kloof (Measured) 265.3 0.3 2,267 2,253 Kloof (Proved)

(Indicated) (Probable) 265.3 0.3 2,267 2,253

Cooke (Measured) 228.1 0.3 1,876 1,876 Cooke (Proved)

(Indicated) 52.3 0.3 524 524 (Probable) 280.4 0.3 2,401 2,401

Total 714.8 0.3 6,486 6,459 Total 714.8 0.3 6,486 6,459

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WEST RAND TAILINGS RETREATMENT PROJECT CONTINUED

URANIUM MINERAL RESOURCE AND MINERAL RESERVE CLASSIFICATION

Mineral Resources Mineral Reserves

31 Dec 2015Dec

2014 31 Dec 2015Dec

2014

Gold classificationTons (Mt)

Grade (kg/t)

U3O8

(‘000lb)U3O8

(‘000lb) Gold classificationTons (Mt)

Grade (kg/t)

U3O8

(‘000lb)U3O8

(‘000lb)

Tailings storage facilities Tailings storage facilities

Driefontein (Measured) 160.9 0.064 22,686 22,326 Driefontein (Proved)

(Indicated) (Probable) 160.9 0.064 22,686 22,326

Kloof (Measured) 265.3 0.038 22,146 22,071 Kloof (Proved)

(Indicated) (Probable) 265.3 0.038 22,146 22,071

Cooke (Measured) 228.1 0.088 44,320 44,320 Cooke (Proved)

(Indicated) 52.3 0.086 9,936 9,936 (Probable) 280.4 0.088 54,256 54,256

Total 706.6 0.064 99,088 98,653 Total 706.6 0.064 99,088 98,653

Competent Persons The Competent Persons designated in terms of SAMREC that take responsibility for the consolidation, reporting and overall compliance of WRTRP’s 2015 gold and uranium Mineral Resources and Mineral Reserves are:

Mr L Tolmay [GDE Mineral Resource, NHD Mineral Resource, MSCC], a registered SAIMM member (No. 704140)

Mr I Davidson [BSc. (Hons) Geology] is a registered SAIMM member (No. 706805)

Mr G Janse van Vuuren [GDE Mining, B Tech MRM, MBA, MSCC], a registered PLATO member (No. PMS0243)

Compliance Internal technical reviews have been conducted by the Competent Persons listed who gave their consent for the disclosure of the C2015 Mineral Resource and Mineral Reserve Statement. All have appropriate experience relative to the type and style of mineral deposit under consideration and are full-time employees of Sibanye.

Return water dam at TSF

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Gold Mineral Resources 9.938Moz (no change)

Uranium Mineral Resources 35.373Mlb (no change)

Gold Mineral Reserves 2.112Moz (+1% year-on-year)

Uranium Mineral Reserves (not estimated)

Strategic intent

• Sibanye is investing potential synergies between the SOFS projects and the existing Beatrix operation

• Sibanye intends to combine the Beatrix and SOFS MRs within the greater Freestate MR

Gauss Conform Projection Central Meridian 27°

0 5km

SOFS Mining RightProspecting RightsTownsArterial RoadsMain roads

Theunissen

T N

Welkom

Virginia

ROBIJN

DE BRONMERRIESPRUIT

BLOEMHOEK

HAKKIES

BEISANORTH

BEISASOUTH

HARMONY

BEATRIX

BEATRIX

HARMONY

HARMONY

HARMONY

Co-ordinatesLatitude: 26° 39’00”SLongitude: 28° 40’12”E

ADAMSONSVLEY

OVERVIEWThe Southern Orange Free State (SOFS) Projects include Sibanye’s Wits Gold MR and PR holdings in the Free State Goldfield of the Witwatersrand Basin. The MR consolidating the De Bron Merriespruit, Bloemhoek, Hakkies and Robijn Projects into DMR Ref. FS30/5/1/2/2(10005)MR, has been approved for a period of 23 years and is in the process of being executed. Geographically the mining right is contiguous to the east of the Beatrix mining right some 5km south of Virginia. The prospecting rights are for the Beisa North [DMR Ref. FS30/5/1/1/2PR] and Beisa South [DMR Ref. FS30/5/1/1/2(10134)PR] Projects, which are respectively contiguous to the north and south of the Beatrix Beisa 4 Shaft ground. The PRs are valid until April 2016 and February 2016 respectively.

The project area is semi-arid and topographically flat. Activities mainly consist of agriculture. No extreme weather conditions are experienced that may affect exploration or mining operations.

The SOFS in its current form dates from April 2014 when Sibanye acquired Wits Gold. Sibanye is in the process of submitting a Section 102 application seeking consent from the Minister of Mineral Resources to amend the Beatrix MR by consolidating the Beatrix MR and the SOFS MR and PRs.

The De Bron Merriespruit mine design has been optimised to a semi-mechanised mining method similar to the Burnstone Project design.

GEOLOGYA three dimensional reconstruction of the Central Rand Group stratigraphy in the Free State Goldfield indicates a progressive southerly thinning of the sequence, south of the Sand River, into the SOFS mining and prospecting right areas. This attenuation of the Central Rand Group is related to uplift during the latter phase of deposition in the basin, causing erosion by superimposed, on-lapping unconformities. These erosional relationships particularly affected the Basal Reef (main economic horizon of the historic gold mines around Welkom) that subcrops and does not extend to the south of the Sand River. However, four other reefs, prospective for gold and uranium, have been intersected in the Central Rand Group in the area south of the Sand River and include the Leader Reef, the B Reef, the AAR/KKR and the Beatrix/VS5 Reef. The Beisa Reef has also been extensively explored, as a potential uranium resource, along the over-folded western margin of the Southern Free State Goldfields.

Quality opportunities and targets are the primary focus when considering the Mineral Resource and Reserve of the SOFS Projects. Options to increase value are being assessed for the Beisa North Project, the Bloemhoek Project and the De Bron Merriespruit Project

SOUTHERN ORANGE FREE STATE PROJECTS

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The Beatrix/VS5 unconformity at the base of the Eldorado Formation (Eldorado Unconformity) is developed across the entire SOFS area and therefore represents a reference surface for the construction of a structural map of the area. The resultant structure contours indicate that the Central Rand Group is deformed in a broad syncline, with smaller parasitic folds marking the southern limit of the prospective Witwatersrand Basin. This compression was responsible for active uplift towards the southern margin of the Free State Goldfield that resulted in a complex interplay between a series of superimposed unconformity surfaces. Repeated erosion of the footwall sequences caused the incorporation and winnowing of auriferous and uraniferous detritus into the reefs overlying the unconformities.

The north-easterly-plunging fold has been off-set by a series of later normal faults related to the regional Platberg extensional event. The normal faults generally strike north-south, the most significant being the De Bron Fault, which has a relative down-throw of more than 1,000m towards the west. A structure of greater magnitude, the Virginia Fault, strikes north-north-east and with a down throw to the east is responsible for the preservation of the Central Rand Group stratigraphy in the Robijn outlier. The Merriespruit Thrust Fault is a southerly-verging compressional structure that has an effective vertical displacement of 50 to 100m to the east of the De Bron Fault. These structures divide the SOFS area into four discrete domains or project areas in which the depth of the prospective reefs below surface will have a profound effect on any plan to exploit these resources.

Multiple band reef package

Brecciated reef

SOUTHERN ORANGE FREE STATE PROJECTS CONTINUED

Virginia

Maraisburg

St Helena

Welkom

Harmony

Dagbreek

Spes Bona

Aandenk

CENT

RAL

RAND

GRO

UP

JOHA

NNES

BURG

SUB

GROU

PTU

RFON

TEIN

SUB

GROU

P

Eldorado

Formation Member

Doornkop

Beatrix

Rosedale

Van Den Heeversrust

Uitkyk

Dreyerskuil

Lorraine

LF6

Beisa Reef

Commonage Reef

MF4

LF5

LF1 to LF4

MF3MF2MF1

LF3Intermediate Reef/UF4

VS4

VS2VS2

VS1

VS1a

LF2

Middle Reef

Leader Reef

Upper Shale Marker

Kalkoenkrans ReefAandenk Reef

A Reef

Beatrix /VS5 Reef

B Reef

LF1

Basal/Steyn ReefSaaiplaas Reef

VCR

STRATIGRAPHIC COLUMN FOR THE FREE STATE GOLDFIELDS

0 cm 10

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SCHEMATIC 3D SECTION OF THE SOFS OREBODY LOOKING NORTH

DE BRON MERRIESPRUITThe De Bron Merriespruit (DBM) Project is located between the De Bron Fault, which marks the western boundary of the project, and the Virginia Fault in the east. The northern boundary includes the southern extent of the old Merriespruit gold mine obtained from Harmony, while the southern boundary extends past the subcrop position of the potential orebodies (reefs). The DBM Project is the only SOFS project that was subjected to a FS.

PROJECT FUNDAMENTALSFour primary reef horizons containing gold and uranium are developed on well-defined regional unconformities in the DBM Project area. These include the Beatrix/VS5, Aandenk, B and Leader Reefs, all of which have been mined extensively in the southern Free State Goldfields. The four reefs are developed within a 20 to 40m stratigraphic interval on the DBM property and are preserved at depths of between 500 and 1,200m below surface. The, Beatrix/VS5 and Aandenk Reefs constitute the principal economic orebody, while the less extensive Leader and B Reefs are regarded as up-side potential for the Project. The reefs are generally characterised by shallow dips of between 10° and 25° and a thickness of 60 to 210cm that make them suitable for exploitation by means of typical narrow stoping techniques similar as conducted at the Beatrix operation.

The Leader, B and Aandenk Reefs all subcrop against the Beatrix/VS5 unconformity across the project area. This unconformity is undulating forming remnant channels, resulting in complex subcrop patterns.

The erosion and reworking of underlying reefs is believed to play a strong role in controlling the gold and uranium mineralisation in the VS5 Reef. Consequently, gold mineralisation increases south of the respective subcrops, as the VS5 Reef becomes more oligomictic due to the re-working of the underlying material. This coincides with the development of “transitional facies” of the VS5 and eventually the BXR facies. All four of the above reefs contain uranium, although the quantities are regarded as uneconomic at current price levels and therefore has not been included in the valuation models.

Historically a total of 72 boreholes (31 surface and 41 underground) were drilled in the DBM Project area and immediate surrounds. Wits Gold drilled an additional 27 boreholes within the project area between 2006 and 2012. General consensus is that adequate quality assurance and quality control (QA/QC) has been applied for the data to be used for evaluation. Royal HaskoningDHV subsequently completed a FS for the DBM Project in 2013, which led to a SAMREC Code compliant Mineral Reserve declaration by Wits Gold. Sibanye has since re-estimated, further in line with Sibanye standards and protocols.

SOFS PROJECT REVIEWSibanye has thoroughly reviewed the geological and LoM models of the De Bron Merriespruit, Bloemhoek, Hakkies and Robijn, and Beisa North and Beisa South Projects in the SOFS, and re-estimated the respective Mineral Resources in accordance with the Group’s protocols and procedures and benchmark pay limits from the Beatrix Operation. Sibanye is satisfied that the potential exploitable reefs identified and evaluated have been interpreted with a high degree of diligence with respect to their stratigraphic continuity and geology structure.

T N

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THE SOUTHERN ORANGE FREE STATE PROJECTS OVERVIEW

Mineralisation style Palaeo-placer

Mineralisation characteristics • Hosted by auriferous and uraniferous predominantly quartz pebble conglomerates (reefs)

• Laterally continuous with mid-range predictability

• Clear patterns of mineralisation governed by sedimentary characteristics

Deposit type Shallow gold/uranium deposits comprising the BXR/VS5, Aandenk, B and Leader Reefs of the Central Rand Group; Witwatersrand Supergroup

Licence status and holdings De Bron Merriespruit Project forms part of a mining right in terms of the Minerals and Petroleum Resources Development Act, 2002 (Act No. 28 of 2002), in respect of an area totalling 13,135ha. Although the mining right [DMR Ref. FS30/5/1/2/2(10005)MR] has been granted (25 February 2014) it still has to be executed. The DBM portion of the MR totals approximately 4,344 hectares. All required permits relative to the status of the project have been obtained, and are in good standing

Infrastructure DBM is an exploration project of which a FS has been completed in 2013 but no mining activities have been initiated yet

Mining method A provisional mine design caters for a standard Witwatersrand gold mine design accessing underground orebody via a vertical and decline shaft system and utilising conventional scattered breast mining methods

Climate The area is characterised by a mild climate, with warm to hot, moist summers and cool dry winters. No extreme climate conditions are experienced that may affect mining operations

Life of Mine The current LoM is estimated at 19 years

Competent Persons The Competent Persons designated in terms of SAMREC that take responsibility for the consolidation, reporting and overall compliance of DBMs 2015 gold Mineral Resources and Mineral Reserves are:

Mr Q Meyer [MSc. Geology], a registered SACNASP member (No. 400063/88)

Mr L Tolmay [GDE Mineral Resource, NHD Mineral Resource, MSCC], a registered SAIMM member (No. 704140)

Mr J van Eeden [MSc. Geology], a registered SACNASP member (No. 400043/09)

Mr G Janse van Vuuren [GDE Mining, B Tech MRM, MBA, MSCC], a registered PLATO member (No. PMS0243)

Compliance Internal technical reviews have been conducted by the Competent Persons who gave consent for the disclosure of the C2015 DBM gold Mineral Resource and Mineral Reserve Statement. The Competent Persons have appropriate experience relative to the type and style of mineral deposit under consideration and are full-time employees of Sibanye

SOUTHERN ORANGE FREE STATE PROJECTS CONTINUED

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REVIEWThe DBM Mineral Resource estimated remains constant at 4.022Moz. The gold Mineral Reserves were derived from the latest revised geology and estimation models, with the main infrastructure design and capital based on that of the original FS conducted by Royal HaskoningDHV in 2013. The mine design has been optimised utilising a semi-mechanised mining method similar to the Burnstone design. The gold Mineral Reserves renained constant 2.1Moz.

GOLD GRADE TONNAGE CURVEThe grade tonnage curve represents undiluted grade (at block width) and tons within the total Mineral Resources (all reefs at zero cut-off).

Tons

(Mt)

Tons Grade

0

500

1,000

1,500

2,000

2,500

3,000

Avar

age

valu

e ab

ove

cut-

off (

cm.g

/t)

Cut-off grade (cm.g/t)

0

20

40

60

80

100

120

140

160

180

2,5002,0001,000500 1,5000

MODIFYING FACTORS

Parameter Unit Dec 2015 Dec 2014

Mineral Resource pay limit cm.g/t 760 *

Mineral Reserve pay limit cm.g/t 830 *

Mined value cm.g/t 870 691

Mine call factor % 81 82

Block factor % 100 100

Shortfall % 0 0

Mining dilution % 32 28

Stoping width cm 127 121

Mill width cm 187 170

Plant recovery factor UG % 96 96

* Estimated costs based on Beatrix South

GOLD MINERAL RESOURCE AND MINERAL RESERVE CLASSIFICATION

Mineral Resources Mineral Reserves

31 Dec 2015Dec 2014 31 Dec 2015

Dec 2014

Gold classificationTons (Mt)

Grade (g/t)

Gold (‘000oz)

Gold (‘000oz) Gold classification

Tons (Mt)

Grade (g/t)

Gold (‘000oz)

Gold (‘000oz)

Underground Underground

Measured Proved

Indicated 23.0 4.5 3,307 3,307 Probable 15.4 4.3 2,112 2,088

Inferred 5.3 4.2 715 715

Total 28.3 4.4 4,022 4,022 Total 15.4 4.3 2,112 2,088

GOLD MINERAL RESERVE RECONCILIATION AT 31 DECEMBER 2015

Item Moz

31 December 2014 2.088

2014 Depletion

Post-depletion 2.088

Mine design layout optimisation 0.024

31 December 2015 2.112 Dec 2014 Revised mine designPost-depletion Dec 2015

24

Gold Mineral Resource reconciliation

Gold

(’00

0oz)

0

500

1,000

1,500

2,000

2,500

29,3

29 2,1122,088 2,088

Aandenk Reef

0 cm 10

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SOUTHERN ORANGE FREE STATE PROJECTS CONTINUED

BLOEMHOEK The Bloemhoek Project constitutes the western extent of the SOFS MR, covering an area of approximately 4,060ha.

The southern boundary of the Bloemhoek Project is situated a few hundred metres north of Beatrix 3 Shaft and is enclosed to the north by the Beatrix MR and bounded to the east along the De Bron Fault. Sibanye reviewed the geological structure of the Bloemhoek project and an updated facies model was compiled during C2015.

PROJECT FUNDAMENTALSSituated west of the De Bron Fault that separates the DBM and Bloemhoek Projects, the same four primary reef horizons encountered in the DBM Project are developed in the Bloemhoek Project area, namely the Beatrix/VS5, Aandenk, B and Leader Reefs. Geology fundamentals described for the four reefs at DBM are similar for the Bloemhoek Project where the four reefs are preserved at depths of between 1,300m and 2,400m below surface, are between 100 to 250cm thick and generally characterised by shallow dips of between 10° and 20°.

From 1947 to 2004, a total of 28 surface boreholes were drilled in the Bloemhoek Project. Most of this drilling was completed by Anglo American during the 1980s. Wits Gold acquired the property and data in 2004 and subsequently drilled a further four boreholes which culminated in a PFS, completed in 2009 with a SAMREC Code compliant Mineral Resource and Mineral Reserve Statement. An additional four boreholes are planned to be drilled in C2016.

GOLD MINERAL RESOURCE AND MINERAL RESERVE CLASSIFICATION

Mineral Resources Mineral Reserves

31 Dec 2015Dec

2014 31 Dec 2015Dec

2014

Gold classificationTons (Mt)

Grade (g/t)

Gold (‘000oz)

Gold (‘000oz) Gold classification

Tons (Mt)

Grade (g/t)

Gold (‘000oz)

Gold (‘000oz)

Underground Underground

Measured Proved

Indicated 27.4 4.7 4,163 4,163 Probable

Inferred 0.9 4.9 135 135

Total 28.3 4.7 4,297 4,297 Total

Competent Persons The Competent Persons designated in terms of SAMREC that take responsibility for the consolidation, reporting and overall compliance of Bloemhoek’s 2015 gold Mineral Resources and Mineral Reserves are:

Mr Q Meyer [MSc. Geology], a registered SACNASP member (No. 400063/88)

Mr L Tolmay [GDE Mineral Resource, NHD Mineral Resource, MSCC], a registered SAIMM member (No. 704140)

Mr J van Eeden [MSc. Geology], a registered SACNASP member (No. 400043/09)

Mr G Janse van Vuuren [GDE Mining, B Tech MRM, MBA, MSCC], a registered PLATO member (No. PMS0243)

Compliance Internal technical reviews have been conducted by the Competent Persons who gave consent for the disclosure of the C2015 Bloemhoek gold Mineral Resource and Mineral Reserve Statement. The Competent Persons have appropriate experience relative to the type and style of mineral deposit under consideration and are full-time employees of Sibanye.

REVIEWNew geological models, incorporating borehole data from both Wits Gold and Beatrix have resulted in a comprehensive revision of the geology models for the Bloemhoek Project. Gold Mineral Resources remained unchanged at 4.297Moz. The Group is reviewing the economic viability of accessing part of the Bloemhoek Mineral Resources from the existing Beatrix underground infrastructure. As a consequence, no gold Mineral Reserves will be declared on the Bloemhoek Project until these studies have been completed.

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REVIEWSibanye has thoroughly reviewed the geological and LoM models of the Beisa North Project and re-estimated the Mineral Resources, in accordance with the Group’s protocols and procedures. The Beisa North Project gold and uranium Mineral Resources are unchanged with an estimated 1.619Moz gold and 35.373Mlb uranium.

During C2016 Sibanye intends carrying out further studies relating to the Beisa Central and Beisa North Projects, with the view of optimising synergies with the Beatrix West Operation.

BEISA NORTH The Beisa North Project (1,470ha) is located to the north of Beatrix, some 20km west of Virginia. The economic potential of the prospecting right is centred on the uraniferous and auriferous Beisa Reef, which is the same reef exploited by the old Beisa uranium mine located within the Beatrix mining right.

PROJECT FUNDAMENTALSStructurally, the Free State Goldfield lies within a north-south trending syncline that forms an apex in the south-western corner of the Witwatersrand Basin. The Beisa North and South Project areas are structurally dominated by a major overfold structure, which is a large north-trending synclinal fold associated with the western margin of the Witwatersrand Basin.

The plane of the Beisa Reef occurs in an inverted sequence of overturned strata (upside down) along the upper limits of the overfold in the target area. The Beisa Reef dips at generally moderate angles to the west from its eastern north-south trending subcrop against the Ventersdorp and/or Karoo Supergroups. However, further west, the dip of the Beisa Reef steepens to vertical in the overfold, overturning to a normal stratigraphic succession and dipping towards the east. The depth below surface of the Beisa Reef is thus structural bound and occurs from approximately 450m below surface, at its subcrop to >3,000m below surface in the overturn.

The reef in general can be described as an oligomictic grit to small pebble conglomerate, 5mm to 50cm thick consisting of well to sub-rounded quartz pebbles set in a dark grey to slight yellowish grey sub-siliceous quartzitic matrix containing disseminated pyrite and carbon, with the carbon nearly always a carbon seam (bed) of between 1mm and 15mm thick at the base of the reef.

The Wits Gold exploration programme, concluded in a technical report on the Mineral Resources of Beisa North in 2009. Sibanye has verified the Beisa North project data and is satisfied that the data acquisition, QA/QC and interpretation followed industry best practices, especially the consolidation and interpretation of historic data (surface boreholes, company in-house technical report, etc.).

BEISA NORTH GOLD MINERAL RESOURCE AND MINERAL RESERVE CLASSIFICATION

Mineral Resources Mineral Reserves

31 Dec 2015Dec

2014 31 Dec 2015Dec

2014

Gold classificationTons (Mt)

Grade (g/t)

Gold (‘000oz)

Gold (‘000oz) Gold classification

Tons (Mt)

Grade (g/t)

Gold (‘000oz)

Gold (‘000oz)

Underground Underground

Measured Proved

Indicated Probable

Inferred 14.8 3.4 1,619 1,619

Total 14.8 3.4 1,619 1,619 Total

Borehole reef intersection

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SOUTHERN ORANGE FREE STATE PROJECTS CONTINUED

BEISA NORTH URANIUM MINERAL RESOURCE AND MINERAL RESERVE CLASSIFICATION

Mineral Resources Mineral Reserves

31 Dec 2015Dec

2014 31 Dec 2015Dec

2014

Gold classificationTons (Mt)

Grade (kg/t)

U3O8

(‘000lb)U3O8

(‘000lb) Gold classificationTons (Mt)

Grade (kg/t)

U3O8

(‘000lb)U3O8

(‘000lb)

Underground Underground

Measured Proved

Indicated Probable

Inferred 14.8 1.084 35,373 35,373

Total 14.8 1.084 35,373 35,373 Total

Competent Persons The Competent Persons designated in terms of SAMREC that take responsibility for the consolidation, reporting and overall compliance of Beisa North’s C2015 gold and uranium Mineral Resources and Mineral Reserves are:

Mr Q Meyer [MSc. Geology], a registered SACNASP member (No. 400063/88)

Mr G Janse van Vuuren [GDE Mining, B Tech MRM, MBA, MSCC], a registered PLATO member (No. PMS0243)

Mr L Tolmay [GDE Mineral Resource, NHD Mineral Resource, MSCC], a registered SAIMM member (No. 704140)

Mr J van Eeden [MSc. Geology], a registered SACNASP member (No. 400043/09)

Compliance Internal technical reviews have been conducted by the Competent Persons who gave consent for the disclosure of the C2015 Beisa North’s gold and uranium Mineral Resource and Mineral Reserve Statement. The Competent Persons have appropriate experience relative to the type and style of mineral deposit under consideration and are full-time employees of Sibanye.

500m

West EastSt. Helena 10#

VS5 overturned limb Only VS5 and Beisa Reefshave overturned limbs

Beisa Reef

Beisa Reef overturned limb

Karoo

Beisa North Project

Nose of fold onBeisa Reef horizon

Nose of fold onVS5 horizon

VS5

Aandenk Reef

B Reef

Leader Reef

Basal Reef

1,600m

3,200m

Schematic not to scale

IDEALISED SCHEMATIC SECTION THROUGH THE WESTERN MARGIN SHOWING THE RELATIVE POSITION OF BEISA NORTH PROJECT AND THE SUBCROP RELATIONSHIPS

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SUPPLEMENTARY INFORMATION

PROFESSIONAL ORGANISATIONS

Professional Body Postal address and contact details

Geological Society of South Africa (GSSA)

PO Box 61809, Marshalltown 2107, Gauteng, South AfricaTel: +27 (11) 492 3370Fax: +27 (11) 492 3371Email: [email protected]

Engineering Council of South Africa (ECSA)

Private Bag X691, Bruma 2026, Gauteng, South AfricaTel: +27 (11) 607 9500Fax: +27 (11) 607 9556Email: [email protected]

South African Council for Professional and Technical Surveyors (PLATO)

PO Box 83018, South Hills 2136, Gauteng, South AfricaTel: +27 (11) 626 1040Fax: +27 (11) 626 2007Email: [email protected]

South African Council for Natural Scientific Professions (SACNASP)

Private Bag X540, Silverton 0127, Gauteng, South AfricaTel: +27 (12) 841 1075Fax: +27 (12) 841 1057Email: [email protected]

Southern African Institute of Mining and Metallurgy (SAIMM)

P.O. Box 61127, Marshalltown 2107, Gauteng, South AfricaTel: +27 (11) 834 1273/7Fax: +27 (11) 838 5923Email: [email protected]

SAMREC CODE DEFINITIONS

Term Definition

Competency The public report is based on work that is the responsibility of suitably qualified and experienced persons who are subject to an enforceable professional code of ethics.

Competent Person A Competent Person is a person who is registered with SACNASP, ECSA or PLATO, or is a member or fellow of the SAIMM, the GSSA or a Recognised Overseas Professional Organisation (ROPO). The Competent Person must comply with the provisions of the relevant promulgated acts, have a minimum of five years experience relevant to the style of mineralisation and type of deposit or class of deposit under consideration and to the activity he or she is undertaking. Persons being called upon to sign as a Competent Person must be clearly satisfied in their own minds that they are able to face their peers and demonstrate competence in the commodity, type of deposit and the situation under consideration.

Deposit A concentration (or occurrence) of material of possible economic interest, in or on the earth crust, that may include mineralised material that cannot be estimated with sufficient confidence to be classified in the Inferred category. Portions of a deposit that do not have reasonable and realistic prospects for eventual economic extraction are not included in a Mineral Resource.

Materiality A public report contains all the relevant information that investors and their professional advisors would reasonably require, and expect to find, for the purpose of making a reasoned and balanced judgement regarding the exploration results, Mineral Resources and Mineral Reserves reported on.

Mineral Resource A concentration or occurrence of material of economic interest in or on the earth’s crust in such form, quality and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, or estimated from specific geological evidence, sampling and knowledge interpreted from an appropriately constrained and portrayed geological model. Mineral Resources are subdivided, and must be so reported, in order of increasing confidence in respect of geoscientific evidence, into Inferred, Indicated and Measured categories.

75

SECTION 3 SUPPLEMENTARY INFORMATION

75Sibanye Gold Mineral Resources and Mineral Reserves 2015

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SAMREC CODE DEFINITIONS

Term Definition

Indicated Mineral Resource That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on information from exploration, sampling and testing of material gathered from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

Measured Mineral Resource That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable information from exploration, sampling and testing of material from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity.

Inferred Mineral Resource That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and sampling and assumed but not verified geologically or through analysis of grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that may be limited or of uncertain quality and reliability.

Mineral Reserve The economically mineable material derived from a Measured and/or Indicated Mineral Resource. It is inclusive of diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a PFS for a project and a LoM plan for an operation must have been completed, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the modifying factors). Such modifying factors must be disclosed.

Probable Mineral Reserve Economically mineable material derived from a Measured or Indicated Mineral Resource or both. It is estimated with a lower level of confidence than a Proved Mineral Reserve. It includes diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a PFS for a project or a LoM plan for an operation must have been carried out, including consideration of, and modification by, realistic assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Such modifying factors must be disclosed.

Proved Mineral Reserve Economically mineable material derived from a Measured Mineral Resource. It is estimated with a high level of confidence. It includes diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a PFS for a project or a LoM Plan for an operation must have been carried out, including consideration of, and modification by, realistic assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Such modifying factors must be disclosed.

Transparency The reader of a public report must be provided with sufficient information, the presentation of which is clear and unambiguous, to understand the report and not to be mislead.

GLOSSARY OF TERMS

Term Definition

Above infrastructure (AI) That part of the Mineral Resources and/or Mineral Reserves, which are above the lowest mining level and can be accessed via the current mine infrastructure (shafts and underground haulages).

Below infrastructure (BI) That part of the Mineral Resources and/or Mineral Reserves which are below the lowest mining level and that can only be accessed following approved capital expenditure.

Block width The average width at which it is estimated a block of ore will be mined.

Brownfield A mineral deposit, not yet exploited but conceptualised as an extractable orebody.

Carbon-in-leach (CIL) Gold is leached from a gold ore slurry with cyanide in agitation tanks and absorbed onto carbon granules in the same circuit. The carbon granules are separated from the slurry and treated in an elution circuit to extract the gold.

Carbon-in-pulp (CIP) Gold is leached conventionally from a gold ore slurry with cyanide in agitation tanks. The leached slurry then passes into the CIP circuit where carbon granules are mixed with the slurry and gold is absorbed onto the carbon. The carbon granules are separated from the slurry and treated in an elution circuit to extract the gold.

SUPPLEMENTARY INFORMATION CONTINUED

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GLOSSARY OF TERMS

Term Definition

Concept study A study of the viability of a range of major options designed to determine the potential value of the opportunity and confirm alignment with the business strategy. The study describes the work that needs to be conducted to fully define the opportunity, and comprises a number of economically attractive options that warrant further investigation.

Cut-off grade The lowest grade of mineralised rock, which determines as to whether or not it is economic to recover its gold content by further extraction.

Depletion The decrease in the quantity of ore in a deposit or property (mining right) resulting from extraction or production.

Dilution Waste or material below the cut-off grade that contaminates the ore during the course of mining operations and thereby reduces the average grade mined.

Elution Recovery of gold from the activated carbon into solution before zinc precipitation or electro-winning.

Feasibility study A comprehensive design and costing study of the selected option for the development of a mineral project in which appropriate assessments have been made of realistically assumed geological, mining, metallurgical, economic, marketing, legal, environmental, social, governmental, engineering, operational and all other modifying factors, which are considered in sufficient detail to demonstrate at the time of reporting that extraction is reasonably justified (economically mineable) and the factors reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The overall confidence of the study should be stated.

LoM Number of years that an operation is currently planning to mine and treat ore and is derived from the current mining plan.

Mine call factor The ratio expressed as a percentage in which the specific product accounted for in ‘recovery plus residue’ bears the corresponding product ‘called for’ by the mine’s measuring and evaluation methods.

Net of depletion C2014 Reserves and Resources as at December 2014, minus C2015 mined-out areas, minus re-estimation year-on-year changes, is equivalent to C2015 statement.

Pay limit The value at which it is estimated that ore can be mined at break-even.

Pillars Pillars comprise of:• Dip and strike stability pillars

• Water and ventilation pillars

• Regional stability pillars as defined by rock engineering

• Bracket pillars adjacent to seismically active areas or large structures

• Boundary and remnant pillars

• Abandoned pillars

Inter alia, some pillars may become available to mine once appropriate investigations and rehabilitation have taken place.

Plant recovery factor The ratio expressed as a percentage, of the mass of the specific mineral product actually recovered from ore treated at the plant to its total specific mineral content before treatment.

Post-depletion C2014 Reserves and Resources as at December 2014, minus C2015 mined-out areas.

Pre-feasibility study (PFS) A comprehensive study of the viability of a range of options for a mineral project that has advanced to a stage at which the preferred mining method in the case of underground mining or the pit configuration in the case of an open pit has been established and an effective method of mineral processing has been determined. It includes a financial analysis based on realistic assumptions of technical, engineering, operating, economic factors and the evaluation of other relevant factors that are sufficient for a Competent Person, acting reasonably, to determine if all or part of the Mineral Resource may be classified as a Mineral Reserve. The overall confidence of the study should be stated. A PFS is at a lower confidence level than a FS.

Reef A gold-bearing sedimentary horizon, normally a conglomerate that may contain economic levels of gold.

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SUPPLEMENTARY INFORMATION CONTINUED

GLOSSARY OF TERMS

Term Definition

SAMREC code The South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves including the guidelines contained therein.

SAMVAL code The South African Code for the Reporting of Mineral Asset Valuation including the guidelines contained therein.

Stope Underground excavation where the orebody is extracted.

Subcrop An erosional marker surface indicating a lapse in time between two differing aged stratigraphic units.

Tonnage discrepancy Difference between the tonnage hoisted as ore and that accounted for by the plant measuring methods. Discrepancy is referred to as a shortfall when the calculated tonnage is less than the tonnage accounted for by the plant, or an excess when the opposite occurs.

Ton(s) Metric ton(s) = 1,000 kilograms.

Uraninite A strong radioactive mineral, UO2, forming the chief ore of uranium (U3O8) and containing variable amounts of radium, lead, thorium and other elements or impurities.

White areas Areas that were excluded from previous LoM plans that have since been proven to have realistic expectation of safe economic extraction, with the required investigations, rock engineering modelling and detail mining plan to support it. White areas include open ground, areas that were excluded due to economics or lack of information, and pillars.

Witwatersrand Basin A sedimentary basin in South Africa that contains close to a 6,000 metre thick sequence of principally argillaceous and arenaceous sediments with inter-bedded auriferous conglomerates.

CONVERSION TABLE

The following conversion factors are applicable:

Metric Imperial Imperial Metric

1 centimetre 0.3937 inches 1 inch 2.54 centimetres

1 metre 3.28084 feet 1 foot 0.3047972654 metres

1 kilometre 0.62150 miles 1 mile 1.609 kilometres

1 gram 0.03215 troy ounces 1 troy ounce 31.10419907 grams

1 kilogram 2.20458 pounds 1 pound 0.4536 kilograms

1 ton 1.10229 short tons 1 short ton 0.9072 tons

1 hectare 2.47097 acres 1 acres 0.4047 hectares

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SUPPLEMENTARY INFORMATION CONTINUED

AAR Aandenk Reef

Au Gold

BXR Beatrix Reef

CIP Carbon in pulp

CL Carbon Leader Reef

C2014 Calendar year 2014

COMSOC Chamber of Mines Safety Officers Certificate

CW Channel width

cm Centimetre

cm.g/t Centimetre gram per ton

CPD Continual professional development

DFS Definitive feasibility study

DMR Department of Mineral Resources

EBA Eastern Boundary Area

EMP Environmental Management Programme

FS Feasibility study

g Gram

g/t Grams per ton

Ga Billion years

GDE Graduate Diploma Engineering

GBG Great Basin gold

ha Hectare

ICGR Integrated, Compliance, Governance and Risk

ICMI International Cyanide Management code

IRRIS Integrated Resource and Reserve Information system

ISO International Standard Organisation for Standardisation

JSE Johannesburg Stock Exchange Limited

KDBC Kloof, Driefontein, Beatrix and Cooke operations

K9 Reef of the Kimberley Formation

kg Kilogram

kg/t Kilograms per ton

KKR Kalkoenkrans Reef

km Kilometre

koz Thousand ounces

KR Kloof Reef

LIB Long Incline Borehole

LoM Life of mine

LR Libanon Reef

m Metre

m2 Square metre

MBA Master of Business Administration

mbs Metres below surface

MCF Mine Call Factor

Mlb Million pounds

mm Millimetre

MMCC Mine Managers Certificate of Competency

Moz Million Ounces

MPRDA Mineral Petroleum Resource Development Act

MVR Middelvlei Reef

MRM Mineral Resource Management

MSCC Mine Surveyor Certificate of Competency

Mt Million tons

Mtpa Million tons per annum

MU Mining unit

NEMA National Environmental Management Act

NNR National Nuclear Regulator

oz Ounces (troy)

PFS Pre-feasibility study

PR Prospecting Right

Pr.Sci.Nat Professional Natural Scientist

QA/QC Quality Assurance and Quality Control

R South African Rand

R/kg South African Rand per kilogram

ROM Run-of-mine

RSO Randfontein Surface Operation

SANAS South African National Accreditation System

SEC The United States Securities and Exchange Commission

SGS SGS South Africa (Pty) Ltd

SOFS Southern Orange Free State Operations

SOX Sarbanes-Oxley Act of 2002

SQL Sequel database

SRD Surface rock dump

SAMREC The South African Mineral Resources Committee

SAMVAL The South African Mineral Asset Valuation

SV Sub-vertical

SW Stoping width

t Metric tons

tpm Tons per months

TSF Tailings storage facility

U Uranium

UE1A UE1A Reef of the Elsburg Formation

UE3 Upper Elsburg Reef of the Mondeor Formation

UE5 Upper Elsburg Reef of the Elsburg Formation

UE Upper Elsburg Massives of the Mondeor Formation

UG Underground

U3O8 Uranium oxide

US$ United States dollar

US$/oz United States dollar per ounce

VCR Ventersdorp Contact Reef

VS5 VS5 Reef of the Eldorado Formation

WRTRP West Rand Tailings Retreatment Project

(‘000 lb) Thousand pounds

(‘000 oz) Thousand ounces

ABBREVIATIONS

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This Technical Supplement (the Report) contains information as at 31 December 2015 (the Effective Date of this Report). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Sibanye after the Effective Date of this Report, as some of the information contained in the Report may have changed or been updated. Sibanye does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report, or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Sibanye does not undertake to refer back to any information contained in this Report.

REGISTERED OFFICE SOUTH AFRICA:Libanon Business Park Hospital Street (Off Cedar Ave) Libanon Westonaria, 1780 Gauteng

Private Bag X5 Westonaria, 1780

Website: http://www.sibanyegold.co.zaEmail: [email protected]: +27 (0) 11 278 9600Facsimile: +27 (0) 86 520 5023

DISCLAIMER

SUPPLEMENTARY INFORMATION CONTINUED

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ADMINISTRATION AND CORPORATE INFORMATION

INVESTOR ENQUIRIESJames WellstedSenior Vice President: Investor RelationsCell: +27 83 453 4014Tel: +27 11 278 9656Email: [email protected] COMPANY SECRETARYCain FarrelTel: +27 10 001 1122Fax: +27 11 278 9863Email: [email protected] REGISTERED OFFICELibanon Business Park1 Hospital Street (off Cedar Avenue)LibanonWestonaria 1780South Africa Private Bag X5Westonaria 1780South AfricaTel: +27 11 278 9600Fax: +27 11 278 9863 SIBANYE GOLD LIMITEDIncorporated in the Republic of South AfricaRegistration number 2002/031431/06Share code: SGLIssuer code: SGLISIN – ZAE E000173951 LISTINGSJSE: SGLNYSE: SBGL WEBSITEwww.sibanyegold.co.za

DIRECTORSSello Moloko* (Chairman)Neal Froneman (CEO)Charl Keyter (CFO)Chris Chadwick#

Robert Chan#

Timothy Cumming*Barry Davison*Rick Menell*Nkosemntu Nika*Keith Rayner*Susan van der Merwe*Jerry Vilakazi*Jiyu Yuan#

*Independent non-executive#Non-executive JSE SPONSORJP Morgan Equities South Africa Proprietary LimitedRegistration number 1995/011815/071 Fricker RoadIllovoJohannesburg 2196South Africa Private Bag X9936Sandton 2196South Africa AMERICAN DEPOSITARY RECEIPTS TRANSFER AGENTBank of New York MellonBNY Mellon Shareowner ServicesPO Box 358516Pittsburgh PA15252-8516Tel: +1 888 269 2377 (US toll-free) +1 201 680 6825Email: [email protected]

OFFICE OF THE UNITED KINGDOM SECRETARIES – LONDONSt James’s Corporate Services LimitedSuite 31Second Floor107 CheapsideLondon EC2V 6DNUnited KingdomTel: +44 20 7796 8644Fax: +44 20 7796 8645 TRANSFER SECRETARIES UNITED KINGDOMCapita Asset ServicesThe Registry34 Beckenham RoadBeckenhamKent BR3 4TUEnglandTel: +44 20 8639 3399Fax: +44 20 8658 3430Email: [email protected] TRANSFER SECRETARIES SOUTH AFRICAComputershare Investor Services Proprietary LimitedGround Floor70 Marshall StreetJohannesburg 2001 PO Box 61051Marshalltown 2107Tel: +27 11 370 5000Fax: +27 11 688 5248

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2007

Beatrix granted a new order Mining Right.

2004

Completion of a new surface ventilation shaft to service the

south-west corner of the mine near 2 Shaft.

Beatrix achieves two million fatality-free shifts for the first time.

2009

Beatrix achieves full compliance from

the ICMI during an external cyanide audit

conducted during June 2009.

2005

Beatrix North and South Sections achieve three million fatality-free shifts for the first

time.

2010

Beatrix West Section achieves two million fatality-free shifts for

the first time.

1933

Exploration in the Free State started as far

back as 1885 but only commenced in earnest in 1933 when the first borehole was drilled on

the farm Aandenk 227 HP. The discovery of the Basal Reef in 1939 set exploration

afire, which resulted in a score of mines being

developed in the Free State.

2002

St Helena Gold Mine sold to Freegold,

Beatrix and Oryx mines merged to form Beatrix Gold Mine. Beatrix Gold

Mine is awarded ISO 14001 certification in

July 2002.

1981

Beisa Shaft commissioned to exploit uranium.

Sinking of Beatrix 1 and 2 Shafts commenced.

2013

Beisa Reef concept study undertaken to

establish the economic potential in re-opening

the old Beisa Mine (upper levels of Beatrix 4 Shaft) to exploit gold

and uranium

1995

Sinking of Beatrix 3 Shaft

complex and down dip expansion of

mine initiated.

1969

Exploration drilling for gold and uranium

commenced in the southern limits of the Free State Goldfields.

2001

Beatrix 3 Shaft completed.

1984

Beisa Uranium Mine closed due to the low prevailing uranium

price.

2012

Announcement of the unbundling of Sibanye Gold Limited from Gold

Fields Limited.

1993

Gold production began at Oryx Mine.

1976

General Mining acquired Union

Corporation in 1976. General Mining Union Corporation Limited, as it was then called,

became Gencor Limited.

2014

Sibanye’s acquisition of the Wits Gold

assets contiguous to Beatrix consolidated its position on the

southernmost extent of the Witwatersrand Basin and extended

its LoM Mineral Reserves to sustain the operation for another

14 years.

1998

A new company, Goldco, is formed,

which brings together the gold assets of Gold Fields of South Africa Limited with those of

the unbundled Gencor. Goldco was later

renamed Gold Fields Limited.

1985

Beatrix 1 and 2 Shafts commissioned.

Exploration for Kalkoenkrans Reef in the vicinity of

the old Beisa Mine commenced.

2011

Partial extraction and flaring of methane gas

commenced in May 2011.

1987

Sinking of two new sub-vertical shafts and a ventilation

shaft at Beisa Mine, renamed Oryx Mine,

to exploit KKR, commenced.

2003

Beatrix achieves one million and Beatrix

North and South Sections achieve

two million fatality-free shifts for the first time.

BEATRIX HISTORY AT A GLANCE

2015

Maiden gold and uranium Mineral

Reserves are declared for Beatrix’s Beisa

Project.

Studies on the Beatrix/VS5 Reef

were undertaken for the Bloemhoek area, underpinning future technical studies in

C2016.

The Wits Gold Mineral Reserve and Resource projects were aligned with the Sibanye Gold

systems.

OPERATIONAL STATISTICS

BEATRIXLocated in the Free State province of South Africa, some 240km south-west of Johannesburg, near Welkom and Virginia, Beatrix operates under mining rights covering a total area of 16,821ha. Beatrix is principally an underground mine with nominal surface reserves represented by surface rock dumps accumulated during the operating history of the mine.

2015 KEY STATISTICS

MAIN DEVELOPMENT

21,599mAREA MINED

416,684m2

TONNES MILLED

4,319ktYIELD

2.34g/tGOLD PRODUCED/SOLD

10,105kg (324,900oz)

UNDERGROUND

21,599m UNDERGROUND

416,684m2SURFACE

1,596kt

UNDERGROUND

2,723kt

SURFACE

0.34g/t

UNDERGROUND

3.51g/t

SURFACE

548kg (17,600oz)

UNDERGROUND

9,557kg (307,300oz)

COSTS AND MARGINS

OPERATING COSTS

R785/t

SURFACE

R129/t

UNDERGROUND

R1,169/t

OPERATING PROFIT

R1,425m

SURFACE

R53m

UNDERGROUND

R1,372m

OPERATING MARGIN

30%

SURFACE

21%

UNDERGROUND

30%

CAPITAL EXPENDITURE

R597m

ORE RESEVE DEVELOPMENT

R511m

PROJECTS

SUSTAINING

R86m

ALL-IN COST

R408,422/kg (US$996oz)

ALL-IN COST MARGIN

14%

TOTAL CASH COST

R340,792/kg (US$831oz)

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COOKE HISTORY AT A GLANCE

DECEMBER 2007

Waterpan Mining Corporation sells 10% interest to EMC. EMC become wholly-owned

subsidiary of First Uranium Limited.

DECEMBER 2006

Ezulwini new order Mining Right

registered, construction of the new Ezulwini Gold and Uranium Plant commenced.

DECEMBER 2007

Harmony and Pamodzi acquires the Cooke

Operations from Randfontein Estates Limited in a Special

Purpose Vehicle called Rand Uranium (Pty)

Limited.

DECEMBER 2006

Simmers sells its 90% interest in EMC to First

Uranium Limited.

JULY 2008

Ezulwini gold plant commissioned.

1886

Exploration activities commenced in the

West Rand.

MARCH 2003

South Deep (Placer Dome Western

Areas Joint Venture) takes over pumping

operations but ceased pumping in

February 2005.

1900

Lindum tailings facility created.

2011

Gold One International Limited acquires Rand

Uranium and place Ezulwini uranium plant on care and

maintenance.

1997

WAGMC purchased by REGM.

1889

Randfontein Estates Gold Mining Company

Limited (REGM) established.

JULY 2001

Harmony ceases mining and pumping

operations at Cooke 4 and operation

put under care and maintenance.

1910

Exploration programmes to locate

gold bearing reefs south of the Witpoortjie

Horst (“Gap”) commenced.

APRIL 2010

Ezulwini mining right registered to EMC.

1971

The Cooke 123 established as a

section of Randfontein Estates Limited

(Cooke 1 - 1971, Cooke 2 - 1974 and Cooke 3 - 1981). Cooke TSF established in 1976.

1890

REGM Dump 20 tailings facility formed; slimes material from

Millsite plant deposited into Rietpan.

MID-2012

Gold One acquires 100% of EMC.

MARCH 2014

The uranium plant re-commissioned by

Gold One.

MAY 2014

Sibanye Gold acquires Rand Uranium and EMC from Gold One.

First stage of aligning acquired operations with Sibanye Gold

through restructuring of Cooke was

completed. The second stage of instituting

protocols, standards and business

processes commenced.

A section 102 application has been submitted to the DMR

to extend the MR boundaries to include

the TSFs that form part of the WRTRPs.

2000

REGM (Cooke 4 Section) acquired by Harmony Gold Mine

Limited, including the Randfontein Surface

Operations.

1911

Dump 20 Sand created as result

of stamp milling at Millsite Gold Plant.

MAY 2009

Ezulwini uranium plant commissioned.

1961

Registration of Western Areas Gold Mining Company

Waterpan Gold Mine.

MAY 2005

Simmer and Jack Limited apply for new order mining right in respect of Ezulwini Mining Company

(Propriety) Limited (EMC or Ezulwini) and

assumed pumping operations as part of purchase agreement

with Harmony.

2015

OPERATIONAL STATISTICS

COOKELocated near Randfontein, approximately 30km south-west of Johannesburg in the province of Gauteng, South Africa, the Cooke underground operations comprise four vertical shafts (Cooke 1 to 4), a dedicated uranium processing facility as well as the surface operation, which are serviced by a developed network of mining and civil infrastructure with adequate electricity and water supplies.

2015 KEY STATISTICS

MAIN DEVELOPMENT

12,923mAREA MINED

204,835m2

TONNES MILLED

5,793ktYIELD

1.08g/tGOLD PRODUCED/SOLD

6,252kg (201,000oz)

UNDERGROUND

12,923m UNDERGROUND

204,835m2SURFACE

4,323kt

UNDERGROUND

1,470kt

SURFACE

0.21g/t

SURFACE

3.65g/t

SURFACE

893kg (28,700oz)

UNDERGROUND

5,359kg (172,300oz)

COSTS AND MARGINS

OPERATING COSTS

R514/t

SURFACE

R83/t

UNDERGROUND

R1,782/t

OPERATING PROFIT

R(4)m

SURFACE

R54m

UNDERGROUND

(R58m)

OPERATING MARGIN

0%

SURFACE

13%

UNDERGROUND

(2%)

CAPITAL EXPENDITURE

R337m

ORE RESEVE DEVELOPMENT

R227m

PROJECTS

R18m

SUSTAINING

R93m

ALL-IN COST

R544,658/kg (US$1,329oz)

ALL-IN COST MARGIN

(14%)

TOTAL CASH COST

R474,584/kg (US$1,158)

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2006

Driefontein successfully converts its old order mining licence to new order Mining Rights

and approval given for completion of 9 Shaft

Project.

1999

Gold Fields wins control of the Driefontein

Gold Mine by buying AngloGold Ashanti’s 21.5% shareholding, making Gold Fields the world’s second

largest gold producer. Gold Fields Ltd holds 100% interest in GFI Mining South Africa (Proprietary) Limited which in turn hold a

100% interest in Driefontein.

2009

Suspension of the 9 Shaft deepening

Project.

2005

On 30 August 2005, Driefontein officially

pours the 100 millionth ounce of gold after some 53 years of

production.

2010

5 Shaft decline option pre-feasibility study replaced the 9 Shaft deepening option.

1887

Cecil Rhodes and Charles Rudd, as joint Managing Directors,

are co-founders of ‘The Gold Fields of South

Africa Limited’ in 1887.

1981

On 1 July 1981 East Driefontein Gold Mining Company Ltd changes its name to Driefontein

Consolidated Ltd and West Driefontein becomes a wholly-owned subsidiary

of Driefontein Consolidated Ltd but still manages its own

lease area.

1932

On 12 November 1932, West Witwatersrand

Areas Limited is formed to take over

the Gold Fields Mineral Rights and to continue

exploration work.

2013

Driefontein showed an overall improvement in all safety lagging

indicators, particularly the FIFR, which

improved by 64% and was the lowest ever recorded by the mine

to date.

1968

Disaster strikes in October 1968 when a stope in the 8 Shaft

area is flooded and the entire East Driefontein development area and threatens the whole of West Driefontein, a tremendous effort

saves the mines without loss of life.

1892

The Gold Fields of South Africa

Limited is renamed Consolidated Gold

Fields of South Africa to mine the deep-level gold deposits of the

Witwatersrand.

1979

West Driefontein succeeds Crown Mines

as the largest gold producer ever.

1945

Exploration activities 1933 to 1939 culminate in registration of West

Driefontein Mining Company on

7 March 1945. Sinking of the No. 1 and 2 Shafts commences (now the No. 11 and

12 Shafts).

2012

Announcement of the unbundling of Sibanye Gold Limited from Gold

Fields Limited.

1968

Intensive drilling carried out between

1962 and 1963 indicates the viability of an area adjoining

West Driefontein mine and the East

Driefontein Gold Mining Company Limited is

registered on 3 May 1968.

1931

Using a magnetometer, Dr Rudolf Krahman discovered the vast gold deposits of the West Wits Line near

Carletonville, including the mines known today

as Driefontein and Kloof.

2014

The pre-feasibility study for the

Driefontein 5 Shaft Drop-down Project

completed.

Mining technicalities of the Driefontein

5 shaft Drop-down Project resulted in reconsideration of certain aspects

of the FS.

A section 102 application has been submitted to the DMR

to extend the MR boundaries to include

the TSFs that form part of the WRTRPs.

1972

East Driefontein starts production in 1972, with an expected life of 52 years, and is

immediately among the lowest cost producers

in South Africa.

1952

West Driefontein starts milling in 1952.

2011

TSFs pre-feasibility study and trial mining

initiated.

1962

29 people tragically lose their lives when a severe subsidence

results in the collapse of the entire sorting

and crushing plant on West Driefontein.

1999

In September 1999 the two entities are

formally amalgamated, pooling their resources

to form one mine, Driefontein Gold Mine.

DRIEFONTEIN HISTORY AT A GLANCE

2015

OPERATIONAL STATISTICS

DRIEFONTEINLocated on the Far West Rand, in the mining district of Oberholzer, some 70km south-west of Johannesburg in the province of Gauteng, South Africa, Driefontein operates under new order mining rights covering a total of 8,561ha. It is an underground mine with surface reserves represented by rock dumps and tailings surface facility that have accumulated throughout the operating history of the mine.

2015 KEY STATISTICS

MAIN DEVELOPMENT

15,704mAREA MINED

384,109m2

TONNES MILLED

5,772ktYIELD

3.01g/tGOLD PRODUCED/SOLD

17,350kg (557,800oz)

UNDERGROUND

15,704m UNDERGROUND

384,109m2SURFACE

3,360kt

UNDERGROUND

2,412kt

SURFACE

0.60g/t

SURFACE

6.36g/t

SURFACE

2,005kg (64,500oz)

UNDERGROUND

15,345kg (493,300oz)

COSTS AND MARGINS

OPERATING COSTS

R907/t

SURFACE

R165/t

UNDERGROUND

R1,941/t

OPERATING PROFIT

R3,002m

SURFACE

R399m

UNDERGROUND

R2,603m

OPERATING MARGIN

36%

SURFACE

42%

UNDERGROUND

36%

CAPITAL EXPENDITURE

R994m

ORE RESEVE DEVELOPMENT

R727m

PROJECTS

R18m

SUSTAINING

R249m

ALL-IN COST

R374,790/kg (US$1,914oz)

ALL-IN COST MARGIN

21%

TOTAL CASH COST

R309,764/kg (US$756oz)

Page 90: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

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2005

Production reached a cumulative

70 million ounces of gold (yield).

1993

Leeudoorn shaft completed.

2007

Kloof successfully converted its old order

mining right to new order mining rights.

2000

Formation of the Kloof Gold Mine with the

amalgamation of the Venterspost, Libanon, Kloof and Leeudoorn

Gold Mines.

2009

Tailings surface facility uranium

models completed and included in Mineral

Resource Statement.

1898

Drilling commenced by the Pullinger

brothers intersecting Ventersdorp Contact

Reef (VCR) and Middelvlei Reef (MVR)

at depth in the Far West Rand area (later

renamed the West Wits Line).

1987

The southern portion of the Kloof Gold Mine and part of the Bank Break

area culminated in the Leeudoorn Mining

Lease. Leeudoorn shaft sinking commenced.

1934

Shaft sinking commenced at

Venterspost using the newly developed cementation process.

2012

Announcement of the formation of Sibanye

Gold Limited following the unbundling from Gold Fields Limited

1964

Work commenced on Kloof’s main twin-shaft

complex.

1909

A shaft was sunk which flooded with water from the dolomites and was

abandoned.

1982

Prospecting lease obtained over an area to the south and west of the Kloof lease area, dubbed the Bank Break

area.

1936

Shaft sinking commenced at

Libanon.

2011

Surface rock dump Python Plant Project

and TSFs pre-feasibility study

1945

Libanon Mine reopened.

1930’S

Dr Krahmann used geophysical techniques to delineate the extent of the reefs underlying

the dolomite.

2013

Secondary reef project initiated.

2014

Concluded a pre-feasibility study on the

mining area below 45 Level at Kloof

4 Shaft.

Embarked on a major exploration programme,

targeted at the Kloof and MVR at Main and

8 Shafts.

2015

Following the completion of the drop-down decline

FS, capital approval was obtained from the Board and development has since commenced.

A section 102 application has been submitted to the DMR

to extend the MR boundaries to include

the TSFs that form part of the WRTRPs.

1968

Kloof Gold Mine officially opened.

1939

Crushing of ore began and first gold from the West Wits Line

Goldfield was poured at Venterspost.

2010

Kloof and Driefontein were combined to create the Kloof/

Driefontein Complex.

1939

Sinking of Libanon’s second shaft stopped

to curtail capital expenditure and the mine closed for the duration of World

War II.

1992

Venterspost Gold Mine incorporated into the

Libanon division of the Kloof Gold Mine.

KLOOF HISTORY AT A GLANCE OPERATIONAL STATISTICS

KLOOFLocated in the Far West Rand mining district of Westonaria, some 60km south-west of Johannesburg in Gauteng province, South Africa, Kloof’s mining rights cover a total of approximately 20,100ha. It is principally an underground mine with nominal surface reserves represented by surface rock dumps and tailings surface facility accumulated during the operating history of the mine.

2015 KEY STATISTICS

MAIN DEVELOPMENT

17,899mAREA MINED

307,750m2

TONNES MILLED

3,977ktYIELD

3.54g/tGOLD PRODUCED/SOLD

14,068kg (452,300oz)

UNDERGROUND

17,899m UNDERGROUND

307,750m2SURFACE

1,998kt

UNDERGROUND

1,979kt

SURFACE

0.61g/t

SURFACE

6.49g/t

SURFACE

1,220kg (39,200oz)

UNDERGROUND

12,848kg (413,100oz)

COSTS AND MARGINS

OPERATING COSTS

R1,201/t

SURFACE

R161/t

UNDERGROUND

R2,251/t

OPERATING PROFIT

R1,914m

SURFACE

R256m

UNDERGROUND

R1,658m

OPERATING MARGIN

29%

SURFACE

44%

UNDERGROUND

27%

CAPITAL EXPENDITURE

R1,130m

ORE RESEVE DEVELOPMENT

R841m

PROJECTS

R64m

SUSTAINING

R226m

ALL-IN COST

R430,751/kg (US$1,051oz)

ALL-IN COST MARGIN

9%

TOTAL CASH COST

R342,764/kg (US$836oz)

Page 92: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

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1887

Gold discovered in the South Rand

Basin outcrops of the Kimberley Reef.

2002

Great Basin Gold acquired 100% of

Southgold and drilled a further 374 boreholes until 2012 within or in close proximity of

the Burnstone Mining Right.

2014

Sibanye Gold took over Wits Gold and acquired Southgold. Sibanye’s

technical team reviewed the technical aspects of Burnstone

with its own feasibility study.

1974

A steep rise in the gold price sparked renewed interest in

the South Rand Basin - Union Corporation/

Glencor and Anglovaal conducted extensive drilling programmes, which confirmed the

occurrence of Kimberley Reef at relatively shallow depths of

200m – 300m.

2006

Positive final feasibility study declared a large Measured and Indicated Gold

Resource (85.2 Mt @ 5.52 g/t for 15.3 Moz)

2012

Southgold placed in a business rescue plan and Witwatersrand Gold acquired the

company.

2002

Southgold Exploration (Pty) Ltd drilled an additional

18 boreholes, primarily within the Burnstone

Mining Right and again intermittently intersected payable

Kimberley Reef.

2015

Completion of the FS, capital approval

obtained to commence with development in

C2016.

2006

The construction of the Burnstone Decline

Shaft started.

2009

The Decline Shaft tunnel intersects Kimberley Reef.

BURNSTONE HISTORY AT A GLANCE OPERATIONAL STATISTICS

BURNSTONELocated on the Far South Rand basin in the mining district Balfour, some 70km south east of Johannesburg in the Mpumalanga province of South Africa. A maiden gold Reserve was declared in C2015. It is planned to be a semi-machanised mining operation using conventional stoping methods.

2015 KEY STATISTICS

MAIN DEVELOPMENT

Not applicableAREA MINED

Not applicableTONNES MILLED

Not applicableYIELD

Not applicableGOLD PRODUCED/SOLD

Not applicable

UNDERGROUNDNot applicable

UNDERGROUND

Not applicableSURFACE

Not applicable

UNDERGROUND

Not applicable

SURFACE

Not applicable

SURFACE

Not applicable

SURFACE

Not applicable

UNDERGROUND

Not applicable

COSTS AND MARGINS

OPERATING COSTS

All costs are capitalised until break-even

OPERATING PROFIT

Not applicableOPERATING MARGIN

Not applicableCAPITAL EXPENDITURE

R272m

PROJECTS

R272m

ALL-IN COST

Not applicable

ALL-IN COST MARGIN

Not applicable

TOTAL CASH COST

Not applicable

Page 94: MINERAL RESOURCES AND MINERAL RESERVES REPORT 2015 · and uranium Mineral Reserves inclusive of projects were 31.0Moz net of 1.6Moz depletion, and 113.8Mlb, net of 0.3Mlb depletion

SIBANYE GOLD M

INERAL RESOU

RCES AND M

INERAL RESERVES REPORT 2015

www.sibanyegold.co.za