Statement of Mineral Resources and Mineral Reserves – a summary

Sibanye's Mineral Resources and Mineral Reserves are reported in accordance with the SAMREC Code, and are considered to be fully compliant in all material respects with the requirements of the code.

The statement of 31 December 2015 outlines the Mineral Resources and Mineral Reserves at each of our operating mines and growth projects, and compares to the last full declaration made as at 31 December 2014, and therefore includes a 12-month production depletion period. The Mineral Resources and Mineral Reserves are underpinned by appropriate Mineral Resource Management processes and protocols that ensure adequate corporate governance.

The commodity prices used for the Mineral Reserve declaration are in accordance with the SEC guidelines and approximate the historic two- to three-year average commodity prices. As a result, a gold price of R430,000/kg and a uranium price of R1,140/kg has been used. The Mineral Resources were declared at a premium of 10% over the Mineral Reserve price. All stated Mineral Resources and Mineral Reserves are net of 12 months' production depletion since the 2014 declaration.

Gold and uranium Mineral Resources and Mineral Reserves

GOLD

URANIUM

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

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

GOLD MINERAL RESERVE RECONCILIATION

Factors	Gold (Moz)
31 December 2014	28.425
2015 depletion	(1.577)
Post-depletion	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, etc]	0.452
Specific inclusions:
Driefontein 5 Shaft drop-down project extension beyond inner core	1.016
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)
31 December 2015	30.988

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

URANIUM MINERAL RESOURCE RECONCILIATION

Factors	U3O8 (Moz)
31 December 2014	227.379
2015 depletion	(0.187)
Post-depletion	227.193
Changes 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 clean-up	(2.102)
31 December 2015	229.852

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

URANIUM MINERAL RESERVE RECONCILIATION

Factors	U3O8 (Moz)
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:
Beisa Project maiden Mineral Reserve	11.654
Deposition to active TSFs which form part of the WRTRP	0.435
31 December 2015	113.814

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

ABRIDGED REVIEW PER OPERATION

BEATRIX

The Beatrix Operation is a low-cost, high productivity asset with a life of mine (LoM) extending to 2029, with 9.6Moz gold and 27.0Mlb uranium Mineral Resources. The underground production is supplemented by processing of historic rock dumps, with an estimated gold Mineral Reserve 0.1Moz. Gold Mineral Reserves increased by 18% to 4.3Moz net of production depletion in 2015 due to an extended life at Beatrix West and South, and due to the inclusion of white areas. In addition, a maiden 0.5Moz gold Mineral Reserve and 11.7Mlb uranium Mineral Reserve has been declared at the Beisa Project.

DRIEFONTEIN

The Driefontein Operation is a high-yield, medium to long-term operation with gold Mineral Resources of 19.8Moz and gold Mineral Reserves of 8.2Moz and a LoM extending to 2042, following the inclusion of the 2.1Moz below infrastructure decline project at number 5 Shaft. The underground production is supplemented by processing of an estimated 0.1Moz of gold Mineral Reserves contained in historic rock dumps. The gold Mineral Reserves increased by 11% net of depletion from the previous year, mainly due to the extension of the area accessible through the Driefontein 5 Shaft below infrastructure project, which will provide access to an additional 2.1Moz, with first production scheduled in 2024, as well as previously excluded secondary reefs and white areas at 8 Shaft which are able to be economically and safely extracted.

KLOOF

The Kloof Operation is a high-yield medium to long-term operation, with gold Mineral Resources of 28.2Moz and gold Mineral Reserves of 6.5Moz. The Kloof operation LoM has been extended by three years to 2033, following the inclusion of the below infrastructure project at number 4 Shaft, which will provide access to an additional 0.5Moz gold Mineral Reserve, and is scheduled for first gold production by 2021. The underground production is supplemented by processing of historic rock dumps with an estimated gold Mineral Resource of 0.2Moz. The Mineral Reserves decreased by 5% year-on-year, with production depletion partly offset by additional Mineral Reserves from secondary reefs and white areas.

COOKE

The Cooke Operation is a 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 15.9Moz 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 exploration development. The underground production is supplemented by processing historic tailings storage facilities (containing an estimated gold Mineral Reserve of 0.1Moz).

CORPORATE GOVERNANCE

Sibanye reports its Mineral Resources and Mineral Reserves in accordance with the SAMREC Code, the updated Section 12 of the JSE Listings Requirements and the SEC Industry Guide 7, aligned with guiding principles of the SOX. Guided by commitment to corporate governance, the statement has been reviewed by Group Technical Services, and the statement for the operations were independently reviewed by Amec Foster Wheeler (Mineral Resources) and by Mineral Corporation Consultancy Proprietary Ltd (Mineral Reserves), and has been found to be compliant with the relevant codes with no material shortcomings.

The Mineral Resources and Mineral Reserves are estimates at a point in time, and will be affected by fluctuations in the gold price, US dollar currency exchange rates, operating costs, mining permits, changes in legislation and operating factors. Although all permits may not be finalised and in place at the time of reporting, there is no reason to expect that these will not be granted. However, the length of the approval process for such permits may have an impact on the schedules stated.

All statement figures are managed, and Mineral Resources are reported inclusive of Mineral Reserves, while production volumes are reported in metric tons (t). Gold and uranium are reported separately, therefore no gold equivalents are stated to avoid potential anomalies as a result of year-on-year metal price differentials. All financial models used to determine the Mineral Reserves are based on current tax regulations at 31 December 2015.

The lead competent person designated in terms of the SAMREC Code, who takes responsibility for the consolidation and reporting of Sibanye's Mineral Resources and Mineral Reserves, and of the overall regulatory compliance of these figures, is Gerhard Janse van Vuuren, who gave his consent for the disclosure of the 2015 Mineral Resources and Mineral Reserves Statement. Gerhard [BTech (MRM), GDE (Mining Eng), MBA and MSCC] is registered with Plato (PMS No 243) and has 28 years' experience relative to the type and style of mineral deposit under consideration. He is the current Vice President: Mine Technical Services and is a full-time employee of Sibanye.

The respective business unit-based Mineral Resource managers, relevant project managers and the respective Mineral Resource Management discipline heads have been designated as the competent persons in terms of the SAMREC Code, and take responsibility for the reporting of Mineral Resources and Mineral Reserves for their respective area(s). Additional information regarding these personnel, as well as the teams involved with the compilation of the Mineral Resource and Mineral Reserve declaration is incorporated in the Mineral Resources and Mineral Reserves Supplement that has been published in conjunction with this Sibanye Gold Integrated Annual Report 2015.