COMP <GO>

SBSW vs EGO // 10Y YIELD & FRED MACRO BETA

D/B/A Sibanye-Stillwater Limited ADS (NYSE) VS. Eldorado Gold Corporation (NYSE) • 15-METRIC TALLY: SBSW 1 — EGO 2

■ METRIC PARITY

LAST: $8.74 (+1.75%) • MKT CAP: $6.08B

macro-sensitivity

0.89

LAST: $32.24 (+5.36%) • MKT CAP: $8.00B

macro-sensitivity

0.89

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (SBSW VS. EGO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	SBSW	EGO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	9.90%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	21.0x	0.00	TIE	/valuation <GO>
Free Cash Flow Yield	2.21%	2.21%	0.00	TIE	/fcf-yield <GO>
Operating Margin	13.90%	13.90%	0.00	TIE	/operating-margins <GO>
Net Profit Margin	10.90%	10.90%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	11.00%	4.40%	+6.60	SBSW	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	3.74	0.00	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	8/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	34.5	35.1	-0.60	EGO	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta ACTIVE	0.89	0.89	0.00	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	30.5x	30.5x	0.00	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$6.08B	$8.00B	-$1.92B	EGO	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	SBSW REV	EGO REV	SBSW GROSS %	EGO GROSS %	SBSW FCF	EGO FCF
INSPECT INDIVIDUAL XBRL MODELS AT SBSW FA <GO> AND EGO FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

SBSW // BETA 0.89

EGO // BETA 0.89