EXXARO RESOURCES LIMITED
Incorporated in the Republic of South Africa
(Registration Number: 2000/011076/06)
JSE share code: EXX
ISIN: ZAE000084992
ADR code: EXXAY
Bond code: EXX05
ISIN: ZAG000160334
(Exxaro or the Company)
TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022
Shareholders are advised that Exxaro and its directors have a reasonable degree of certainty relating
to the expected financial results of Exxaro for the year ended 31 December 2022.
Headline earnings per share (HEPS) for the year ended 31 December 2022 is expected to increase
between 20% and 34% compared to the year ended 31 December 2021. This is mainly due to the
exceptional performance of our coal business driven by higher export and domestic sales prices, and
good cost control despite the ongoing logistical challenges. This was partially offset by a lower
contribution from our energy business due to persistent low wind conditions over the past twelve
months, as well as the lower income from our equity-accounted investment in Sishen Iron Ore
Company Proprietary Limited. HEPS are also based on a lower weighted average number of shares
(WANOS) of 242 million following our share repurchase program, compared to 247 million WANOS
for the year ended 31 December 2021.
The increase in attributable earnings per share for the year ended 31 December 2022 compared to
the year ended 31 December 2021 is expected to be within the 20% range in terms of the JSE
Listings Requirements.

EBITDA(1) for the year ended 31 December 2022 is expected to increase between 70% and 84%
compared to the year ended 31 December 2021, mainly attributable to the exceptional performance
of the coal business as set out above.
There were no additional non-core adjustments2 to the headline earnings adjustments for both years
ended 31 December 2022 and 31 December 2021.
The expected ranges are summarised below:
                Unit       31 December           31 December             31 December                31 December
                           2021                  2022                    2022                       2022
                           Reported              Expected                Expected range             Expected range
                           earnings              earnings
 HEPS           cents      4 683                 5 620 – 6 275           20% - 34%                  937 – 1 592 cents
                                                                         increase                   increase
 EBITDA(1) R               10 671                18 141 – 19 635         70% - 84%                  R7 470 – R8 964
           million                                                       increase                   million increase

Shareholders are advised that Exxaro will release its reviewed financial results for the year ended
31 December 2022 on or about 16 March 2023. Further details are available on our website,
www.exxaro.com.
The forecast financial information on which this trading statement is based has not been reviewed,
audited nor reported on by Exxaro’s external auditors.
This statement is issued in compliance with the JSE Listings Requirements.
(1)EBITDA  is calculated by adjusting net operating profit before tax with depreciation, amortisation, impairment charges or
reversals and net losses or gains on disposal of assets and investments (including translation differences recycled to profit
or loss).
(2)Non-core items adjustments are defined as any major non-recurring transactions identified by management at each
reporting period.

These are not defined terms under International Financial Reporting Standards (IFRS) and may not be comparable with
similarly titled measures reported by other companies. The afore-mentioned adjustments are the responsibility of the
directors of Exxaro. The adjustments have been prepared for illustrative purposes only and due to their nature, may not
fairly present Exxaro´s financial position, changes in equity, results of operations or cash flows. The adjustments have not
been reviewed, audited nor reported on by Exxaro’s external auditors.


Editor’s note:
Exxaro is one of the largest South African based diversified resources companies, with main interests
in the coal, iron ore and renewable energy commodities. www.exxaro.com
Enquiries:
Mzila Mthenjane, Executive head: Stakeholder Affairs
Tel: + 27 12 307 7393
Mobile: +27 83 417 6375
Email: Mzila.mthenjane@exxaro.com
Pretoria
09 March 2023
Lead Equity Sponsor and Debt Sponsor
Absa Bank Limited (acting through its corporate and investment banking division).




Joint Equity Sponsor
Tamela Holdings Proprietary Limited