African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1933/004580/06)
JSE Share code: ARI
ISIN: ZAE000054045
(“ARM” or “the Company”)

DEALINGS IN SECURITIES

A. Award and acceptance of conditional shares

In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements of the
JSE Limited (“the Listings Requirements”), we hereby provide the following
information regarding the award to and acceptance of conditional shares by the
undermentioned Executive Director of the Company:

Conditional shares
Acceptance date                     20 June 2023
Nature of transaction               Off-market   awards   and   acceptance  of
                                    conditional shares in terms of The African
                                    Rainbow Minerals Limited 2018 Conditional
                                    Share Plan
Vesting date for settlement         12 June 2026
Class of securities                 Ordinary shares
Extent of interest                  Direct, beneficial

Name              Designation                        Number of   Value of award
                                                   conditional                R
                                                       shares*
VP Tobias         Chief Executive Officer               33 758       7 194 505

* The vesting of the conditional shares is conditional on pre-determined
performance conditions and continued employment by ARM and where applicable,
the reasons for the cessation of such employment.

The calculation of the value of these awards is based upon the volume weighted
average ARM share price for the 20 trading days ended 9 June 2023, which was
R213.12.

The requisite clearances and approvals for this transaction have been obtained
in compliance with the Securities Dealing Policies and Procedures of ARM and
paragraph 3.66 of the Listings Requirements.


B. Equity settlement of conditional shares

In terms of paragraphs 3.63 to 3.66 of the Listings Requirements, we hereby
provide the following information regarding the equity settlement of
conditional shares by ARM to the undermentioned Director of the Company. These
awards were made in terms of The African Rainbow Minerals Limited 2018
Conditional Share Plan (the “2018 CSP”) and on recommendation of the
Remuneration Committee, approved by ARM’s Board of Directors. The calculation
of the gross value of conditional shares vested is based upon the closing ARM
share price of R211.91 on 9 June 2023.
   Conditional shares
   Date of transaction                 19 June 2023
   Nature of transaction               Equity settlement of conditional shares in
                                       terms of the 2018 CSP by means of on-
                                       market purchase of shares in the market
   Date of award                       11 May 2020
   Vesting date for settlement         11 June 2023
   Class of securities                 Ordinary shares
   Extent of interest                  Direct, beneficial

Name         Designation       Number of   Gross value   Number of      Number of      Value of
                             conditional     of vested      shares    conditional   conditional
                                  shares     shares at    withheld         shares        shares
                                 vested1       vesting    to cover   settled on a       settled
                                                  date         tax     net of tax           (R)
                                           (before tax   liability          basis
                                            liability)           *
                                                   (R)

J Magagula   Executive           27 656     5 860 583      12 533         15 123     3 307 712
             Director

   The calculation of the value of the conditional shares settled is based upon
   the volume weighted average price of shares purchased in settlement, being
   R218.7206, with a low of R210.14 per share and a high of R223.79 per share.

   The requisite clearances and approvals for these transactions have been
   obtained in compliance with the securities dealing policies and procedures of
   ARM and paragraph 3.66 of the Listings Requirements.

   *The number of shares withheld to cover tax liability is determined based on
   the 20-day volume weighted average share price on the first business day
   following the vesting date of 11 June 2023, i.e. 12 June 2023, of R212.35, in
   accordance with the provisions of the 2018 CSP rules.




   Sandton
   21 June 2023

   Sponsor to ARM:
   Investec Bank Limited