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

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 Directors and Prescribed Officers of the Company, and
the undermentioned Directors of Two Rivers Platinum Proprietary Limited and
ARM Mining Consortium Limited, major subsidiaries of the Company:

Conditional shares
Acceptance date                      7 December 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          5 December 2026
Class of securities                  Ordinary shares
Extent of interest                   Direct, beneficial


Name                Designation                      Number of   Value of award
                                                   conditional                R
                                                       shares*
PT Motsepe, Dr      Executive Chairman                 112 064      19   835   328
VP Tobias           Chief Executive Officer             88 689      15   697   953
TTA Mhlanga         Finance Director                    46 963       8   312   451
A Joubert           Prescribed Officer                  47 732       8   448   564
NV Khumalo          Director of Two Rivers              25 006       4   426   062
                    Platinum Proprietary
                    Limited, a major subsidiary
                    of ARM
BR Tshabalala, Dr   Director of ARM Mining              23 320       4 127 640
                    Consortium Limited, a major
                    subsidiary of ARM
HL Mkatshana        Executive Director                  41 758       7 391 166
MP Schmidt          Prescribed Officer                  69 407      12 285 039

* 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 4 December 2023, which
was R177.
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.


Sandton
7 December 2023

Sponsor to ARM:
Investec Bank Limited