MERAFE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003452/06)
Share Code: MRF
ISIN: ZAE000060000
(“Merafe” or the “Company”)

 PRODUCTION REPORT AND TRADING STATEMENT FOR THE SIX MONTHS ENDED
 30 JUNE 2022

 1. Production Report

 Merafe’s attributable ferrochrome production from the Glencore Merafe Chrome Venture for the six
 months ended 30 June 2022 marginally increased by 1.7% compared to the prior comparative period.
 The improvements in plant efficiencies achieved at our smelters continue to be sustained.

                                                                   Six months              Six months
                                                                        ended                   ended
                                                                 30 June 2022            30 June 2021
  Attributable ferrochrome production (kt)                                203                     199


 2. Trading Statement

 Basic earnings and headline earnings per share

 In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, issuers are required to publish
 a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the
 financial results for the period to be reported on will differ by at least 20% from those of the prior
 comparative period.

 Shareholders are hereby advised that for the six months ended 30 June 2022, Merafe is expecting to
 report:
     -   basic earnings per share (“EPS”) of between 34.7 cents and 39.3 cents compared to EPS of
         23.0 cents for the prior comparative period, which is an improvement of between 50.9% to
         70.9%; and
     -   headline earnings per share (“HEPS”) of between 34.7 cents and 39.3 cents, compared to 23.2
         cents for the prior comparative period, which is an improvement of between 49.5% and 69.5%.

 The expected increase in EPS and HEPS is primarily driven by higher chrome ore and ferrochrome
 prices and a weaker average Rand:US$ exchange rate.

 Expected cash and debt balances – Merafe Resources Limited Group

                                                                    30 Jun 2022           31 Dec 2021
                                                                            R’m                   R’m
  Cash and cash equivalents balance                                       1 015                   972
  Net cash/(debt)                                                         1 015                   972

 Included in the cash and cash equivalents for the current reporting period is R194 million which has
 been ring-fenced for rehabilitation obligations (31 Dec 2021: R189 million). As in the prior comparative
 period, the Company had no debt at period end.

 Shareholders are advised that the financial information on which this announcement is based, has not
 been reviewed or reported on by Merafe’s external auditors. The financial results for the six months
 ended 30 June 2022 are expected to be released on SENS on or about 23 August 2022.
Sandton
26 July 2022

Sponsor
One Capital