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               12 December 2022
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 2025
Class of securities           Ordinary shares
Extent of interest            Direct, beneficial


Name           Designation               Number of     Value of
                                       conditional        award
                                           shares*            R
PT Motsepe, Dr Executive Chairman           66 505   18 890 745
MP Schmidt     Chief Executive Officer      57 988   16 471 491
TTA Mhlanga    Finance Director             26 677    7 577 602
A Joubert      Prescribed Officer           28 327    8 046 284
NV Khumalo     Director of Two Rivers       14 840    4 215 302
               Platinum Proprietary
               Limited, a major
               subsidiary of ARM
J Magagula     Executive Director           20 430    5 803 142
BR Mashiane    Director of ARM Mining       13 839    3 930 968
               Consortium Limited, a
               major subsidiary of ARM
HL Mkatshana   Executive Director           24 781    7 039 043
PS Thwala      Director of ARM Mining       14 195    4 032 090
               Consortium Limited, a
               major subsidiary of ARM
VP Tobias      Prescribed Officer           34 415    9 775 581

* 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 2 December 2022, which was R284.05.

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
13 December 2022

Sponsor to ARM:
Investec Bank Limited