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”)


DEALING IN SECURITIES

A.    DEALING IN SECURITIES BY A DIRECTOR OF THE COMPANY

In compliance with paragraphs 3.63 – 3.66 of the Listings Requirements of the JSE Limited (the “Listings
Requirements”), we hereby provide the following information regarding dealings in ARM shares by an Executive
Director of ARM as security for his obligations in terms of a finance agreement entered into by the Executive
Director with an institutional lender:

Name of Director                             Hamilton Luthando Mkatshana
Name of Associate                            ESP Trust – Hamilton Luthando Mkatshana (“ESP Trust”)
Director’s relationship with Associate       Mr H L Mkatshana is the beneficiary of the ESP Trust
Category of Director                         Executive Director
Date of Transaction                          4 November 2022
Company                                      African Rainbow Minerals Limited
On/Off market                                Off market
Class of Securities                          Ordinary shares in African Rainbow Minerals Limited
Nature of Transaction                        Off-market, American put option over 80,000 ordinary shares in
                                             ARM, together with related trust and security arrangements, in
                                             terms of which:
                                              • Mr H L Mkatshana has transferred registered title in the
                                                 ordinary shares of the Company to the ESP Trust, but
                                                 retains beneficial ownership in such shares;
                                              • the hedging counterparty has in turn concluded a scrip loan
                                                 with the ESP Trust;
                                              • the strike price is determined with reference to a portfolio
                                                 of hedge reference assets; and
                                              • the ESP Trust has pledged the ordinary shares in the
                                                 Company to the hedge counterparty as security for physical
                                                 settlement of the maximum financial obligation under the
                                                 hedging arrangement.

Initial Price per Share                      R260.50 per share
Number of Shares                             80 000 shares
Notional Value/Transaction Value             R20 840 000.00
Expiry Date                                  15 years, but terminable prior to the 15 year term by Mr H L
                                             Mkatshana on notice
Nature of Interest                           Direct, Beneficial
B.    DEALING IN SECURITIES BY A DIRECTOR OF A MAJOR SUBSIDIARY OF ARM

In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements of the Listings Requirements, we hereby
provide the following information regarding dealings in ARM securities by a Director of ARM Mining Consortium
Limited, a major subsidiary of the Company:

 Name of Director                            Busisiwe Rita Mashiane
 Category of Director                        Director of ARM Mining Consortium Limited, a major
                                             subsidiary of ARM
 Date of Transaction                         4 November 2022
 Nature of Transaction                       On-market sale of shares
 Class of Securities                         Ordinary shares
 Number of Securities                        8 500 shares
 Selling Price of Securities                 R270.00 per share
 Total Value of Transaction                  R2 295 000.00
 Nature of Interest                          Direct, Beneficial


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



Sandton
Date: 9 November 2022

Sponsor to ARM:
Investec Bank Limited