MERAFE RESOURCES LIMITED - Production report for the nine months ended 30 September 2025

Production report for the nine months ended 30 September 2025

MERAFE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003452/06)
JSE and A2X share code: MRF
ISIN: ZAE000060000
("Merafe" or the "Company")

PRODUCTION REPORT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025

Merafe's attributable ferrochrome production from the Glencore Merafe Chrome Venture ("Venture")
in the third quarter ended 30 September 2025 (the "Third Quarter") was 709t, resulting in a decrease
of approximately 51% in production for the nine months ended 30 September 2025 (the "Current
Period") compared to the nine months ended 30 September 2024 (the "Prior Comparative Period").
This reduction in production is primarily attributable to the suspension of production at our smelters due
to adverse market conditions.

The Company's attributable chrome ore production from the Venture in the Third Quarter was 267kt,
resulting in a decrease of approximately 3% in production for the Current Period compared to the
Prior Comparative Period. This decrease in production is mainly as a result of temporary equipment
breakdowns experienced during the Current Period.

The Company's attributable platinum group metals ("PGMs") concentrate production from the Venture
in the Third Quarter was 4koz, resulting in an increase of approximately 6% in production for the Current
Period compared to the Prior Comparative Period. This increase in production is largely due to higher
feed tonnages.

                                                                 Nine months ended 30 September
                                                                     2025             2024
 Attributable ferrochrome production (kt)                             112              230
 Attributable chrome ore production (kt)                              710              733
 Attributable PGMs concentrate production (koz)                        11               10


Sandton
28 October 2025

Sponsor
One Capital

Date: 28-10-2025 08:00:00
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