MERAFE RESOURCES LIMITED - Dealings in securities by directors of Merafe

Dealings in securities by directors of Merafe

Merafe Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003452/06)
JSE share code: MRF
ISIN: ZAE000060000
(“Merafe” or the “Company”)

DEALINGS IN SECURITIES BY DIRECTORS OF MERAFE

In compliance with paragraphs 3.63 – 3.66 of the Listings Requirements of the JSE Limited the following
information is provided:

Vesting of shares in terms of the Share Incentive Scheme (“Scheme”)
In terms of the Scheme, the following grant shares vested on 1 April 2018. The Company has the right,
at its election, either to issue new shares or settle in cash. The Company has opted to settle the
respective grant shares in cash.

 Name of director:                                   Kajal Bissessor
 Date of transaction:                                1 April 2018
 Class of security:                                  Ordinary shares
 Nature of transaction:                              Vesting of shares in terms of the Scheme
 Number of shares vested:                            438 519
 Issued price per share:                             Nil
 Strike price per share:                             R1.43
 Total value of transaction:                         R627 082.17
 Transaction completed:                              Off market
 Extent of director's interest in the transaction:   Direct beneficial
 Clearance obtained:                                 Yes

 Name of director:                                   Zanele Matlala
 Date of transaction:                                1 April 2018
 Class of security:                                  Ordinary shares
 Nature of transaction:                              Vesting of shares in terms of the Scheme
 Number of shares vested:                            1 477 300
 Issued price per share:                             Nil
 Strike price per share:                             R1.43
 Total value of transaction:                         R2 112 539.00
 Transaction completed:                              Off market
 Extent of director's interest in the transaction:   Direct beneficial
 Clearance obtained:                                 Yes


Annual Share grant allocations
In terms of the Scheme approved by shareholders on 13 April 2010, Merafe has issued the annual
share grant allocation of Restricted Shares to an executive director.

These Restricted Shares are issued at no cost to the executive director at the volume weighted average
price of R1.42 per ordinary share for 31 March 2018 and was accepted on 1 April 2018.


 Name of director:                                   Zanele Matlala (Chief Executive Officer)
 Date of transaction:                                1 April 2018
 Class of security:                                  Ordinary shares
 Nature of transaction:                              Acceptance of Restricted Shares in terms of the
                                                     Scheme
 Number of Restricted Shares accepted:               1 730 078
 Total value of transaction:                         R2 456 710.76
 Periods of vesting:                                 These Restricted Shares shall vest in three
                                                     tranches, one third on 1 April 2021, one third on
                                                     1 April 2022 and one third on 1 April 2023 and
                                                     are subject to performance based vesting criteria.
 Transaction completed:                              Off market
 Extent of director's interest in the transaction:   Direct beneficial
 Clearance obtained:                                 Yes


Sandton
4 April 2018

Sponsor
One Capital

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