Trading statement for the six months ended 30 June 2012 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”) Trading statement for the six months ended 30 June 2012 In terms of the JSE Limited Listings Requirements (“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 next will differ by at least 20 percent from those of the prior comparative period. Shareholders are advised that Merafe is expecting to report both basic earnings per share and headline earnings per share of between 5.2 cents and 5.7 cents for the six months ended 30 June 2012. This compares with both basic earnings per share and headline earnings per share of 3.5 cents for the prior comparative period which represents an increase of between 49 percent and 63 percent. Update on cash balance and debt At 30 June 2012 Merafe closed with a cash balance of R80m and had long-term debt of R300m. Shareholders are advised that the financial information on which this trading statement is based, has not been reviewed or reported on by Merafe’s external auditors and is provided in terms of paragraph 3.4(b) of the Listings Requirements. The financial results for the interim period ended 30 June 2012 are expected to be released on SENS on 7 August 2012. Sandton 20 July 2012 Sponsor Merrill Lynch South Africa Proprietary Limited Date: 20/07/2012 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.