Production Announcement for the First Quarter of 2013 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”) Production announcement for the first quarter of 2013 Shareholders of the Company are advised that the ferrochrome production volumes in the first quarter of 2013 were 3% higher than the 2012 comparative period. During the first quarter of 2013, the Venture participated in the Eskom buy-back arrangements which will be effective until 31 May 2013. Although more production was surrendered in the first quarter of 2013, as a result of the Eskom buy-back arrangements, compared to the 2012 comparative period, production volumes increased as a result of improved overall performances of the Venture’s furnaces. The Rustenburg furnaces exceeded expectations in terms of production volumes and efficiencies as a result of the successful commissioning and ramp up of the Tswelopele pelletising plant. Ferrochrome producers achieved a 13% increase in the European benchmark ferrochrome price from 112.5USc/lb in the first quarter of 2013 to 127USc/lb in the second quarter of 2013. Three months Three months Year ended ended ended 31 December 31 March 2013 31 March 2012 2012 Attributable production (kt) 67 65 242 Indicative average published ferrochrome price (USc/lb) (Metal Bulletin) 112.5 115.0 121.25 Sandton 26 April 2013 Sponsor: Merrill Lynch South Africa Proprietary Limited Date: 26/04/2013 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.