Director's dealings in Merafe Securities MERAFE RESOURCES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1987/003452/06 Share Code: MRF ISIN: ZAE000060000 (“Merafe Resources” or “the Company”) Director’s dealing in Merafe securities In compliance with paragraph 3.63 – 3.66 of the JSE Limited Listings Requirements, we hereby advise the following dealing by a director in Merafe securities: Director Bruce McBride Company Merafe Resources Limited Date of transaction 3 September 2014 Nature of transaction Exercise and sale of share options Exercise of share options Number of securities 2 000 000 Strike price 55 cents Strike date 01 December 2005 Vesting date 1 123 668 - 31 December 2009 876 332 – 31 December 2010 Total value of transactions R 1 100 000 Nature of interest Direct beneficial Clearance obtained Yes Traded on/off market Off market trade Sale of shares Number of securities 2 000 000 Highest selling price R1.3737 Lowest selling price R1.3379 Average selling price R1.3538 Total value of transactions R2 707 845. 73 Net Proceeds R 1 607 845.73 Nature of interest Direct beneficial Clearance obtained Yes Traded on/off market On market trade Sandton 04 September 2014 Sponsor: Merrill Lynch South Africa Proprietary Limited Date: 04/09/2014 12:15:00 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.