Fourth Quarter Report Merafe Resources Limited (Incorporated in the Republic of South Africa) (Registration number: 1987/003452/06) JSE share code: MRF ISIN: ZAE000060000 (“Merafe”) Fourth quarter report 1. Key production and sales indicators Merafe's attributable ferrochrome production from the Glencore Merafe Chrome Venture (the Venture) for the fourth quarter of 2014 was 3% higher than the 2013 corresponding period, with production levels averaging 88% of operating capacity utilisation. Higher ferrochrome production was due to the start-up of Project Lion II which was partially offset by additional planned maintenance on other furnaces operated by the Venture. Full year ferrochrome production volumes for 2014 were 5% higher than the prior year, averaging 84% of operating capacity utilisation. The ramp-up of Project Lion II is on track and is expected to reach full capacity by mid-2015. Merafe's attributable ferrochrome sales volumes were 18% lower in the fourth quarter of 2014, compared to the 2013 corresponding period, as a result of weaker demand and logistical constraints. Full year ferrochrome sales volumes for 2014 was marginally higher than the prior year. Q4 Q4 Full year Full year 2014 2013 2014 2013 Attributable ferrochrome production (kt) 92 89 334 319 Attributable ferrochrome sales (kt) 85 104 316 314 Average European benchmark ferrochrome price (USc/lb) (Metal Bulletin) 115.0 112.5 118.5 116.1 Average Rand / Dollar Exchange rate 11.2 10.2 10.8 9.6 2. Employee relations and safety We are pleased to report that wage agreements were reached with the western mining employees in the fourth quarter of 2014. The Venture’s total recordable injury frequency rate (TRIFR) increased from 3,84 in 2013 to 4,59 in 2014. This increase was primarily attributable to eleven additional injuries. Safety remains a key focus area and the Venture continues to make every effort to ensure the highest standards of safety are in place at all its operations. 30 January 2015 Sandton Sponsor: Merrill Lynch South Africa Proprietary Limited Date: 30/01/2015 09:00:00 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.