Directors’ Dealings In Securities MERAFE RESOURCES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1987/003452/06 Share Code: MRF ISIN: ZAE000060000 DIRECTORS’ DEALINGS IN SECURITIES In accordance with the requirements of paragraph 3.63 to 3.74 of the JSE Listings Requirements, the following information is disclosed: Name of Director Kajal Bissessor Company Merafe Resources Limited Date of exercise 28 March 2017 Nature of transaction Exercise of share options Number of securities 3 000 000 Strike price 69 cents Issue date 9 March 2009 Vesting date 9 March 2014 Exercise price 172 cents Total value of transaction R 3 090 000 Nature of interest Direct beneficial Clearance obtained Yes Traded on/off market Off market Name of Director Zanele Matlala Company Merafe Resources Limited Date of exercise 28 March 2017 Nature of transaction Exercise of share options Number of securities 5 309 546 Strike price 136 cents Issue date 1 October 2010 Vesting date 1 October 2016 Exercise price 172 cents Total value of transaction R 1 911 436 Nature of interest Direct beneficial Clearance obtained Yes Traded on/off market Off market In terms of the Merafe Share Incentive Scheme (“Scheme”) 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 options in cash. Sandton 29 March 2017 Sponsor: Merrill Lynch South Africa Proprietary Limited Date: 29/03/2017 04:00:00 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.