Dealings In Securities By Directors Of Merafe 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”) DEALINGS IN SECURITIES BY DIRECTORS OF MERAFE In compliance with paragraphs 3.63 – 3.66 of the Listings Requirements of the JSE Limited the following information is provided: Vesting of shares in terms of the Share Incentive Scheme (“Scheme”) In terms of the Scheme, the following grant shares vested on 6 March 2018. 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 grant shares in cash. Name of director: Kajal Bissessor Date of transaction: 6 March 2018 Class of security: Ordinary shares Nature of transaction: Vesting of shares in terms of the Scheme Number of shares vested: 166 600 Issued price per share: Nil Strike price per share: R1.65069 Total value of transaction: R275 005 Transaction completed: Off market Extent of director's interest in the transaction: Direct beneficial Clearance obtained: Yes Name of director: Zanele Matlala Date of transaction: 6 March 2018 Class of security: Ordinary shares Nature of transaction: Vesting of shares in terms of the Scheme Number of shares vested: 759 576 Issued price per share: Nil Strike price per share: R1.65069 Total value of transaction: R1 253 825 Transaction completed: Off market Extent of director's interest in the transaction: Direct beneficial Clearance obtained: Yes Sandton 9 March 2018 Sponsor One Capital Date: 09/03/2018 12:50:00 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.