Sharenet Sites 
Sharenet Sites
Update regarding the Company’s ferrochrome smelter operations and implementation of 189 and 189A of the LRA
MERAFE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003452/06)
JSE and A2X share code: MRF
ISIN: ZAE000060000
("Merafe" or the "Company")
UPDATE REGARDING THE COMPANY'S FERROCHROME SMELTER OPERATIONS AND
IMPLEMENTATION OF SECTIONS 189 AND 189A OF THE LABOUR RELATIONS ACT
Shareholders of Merafe ("Shareholders") are referred to the Company's previous announcements, the
most recent of which was published on 19 November 2025, which provided updates on the consultation
process in terms of sections 189 and 189A of the Labour Relations Act, 66 of 1995, and on the
operational status of the Glencore Merafe Chrome Venture's ("Venture") ferrochrome smelters.
Shareholders are hereby advised that, following recent engagements with Eskom Holdings
SOC Limited, a proposal regarding electricity tariffs was presented on 28 November 2025. While the
proposal remains subject to further approval processes, the Venture's analysis thereof indicates that
the proposal only supports the continued operation of the Lion smelter. Regrettably, the proposal does
not provide a sustainable solution for the long-term viability of the Boshoek and Wonderkop smelters.
Accordingly, the Venture has issued formal retrenchment notices and approvals of Voluntary
Serverence Package ("VSP") with effect from 1 December 2025. These retrenchment notices and VSP
approvals remain conditional until 8 December 2025 ("Termination Date"). In the absence of a viable
solution from the South African government by the Termination Date, the conditional retrenchment
notices and VSP approvals will automatically take effect and become binding with effect from
9 December 2025.
Furthermore, in the absence of a viable solution, both the Wonderkop and Boshoek smelters will be
placed on care and maintenance from 1 January 2026.
The Company remains committed to engaging with all stakeholders throughout this process and
maintain operational sustainability where possible.
Sandton
2 December 2025
Sponsor
One Capital
Date: 02-12-2025 08:00:00
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.
