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Further update regarding a proposed electricity tariff solution and consultation in terms of Section 189 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
("Company" or "Merafe")
FURTHER UPDATE REGARDING A PROPOSED ELECTRICITY TARIFF SOLUTION AND CONSULTATION IN TERMS OF SECTION 189
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 SENS on 10 April 2026, wherein Shareholders were advised
of an extension to the termination date under the consultation process pursuant to sections 189 and
189A of the Labour Relations Act, 66 of 1995 ("Section 189 Process"), to 11 May 2026
("Termination Date"), as a result of ongoing engagements with Eskom Holdings SOC Limited
("Eskom"), the South African government and the National Energy Regulator of South Africa ("NERSA")
pertaining to the proposed electricity tariff of 62c per kWh ("Proposed Tariff") solution for ferrochrome
smelters.
As communicated previously, the Glencore-Merafe Chrome Venture ("Venture") received formal
communication from the board of directors of Eskom confirming the revised terms and conditions linked
to the Proposed Tariff, which the Venture provisionally accepted. Eskom has subsequently submitted
the Proposed Tariff and revised terms and conditions to NERSA for their consideration and/or approval.
NERSA has advised that a public participation process in respect of the Proposed Tariff will be held on
25 May 2026, and its final decision will be published by 15 June 2026. After discussions with NERSA,
the Venture requested that NERSA conclude the submission by the end of May 2026. The Venture will
keep Shareholders updated in this regard.
Consequently, Shareholders are advised that in order to align the Section 189 Process with the
regulatory process, the Termination Date has been extended to 1 June 2026.
The Venture remains committed to transparent and open communication and will provide updates as
soon as further information becomes available.
Sandton
30 April 2026
Sponsor
One Capital
Date: 30-04-2026 03:00:00
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