AFRICAN RAINBOW MINERALS LIMITED - Dealings in Securities

Dealings in Securities

African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1933/004580/06)
JSE Share code: ARI
ISIN: ZAE000054045
(“ARM” or “the Company”)

DEALINGS IN SECURITIES

A. Equity settlement of conditional shares

In terms of paragraphs 6.77 to 6.85 of the Listings Requirements of the JSE
Limited (“the Listings Requirements”), we hereby provide the following
information regarding the equity settlement of conditional shares by ARM to the
undermentioned Director of the Company. These awards were made in terms of The
African Rainbow Minerals Limited 2018 Conditional Share Plan (the “2018 CSP”)
and on recommendation of the Remuneration Committee, approved by ARM’s Board of
Directors. The calculation of the gross value of conditional shares vested is
based upon the closing ARM share price of R181.96 on 17 September 2026.

Conditional shares

Date of transaction                     5 October 2026
Nature of transaction                   Equity settlement of conditional shares in
                                        terms of the 2018 CSP by means of on-market
                                        purchase of shares
Date of award                           11 June 2023
Vesting date for settlement             18 September 2026
Class of securities                     Ordinary shares
Extent of interest                      Direct, beneficial

Name         Designation     Number of   Gross value     Number of      Number of      Value of
                           conditional     of vested        shares    conditional   conditional
                                shares     shares at   withheld to         shares        shares
                                vested       vesting     cover tax   settled on a       settled
                                                date    liability*     net of tax           (R)
                                         (before tax                        basis
                                          liability)
                                                 (R)

VP Tobias    Chief              30 227     5 500 105        13 603         16 624     2 623 924
             Executive
             Officer

The calculation of the value of the conditional shares settled is based upon the
volume weighted average price of shares purchased in settlement, being R157.8395,
with a low of R156.93 per share and a high of R158.74 per share, purchased by way
of a bulk trade on 5 October 2026.

The requisite clearances and approvals for these transactions have been obtained
in compliance with the securities dealing policies and procedures of ARM and
paragraph 6.83 of the Listings Requirements.

*The number of shares withheld to cover tax liability is determined based on the
closing ARM share price on the trading day before the vesting date, i.e. 17 September
2026, of R181.96, in accordance with the provisions of the 2018 CSP rules.

B. Transfer of shares to an associate of a director

In terms of paragraphs 6.77 to 6.85 of the Listings Requirements, the following
information is provided regarding the election by the Chief Executive Officer,
Mr V P Tobias, to transfer his shares acquired by market purchase as described
in “A” above to his associate, Silver Jaguar Holdings (Pty) Ltd (“SJH”). The
shares of SJH are directly held and beneficially owned by a trust, which holds
those shares for the benefit of Mr VP Tobias and his immediate family.


Date of transaction                     5 October 2026
Nature of transaction                   Off-market transfer of shares to SJH with
                                        beneficial ownership as described above

Deemed price of securities              Volume weighted average price of shares
transferred                             purchased in settlement, being R157.8395,
                                        with a low of R156.93 per share and a high
                                        of R158.74 per share.
Class of securities                     Ordinary shares
Nature of interest                      Indirect, beneficial
Clearance to deal                       Yes


Name               Designation                  Number of Ordinary        Total value
                                                shares transferred        (before tax
                                                                        liability) of
                                                                               shares
                                                                          transferred
                                                                                    R
VP Tobias          Chief Executive Officer                 16 624          2 623 924

The calculation of the value of the shares transferred is based upon the volume
weighted average price of shares purchased in settlement, being R157.8395, with a
low of R156.93 per share and a high of R158.74 per share, purchased by way of a
bulk trade on 5 October 2026.

The requisite clearances and approvals for this transaction have been obtained
in compliance with the securities dealing policies and procedures of ARM and
paragraph 6.83 of the Listings Requirements.


Sandton
8 October 2026

Sponsor to ARM:
Investec Bank Limited


Date: 08/10/2026 01:40:00
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