Dealings in securities by directors of Merafe MERAFE RESOURCES LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1987/003452/06) 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 1 April 2021. The Company has the right, at its election, either to issue new Merafe ordinary shares or settle in cash. The Company has opted to settle the respective grant shares in cash. Name of director: Zanele Matlala (Chief Executive Officer of the Company) Date of transaction: 1 April 2021 Class of security: Ordinary shares Nature of transaction: Vesting of shares in terms of the Scheme Number of shares vested: 1 346 686 Issue price per share: Nil Strike price per share: R0.76 Total value of transaction: R1 023 481.36 Transaction completed: Off market Nature and extent of director's interest in the Direct beneficial transaction: Clearance obtained: Yes Annual Share grant allocations In terms of the Scheme approved by shareholders on 13 April 2010, Merafe has issued the annual share grant allocation of Restricted Shares (as defined in the Scheme) to executive directors. These Restricted Shares are issued at no cost to the executive directors at the volume weighted average price of R0.76 per ordinary share for 31 March 2021 and were accepted on 1 April 2021. Class of security: Ordinary shares Nature of transaction: Acceptance of Restricted Shares in terms of the Scheme Periods of vesting: These Restricted Shares shall vest in three tranches, one third on 1 April 2024, one third on 1 April 2025 and one third on 1 April 2026 and are subject to performance based vesting criteria. Transaction completed: Off market Nature and extent of directors’ interest in the Direct beneficial transaction: Clearance obtained: Yes Acceptance 1 Name of director: Zanele Matlala Number of Restricted Shares accepted: 4 855 439 Total value of transaction: R3 690 133.64 Acceptance 2 Name of director: Ditabe Chocho (Financial Director of the Company) Number of Restricted Shares accepted: 2 095 615 Total value of transaction: R1 592 667.40 Sandton 1 April 2021 Sponsor One Capital Date: 01-04-2021 05:24:00 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.