Production report and trading statement for the six months ended 30 June 2021 MERAFE RESOURCES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1987/003452/06) Share Code: MRF ISIN: ZAE000060000 (“Merafe” or the “Company”) PRODUCTION REPORT AND TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2021 1. Production Report Merafe’s attributable ferrochrome production from the Glencore Merafe Chrome Venture for the six months ended 30 June 2021 increased by 65.6% compared to the prior comparative period. The increase was mainly due to current production being less affected by the COVID-19 restrictions coupled with improved plant efficiencies achieved at our smelters. Six months Six months ended ended 30 June 2021 30 June 2020 Attributable ferrochrome production (kt) 199 120 2. Trading Statement Basic earnings and headline earnings per share In terms of paragraph 3.4(b) the JSE Limited Listings Requirements, issuers are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on will differ by at least 20% from those of the prior comparative period. Shareholders are hereby advised that for the six months ended 30 June 2021, Merafe is expecting to report: - basic earnings per share (“EPS”) of between 19.2 cents and 26.8 cents compared to basic loss per share of 38.3 cents for the prior comparative period; and - headline earnings per share (“HEPS”) of between 23.1 cents and 23.3 cents compared to HEPS of 1.1 cents for the prior comparative period. The expected increase in EPS and HEPS is primarily driven by higher chrome ore and ferrochrome prices and higher sales volumes which were partially offset by a stronger average Rand:US$ exchange rate. Expected cash and debt balances – Merafe Resources Limited Group 30 Jun 2021 31 Dec 2020 R’m R’m Cash and cash equivalents balance 797 278 Net cash/(debt) 797 278 Shareholders are advised that the financial information on which this announcement is based, has not been reviewed or reported on by Merafe’s external auditors. The financial results for the six months ended 30 June 2021 are expected to be released on SENS on or about 10 August 2021. Sandton 26 July 2021 Sponsor One Capital Date: 26-07-2021 12:00:00 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.