MERAFE RESOURCES LIMITED - Update regarding the PSV's chrome operations

Update regarding the PSV's chrome operations

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 PSV'S CHROME OPERATIONS

Shareholders of Merafe ("Shareholders") are referred to the announcements published on SENS on
2 March 2010, 1 March 2011 and 2 August 2011 regarding the UG2 off-take agreement previously
concluded between Lonmin plc and the Company's chrome Pooling and Sharing Venture with Glencore
Operations South Africa Proprietary Limited ("PSV"), ("Legacy Agreement").

Shareholders are advised that the PSV has entered into a mutually beneficial enhancement to the
Legacy Agreement, as well as a new chrome management agreement ("CMA") with, inter alios,
Sibanye Stillwater Limited ("Sibanye-Stillwater"), in terms of which, inter alia:

•   the delivery of the contracted chrome volumes in terms of the Legacy Agreement will be
    accelerated; and
•   the PSV will take operational control of the relevant chrome recovery plants ("CRPs"), including the
    majority of the CRPs at Sibanye-Stillwater's South African platinum group metal operations,

(collectively, "Enhanced Chrome Arrangements").

It is anticipated that the Enhanced Chrome Arrangements will result in increased feed and improved
recoveries, thereby optimising production yields and reducing operational costs across all relevant
CRPs.


Sandton
19 February 2025

Sponsor
One Capital

Date: 19-02-2025 10:00:00
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