MERAFE RESOURCES LIMITED - Production report for the nine months ended 30 September 2026

Production report for the nine months ended 30 September 2026

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”)

PRODUCTION REPORT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026

Merafe’s attributable ferrochrome production from the Glencore Merafe Chrome Venture (“Venture”)
for the nine months ended 30 September 2026 (the “Period”) amounted to 61kt, representing a 46%
decrease in production compared to the nine months ended 30 September 2025
(the “Prior Comparative Period”). The decline in production is primarily attributable to the suspension
of production at the Venture’s Boshoek and Wonderkop smelters with effect from 1 May 2025 and
31 May 2025, respectively. Following the conclusion of new electricity pricing agreements with
Eskom Holdings SOC Limited in June 2026, the restart of operations at the Boshoek and Wonderkop
smelters commenced in September 2026 and October 2026, respectively, with production ramp-up
expected to continue through the fourth quarter of 2026.

The Company’s attributable chrome ore production from the Venture during the Period amounted to
658kt, representing a decrease of approximately 7% compared to the Prior Comparative Period. The
decline is mainly due to a lower run on mine production and a lower feed from concentrators to produce
UG2.

The Company’s attributable platinum group metals (“PGMs”) concentrate production from the Venture
during the Period amounted to 10.2koz, representing a decrease of approximately 8% compared to the
Prior Comparative Period. This decrease in PGM production is largely due to lower primary mine
production and feed mix.

                                                                     Nine months ended 30 September
                                                                              2026             2025
 Attributable ferrochrome production (kt)                                       61              112
 Attributable chrome ore production (kt)                                       658              710
 Attributable PGMs concentrate production (koz)                               10.2             11.1


Sandton
3 November 2026

Sponsor
One Capital
Date: 03/11/2026 08:00:00
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.