MERAFE RESOURCES LTD

MERAFE RESOURCES LTD Organogram

Merafe Resources Ltd, through its wholly owned ultimate subsidiary, Merafe Ferrochrome and Mining (Pty) Ltd (Merafe Ferrochrome) and through a pooling and sharing venture with Glencore Operations South Africa (Pty) Ltd (Glencore), participates in chrome mining and the beneficiation of chrome ore into ferrochrome. The Glencore-Merafe Chrome Venture (Venture) operates 5 ferrochrome smelters, 22 ferrchrome furnaces and 6 chrome mines and 6 UG2 plants, situated in the North-West, Limpopo and Mpumalanga provinces of South Africa. Merafe Ferrochrome's share of the earnings before interest, taxation, depreciation and amortisation (EBITDA) is 20.5%.

Listed below are the assets to which Merafe Ferrochrome has granted the right of use to the Venture and the Interest in each:
• Ferrochrome smelters:
- Wonderkop - (furnaces five and six) (50%)
- Boshoek (100%)
- Lion I (20.5%)
- Lion II (20.5%)

Chrome mines:
• Kroondal (50%)
• Wonderkop (50%)
• Helena (20.5%)
• Magareng (20.5%)
• Marikana (26%)

UG2 plants, pelletisers:
• Impala Merafe UG2 plant (100%)
• K4 UG2 plant (20.5)
• Rowland UG2 (20.5)
• Bokamoso pelletising plant (20.5%)
• Motswedi pelletising plant (100%)
• Tswelopele pelletising plant (20.5%)
• Unicorn Chrome (20.5%)

PGM plants:
• Western PGM plant (20.5%)
• Eastern PGM X plant (50%)

The Boshoek smelter was suspended from 1 May 2025. The Wonderkop smelter was suspended from 31 May 2025. Both operations are under care and maintenance indefinitely.