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%.\r\n\r\nListed below are the assets to which Merafe Ferrochrome has granted the right of use to the Venture and the Interest in each:\r\n• Ferrochrome smelters:\r\n- Wonderkop - (furnaces five and six) (50%)\r\n- Boshoek (100%)\r\n- Lion I (20.5%)\r\n- Lion II (20.5%)\r\n\r\nChrome mines:\r\n• Kroondal (50%)\r\n• Wonderkop (50%)\r\n• Helena (20.5%)\r\n• Magareng (20.5%)\r\n• Marikana (26%)\r\n\r\nUG2 plants, pelletisers:\r\n• Impala Merafe UG2 plant (100%)\r\n• K4 UG2 plant (20.5)\r\n• Rowland UG2 (20.5)\r\n• Bokamoso pelletising plant (20.5%)\r\n• Motswedi pelletising plant (100%)\r\n• Tswelopele pelletising plant (20.5%)\r\n• Unicorn Chrome (20.5%)\r\n\r\n PGM plants:\r\n• Western PGM plant (20.5%)\r\n• Eastern PGM X plant (50%)\r\n\r\nThe 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.