Merafe Resources : Presentation

Legal notice/ disclaimer

This presentation is published solely for informational purposes and does not constitute investment, legal, tax or other advice nor is it to be relied upon in making an investment decision. Information contained herein has been taken from sources considered by Merafe Resources to be reliable, but no warranty is given that such information is accurate or complete and it should not be relied upon as such. Views and opinions expressed in this presentation reflect the judgment of Merafe Resources as of the date of this presentation and are subject to change. Merafe Resources will not be responsible for any liability for loss or damage of any kind which arises, directly or indirectly, and is caused by the use of any of the information provided. The entire presentation is subject to copyright with all rights reserved. The information contained herein shall not be published, rewritten for broadcast or publication or redistributed in any medium without prior written consent from Merafe Resources. Prospective investors should take appropriate investment advice and inform themselves as to applicable legal requirements, exchange control regulations and tax considerations in the countries of their citizenship, residence or domicile. The distribution of the information contained in this presentation in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. This information does not constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Past performance is not a guarantee of future performance. The price of shares can go down as well as up and may be affected by change in exchange rates, market conditions and risks associated with a mining venture.

HEALTH AND

SAFETY

• No fatalities
• TRIFR decreased by 17% (from December 2022)
• COVID-19
• • No operational impact from COVID-19
  • No COVID-19 related deaths

OPERATIONAL

• Lower ferrochrome and chrome ore production
• Smelting production efficiencies sustained
• Cost pressures continue
• Power and logistics challenges persist

MARKET

• Global market uncertainty
• Decrease in stainless steel production
• Decrease in ferrochrome demand
• Improvement in chrome prices
• Weaker ZAR:USD exchange rate

FINANCIAL

• Revenue increased by 11% period-on- period
• Headline earnings per share of 42.0 cents
• Interim ordinary cash dividend of 20 cents per share declared