Integrated Annual Report 2024

We present to you the Integrated Annual Report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the JSE and A2X and its wholly owned subsidiary Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) for the year ended 31 December 2024 (in this report referred to as Merafe, or Group or the Company). The scope of this report also includes the Glencore-Merafe Chrome Venture (the Venture).