We present to you the Integrated Annual Report for the Merafe Group, which includes Merafe Resources Limited (Merafe), a company listed on the Johannesburg Stock Exchange (JSE) and A2X and its wholly-owned subsidiary Merafe Ferrochrome and Mining Proprietary Limited (Merafe Ferrochrome) for the year ended 31 December 2025 (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).

There has been no significant change in our size, structure or products since our previous Integrated Annual Report and there are no specific limitations on the scope or boundary of this report.

As we did last year, the 2025 summarised financial and sustainability information and the annual general meeting (AGM) notice will be sent to shareholders and the 2025 Integrated Annual Report will be available on our website. Printed copies of the Integrated Annual Report will be available on request from the Company Secretary.

We welcome the opportunity that an integrated approach to reporting allows us to break down reporting silos and provide a broader explanation of our performance, underpinned by a strategic focus, connectivity of information, a future orientation and an inclusive and responsible approach to stakeholders.

We use the capitals model (natural, human, social, manufactured and financial capital) for our reporting, as recommended in the International Integrated Reporting Committee’s Integrated Reporting Framework, and by the King IV Report on Corporate Governance^TM for South Africa, 2016 (King IV)*.

We depend on a variety of resources and relationships for our success. The extent to which we are depleting or conserving them has an important impact on the availability of the resources at our disposal and the relationships that support our long-term viability.

By seeing these resources and relationships in terms of “capital”, the capital model provides us with a basis for understanding sustainability in terms of the economic concept of wealth creation or “capital” and encourages us to consider how wider environmental and social issues can affect our long-term profitability.

In addition to following the recommendations contained in King IV, The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (The SAMREC Code) 2016 Edition and the JSE Limited Listings Requirements, we are guided by the Global Reporting Initiative’s (GRI) reporting framework and our internally developed policies and procedures in terms of measuring our progress towards sustainability.

Deloitte & Touche audits the Merafe Group’s audited consolidated and separate annual financial statements (in this report referred to as “annual financial statements”).

Our annual financial statements are in compliance with International Financial Reporting Standards (IFRS), SAICA Financial Reporting Guidelines as issued by the Accounting Practices Committee and financial pronouncements as issued by the Financial Reporting Standards Council, and are drawn up in accordance with the Companies Act, No. 71 of 2008. A copy of our annual financial statements is available on our website.

An independent auditor’s report is published in the annual financial statements. Our annual financial statements form part of our online Integrated Annual Report for 2025. They are also available from our Company Secretary in either electronic or printed format.

The data and information relating to the Venture are subject to the annual internal and external reviews, audits and processes of the Venture (set out in sustainability: internal and external reviews, audits and processes of this report) to ensure that the information relating to the Venture in this report is accurate and reliable. Merafe’s attributable portion of the data of the Venture reported in the manufactured, natural, human and social capital sections and stakeholder responsiveness is 20.5%.

The board of directors of Merafe (Board) acknowledges its responsibility for overseeing the integrity and completeness of this Integrated Annual Report, and has applied its collective mind to its preparation and presentation. As a collective, the Board believes that it has appropriately and diligently considered matters material to stakeholders and that the report accurately reflects the performance and strategy of the Group.

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