Human capital

The Venture believes in the possibility of a zero-harm operation. We believe that all occupational diseases and injuries can be prevented and that we must therefore take responsibility to avoid occupational diseases and injuries. The development and wellbeing of our employees is a core value of the Venture.

This section of the report covers the following areas:

• safety
• health and wellness
• our employees
• training and development

The Venture's policies and approach to safety management

The Venture's operations maintain stringent safety and risk management systems, which align with the international standards: ISO 45001 and ISO 31000. Glencore collates best practice from each of its assets and from externally recognised leaders in safety management, and shares this knowledge across the Glencore Group. Through Glencore, all the operations of the Venture are members of the International Council of Minerals and Mining.

The Venture takes a proactive and preventative approach toward safety, aiming to instil a positive safety culture in which everyone fully integrates its safety values into their working lives. It reviewed its approach to safety by updating its risk management framework. Glencore's Fatal Hazard Protocols and high-potential risk incident reporting processes have been rolled out in the Venture. There are weekly meetings and discussions around the reporting of high-potential risk incidents.

Glencore's Chief HSE Officer is responsible for safety, health and wellness.

Safety programme overview

Objective	Supporting actions
Zero fatalities	We reviewed and strengthened our incident investigation process to include 24-hour notification of senior management and the Glencore corporate sustainability team for fatal incidents, and launched a mandatory onsite fatality investigation process following any fatal incident. The Venture's senior management must then report to the Glencore Board HSEC Committee on fatalities and the subsequent independent investigations in person. Any lessons learned that could further improve general fatality prevention are shared across the Group. We ensure independent third-party assistance is onsite within 72 hours of a fatal incident. We developed SAFEWORK, a Group initiative to foster a safety culture based on behaviours and consequences at all levels. We maintain Fatal Hazard Protocols and safety standards (which are reviewed annually) and life-saving behaviours (part of the SAFEWORK programme) across the Group.
Reduction of TRIFR	The Venture focused on reducing the TRIFR. The supporting actions resulted in the TRIFR reducing from 2.31 (2010 baseline) to 1.79 in 2025.

The Glencore Fatal Hazard Protocols and Life Saving Behaviours, which provide a set of tools that are initially focused on the fatal risks, are being rolled out in the Venture as part of SAFEWORK.

The life-saving behaviours are aimed at strengthening the focus in the Venture on behaviours and consequences rather than a rules-based culture. The fatal risk categories that Glencore has identified as being most hazardous and responsible for the majority of its fatalities include: energy isolation, working at heights, mobile equipment, ground/strata failure, confined space and electrical safety. Over and above this, the Venture specifically highlights people-vehicle interaction as a key danger area.

In 2025, there were 40 (2024: 55) recorded injuries in a workforce of 9 877 (including contractors). An in-depth analysis by the Venture revealed that no single factor stood out in 2025, but that “at-risk behaviour” remains a major problem. As safety is the number one priority in the Venture, a number of campaigns were rolled out and re-emphasised including SAFEWORK, Life Saving Behaviours and SafeWork coaching.

The Venture implemented the Fatal Hazard Protocols in 2015 and continually implements positive reinforcement programmes.

Accountability

Safety in the Venture is always the direct responsibility of Glencore's senior management, who provide the leadership, systems and processes for the prevention of incidents and the elimination of fatalities in the Venture.

The formal management structure documents responsibility for safety from the Glencore Board down to each Venture employee and contractor.

The Venture puts considerable effort into embedding a safety culture in its operations. Its leaders are aware that they are expected to put safety before production or other considerations and to personally endorse safety initiatives and engage with employees at all levels to discuss safety issues and priorities. It concludes health and safety agreements with the trade unions.

The Venture's sustainable development policies are aligned with the Glencore Group Sustainable Development Standards. They set out its commitment to zero injuries and fatalities.

The role of training

The Venture's investment in safety training is detailed in the human capital section of this report. It continues to use virtual reality training, combined with easy-to-read written instructions, on all its different procedures. The training is designed to ensure that employees cannot complete their training on a procedure until they have shown they fully understand it. Training, as can be seen from the detail below this report, was a major focus during the year. Focus for 2025 was again on supervisory development training, ensuring that all supervisors understood their legal responsibility, life-saving behaviours, Fatal Hazard Protocols and critical controls.

Human capital includes health, safety, knowledge, skills, intellectual outputs, motivation and the capacity for relationships of individuals.

Organisations depend on individuals to function. They need a healthy, motivated and skilled workforce. Intellectual capital and knowledge management are also recognised as key intangible creators of wealth. Damaging human capital by abuse of human rights, labour rights or compromising health and safety has direct as well as reputational costs.

We enhance our human capital by providing healthcare, training and education in health matters.

Our policy and approach

A business needs a healthy workforce that is able to work at its full potential. The health programmes provided by the Venture aim to eliminate and address occupational illnesses, public health issues and the overall wellbeing of its employees and contractors.

Typically, occupational illnesses such as NIHL are only diagnosed sometime after the event that caused them. As a result, the occupational illnesses currently occurring in the Venture’s operations are usually the result of historic mining and smelting practices.

The Venture has identified NIHL as a major occupational health risk for its employees and has employed a full-time audiologist to counteract this risk. Any of its workers exposed to the internationally accepted noise level limit of 85 decibels or above were issued with personalised noise clippers for hearing protection. The equipment it provides includes variphones/noise clippers, which are custom-made for comfort and are 100% leak tight.

Employees are trained in the use, maintenance, storage and care of this equipment. Any employees or contractors at risk of being exposed to noise that could damage their hearing are personally monitored and regularly tested as part of our hearing conservation programmes.

Wherever possible, the Venture reduces the noise from the equipment it uses in its operations to levels below the internationally recommended standards using design modifications, exclusive zones and “buy quiet” programmes for new or upgraded equipment. The Venture’s operations have reduced machinery noise to less than 110 decibels. There were two occupational diseases reported in 2025 (2024: zero). The Venture also monitors potential occupational disease care reported.

All the Venture’s operations undergo an annual risk assessment of their baseline risks, and legal audits are conducted by an external legal company, accompanied by subject matter specialists in a three-year cycle.

HIV and Aids

HIV and Aids are a human rights issue, which Merafe and the Venture address through their policies and programmes. To ensure these policies are accessible to the Venture’s employees and contractors, they are available in all languages spoken by its employees.

Employees can choose to receive HIV and Aids counselling, care and support. Any HIV-positive employees of the Venture can receive treatment free of charge, together with the support and education that will make it possible for them to maintain their antiretroviral treatment programme through the membership of a medical aid.

All the Venture’s occupational health nurses have been trained in the management and impact of HIV and Tuberculosis (TB). All employees who visit its occupational health clinics are screened for TB. Those whose screening tests indicate they may have TB are referred to healthcare facilities for investigation and treatment. The Venture’s wellness programme has been incorporated into the annual/periodic medicals conducted at each operation. Medical records remain on site and are only seen by the Occupational Medical Practitioner and the nurses included in the wellness programme.

All Venture employees who are HIV-positive are encouraged to receive antiretroviral treatment.

The Venture’s HIV and Aids policies commit to:

• providing employees and contractors with the knowledge they need to protect themselves and their families from HIV and Aids through workplace education programmes that explain clearly how HIV can be contracted, what can be done to prevent contracting and transferring HIV, and what should be done to enhance the quality and length of life of those who are HIV-positive;
• encouraging employees and contractors to know their HIV status and providing counselling and testing facilities for them;
• running HIV and Aids campaigns that involve employees at every level of the organisation;
• ensuring that every employee attends an HIV and Aids education session during working hours, followed by an individual wellness counselling session with a healthcare provider;
• ensuring that testing for HIV is voluntary and that employees are only tested for HIV and Aids after giving their informed consent;
• guaranteeing the confidentiality of employees’ medical information;
• providing pre- and post-test counselling for employees or contractors wishing to be tested for HIV and Aids;
• forming public-private partnerships with local, provincial and national government structures in joint projects to fight HIV and Aids in the communities in which the Venture operates; and
• facilitating the training of peer educators and establishing and training home-based care workers through the Venture’s CSI programme.

Organisations depend on individuals to function. They need a healthy, motivated and skilled workforce.

Intellectual capital and knowledge management are also recognised as key intangible creators of wealth. Damaging human capital by abuse of human rights or labour rights or compromising health and safety has financial and reputational costs.

We enhance our human capital by:

• giving employees and community members access to training, development and lifelong learning and capturing and sharing knowledge;
• respecting human rights;
• paying fair remuneration to our employees and our business partners; and
• creating satisfying work opportunities.

Our approach to our employees

Glencore’s Code of Conduct, which is applied in the Venture, recognises and upholds the rights of employees to a safe workplace, collective representation, just compensation, job security and development opportunities, all of which are based on the core belief that our people are fundamental to our success.

Glencore’s Chief People Officer is responsible for labour relations in the Venture.

Both Merafe and the Venture are committed to providing a workplace based on:

• mutual respect;
• fairness;
• integrity;
• non-discrimination;
• equal opportunity at all levels; and
• open and two-way engagement with our employees and their representatives.

Labour relations

We consult with stakeholders in advance of any significant changes to our business.

Engagement and resolving disputes amicably play a very important role in labour relations. The Venture undertakes consulting with its employees and their recognised representatives in advance of significant operational changes in an effort to reach consensus about any necessary business actions.

Collective bargaining and freedom of association are considered fundamental rights for the Venture’s employees. Collective agreements, particularly around terms and conditions of employment and Company benefits, are negotiated between the parties with due regard to the relevant legislation.

The Venture is committed to treating all its employees with dignity and in a manner that is culturally sensitive. Unfair discrimination based on of race, gender, religion, political or sexual orientation, national extraction or social origin is not tolerated.

Disciplinary and grievance policies and procedures are in place at Merafe and the Venture.

Industrial action at the Venture in 2025

There were no protected or unprotected strikes during 2025.

In 2024, the Venture signed three-year wage agreements with the western smelters and Lion. The three-year wage agreement with Western Chrome mines will expire on 30 June 2026. Eastern Chrome mines signed a three-year wage agreement in 2025 that will expire in 2028.

Union membership

The Venture has recognition agreements with NUMSA and approximately 61% of its workforce is unionised.

The total workforce of the Venture by employment type*

Category	2025	2024
Full-time employees	6 162	6 310
Temporary/fixed-term employees	305	378
External contractors	3 410	4 246
Total	9 877	10 934

*	The numbers are the 2025 average numbers. The number of full-time and f ixed-term employees at 31 December 2025 was 6 552.

Maximising local employment

Hiring policies

When hiring employees, we give preference, where possible, to members of the local community and, in some instances, the Venture offers training opportunities to community members to develop the skills they need to become our employees.

Diversity, equal opportunity and remuneration

Management and site employment equity committees monitor employment equity in the Venture’s operations every month and report the results to the Venture, which in turn reports to Glencore and Merafe.

The Venture bases its employment equity policies on providing equal opportunities to all potential and existing employees.

The Venture prides itself on remuneration practices that are fair. The Venture’s remuneration practices are not influenced by gender, race, religion, discriminatory or arbitrary factors. They are based on fairness, internal equity, and equal pay for work of equal value. Our sustainability framework and environmental, social and governance values are considered a key component of the remuneration strategy ensuring that the Venture is a responsible operator that cares about the communities and the environment wherein it operates. Safety is also a key performance indicator in the determination of short-term and long-term remuneration incentives.

Employee challenges

• Maximising local employment in the Venture
• Achieving employment equity that is supported by everyone in the workplace
• Making careers in mining more accessible to women in the Venture
• Engaging with the Venture’s employees and the trade union through open communication channels to achieve labour peace
• Providing a workplace that is free from discrimination

Venture workforce by employment and gender type at 31 December 2025

Permanent and fixed-term	Male	Female	Total
Senior management	66	11	77
Middle management	107	69	176
Supervisors, administrators and technicians	932	416	1 348
Operational, maintenance and production	4 070	881	4 951
Grand total	5 175	1 377	6 552

Diversity in the Venture

The term diversity used in this section of the report is based on the Mining Charter Scorecard’s definition of HDSAs, which include African males and females, coloured males and females, Indian males and females and white females. Ongoing transformation is a priority and is discussed at all levels.

Venture employment equity	% Mining Charter target 2025	% achieved 2025	% achieved 2024
Senior management	60	54	52
Middle management	60	75	73
Junior management	70	69	68
Core skills	60	96	95
Diversity in Merafe

Mining Charter	% Mining Charter target 2025	% achieved 2025	% achieved 2024
Top management (includes Board)	50	78	88
Senior management	60	100	100
Middle management	60	50	100

There are no junior managers employed by Merafe.

Merafe achieved a Level 5 Broad-Based Black Economic Empowerment (B-BBEE) status under the Codes of Good Practice in 2025. A copy of the certificate is on the Company website together with an explanation and reasons for the rating.

The Venture provides full-time adult education and training for its employees and portable skills training that equips employees for careers beyond the Venture.

Development and training

Both Merafe and the Venture are committed to meeting their human resource development targets and retaining and developing their skilled employees.

The Venture provides:

• development and training opportunities for HDSAs that will help them to further their careers;
• career development opportunities that allow it to develop and retain high-potential employees;
• training that addresses risk-tolerant or ingrained behaviours that impact negatively on our operations; and
• training on its Code of Conduct, Sustainable Development Standards and HSEC Standards and Protocols.

It continually evaluates its training methods and best communication practices with the various age groups and cultures in its workforce.

Leadership development

The Venture invites senior managers whom it has identified as having leadership potential to participate in leadership programmes at universities. The Venture also provides them with additional training, support and career development opportunities. A total of 76% (2024: 88%) of junior leaders who attended a programme to enhance their supervisory skills were HDSAs. A total of 86% middle management employees participating in management level programmes were HDSAs.

Development of staff was a key focus in 2025 across all sites. Increased focus on computer-based training made training more efficient and structured.

Training hours

	2025	2024
Total training hours	684 631	564 609
Total training hours for permanent employees	423 389	320 634
Average training hours per permanent employees	65.47	50.81
Total training hours for contractors	261 242	243 975
Average training hours per contractor	76.61	57.5
Number of workers trained in health issues	6 903	7 530
Number of workers trained in safety issues	15 859	21 059
Number of workers trained in human rights issues	14 116	16 591
Number of workers trained in environmental training sessions	10 717	11 774
Community health training	171	197
Community environmental training	150	166
Community human rights training	173	187

The total workforce of the Venture by employment type can be seen here.

See the table our approach to governance of this report for detail on the structure of the Venture’s Joint Board and top management where executives of Glencore and Merafe are members.