Manufactured capital relates to the mining and smelting process and how it is conducted, as well as the assets which are being mined and beneficiated. It is important to an organisation's sustainability because its efficient use allows an organisation to be flexible and innovative, and increases the speed at which it delivers.

Operational review

Merafe's attributable ferrochrome production decreased from 301kt in 2024 to 112kt for the year ended 31 December 2025.

The total unit cost of ferrochrome production increased 14% year-on-year. The increase was driven by significantly higher standing charges which were offset by lower reductant, power and chrome ore costs.

Saleable chrome ore produced at the mines in 2025 was 4% higher than in 2024 mainly due to higher yields.

Lower tonnages (16%) at the UG2 operations were mainly due to less feed and dispatches.

Production costs for mines were 6% more than the prior year, mainly due to lower volumes produced and lower yields above inflationary increases.

Production costs from the UG2 platinum tailings were 2% higher than the prior year mainly due to lower volumes which were offset by lower prices paid for raw material from PGMs producers (linked to chrome ore market prices).

Saleable PGM production increased from 13 557oz to 14 948oz as a result of the inclusion of the PGMX plant for the full year and improved yields.

Electricity supply and cost

The supply of electricity has improved greatly in 2025, with minimal load curtailment. However, the rising costs of electricity remain a concern and pose an existential risk to the South African ferrochrome industry (the industry).

High electricity costs are the key contributor to the Venture's decision to suspend all operating smelters in Q2 2025, post the business review.

While the NPA provided relief and certainty on tariff increases, it was not sufficient to make South African smelters competitive.

In January 2026, NERSA approved a 12-month interim tariff of 87.74c/kWh. However, the interim tariff is not enough to restart all suspended smelters which require a tariff of 62c/kWh. On 27 February 2026, in-principle support for the proposed 62c/kWh electricity tariff (Proposed Tariff) was received from Eskom and the South African government (Government). Specific terms and conditions of the Proposed Tariff are critical and engagements with Eskom and Government continue.

Safety

The Venture was free of fatalities in 2025 and has remained fatality-free during the first month of 2026. Our TRIFR is 1.79, compared to 2.31 in 2024.

The safety of our employees remains our top priority. We are committed to continuously improving our safety performance, focusing on the four key areas identified in our turnaround strategy: risk management, effective supervision, safety culture and contractor management.

Venture safety performance

Health

In 2025, two occupational diseases, NIHL, were recorded at Rustenburg and Helena mines, with the Helena case reported in the last six months of 2025. Employees are issued with customised HPDs, and reducing exposure at the source remains our priority.

The Venture's commitment to creating a healthy work environment remains steadfast. We will continue promoting not only the health and safety of our workers but also the wellbeing of the communities in which we operate.

Our approach goes beyond the workplace, recognising that a healthy community supports a thriving workforce. Through proactive health initiatives, partnerships with local organisations and sustainable practices, we have and will continue to create lasting, positive impacts that extend far beyond our facilities.

We will review all health risk assessments on an annual basis as required by the Venture's Health Standard and applicable legislation, and maintain our pre-, annual and exit medical surveillance to monitor the occupational health of our workforce. Implementing our Health Standards and Glencore Exposure Limits is a core strategic focus, integrated with our baseline review to confirm exposures through quantitative data analysis.

Railways and ports

During 2025, the logistics environment was shaped primarily by weaker global ferrochrome market conditions rather than infrastructure constraints alone. Reduced competitiveness and lower demand in the first half of the year resulted in temporary production curtailments across the ferrochrome sector, leading to lower export volumes.

As market conditions changed in the second half, particularly in relation to chrome ore, export demand recovered and required a rapid step-up in logistics capacity. The Venture responded by flexing its transport mix and export planning to accommodate the higher volumes efficiently.

Rail reform initiatives continued to progress during the year, providing greater clarity on future network structure and access opportunities. Incremental improvements in rail performance, together with targeted focus on key corridors, supported improved reliability and throughput during the recovery period.

Despite a volatile demand profile and ongoing structural constraints across the national rail and port system, the Venture maintained stable export flows and met its shipment targets through proactive logistics management, early vessel planning and close coordination with rail and port stakeholders.

Resources and reserves

The Venture has an excess of 30 years of ore available at the current rate of mining.

Quantitative data of the Venture

The quantitative data of the Venture is set out in the manufactured, natural, human and social capital sections and stakeholder responsiveness of the report. Merafe's attributable portion of such data is 20.5%.

TRIFR 2009–2025 (TRIFR)

Power and ore consumption efficiencies

The Glencore-Merafe Chrome Venture's operations

Ferrochrome

Plants	Capacity	Technology	Mines
Western Limb (North West province)
Wonderkop	553 000 tpa FeCr	Bokamoso pelletising and sintering plant using Outotec technology	Kroondal, Waterval and Marikana
	6 furnaces	Conventional semi-enclosed furnaces
Rustenburg	430 000 tpa FeCr	Tswelopele pelletising and sintering plant using Outotec technology	Kroondal, Waterval and Marikana
	6 furnaces	Conventional semi-enclosed furnaces
Boshoek	240 000 tpa FeCr	Motswedi pelletising and sintering plant using Outotec technology	Waterval, Kroondal and Boshoek
	2 furnaces	Enclosed furnaces
Eastern Limb (Mpumalanga and Limpopo provinces)
Lydenburg	396 000 tpa FeCr	Premus – kilns	Thorncliffe, Helena and Magareng
	4 furnaces	Three enclosed furnaces and one semi‑enclosed furnace
Lion Phase I	360 000 tpa FeCr	Premus – kilns	Thorncliffe, Helena and Magareng
	2 furnaces	Enclosed furnaces
Lion Phase II	360 000 tpa FeCr	Premus – kilns	Thorncliffe, Helena and Magareng
	2 furnaces	Enclosed furnaces

Certain smelters were placed under care and maintenance in 2025. Please see our Chief Executive Officer's strategic review.

The Venture has access to UG2 plants in the Western Limb. The Venture constructed and operates PGM recovery plants at its Western and Eastern operations.