Notes to the consolidated and separate annual financial statements | Note 35

35. Directors' interests in Merafe Resources Limited

As at 31 December 2025, the directors of the Company are beneficially interested (directly and indirectly) in 3 553 565 (2024: 3 553 565) shares in the Company. During the financial year, no material contracts were entered into in which directors and prescribed officers of the Company had an interest and which significantly affected the Group.

The Company's executive directors and their immediate families control 0.14% (2024: 0.14%) of its voting shares. In addition to their salaries, the Company contributes to a provident fund (defined contribution plan) and medical aid fund on their behalf. Executive directors also participate in the Company's share incentive scheme (refer to note 18).

   2025  2024 
  Number of shares Number of shares
  Direct Indirect Direct Indirect
Ms Z Matlala 2 945 000 – 2 945 000 –
Mr D Chocho 608 565 – 608 565 –
  3 553 565 – 3 553 565 –

There have been no changes in these holdings from 31 December 2025 to the date of approval of the annual financial statements, being 6 March 2026.