Shareholder informationfor the year ended 31 December 2025

Shareholder analysis

for the year ended at 31 December 2025:

Ordinary shares	Number of shareholders	% of shareholders	Number of shares	% of issued shares
Public shareholders	15 710	99.99	2 495 573 305	99.86
Non-public shareholders	2	0.01	3 553 565	0.14
	15 712	100	2 499 126 870	100
Where non-public shareholders consist of:
Directors and Associates of the Company	2	0.01	3 553 565	0.14

Shareholder spread	Number of shareholders	% of shareholders	Number of shares	% of issued shares
1 – 1 000 shares	9 295	59.15	1 706 506	0.07
1 001 – 10 000 shares	3 484	22.17	14 793 928	0.59
10 001 – 100 000 shares	2 151	13.69	76 323 884	3.05
100 001 – 1 000 000 shares	644	4.10	193 602 378	7.75
1 000 001 – 10 000 000 shares	113	0.72	341 366 430	13.66
10 000 001 shares and over	26	0.17	1 871 333 744	74.88
	15 713	100	2 499 126 870	100

Distribution of shareholders	Number of shareholders	% of shareholders	Number of shares	% of issued shares
Banks/Brokers	59	0.38	414 841 543	16.60
Close Corporations	76	0.48	31 308 621	1.25
Endowment Funds	7	0.04	1 944 290	0.08
Government	1	0.01	546 830 100	21.88
Individuals	14 971	95.28	304 863 063	12.20
Insurance Companies	8	0.05	3 491 190	0.14
Medical Schemes	2	0.01	2 025 157	0.08
Mutual Funds	43	0.27	302 825 835	12.12
Other Corporations	64	0.41	876 617	0.04
Private Companies	231	1.47	101 864 495	4.08
Public Companies	4	0.03	57 329	0.00
Retirement Funds	40	0.25	45 071 622	1.80
Strategic Investor	1	0.01	720 163 887	28.82
Trusts	206	1.31	22 963 121	0.92
	15 713	100	2 499 126 870	100

Major shareholders

Beneficial shareholders holding 5% or more:

	Number of shares	% of shares held
Glencore Netherlands B.V.	720 163 887	28.82
Industrial Development Corporation of South Africa Limited	546 830 100	21.88

Geographical ownership

Distribution of local and foreign beneficial shareholding (%)	Number of shares	% of shares held
South African	1 408 192 137	56.35
Foreign	1 090 934 733	43.65

JSE share performance

	2025	2024
Market capitalisation as at 31 December	2 724 048 288	3 498 777 618
Share price (cents)
High	109	161
Low	108	120
Closing	109	140
Shares traded
Volume of shares traded	567 889 793	493 780 955
Value of shares (ZAR)	660 728 104	707 898 670
Volume of shares traded as a percentage of weighted average of shares in issue (%)	23	20
Shares in issue as at 31 December	2 499 126 870	2 499 126 870

Shareholder diary

Annual general meeting	Wednesday, 13 May 2026
Financial year end	31 December 2026

Reports

Interim results for the six months to 30 June 2026 to be released in August 2026.

Annual results for the twelve months to 31 December 2026 to be released and published in March 2027.

The Merafe Resources Limited Summarised Consolidated Financial Statements and notice of annual general meeting for the year ended 31 December 2025 will be posted to shareholders on 7 April 2026 and a copy will be available on the Merafe website.