Merafe Resources Limited INTEGRATED ANNUAL REPORT
2025
Delivering today. Investing in tomorrow.

Shareholder information for the year ended 31 December

1. 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
2. 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
3. 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