Merafe Resources Limited
INTEGRATED ANNUAL REPORT
2025
Delivering today. Investing in tomorrow.
| Group | Company | |||||
| R'000 | Notes | 2025 | Restated 2024 |
Restated 2023 |
2025 | 2024 |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Non-current assets | ||||||
| Property, plant and equipment | 3 | 1 147 920 | 1 124 913 | 1 387 714 | 994 | 575 |
| Intangible assets | 4 | 16 972 | 21 188 | 25 413 | – | – |
| Investment in subsidiary* | 5 | – | – | – | – | – |
| Investment in associate | 6 | 38 181 | 32 676 | 14 150 | – | – |
| Long-term receivable | 8 | 96 112 | 64 260 | 37 287 | – | – |
| Other long-term receivable | 40 | 17 133 | 17 730 | 14 229 | 17 133 | 17 730 |
| Loan to subsidiary | 10 | – | – | – | 879 485 | 915 892 |
| 1 316 318 | 1 260 767 | 1 478 793 | 897 612 | 934 197 | ||
| Current assets | ||||||
| Inventories | 9 | 1 898 609 | 1 794 492 | 1 916 476 | – | – |
| Trade and other receivables | 11 | 1 208 700 | 1 175 161 | 1 544 037 | 7 925 | 8 878 |
| Current tax receivable | 12 | 82 005 | 116 966 | 65 218 | 88 | – |
| Other short-term financial assets** | 13 | 393 966 | 360 756 | 327 648 | – | – |
| Cash and cash equivalents and balances held with Central Treasury** | 14 | 1 156 408 | 1 434 155 | 1 328 159 | 2 366 | 2 680 |
| 4 739 688 | 4 881 530 | 5 181 538 | 10 379 | 11 558 | ||
| Non-current assets held for sale | – | – | 963 | – | – | |
| Total assets | 6 056 006 | 6 142 297 | 6 661 294 | 907 991 | 945 755 | |
| Equity and liabilities | ||||||
| Equity | ||||||
| Share capital | 15 | 1 288 876 | 1 288 876 | 1 288 876 | 1 288 876 | 1 288 876 |
| Retained income/(accumulated loss) | 3 429 932 | 3 587 239 | 3 969 665 | (407 634) | (385 796) | |
| 4 718 808 | 4 876 115 | 5 258 541 | 881 242 | 903 080 | ||
| Liabilities | ||||||
| Non-current liabilities | ||||||
| Lease obligation | 16 | 3 370 | 4 723 | 5 911 | – | – |
| Deferred tax | 7 | 84 856 | 186 146 | 271 554 | – | – |
| Provisions | 17 | 278 360 | 142 356 | 131 330 | – | – |
| Share-based payment liability | 18 | 3 685 | 7 254 | 10 040 | 3 685 | 7 254 |
| 370 271 | 340 479 | 418 835 | 3 685 | 7 254 | ||
| Current liabilities | ||||||
| Trade and other payables | 19 | 720 957 | 893 686 | 945 859 | 18 530 | 21 930 |
| Lease obligation | 16 | 1 353 | 1 150 | 3 148 | – | – |
| Current tax payable | 12 | – | 106 | 178 | – | 106 |
| Provisions | 17 | 240 083 | 17 376 | 10 907 | – | – |
| Share-based payment liability | 18 | 4 534 | 13 385 | 11 258 | 4 534 | 13 385 |
| 966 927 | 925 703 | 971 350 | 23 064 | 35 421 | ||
| Liabilities directly associated with assets held for sale | – | – | 12 568 | – | – | |
| Total liabilities | 1 337 198 | 1 266 182 | 1 402 753 | 26 749 | 42 675 | |
| Total equity and liabilities | 6 056 006 | 6 142 297 | 6 661 294 | 907 991 | 945 755 | |
| * | Less than R1 000. |
| ** | Restated. Refer to note 41. |
