Merafe Resources Integrated Annual Report 2018

MERAFE RESOURCES INTEGRATED ANNUAL REPORT 2018 28 Chrome Mineral Resource statement Measured Mineral Resources Indicated Mineral Resources Measured and Indicated Resources Inferred Mineral Resources Name of operation Attributable portion Mining method Commodity 31.12.18 31.12.17 31.12.18 31.12.17 31.12.18 31.12.17 31.12.18 31.12.17 Competent Person Bushveld Complex – Western Limb Western Chrome Mines – LG6 Chromitite Package and MG1 Chromitite Layer Waterval 20.5% UG Ore (Mt) 16.231 16.044 1.02 0.98 17.26 17.03 0.7 0.6 MM/DR Cr 2 O 3 (%) 41.31 41.30 42.6 42.6 41.4 41.4 43 43 Marikana West 20.5% UG Ore (Mt) 2.947 2.827 1.69 1.60 4.64 4.43 – – MM/DR Cr 2 O 3 (%) 42.44 42.44 42.6 42.6 42.5 42.5 – – Kroondal 20.5% UG/OC Ore (Mt) 8.590 8.803 1.57 1.57 10.16 10.37 – – MM/DR Cr 2 O 3 (%) 42.84 42.70 41.6 41.6 42.6 42.5 – – Kroondal Gemini 20.5% UG/OC Ore (Mt) 10.037 10.649 4.96 4.42 15.00 15.07 – – MM/DR Cr 2 O 3 (%) 42.56 42.59 41.4 41.6 42.2 42.3 – – Marikana East 20.5% UG Ore (Mt) 4.193 4.196 0.79 0.78 4.98 4.98 – – MM/DR Cr 2 O 3 (%) 42.25 42.25 41.8 41.8 42.2 42.2 – – Klipfontein/Waterval 20.5% UG Ore (Mt) 9.952 11.729 16.92 16.98 26.87 28.71 106.9 115.0 MM/DR Cr 2 O 3 (%) 42.10 42.12 42.0 42.0 42.0 42.0 42 42 Boshoek 20.5% UG/OC Ore (Mt) – – 17.09 17.09 17.09 17.09 – - MM/DR Cr 2 O 3 (%) – – 40.5 40.5 40.5 40.5 – – Townlands Extension 9 20.5% UG Ore (Mt) – – 12.94 12.94 12.94 12.94 – – MM/DR Cr 2 O 3 (%) – – 41.4 41.4 41.4 41.4 – – Total – LG6 and MG1 Ore (Mt) 51.951 54.248 57.00 56.38 108.95 110.63 107.6 115.6 MM/DR Cr 2 O 3 (%) 42.10 42.09 41.4 41.4 41.7 41.7 42 42 Western Chrome Mines – Tailings Kroondal Dam 20.5% Tailings (Mt) – – – – – – 1.3 1.0 MM Cr 2 O 3 (%) – – – – – – 17 17 Waterval East Dam 20.5% Tailings (Mt) – – – – – 0.9 – MM Cr 2 O 3 (%) – – – – – – 19 – Waterval West Dam 20.5% Tailings (Mt) – – – – – – 0.3 – MM Cr 2 O 3 (%) – – – – – – 15 – Total Tailings (Mt) – – – – – – 2.6 1.0 Cr 2 O 3 (%) – – – – – – 17 17 Bushveld Complex – Eastern Limb Eastern Chrome Mines – MG1 Chromitite Layer Thorncliffe mine 20.5% UG/OC Ore (Mt) 36.445 36.406 14.40 15.27 50.85 51.67 0.2 0.3 SV/DR Cr 2 O 3 (%) 40.44 40.61 41.2 41.3 40.6 40.8 42 41 Helena 20.5% UG/OC Ore (Mt) 23.667 23.309 13.58 14.53 37.25 37.84 9.1 9.1 SV/DR Cr 2 O 3 (%) 39.75 39.84 38.4 39.0 39.3 39.5 38 39 De Grooteboom 20.5% UG/OC Ore (Mt) 1.038 1.036 0.50 0.50 1.54 1.54 – – SV/DR Cr 2 O 3 (%) 40.23 40.23 40.3 40.3 40.3 40.3 – – Richmond 20.5% UG Ore (Mt) 0.595 0.613 12.26 12.28 12.86 12.89 13.9 13.9 SV/DR Cr 2 O 3 (%) 41.32 41.33 41.1 41.1 41.1 41.1 41 41 St George 20.5% UG Ore (Mt) – – 4.92 3.20 4.92 3.20 6.1 7.2 SV/DR Cr 2 O 3 (%) – – 39.6 39.4 39.6 39.4 40 40 Total –- MG1 Ore (Mt) 61.743 61.364 45.67 45.78 107.41 107.14 29.3 30.5 Cr 2 O 3 (%) 40.18 40.32 40.2 40.4 40.2 40.3 40 40 Eastern Chrome Mines – MG2 Chromitite Layer Thorncliffe 20.5% UG/OC Ore (Mt) – – – – – – 41.8 41.8 SV/DR Cr 2 O 3 (%) – – – – – – 38 38 Helena 20.5% UG/OC Ore (Mt) – – – – – – 85.4 85.4 SV/DR Cr 2 O 3 (%) – – – – – – 38 38 Total – MG2 Ore (Mt) – – – – – – 127.2 127.2 Cr 2 O 3 (%) – – – – – – 38 38 Total – MG1 & MG2 Ore (Mt) 61.743 61.364 45.67 45.78 107.41 107.14 156.5 157.7 Cr 2 O 3 (%) 40.18 40.32 40.2 40.4 40.2 40.3 38 38 Eastern Chrome Mines – Tailings Thorncliffe Dam 20.5% Tailings (Mt) – – – – – – 3.9 – SV Cr 2 O 3 (%) – – – – – – 20 – Helena Paste 20.5% Tailings (Mt) – – – – – – 0.3 – SV Cr 2 O 3 (%) – – – – – – 17 – Total Tailings (Mt) – – – – – – 4.2 – Cr 2 O 3 (%) – – – – – – 19 – Notes : Tonnages are quoted as million metric dry tonnes. Grades are quoted as %Cr 2 O 3 . The measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce Mineral Reserves. No cut-off grades are applied to the chromitite layers currently being mined because of the exceptional regional grade consistency and continuity. The Mineral Resources are estimated as chromitite tonnages and grades to reflect the grades of the various individual chromitite layers. Both the LG6 and MG1 Chromitite layers which the Venture is currently mining, are discrete solid Chromitite Layers. Competent Persons: PJG – Pieter-Jan Gräbe, Glencore Operations SA (SACNASP). Overall responsibility for Mineral Resources. SV – Solly Vaid, Glencore Operations, Eastern Chrome Mines (PLATO). Responsible for Mineral Resources. MM – Mogomotsi Maputle, Glencore Operations, Western Chrome Mines (SACNASP). Responsible for Mineral Resources. DR –Dean Richards, Obsidian Consulting Services (SACNASP). Responsible for geostatistical analysis of data, Mineral Resource classification and construction of tonnage and grade block models and reporting of tonnage and grades from block models. Natural capital: Mineral Resources and Mineral Reserves statement (continued) PERFORMANCE