Merafe Resources Limited Summarised consolidated financial statements for the year ended 31 December 2025

Merafe Resources Limited –
Summarised consolidated financial statements and cash dividend declaration
for the year ended 31 December 2025

20 25

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Profits declined significantly to R143 million mainly due to lower ferrochrome sales and a stronger ZAR:USD exchange rate. Following the completion of the Business Review process in April 2025, production was suspended at all operating smelters of the Glencore-Merafe Chrome Venture’s (Venture). The ferrochrome industry in South Africa continues to face significant structural challenges, including high energy costs and increased competition from Chinese producers.

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Financial performance

2025 year in review Commentary Summarised consolidated statement of financial position Summarised consolidated statement of profit or loss and other comprehensive income Summarised consolidated statement of changes in equity Summarised consolidated statement of cash flows Notes to the summarised consolidated financial statements Administration

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