Merafe Resources Limited –
Summarised consolidated financial statements and cash dividend declaration

for the year ended 31 December 2025

20 25

Delivering today. Investing in tomorrow.

Summarised consolidated statement of financial position as at

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This summarised report is extracted from audited information but is not itself audited or independently reviewed. The full set of audited consolidated financial statements from which these summarised consolidated financial statements have been derived were prepared under the supervision of Ditabe Chocho CA(SA), Financial Director, as set out more fully in note 1 of these financial results.

  Notes 31 December
2025
R'000
Restated
31 December
2024
R'000
Assets      
Non-current assets      
Property, plant and equipment   1 147 920 1 124 913
Intangible assets   16 972 21 188
Investment in associate   38 181 32 676
Long-term receivable 2 96 112 64 260
Other long-term receivable   17 133 17 730
    1 316 318 1 260 767
Current assets      
Inventories   1 898 609 1 794 492
Trade and other receivable   1 208 700 1 175 161
Current tax receivable   82 005 116 966
Other short-term financial asset 13 393 966 360 756
Cash and cash equivalents and balances held with Central Treasury 13 1 156 408 1 434 155
    4 739 688 4 881 530
Total assets   6 056 006 6 142 297
Equity and liabilities      
Equity      
Share capital   1 288 876 1 288 876
Retained income   3 429 932 3 587 239
    4 718 808 4 876 115
Liabilities      
Non-current liabilities      
Lease obligation   3 370 4 723
Deferred tax   84 856 186 146
Provisions   278 360 142 356
Share-based payment liability   3 685 7 254
    370 271 340 479
Current liabilities      
Trade and other payables   720 957 893 686
Lease obligation   1 353 1 150
Current tax payable   – 106
Provisions   240 083 17 376
Share-based payment liability   4 534 13 385
    966 927 925 703
Total liabilities   1 337 198 1 266 182
Total equity and liabilities   6 056 006 6 142 297