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 changes in equityfor the year ended

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31 December
2025 
R'000 
31 December 2024 
R'000 
Issued share capital – ordinary shares  24 991  24 991 
Balance at the end of year (issued share capital) 24 991  24 991 
Share premium – ordinary shares  1 263 885  1 263 885 
Balance at the end of the year (share premium) 1 263 885  1 263 885 
Balance at the beginning of the year  3 587 239  3 969 665 
Total comprehensive income for the year  142 588  667 207 
Dividends  (299 895) (1 049 633)
Balance at the end of the year (retained income) 3 429 932  3 587 239 
Total equity for the end of the year  4 718 808  4 876 115