CEO commentary on results

Merafe achieved a profit of R512 million for the six months ended 30 June 2026, compared with a profit of R233 million for the six months ended 30 June 2025. The increase in profits is supported by significantly higher chrome ore sales volumes and an improvement in commodity prices. Despite challenging market conditions and a significant reduction in ferrochrome production, the Group’s strong earnings growth highlights the resilience of its business model and the successful execution of its strategy to maximise value from its chrome operations.

Preparation of this report

This report was prepared under the supervision of Ditabe Chocho CA(SA) (Financial Director). These unaudited condensed consolidated financial statements of Merafe for the six months ended 30 June 2026 have not been independently reviewed by the Company’s independent auditor, Deloitte & Touche.