Merafe Resources Limited –
Unaudited Condensed Consolidated Financial Statements and cash dividend declaration
for the six months ended 30 June 2026
Delivering today. Investing in tomorrow.
| 30 June 2026 Unaudited R'000 |
Restated 30 June 2025 Unaudited R'000 |
|
|---|---|---|
| Profit before taxation | 701 195 | 305 822 |
| Depreciation and amortisation | 90 580 | 105 960 |
| Impairments | 15 931 | 112 800 |
| Effect of exchange rate fluctuations | (29 709) | 89 699 |
| Movement in environmental obligations | 24 145 | 5 306 |
| Movement in retrenchment provision | (211 801) | – |
| Income from equity accounted investment | (6 092) | (5 171) |
| Other non-cash movement | (517) | (2 283) |
| Profit on sale of property, plant and equipment | – | (124) |
| Fair value adjustment on provisionally priced revenue | 6 461 | (11 571) |
| Movement in long-term receivable | – | 5 540 |
| Share grants vested | (3 714) | (11 214) |
| Share-based payment expense/(credit) | 2 179 | (1 225) |
| Finance income* | (28 884) | (37 187) |
| Finance expense | 933 | 653 |
| Net realisable value inventory adjustment | 8 248 | 1 580 |
| Changes in working capital: | ||
| Inventories | 552 501 | (679 160) |
| Trade and other receivables | (210 667) | 118 411 |
| Trade and other payables | 65 180 | (173 230) |
| Net cash generated from/ (utilised in) from operating activities* | 975 969 | (175 394) |
| Finance income received | 13 524 | 23 156 |
| Finance cost paid | (1 197) | (974) |
| Dividend from associate | 7 024 | 639 |
| Taxation paid | (185 737) | (24 144) |
| Net cash generated from/ (utilised in) from operating activities* | 809 583 | (176 717) |
| Acquisition of property, plant and equipment – sustaining | (163 538) | (189 409) |
| Acquisition of property, plant and equipment – expansionary | (10 521) | (14 095) |
| Proceeds on disposal of property, plant and equipment | – | 142 |
| Movement in balances held with Central Treasury* | (22 078) | 426 785 |
| Movement in other long-term receivable | – | 597 |
| Net cash utilised in investing activities* | (196 137) | 224 020 |
| Dividends paid | (199 930) | (200 069) |
| Repayment of capital portion of lease liabilities | (649) | (551) |
| Net cash utilised in investing activities | (200 579) | (200 620) |
| Total cash movement for the period* | 412 867 | (153 317) |
| Cash and cash equivalents at the beginning of the period* | 457 805 | 602 729 |
| Total cash at 30 June* | 870 672 | 449 412 |
