Production report for the nine months ended 30 September 2023

MERAFE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003452/06)
JSE and A2X share code: MRF
ISIN: ZAE000060000
("Merafe")

PRODUCTION REPORT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023

Merafe's attributable ferrochrome production from the Glencore Merafe Chrome Venture in the third
quarter ended 30 September 2023 was 40kt, resulting in a decrease of approximately 21% in production
for the nine months ended 30 September 2023 compared to the prior comparative period. The reduction
is due to planned pullback in production in response to market conditions. As previously reported, only
the Lion smelter operated over the 3-month high electricity demand winter season, a period of elevated
power prices.

                                                                   Nine months ended
                                                        30 September 2023   30 September 2022
 Attributable ferrochrome production (kt)                             225                 286


Sandton
20 October 2023

Sponsor
One Capital

Date: 20-10-2023 08:45:00
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