MERAFE RESOURCES LIMITED - Production report and trading statement for the six months ended 30 June 2024

Production report and trading statement for the six months ended 30 June 2024

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

PRODUCTION REPORT AND TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2024

1. Production Report

Merafe's attributable ferrochrome production from the Glencore Merafe Chrome Venture ("Venture") for
the six months ended 30 June 2024 was 154kt, marking a decrease of approximately 17% compared
to the same period last year. This reduction in production is attributed to the Rustenburg smelter which
has not been operational in 2024 due to prevailing market conditions.

                                                                         Six months ended 30 June
                                                                               2024          2023
 Attributable ferrochrome production (kt)                                       154           185

2. Trading Statement

In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, issuers are required to publish
a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the
financial results for the period to be reported on will differ by at least 20% from those of the
prior comparative period.

Shareholders are hereby advised that for the six months ended 30 June 2024 ("Current Reporting Period"), 
Merafe is expecting to report:

­-  basic earnings per share ("EPS") of between 24.6 cents and 33.0 cents, compared to EPS of
   42.0 cents per share for the prior comparative period, which is a decrease of between 21% to 41%;
   and
­-  headline earnings per share ("HEPS") of between 24.0 cents and 32.4 cents, compared to HEPS
   of 42.0 cents per share for the prior comparative period, which is a decrease of between
   23% to 43%.

The expected decrease in EPS and HEPS is primarily driven by softer commodity prices over the
reporting period.

Expected cash balances – Merafe

                                                                      30 Jun 2024   31 Dec 2023
                                                                              R'm           R'm
 Cash and cash equivalents balance                                          1 717         1 656


Cash and cash equivalents for the Current Reporting Period comprised cash held by Merafe of
R550 million and R1 167 million, being Merafe's share of the cash balance in the Venture. Included in
the cash held by the Venture is cash set aside to fund future environmental rehabilitation obligations,
with Merafe's share of this cash being R344 million.

Shareholders are advised that the financial information contained in this announcement is the
responsibility of the board of directors of Merafe and has not been reviewed or reported on by Merafe's
external auditors. The financial results for the six months ended 30 June 2024 are expected to be
released on SENS on or before 12 August 2024.


Sandton
30 July 2024

Sponsor
One Capital

Date: 30-07-2024 03:00:00
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