MERAFE RESOURCES LIMITED - Revised approach to disaggregation of group revenue by region

Revised approach to disaggregation of group revenue by region

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")

REVISED APPROACH TO DISAGGREGATION OF GROUP REVENUE BY REGION

Shareholders of Merafe ("Shareholders") are referred to note 19 to the consolidated annual financial
statements for the year ended 31 December 2024 published on SENS on Monday, 10 March 2025.

Shareholders are hereby advised that, following an engagement with the JSE subsequent to its review
of Merafe's financial statements pursuant to the JSE's proactive monitoring review process, and to
enhance the breakdown of revenue from the Asian region, the Company has revised its
regional revenue disclosure format for ferrochrome and chrome ore as follows:

Ferrochrome revenue disaggregation

                                           2024                                        2023
 Revenue                          Revenue         Percentage of                Revenue        Percentage of
 destination                        R'000            revenue in                  R'000           revenue in
                                              relation to total                           relation to total
                                                    ferrochrome                                 ferrochrome
                                                    revenue (%)                                 revenue (%)
 Africa*                          212 617                     4                207 444                    3
 Asia                           4 011 749                    68              5 093 698                   74
 China                          2 521 372                    43              3 088 414                   45
 Indonesia                        956 702                    16              1 529 234                   22
 Other Asia**                     533 675                     9                476 050                    7
 Americas***                      561 354                     9                362 992                    5
 Europe****                     1 123 158                    19              1 221 333                   18
                                5 908 878                   100              6 885 467                  100

Chrome ore revenue disaggregation

                                           2024                                        2023
 Revenue                          Revenue         Percentage of                Revenue        Percentage of
 destination                        R'000            revenue in                  R'000           revenue in
                                              relation to total                           relation to total
                                                     chrome ore                                  chrome ore
                                                    revenue (%)                                 revenue (%)
 Africa*                          507 967                    22                482 837                   22
 Asia                           1 633 558                    72              1 633 585                   73
 China                          1 612 771                    71              1 573 127                   70
 Other Asia**                      20 787                     1                 60 458                    3
 Americas***                       19 689                     1                 23 362                    1
 Europe****                       101 007                     5                 82 419                    4
                                2 262 221                   100              2 222 204                  100

*Includes South Africa
**Includes India, Japan, South Korea, Taiwan and Australia
***Includes Brazil and USA
****Includes England, Finland, Italy, Luxembourg, Netherlands, Slovenia and Spain


Sandton
31 March 2025

Sponsor
One Capital

Date: 31-03-2025 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.