MERAFE RESOURCES LIMITED - Dealings in securities by directors of Merafe

Dealings in securities by directors of Merafe

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")

DEALINGS IN SECURITIES BY DIRECTORS OF MERAFE

In compliance with paragraphs 3.63 – 3.66 of the JSE Limited Listings Requirements, shareholders are
advised that, in terms of the Merafe Resources Limited Share Incentive Scheme ("Scheme"), Merafe has
issued its annual share grant allocation of Grant Shares (as defined in the Scheme) to its executive
directors.

The Grant Shares were issued at no cost to the executive directors and are priced at the volume weighted
average price of R1.20 per ordinary share as at 31 March 2025 and were accepted on 2 April 2025.

Class of security:                               Ordinary shares
Nature of transactions:                          Acceptance of Grant Shares in terms of the Scheme
Periods of vesting:                              These Grant Shares shall vest in three tranches,
                                                 one third on 1 April 2028, one third on 1 April 2029
                                                 and one third on 1 April 2030 and are subject to
                                                 performance-based vesting criteria
Transactions completed:                          Off market
Nature and extent of directors' interest
in the transactions:                             Direct beneficial
Clearance obtained:                              Yes

Acceptance 1

Name of director:                                Zanele Matlala (Chief Executive Officer of the Company)
Number of Grant Shares accepted:                 3 777 009
Total value of transaction:                      R4 532 410.80

Acceptance 2

Name of director:                                Ditabe Chocho (Financial Director of the Company)
Number of Grant Shares accepted:                 1 915 921
Total value of transaction:                      R2 299 105.20


Sandton
3 April 2025

Sponsor
One Capital

Date: 03-04-2025 08:00:00
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