Dealings in securities by a director of Merafe Merafe Resources Limited (Incorporated in the Republic of South Africa) (Registration number: 1987/003452/06) JSE share code: MRF ISIN: ZAE000060000 (“Merafe” or the “Company”) DEALINGS IN SECURITIES BY A DIRECTOR OF MERAFE In compliance with paragraphs 3.63 – 3.66 of the Listings Requirements of the JSE Limited the following information is provided: Share grant allocation In terms of the Scheme approved by shareholders on 13 April 2010 Merafe has issued share grants to an executive director. These Restricted Shares are issued at no cost to the executive director at the volume weighted average price of R1.68 per ordinary share for 6 August 2018 and was accepted on 6 August 2018. Name of director: Ditabe Chocho (Financial Director) Date of transaction: 6 August 2018 Class of security: Ordinary shares Nature of transaction: Acceptance of Restricted Shares in terms of the Scheme Number of Restricted Shares accepted: 624 999 Total value of transaction: R1 049 998.32 Periods of vesting: These Restricted Shares shall vest in three tranches, one third on 6 August 2021, one third on 6 August 2022 and one third on 6 August 2023 and are subject to performance based vesting criteria. Transaction completed: Off market Extent of director's interest in the transaction: Direct beneficial Clearance obtained: Yes Sandton 7 August 2018 Sponsor One Capital Date: 07/08/2018 02:47:00 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.