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 6.77 to 6.83 of the JSE 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 awarded to the executive directors at no cost and are valued at the volume
weighted average price of R1.1192 per ordinary share as at 31 March 2026. The awards were accepted
on 2 April 2026 and will vest in three equal tranches on 1 April 2029, 1 April 2030 and 1 April 2031, subject
to the achievement of performance-based vesting criteria in terms of the Scheme.

Class of security:                               Ordinary shares
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:                 4 252 172
Total value of transaction:                      R4 759 031.40

Acceptance 2

Name of director:                                Ditabe Chocho (Financial Director of the Company)
Number of Grant Shares accepted:                 2 156 951
Total value of transaction:                      R2 414 060.10


Sandton
2 April 2026

Sponsor
One Capital

Date: 02-04-2026 04:50:00
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