Results of the annual general meeting and changes to the board of directors 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” or the “Group”) RESULTS OF THE ANNUAL GENERAL MEETING AND CHANGES TO THE BOARD OF DIRECTORS RESULTS OF ANNUAL GENERAL MEETING Merafe is pleased to advise its shareholders (“Shareholders”) that all the ordinary and special resolutions proposed in the notice of the annual general meeting (“AGM”) dated 6 March 2019 and tabled at the Company’s AGM held on Wednesday, 15 May 2019 were passed by the requisite majority of votes cast by Shareholders. The voting results with respect to the resolutions were as follows: Resolutions Number of Percentage Percentage Percentage Abstentions shares voted of shares of shares of shares voted voted voted “For” “Against” Ordinary resolution 1: 2 064 440 924 82.23% 99.98% 0.02% 0.22% Adoption of the Group audited annual financial statements for the year ended 31 December 2018 Ordinary resolution 2.1: 2 067 770 281 82.36% 99.40% 0.60% 0.08% Re-election of Mr Abiel Mngomezulu as a director of the Company Ordinary resolution 2.2: 2 068 210 281 82.38% 98.75% 1.25% 0.07% Re-election of Ms Belese Majova as a director of the Company Ordinary resolution 3.1: 2 068 210 281 82.38% 94.84% 5.16% 0.07% Appointment of Ms Matsotso Vuso as a director of the Company Ordinary resolution 3.2: 2 067 770 281 82.36% 99.88% 0.12% 0.08% Appointment of Mr Ditabe Chocho as a director of the Company Resolutions Number of Percentage Percentage Percentage Abstentions shares voted of shares of shares of shares voted voted voted “For” “Against” Ordinary resolution 3.3: 2 068 210 281 82.38% 99.96% 0.04% 0.07% Appointment of Ms Grathel Motau as a director of the Company Ordinary resolution 4.1: 2 068 210 281 82.38% 94.84% 5.16% 0.07% Appointment of Ms Matsotso Vuso as a member of the Audit and Risk Committee Ordinary resolution 4.2: 2 068 210 281 82.38% 99.96% 0.04% 0.07% Appointment of Ms Grathel Motau as a member of the Audit and Risk Committee Ordinary resolution 4.3: 2 068 210 281 82.38% 98.75% 1.25% 0.07% Appointment of Ms Belese Majova as a member of the Audit and Risk Committee Ordinary resolution 5: 2 064 152 596 82.21% 99.18% 0.82% 0.23% Re-appointment of Deloitte and Touche Inc. as the external registered auditors of the Company and the appointment of Mr Patrick Ndlovu as the designated audit partner Ordinary resolution 6: 2 068 910 282 82.40% 99.91% 0.09% 0.04% Authority to sign all documents required to give effect to all the resolutions contained in the notice of AGM Ordinary resolution 7.1: 2 068 704 232 82.40% 89.76% 10.24% 0.05% Non-binding advisory vote on the Company’s remuneration policy Resolutions Number of Percentage Percentage Percentage Abstentions shares voted of shares of shares of shares voted voted voted “For” “Against” Ordinary resolution 7.2: 2 068 266 543 82.38% 91.55% 8.45% 0.07% Non-binding advisory vote on the Company’s remuneration implementation report Special resolution 1.1: 2 068 242 431 82.38% 98.30% 1.70% 0.07% Approval of non-executive directors’ fees - Board chairperson Special resolution 1.2: 2 068 242 431 82.38% 99.93% 0.07% 0.07% Approval of non-executive directors’ fees - Board member Special resolution 1.3: 2 068 242 431 82.38% 99.95% 0.05% 0.07% Approval of non-executive directors’ fees – Audit and Risk Committee chairperson Special resolution 1.4: 2 068 242 431 82.38% 99.95% 0.05% 0.07% Approval of non-executive directors’ fees – Audit and Risk Committee member Special resolution 1.5: 2 068 242 431 82.38% 99.95% 0.05% 0.07% Approval of non-executive directors’ fees – Remuneration and Nomination Committee chairperson Special resolution 1.6: 2 068 242 431 82.38% 99.95% 0.05% 0.07% Approval of non-executive directors’ fees – Remuneration and Nomination Committee member Special resolution 1.7: 2 068 242 431 82.38% 99.95% 0.05% 0.07% Approval of non-executive directors’ fees – Social, Ethics and Transformation Resolutions Number of Percentage Percentage Percentage Abstentions shares voted of shares of shares of shares voted voted voted “For” “Against” Committee chairperson Special resolution 1.8: 2 068 242 431 82.38% 99.95% 0.05% 0.07% Approval of non-executive directors’ fees – Social, Ethics and Transformation Committee member Special resolution 2: 2 068 703 032 82.40% 99.98% 0.02% 0.05% Loans or other financial assistance to related or inter-related companies Special resolution 3: 2 067 962 139 82.37% 99.30% 0.70% 0.08% General authority to repurchase Company shares Notes: - Percentages of shares voted are calculated in relation to the total issued share capital of Merafe. - Percentages of shares voted “For” and “Against” each resolution are calculated in relation to the total number of shares voted in respect of such resolution. - Abstentions are calculated as a percentage in relation to the total issued share capital of Merafe. CHANGES TO THE BOARD OF DIRECTORS As announced on SENS on 28 March 2019, the Chairman of the Merafe board of directors (“Board”), Mr Chris Molefe, retired at the AGM held on 15 May 2019. The Board thanks Chris for his services to Merafe since his appointment to the Board in 2003. Furthermore, Mr Abiel Mngomezulu has been appointed as Chairman of the Board and Nomination Committee with effect from 15 May 2019. The Board welcomes Abiel in his new role. At the same time, Abiel stepped down as Chairman of the Remuneration Committee (but remain a member thereof) and as a member of the Audit and Risk Committee. Appointments of a Chairperson to the Remuneration Committee and a member to the Nomination Committee, to ensure that such committees are properly constituted in accordance with the applicable requirements, will be made in due course and Shareholders will be informed accordingly. Sandton 15 May 2019 Sponsor One Capital Date: 15/05/2019 03:47:00 Produced by the JSE SENS Department. 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