Merafe’s ferrochrome production decreased by approximately 95%

Merafe’s attributable ferrochrome production from the Glencore Merafe Chrome Venture (“Venture”) for the first quarter ended 31 March 2026 (the “First Quarter” or the “Current Period”) was 3kt, resulting in a decrease of approximately 95% in production for the Current Period compared to the quarter ended 31 March 2025 (the “Prior Comparative Period”).

This reduction in production is primarily attributable to the continued suspension of production at the Venture’s Wonderkop and Boshoek smelters.

The Company’s attributable chrome ore production from the Venture in the First Quarter was 214kt, resulting in a marginal increase of approximately 3% in production for the Current Period compared to the Prior Comparative Period.

The Company’s attributable platinum group metals (“PGMs”) concentrate production from the Venture in the First Quarter was 3.2koz, resulting in a decrease of approximately 12% in production for the Current Period compared to the Prior Comparative Period.

This decrease in production is largely due to lower feed tonnages.