Independent auditor's report on the review of the condensed group interim financial statements

To the shareholders of Exxaro Resources Limited

Introduction

We have reviewed the accompanying condensed group statement of financial position of Exxaro Resources Limited ("the group") at 31 December 2025, the condensed group statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes to the reviewed condensed group financial information (the condensed group financial statements).

The directors are responsible for the preparation and presentation of these condensed group financial statements in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards), IAS 34 Interim Financial Reporting and the Companies Act of South Africa. Our responsibility is to express a conclusion on these condensed group financial statements based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of condensed group financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed group financial statements at 31 December 2025 is not prepared, in all material respects, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards), IAS 34 Interim Financial Reporting and the Companies Act of South Africa.

KPMG Inc.

Registered Auditor

Per Safeera Loonat

Chartered Accountant (SA)

Registered Auditor

Director

19 March 2026

KPMG Crescent

85 Empire Road

Parktown

2193