FOREWORD

Exxaro Resources continuously strives to enhance the level of estimation and reporting of Mineral Resources and Reserves. The group is committed to the principles of transparency, materiality and competency in reporting its Mineral Resources and Mineral Reserves.

The information in this report is aligned with the JSE Listings Requirements (section 12) and encapsulates information on reporting governance, competence, tenure, risk, liabilities and assurance as well as auxiliary descriptions of applicable projects, operations and exploration activities.

Mineral Resources and Mineral Reserves were estimated by competent persons on an operational or project basis, and in line with the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves, 2016 edition (SAMREC Code 2016) for African properties (coal), except for Vedanta's base metal property, and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves, 2012 edition (JORC Code) for Australian (coal and mineral sands) and Vedanta's properties.

For Coal Resources and Reserves under Exxaro's management control, estimation is in line with the South African National Standard: South African guide to the systematic evaluation of Coal Resources and Coal Reserves (SANS 10320:2004). Resource and Reserve estimates are quoted in full, irrespective of Exxaro shareholding. The report primarily encapsulates all aspects relating to Exxaro's coal estimation and reporting, and we therefore predominantly use the terminology of Coal Resources and Coal Reserves throughout the report. We do, however, apply the terminology of Mineral Resources and Mineral Reserves where the content collectively refers to coal, base metal and mineral sands estimates.

Exxaro reports mineral estimates that are directly under its management control and includes estimates for entities in which we hold a 25% interest or more. Supplementary descriptions are provided for projects and operations directly under our management control. For projects and operations included in the Exxaro Mineral Resource and Mineral Reserve statement, but in which Exxaro does not have management control, the reader is referred to that company's website, shown below, for supplemental information. This approach ensures maximum compliance to the principles of materiality and transparency.

Anglo American Coal operations and projects:

http://www.angloamerican.com/investors/annual-reporting

Kumba Iron Ore:

http://www.angloamericankumba.com/investors.aspx

Tronox:

http://investor.tronox.com/secfiling.cfm?filingID=1140361-17-8936&CIK=1530804

Vedanta Resources plc base metal operations and projects:

http://www.vedantaresources.com/investor-relations/

		FEEDBACK
		Ongoing feedback from stakeholders helps us contextualise certain issues better for more informed understanding by readers. We welcome your suggestions, which should be directed to:
		Hanno Olinger	Tel: +27 12 307 3359
		Manager: Sustainability	Fax: +27 12 307 5327
		Mobile: +27 83 609 1094
		Email: hanno.olinger@exxaro.com
		www.exxaro.com