Foreword

Exxaro continuously strives to enhance the level of estimation and reporting of Mineral Resources and Mineral 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 12:13) 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) for African properties (coal) with the exception of the Vedanta Resources 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 the Vedanta Resources property.

For Coal Resources and Coal Reserves under Exxaro management's 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 10320:2020 edition 2). Mineral Resource and Mineral Reserve estimates are quoted in full, irrespective of Exxaro's shareholding. The report primarily encapsulates all aspects relating to Exxaro's coal estimation and reporting. We therefore predominantly use the terminology Coal Resources and Coal Reserves throughout the report. We also use the terminology Mineral Resources and Mineral Reserves where we collectively refer to coal and base metal estimates.

Exxaro reports Mineral Resource and Mineral Reserve estimates directly under its management's 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 mentioned in the report but in which Exxaro does not have management control, please refer to the relevant company's website, shown below, for supplementary information. This approach ensures maximum compliance with the principles of materiality and transparency.

Anglo American Coal operations and projects:
www.angloamerican.com/investors/annual-reporting

Thungela: https://www.thungela.com/

Kumba Iron Ore: www.angloamericankumba.com/investors

Vedanta Resources base metal operations and projects:
www.vedantaresources.com/investor-relations/

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Detailed disclosure and further reading

Read more online at www.exxaro.com

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FEEDBACK

We encourage and welcome feedback from our stakeholders. Please send any comments or suggestions to:

Malusi Buthelezi

Manager: Integrated reporting and ESG

Tel: +27 12 307 3174

Mobile: +27 83 460 3723

Email: Malusi.Buthelezi@exxaro.com

www.exxaro.com

Disclaimer: Photographs of people without masks were either taken pre-COVID-19 or in full compliance with health and safety protocols. With thanks to Stefanie De Beer, Line of Sight Photography, for Cennergi's windfarm photographs, and all contributors who supplied the photographs used in our reporting suite.

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