Summarised Group Mineral Resource and Mineral Reserve estimates

The reported Mineral Resources and Mineral Reserves remaining as at 31 December 2021 are indicated in this section. Mineral Resource and Mineral Reserve figures are not an inventory of all mineral occurrences drilled or sampled but a realistic record of those, under assumed and justifiable technical and economic conditions, that may be economically extractable currently and in future.

Mineral Resources and Mineral Reserves are reported inclusive of Mineral Resources that have been converted to Mineral Reserves. An exception is reporting for Gamsberg and Black Mountain Mining (BMM) because figures received from Vedanta Resources (JORC Code) represent Mineral Resources excluding Mineral Resources converted to Mineral Reserves.

In addition, we provide Resource estimates within LoMP and insight into all applicable modifying factors. Exxaro includes all estimates directly under its management control and estimates of entities in which Exxaro holds a 25% interest or larger. Mineral Resources and Mineral Reserves are reported at 100% irrespective of the percentage attributable to Exxaro.

Explanations for material changes in year-on-year movements are provided as footnotes in the Mineral Resources and Mineral Reserves tables.

Total attributable coal resources and coal reserves

Commodity: Coal	Category	2021 MTIS (Mt)
Exxaro attributable tonnes	Measured	3 831
	Indicated	2 422
	Inferred	3 342
	Total Coal Resources	9 595
	Proved	1 897
	Probable	1 083
	Total Coal Reserves	2 980

Figure 6: Exxaro's Coal Resource and Coal Reserve attributable contribution

Resource contribution

Reserve contribution

COAL RESOURCES

The table below details the total inclusive Coal Resources estimated as at 31 December 2021.

Table 9: Coal Resources and qualities

			2021						2020						% change in tonnes⁵
			Tonnes and quality⁴						Tonnes and quality⁴
Operation¹	Location³	Resource category	Tonnes (Mt)	CV MJ/kg	% Ash	% IM	% VM	% S	Tonnes (Mt)	CV MJ/kg	% Ash	% IM	% VM	% S
Matla mine⁶ (UG) (captive market) Mpumalanga 100% attributed to Exxaro²		Measured	639	20.6	29.6	4.6	20.6	1.0	694	20.5	29.9	4.5	22.2	1.0	(8)
		Indicated	114	20.7	28.7	4.5	20.7	0.8	123	20.4	29.4	4.5	22.1	0.8	(7)
		Inferred	93	21.0	28.1	4.4	21.0	0.8	151	19.4	31.8	4.6	20.7	0.9	(38)
		Total	847	20.7	29.3	4.5	20.7	1.0	969	20.3	30.2	4.5	21.9	0.9	(13)
	Resources inside LoMP		281	21.3	27.7	4.8	23.1	1.0	290	21.3	27.7	4.8	22.9	1.0	(3)
Leeuwpan mine⁷ (OC) (commercial market) Mpumalanga 100% attributed to Exxaro²		Measured	77.9	20.0	31.3	3.2	18.6	1.2	79.9	20.1	31.3	3.2	18.7	1.2	(2)
		Indicated					2.6	21.9	26.9	3.3	21.2	1.3	(100)
		Inferred	3.6	20.1	34.6	2.6	14.7	1.0	3.6	20.1	34.6	2.6	14.7	1.0	–
		Total	81.5	20.0	31.5	3.2	18.4	1.2	86.1	20.1	31.3	3.2	18.6	1.2	(5)
	Resources inside LoMP		49.1	20.0	30.6	3.1	19.5	1.3	52.6	20.1	30.7	3.1	19.6	1.3	(7)
Mafube mine (OC) (commercial market) Mpumalanga 50% attributed to Exxaro²		Measured	104.3	21.4	26.8	3.9	22.1	1.0	111.2	21.6	26.2	3.8	22.5	1.0	(6)
		Indicated	9.9	21.7	26.0	3.9	22.4	1.0	9.9	21.7	26.0	3.9	22.4	1.0	–
		Inferred	2.6	21.7	25.9	3.9	22.1	0.9	2.6	21.7	25.9	3.8	22.1	0.9	–
		Total	116.8	21.5	26.7	3.9	22.1	1.0	123.7	21.6	26.1	3.8	22.5	1.0	(6)
	Resources inside LoMP		53.4	22.0	25.6	4.0	22.0	1.1	59.2	22.2	24.5	3.8	22.9	1.0	(10)
Belfast mine (OC/UG) (mining right) Mpumalanga 100% attributed to Exxaro²		Measured	68.3	24.8	18.6	3.6	23.2	1.1	71.3	24.8	18.5	3.6	23.3	1.1	(4)
		Indicated	19.9	22.3	25.3	3.6	22.0	1.1	19.9	22.3	25.3	3.6	22.0	1.1	–
		Inferred	33.8	21.5	27.0	3.4	20.9	0.8	34.0	21.5	26.9	3.4	20.9	0.8	(1)
		Total	121.9	23.5	22.0	3.5	22.4	1.0	125.3	23.5	21.9	3.5	22.4	1.0	(3)
	Resources inside LoMP		41.1	25.0	18.5	3.5	23.5	1.2	44.2	25.0	18.4	3.5	23.5	1.2	(7)
Grootegeluk mine (OC) (commercial market) Limpopo 100% attributed to Exxaro²	Volksrust Formation	Measured	1 833	14.1	54.8	1.7	19.6	1.2	1 876	14.1	54.8	1.7	19.6	1.2	(2)
		Indicated	1 118	14.1	55.0	1.7	19.6	1.2	1 119	14.1	55.0	1.7	19.6	1.2	–
		Inferred	262	14.3	54.0	1.8	19.8	1.4	262	14.3	54.0	1.8	19.8	1.4	–
		Total	3 213	14.1	54.8	1.7	19.6	1.2	3 256	14.1	54.8	1.7	19.6	1.2	(1)
	Resources inside LoMP		2 312	14.2	54.6	1.7	19.8	1.2	2 355	14.2	54.6	1.7	19.8	1.2	(2)
Grootegeluk mine (OC) (commercial market) Limpopo 100% attributed to Exxaro²	Vryheid Formation	Measured	648	24.0	27.4	1.8	22.2	2.2	657	24.0	27.4	1.8	22.2	2.2	(1)
		Indicated	303	23.7	28.4	1.7	22.1	2.3	303	23.7	28.4	1.7	22.1	2.3	–
		Inferred	76	23.6	28.9	1.7	21.5	2.2	76	23.6	28.9	1.7	21.5	2.2	–
		Total	1 027	23.9	27.8	1.8	22.1	2.2	1 036	23.9	27.8	1.8	22.1	2.2	(1)
	Resources inside LoMP		601	23.8	27.9	1.8	22.3	2.3	607	23.9	28.0	1.8	22.4	2.3	(1)
Total Grootegeluk mine (OC) (commercial market) Limpopo 100% attributed to Exxaro²		Measured	2 481	16.7	47.7	1.8	20.3	1.5	2 532	16.7	47.7	1.8	20.3	1.5	(2)
		Indicated	1 421	16.1	49.3	1.7	20.1	1.4	1 422	16.1	49.3	1.7	20.1	1.4	–
		Inferred	338	16.4	48.4	1.8	20.2	1.6	338	16.4	48.4	1.8	20.2	1.6	–
		Total	4 240	16.5	48.3	1.8	20.2	1.5	4 291	16.5	48.3	1.8	20.2	1.5	(1)
	Resources inside Grootegeluk opencast LoMP		2 913	16.2	49.1	1.7	20.3	1.4	2 965	16.2	49.1	1.7	20.3	1.4	(2)
Thabametsi project (OC/UG) (mining right) Limpopo 100% attributed to Exxaro²		Measured	270	13.0	52.3	1.9	20.0	1.2	270	13.0	52.3	1.9	20.0	1.2	–
		Indicated	749	12.6	53.1	1.8	19.8	1.1	749	12.6	53.1	1.8	19.8	1.1	–
		Inferred	2 857	12.7	52.7	1.9	19.3	1.3	2 857	12.7	52.7	1.9	19.3	1.3	–
		Total	3 876	12.7	52.7	1.9	19.5	1.3	3 876	12.7	52.7	1.9	19.7	1.3	–
	Resources inside IPP LoMP		133	12.0	54.7	1.9	20.0	1.0	133	12.0	54.7	1.9	20.0	1.0	–
Moranbah South project⁸ (UG) (prospecting) Australia 50% attributed to Exxaro²		Measured	484.6	26.9	23.6	2.6	18.5	0.6	482.0	26.7	23.7	2.6	18.5	0.6	1
		Indicated	226.0	27.4	21.4	2.6	17.8	0.5	222.0	27.3	21.7	2.6	17.9	0.6	2
		Inferred	29.7	28.2	19.6	2.7	16.9	0.5	28.0	28.5	18.9	2.7	17.0	0.5	6
		Total	740.4	27.1	22.8	2.6	18.2	0.6	732.0	27.0	22.9	2.6	18.3	0.6	1

Rounding of figures may cause computational discrepancies.
All changes more than 10% in the total Resources of an operation are explained. Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt.
Coal Resources and qualities (raw coal) are quoted on MTIS and air-dried basis.
Coal Resources are quoted inclusive of Coal Resources that have been modified to Coal Reserves unless otherwise stated.
Resources inside LoMP refer to MTIS Resources in LoMP layout.
Thickness and quality cut-offs applied at each project or mine are stated in the ancillary section.

¹	Operation refers to operating mine or significant project. The mining methods are opencast (OC) and underground (UG).
²	Figures are reported at 100% irrespective of percentage attributable to Exxaro and refer to 2021 only.
³	Locality maps are for illustrative purposes only. Detailed maps are provided in the ancillary section.
⁴	Raw coal qualities (air-dried basis). CV: calorific value (gross), ash content (ash), IM: inherent moisture, S: total sulphur and VM: volatile matter.
⁵	The percentage difference between 2021 reported MTIS and 2020 reported MTIS with brackets signifying a negative.
⁶	The change is predominantly the result of the removal of remnant coal blocks not meeting RPEEE criteria.
⁷	The movement between categories is the result of infill drilling in the OI west area, upgrading the Indicated to Measured Resources.
⁸	Estimates are received from Anglo American Metallurgical Coal Proprietary Limited and not audited by Exxaro.

COAL RESERVES

The table below details the total Coal Reserves estimated as at 31 December 2021.

Table 10: Coal Reserves

				2021					2020
				RoM and saleable tonnes⁵					RoM and saleable tonnes⁵
Operation¹	Location³	LoM (years)⁴	Category	RoM (Mt)	RoM moisture %	Export (Mt)	Thermal (Mt)	Metal- lurgical (Mt)	RoM (Mt)	RoM moisture %	Export (Mt)	Thermal (Mt)	Metal- lurgical (Mt)	% change in RoM⁶
Matla⁷ (UG) (captive market) 100% attributed to Exxaro²		3+	Proved	124	9.1		138		148	7.7		148		(16)
			Probable	38	8.9		23		22	9.7		22		74
			Total	162	9.1		162		169	8.0		169		(4)
		Inferred Resources inside LoMP		8					8					(10)
Leeuwpan⁸ (OC) (commercial market) 100% attributed to Exxaro²		8	Proved	40.2	3.1		27.3		42.0	3.1		27.8		(4)
			Probable	3.2	2.6			1.9	5.7	2.8		2.0	1.9	(44)
			Total	43.5	3.1		27.3	1.9	47.8	3.1		29.8	1.9	(9)
		Inferred Resources inside LoMP
Mafube⁹ (OC) (commercial market) 50% attributed to Exxaro²		10	Proved	26.7	5.7	18.0			32.1	5.7	21.1			(17)
			Probable	23.0	5.8	14.8			23.0	5.8	14.8			–
			Total	49.7	5.7	32.8			55.1	5.7	35.9			(10)
		Inferred Resources inside LoMP		1.7					1.7					–
Belfast¹⁰ (OC) (commercial market) 100% attributed to Exxaro²		12	Proved	37.5	3.4	33.3			40.2	3.3	36.5			(7)
			Probable	2.4	2.6	1.8			2.1	2.9	1.7			14
			Total	39.9	3.3	35.1			42.3	3.3	38.2			(6)
		Inferred Resources inside LoMP		0.5					0.5					-
Waterberg Complex
Grootegeluk mine (OC) (commercial market) 100% attributed to Exxaro²		20+	Proved	1 682	3.0	109	689	39	1 730	3.0	113	712	40	(3)
			Probable	898	3.0	58	368	21	898	3.0	59	370	21	–
			Total	2 580	3.0	168	1 057	59	2 628	3.0	171	1 082	61	(2)
		Inferred Resources inside LoMP		137					137					-
Thabametsi project¹¹ (OC) (IPP market) 100% attributed to Exxaro²		25	Proved
			Probable	130	3.0		127		130	3.0		127		–
			Total	130	3.0		127		130	3.0		127		–
		Inferred Resources inside LoMP

Rounding of figures may cause computational discrepancies.
Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt.
Inferred Resources inside LoMP refer to Inferred Resources considered for the LoMP. These Resources have not been converted to Reserves.
Coal Reserves are quoted on a RoM Reserve tonnage basis, which represents tonnages delivered to the plant at an applicable moisture and quality basis.
Saleable Reserve tonnage represents the product tonnes of coal available for sale on an applicable moisture basis.
All changes more than 10% in the total Reserves of an operation are explained.
Resource to Reserve modifying factors per operation are stated in the ancillary section.

¹	Operation refers to operating mine or significant project. Mining method: opencast (OC) or underground (UG).
²	Figures are reported at 100% irrespective of percentage attributable to Exxaro and refer to 2021 only.
³	Locality maps are for illustrative purposes only. Detailed maps are provided in the ancillary section.
⁴	The + symbol is used in instances where the scheduled LoMP extends beyond the expiry of the mining right. In each instance, Exxaro has a reasonable expectation that the mining right will be renewed.
⁵	Export refers to export thermal coal except at Grootegeluk mine where it refers to semi-soft coking coal suitable for the export and inland markets.
⁶	The percentage difference between 2021 reported RoM and 2020 reported RoM, and the percentage difference between 2021 reported total saleable tonnes and 2020 reported total saleable tonnes. Brackets signify a negative.
⁷	Movement between categories is primarily the result of stooping areas downgraded to Probable Reserves (~15Mt) without surface ownership.
⁸	Movement from Probable to Proved reflects the change in the Resource. The increase in the LoM year is due to the adjustment in annual RoM volumes.
⁹	Decrease is primarily the result of mining depletion (5.2Mt).
¹⁰	Increase in Probable is the result of a new mine layout. The increase in the LoM year is due to the adjustment in annual RoM volumes.
¹¹	The Coal Reserve is reported as Probable as a result of the lapse of the IPP project development agreement.

Table 11: Coal Reserve qualities

		THERMAL saleable (Proved + Probable)						METALLURGICAL saleable (Proved + Probable)						COKING saleable (Proved + Probable)
Operation	Seam/layer	Tonnes (Mt)¹	CV MJ/ kg	% VM	% Ash	% S	Yield %	Tonnes (Mt)¹	CV MJ/ kg	% VM	% Ash	% S	Yield %	Tonnes (Mt)¹	CV MJ/ kg	% VM	% Ash	% S	Yield %
Matla mine	Seam 2	62	22.6	24.8	22.7	0.8	100.0
	Seam 4	100	19.5	23.5	29.3	1.0	100.0
Leeuwpan mine	TC²	10.7	22.3	19.2	27.3	1.0	62.8
	BC²	16.6	24.0	24.1	21.5	0.9	66.8	1.9	27.8	8.4	15.0	0.9	57.7
Mafube mine	Middlings	12.7	21.7	19.9	25.8	0.4	24.3
	Export	20.2	26.6	26.1	13.3	0.4	39.7
Belfast mine	Export	35.1	25.4	23.2	17.1	0.6	88.1
Grootegeluk mine	All seams	1 057	21.2	24.4	32.7	1.5	40.7	59	28.9	23.8	13.6	0.6	61.3	168	29.0	35.1	11.9	1.1	12.9
Thabametsi Project3	T1	64	12.7	20.0	53.9	1.1	98.0
	T2	63	11.3	19.0	55.7	1.0	98.0

Rounding of figures may cause computational discrepancies.
Volatile matter (VM), sulphur (S), ash content (ash) and gross calorific value (CV).
Saleable Coal Reserve tonnage represents the product tonnes of coal available for sale on an applicable moisture and air-dried quality basis.

¹	Saleable product tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt.
²	Top coal (TC) and bottom coal (BC).
³	Based on Thabametsi bench configuration as defined in phase 1 of the feasibility study.

BASE METAL RESOURCES AND RESERVES

The table below details Base Metal Resources (exclusive) as at 31 March 2021.

Table 12: Base Metals Resources (exclusive) reported

		2021					2020
		Tonnes and grade					Tonnes and grade
Operation1	Category	Tonnes (Mt)	% Zn	% Pb	% Cu	Ag g/t	Tonnes (Mt)	% Zn	% Pb	% Cu	Ag g/t	% Change in RoM
Deeps mine³ Northern Cape(UG) (zinc, lead, copper and silver) 26% attributed to Exxaro²	Measured	4.4	2.9	3.2	0.3	34.0	3.3	3.2	3.6	0.3	38.5	35
	Indicated	5.9	3.0	2.2	0.5	31.0	3.9	3.2	2.7	0.5	37.1	51
	Inferred
	Total	10.3	3.0	2.6	0.4	32.0	7.2	3.2	3.1	0.5	37.7	44
Swartberg mine⁴ Northern Cape (OC/UG) (zinc, lead, copper and silver) 26% attributed to Exxaro²	Measured
	Indicated	72.6	0.9	2.4	0.3	43.0	63.7	0.9	2.6	0.3	45.4	14
	Inferred	19.0	1.4	2.6	0.2	46.0	19.1	1.1	2.8	0.2	45.4	(1)
	Total	91.6	1.0	2.4	0.3	43.0	82.8	1.0	2.7	0.3	45.4	11
Big Syncline project⁵ Northern Cape (OC) (zinc) 26% attributed to Exxaro²	Measured
	Indicated	6.1	3.0	1.1		16.0	6.1	3.0	1.1		15.5	0
	Inferred	185.6	2.4	1.0		12.0	161.8	2.5	1.0		12.3	15
	Total	191.7	2.5	1.0		12.0	167.9	2.5	1.0		12.4	14
Gamsberg North mine⁶ Northern Cape (OC/UG) (zinc) 26% attributed to Exxaro²	Measured	1.5	6.7	0.5			1.7	6.6	0.5			(11)
	Indicated	34.8	6.0	0.5			38.5	5.9	0.5			(10)
	Inferred	5.0	8.3	0.5			17.9	5.8	0.5			(72)
	Total	41.3	6.3	0.5			58.1	5.9	0.5			(29)
Gamsberg East⁷ Northern Cape (project) (zinc) 26% attributed to Exxaro²	Measured
	Indicated
	Inferred	49.8	8.5	0.5			48.5	8.5	0.5			3
	Total	49.8	8.5	0.5			48.5	8.5	0.5			3
Gamsberg South⁸ Northern Cape (project) (zinc) 26% attributed to Exxaro²	Measured
	Indicated
	Inferred	23.2	7.1	0.6
	Total	23.2	7.1	0.6

Rounding of figures may cause computational discrepancies.
Percentage zinc (% Zn), percentage copper (% Cu), percentage lead (% Pb), grams per tonne silver (Ag g/t).
Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt.
Estimates as received from Vedanta Resources at 31 March 2021 and not audited by Exxaro.
All changes more than 10% are explained.
Tonnages are reported on a dry basis.

¹	Operation refers to the BMM operating mine or significant project. Mining method: opencast (OC) or underground (UG).
²	Figures are reported at 100% irrespective of percentage attributable to Exxaro.
³	The increase is mainly the result of changes to wireframes and commodity prices.
⁴	The increase is mainly the result of additional exploration and upgrade of Inferred material to Indicated.
⁵	Big Syncline is a brownfields exploration project. This is a high-volume, low-grade Zn deposit. The increase is the result of changes to Resource reporting criteria with increased commodity prices.
⁶	The decrease is the result of Resources being transferred to Reserves.
⁷	The increase is mainly the result of changes to reporting criteria with increased commodity prices.
⁸	Gamsberg South lies to the south of the Gamsberg open pit and was declared for the first time in 2021.

Table 13: Base Metals Reserves reported

			2021					2020
			Grade and contained metals					Grade and contained metals					% Change in RoM
Operation¹	LoM (years)	Category	RoM (Mt)³	% Zn	% Pb	% Cu	Ag g/t	RoM (Mt)³	% Zn	% Pb	% Cu	Ag g/t	% Change in RoM
BMM Deeps mine³Northern Cape (UG) (zinc, lead, copper and silver) 26% attributed to Exxaro²	3	Proved	1.3	2.7	3.5	0.3	35.0	1.5	2.9	3.4	0.3	35.2	(11)
		Probable	2.9	2.9	1.4	0.7	20.0	2.5	3.1	1.6	0.7	21.1	18
		Total	4.2	2.8	2	0.5	24.0	3.9	3.0	2.3	0.5	26.4	7
	Inferred Resources inside LoMP							–
BMM Swartberg mine⁴ Northern Cape (OC/UG) (zinc, lead, copper and silver) 26% attributed to Exxaro²	3	Proved
		Probable	24.4	0.5	1.8	0.5	22.0	25.4	0.5	1.7	0.5	21.6	(4)
		Total	24.4	0.5	1.8	0.5	22.0	25.4	0.5	1.7	0.5	21.6	(4)
	Inferred Resources inside LoMP							–
Gamsberg North mine⁵ Northern Cape (OC) (zinc) 26% attributed to Exxaro²	12	Proved	79.4	6.5	0.5			78.2	6.4	0.5			2
		Probable	30.9	5.2	0.5			29.9	5.2	0.5			3
		Total	110.4	6.1	0.5			108.1	6.1	0.5			2
	Inferred Resources inside LoMP

Rounding of figures may cause computational discrepancies.
Percentage zinc (% Zn), percentage copper (% Cu), percentage lead (% Pb), grams per tonne silver (Ag g/t).
Tonnages are quoted in metric tonnes and million tonnes is abbreviated as Mt.
Reserves are quoted on a RoM) Reserve tonnage basis, which represents tonnages delivered to the plant at applicable moisture and quality.
Inferred Resources in LoM plan refer to Inferred Resources considered for LoM plan.
Estimates as received from Vedanta Resources at 31 March 2021 and not audited by Exxaro.
All changes more than 10% are explained.

¹	Operation refers to the BMM operating mine or significant project. Mining method: opencast (OC) or underground (UG).
²	Figures are reported at 100% irrespective of percentage attributable to Exxaro and refer to March 2021 only.
³	The net increase is the result of both Resource transferred to Reserve and mining depletion.
⁴	The decrease is due to mining depletion.
⁵	The increase is due to transferral of exclusive Resources into Reserves.

Silo at ECC

Summarised Group Mineral Resource and Mineral Reserve estimates

Total attributable coal resources and coal reserves

COAL RESOURCES

COAL RESERVES

BASE METAL RESOURCES AND RESERVES

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