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 section 12.13 of the JSE Listings Requirements 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 National Standard 10320:2020, edition 2, guide to the systematic evaluation of Coal Resources and Coal Reserves (SANS 10320). Mineral Resource and Mineral Reserve estimates are quoted in full, irrespective of Exxaro's shareholding. The report primarily encompasses all aspects relating to Exxaro's coal estimation and reporting. Therefore, we predominantly refer to Coal Resources and Coal Reserves throughout the report. We also use Mineral Resources and Mineral Reserves to collectively refer to coal, base metal and iron ore estimates.

Exxaro reports Mineral Resource and Mineral Reserve estimates directly under management's control and for entities in which we hold a minority interest. Supplementary descriptions are provided for projects and operations directly under management's control. For projects and operations mentioned in the report over which Exxaro has no management control, please refer to the relevant company's website, as shown below, for supplementary information. This approach ensures maximum compliance with the principles of materiality and transparency.

Anglo American (Moranbah South project): www.angloamerican.com/investors/annual-reporting

Thungela Resources (Mafube): www.thungela.com/

Kumba Iron Ore (Kolomela and Sishen): www.angloamericankumba.com/investors

Vedanta Resources base metal operations and projects (Black Mountain and Gamsberg): www.vedantaresources.com/investor-relations/