Coal Reserves

The table below details the total Coal Reserves estimated as at 31 December 2023.

Table 10: Coal Reserves

			2023					2022
			RoM and saleable tonnes4					RoM and saleable tonnes4					%   change   in   RoM5
Operation1	LoM   (years)3	Category	RoM (Mt)	RoM moisture %	Export (Mt)	Thermal (Mt)	Metal- lurgical (Mt)	RoM (Mt)	RoM moisture %	Export (Mt)	Thermal (Mt)	Metal- lurgical (Mt)
Matla6 (UG)		Proved	126	9.5		126		130	9.5		130		(3)
(captive market)	1+	Probable	31	9.5		29		38	9.5		38		(18)
100% attributed to Exxaro2		Total	157	9.5		162		167.4	9.5		167		(6)
		Inferred Resourcesinside LoMP	5					6					(11)
Leeuwpan7 (OC)		Proved	30.5	3.1		22.7		36.1	3.1		26.4		(15)
(commercial market)	6	Probable	3.3	2.6			1.5	3.3	2.6			1.5	–
100% attributed to Exxaro2		Total	33.8	3.0		22.7	1.5	39.4	3.1		26.4	1.5	(14)
Mafube8		Inferred Resourcesinside LoMP	0.0					0.0
(OC)		Proved	82.6	8.0	46.9	9.7		80.6	8.0	44.2	12.7		2
(commercial market)	20	Probable	32.0	8.0	20.6	0.6		40.8	8.0	25.6	1.2		(22)
50% attributed to Exxaro2		Total	114.7	8.0	67.5	10.3		121.4	8.0	69.8	13.9		(6)
		Inferred Resourcesinside LoMP	0.2					1.6					(87)
Belfast (OC)		Proved	33.2	3.4	29.4			35.8	3.4	31.6			(7)
(commercial market)	10	Probable	1.4	2.9	1.1			1.4	2.9	1.1			–
100% attributed to Exxaro2		Total	34.6	3.4	30.5			37.2	3.4	32.7			(7)
		Inferred Resourcesinside LoMP	1.0					1.0					5
Grootegeluk mine (OC)		Proved	1 971	3.0	123	742	56	2 034	3.0	126	776	58	(3)
(commercial market)	18+	Probable	550	3.0	37	191	6	550	3.0	37	191	6	–
100% attributed to Exxaro2		Total	2 521	3.0	160	933	62	2 584	3.0	163	967	64	(2)
		Inferred Resourcesinside LoMP	73					73					(1)
Thabametsi project (OC)		Proved
(IPP market)	23	Probable	130	3.0		127		130	3.0		127		–
100% attributed to Exxaro2		Total	130	3.0		127		130	3.0		127		–
		Inferred Resourcesinside LoMP	0.0					0.0

• 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 2023 only.
3	The + symbol is used in instances where the scheduled LoMP extends beyond the expiry of the mining right. In each instance, Exxaro reasonably expects the mining right to be renewed.
4	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.
5	The percentage difference between 2023 reported RoM and 2022 reported RoM. Brackets signify a decrease.
6	The mining right lapses in 2025, the LoM is scheduled for an additional 13 years thereafter. The change in the Probable Reserve is due to the update of the LoMP and reconciliation.
7	The decrease is the result of new drill hole information received as well as layout losses that occurred during the execution of the mine plan.
8	Changes are the result of the movement in the Resource base and exclusion of area due to environmental considerations.

Service bay for production trucks

Table 11: Coal Reserve qualities

		THERMAL saleable (Proved and Probable)						METALLURGICAL saleable (Proved and Probable)						COKING saleable (Proved and Probable)
		Tonnes	CV	%	%	%	Yield	Tonnes	CV	%	%	%	Yield	Tonnes	CV	%	%	%	Yield
Operation	Seam/layer	(Mt)1	MJ/kg	VM	Ash	S	%	(Mt)1	MJ/kg	VM	Ash	S	%	(Mt)1	MJ/kg	VM	Ash	S	%
Matla mine	Seam 2	57.0	22.00	23.80	22.00	0.90	100
	Seam 4	99.7	18.80	22.20	29.50	1.00	100
Leeuwpan mine	TC2	8.4	21.35	18.00	30.36	1.14	64
	BC2	14.3	23.60	23.60	22.55	0.91	69	1.5	28.46	8.10	13.68	0.95	44
Mafube mine	Middlings	29.0	21.46	21.59	26.58	0.57	28
	Export	38.5	26.51	26.75	13.46	0.46	37
	Crush and	10.3	19.58	20.54	29.25	0.97	100
	stack
Belfast mine	RB2	18.4	26.57	24.41	13.99	0.44	66
	RB3	6.7	24.25	22.20	21.00	0.97	100
	>4 800kcal/kg	3.7	23.74	24.00	21.59	0.65	13
	Filter cake	1.7	20.82	19.83	27.73	1.16	6
Grootegeluk mine	All seams	933	21.60	25.10	33.20	1.30	40	62	28.70	23.90	14.00	0.60	60	160	28.6	34.80	13.10	1.14	12
Thabametsi	T1	64	12.70	20.00	53.90	1.10	98
project3
	T2	63	11.30	19.00	55.70	1.00	98

• 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.

Rope shovel loading coal at Grootegeluk