About Exxaro

Exxaro is a South African JSE-listed company that is becoming a diversified natural resources champion. Listed in 2006, coal is our core commodity and we have an established energy solutions business. Our growth ambitions include energy transition metals, underpinned by an efficient infrastructure and logistics network.

Sustainable Growth and Impact strategy

We are creating a resilient, sustainable and impactful business that is diversifying while catalysing economic growth, principled governance, environmental stewardship and positive change. Our strategic objectives enable the successful execution of our strategy.

Transition at speed and scale

Make our minerals and energy businesses thrive

Empower people to create impact

Be carbon neutral by 2050

Become a catalyst for economic growth and environmental stewardship

Five operating coal mines¹ 39.9 megatonnes (Mt) coal produced (including buy-ins) (2024: 39.5Mt)

Total assets with a book value of R103.2 billion (2024: R94.7 billion)

Two operating windfarms with an additional windfarm under construction and the LSP commissioned in December 2025 704 gigawatt-hours (GWh) renewable energy generated (2024: 725GWh)

One manganese acquisition concluded*

One renewable energy asset acquisition in progress, and Cennergi is preferred bidder for the Corona solar photovoltaic (PV) facility ^*Acquisition became effective post‑year end.

Market capitalisation of R61.20 billion (2024: R55.17 billion)

31.47% black empowered

A snapshot of where we are going and how we will get there

Purpose

Powering better lives in Africa and beyond means we aim to provide resources (people, minerals, energy and capital) critical to ensuring a responsible energy transition towards a low-carbon future.

Vision

Resources powering a clean world means we strive to have a positive impact on the environment and communities we serve while responsibly maximising the value of our coal assets.

Values

Our success lies in the strength of our culture and values, which strengthen our resilience and ensure we deliver stakeholder value.

Our values are:

Empowered to grow and contribute
Teamwork

Committed to excellence
Honest responsibility

Ownership structure

¹	Including the Mafube JV.
²	Eyesizwe (RF) Proprietary Limited (Eyesizwe), a special purpose vehicle (SPV) private company incorporated under South Africa’s laws, holds the black economic empowerment (BEE) shares. On 12 March 2025, Eyesizwe’s shareholders committed to maintaining Exxaro’s 31.47% empowerment shareholding until 2027.
³	Industrial Development Corporation of South Africa (IDC) and Exxaro Aga Setshaba NPC.
⁴	Exxaro owns 100% of Cennergi; Cennergi owns majority stakes in all its underlying operational assets and assets under construction.

Our core operation is thermal, semi-soft coking and metallurgical coal mining, supplying Eskom, other domestic markets and offshore markets.

Our coal mining business is structured under four legal entities, all managed and operated by Exxaro, supplemented by a 50% JV with Thungela Resources Limited (Thungela) in Mafube and a 12.04% legal equity interest in RBCT.

Our energy solutions business comprises 229MW of operational wind generation assets that contribute to the national energy supply, and the 68MW solar asset and 140MW wind asset under construction.

SIOC is a leading supplier of high-quality iron ore to the global steel industry and a subsidiary of Kumba Iron Ore.

Black Mountain operates two underground mines and one open-pit operation in the Northern Cape that produces zinc and other minerals.

For detailed information on our group structure, refer to the 2025 AFS.

Our assets

Our diversified asset portfolio spans thermal coal (where we are among South Africa’s top producers), a growing energy solutions business and equity‑accounted investments in iron ore and zinc (among other base metals).

Coal and metals business

Our coal and metals business includes coal operations and equity investments in iron ore, zinc and manganese assets acquired post-year end. We also have business interests in a marketing and logistics company in Switzerland, and a joint operation with Anglo Coal Grosvenor Proprietary Limited, the Moranbah South project, in Australia.

Building on this foundation, our plans to expand our business portfolio to include manganese, copper and other energy transition minerals and metals will enable our contribution to a more sustainable future.

Snapshot

We own the largest high-quality Coal Reserves remaining in South Africa, providing a platform for the country’s current and future energy landscape
Grootegeluk is one of the world’s largest integrated mining and beneficiation operations, running the largest coal beneficiation complex and the only producing mine in the coal-rich Waterberg, adjacent to Eskom’s Matimba and Medupi power stations
We invested R2.3 billion (2024: R2.1 billion) in sustaining our coal business
We agreed to acquire a portfolio of high-quality manganese assets in May 2025, with the transaction concluded in 2026

Read the CMRR report for detailed disclosure on our minerals business performance.

Grootegeluk coal complex

Thabametsi project

Belfast

Leeuwpan

Matla

Mafube JV (50%)

Moranbah South project (50%)

Energy solutions business

Aligned with our goal to decarbonise and diversify, Exxaro’s energy solutions business comprises investments through our wholly owned subsidiary, Cennergi. This business supports our ambition of a 1 600MW net energy portfolio by 2030, including self-generation to support our coal and future energy transition metals operations, and providing energy to external customers, including mines and larger industrial companies.

The energy solutions business and our scope 1 and 2 emissions reduction efforts are critical to achieving our goal of carbon neutrality by 2050 and advancing our commitment to being an active participant in the energy transition.

Snapshot

Cennergi has two operational wind assets: Tsitsikamma and Amakhala Emoyeni windfarms
The LSP, commissioned in December 2025, is delivering green electrons to Grootegeluk, reducing the operation’s carbon footprint and electricity costs
Cennergi began construction on the 140MW Karreebosch windfarm and signed agreements with Acciona Energia to acquire new energy assets and a majority shareholding in the operations and maintenance company for the Acciona assets. Cennergi was also named preferred bidder for the 240MW Corona solar PV project
Cennergi’s operating wind asset project financing of R3.7 billion (2024: R4.1 billion) will be fully settled by the end of 2031
Cennergi’s assets under construction project financing will be fully settled by the end of 2046

Tsitsikamma community windfarm

Amakhala Emoyeni windfarm

LSP

Karreebosch windfarm

Eastern Cape, Northern Cape, Western Cape and Limpopo

		Tsitsikamma community		Amakhala Emoyeni		LSP		Karreebosch
Location	Near Tsitsikamma		Near Bedford and Cookhouse		Lephalale		Between Sutherland (Northern Cape) and Matjiesfontein (Western Cape)
Product	Wind energy		Wind energy		Solar energy		Wind energy
Capacity	95MW		134MW		68MW		140MW
Equipment	31 x 3.1MW turbines		56 x 2.4MW turbines		129 025 solar panels		25 x 6MW turbines
Performance	Adjusted P50 in the long term		Adjusted P50 in the long term		Reached financial close June 2023		Reached financial close February 2025
Customer	Eskom		Eskom		Exxaro Coal Proprietary Limited (Grootegeluk		Northam Platinum Limited
Commercial operation	2016		2016		Commissioned 2025, full commercial operations 2026		2027
Power purchase agreement	20 years		20 years		25 years		20 years
Shareholding	Cennergi (75%), RE Times (16%) and the Tsitsikamma Development Trust (9%)		Cennergi (95%), Cookhouse Community Trust (2.5%) and the Bedford Community Trust (2.5%)		Cennergi (100%)		Cennergi (80%) and G7 Renewable Energies (20%)

Our Waterberg coal complex

	Grootegeluk coal complex	Thabametsi project
Location	West of Lephalale	West of Lephalale
Market	Domestic and export	Domestic
Product	Thermal and metallurgical coal	Thermal coal
Coal Resources (inclusive)	Measured: 2 947Mt Indicated: 925Mt	Measured: 270Mt Indicated: 749Mt
Coal Reserves	Proved: 1 917M Probable: 485Mt	Probable: 130Mt
Mining method	Open-cut	Open-cut
Run of mine (RoM)	51.93Mt
LoM*	46 years	35 years

Our Mpumalanga coal operations

		Belfast		Leeuwpan		Matla		Mafube JV (50%)
Location	South of Belfast		South-east of Delmas		West of Kriel		East of Middelburg
Market	Export (alternative domestic)		Domestic and export		Domestic (Eskom)		Domestic and export
Product	Thermal coal		Thermal coal		Thermal coal		Thermal coal
Coal Resources (inclusive)	Measured: 93.7Mt Indicated: 8.0Mt		Measured: 51.58Mt		Measured: 625Mt Indicated: 80Mt		Measured: 136.6Mt* Indicated: 1.8Mt*
Coal Reserves	Proved: 23.8Mt Probable: 40.2Mt		Proved: 20.71Mt Probable: 4.31Mt		Proved: 98Mt Probable: 28Mt		Proved: 88.2Mt* Probable: 7.9Mt*
Mining method	Open-cut		Open-cut		Underground		Open-cut
Run of mine (RoM)	4.02Mt		3.75Mt		6.59Mt		3.00Mt
LoM*	19 years		7 years		18 years		16 years

***	Total Resource and Reserve basis

We adjusted our LoM reporting. LoM presents the period in years during which the Ore Reserves can be economically exploited considering all modifying factors with clear explanatory footnotes on regulatory approvals. The reported LoM years were previously constrained by the expiry of the mining right. The only exception is at our Grootegeluk mine where the LoM is constrained by the lapse of the Eskom supply agreement.

Our Australian interest

	Moranbah South project (50%)
Phase	Undertaking prefeasibility study to inform decision for development prospects.
Location	Queensland, Australia
Market	Export
Product	Coking coal
Coal Resources	Measured: 505Mt Indicated: 219Mt

**	Total Resource basis.