Exxaro Resources Limited
Group and company annual financial statements for the year ended 31 December 2025
Subsequent to 31 December 2025, the following notable event occurred:
Details of the final dividend declared are provided in note 5.5.
Acquisition of select manganese assets
As part of Exxaro’s SG&I strategy to diversify into energy transition minerals, Exxaro pursued opportunities in the manganese sector. On 13 May 2025, Exxaro (through ManganExx Proprietary Limited), entered into two separate agreements with Ntsimbintle Holdings and OMH (collectively the Sellers), respectively, to acquire the shares and certain corresponding claims held by the Sellers in and against various investee companies.
On 27 February 2026, the transactions became effective, except for the acquisition of the interest in the Mokala Mine (through an interest in Mokala Manganese Proprietary Limited) which is subject to further conditions precedent still to be fulfilled.
On the effective date, Exxaro acquired interests in the following manganese assets for approximately R10.6 billion:
The acquisition gives Exxaro a footprint in the manganese sector, positioning the group as a globally relevant producer with exposure to long-life, high-quality assets situated in the Kalahari Manganese Field, one of the world’s most significant manganese regions.
At the time of approving the group and company annual financial statements 2025, Exxaro was still in the process of completing the accounting assessment and valuation of the manganese assets against the requirements of IFRS 3 Business Combinations and other relevant IFRS Accounting Standards. The group will recognise the acquired interests and related financial impacts in its financial statements for the reporting period ending 31 December 2026.
The directors are not aware of any other significant matter or circumstance arising after the reporting period up to the date of this report, not otherwise dealt with in this report.
New Matla Coal Supply Agreement
On 2 April 2026, Exxaro announced that its wholly owned subsidiary, Exxaro Coal Mpumalanga Proprietary Limited, successfully concluded a new long-term Coal Supply Agreement (CSA) (New CSA) with Eskom to supply coal from Matla Colliery to Eskom, effective 01 April 2026 until 30 November 2043. The New CSA replaces the original CSA.