Exxaro Resources Limited
Integrated report for the year ended 31 December 2025
Our people are at the heart of our business. Empowering them to create impact is critical in building momentum and resilience as we pursue sustainable growth.
Exxaro's human capital comprises the people who manage our business and perform operational activities, including our employees and contractors, as well as their knowledge, skills, know-how, safety, health and wellbeing. It is central to our success and long-term resilience.
We create value by investing in our people, protecting their safety, health and wellbeing, and fostering skills and capabilities aligned with our purpose. We prioritise zero harm, promote employee and community resilience through health and wellness programmes, uphold DEI to maintain a strong employee value proposition, and offer learning and skills development to ensure a robust talent pipeline for current and future needs. Our people strategy guides these efforts, ensuring we drive a people-fit organisation, develop capabilities and enable human resources.
| Material theme | Matters | Strategies to achieve our objectives | Related strategic objectives |
Our broader impact |
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 Enabling a thriving workforce |
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| Safety | As at 31 December 2025, the group marked 40 consecutive months without a fatality. Our LTIFR was 0.04 (2024: 0.06), below the annual limit of 0.05 (2024: 0.06). However, three HPIs (2024: one) were recorded during the year. An increase in the occurrence of HPIs demonstrates the importance of critical risk management. | |
| Health and wellness | Wellness support expanded through awareness, screening and increased on-site psychological services. However, occupational disease cases rose from 23 to 40 with tuberculosis remaining the most prevalent condition. | |
| Employee engagement and equity | We retained our Top Employer certification, improving our overall score to 89.40% (2024: 83.39%). Exxaro was certified as a level 2 B-BBEE contributor (2024: level 2), maintaining its position as one of South Africa's leading black-empowered mining and energy companies. | |
| Talent management | We invested R399 million (2024: R402 million) in training and development, with R364 million (2024: R363 million) directed to training for black employees. This investment strengthened succession depth, improved internal mobility and reduced reliance on external scarce skills. |
Looking
ahead
Our focus in 2026 will include:
Exxaro's ability to create sustainable value is driven by our people. By fostering a safe, healthy and inclusive working environment, we enable our workforce to perform, adapt and contribute to long-term business resilience in a changing operating landscape.
Our people strategy is at the centre of our people practices. Operating within our broader Sustainable Growth and Impact strategy, our people strategy guides our efforts to build a people-fit organisation by developing capability, strengthening wellbeing and creating a safe, inclusive and high-performance culture.
Exxaro's human capital initiatives align with ESG objectives that support our Sustainable Growth and Impact strategy:
| ESG objectives | Supporting the achievement
of our Sustainable Growth and Impact strategy |
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| Health and safety | Power zero harm through a risk-based mindset and boost our employees' and host communities' quality of life through integrated health and wellness programmes | Protects our people, supports workforce resilience and underpins operational continuity through safe, healthy working environments |  |
| DEI | Be the industry leader in diversity and inclusion, developing capabilities and leaders, achieving compliance and fostering inclusion | Strengthens Exxaro's employee value proposition, supports labour stability and enables a capable, representative workforce aligned to transformation goals |  |
Safety is fundamental to Exxaro's operational integrity and our licence to operate. Mining activities carry inherent risk, and unsafe practices can lead to injuries, production disruption, regulatory consequences and reputational harm. By preventing workplace incidents and embedding a proactive safety culture, we protect our people while supporting operational resilience and long-term value creation. We integrate proactive risk management, leadership accountability and enabling technology to drive consistent, high-performance safety practices in pursuit of zero harm across all operations.
During 2025, Exxaro launched the One Voice Safety strategy, reinforcing a unified safety culture, strengthening leadership accountability and promoting consistent safety behaviours across operations and contractor networks. Fatal risk protocols and zero tolerance rules were also rolled out, further formalising expectations for managing the most critical risks across operations.
Safety performance strengthened during the year, with an improved LTIFR and seven LTIs (2024: 10 LTIs). Increased HPIs were associated with trackless mobile machinery, working at heights and a heavy-duty vehicle tipping incident. Inspectors issued one section 54(1)(b) stoppage during the year (2024: zero stoppages).
Cennergi maintained a zero fatality incident rate in 2025 and recorded one LTI, when an LSP employee stepped into an unmarked trench while carrying PV panels and twisted his knee. No reportable health and safety incidents were submitted to the Department of Employment and Labour.
Quarterly external compliance audits scored Tsitsikamma and Amakhala Emoyeni at 99%, while Karreebosch contractors, Concor and Goldwind Africa, scored 97% and 99% respectively.
| Fatality-free milestones across operations | ||
| Group | 40 months fatality-free (as at 31 December 2025) | |
| Grootegeluk | 13 years | |
| Belfast | Three years | |
| Leeuwpan | 35 years | |
| Matla | Eight years | |
| Mines in closure | 15 years | |
| FerroAlloys | 28 years | |
| Cennergi | Nine years | |
| Governance strengthening | The board approved a standalone health and safety policy in 2025, clarifying accountability and responsibilities across operations. The policy replaces the combined safety and sustainable development policy and reinforces safety as a non-negotiable part of daily work. | |
| Leadership safety day | Our annual leadership safety day, held on 24 October 2025 under the theme #NotInMyName: Khetha Ukuphepha, reinforced VFL and shared accountability. Executive visits to business units focused on critical risks and alignment with zero harm expectations. | |
| Technology-enabled oversight | We launched the upgraded VFL app in September 2025, expanding leadership visibility, real-time reporting and analysis of leading indicators. The tool enables improved accountability and proactive risk management at operational level. | |
| Industry collaboration | Exxaro established a tripartite alliance with industry peers, organised labour and regulators to support shared learning, coordinated action and continuous improvement in safety performance across the sector. |
Future
focus
Health and wellness underpin a resilient workforce and sustainable performance. Guided by our integrated health and wellness strategy, we take a preventive, employee-centred approach to managing occupational, non-occupational and psychosocial health risks. Growing demand for mental health support further shaped our health management priorities during the year. Through medical surveillance, wellness promotion and targeted support, we enhance workforce wellbeing, safety and productivity.
In 2025, we recorded 40 occupational disease cases (2024: 23), resulting in an occupational health incident frequency rate of 0.22 (2024: 0.14) against the target of 0.13. Tuberculosis remains the most prevalent condition. We monitor performance against the Mine Health and Safety Council occupational health milestones, with ongoing focus on dust suppression, noise mitigation and occupational hygiene controls to manage exposure risks.
We identified 30 new diabetes cases (2024: 39) and 148 hypertensive employees and contractors (2024: 122). We monitor lifestyle-related and chronic conditions through medical surveillance and wellness screening programmes, supporting early identification and long-term disease management.
In 2025, 13 257 employees and contractors attended HIV counselling sessions (2024: 14 143), and 1 576 individuals received antiretroviral treatment (2024: 1 548). HIV/Aids awareness remains integrated into medical inductions, with occupational health centres providing access to medication and continuity of care.
| Community health screenings |
We strengthened our proactive health management approach by supporting our host communities through targeted partnerships and outreach initiatives. Working with the South African National Aids Council Private Sector Forum, we continued our community health screening programme in Limpopo and Mpumalanga. The co-funded initiative reached 11 136 community members in 2025 and is set to expand to mine closure communities in 2026. Under our MoU with the Mpumalanga and Limpopo Department of Health, we also advanced several public health initiatives. These included medical circumcision campaigns, donations of HIV-related materials, rural health outreach efforts, community mammogram services and awareness campaigns on gender-based violence, breast cancer and mental health. Additional activities included oral health campaigns, participation in the Waterberg executive mayor's integrated health screening initiative and ongoing "taking service to the community" programmes. |
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| Wellness programme roll-out |
In 2025, we advanced our health agenda under the prevent, diagnose, manage framework through key wellness initiatives, including tuberculosis and flu campaigns, mental health and cancer masterclasses, cancer screenings, world Aids day activities, wellness and sports events, the peer educator and fatigue management programmes, and mobile community health outreach. All BUs formally adopted Exxaro's updated wellness programme in 2025, marking a shift from initiative-based activities to structured programme management across daily operations. Engagements with wellness coordinators ensured site-specific needs were reflected while supporting consistent implementation across the group. |
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| Mental health and on-site support | Increased demand for psychological support led several BUs to extend the operating hours of on-site therapists. This improved access to counselling, increased participation and strengthened referral pathways for employees requiring continued care. | |
| Data-driven health monitoring | Continuous real-time health and hygiene monitoring systems are now used across all BUs and tied into operational systems to improve risk tracking and enable data-driven decision making. Belfast began the first phase of wearable health device distribution, with dietician guidance linked to real-time health indicators. |
Future
focus
Our priorities for 2026 are to:
Sustainable performance depends on an engaged, stable and values-driven workforce. In a complex operating environment, effective employee engagement and constructive labour relations help maintain operational continuity, support safe production and strengthen Exxaro's social licence to operate. Our employees and contractors expect fair processes, transparent communication and respectful workplace relationships that protect dignity and wellbeing.
We promote engagement through open dialogue, consistent employee relations practices and a strong focus on organisational culture. Guided by our people, DEI and employee relations strategies, we foster inclusive leadership, address workplace concerns early and create an environment where employees can contribute meaningfully to performance and long-term value creation.
Employee relations remained stable during the year, underpinned by structured engagement mechanisms and formal representation. In 2025, 5 221 employees were represented by affiliated trade unions recognised by Exxaro (2024: 5 483), supporting ongoing dialogue and constructive labour relations across our operations. Structured engagement platforms and formal grievance mechanisms supported early identification and resolution of workplace concerns. We continue to seek opportunities to build strong relationships through engagement.
Workforce diversity indicators showed further progress. Women represented 35% of employees (2024: 33%), while people with disabilities accounted for 1.7% of our workforce (2024: 1.7%), with representation expected to increase to 3% by 2030. One discrimination-related grievance was recorded (2024: two) and managed through formal investigation and resolution processes.
We maintained our recognition as a Top Employer in 2025, achieving an overall score of 89.40%, up from 83.39% in 2024, and exceeding the certification threshold by 24.4% (2024: 18.39%). A targeted culture pulse survey conducted during the year achieved a 24% participation rate, providing early insight into employee sentiment during organisational transition. The culture pulse survey highlighted a number of areas of improvement, including clearer communication and stronger leadership visibility. In response, we prioritised leadership engagements, reinforced feedback mechanisms at team level and integrated listening as part of leadership accountability. Our employee turnover rate was 3.7% (2024: 3.6%), reflecting workforce movements such as retirement, resignation and contract completion.
Wind turbines are operated and maintained under contract by Nordex at Amakhala Emoyeni and by Vestas South Africa at Tsitsikamma. Cennergi and these contractors use sub-contractors for maintenance activities, employing 56 people (2024: 55) at Amakhala Emoyeni and 45 (2024: 37) at Tsitsikamma.
The LSP was constructed under contract by Elsewedy and Edison, employing 677 people throughout the year, while Karreebosch windfarm, with the main contractors being Concor and Goldwind, employed 438 people on site at year end.
| Leadership capability |
We strengthened leadership capability in 2025 to foster an inclusive, respectful and psychologically safe workplace. New development interventions focused on equipping leaders and employees with practical skills to manage difficult conversations, resolve conflict constructively and build stronger team dynamics. Team effectiveness diagnostic tools were introduced to deepen self-awareness, enhance empathy and help leaders better understand diverse motivations and perspectives within their teams. |
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| DEI e-learning programme | We launched a group-wide DEI e-learning programme in 2025 to support inclusive behaviours and strengthen day-to-day workplace interactions. The programme provides accessible, self-paced learning covering harassment and bullying awareness, diversity of thought, generational differences, respectful communication and practical strategies for sustaining inclusive work environments. The modules also include tools to build allyship, empathy and interpersonal understanding across teams. |
Future
focus
Our priorities for 2026 are to:
Delivering our strategy and sustaining operational performance depend on our ability to build and retain a workforce with the capabilities required for a changing metals and energy landscape. Skills shortages, evolving technologies and shifting business models make effective talent management critical to resilience, competitiveness and long-term value creation.
Our talent management strategy focuses on building robust talent pipelines, developing future-critical skills and supporting leadership capacity. Through integrated workforce planning, learning and employee experience initiatives, we foster a capable, engaged and representative workforce that can adapt to evolving business needs and support delivery of our Sustainable Growth and Impact strategy.
Cennergi prioritises internal recruitment of high-potential employees to retain talent and grow management expertise. Employees receive STIs based on individual and company performance. Line managers conduct performance appraisals twice a year to determine training and development needs.
Our total investment in training and development amounted to R399 million (2024: R402 million), representing 5.82% of payroll. Of this, R364 million was invested in training for black employees, supporting transformation and broad-based skills development.
Our training is balanced across building operational, pipeline and leadership capability. Functional and technical training totalled R174 million (2024: R200 million), while R180 million (2024: R173 million) supported bursaries, learnerships, internships and professional development to strengthen future talent pipelines. Leadership and management development accounted for R5 million (2024: R11 million).
Digital learning adoption increased, with 480 (2024: 108) employees registering for open-source online courses and 3 638 (2024: 6 788) voluntary learning interventions completed on the MyNexxt platform. The Powering Knowledge platform recorded 91% utilisation among youth development participants.
We strengthened our leadership bench through structured development programmes, with 144 (2024: 102) employees completing leadership programmes and 123 (2024: 153) enrolled in management development programmes. We also continued investing in scarce skills, supporting 80 (2024: 56) engineering and mining bursars and investing R10.8 million (2024: R9.3 million) in bursaries to address engineering skills shortages.
| Succession planning | Exxaro introduced a reimagined succession planning framework to improve the maturity and consistency of leadership pipeline processes. The framework integrates succession analysis with employee aspirations and organisational needs, strengthening alignment between talent, transformation and business strategy. A dedicated talent review committee was established to provide executive oversight of succession, talent mobility and leadership development. Talent reviews in 2025 improved visibility of bench strength and development needs for certain critical roles, strengthening succession readiness and targeted development planning. | |
| Individual development planning | We rolled out a group-wide individual development plan dashboard to strengthen visibility and accountability for employee development. BU-specific dashboards were embedded to support consistent monitoring while enabling plans to reflect role-specific capability needs rather than compliance alone. Performance and career development reviews were aligned more closely to structured development planning. | |
| Talent attraction and employer brand | Our refreshed LinkedIn Life Tabs aim to strengthen Exxaro’s employer brand, providing a clearer view of our culture, values and employee experience. Curated employee storytelling supports candidate engagement and positions Exxaro as an employer of choice aligned with our long-term vision. | |
| Mentorship | Mentorship training was introduced at Matla and Grootegeluk, equipping mentors to guide colleagues in taking ownership of their development. Based on strong uptake, mentorship training will expand across the business, strengthening knowledge transfer and supporting sustainable talent pipeline development. | |
| Digital talent processes | We launched the ulwaXXi platform to modernise bursary and external training processes. The SAP-enabled system improves accuracy, transparency and turnaround times, streamlining undergraduate and postgraduate bursary applications and training requests. | |
| Digital learning ecosystem | Our expanded digital learning ecosystem strengthens access to core and future-critical skills. Platforms, including Bookboon, EduMine and the Exxaro Academy, were introduced alongside existing LinkedIn Learning resources, supported by masterclasses and curated digital content to encourage continuous upskilling and reskilling. |
Future
focus
Our priorities for 2026 include: