Exxaro Resources Limited

Integrated report for the year ended 31 December 2025

Home
Introduction

Introduction

Introduction

Exxaro is a JSE-listed company operating mainly in South Africa. Coal is our core commodity and we have an established energy solutions business.Our additional growth prospects include energy transition minerals and energy solutions.

Navigating this report Our reporting theme: Accelerating our strategy to become a diversified natural resources champion About this report Delivering sustainable value creation
Leading with purpose

Leading with purpose

Leading with purpose

Effective leadership is the foundation of our resilience and growth. Through disciplined execution, clear accountability and a shared commitment to our purpose of powering better lives, we are shaping a future that balances performance with progress. Anchored in our values, Exxaro’s leadership team remains focused on unlocking sustainable value, strengthening our diversified portfolio and building a business fit for the future.

Chairman’s statement CEO’s report
Our business

Our business

Our business

We drive sustainable growth to create lasting impact while positioning our business to navigate complex challenges with resilience. Guided by our purpose of powering better lives, we remain committed to environmental sustainability and social equity. Through this focus, our progress contributes meaningfully to the lives we touch and supports an impactful, low-carbon future.

About Exxaro Our Sustainable Growth and Impact strategy Performance against our strategy Business model Availability, quality and affordability of capitals
The forces shaping our business

The forces shaping our business

The forces shaping our business

In a rapidly evolving operating environment, our focus is on remaining resilient to the factors that can influence our performance. We respond to these factors by optimising our well-capitalised coal business to support energy security while unlocking growth opportunities in energy transition minerals and metals. Through this balanced approach, we aim to create sustainable value for stakeholders and contribute to an energy landscape that is impactful and inclusive.

Operating context Operating outlook Risks and opportunities Our stakeholders Our material matters
Upholding good governance

Upholding good governance

Upholding good governance

Sound governance is the foundation of sustainable value creation. We uphold ethical leadership, clear accountability and disciplined oversight to strengthen stakeholder confidence and enable future readiness. Our streamlined executive leadership structure will enable us to manage risks more effectively, respond to opportunities faster and execute our strategy sustainably.

Our board of directors Executive leadership Summarised governance report Board key matters in focus Ethical culture

Performance and value creation Adequate and effective control Trust, good reputation and legitimacy Committee reports Combined assurance for effective governance
Value creation and performance

Value creation and performance

Value creation and performance

Driven by our strategy and guided by our values, we create sustainable value and measurable impact across our capitals. Our performance reflects disciplined delivery, resilience and a clear commitment to long-term stakeholder value.

Financial capital Manufactured capital Intellectual capital Human capital Social and relationship capital Natural capital
Our Mineral Resources and Reserves

Our Mineral Resources and Reserves

Our Mineral Resources and Reserves

We maximise value from our strong coal asset base while growing our metals portfolio. This balanced approach positions Exxaro to drive sustainable growth and support South Africa’s transition to a low-carbon economy.

Our Coal Resource and Coal Reserve reporting strategy Our operations and projects in review Glossary Administration Downloads

Navigating this report

Read more online at www.exxaro.com under the investors tab

Read more in this report

This report is hyperlinked. Click on a webpage reference for easy navigation.

Material themes

Adapting to a changing context

Building sustainable communities

Driving business resilience

Enabling a thriving workforce

Executing our strategy

Principled governance

Responsible environmental stewardship

Strategic objectives

Transition at speed and scale

Make our coal, metals and energy businesses thrive

Empower people to create impact

Be carbon neutral by 2050

Become a catalyst for economic growth and environmental stewardship

Our capitals

Natural

Social and relationship

Intellectual

Human

Manufactured

Financial

Reporting suite

We are committed to transparent reporting and publish an annual reporting suite detailing our performance. Our FY2025 reporting suite was published on 29 April 2026.

ESG report

ESG databook

Consolidated Mineral Resources and Mineral Reserves (CMRR) report

Group and company annual financial statements

Notice of annual general meeting (AGM)

These reports and other supplementary reports are available online and should be read together for a complete understanding of our business and performance.