Exxaro Resources Limited
Integrated report for the year ended 31 December 2025
Exxaro continuously strives to enhance the estimation and reporting of Resources and Reserves through:
Our Competent Persons are the custodians of the mineral assets, employing responsible and innovative technical management principles.
Mineral Resource managers at each operation are the custodians of the LoM and ensure professional execution of the business plans.
Stimulating profitability and return on investment
Our coal exploitation plans, supporting our Sustainable Growth and Impact strategy, are implemented at all our operations.
Exxaro's
diversification
Global energy
transition
World
economy
ESG
Exxaro continuously strives to enhance the level of estimation and reporting of our Mineral Resources and Mineral Reserves.
Our Resource and Reserve statements, explanations on how we report (governance, assurance, competence and estimation) and comprehensive descriptions of our coal operations are aligned with section 14.10 of the JSE Listings Requirements and captured in our CMRR report, a supplement to this report.
Our Coal Resources and Coal Reserves were estimated on an operational or project basis, and in line with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, 2016 edition for African coal properties and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves, 2012 edition for the Australian coal property. The Exxaro annual estimation and reporting process is managed through the Exxaro mineral asset management, as well as LoM policies and associated Coal Resource and Coal Reserve reporting and estimation procedures.
Exxaro reports Resource and Reserve estimates directly under management's control and for entities in which we hold a minority interest.
Exxaro's Coal Resources and Coal Reserves have been estimated or supervised by the Competent Persons, supported by technical specialists and guided by corporate-appointed lead Resource and Reserve Competent Persons.
The Competent Persons are full-time employees at their applicable operations and their names, affiliation and relevant experience are provided in the CMRR report.
Assurance is implemented in terms of a three-tier system. Tier 1 assurance is conducted in parallel with our estimation processes by internal/peer technical specialists to ensure estimates with integrity. Tier 2 assurance consists of internal reviews conducted on operations or projects, when deemed necessary, to ensure compliance. Tier 3 reviews are comprehensive independent Resource and Reserve estimation reviews conducted on a three-year operational cycle or at the discretion of the Competent Persons.