Our reporting theme: Accelerating our strategy to become a diversified natural resources champion

Shifting global markets, climate pressures and the demand for both traditional and energy transition metals are reshaping the mining sector. In this context, complexity and opportunity go hand in hand. We are excited to present our 2025 integrated report, which showcases how we responded to these factors and created value for our stakeholders during the year.

Our Sustainable Growth and Impact strategy remains our guiding light, charting a path that balances operational resilience with bold and responsible diversification. In 2025, we accelerated our strategy execution, supported by enhanced governance and agility to create impact at scale.

Our coal portfolio remains the foundation of our business and powers our investment into future growth opportunities, including energy transition metals and expanding our energy solutions business. The portfolio is well capitalised, with long-life orebodies and high-quality infrastructure supporting safe and sustainable production. As we secure future-ready growth aligned with the global energy transition, we balance this with optimised operational efficiency and effective sales supported by our market-to-resource strategy in our coal portfolio. Post-year end, we signed a new long-term coal supply agreement (CSA) with Eskom, securing the continued supply of coal from our Matla mine to the Matla power station. The CSA provides the stability needed to sustain our investment in operational efficiency, safety standards and environmental stewardship.

In 2025, we unlocked an exciting new opportunity: the acquisition of a portfolio of manganese assets, securing our entry into the sector. Manganese is a critical energy transition mineral, supporting the move to a sustainable, low-carbon economy. The acquisition is a significant milestone, signalling our decisive transition to becoming a diversified natural resources champion. This diversification journey into resources that power a clean world remains a core focus.

We are also progressing our renewable energy goals, with several new Cennergi projects and agreements underway. The construction of the Karreebosch windfarm, which reached financial close in February 2025, will add 140 megawatts (MW) of generation capacity to Cennergi’s renewable energy portfolio. In addition, we signed agreements with Acciona Energy South Africa Proprietary Limited to acquire majority stakes in two fully operational renewable energy assets – Gouda windfarm in the Western Cape and the Sishen Solar Facility in the Northern Cape, contributing a further 213MW of generation capacity. At the same time, in partnership with ENGIE SA, we are a preferred bidder under the seventh Renewable Energy Independent Power Producer Procurement Programme for the Corona solar project in the Free State, which will add another 240MW of generation capacity. Environmental, social and governance (ESG) principles are at the heart of our sustainable growth and endurance. We remain committed to decarbonisation and achieving carbon neutrality by 2050, in line with our decarbonisation roadmap.

We believe that mining begins and ends with our people. As we gain momentum in diversifying our business for the lowcarbon transition, we are focused on not leaving behind those who still rely on a largely coal-based energy grid or our coal operations. For us, an impactful transition benefits our people and our communities, especially the most vulnerable. We remain committed to fairness, equity and inclusivity within and beyond the mine gate. This shapes how we invest in our host communities and promote an inclusive future. As such, our social investment initiatives drive meaningful change, create opportunities for local businesses and contribute to socio-economic development.

It is important that our leadership is responsive to these priorities. To advance our strategy delivery and ability to capitalise on opportunities, we bolstered our group management structure. This is a future-fit functional model that enhances collaboration, agile decision making and delivery as we accelerate into Exxaro’s next phase of growth. Together with our employees’ contributions, this will increase our capacity to deliver sustainable growth.

This is an exciting new dawn for Exxaro as we power better lives in Africa and beyond.

Moving into our next chapter of sustainable growth, value creation and social impact.