Exxaro Resources Limited · JSE:EXX
Exxaro Resources — Investor Day (June 2026)
100 slides from Exxaro Resources's investor day presentation, Jun 22, 2026
Slide 1: Capital Markets Day
Capital Markets Day Accelerating disciplined strategy execution 22 June 2026
Slide 2: Disclaimer
Disclaimer A range of financial and non-financial measures are used to assess our performance, including certain Alternative Performance Measures (APMs) that are not defined nor specified in International Financial Reporting Standards (IFRS® Accounting Standards) as issued by the International Accou
Slide 3: Agenda
Agenda Time 10:15 Welcome Anda Mwanda 10:20 Strategic overview Ben Magara Coal Market overview and operations Caroline Shirindza Q&A Metals Market overview and operations Johan Meyer 12:00 Comfort break Cennergi Renewable energy market overview and operations Leon Groenewald Q&A 13:00 Lunch break Bu
Slide 4: Strategic overview
Strategic overview Ben Magara | Chief Executive Officer
Slide 5: 20 years of impact beyond the surface
20-years of impact beyond the surface 22 500 ~R5bn 12 200 >R200bn total workforce* investment in the learning and children supported through our Early of stakeholder value## distributed development of our employees since Childhood Development Programme since 2006 2006 since inception in 2023 0.04 LT
Slide 6: Positioning Exxaro in a dynamic macro landscape
Positioning Exxaro in a dynamic macro landscape Partnerships for fuel security Increased geopolitical fragmentation, Rising global tensions impact South Africa Collaboration and partnerships trade realignment and resource security Structural reform and infrastructure renewal (Eskom and Transnet) Sea
Slide 7: Executive leadership team delivering on a clear and disciplined strategy
Executive leadership team delivering on a clear and disciplined strategy Ben Magara Structure aligned to strategy Chief Executive Officer Enhanced decision making Riaan Michelle Caroline Johan Leon Koppeschaar Nana Shirindza Meyer Groenewald Accelerated strategy execution Finance Director Group Comp
Slide 8: Operational stability and accelerated disciplined execution
Operational stability and accelerated disciplined execution New, complete leadership team in place, organisation Concluded coal logistics agreement with Transnet, stabilised, stakeholders reassured and credibility restored improving Leeuwpan coal evacuation and turnaround Embedding accountability an
Slide 9: Anchoring Exxaro into three pillars positioned for long-term value creation
Anchoring Exxaro into three pillars positioned for long-term value creation Coal Metals Renewable Energy Long life, high quality, cash Long life, high quality, cash A growing, cash generative, generative & defensive generative, and scalable stable and predictable earnings base with export business e
Slide 10: Growing energy and future facing metals to contribute >50% of group earnings by 2030
Growing energy and future facing metals to contribute >50% of group earnings by 2030, hence reducing group’s carbon intensity e 2021 earnings 2025 earnings 2030 earnings (targeted) SIOC and Black SIOC and Mountain Black c.20% Mountain 28% Coal SIOC and c.40%* Black Coal Mountain 52% Manganese 44% 0%
Slide 11: What you are going to hear from us today
What you are going to hear from us today People 1 Deliver Our People Strategy Coal Manganese SH-E (Safety, Health and Ethics) Exxaro Unique Value Tshipi integration One Exxaro Way Proposition Key value unlock levers Culture transformation Life of mine extension Business transformation opportunities
Slide 12: Coal
Coal Caroline Shirindza | Executive Head: Coal
Slide 13: Global | Substantial investment into new mining capacity is required
Global | Substantial investment into new mining capacity is required A declining coal market still requires substantial investment as existing mining capacity falls faster than demand Global thermal coal mining capacity outlook in the “Policy-driven”* scenario By 2050, only 20% of today’s 7.3Bt mini
Slide 14: Domestic | Old power stations mothballing delayed or extended
Domestic | Old power stations mothballing delayed or extended Eskom’s latest IRP* forecasts a steady reduction in coal-fired power capacity as alternative energy sources ramp up. However, the pace is uncertain, as the previously anticipated decrease in coal usage continues to be postponed Eskom plan
Slide 15: Domestic | Investment in mining capacity is required
Domestic | Investment in mining capacity is required Without investment in the development of new mines, a decline in production will result in an export market gap in the near- term Mt Mt 250 237 250 3 9 Investment in planned operations and early-stage assets will be required to -62 meet policy-dri
Slide 16: Coal | Exxaro's substantial resource base is increasingly strategic
Coal | Exxaro’s substantial resource base is increasingly strategic 1 2 3 4 Global seaborne coal demand is Domestic coal demand is falling Mpumalanga coal fields near Exxaro has long-life reserves of falling (~1.8%*); however, supply as part of the Just Energy depletion due to increasingly more than
Slide 17: Coal | A track record of exceptional delivery
Coal | A track record of exceptional delivery Industry-leading Premium export High-value safety performance coal quality product mix Consistent cash Strong price Cost-competitive generation realisation >90% operations through the cycle Resilient coal Defensive base, backed EBITDA margin ROCE >20% by
Slide 18: Coal | A strong, defensive coal base with export optionality
Coal | A strong, defensive coal base with export optionality SOUTH AFRICA 1 5 45+ years >9Bt 39.9Mt Limpopo Operating Combined Mineral Production 2 coal mines* LoM Resources** in 2025 3 4 Gauteng 5 North-West Mpumalanga High-quality infrastructure investments made over many years to KwaZulu Natal su
Slide 19: Coal | Grootegeluk is a defensive bedrock with substantial endowment
Coal | Grootegeluk is a defensive bedrock with substantial endowment and export optionality Grootegeluk and Thabametsi Strategic Grootegeluk advantages: Substantial 4.2Bt Coal Resources base Major faults resource base >46-year Reserve life Grootegeluk mining right World-class World's largest coal be
Slide 20: Coal | Mpumalanga provides portfolio flexibility and export leverage
Coal | Mpumalanga provides portfolio flexibility and export leverage Mpumalanga Strategic Mpumalanga advantages: Pyramid South Substantial 3Bt combined resource base Mafube Rail to resource base 31-year combined life Maputo Belfast Duvha Kusile Mafube 4 established coal mines Blackhill Arnot High-qu
Slide 21: Coal | Exxaro Operations: Pit-to-Market value chain
Coal | Exxaro Operations: Pit-to-Market value chain How value moves from resource, through operations and logistics, to realised market value Resource Drill & Blast Load & Haul Crushing & Product Blending Dispatch & Port & Market Beneficiation Handling Rail Export Resource Drill & Blast Load & Haul
Slide 22: Coal | Protecting a leading cost position and unlocking export value
Coal | Protecting a leading cost position and unlocking export value South Africa thermal coal FOT* cash cost curve 2025 (nominal) South Africa thermal coal energy adjusted FOB** cash cost curve 2025 (nominal) Leeuwpan Grootegeluk 2 000 Leeuwpan 1 600 Mafube 1 400 1 800 Belfast 1 600 Mafube 1 200 Be
Slide 23: Coal | Unlocking additional value through organic life-ex opportunities
Coal | Unlocking additional value through organic life-ex opportunities GGC# remains the Value Portfolio Capital Unlock strategic anchor of the long- longevity efficiency optionality accretion term RoM## profile, Materially enhances Leverages existing In a declining coal supply Resource conversion w
Slide 24: Coal | Long-life Waterberg resources provide strategic optionality
Coal | Long-life Waterberg resources provide strategic optionality beyond current coal supply agreements Long-life Waterberg resource base 100 Matimba end of CSA** 2043 Medupi# 2057 1 Can support sustainable production beyond current Eskom CSA commitments Thabametsi UG at a desktop level presents hi
Slide 25: Coal | Co-ordinated approach for near-term export recovery and Grootegeluk's long-term volumes
Coal | A co-ordinated approach delivering on near-term export recovery while securing Grootegeluk's long-term export volumes Lephalale Grootegeluk Mine Thabazimbi Maputo Rustenburg Section C MP Mines (core focus for Ogies Exxaro) Short term: 0-18 months Long term: 18+ months Section B Ermelo Custome
Slide 26: Coal | Improving logistics in Mpumalanga and rail reform opportunity for Waterberg
Coal | Improving logistics in Mpumalanga and rail reform opportunity for Waterberg Coal export volumes (Mt) 51.9 +9% 56.8 7% RBCT* coal 2025-30 5% Base Case: rail reform, improved 3% tonnage CAGR** maintenance, BFI# and CCP##-enabled received by rail investment 2024 2025 Base Case Worst Case Best Ca
Slide 27: Coal | A defensive portfolio with built-in growth optionality
Coal | A defensive portfolio with built-in growth optionality Diversified products Revenue FY 2025 Defensive earnings base Matimba and Medupi: Long-term, take-or-pay, inflation linked pricing Domestic utility: 66% of sales 2% 4% Long-term contracted volumes Inflation linked pricing Not linked to int
Slide 28: Coal | Sustaining our operations for future sustainability
Coal | Sustaining our operations for future sustainability Coal sustaining capital expenditure (nominal) R million 5 000 4 000 3 000 2026 and 2027 truck-and-shovel replacement at Grootegeluk: 2 000 • Sustains mine plan and production levels • Lifts fleet reliability and availability 1 000 • Cuts tot
Slide 29: Coal | Conclusion
Coal | Conclusion Coal remains the foundation of Exxaro’s earnings, cash generation and sustainable returns THE PORTFOLIO PROVIDES: Long-life resource exposure, supported by Strategic support for Defensive, stable and Strong free cashflow Logistics as an export established, high- South Africa’s ener
Slide 30: Metals
Metals Johan Meyer | Executive Head: Metals
Slide 31: Metals | High-quality, cash generative, long life and scalable business
Metals | High-quality, cash generative, long life and scalable business Future-facing metals Manganese Long-life, high-quality, assets with favourable cost positions with expansion Manganese Other equity-accounted potential investments EBITDA and cash flow positive with a track record of consistent
Slide 32: Manganese | South Africa accounts for 80% of resources and 2% of production
Manganese | South Africa accounts for 80% of resources and 42% of production globally South Africa’s endowment of global manganese resources Manganese ore production output (2025) ~ 3.5Mt Tshipi’s output 27.1Mt total South African production 80% 64.1Mt total global production 32
Slide 33: Manganese | Primarily used in steel with growing relevance in battery technologies
Manganese | Primarily used in steel with growing relevance in battery technologies Manganese ore consumption by application (2024) Manganese ore consumption by Mn Alloy / metal / chemicals (2024) 0.90% Other (agriculture, glass, ceramics, paint, etc.) 0.70% 63% Rechargeable batteries 2% Silico Manga
Slide 34: Manganese | Steel will continue to dominate manganese end-use
Manganese | Steel will continue to dominate manganese end-use with other applications emerging Manganese demand by first use Outlook for global average Mn intensity in steel (%) Manganese intensity in steel is <0,85% and accounts for ~2% of steel value Dominance of the steel sector: Steel and stainl
Slide 35: Manganese | China dominates consumption, while India is the growth driver
Manganese | China dominates current manganese consumption, while India is the growth driver Top 10 SiMn* producing countries (2025) Top 10 HC FeMn** producing countries (2025) Rest of the World South Korea Rest of the South Africa 4% 1% World Mexico 1% Russia Iran 4% 1% 3% 2% Vietnam India 1% Vietna
Slide 36: Manganese | Exxaro's world-class manganese assets
Manganese | Exxaro’s world-class manganese assets, strengthening the diversification of our portfolio Kalahari3 Manganese field (KMF) 19.99% 3 49.9% 49.9% South Africa # 1 Tshipi Borwa 49.9% 50.1% 4 2 Mamatwan* 3 Wessels* 4 Mokala** 7 Regional road Rail Manganese outcrop 2 Tenement boundaries 0 2.5
Slide 37: Metals | Exxaro Operations: Pit-to-Market value chain
Metals | Exxaro Operations: Pit-to-Market value chain How value moves from resource, through operations and logistics, to realised market value. Crushing & Product Dispatch & Port & Resource Drill & Blast Load & Haul Blending Market Beneficiation Handling Rail Export Resource Drill & Blast Load & Ha
Slide 38: Manganese | Key priorities for Tshipi
Manganese | Key priorities for Tshipi Integration 1 2 Governance Progressing with precision and Tshipi board and governance purpose structures are ensuring (including R&R* asset management business continuity and and LoM** planning) appropriate oversight Logistics 3 4 Margin partnership optimisation
Slide 39: Manganese | An established way of execution, with shareholder alignment at Tshipi
Manganese | An established way of execution, with shareholder alignment at Tshipi Shareholder representatives Reserved matters Strategic and material operational matters require shareholder approval Four Exxaro Three Jupiter Mines representatives, Tshipi Board representatives including Chairman Boar
Slide 40: Manganese | Tshipi has consistently delivered across operations
Manganese | Tshipi has consistently delivered across operations Production and sales in-line with plan Safety Costs and trend USD/dmtu LTIFR* Tshipi Sales and Production (Mt) $6.00 8 2 3.8 $5.00 5.72 6 1.5 3.6 $4.00 4.18 3.3 4.01 3.54 1 3.4 $3.00 3.24 3.26 4 0.57 0.6 3.2 $2.00 0.5 0.26 0.25 2 0.12 0
Slide 41: Manganese | Unlocking Tshipi margins through logistics
Manganese | Unlocking Tshipi margins through logistics Opportunity to increase margins by unlocking additional rail volumes Cost differential 37% between road and MECA* rail 982 km Rail Tonnages: 0 t Main Evacuation Road Tonnages: 800 kt Route Logistics as a Sishen percentage of Strategic Focus 43%
Slide 42: Metals | Conclusion
Metals | Conclusion Exxaro is establishing a globally significant and differentiated position in the manganese market The portfolio provides: Through EMMT, A manganese business Second quartile cost established Long-life, high-quality, that strengthens Marketing and logistics positioning ensures rela
Slide 43: Renewable energy
Renewable energy Leon Groenewald | Executive Head: Energy
Slide 44: Cennergi | Evolution towards a significant and liberalised renewable energy market
Cennergi | Evolution towards a significant and liberalised renewable energy market Significant contribution from renewable energy technologies Evolution of the South African renewables market over time Cost, energy security and decarbonisation objectives driving renewable energy demand Significant i
Slide 45: Cennergi | Challenges, opportunities and enablers
Cennergi | Challenges, opportunities and enablers Amendments to the Electricity Regulation Act support independent power producers and establishment of a liberalised market (SAWEM*) Energy market Commitment to public procurement for renewable technologies, including Battery Energy Storage Systems Pu
Slide 46: Cennergi | Building a leading energy solutions business
Cennergi | Building a leading energy solutions business with an international presence Our strategic pillars Target 1600MW net installed capacity by 2030 Public Private sector sector offtake offtake Services Solving for customer energy requirements IPPO RE & BESS & Exxaro and 3rd party Asset managem
Slide 47: Cennergi | A growing, stable, high-margin renewable energy solutions business
Cennergi | A growing, stable, high-margin renewable energy solutions business SOUTH AFRICA 297MW 593MW 890MW >R2.5bn 75% - 80% 3 Banked* Limpopo Operating Total gross Targeted Operational growth in 2025 capacity from capacity EBITDA by EBITDA pipeline with 229MW in near term 2027 margin FY25 convers
Slide 48: Cennergi | A track record of pipeline conversion accelerating growth
Cennergi | A track record of pipeline conversion accelerating growth Operating assets Committed growth pipeline Pipeline conversion through a combination of build and buy 700 890 Gross 593MW gross (341MW net) banked growth 112 607 600 pipeline with near term project conversion visibility 500 117 497
Slide 49: Cennergi | A scaled renewable energy solutions business by 2030
Cennergi | A scaled renewable energy solutions business by 2030 subject to investment criteria 1800 Includes provision for Exxaro >450 477 c.1600 1600 scope 2 decarbonisation Exxaro-linked scope 2 decarbonisation offtake 1400 visibility Total net capacity (MW) 1200 100 100 100 Integrating BESS 1000
Slide 50: Cennergi | A strong and dynamic pipeline of opportunities
Cennergi | A strong and dynamic pipeline of opportunities for future growth Units: MW (gross) 140 3080 240 795 425 1480 1347 1733 Early-stage Mid-stage Late-stage Bid (RfP)* Construction** Total Solar PV Wind Road to Financial Close can Grid constraint risk is mitigated through deliberate site selec
Slide 51: Cennergi | Unlocking long-term value within the value chain
Cennergi | Unlocking long-term value within the value chain Trading and Energy Growth Construction O&M Portfolio Management Value Pockets Services Project development cost Recovery of contingency Project company Re-financing Margin on Structured recovery dividends and shareholder Electricity and Ser
Slide 52: Cennergi | Projected cashflows primed to facilitate growth and shareholder returns
Cennergi | Projected cashflows primed to facilitate growth and sustainable shareholder returns 4 Cash flow post-2030 2 Debt fully settled across REIPPPP* Bid Window 2 Cash flow (R billion) assets** Significant cash flows provide capacity for self- funded equity contributions and a sustainable (2) di
Slide 53: Cennergi | Unpacking the value drivers of the business
Cennergi | Unpacking the value drivers of the business 3% 2% 2% Earning and stats from assets: 2025* 4% O&M Energy generation (GWh) 703 6% Employee cost Socio-economic Availability (%) 98 Insurance 10% External revenue (Rm) 1 410 c.20% of current Facility fees revenue Operational EBITDA (Rm) 1 110
Slide 54: Cennergi | Risk management and value protection
Cennergi | Risk management and value protection PPAs: Offtakers: Key costs: Currently 100% take or pay Investment grade private Downside protection for offtakers interest and imported key Long-term with tenors components through interest ranging from 8 – 25 years Public offtake secured by rate hedg
Slide 55: Cennergi | Conclusion
Cennergi | Conclusion The renewable energy business is stable and cash generative with visible earnings growth, while supporting Exxaro’s decarbonisation strategy The portfolio provides: Support to Exxaro’s A high-quality, Enhances Exxaro’s cash-generative Stable earnings due to A visible pathway to
Slide 56: Business Development
Business Development Richard Lilleike | Executive Head: Strategy and Business Development
Slide 57: Delivering strategic growth and portfolio optimisation
Delivering strategic growth and portfolio optimisation Created value through transformational acquisitions, strategic divestments, active management of shareholder rights and disciplined capital allocation Transformational Portfolio Strategic asset Strategic discipline Future growth manganese platfo
Slide 58: Exxaro maintains a clear and focused metals growth strategy
Exxaro maintains a clear and focused metals growth strategy The Sustainable Growth & Impact Strategy supports the ambition to solidify Exxaro’s position as a Diversified Natural Resources Champion, Powering Better Lives in Africa and Beyond Our focus is on bulk commodities that align with our expert
Slide 59: Prudent investment criteria
Prudent investment criteria Operating assets 01 02 03 04 05 06 Size and Return profile Technical Ownership Lifecycle Geographic Longevity Fit Fit Long term objective Key earnings Strategic fit Phased-in portfolio De-risked and high Balanced risk & ease contributor build value of doing business Life
Slide 60: The manganese market structure provides a compelling case for further growth
The manganese market structure provides a compelling case for further growth Manganese presents a compelling opportunity for Exxaro to build a differentiated, sustainable competitive and significant position: Unrealised opportunity to Fragmented Coordinated positively supply demand benefit all stake
Slide 61: Relatively small supply deficits have meaningfully impacted prices
Relatively small supply deficits have meaningfully impacted prices Demand-side movements (including and highlighting Chinese alloy producers and inventory stockpile swings) amplifying the effects Australian cyclone (2024) Chinese Infrastructure Surge (2018) Gabonese Railway Crisis (2022-2023) • Volu
Slide 62: Value enhancement as a key driver to become a market leader
Value enhancement as a key driver to become a market leader What must the next logical asset(s) solve for within our ambition of scale? Overall focus Building a portfolio of complementary assets to create sustained competitive advantage A multi-faceted acquisition screening process where cost compet
Slide 63: Copper remains a strategic focus, primarily through exploration
Copper remains a strategic focus, primarily through exploration Early Mid-stage Late Salient Points Funding required to M&A Value >100 opportunities identified and outline mineral Operational reviewed, including copper, potential manganese and associated Pre- Contributes to immediate Feasibility 202
Slide 64: Strategic thinking on existing investments
Strategic thinking on existing investments Key Exxaro Subsidiaries Core Non-core Sishen Iron Ore Company Moranbah South Black Mountain (Exxaro 20.62%) (Exxaro 50%) (Exxaro 26%) Strong cash generation Non-core to Exxaro strategy Considered non-core Premium iron-ore Ongoing Anglo American sales proces
Slide 65: Decarbonisation
Decarbonisation Neo Monareng | Executive Head: Sustainability
Slide 66: Our carbon management approach
Our carbon management approach Mitigation hierachy Identify activities that create emissions that could be Avoid stopped with no or minimal adverse impacts Introduce technologies or methods for emission Reduce reductions in operations & value chain i.e. renewable energy, fleet optimisation, green pr
Slide 67: Decarbonisation strategy considerations
Decarbonisation strategy considerations Achieve carbon neutrality by 2050 and contribute to an impactful Just Energy Transition S T AG E 5 Assets Portfolio Carbon Scope 3 Just Energy reconfiguration diversification offsets reduction Transition Employing technology to Add transition metals and Balanc
Slide 68: Decarbonising today to secure a sustainable tomorrow
Decarbonising today to secure a sustainable tomorrow 1000 Target Target Life extension opportunities 900 40% 75% Carbon included cumulative cumulative neutral reduction reduction 800 from FY22 from FY22 by 2050 Renewable Energy baseline baseline 700 560 Behind the meter solar PV at 607 GHG emissions
Slide 69: Decarbonising today to secure a sustainable tomorrow
Decarbonising today to secure a sustainable tomorrow Scope 1 emissions profile Scope 2 emissions profile Residual emissions profile Portfolio Renewable Scope 1 Scope 2 depletion energy 84 Technology GHG Emissions (ktCO2e) 106 Energy efficiency 560 388 607 69 Residual Offsets Portfolio depletion 149
Slide 70: Ongoing strategic partnerships for Scope 3 mitigation
Ongoing strategic partnerships for Scope 3 mitigation Reliance on value chain partnerships to influence emission reductions Council for Geoscience developing detailed engineering designs for carbon capture utilisation & storage (CCUS) pilot project Recently announced Eskom CCUS pilot programme key t
Slide 71: The road to carbon neutrality by 2050
The road to carbon neutrality by 2050 Key takeaways To success Embracing technology more intentionally Current targets remain: 40% reduction in emissions by 2030 and 75% by 2040 Prudent capital allocation for decarbonisation Continued progress in diversifying group portfolio Scope 3 emissions are si
Slide 72: Capital allocation
Capital allocation Riaan Koppeschaar | Finance Director
Slide 73: A disciplined capital allocation framework supporting growth and shareholder returns
A disciplined capital allocation framework supporting growth while enhancing shareholder returns 2018 2021 2026 1 1 1 Excess cash Excess cash Debt service Special dividend Debt service Share buyback Debt service Excess cash Special dividend Interest Interest Removal of R12bn Interest Special dividen
Slide 74: Diversified cashflows support dividends, growth and balance sheet strength
Diversified cashflows support dividends, growth and balance sheet strength Strong free cash flow generation FY26 – FY30 indicative capital deployment R million FY23 FY24 FY25 1 Free cash flow 12 229 9 520 9 439 Excess cash Debt service 5% - 15% 1 Debt service (1 100) (1 095) (1 059) 5 2 2 Sustaining
Slide 75: Disciplined capital allocation framework
Disciplined capital allocation framework Cash inflow Debt service Sustaining capex Dividends Growth & expansion Excess cash Cash from operations Replacement 100% SIOC pass through Returns > WACC** & Interest Special dividends Disposals ESG 1.5x-2.5x core group aligned to investment Capital Share b
Slide 76: Strong balance sheet supporting disciplined growth and capital flexibility
Strong balance sheet supporting disciplined growth and capital flexibility Significant liquidity and funding flexibility - excluding Debt Cennergi (May 2026) Cash on hand: Senior term loans: Project financing: Senior term loans R8bn R4.5bn R7.7bn (drawn): R4.5bn 63% 27% Final maturity: R13 Final mat
Slide 77: Portfolio return framework aligned to differentiated risk profiles
Portfolio return framework aligned to differentiated risk profiles Targeted returns Mining (Coal & Metals) Energy ROCE above 20% on portfolio Equity IRR of 15% on portfolio Favourable supply / demand fundamentals Long-term predictable cash flow Cash generative assets Less volatile on risk adjusted b
Slide 78: Building a diversified portfolio for long term value creation
Building a diversified portfolio for long term value creation Our key metrics to anchor the way we operate Coal Metals Energy Mining ROCE > 20% 15% equity IRR on portfolio EBITDA margin > 25% Targeted group earnings <50% contribution by 2030 >50% Targeted group earnings contribution by 2030 for Ener
Slide 79: Conclusion
Conclusion Ben Magara | Chief Executive Officer
Slide 80: Exxaro Group: The Diversified Natural Resources Champion
Exxaro Group: The Diversified Natural Resources Champion Sustainable Growth & Impact Strategy Powering Better Lives in Africa & Beyond 1 Coal, Metals, and Energy businesses that thrive Inputs Outputs • Our capital • Diversified earnings • Our people Mine coal to Build a future- • Sustainable return
Slide 81: Powering possibility in Africa and Beyond
…Powering possibility in Africa and Beyond South Africa Global presence 12 1 20 Limpopo 2 Switzerland 3 4 Gauteng 5 North-West Province Mpumalanga 16 10 8 9 18 Kwazulu Natal 19 Free State 11 7 Singapore Northern Cape 6 Australia 15 Eastern Cape 17 14 713 Western Cape 1 Grootegeluk complex 7 Richards
Slide 82: A diversified, defensive portfolio with embedded optionality
A diversified, defensive portfolio with embedded optionality Exxaro key investment highlights Diversified natural resources portfolio well positioned for attractive commodity fundamentals Long life, high-quality coal franchise providing a defensive and cash-generative foundation to the business, wit
Slide 83: Consistent, consecutive dividends since listing in 2006
Consistent, consecutive dividends since listing in 2006 Exxaro shareholder returns (2007 – 2025) 4 000 R1.5bn 4.00 3.64 3 500 543 3.50 2.99 2.82 2.92 2.92 2.91 2.87 3 000 3.00 2.65 2.62 2.61 2.63 1 175 2 500 2.50 572 2.00 2.20 R1.2bn 1 136 2 000 2.20 1.84 2.00 1.80 897 Dividend policy change 1.70 1.
Slide 84: Clear strategic KPIs
Clear strategic KPIs Our key metrics to guide the way we operate Coal Metals Energy Mining ROCE > 20% 15% equity IRR on portfolio EBITDA margin > 25% Targeted group earnings <50% contribution by 2030 >50% Targeted group earnings contribution by 2030 for Energy and Metals Our diversified portfolio re
Slide 85: Thank you
Thank you QQ kiniversany exxaro
Slide 86: Annexure
Annexure Additional information
Slide 87: Experienced Board leadership anchored in diversity, independence and governance
Experienced Board leadership anchored in diversity, independence and governance Mvuleni Geoffrey Ben Riaan Geraldine Chanda Petrus Qhena Magara Koppeschaar Fraser-Moleketi Nxumalo Snyders Board chairman and CEO, former independent non- Finance director Lead independent non- Independent non-executive
Slide 88: Exxaro corporate structure
Exxaro corporate structure Eyesizwe Mining 100% Basadi Ba Kopane Dreamvision Eyabantu 12.9% 84.1% 3.0% Exxaro ESOP* Exxaro Aga Eyesizwe SPV Eyesizwe SPV SPV Setshaba NPC 22.9% 52.2% 5.0% 5.0% 14.9% Eyesizwe RF 31.49% Exxaro controlled * Employee Share Ownership Plan 88
Slide 89: Strategic progress since the 2021 Capital Markets Day
Strategic progress since the 2021 Capital Markets Day Strategy set Early execution Positioning for delivery Accelerated delivery Accelerated execution 2021 CMD 2022 - 2023 2024 2025 2026 - 2030 Sustainable Growth & Strong coal cash Operational performance Manganese acquisition Convert portfolio into
Slide 90: Coal | Overview of our operations
Coal | Overview of our operations Grootegeluk Mafube Leeuwpan Belfast Matla Substantial resource base (based on current LoM, • 4253mt • 53mt • 22mt • 30mt • 154mt excl. life-ex tons and • 43yr LoM • 16yr LoM • 5yrs LoM • 7yrs LoM • 17 yrs years) • Single & Double stage DMS plants • Digitally connect
Slide 91: Coal | The coal portfolio's strategic Life-ex pathways
Coal | The coal portfolio’s strategic Life-ex pathways Life of Mine Years Platform & Asset Portfolio insights 2026 2031 2036 2041 2046 2051 2056 2061 2066 2071 1. GROOTEGELUK Grootegeluk 46 PLATFORM (GGC) Export-product optionality into 30 existing ROM and processing Thabametsi platform (UG Concept)
Slide 92: Cennergi | Overview of our operations
Cennergi | Overview of our operations 4 Operational assets Limpopo Assets under construction M&A assets BW7 asset 6 North-WestGauteng Energy solutions and emissions reductions anchor our path to net zero by 2050 Province 7 KwaZulu Free State Natal Northern Cape 3 1 5 2Eastern 7 Cape Western Cape 2.
Slide 93: Cennergi | Debt service facilities available
Cennergi | Debt service facilities* available – 31 December 2025 Carrying value Description Undrawn (Rm) Final maturity Pricing (Rm) Tsitsikamma SPV loan facility 1 431 148 31 December 2030 3-month Jibar + 2.73% Amakhala SPV floating rate facility 2 175 273 30 June 2031 3-month Jibar + a margin rang
Slide 94: Cennergi | Tariffs from recent public auctions
Cennergi | Tariffs from recent public auctions Solar PV Wind BESS REIPPP BW 7 (2024): REIPPP BW 5 (2021): BESIPPPP BW3 Capital 420.72 to 492.20R/MWh 427.41 to 601.17 R/MWh Cost Recovery Charge (CCRC): 203.47 to REIPPP BW 6 (2022): 235.32 R/MWh 469.50 to 540.00 R/MWh BESIPPPP BW2 CCRC: REIPPP BW 5
Slide 95: Sustainability | Our belief, zero harm is achievable
Sustainability | Our belief, zero harm is achievable Group LTIFR improvement since 2006 Completed 45 consecutive fatality free months* 0.42 Group LTIFR** improved 33% to 0.04* Coal LTIFR improved 50% to 0.03* Grootegeluk and Belfast ended the year without lost-time injury Group LTIFR improved ten-fo
Slide 96: Sustainability | Our zero harm successes
Sustainability | Our zero harm successes Belfast 3 years fatality-free Matla 8 years fatality-free Cennergi 9 years fatality-free Grootegeluk 13 years fatality-free Mines in Closure 15 years fatality-free Leeuwpan 35 years fatality-free Grootegeluk and Belfast full year without LTI* 50% reduction of
Slide 97: Sustainability | Our approach to carbon neutrality vs. net zero
Sustainability | Our approach to carbon neutrality vs. net zero Our 2050 carbon neutrality objective remains relevant as a net zero target requires the setting of a Scope 3 science-based target, remaining a challenge for companies operating in the fossil fuel sector Carbon neutrality Net zero Priori
Slide 98: Sustainability | Our journey to zero harm: health strategy
Sustainability | Our journey to zero harm: health strategy Prevent (Proactive) Diagnose (Early detection) Manage (Sustainable care) Prevent illness and exposure Detect illness exposure or Effective treatment for recovery before it occurs deterioration for intervention and rehabilitation • Prevention
Slide 99: Group debt service | Exxaro borrowing facilities available
Group debt service | Exxaro borrowing facilities available 31 December 2025 Facility Undrawn Final Description Pricing (R’m) (R’m) maturity Amortisation of facilities – excl. Cennergi (as at 31 December) Senior term loans 10 000 5 500 3-months Jibar + 2,10% 20 000 Facility A – Bullet 2 500 28 Nov 20
Slide 100: Commodities | Price outlook
Commodities | Price outlook* US$/t US$/dmt US$/dmtu 115 98 5.60 97 5.40 110 96 5.20 95 105 94 5.00 100 93 4.80 92 4.60 95 91 4.40 90 90 89 4.20 85 88 4.00 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 API4 (RBCT FOB) Iron ore fines (CFR China) Manganese ore (37% Mn) CIF,