MERAFE RESOURCES LIMITED

(Incorporated in the Republic of South Africa) (Registration number 1987/003452/06

Share Code: MRF ISIN: ZAE000060000

DIRECTORS' DEALINGS IN SECURITIES

In accordance with the requirements of paragraph 3.63 to 3.74 of the JSE Listings Requirements, the following information is disclosed:

Name of Director Kajal Bissessor

Company Merafe Resources Limited

Date of exercise 28 March 2017

Nature of transaction Exercise of share options Number of securities 3 000 000

Strike price 69 cents

Issue date 9 March 2009

Vesting date 9 March 2014

Exercise price 172 cents Total value of transaction R 3 090 000

Nature of interest Direct beneficial

Clearance obtained Yes

Traded on/off market Off market

Name of Director Zanele Matlala

Company Merafe Resources Limited

Date of exercise 28 March 2017

Nature of transaction Exercise of share options Number of securities 5 309 546

Strike price 136 cents

Issue date 1 October 2010

Vesting date 1 October 2016

Exercise price 172 cents Total value of transaction R 1 911 436

Nature of interest Direct beneficial

Clearance obtained Yes

Traded on/off market Off market

In terms of the Merafe Share Incentive Scheme ("Scheme") the company has the right, at its election, either to issue new shares or settle in cash. The company has opted to settle the respective options in cash.

Sandton

29 March 2017

Sponsor:

Merrill Lynch South Africa Proprietary Limited

Merafe Resources Ltd. published this content on 29 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 March 2017 15:24:03 UTC.

Original documenthttp://www.overend.co.za/download/exercise_of_share_options.pdf

Public permalinkhttp://www.publicnow.com/view/56BB4E874B2A634C77CAD37442E850C4266BE570