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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Merafe Resources

MRF · A2X Markets · Incorporated in South Africa · Consolidated statements

On this page
Company details
Legal name
Merafe Resources Limited
Incorporated in
South Africa
Listing
MRF on the A2X Markets, active · ISIN ZAE000060000 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · audited financial statements, final status not established · source

Read with these figures

  • Audited financial statements not confirmed as final. The published copy is unsigned. The FY2025 figures come from it.
Full wording and sources

  • Audited financial statements for 2025: final status not established

    Auditor's report closes with the typeset text 'Deloitte & Touche, Registered Auditor, Per: Tumellano Morake, Partner, 6 March 2026' and no visible signature (name_printed_unsigned; PDF p16, page image). The directors' approval (6 March 2026) shows the typeset names Steve Phiri (Chairperson) and Zanele Matlala (CEO) with no visible signatures (PDF p3, page image). Opinion unmodified; no emphasis of matter or going-concern paragraph.

    Source: Merafe Resources Limited – Audited consolidated and separate annual financial statements for the year ended 31 December 2025 (dated 2026-03-06)

  • Revenue

    ZAR 5.83 billion

    5,834,877 ZAR thousands · p18

    −30.9% vs 2024

  • Operating profit / (loss)

    ZAR 123 million

    122,580 ZAR thousands · p18

    −84.5% vs 2024

  • Profit / (loss) for the year

    Not reported in this filing

  • Total assets

    ZAR 6.06 billion

    6,056,006 ZAR thousands · p17

    −1.4% vs 2024

  • Total equity

    ZAR 4.72 billion

    4,718,808 ZAR thousands · p17

    −3.2% vs 2024

  • Cash from operations

    ZAR 610 million

    609,800 ZAR thousands · p20

    −65.0% vs 2024

Large amounts are rounded for reading (ZAR million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in ZAR thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — audited financial statements, final status not established; reported for the year · source
  • FY2024 — audited financial statements, final status not established; comparative in the FY2025 filing · source

Income statement

Income statement, ZAR thousands. Columns: FY2025 — audited financial statements (final status not established), as reported for the year; FY2024 — audited financial statements (final status not established), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Revenue 5,834,877 8,443,462
Foreign exchange (loss) gain (165,170) 29,321
Operating and other expenses* (5,136,662) (6,774,473)
Depreciation and amortisation1 (201,348) (354,410)
Impairments2 (222,285) (575,429)
Income from equity accounted investment 13,168 20,122
Results from operating activities* 122,580 788,593
Finance income* 68,794 99,118
Finance expense (1,553) (1,358)
Profit before taxation 189,821 886,353
Taxation (47,233) (219,146)
Total comprehensive income for the year 142,588 667,207
Notes and alternative reported figures (2)
  1. “Depreciation and amortisation” is an issuer-specific line, not mapped to a shared definition: Notes 3 and 4: depreciation and amortisation in one line.
  2. “Impairments” is an issuer-specific line, not mapped to a shared definition: Note 3: impairment of property, plant and equipment.

Balance sheet

Balance sheet, ZAR thousands. Columns: FY2025 — audited financial statements (final status not established), as reported for the year; FY2024 — audited financial statements (final status not established), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Property, plant and equipment 1,147,920 1,124,913
Intangible assets 16,972 21,188
Investment in associate 38,181 32,676
Long-term receivable1 96,112 64,260
Other long-term receivable2 17,133 17,730
Non-current assets (unlabelled subtotal) 1,316,318 1,260,767
Inventories 1,898,609 1,794,492
Trade and other receivables 1,208,700 1,175,161
Current tax receivable 82,005 116,966
Other short-term financial assets**3 393,966 360,756
Cash and cash equivalents and balances held with Central Treasury**4 1,156,408 1,434,155
Current assets (unlabelled subtotal) 4,739,688 4,881,530
Non-current assets held for sale5 –6 –6
Total assets 6,056,006 6,142,297
Share capital7 1,288,876 1,288,876
Retained income/(accumulated loss) 3,429,932 3,587,239
Equity (unlabelled subtotal) 4,718,808 4,876,115
Lease obligation 3,370 4,723
Deferred tax 84,856 186,146
Provisions8 278,360 142,356
Share-based payment liability9 3,685 7,254
Non-current liabilities (unlabelled subtotal) 370,271 340,479
Trade and other payables 720,957 893,686
Lease obligation 1,353 1,150
Current tax payable –10 106
Provisions 240,083 17,376
Share-based payment liability9 4,534 13,385
Current liabilities (unlabelled subtotal) 966,927 925,703
Liabilities directly associated with assets held for sale11 –12 –12
Total liabilities 1,337,198 1,266,182
Total equity and liabilities 6,056,006 6,142,297
Balance held with Central Treasury13 698,603 831,426
  1. Printed “–”, read as nil: subtotal_arithmetic: bs.total_assets.
  2. Printed “–”, read as nil: subtotal_arithmetic: bs.current_liabilities.
  3. Printed “–”, read as nil: subtotal_arithmetic: bs.total_liabilities.
Notes and alternative reported figures (10)
  1. “Long-term receivable” is an issuer-specific line, not mapped to a shared definition: Note 8.
  2. “Other long-term receivable” is an issuer-specific line, not mapped to a shared definition: Note 40: enterprise and supplier development loans.
  3. “Other short-term financial assets**” is an issuer-specific line, not mapped to a shared definition: Note 13: deposits with the Glencore Central Treasury for rehabilitation (120-day term), reclassified out of cash (note 41.1).
  4. “Cash and cash equivalents and balances held with Central Treasury**”: mapping to a shared definition is uncertain. One printed line combining cash and cash equivalents with balances held with the Glencore Central Treasury (note 14); the cash flow statement's cash (457 806; 2024: 602 730) excludes the Central Treasury balances.
  5. “Non-current assets held for sale” is an issuer-specific line, not mapped to a shared definition: Nil in 2025 and 2024.
  6. “Share capital”: mapping to a shared definition is uncertain. Printed 'Share capital' is total issued share capital and premium (note 15: capital 24 991 plus premium 1 263 885).
  7. “Provisions” is an issuer-specific line, not mapped to a shared definition: Note 17.
  8. “Share-based payment liability” is an issuer-specific line, not mapped to a shared definition: Note 18: cash-settled.
  9. “Liabilities directly associated with assets held for sale” is an issuer-specific line, not mapped to a shared definition: Nil in 2025 and 2024.
  10. “Balance held with Central Treasury” is an issuer-specific line, not mapped to a shared definition: Note 14: Merafe's share of balances held with the Glencore Central Treasury, included in the SFP cash line but not cash under IAS 7.

Cash flow

Cash flow, ZAR thousands. Columns: FY2025 — audited financial statements (final status not established), as reported for the year; FY2024 — audited financial statements (final status not established), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Cash generated from operations* 679,466 2,034,712
Dividends received from associate1 7,663 1,596
Finance income received2 38,308 66,359
Finance expense paid3 (1,970) (2,164)
Taxation paid (113,667) (356,374)
Net cash from operating activities* 609,800 1,744,129
Acquisition of property, plant and equipment – sustaining4 (407,237) (608,373)
Acquisition of property, plant and equipment – expansionary5 (39,280) (53,819)
Proceeds from the sale of property, plant and equipment 1,100 644
Proceeds from the sale of land and mineral rights6 –7 7,894
Repaid/advanced other long-term receivables8 597 (3,501)
Movement in balances held with Central Treasury*9 (8,719) (128,335)
Net cash from investing activities* (453,539) (785,490)
Repayment of capital portion on lease liabilities (1,150) (3,186)
Dividends (300,035) (1,049,633)
Net cash from financing activities (301,185) (1,052,819)
Total cash movement for the year* (144,924) (94,180)
Cash at the beginning of the year* 602,730 696,910
Total cash at the end of the year* 457,806 602,730
  1. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (8)
  1. “Dividends received from associate” is an issuer-specific line, not mapped to a shared definition: Note 6; operating activities.
  2. “Finance income received” is an issuer-specific line, not mapped to a shared definition: Note 23; operating activities.
  3. “Finance expense paid” is an issuer-specific line, not mapped to a shared definition: Note 24; operating activities (lease interest).
  4. “Acquisition of property, plant and equipment – sustaining”: mapping to a shared definition is uncertain. Sustaining capital expenditure only; expansionary capital expenditure is printed on its own line (native).
  5. “Acquisition of property, plant and equipment – expansionary” is an issuer-specific line, not mapped to a shared definition: Note 3; investing.
  6. “Proceeds from the sale of land and mineral rights” is an issuer-specific line, not mapped to a shared definition: Investing.
  7. “Repaid/advanced other long-term receivables” is an issuer-specific line, not mapped to a shared definition: Investing.
  8. “Movement in balances held with Central Treasury*” is an issuer-specific line, not mapped to a shared definition: Investing: change in cash advanced to the Glencore Central Treasury (restated into investing activities, note 41.3).

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (final status not established), as reported for the year; FY2024 — audited financial statements (final status not established), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Earnings / (loss) per share (per share)3 0.0571 0.2672
  1. Printed as 5.7 cents; value converted to ZAR at 100 cents = 1 ZAR.
  2. Printed as 26.7 cents; value converted to ZAR at 100 cents = 1 ZAR.
Notes and alternative reported figures (1)
  1. Earnings / (loss) per share: printed as “Basic earnings per share (cents)”.

Reported measures outside the statements

Issuer-reported EBITDA, as printed outside the primary statements; definition and scope are the issuer's.
Measure (as printed)FY2025FY2024
Earnings before interest, taxation, depreciation and amortisation*533,045 p181,698,310 p18

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividends (300,035) ZAR thousands Audited financial statements, p20
31 Dec 2024 Dividends paid (cash flow statement) Dividends (1,049,633) ZAR thousands Audited financial statements, p20

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Merafe Resources Limited – Audited consolidated and separate annual financial statements for the year ended 31 December 2025

    Year ended 31 December 2025 · Audited financial statements · final status not established

    Audit: Deloitte & Touche (Registered Auditor), unmodified opinion

    Auditor's sign-off: Tumellano Morake, Partner, for Deloitte & Touche

    Final status: Auditor's report closes with the typeset text 'Deloitte & Touche, Registered Auditor, Per: Tumellano Morake, Partner, 6 March 2026' and no visible signature (name_printed_unsigned; PDF p16, page image). The directors' approval (6 March 2026) shows the typeset names Steve Phiri (Chairperson) and Zanele Matlala (CEO) with no visible signatures (PDF p3, page image). Opinion unmodified; no emphasis of matter or going-concern paragraph.

    Document date
    6 Mar 2026
    Auditor's report
    6 Mar 2026
    Board approval
    6 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · ZAR thousands (printed “R'000”)
    • Note 41.3 (PDF p66) prints restated 2024 cash at the end of the year as 602 729; the statement of cash flows prints 602 730 (PDF p20); note 14 (PDF p41) prints 'Cash and cash equivalents per IAS 7' as 457 805 (2024: 602 729) against 457 806 (2024: 602 730) in the cash flow statement. The statement figures are transcribed; the cash-to-balance-sheet checks therefore fail by R1 thousand (issuer rounding).
    • No profit-for-the-year line is printed: Profit before taxation, Taxation, then 'Total comprehensive income for the year' (PDF p18); no other comprehensive income is printed. Non-current assets, current assets, equity, non-current liabilities and current liabilities are unlabelled subtotals (PDF p17).
    • 2024 comparatives restated (note 41, PDF pp65-66): (41.1) R361m of 120-day rehabilitation deposits with the Glencore Central Treasury reclassified from cash to other short-term financial assets; (41.2) R33m of finance income reclassified out of operating and other expenses (EBITDA 1 731 417 -> 1 698 310); (41.3) R1 192m held with the Glencore Central Treasury removed from cash in the cash flow statement and its movement shown in investing activities (cash at end of 2024 1 794 911 -> 602 730). The SFP prints restated 2023 opening balances (not read).
    • Earnings per share printed in cents (basic 5.7; 2024: 26.7; diluted printed identically, PDF p18); stored in rand with the printed figure and unit kept.
    Technical details
    File
    70 pages, with a text layer
    SHA-256
    6676094fadb8b403a9672497026ad28c09e099b1bc00e9e25ad4f6a2860bc5d1
    Entity as printed
    Merafe Resources Limited and its subsidiaries (the Group and Company)
    Issuer copy
    retrieved 2026-10-08T18:47:45Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

South Africa country page · Company methodology and coverage