TABLE OF CONTENTS - exxaro.com

1 Exxaro 2015 consolidated mineral resources and ore reserves report aro 2015 consolidated mineral resources and ore reserves report 0 2015 CONSOLIDATED mineral RESOURCES AND ORE RESERVES REPORT (CMRR) Exxaro 2015 consolidated mineral resources and ore reserves report 1 TABLE OF CONTENTS TABLE OF CONTENTS .. 1 TABLE OF FIGURES .. 2 LIST OF TABLES .. 3 1 FOREWORD .. 4 2 INTRODUCTION .. 5 3 TENURE .. 12 4 GOVERNANCE .. 15 5 COMPETENT PERSONS .. 16 6 RISK, LIABILITY AND ASSURANCE .. 17 7 GROUP SUMMARY OF resource AND RESERVE ESTIMATES .. 18 8 ATTRIBUTABLE RESOURCES .. 42 9 ESTIMATION METHODOLOGY SUMMARY.

2 43 mineral resources .. 43 Ore reserves .. 44 10 ANCILLARY resource AND RESERVE INFORMATION BY OPERATION .. 47 Arnot coal mine .. 47 Belfast project .. 49 Grootegeluk coal mine .. 53 Thabametsi project .. 56 Dorstfontein complex .. 60 Forzando .. 64 Matla coal mine .. 67 Leeuwpan coal mine .. 70 North Block Complex .. 75 Eloff project .. 77 Tumelo .. 80 Zonderwater project .. 82 Mayoko Iron Ore project .. 84 11 EXPLORATION .. 88 12 ENDORSEMENT .. 90 Exxaro 2015 consolidated mineral resources and ore reserves report 2 TABLE of figures Figure 1: Exxaro attributable coal resources and reserves.

3 7 Figure 2: Distribution of Exxaro attributable measured and indicated coal resources .. 8 Figure 3: Advanced technology at Grootegeluk mine, in-pit crusher (left) and cyclic ponds (right) .. 8 Figure 4: Exxaro mining and prospecting rights in the Waterberg .. 9 Figure 5: Locality map for Exxaro resources and reserves .. 11 Figure 6: Locality map for ECC mining and prospecting rights .. 14 Figure 7: Arnot mine .. 47 Figure 8: Typical north-south (B-B ) section through Arnot geological model (10x vertical exaggeration) .. 48 Figure 9: Belfast project .. 50 Figure 10: West-east cross section through the 2012 geological model (10x vertical exaggeration).

4 51 Figure 11: Grootegeluk mine .. 53 Figure 12: Typical west-east section through Grootegeluk geological model .. 56 Figure 13: Thabametsi project .. 57 Figure 14: Cross section through 2015 Thabametsi geological model (10 x vertical exaggeration) .. 59 Figure 15: Dorstfontein complex .. 61 Figure 16: NW-SE section through DCMW (10x vertical exaggeration) .. 63 Figure 17: Forzando complex .. 64 Figure 18: Matla Mine .. 68 Figure 19: Typical north-south section through Matla geological model (10x vertical exaggeration) .. 69 Figure 20: Leeuwpan coal mine .. 71 Figure 21: Typical cross section through Leeuwpan geological model (Moabsvelden).

5 73 Figure 22: NBC locality map with mine and project areas .. 75 Figure 23: Eloff project .. 78 Figure 24: Seam sequence and splitting at Eloff .. 79 Figure 25: Typical north-south cross section through Eloff (10x vertical exaggeration) .. 80 Figure 26: Tumelo locality map .. 81 Figure 27: Zonderwater project .. 82 Figure 28: Typical north-south section through Zonderwater project .. 84 Figure 29: Location of the Mayoko iron ore deposit .. 85 Figure 30: Schematic representation of Mayoko ore deposit .. 86 Exxaro 2015 consolidated mineral resources and ore reserves report 3 List of tables TABLE 1: Exxaro reporting structure.

6 15 TABLE 2: Coal resources reported for 2015 .. 19 TABLE 3: Coal resource qualities 2015 .. 22 TABLE 4: Coal reserves reported for 2015 .. 25 TABLE 5: Coal reserve qualities 2015 .. 28 TABLE 6: mineral sands resources reported for 2015 .. 30 TABLE 7: mineral sands reserves reported for 2015 .. 33 TABLE 8: Base metals resources reported for 2015 .. 35 TABLE 9: Base metals reserves reported for 2015 .. 37 TABLE 10: Base metals reserves reported for 2014 .. 38 TABLE 11: Iron ore resources reported for 2015 .. 40 TABLE 12: Attributable resource and reserve tonnages .. 42 TABLE 13: resource estimation history for Thabametsi project.

7 58 TABLE 14: Drillhole density at Leeuwpan .. 72 TABLE 15: Leeuwpan modifying factors 2015 versus 2014 .. 74 TABLE 16: resource classification criteria for Mayoko project .. 87 TABLE 17: Summary of exploration expenditure for coal .. 89 TABLE 18: Shareholding of reported coal resources and reserves .. 92 TABLE 19: 2015 competent persons register .. 95 TABLE 20: Unreviewed coal production figures .. 98 Exxaro 2015 consolidated mineral resources and ore reserves report 4 1 FOREWORD Exxaro Resources continuously strives to enhance the level of estimation and reporting of mineral resources and reserves.

8 The group is committed to the principles of transparency, materiality and competency in reporting its mineral resources and ore reserves. The information in this report is aligned with JSE Listings Requirements (section 12) and encapsulates information on reporting governance, competence, tenure, risk, liabilities and assurance as well as auxiliary descriptions of applicable projects, operations and exploration activities. mineral resources and ore reserves were estimated by competent persons on an operational or project basis and in accordance with the South African Code for Reporting of Exploration Results, mineral Resources and mineral Reserves, 2007 edition, amended July 2009 (the SAMREC Code) for African properties, except for Vedanta s property, and the Australasian Code for Reporting of Exploration Results, mineral Resources and Ore Reserves, 2012 edition (the JORC Code) for Australian and Vedanta s properties.

9 Additionally, for coal resources and reserves under Exxaro Resources management control, estimation is in line with the South African National Standard: South African guide to the systematic evaluation of coal resources and coal reserves (SANS 10320:2004). resource and reserve estimates are quoted in full, irrespective of Exxaro shareholding. Exxaro reports mineral estimates that are directly under its management control and includes estimates for entities in which we hold a 25% interest or more. Supplementary descriptions are provided for projects and operations directly under Exxaro s management control.

10 For projects and operations included in the Exxaro mineral resource and ore reserve statement but in which Exxaro does not have management control, the reader is referred to that company s website, shown below, for supplemental information. This approach ensures maximum compliance to the principles of materiality and transparency. Exxaro does not report on Kumba Iron Ore (19,98% Exxaro ownership), in line with the Exxaro directive above. Mafube coal operation and Moranbah South project: Tronox mineral sands operations and projects: Vedanta Resources plc base metal projects and operations: Kumba Iron Ore mineral resources and ore reserves: Exxaro 2015 consolidated mineral resources and ore reserves report 5 2 INTRODUCTION The mineral resources and ore reserves underpinning Exxaro s current operations and growth projects are summarised in the tables on pages 18 to 42.