2014 MINERAL RESOURCES AND ORE RESERVES REPORT TABLE OF CONTENTS TABLE OF CONTENTS ........................................................................................................................... 2 TABLE OF FIGURES ............................................................................................................................... 4 LIST OF TABLES .................................................................................................................................... 5 LIST OF GRAPHS ................................................................................................................................... 5 1. INTRODUCTION ............................................................................................................................ 6 2. ATTRIBUTABLE REPORTING ..................................................................................................... 6 2.1 Mineral assets 100% attributable to Exxaro Resources ...................................................... 7 2.2 Mineral Assets not 100% attributable to Exxaro .................................................................. 7 3. GOVERNANCE ............................................................................................................................12 4. COMPETENT PERSONS ............................................................................................................13 5. MINERAL RIGHTS AND SECURITY OF TENURE ....................................................................18 6. RISK, LIABILITY AND ASSURANCE .........................................................................................19 7. GROUP SUMMARY OF RESOURCE AND RESERVE ESTIMATES ........................................21 8. ATTRIBUTABLE RESOURCES AND YEAR-ON-YEAR MODIFICATIONS ..............................42 8.1 Attributable tonnage ...........................................................................................................42 9. ANNUAL MINERAL RESOURCE MOVEMENTS .......................................................................43 10. ANNUAL ORE RESERVE MOVEMENTS ...................................................................................45 11. ESTIMATION METHODOLOGY SUMMARY ..............................................................................45 11.1 Mineral resources...............................................................................................................45 11.2 Ore reserves ......................................................................................................................49 12. ANCILLARY RESOURCE AND RESERVE INFORMATION BY OPERATION .........................51 12.1 Arnot coal mine ..................................................................................................................51 12.2 Belfast Project ....................................................................................................................53 12.3 Grootegeluk coal mine .......................................................................................................55 12.4 Thabametsi Project ............................................................................................................57 12.5 Inyanda coal mine ..............................................................................................................59 12.6 Leeuwpan coal mine ..........................................................................................................61 12.7 Matla coal mine ..................................................................................................................62 12.8 NBC coal mine ...................................................................................................................63 12.9 Tshikondeni coal mine .......................................................................................................64 12.10 Mayoko Iron Ore project ....................................................................................................65 13. EXPLORATION ...........................................................................................................................67 13.1 NCC Coal Mine ..................................................................................................................67 13.2 Grootegeluk Coal Mine ......................................................................................................68 13.3 Arnot Coal Mine .................................................................................................................68 13.4 Matla Coal Mine .................................................................................................................69 13.5 NBC Coal Mine ..................................................................................................................69 13.6 Leeuwpan Coal Mine .........................................................................................................70 13.7 Thabametsi project ............................................................................................................71 Mineral Resource & Reserve Report 2014 Page 2 of 79 13.8 Coal Summary ...................................................................................................................71 13.9 Mayoko Project ..................................................................................................................73 13.10 Exploration of areas not included in the Mineral Resource and Reserve Statement ........75 13.10.1 Zonderwater project area ......................................................................................75 13.10.2 Mayoko project ......................................................................................................77 14. ENDORSEMENT .........................................................................................................................79 Mineral Resource & Reserve Report 2014 Page 3 of 79 Table of figures Figure 1: Locality of Exxaro fully owned and managed operations and projects .................................... 8 Figure 2: Arnot mine locality map .......................................................................................................... 51 Figure 3: Arnot resource areas .............................................................................................................. 52 Figure 4: Location map of Belfast project .............................................................................................. 53 Figure 5: Locality of coal seams over project area ................................................................................ 54 Figure 6: Locality of Grootegeluk mine and Thabametsi project area .................................................. 55 Figure 7: Grootegeluk area view ........................................................................................................... 56 Figure 8: Locality of Thabametsi project area ....................................................................................... 57 Figure 9: Thabametsi geology comparison and proposed bench definition .......................................... 58 Figure 10: Thabametsi proposed mining method .................................................................................. 59 Figure 11: Inyanda locality map ............................................................................................................ 60 Figure 12: Inyanda beneficiation plant .................................................................................................. 60 Figure 13: Leeuwpan coal mine locality map ........................................................................................ 61 Figure 14: Matla mine locality map ........................................................................................................ 62 Figure 15: Matla conveyor system to the power station ........................................................................ 63 Figure 16: NBC locality map with mine and project areas .................................................................... 63 Figure 17: Tshikondeni locality map ...................................................................................................... 65 Figure 18: Location of the Mayoko iron ore deposit .............................................................................. 66 Figure 19: Mayoko ore deposit – schematic representation ................................................................. 67 Figure 20: Grootegeluk coal mine ......................................................................................................... 68 Figure 21: Arnot coal mine .................................................................................................................... 68 Figure 22: Matla coal mine .................................................................................................................... 69 Figure 23: NBC coal mine ..................................................................................................................... 69 Figure 24: Leeuwpan coal mine ............................................................................................................ 70 Figure 25: Grootegeluk West coal project ............................................................................................. 71 Figure 26: Exploitation and exploration permits .................................................................................... 74 Figure 27: Zonderwater location