Merafe Resources Cash Flow Statement

Financials in millions ZAR. Fiscal year is January - December.

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	142.59	667.21	1,753	1,410	1,674
Depreciation & Amortization	201.35	354.41	249.32	219.47	111.19
Loss (Gain) From Sale of Assets	-0.41	-19.71	0.03	-0.65	-0.12
Asset Writedown & Restructuring Costs	222.29	575.43	-	0.24	5.82
Loss (Gain) on Equity Investments	-13.17	-20.12	-19.08	-3.94	-0.61
Stock-Based Compensation	-12.42	-0.66	0.99	10.56	7.64
Other Operating Activities	327.64	-185.31	-239.5	183.65	24
Change in Accounts Receivable	23.06	382.36	-417.13	622.57	-648.37
Change in Inventory	-108.39	42.69	454.17	-721.65	-242.91
Change in Accounts Payable	-172.73	-52.17	97.58	-22.56	225.63
Operating Cash Flow	609.8	1,744	1,879	1,698	1,156
Operating Cash Flow Growth	-65.04%	-7.19%	10.70%	46.87%	133.38%
Capital Expenditures	-446.52	-662.19	-671.37	-484.24	-490.24
Sale of Property, Plant & Equipment	1.1	8.54	-	0.7	0.37
Other Investing Activities	-8.12	-131.84	-	-14.23	-
Investing Cash Flow	-453.54	-785.49	-671.37	-497.77	-489.87
Long-Term Debt Repaid	-1.15	-3.19	-3.88	-4.13	-4.21
Net Debt Issued (Repaid)	-1.15	-3.19	-3.88	-4.13	-4.21
Repurchase of Common Stock	-	-	-	-	-5.77
Common Dividends Paid	-300.04	-1,050	-824.71	-849.7	-174.94
Other Financing Activities	-	-	-	-	-0.03
Financing Cash Flow	-301.19	-1,053	-828.6	-853.83	-184.96
Foreign Exchange Rate Adjustments	-	-	7.84	-49.62	213.4
Net Cash Flow	-144.92	-94.18	387.21	296.47	694.5
Free Cash Flow	163.28	1,082	1,208	1,213	665.69
Free Cash Flow Growth	-84.91%	-10.43%	-0.45%	82.29%	337.03%
Free Cash Flow Margin	2.80%	12.81%	13.07%	15.29%	8.26%
Free Cash Flow Per Share	0.07	0.43	0.48	0.49	0.27
Cash Interest Paid	1.97	2.16	3.9	3.36	2.12
Cash Income Tax Paid	113.67	356.37	570.66	456.86	431.11
Levered Free Cash Flow	-42	551.46	693.79	848.27	362.93
Unlevered Free Cash Flow	-41.93	551.56	694.74	848.4	362.99
Change in Working Capital	-258.06	372.88	134.61	-121.64	-665.66

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.