Merafe Resources Ltd (OTCPK:MERFF)

Full Year 2025 Merafe Resources Ltd Earnings Call Transcript

Mar 09, 2026 / 07:00AM GMT

Release Date Price: $0.2177

Transcript

Operator

Good morning and welcome to the Merafe Resources Limited's annual results conference call. (Operator Instructions)

Please note that this event is being recorded.

I will now hand you over to the CEO, Zanele Matlala.

Please go ahead, ma'am.

Zanele Matlala

Merafe Resources Ltd - Chief Executive Officer, Executive Director

Good morning. Welcome to the Merafe year-end results presentation. 2025 was a challenging year for Merafe. And this is reflected in the deteriorated financial performance. Safety performance improved. With no fatalities recorded. All the remaining operating smelters in the venture were suspended post the business review.

This led to significantly lower production and higher standing charges. Chrome ore production was marginally lower, whilst PGM production was higher. Global market uncertainty continued. Global stainless steel production increased, leading to increased ferrochrome demand.

However, ferrochrome production decreased, signaling inventory drawdown. Chrome ore prices remained resilient,

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