4.A History and development of the Company Sasol Limited, the ultimate holding company of our group, is a public company. It was incorporated under the laws of South Africa in 1979 and has been listed on the JSE since October 1979. Our registered office and corporate headquarters are at Sasol Place, 50 Katherine Street, Sandton, 2196, South Africa, and our 37 Table of Contents telephone number is +27 10 344 3060. Our agent for service of process in the US is Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding Sasol that we file electronically with the SEC. To find the required information please visit www.sec.gov. For further information please visit www.sasol.com. This website is not incorporated by reference in this annual report. For a description of the company’s principal capital expenditures and divestitures refer to “Item 5.B—Liquidity and capital resources”. 4.B Business overview Sasol is a global energy and chemicals company. We harness our knowledge and expertise to integrate sophisticated technologies and processes into world-scale operating facilities. We strive to safely and sustainably source, produce and market a range of high-quality products globally, creating value for stakeholders. Our purpose “Innovating for a better world” guides everything we do and enables the delivery of shared value. It drives us to achieve outcomes across People, Planet and Profit, with the intent to be a force for good. For details regarding the following sections, refer as indicated. ● for information regarding our business overview, refer to “Integrated Report— Preserving and maximising value creation—Our integrated value chains” as contained in Exhibit 99.4; ● for information regarding our strategy, refer to “Integrated Report— Strategic direction” as contained in Exhibit 99.5; ● for a description of the Company’s operations and principal activities refer to “Integrated Report—Preserving and maximising value creation—Our integrated value chains” as contained in Exhibit 99.4; “Integrated Report—Operational performance summary” as contained in Exhibit 99.6; and “Item 18— Financial Statements—Segment information”; and ● for a description of our principal markets, refer to “Item 18— Financial Statements—Geographic region information”, which provides information regarding the geographic location of the principal markets in which we generate our turnover, as well as of our asset base. Seasonality Sales volumes of our products are mostly not subject to seasonal fluctuations but tend to follow broader global industry trends and are therefore impacted by macroeconomic factors. Sasol operates globally and in many diverse markets, and accordingly, no element of seasonality is likely to be material to the results of Sasol as a whole. For further information regarding cyclicality, prices and demand, refer to “Item 3.D—Risk factors”. Raw materials In the Southern Africa value chain, the main feedstock components for the production of fuels and chemical products are coal mined and procured from external sources by our Mining segment, natural gas obtained from and procured externally by our Gas segment and crude oil purchased from external suppliers. In our chemicals business, outside of Southern Africa, the main feedstocks used are kerosene, benzene, ethane, ethylene, oleochemicals and aluminium. Feedstocks are purchased externally. At the Lake Charles facility we also produce ethylene at our East Ethylene Cracker as well as at the Louisiana Integrated Polyethylene JV LLC (LIP JV) cracker. The pricing of most of these raw materials follow global market dynamics which relate to crude oil and energy prices. For information regarding LIP JV, refer to “Item 4.B – Business Overview – Key Contracts”. Marketing channels and principal markets In our Mining and Gas segments, we make use of direct sales models and, long-term marketing gas sales agreements. Piped gas is sold to wholesalers and end-users in South Africa. In our Fuels segment, marketing channels can be divided into the following main areas: ● liquid fuel sales to licensed wholesalers; 38 Table of Contents ● liquid fuels sales to retailers and end-users; and ● liquid fuels overland exports into other parts of Southern Africa. In our chemicals business, our products are sold to customers worldwide with a significant part under annual and multi-year contracts. Marketing channels can be divided into the following main areas per segment; Our Chemicals Africa segment (Chemicals Africa) is comprised of our Base Chemicals and Differentiated Chemicals product divisions. Our Base Chemicals product division produces polymers, fertilisers and explosives, methanol, ammonia, gases and solvents, which are sold mainly to customers in South Africa with the exception of polypropylene and solvents which are mainly exported. Explosives intermediates are sold to our partner Enaex Africa (Pty) Ltd (Enaex), which converts these to final products for supply to the sub-Saharan Africa mining industry. Our Differentiated Chemicals product division includes phenolics, wax, comonomers, safol, cobalt catalyst and carbon mainly exported to international markets for external sales or internal use. Our International Chemicals business (International Chemicals) is comprised of two segments, which are Chemicals Americas (Chemicals Americas) and Chemicals Eurasia (Chemicals Eurasia) containing two product divisions, base and differentiated chemicals. These product divisions include the four business divisions: Base Chemicals, Advanced Materials, Care Chemicals, and Technical Formulations, with the last three grouped under our differentiated chemicals product division. In the Chemicals America segment base chemicals, the produced ethylene is either consumed internally for derivatives or sold to external customers in the US merchant market. Mono ethylene glycol (MEG) is marketed and distributed on behalf of Sasol by a third party. Advanced Materials is sold largely within North America, with some exports to Europe and Asia. Care Chemicals and Technical Formulation are sold mainly within the Americas region, with some sales to Europe and Asia. In the Chemicals Eurasia segment, advanced materials are sold mainly within Europe, with some sales in other regions including the Americas and Asia. Care Chemicals and Technical Formulation are sold mainly within Eurasia, with some sales in the Americas and some additional global sales. Each of our four business divisions delivers specialised chemical products for diverse industries: Base Chemicals Base Chemicals manages the production and marketing of ethylene and ethylene glycol value chains, essential building blocks in the chemical industry. Its offerings cater to a broad array of industrial and consumer applications, and include polyethylene, a key plastic polymer. Notably, polyethylene is marketed on behalf of Sasol by Equistar Chemicals LP, an affiliate of LyondellBasell, showcasing the unit’s strategic partnerships and contribution to global supply chains. Advanced Materials Advanced Chemicals specialises in developing high-purity alumina, a critical material with the ability to be engineered to meet precise physical and chemical requirements. Its alumina-based products are used in high-performance abrasives (like polishing and grinding), bio-ceramics for medical and technical uses, and catalyst carriers that support complex chemical reactions. Advanced Materials drives innovation by creating adaptable compounds for advanced manufacturing and technological breakthroughs. Care Chemicals Care Chemicals is a global leader in producing essential components for cleaning and personal care solutions. Its portfolio includes linear alkyl benzene (LAB), fatty alcohols, short-chain linear alpha olefins, and surfactants, with the widest selection of C6+ alcohols and surfactant derivatives in the world. These products are crucial for making household detergents, fabric softeners, skin cleansers, and pharmaceutical formulations. Care Chemicals plays a vital role in enhancing everyday hygiene and health across consumer and industrial sectors. Technical Formulations Technical Formulations focus on versatile chemical inputs, this division integrates alcohols, alkyl benzene, solvents, esters, and surfactants into a leading alcohols player. Its products support key industries such as oil and gas, agriculture, metalworking, lubricants, construction, and textiles. By offering tailored chemical solutions, Technical Formulations ensures optimal 39 Table of Contents performance and efficiency in highly specialised industrial applications. Factors on which the business depends Intellectual property (IP) Our IP supports Sasol’s competitive advantage. This comprises: ● our proprietary technologies and products, including both patents and confidential know-how directed thereto; ● our intellectual capital embodied in our skilled, experienced and technically qualified employees, industry thought leaders and experts that enable Sasol to respond to the constantly changing environment; and ● our IP-related business processes and management systems. ​ ​ ​ ​ ​ ​ ​ ​ Intellectual Capital summary 2025 2024 2023 Total worldwide patents held1 2 143 1 795 2 282 Investment in research and development R1 550 million R1 516 million R1 516 million 1 Granted patents only, excludes pending applications. ● Sasol’s International Chemicals business develops and markets a wide range of chemicals, some of which are specialty products or are produced via proprietary processes and therefore comprise areas of differentiation for Sasol. ● Sasol’s Southern Africa Energy and Chemicals business operates integrated value chains to produce fuels and a wide range of chemicals from coal and gas, which incorporate Sasol’s proprietary Fischer-Tropsch (FT) technology. ● Sasol is also pursuing opportunities worldwide to leverage our FT technology, know-how and expertise through licensing our technology to third parties, including to produce sustainable fuels and chemicals inter alia through Sasol’s Zaffra B.V. joint venture with Topsoe A/S. We believe, based on our knowledge of the industry and publicly available information, that globally, Sasol has extensive experience in the application of FT technology on a commercial scale including through our joint venture with Topsoe A/S. For more information on the joint venture with Topsoe A/S, refer to “Item 4.B – Business Overview – Key contracts”. Key contracts ORYX GTL, which is our 49% joint venture in Qatar, purchases natural gas feedstock from Al Khaleej Gas, a joint venture between ExxonMobil Middle East Gas Marketing Limited and Qatar Petroleum, under a gas purchase agreement with a contracted minimum off-take volume. The agreement commenced in November 2005 and is valid for 25 years. The duration of the agreement may be extended by the parties on terms and conditions that are mutually agreed. On 1 December 2020, Sasol closed a transaction that created a 50% joint venture with LyondellBasell LC Offtake, LLC. As part of this transaction, Sasol entered into a marketing agreement with Equistar Chemicals LP, an indirect subsidiary of LyondellBasell. Pursuant to this marketing agreement, Equistar markets and sells Sasol’s polyethylene manufactured by the LIP JV along with LyondellBasell polyethylene manufactured by the LIP JV. The marketing agreement is set to expire on 30 November 2030. Effective from 29 February 2024 when the relevant transaction closed, Sasol and Topsoe established a 50/50 joint venture Zaffra B.V. The purpose of Zaffra B.V. is to develop, build, own, and operate sustainable aviation fuel plants, and market sustainable aviation fuels derived from non-fossil feedstock, utilising green hydrogen, sustainable sources of carbon dioxide and/or biomass with a specific focus on Sasol’s FT and Topsoe’s related technologies. Refer to “Item 4.D—Property, plants and equipment—Gas” for details regarding key contracts in Mozambique. 40 Table of Contents Legal proceedings and other contingencies From time to time, Sasol companies are involved in litigation, legal proceedings, arbitrations, tax disputes and similar proceedings in the normal course of business. Although the outcome of these claims and disputes cannot be predicted with certainty, a detailed assessment is performed on each matter, and a provision is recognised, or contingent liability is disclosed, where appropriate as guided by IFRS. Further, from time to time, communities and non-governmental organizations challenge our environmental licences and related applications including regarding concerns with potential health, community and environmental impacts associated with Sasol’s activities. South African Revenue Services (SARS) audit on Sasol Financing International plc (SFI) As reported previously, SARS conducted an audit over a number of years on SFI which performs an offshore treasury function for Sasol. The audit culminated in the issuance of revised assessments in respect of the 2002 to 2012 tax years and the dispute relates to the place of effective management of SFI. SFI has co-operated fully with SARS during the course of the audit relating to these assessments. The potential tax exposure is R3 billion (including interest and penalties as at 30 June 2025), which is disclosed as a contingent liability. SFI lodged an objection and appeal in the South African Tax Court (the Tax Court) against the revised assessments. SFI and SARS agreed that the appeal and related Tax Court processes will be held in abeyance pending the outcome of the judicial review applications noted below. Sasol had launched two judicial review applications respectively against the SARS decision to register SFI as a South African taxpayer and against certain related elements of the revised assessments over which the Tax Court does not have jurisdiction. The two matters were heard together during November 2022 and on 1 August 2023 the court delivered its decision dismissing both the SFI review applications. SFI filed an application for leave to appeal the South Africa’s High Court (the High Court) decision. In September 2024, the High Court granted the application for leave to appeal and the parties are exchanging their respective pleadings in anticipation of the appeal hearing for which the South African Supreme Court of Appeal (SCA) is yet to set a date. The review applications relate to the challenge by SFI of certain administrative decisions of SARS and the High Court decision does not directly affect the merits of the substantive dispute before the Tax Court, which remains in abeyance while the appeal of the review applications continues. Clause 12A application Our emission sources at our operations in South Africa are regulated in accordance with atmospheric emission licences (AELs), which are based on the Minimum Emission Standards (MES) published in terms of section 21 of the National Environmental Management: Air Quality Act, 39 of 2004 (NEMAQA). We previously reported that Sasol sought a dispensation in terms of Clause 12A of the Listed Activities and Associated MES 2013, promulgated under the NEMAQA for the Sulphur Dioxide (SO2 ) emissions from the boilers at the steam plants at its Secunda Operations (the Secunda Operations) to be regulated under alternative load-based emissions standards from 1 April 2025 onwards. The application was initially declined by the National Air Quality Officer (NAQO) and Sasol subsequently filed an appeal to the Minister of Forestry, Fisheries and the Environment (the Minister) in July 2023. On 5 April 2024, the Minister issued her decision, in which she upheld Sasol’s appeal and set aside the decision of the NAQO. The Minister concluded that Sasol’s application met all the requirements of Clause 12A, and therefore replaced the NAQO’s decision, permitting that load-based limits be applied from 1 April 2025 up to 31 March 2030, subject to the following key conditions: (i) the Minister’s further determination of concentration-based limits to apply in addition to the load-based limit; and (ii) implementation of the load-based integrated emission reduction solution, underpinning the initial application and appeal to achieve the emission reductions as undertaken by Sasol in its application and appeal. 41 Table of Contents On 26 July 2024 Sasol was notified that the concentration-based limits had been determined. Secunda Operation’s revised AEL enables lawful continued operations from 1 April 2025 to 31 March 2030. The Minister’s decision does not expressly refuse or grant a load-based dispensation beyond 31 March 2030, although this has been requested by Sasol in our initial application and appeal. The implementation of the integrated roadmap, as a condition of the decision, is contingent on SO2 also being regulated on a load-based limit beyond 31 March 2030. In light of this open issue and the conditions of the Minister’s decision, a further dispensation will likely be required as available in law, the outcome of which cannot be guaranteed. Legal review of NERSA Maximum Gas Price In 2013, NERSA approved an application from Sasol Gas regarding the MGP (the 2013 NERSA MGP Decision). In its July 2019 decision, the South African Constitutional Court (CC) overturned the 2013 NERSA MGP Decision, ordered NERSA to revise its decision and confirmed that the new MGP decision by NERSA will apply retrospectively from 26 March 2014. The High Court also overturned the separate 2017 NERSA MGP decision on 3 May 2021. After the CC decision, NERSA adopted a new MGP methodology in 2020. Sasol Gas submitted a new maximum gas price application to NERSA in December 2020 and on 6 July 2021, NERSA published its maximum gas price decision (the 2021 NERSA MGP Decision), which determined maximum gas prices for Sasol Gas for the period from March 2014 up to 2023. Sasol Gas resolved the resulting potential retrospective liability through commercial settlement agreements with its customers whose prices over this period were affected by the 2021 NERSA Maximum Gas Price decision. In December 2021, the Industrial Gas Users Association of Southern Africa (IGUA-SA) launched a legal review application to overturn the NERSA 2021 MGP decision. Both NERSA and Sasol Gas opposed the application. The matter was heard in the High Court at the end of May 2023 and on 20 June 2024, the court handed down its decision to grant the review application. In its order the court overturned the 2021 NERSA MGP Decision and remitted the matter back to NERSA to take a new MGP decision. Sasol Gas brought an application for leave to appeal the decision by the High Court, which was heard by the court on 28 May 2025. The application was granted on 2 June 2025 and the appeal will now proceed to the SCA. An adverse outcome in this matter may lead to further retrospective liability for Sasol Gas. Alleged Gas Pricing Conduct Complaints to Competition Commission During 2022, certain customers of Sasol Gas submitted complaints to the Competition Commission (the Competition Commission) relating to alleged pricing conduct prohibited by the South African Competition Act, 1998 (Act No 89 of 1998). In response to this investigation Sasol Gas in September 2022 launched a legal review application, to clarify the jurisdiction of NERSA and the competition authorities respectively, insofar as it relates to gas prices that are regulated under the Gas Act. After this application was dismissed by the Competition Appeal Court (CAC), Sasol Gas sought to appeal the decision to the CC. On 22 July 2024, the CC refused leave to appeal on the basis of lack of reasonable prospects of success. Following the end of the period allowed for the investigation by the Competition Commission and notwithstanding the ongoing litigation in the CAC, the Competition Commission on 10 July 2023 made a referral of the complaints to the Competition Tribunal. Following the decision by the CC, the referral by the Commission of the price complaints will proceed before the Competition Tribunal. The pleadings in the matter have closed and Sasol Gas is preparing for the hearing of the matter, the date of which has not been determined yet. An adverse outcome in the referral before the Competition Tribunal may result in possible fines and other sanctions against Sasol Gas. The litigation remains ongoing, and the outcome thereof cannot be predicted. In accordance with the NERSA gas price regulation authority in terms of the Gas Act, Sasol Gas applied for MGP approval by NERSA in terms of the most recent MGP Methodology adopted by NERSA in January 2023. Pursuant to these applications Sasol Gas implemented the 2024, 2025 and the 2026 NERSA MGP decisions. Based on the 2023 NERSA MGP Methodology, these NERSA MGP decisions determined the maximum gas prices and quarterly adjustment of the maximum gas prices to apply in the applicable periods. The Gas Amendment Bill was gazetted on 13 April 2021, but has not proceeded through the South African Parliament. The ultimate effect of the proposed 42 Table of Contents amendments to the Gas Act on our sales and our financial condition cannot be determined at this time. Cyanide pricing investigations On 13 February 2023, the Commission advised Sasol that a complaint had been lodged against Sasol arising from substantial price increases for liquid sodium cyanide implemented by Sasol from around June 2021. These price increases were implemented in reaction to changes in market conditions. The complainants alleged that these price increases are excessive, exclusionary and amount to a constructive refusal to supply when it is economically feasible to do so. The Commission made extensive information requests as part of its investigation and engagements between Sasol and the Commission continue. Dispute between Sasol Oil, Total and Transnet for tariff applicable to conveyance of crude oil Sasol Oil (Pty) Ltd (Sasol Oil) and TotalEnergies Marketing South Africa (Pty) Ltd (TotalEnergies) have been involved in legal proceedings with Transnet over a number of years. On 18 June 2024, the High Court handed down judgement in favour of Sasol Oil and TotalEnergies against Transnet. In the judgement, Transnet was ordered to make payment to Sasol Oil of the amount of R3,9 billion plus interest. Transnet sought leave to appeal this High Court judgement. However, the application for leave to appeal was dismissed by the High Court and SCA respectively. After the SCA on 6 February 2025 dismissed its application for leave to appeal Transnet brought an application for the SCA to reconsider its application for leave to appeal. As a result of this reconsideration application, the High Court judgement order, and thus the associated payment by Transnet, remained suspended at the time. Separately in August 2024, the High Court heard an action instituted by Transnet against Sasol Oil to recover an amount of R855 million (exclusive of value added tax (VAT) plus interest) from Sasol Oil in respect of Sasol Oil’s shortfall payments of its crude oil invoices over the period between December 2020 and May 2023. Judgement in this matter remained pending at the time. Sasol Oil and Transnet engaged in a mediation process to resolve the ongoing disputes. On 18 May 2025, Sasol Oil and Transnet signed an agreement to settle their respective disputes. This became effective on 23 May 2025 when all the suspensive conditions were fulfilled. In alignment with the terms of this settlement agreement, Transnet made a payment to Sasol Oil of R4,3 billion (exclusive of VAT) on 30 June 2025 in full and final settlement of the abovementioned legal proceedings and withdrew its pending claim against Sasol Oil. Sasol Oil (Pty) Ltd / SFT Energy (Pty) Ltd Claim Sasol Oil was party to an agreement for the supply of various product grades with SFT Energy. The duration of the agreement was 6 months, from July 2023 to December 2023. Sasol Oil agreed to supply ULP95, ULP93, Diesel and Illuminating Paraffin to SFT Energy. However, the claim from SFT Energy is only in relation to the supply of Diesel. As part of the agreement, a particular volume of Diesel to be supplied by Sasol Oil was agreed with SFT Energy. SFT Energy alleges that Sasol Oil breached the agreement in that for each month during the duration of the agreement, they placed Diesel orders and Sasol Oil reduced the volumes of supply without prior notice to them. In addition, SFT Energy alleges that Sasol Oil failed to formally notify SFT Energy of the events which resulted in Sasol Oil’s inability to supply the Diesel as required in terms of the agreement. Based on the alleged breach of the supply agreement SFT Energy is claiming damages of R1,2 billion (plus interest from date of the summons). The claims relate to amongst others, loss of sales and claims of loss of financial facilities by SFT Energy. After receipt of the summons on 25 June 2025 Sasol Oil filed a notice of its intention to defend the claim. On 12 August 2025 a further summons was served on Sasol Oil in terms of which SFT Energy is claiming damages of R2,2 billion (plus interest from the date of summons). Sasol Oil instructed its attorneys to file a further notice of intention to defend this second matter. 43 Table of Contents The Sasol Oil legal and business teams are evaluating the facts of the matter in order to comprehensively determine the defences Sasol Oil has and which will serve as a basis for its responses to the claims in due course. It should be noted that the claims from SFT Energy are consequential/indirect in nature and the agreement has a limitation of liability clause which limits all claims in terms of the agreement only to direct damages. Litigation of Sasol Mining in three litigation matters relating to occupational diseases A judgement by the CC in 2011 confirmed the right of employees in the mining industry who contracted certain occupational diseases to claim damages from their employers. Similar cases have also been threatened against participants in the coal sector of the mining industry. As a result, Sasol Mining is currently the defendant in three separate litigation matters. The plaintiffs in the first matter involving 22 individual cases though not a class action, allege that they contracted coal-dust-related lung diseases, while in Sasol Mining’s employment. Two plaintiffs passed on after the matter commenced and their claims were subsequently withdrawn. The plaintiffs allege that they were exposed to harmful quantities of coal dust while working underground for Sasol Mining and that the company failed to comply with various sections of the Mine Health and Safety Act (including various regulations issued in relation to the Mine Health and Safety Act) and failed to take effective measures to reduce the exposure of mine workers to coal dust. The plaintiffs allege that all of the above increased the risk for workers to contract coal-dust-related lung diseases. The plaintiffs seek compensation for damages relating to past and future medical costs and loss of income amounting to R67,7 million in total. Sasol Mining is defending the claims. As the trial has not yet commenced and a response from the plaintiffs to our request for further particulars is still being awaited, it is not possible at this stage to estimate the likelihood that the plaintiffs will succeed with their claim and if successful, the quantum of damages that the court would award. Therefore, no provision has been raised as of 30 June 2025. The remaining two matters involve single plaintiffs, in which the legal process is ongoing, and no trials have commenced. Criminal proceeding under the National Environmental Management Act 108 of 1998, the National Environmental Management: Waste Act and the National Water Act against SSA Following the conclusion of a criminal investigation initiated in April 2021 and conducted by the Environmental Management Inspectorate, summons instituting criminal proceedings by the National Prosecuting Agency was served on SSA citing the company as the accused. The company was charged with five counts relating to alleged contraventions by the Secunda Operations of the National Environmental Management Act 108 of 1998 and the National Environmental Management: Waste Act, 59 of 2008 and the National Water Act, 36 of 1998. On 15 July 2025, the State withdrew all the charges against the Company. Insofar as the matter was withdrawn, the State can reinstitute the criminal prosecution on the same charges at its discretion. However, currently there is no longer any pending prosecution against Sasol in respect of these charges. Dispute between Murray & Roberts Power and Energy (Murray & Roberts) and Sasol SSA had been involved in a dispute which had been placed before an Arbitrator in respect of alleged additional costs incurred by Murray & Roberts amounting to approximately R322 million associated with alleged delays experienced and additional work it had to execute as part of the completion of the Coal Tar Filtration Project East at Secunda Operations. The dispute was subsequently settled between the parties and Sasol agreed to pay Murray and Roberts an amount of R60 million in full and final settlement of all claims in relation to or in connection with the dispute. Payment of the settlement amount was made on 24 October 2024 and the matter is now closed. Competition law compliance Sasol continuously evaluates its compliance programmes and controls in general, including its competition law compliance programme and controls. As a consequence of these compliance programmes and controls, including monitoring and review activities, Sasol has adopted appropriate remedial and/or mitigating steps, where necessary or advisable, lodged leniency applications, and made, and will continue to 44 Table of Contents make, disclosures on material findings as and when appropriate. These ongoing compliance activities have already revealed, and may still reveal, competition law contraventions or potential contraventions in respect of which we have taken, or will take, appropriate remedial and/or mitigating steps including lodging leniency applications. Sasol may, from time to time, respond to information requests and/or investigations by competition law authorities. We co-operate with all lawful investigations in a transparent and constructive manner. Environmental obligation Sasol’s environmental obligation accrued at 30 June 2025 was R14 112 million compared to R16 524 million at 30 June 2024. Due to uncertainties regarding future costs, the potential loss in excess of the amount accrued cannot be reasonably determined. Regulation The South African government has, over the past 26 years, introduced a legislative and policy regime with the imperative of redressing historical social and economic inequalities, as stated in the Constitution of the Republic of South Africa Act, 108 of 1996 (the Constitution). This is being done by way of the empowerment of historically disadvantaged South Africans (HDSAs) in the areas of ownership, management and control, employment equity, skills development, procurement, enterprise development and socio-economic development. Most of our operations are based in South Africa, but we also operate in numerous other countries. In South Africa, we operate coal mines and a number of production plants and facilities for the storage, processing and transportation of raw materials, products and waste related to coal, oil, chemicals and gas. These facilities and the respective operations are subject to various laws and regulations that may become more stringent and may, in some cases, affect our business, operating results, cash flows and financial position. Our business activities in South Africa relating to coal mining, petroleum production, distribution and marketing of fuel products, electricity and gas are subject to regulation by various government departments and independent regulators. Refer to “Item 3.D—Risk factors” for details on particular aspects of regulations affecting our business activities. Empowerment of HDSAs Black Economic Empowerment (BEE) policies and legislation B-BBEE Act Sasol is well aligned with the economic transformation and sustainable development objectives embodied in the South African legislative and regulatory framework governing B-BBEE. The key elements of this framework are the B-BBEE Act and the Codes of Good Practice (for B-BBEE issued by the Minister of Trade and Industry in terms of the B-BBEE Act (Codes) This includes the Charters (i.e. the Mining Charter) and Liquid Fuels Charter (LFC) adopted by the various sectors within which Sasol operates businesses and compliance is measured in the related scorecards. Our most recent certification in terms of this legislation, issued in September 2024, for Sasol Limited is level 2, the same as in the previous year and SSA puts us at an improved contributor status of level 1. This improved contributor level makes Sasol a more attractive supplier of products to our customers in South Africa because the contributor level of their suppliers impacts the B-BBEE contributor status of such customers. Sasol continues to entrench transformation within the organisational culture, enhancing its commitment as a good corporate citizen. Sasol Khanyisa transaction In phases from March 2018, Sasol implemented Sasol Khanyisa, a new B-BBEE ownership transaction which was structured to comply with the revised B-BBEE legislation in South Africa when the Sasol Inzalo transaction came to an end in 2018. By implementing the Sasol Khanyisa transaction, the Company sought to ensure ongoing and sustainable B-BBEE ownership credentials. The accounting recognition and measurement principles applied to the Sasol Khanyisa transaction are the same as those applied to the Sasol Inzalo transaction, as the substance of both transactions was the same. Based on the underlying assumptions made by Sasol, the total IFRS 2 charge associated with Sasol Khanyisa is R6,5 billion over the life of the transaction; to date R6,3 billion has been recognised. The only 45 Table of Contents unvested portion of the transaction relates to the employee share ownership plan. With the implementation of Sasol Khanyisa, approximately 18,4% of SSA is in direct Black ownership, which, together with Black ownership at Sasol group level, translates into at least 25% Black ownership credentials at SSA level (for purposes of measuring Black ownership credentials under the current B-BBEE legislation). Refer to “Item 18—Financial Statements—Note 32 Share-based payment reserve” for further information. The Mining Charter The Mining Charter requires mining companies to meet various criteria intended to promote meaningful participation in the industry of HDSAs. These criteria include ownership, inclusive procurement, supplier and enterprise development, human resource development, employment equity and miner community development. The provision in the Mining Charter that provided that a mining right holder who does not comply with the ownership criteria and falls between levels 6 and 8 of the Mining Charter scorecard shall be in breach of the Mineral and Petroleum Resources Development Act, 28 of 2002, has been set aside by the High Court pursuant to a challenge of various aspects of the Mining Charter including aspects relating to ownership. The Upstream Petroleum Resources Act 23 of 2024 On 26 October 2023, the Upstream Petroleum Resources Development Bill (the Upstream Petroleum Bill) was passed by the South African National Assembly (the National Assembly). The National Assembly approved the Upstream Petroleum Bill and among key changes were (a) 20% interest in exploration or production operations being allocated to the state free of payment and (b) a change to the licensing regime with exploration, which under the Upstream Petroleum Bill is now regarded as part of the production period. The Upstream Petroleum Bill did not feature any fiscals and a “Money Bill” is expected to be issued in the future by the National Treasury. On 25 April 2024, the Upstream Petroleum Bill was passed by the National Council of Provinces and was sent to the President of the Republic of South Africa for signature. The Upstream Petroleum Bill was finally assented to by the President on 25 October 2024 and published in the Government Gazette on 29 October 2024. Per South African law, an act will only come into effect on a date to be fixed by the President by further proclamation in the Government Gazette which is likely to be made after the regulations are finalised. The regulations were published on 14 April 2025 and are currently subject to a public consultation period. There is no estimated timeline for the finalisation of the consultation period. Liquid Fuel Charter The LFC for the South African petroleum and liquid fuels industry on empowering HDSAs in the petroleum and liquid fuels industry requires liquid fuels companies, including Sasol Oil, to ensure that HDSAs hold at least 25% equity ownership in the South African entity holding their operating assets by the end of a period of 10 years from the date of the signing of the LFC. In order to meet this equity ownership objective, Sasol Limited entered into a B-BBEE transaction with an HDSA-owned company, Tshwarisano, in terms of which Sasol disposed of 25% of its shareholding in Sasol Oil to Tshwarisano. With effect from 1 July 2006, Sasol Oil met the 25% BEE ownership target, with Tshwarisano holding 25% of the shares in Sasol Oil in line with the Charter. The DMPR in concurrence with the Department of Trade and Industry initiated a process to establish a sector charter (the Petroleum and Liquid Fuels Sector Charter) to supersede the LFC in terms of section 12 of the B-BBEE Act. While this process may impact on the B-BBEE obligations of Sasol’s businesses in the South African energy industry, the timing of completion, the outcome and potential effects of this process on Sasol cannot be assessed at this time. The Restitution of Land Rights Act 22 of 1994 Our privately held land could be subject to land restitution claims under the Restitution of Land Rights Act, 22 of 1994. Under this Act, any person who was dispossessed of rights to land in South Africa as a result of past racially discriminatory laws or practices is granted certain remedies, including, but not limited to the restoration of the land claimed with or without compensation to the holder. 46 Table of Contents Mining rights Sasol Mining is the holder of mining rights granted by the DMPR in respect of its operations in the Mpumalanga and Free State provinces in South Africa. In respect of the Secunda mining complex in Mpumalanga, Sasol Mining holds three mining rights situated within the Bethal, Secunda, Highveld Ridge, Balfour and Standerton magisterial districts. These mining rights were granted for periods between 20 and 30 years. The Secunda complex mining right is valid until 28 March 2040 and Sasol Mining can apply to the DMPR for renewal of the right for a further maximum period of 30 years. The Block IV and Alexander Block mining rights are also situated in the Secunda area and remain valid until 27 August 2037 and 21 January 2048 respectively. The Mooikraal mining right near Sasolburg in the Free State is valid until 28 March 2040. Safety, health and environment Regions in which Sasol operates and their applicable legislation South Africa The majority of our operations are located in South Africa. We operate a number of plants and facilities for the manufacture, storage, processing and transportation of chemical feedstock, products and waste. These operations are subject to numerous laws and regulations relating to safety, health and the protection of the environment. Environmental regulation The Constitution contains the underlying right to an environment which is not harmful to health or well-being of people which right must be given effect to by environmental legislation in South Africa. The South African National Environmental Management Act, 107 of 1998 is therefore the framework act which primarily aims to give effect to the Constitutional environmental right. It also underpins specific environmental management acts, such as the National Environmental Management: Waste Act, 59 of 2000 (the National Environment Management: Waste Act), the National Water Act, 36 of 1998, and the National Environmental Management: Air Quality Act, 39 of 2004 which all, in turn, regulate specific environmental media and the associated regulation of potential impacts thereon. The National Environmental Management: Waste Act also specifically regulates the process for management of contaminated land. These Acts also provide for enforcement mechanisms as well as provisions for the imposition of criminal sanction. These also apply to mining activities. Apart from South Africa’s international commitments, the Climate Change Bill was signed into law on 18 July 2024 and published as the Climate Change Act, 2022 on 23 July 2024. The Act came into effect on 17 March 2025. At a high level, the most significant impact of the Act for the private sector is the framework for the regulation of GHG-emitting activities and for government departments GHG emitting sectors, however, no specific penalties are provided for the failure to comply with the prescribed mitigation instruments (i.e., carbon budgets and sectoral emission targets). Furthermore, a person to whom a carbon budget has been allocated must prepare and submit to the Minister, for approval, a GHG mitigation plan. Until the regulations for carbon budgets are published, Sasol will continue to submit progress reports on its pollution prevention plans (mitigation plans) in terms of the National Pollution Prevention Plan Regulations (the Pollution Prevention Regulations) referred to below, which in the interim serve as governing regulations in terms of the Climate Change Act. 47 Table of Contents Sasol continues to engage with the government on the imposition of mandatory carbon budgets. Sasol’s engagement focuses on the need for the alignment of mitigation instruments in an effort to create long-term policy and regulatory certainty. Although not mandatory, Sasol participated in the first phase of the carbon budget process and received and agreed to its allocated carbon budget, which was in place until the end of calendar 2020. We received the second voluntary carbon budget for the next five years until 2025. A preliminary allocation was received which was reduced based on our national GHG inventory. The GHG and the Pollution Prevention Regulations were promulgated in April and June 2017 respectively and subsequently revised. Sasol continues to submit its GHG data annually, as well as progress on its approved pollution prevention plans. The Carbon Tax Act, 15 of 2019 was signed into law in May 2019 and came into effect on 1 June 2019. National Treasury undertook a process to increase the carbon tax rates (as per the 2022 National Budget) culminating in higher tax rates for 2026 to 2030. For information see “Item 3.D—Risk factors-Risks related to our sustainability”. Hazardous substances Provisions for the protection of humans and the environment against the harmful effects of hazardous substances and preparations are provided for in various laws, regulations and incorporated standards on the use, handling (including classification and labelling), storage and transport thereof. These laws and regulations are aligning with international commitments on safe chemicals management, including the GHS. Primary laws in this regard include the Hazardous Substances Act 15 of 1973 (the Chemicals Act) and the Hazardous Chemicals Agent Regulations under the Occupational Health and Safety Act. For information regarding our challenges associated with these regulatory requirements refer to “Item 3.D—Risk factors”. European Operations In Germany and Italy, we operate a number of plants and facilities for the manufacture, storage, processing and transportation of chemical feedstock, products and waste. These operations are subject to numerous laws and ordinances relating to safety, health and the protection of the environment, and non-compliance with these regulations could lead to a material adverse impact on Sasol’s ability to operate in these countries. In Europe, we anticipate continuing to respond to the regulatory environment through existing systems and control technologies as well as through efficiency and control technology reviews and improvement opportunities where appropriate, in order to minimise the impact of the current and future regulations on our European operations. Hazardous substances Provisions for the protection of humans and the environment against the harmful effects of hazardous substances and preparations are provided in the Chemicals Act, and related ordinances on the prohibition of certain chemicals and hazardous incidents. All hazardous substances are subject to the requirements of the EU REACH Regulation, including requirements for registration and notification obligation before these substances can be brought onto the market. Hazardous substances and mixtures must be classified, labelled and packed in accordance with the EU classification, labelling and packaging regulation. Further regulations prohibiting and limiting manufacture, marketing and use also apply. United States In the US, we operate a number of plants and facilities for the storage and processing of chemical feedstock products. Sasol’s US operations are subject to numerous laws, regulations and ordinances relating to safety, health and the protection of the environment, and non-compliance with these laws, regulations and ordinances could lead to a material adverse impact on Sasol’s ability to operate in the US. Climate change policy continues to be developed at the federal and state level, and to some extent, through the judicial system. Our operations in the US remain regulated at the federal, state, and local level relating to health, safety, environment, and community impact. In the US, we anticipate continuing to respond to the regulatory environment through existing systems and control technologies as well as through efficiency and control technology reviews and improvement opportunities 48 Table of Contents where appropriate, in order to minimise the impact of the current and future regulations on our US operations. Hazardous substances are regulated pursuant to multiple federal laws including the Toxic Substances Control Act of 1978, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 and by a labelling standard that incorporates the requirements of the GHS into occupational health and safety legislations. Chemical manufacturers and importers are required to evaluate the hazards of the chemicals they produce or import and prepare labels and safety data sheets to convey the hazard information to their downstream customers. Mozambique A National Environmental Policy (Resolution 5/1995, of 3 August) is the government document outlining the priorities for environmental management and sustainable development in Mozambique, including the required legal framework. The Environmental Law (Law 20/1997, of 1 October as amended by Law 16/2014, of 20 June) and its respective regulations, namely the Regulations on Environmental Impact Assessment (Decree 54/2015 of 31 December) and the Environmental Regulations for Petroleum Operations (Decree 56/2010 of 22 November) provides a legal framework for the use and correct management of the environment and its components and to assure sustainable development in Mozambique. The Petroleum Law (Law 21/2014, of 18 August) and the Petroleum Operations Regulations (Decree 34/2015, of 31 December, as amended by Decree 48/2018 of 8 August) require holders of exploration and production rights to conduct petroleum operations in compliance with environmental and other applicable legislation. The law makes provision for compensation to be paid under general legislation by the holder of a right to conduct petroleum operations to persons whose assets are damaged. The law establishes strict liability for the holder of the right who causes environmental damage or pollution. The strict liability requirement for environmental damage or pollution could have a material adverse effect on our operations in Mozambique. Other countries In a number of other countries, we are engaged in various activities that are impacted by local and international laws, regulations and treaties. In China and other countries, we operate plants and facilities for the storage, processing and transportation of chemical substances, including feedstock, products and waste. In the United Arab Emirates, and other countries, we are involved, or are in the process of becoming involved, in exploration, extraction, processing or storage and transportation activities in connection with feedstock, products and waste relating to natural oil and gas, petroleum and chemical substances. In Qatar, we participate in a joint venture owning and operating a GTL facility involving the production, storage and transportation of GTL diesel, GTL naphtha and Liquified Petroleum Gas (LPG). These operations are subject to numerous laws and ordinances relating to safety, health and the protection of the environment. Our operations in the respective jurisdictions are subject to numerous laws and regulations relating to exploration and mining rights and the protection of safety, health and the environment. 4.C Organisational structure Sasol Limited is the ultimate holding company of the Sasol group of companies. SSA, a subsidiary of Sasol Limited and a company incorporated in South Africa, primarily holds our operations located in South Africa. A number of other subsidiaries incorporated in South Africa, including Sasol Oil, Sasol Mining Holdings (Pty) Ltd, Sasol Gas, Sasol Middle East and India (Pty), Sasol New Energy Holdings (Pty) Ltd and Sasol Africa (Pty) Ltd, also hold our interests in operations in South Africa, other parts of Africa and the Middle East. Sasol Financing Limited and Sasol Financing International Limited, responsible for the management of cash resources and investments, are wholly owned and incorporated in South Africa. Our wholly owned subsidiary, Sasol Investment Company (Pty) Ltd, a company incorporated in South Africa, primarily holds our interests in Sasol group companies incorporated outside of South Africa, including Sasol European Holdings Limited (United Kingdom), Sasol (USA) Corporation (United States), Sasol Holdings (Asia Pacific) (Pty) Ltd (South Africa), Sasol Holdings (USA) (Pty) Ltd (South Africa), Sasol Chemical Holdings International (Pty) Ltd (South Africa) and their respective subsidiaries. See Exhibit 8.1 for a list of our significant subsidiaries and significant jointly controlled entities. 49 Table of Contents 4.D Property, plants and equipment Refer to “Item 18—Financial Statements—Note 16 Property, plant and equipment” for further information regarding our property, plant and equipment. ​ ​ Southern Africa Energy and Chemicals Business Mining Coal mining facilities Our main coal mining facilities are located at the Secunda Mining Complex, which consists of underground collieries (Bosjesspruit, Impumelelo, Shondoni, Syferfontein, and Twistdraai Thubelisha) and the Sigma complex consisting of the Mooikraal colliery near Sasolburg. A map showing the location of our coal properties and major manufacturing plants in South Africa is shown on page M-1 and M-2. Our Mining segment operates six collieries for the supply of coal to the Secunda Operations, Sasolburg Operations (utility coal only) and the external market. The annual production of each colliery, the primary market to which it supplies coal and the location of each colliery are indicated in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nominated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capacity ​ Production (Mt)(3) Colliery Location Market per year (Mt)(2) 2025 2024 2023 Bosjesspruit Secunda Secunda Operations 4,9 4,1 5,0 5,5 Impumelelo Secunda Secunda Operations 4,1 ​ 3,8 4,3 4,7 Shondoni Secunda Secunda Operations 5,0 5,6 5,8 6,1 Syferfontein Secunda Secunda Operations 8,7 8,4 7,9 7,6 Twistdraai Thubelisha Secunda Export/Secunda operations (1) ​ 8,6 7,5 8,1 7,7 Sigma : Mooikraal Sasolburg Sasolburg Operations 1,1 1,0 1,2 1,2 ​ ​ ​ ​ ​ ​ ​ 30,4 32,3 32,8 Production tons per continuous miner (mining production machine) per shift including off-shift production (4) (t/cm/shift) ​ ​ ​ ​ ​ ​ 931 983 951 (1) The secondary product from the export beneficiation plant is supplied to Secunda Operations. From financial year 2026, no secondary product will be produced, all coal from Twistdraai Thubelisha will be supplied to Secunda Operations. (2) The nominated capacity of the mines is the expected production of that mine and does not represent the total maximum capacity of the mine. (3) Production excludes externally purchased coal. (4) Offshift production is a legally permitted, voluntary shift system allowing mine workers to produce coal on their non-working shifts. This shift system provides the mine with a flexibility option to catch up on production shortfall. The mine workers are remunerated for this production on a cost per ton basis. ​ ​ Processing operations Coal export business— Secunda Operations. We started the coal export business in August 1996. Run of mine (ROM) coal is sourced from the Twistdraai Thubelisha Colliery (nominated capacity 8,6 Million tons (Mt)). The export beneficiation plant has a design throughput total capacity of 10,5 Mt per annum. In 2025, we produced 7,5Mt from Twistdraai Thubelisha Colliery and purchased external coal of 1Mt of which we beneficiated 8,1Mt and 0,4Mt was bypassed to Sasol Coal Supply. ROM coal is transported via an overland conveyor belt to the export beneficiation plant from the Twistdraai Thubelisha Colliery. The export product is loaded onto trains by means of a rapid loadout system 50 Table of Contents and then transported to the Richards Bay Coal Terminal (RBCT) in KwaZulu-Natal. Sasol Mining has a 4,20% shareholding in RBCT and Sasol Mining’s entitlement on an 81 Mt per year RBCT capacity is 4,29%, which translates to 3,47 Mt per year. Actual export volumes for 2025 were 2,3 Mt. The export beneficiation plant is expected to be converted to a destoning plant by December 2025 and all ROM coal mined from Twistdraai Thubelisha is expected to go through the destoning plant for quality improvement after which the ROM coal will be sent to the Sasol Coal Supply facility for blending before delivery to Secunda Operations. Sasol Coal Supply—Secunda Operations. Sasol Coal Supply operates the coal handling facility between our Mining segment and Secunda Operations by stacking and blending coal on six live stockpiles. The overland conveyors from the mining operations to the coal handling facility are, in total, approximately 120 kilometres (km) long and also form part of the Sasol Coal Supply operation. The operation has a live stockpile capacity of 720 000 tons, which is turned over around 1,2 times per week. In addition, there is a targeted strategic stockpile capacity of more than 2,0 Mt. Sasol Coal supply also handles the coal purchased from independent coal producers which supplements the coal supply from Sasol Mining. The objectives of this facility are: ● to homogenise the coal quality supplied to Secunda Operations; ● to keep mine bunkers empty; ● to keep the Secunda Operations bunkers full of a product that conforms to customer requirements; ● to supply quality coal within the parameters of ash, sinks and fines; ● to maintain a buffer stockpile to ensure even supply; and ● to perform a reconciliation of business with regard to quantity and quality. The daily coal supply to Secunda Operations was approximately 92 000 tons for 2025. Coal exploration techniques Sasol Mining’s geology department employs several exploration techniques in assessing the geological risks associated with the exploitation of the coal deposits. These techniques are applied in a mutually supportive way to achieve an optimal geological model of the relevant coal seams, targeted for production purposes. The Highveld Basin is considered to be structurally complex when compared to the other coalfields in South Africa where mining activities take place. As a result, Sasol Mining bases its geological modelling on sufficient and varied geological information. This approach is utilised in order to achieve a high level of confidence and support to the production environment. Core recovery exploration drilling. This is the primary exploration technique that is applied in all exploration areas, especially during reconnaissance phases. In and around operational mines, the average vertical borehole density varies from 1:10 to 1:15 (boreholes per hectare), while in medium term mining areas, the average borehole density is in the order of 1:25. Depths of the boreholes drilled vary, depending on the depth to the PreKaroo basement, from 160 metres (m) to 380 m. The major application of this technique is to locate the coal horizons, to determine coal quality and to gather structural information about dolerite dykes and sills, and the associated devolatilisation and displacement of coal reserves. This information is used to compile geological models and forms the basis of geological interpretation. Directional drilling. Directional drilling from surface to in-seam has been successfully applied for several years. A circular area with a radius of approximately 1,4 km of coal deposit can be covered by this method from one drill site. The main objective of this approach is to locate dolerite dykes and transgressive dolerite sills, as well as faults with displacements larger than the coal seam thickness. 51 Table of Contents Horizontal drilling. This technique is applied to all operational underground mines and supplies short term (minimum three months) exploration coverage per mining section. No core is usually recovered, unless recovered to confirm the presence of dolerite intrusions. The main objective is to locate dolerite dykes and transgressive sills intersecting the coal mining horizon, by drilling horizontal holes in the coal seam from a mined-out area. A drilling reach of up to 1 km is possible, although the average length is usually 800 m in undisturbed coal. Aeromagnetic surveys Many exploration areas are usually aeromagnetically surveyed before the focused exploration is initiated. The main objective is to locate magnetic dolerite sills and dykes, as well as large-scale fault zones. Geophysical wireline surveys of directional boreholes Geophysical surveys are routinely conducted in the completed directional drilled boreholes. This results in the availability of detailed information leading to increased confidence of the surface directional drilling results. Secunda Operations The coal supplied to Secunda Operations is the raw coal mined from the four mines supplemented by external coal purchases, supplying Secunda Operations and the secondary product from the export beneficiation plant. From July 2025, all ROM coal from Twistdraai Thubelisha are sent to Secunda Operations. Extensive geological exploration has been carried out in the coal resource areas. Further exploration is undertaken to update and refine the geological models. This allows for accurate forecasting of geological conditions and coal qualities, and also effective planning and utilisation of coal reserves. Computation and storage of geological information Geological information is stored in the acQuire database. Regular data validation and quality checking is conducted through several in-house methods. Data modelling is conducted by manual interpretation and computer-derived geological models, using the Minex 6.5.5 edition of the GEOVIA/MINEX software. Reserves and composite qualities are computed using established and recognised geostatistical techniques. General stratigraphy The principal coal horizon, the Number 4 Lower Coal Seam, provides some 95,60% (2024—90,29%) of the total proved and probable reserves. The Number 4 Lower Coal Seam is one of six coal horizons occurring in the Vryheid Formation of the Karoo Supergroup, a permocarboniferous aged, primarily sedimentary sequence. The coal seams are numbered from the oldest to the youngest from bottom up. The Number 4 Lower Coal Seam is a bituminous hard coal, characterised by the following borehole statistics as at 31 March 2025: ● the depth to the base of the seam ranges from 40 m to 241 m with an average depth of 135 m below the surface topography. All the current mining done on this seam is underground; ● the floor of the seam dips gently from north to south at approximately 0,5 degrees; ● the thickness of the seam varies in a range up to 10 m with a weighted average thickness of 3,7 m. In general, thinner coal is found to the south and thicker coal to the west adjacent to the Pre-Karoo basement highs; ● the inherent ash content (air dried basis) is an average 27,73%; ● the volatile matter content is tightly clustered around a mean of 22,66% (air dried); and ● the total sulphur content (air dried), which primarily consists of mineral sulphur in the form of pyrite and minor amounts of organic sulphur, averages 1,03% of the total mass of the coal. 52 Table of Contents The other potential coal seam is: ● the Number 2 Coal Seam at Shondoni colliery and Impumelelo colliery, which has been included in our resource base, as indicated resources. Reserve estimation (remaining reserves at 31 March 2025) A techno-economic review of the Number 2 Seam at Shondoni and Impumelelo Collieries was conducted during 2025. The review determined that these assets previously classified as probable reserves should be reclassified as indicated resources (Table 7). This is primarily due to the cost of capital associated with accessing these assets, as well as the current coal quality requirements of Sasol Synfuels. We have approximately 3,1 billion tons (Bt) (2024—3,6 Bt) of gross in situ proved and probable coal reserves in the Secunda Deposit and approximately 1,0 Bt (2024—1,1 Bt) of recoverable reserves. The coal reserve estimations are set out in Table 1 that follows. Reported reserves will be converted into synthetic oil reserves, except for reserves which will be used for utilities in Secunda Operations. The reserve disclosure in this section includes our Mining segment’s total coal resources and reserves available for mining operations in Secunda. These reserves have not been adjusted for the synthetic oil reserves reported in the “Item 18 – Financial Statements - Supplemental Oil and Gas information”. The different reserve areas are depicted on the map on page M-1, as well as whether a specific reserve area has been assigned to a specific mine. The coal reserve estimations in this table were compiled under supervision of Mr. Viren Deonarain, Head of Coal Geology at Sasol Mining, who is considered a Qualified Person as defined hereunder. The South African Code for Reporting of Minerals Resources and Minerals Reserves (The SAMREC Code 2007 edition) when discussing competence and responsibility in paragraph 7, states that documentation detailing exploration results, mineral resources and mineral reserves from which a public report is prepared, must be prepared by, or under the direction of, and signed by a Qualified Person. Paragraph 9 states: a ‘Qualified Person’ is a person who is registered with SACNASP, ECSA or PLATO, or is a Member or Fellow of the SAIMM, the GSS or a Recognised Overseas Professional organisation (each as defined therein). The Qualified Person must comply with the provisions of the relevant promulgated acts. The reserves and resources modelling process and geological models were audited by an independent consultancy, WSP Golder, in August 2022. The audit verified that the geological models, reserves and resources estimates were a fair reflection of the data on which they were based and conformed to internationally accepted reporting standards. The latest coal resource/reserve estimations were determined by following the same process. The estimation of the proved reserves is compliant with the definition and guidelines as stated in the modernised SEC Regulation S-K subpart 1300. The following internal controls are used in the exploration and mineral reserve estimation: ● The “Resources and Reserves” document is compiled for submission to the Sasol Mining board of directors for approval by the Company Secretary Energy. Before submission, the Vice President Integration and Mine Deployment performs a high-level reasonableness review (sense-check) to ensure that the detailed process was followed. This process includes a mass balance reconciliation; and ● The Vice President Integration and Mine Deployment checks the reconciliation of Form 20-F information provided in Table 4 of the Synthetic Oil section of the “Item 18 – Financial Statements -Supplemental Oil and Gas information” to confirm that the information disclosed for the most recently closed financial year is accurate, complete and consistent with the Sasol Mining board-approved resource and reserve statement and only includes coal to liquid resources and reserves. Those involved in the reserves and resources estimation process are sufficiently qualified. The Head of Coal Geology at Sasol Mining signs off on the process and is classified as a Competent Person as defined by the South African Council for Natural and Scientific Professionals. ​ ​ 53 Table of Contents Table 1. Coal reserve estimations(1) as at 31 March 2025, in the Secunda area where we have converted mining rights (signed on 29 March 2010) in terms of the MPRDA. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross in ​ Mine ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ situ coal ​ Geological ​ layout ​ Extraction ​ Recoverable ​ Beneficiated ​ ​ ​ Ave Rom ​ Ave Sales ​ ​ resource(1) ​ discount ​ losses ​ rate ​ reserves(2) ​ yield(3) ​ Proved/ ​ Cash Cost ​ Cost Reserve area (Mt)(4) (Mt)(4) (Mt)(4) (%) (Mt)(4) (%) probable (R/t) (R/t) Shondoni colliery, number 4 seam 339 ​ 45 ​ 58 ​ 56 ​ 115 100 Proved ​ 533 ​ 735 Bosjesspruit colliery 89 ​ 6 ​ 47 ​ 55 ​ 27 100 Proved ​ 533 ​ 735 Bosjesspruit colliery 38 ​ 2 ​ 9 ​ 45 ​ 12 100 Probable ​ 533 ​ 735 Syferfontein colliery 344 ​ 55 ​ 78 ​ 62 ​ 124 100 Proved ​ 533 ​ 735 Alexander Block ​ 498 ​ 100 ​ 74 ​ 46 ​ 107 ​ 100 ​ Proved ​ 533 ​ 735 Alexander Block ​ — ​ — ​ — ​ — ​ 16 ​ 100 ​ Probable ​ 533 ​ 735 Twistdraai Thubelisha colliery 496 ​ 95 ​ 46 ​ 51 ​ 202 P30,S44 Proved ​ 533 ​ 735 Impumelelo, Block 2, number 4 seam 657 ​ 99 ​ 89 ​ 52 ​ 192 100 Proved ​ 533 ​ 735 Block 2 South, number 4 seam 363 ​ 98 ​ 49 ​ 54 ​ 123 100 Probable ​ 533 ​ 735 Block 2 South, number 2 seam 133 ​ 36 ​ 18 ​ 54 ​ 45 100 Probable ​ 533 ​ 735 Block 3 South 141 ​ 38 ​ 19 ​ 57 ​ 52 100 Probable ​ 533 ​ 735 Total Secunda area 3 098 ​ ​ ​ ​ ​ ​ 1 015 ​ ​ ​ ​ ​ ​ ​ ​ Table 2. Coal reserve estimations(1) as at 31 March 2025, in the Sasolburg area where Sasol Mining has converted mining rights (signed on 29 March 2010) in terms of the MPRDA. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ave ​ ​ ​ ​ Gross in ​ ​ Mine ​ ​ ​ ​ ​ ​ ​ ​ Rom ​ Ave ​ ​ situ coal ​ Geological ​ layout ​ Extraction ​ Recoverable ​ Beneficiated ​ ​ ​ Cash ​ Sales ​ ​ resource(1) ​ discount ​ losses ​ rate ​ reserves(2) ​ yield(3) ​ Proved/ Cost ​ Cost Reserve area (Mt)(4) (Mt)(4) (Mt)(4) (%) (Mt)(4) (%) probable (R/t) (R/t) Sigma Mooikraal 153 13 33 52 19 100 Proved ​ 933 ​ 1 217 Total Mooikraal area 153 19 ​ ​ ​ ​ (1) The gross in situ coal resource is an estimate of the coal tonnage, contained in the full coal seam above the minimum thickness cut off and relevant coal quality cut off parameters. No loss factors are applied and seam height does not include external dilution or contamination material. (2) The recoverable coal reserve is an estimate of the expected recovery of the mines in these areas and is determined by the subtraction of losses due to geological and mining factors and the addition of dilatants such as moisture and contamination. (3) The P% of P30 refers to the export product yield from the recoverable coal reserve and the S% of S44 refers to secondary product yield, which will be supplied to the Secunda Operations. The balance of this is discard material. (4) Mt refers to 1 million tons. Reference is made of tons, each of which equals 1 000 kilograms, approximately 2 205 pounds or 1 102 short tons. 54 Table of Contents Table 3. Coal qualities, on an air-dry basis, in respective coal reserve areas, where Mining has converted mining rights in respect of the Secunda mining complex in terms of the MPRDA. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average Average ​ ​ Heat ​ ​ ​ ​ ​ Inherent ​ Superficial ​ ​ ​ ​ ​ Value ​ ​ ​ ​ ​ ​ Moisture ​ Moisture ​ ​ ​ Steam/ ​ (air dry) ​ Sulphur ​ ​ Wet/dry ​ Content ​ Content ​ Assigned/ ​ metallurgical ​ basis ​ (air dry Reserve area tons (%) (%) unassigned coal MJ/kg basis) Shondoni colliery Wet 4,3 n/a Assigned Steam 20,9 ​ 1,0 Bosjesspruit colliery Wet 4,0 n/a Assigned Steam 19,5 ​ 0,9 Syferfontein colliery Wet 4,8 n/a Assigned Steam 22,5 ​ 0,9 Twistdraai Thubelisha colliery Wet 4,4 n/a Assigned Steam 20,8 ​ 1,1 Impumelelo, Block 2, number 4 seam Wet 3,7 n/a Assigned Steam 18,9 ​ 1,3 Impumelelo, Block 2, number 2 seam ​ Wet ​ 4,0 ​ n/a ​ Assigned ​ Steam ​ 21,1 ​ 0,9 Alexander Block ​ Wet ​ 4,5 ​ n/a ​ Unassigned ​ Steam ​ 21,6 ​ 0,8 Block 2 South, number 4 seam Wet 4,1 n/a Unassigned Steam 18,2 ​ 1,2 Block 2 South, number 2 seam Wet 3,6 n/a Unassigned Steam 17,4 ​ 0,7 Block 3 South Wet 3,6 n/a Unassigned Steam 21,9 ​ 0,7 ​ Table 4. Coal qualities, on an as received basis, in respective coal reserve areas, where Mining has converted mining rights in the Secunda mining complex in terms of the MPRDA. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average Average ​ ​ Heat ​ ​ ​ ​ ​ Inherent ​ Superficial ​ ​ ​ ​ ​ Value ​ ​ ​ ​ ​ ​ Moisture ​ Moisture ​ ​ ​ Steam/ ​ (as received) ​ Sulphur ​ ​ Wet/dry ​ Content ​ Content ​ Assigned/ ​ metallurgical ​ basis ​ (as received Reserve area tons (%) (%) unassigned coal MJ/kg basis) Shondoni colliery Wet 4,3 ​ 3,0 ​ Assigned ​ Steam ​ 20,3 ​ 0,9 Bosjesspruit colliery Wet 4,0 ​ 4,0 ​ Assigned ​ Steam ​ 18,5 ​ 0,8 Syferfontein colliery Wet 4,8 ​ 4,3 ​ Assigned ​ Steam ​ 21,5 ​ 0,9 Twistdraai Thubelisha colliery Wet 4,4 ​ 4,7 ​ Assigned ​ Steam ​ 19,8 ​ 1,1 Impumelelo, Block 2, number 4 seam Wet 3,7 ​ 4,0 ​ Assigned ​ Steam ​ 18,1 ​ 1,2 Alexander Block ​ Wet ​ 4,5 ​ 4,5 ​ Unassigned ​ Steam ​ 20,6 ​ 0,8 Block 2 South, number 4 seam Wet 4,1 ​ 3,1 ​ Unassigned ​ Steam ​ 17,6 ​ 1,2 Block 2 South, number 2 seam Wet 3,6 ​ 2,7 ​ Unassigned ​ Steam ​ 16,9 ​ 0,7 Block 3 South Wet 3,6 ​ 3,6 ​ Unassigned ​ Steam ​ 21,1 ​ 0,7 ​ Table 5. Coal qualities, on an air-dry basis, in respective coal reserve areas, where Sasol Mining has converted mining rights in respect of the Sasolburg area in terms of the MPRDA. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average Average ​ ​ Heat ​ ​ ​ ​ ​ Inherent ​ Superficial ​ ​ ​ ​ ​ Value ​ ​ ​ ​ ​ ​ Moisture ​ Moisture ​ ​ ​ Steam/ ​ (air dry) ​ Sulphur ​ ​ Wet/dry ​ Content ​ Content ​ Assigned/ ​ metallurgical ​ basis ​ (air dry Reserve area ​ tons ​ (%) ​ (%) ​ unassigned ​ coal ​ MJ/kg ​ basis) Sigma: Mooikraal Wet 3,8 n/a Assigned Steam 19,8 0,6 ​ ​ 55 Table of Contents Table 6. Coal qualities, on an as received basis, in respective coal reserve areas, where Sasol Mining has converted mining rights in the Sasolburg area in terms of the MPRDA. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average Average ​ ​ Heat ​ ​ ​ ​ ​ Inherent ​ Superficial ​ ​ ​ ​ ​ Value ​ ​ ​ ​ ​ ​ Moisture ​ Moisture ​ ​ ​ Steam/ ​ (as received) ​ Sulphur ​ ​ Wet/dry ​ Content ​ Content ​ Assigned/ ​ metallurgical ​ basis ​ (as received Reserve area ​ tons ​ (%) ​ (%) ​ unassigned ​ coal ​ MJ/kg ​ basis) Sigma: Mooikraal Wet 3,8 4,0 Assigned Steam 19,0 0,5 ​ ​ Table 7. Coal resource estimations (1) as at 31 March 2025, in the Secunda area where we have converted mining rights (signed on 29 March 2010) in terms of the MPRDA. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Heat Average ​ ​ ​ ​ ​ ​ ​ ​ Value ​ Inherent ​ ​ ​ Volatile ​ ​ ​ ​ Gross in situ ​ (air dry) ​ Moisture ​ Sulphur ​ Matter ​ ​ Resource ​ Coal Resources ​ basis ​ Content ​ (air dry basis) ​ (air dry basis Reserve block ​ classifications ​ (mt) ​ MJ/kg ​ % ​ % ​ % Shondoni Colliery C2 ​ Indicated ​ 61 ​ 17,7 ​ 3,4 ​ 1,3 ​ 22,8 Impumelelo C2 ​ Indicated ​ 383 ​ 20,5 ​ 3,3 ​ 0,8 ​ 20,5 ​ ​ ​ ​ Criteria for proved and probable Over and above the definitions for coal reserves, probable coal reserves and proved coal reserves, set forth in Regulation S-K subpart 1300, promulgated by the SEC, we consider the following criteria to be pertinent to the classification of the reserves: Probable reserves are those reserve areas where the drill hole spacing is sufficiently close in the context of the deposit under consideration, where conceptual mine design can be applied, and for which all the legal and environmental aspects have been considered. Probable reserves can be estimated with a lower level of confidence than proved coal reserves. Currently this classification results in variable drill spacing depending on the complexity of the area being considered and is generally less than 500 m, although in some areas it may extend to 800 m. The influence of increased drilling in these areas should not materially change the underlying geostatistics of the area on the critical parameters such as seam floor, seam thickness, ash and volatile content. Proved reserves are those reserves for which the drill hole spacing is generally less than 350 m, for which a complete mine design has been applied which includes layouts and schedules resulting in a full financial estimation of the reserve. Legal rights on coalfields Sasol Mining is the holder of various prospecting and mining rights for coal in Mpumalanga and one mining right in the Free State. These prospecting and mining rights are granted by the state acting as custodian of South Africa’s mineral and petroleum resources in accordance with the provisions of MPRDA as amended. In respect of Mpumalanga, Sasol Mining holds three mining rights for coal situated within the Bethal, Secunda, Highveld Ridge, Balfour and Standerton magisterial districts with DMPR reference numbers MP 30/5/1/2/2/138 MR, MP30/5/1/2/2/10096 MR and MP30/5/1/2/2/10125 MR respectively. The current mining rights are still valid for periods between 12 and 15 years and may be renewed upon application to the DMPR for further periods each of which may not exceed 30 years at a time, allowing Sasol Mining to provide a continuous and steady coal supply to Secunda Operations, which beneficiates the coal into higher value and in most cases, end-line products. The bulk of Sasol Mining’s operations in Secunda falls within the Secunda Complex 138 MR mining right, which was converted from old order mining licences. The 138 MR mining right has since its conversion to a new order mining right been amended to include various properties held under prospecting and mining rights which were either applied for and granted by the 56 Table of Contents DMPR or were acquired from third parties and ceded to Sasol Mining. The 10096 MR mining right which Sasol Mining refers to as its Block IV mining right was granted in 2017 and the 10125 MR mining right referred to as Alexander was granted by the DMPR in 2018 and ceded to Sasol Mining during the same year. Gas Our natural oil and gas operations are managed by our regional operations and asset services as part of the Gas segment. As of 30 June 2025, we held equity in two producing assets with proved reserves in Mozambique. We also have equity in exploration licences in Mozambique and South Africa. In the narrative sections below, unless stated otherwise, all quantitative statements refer to gross figures. The tabular information which follows the narrative provides: ● total gross and net developed and undeveloped acreage of our natural oil and gas assets and exploration licences by geographic area, at 30 June 2025; ● the number of net natural oil and gas wells completed in each of the last three years and the number of wells being drilled, at 30 June 2025; ● capitalised natural oil and gas exploratory well costs at the end of the last three years and information about the continued capitalisation of natural oil and gas exploratory well costs, at 30 June 2025; ● details about the production capacity of our natural oil and gas production facilities and the number of productive natural oil and gas wells, at 30 June 2025; and ● average sales prices and production costs, of natural oil and gas, for the last three years. The financial information in these sections has been prepared in accordance with IFRS in order to ensure consistency between this document and the financial statements. Refer to the “Supplemental Oil and Gas Information” on pages G-1 to G-7 for: ● costs incurred in natural oil and gas property acquisition, exploration and development activities, for the last three years; ● capitalised costs relating to natural oil and gas activities, for the last three years; ● the results of operations for natural oil and gas producing activities, for the last three years; ● natural oil and gas proved reserves and production quantity information, for the last three years; ● standardised measures of discounted future net cash flows relating to natural oil and gas proved reserves, for the last three years; and ● changes in the standardised measures of discounted future net cash flows relating to natural oil and gas proved reserves, for the last three years. The maps on pages M-3 to M-4 show the location of our assets and exploration licences. Mozambique Licence terms Development and production In Mozambique, we have interests in two onshore assets, both are now producing, the PPA with proved developed reserves, and in the case of PSA, proved undeveloped resources with additional facilities being commissioned for beneficial operations. The first producing asset is the Pande-Temane PPA licence (301,1 thousand developed net acres). Our subsidiary Sasol Petroleum Temane Limitada, the operator, holds a 70% working interest in the PPA. The PPA expires in 2034 and carries two possible five-year extensions. There is no requirement to relinquish any acreage until the expiry of the PPA. The second producing asset is the PSA licence (340,8 thousand undeveloped net acres and 43,6 57 Table of Contents thousand developed net acres) where we are currently developing oil and gas reservoirs contained in the Pande, Temane and Inhassoro fields. The PSA commenced production from the Temane G8 reservoir through two wells in May 2024 followed by an additional well in the Inhassoro G6 in March 2025. Our subsidiary, Sasol Petroleum Mozambique Limitada (SPM), the operator, holds a 100% working interest. Under the terms of the current PSA licence, Empresa Nacional de Hidrocarbonetos de Moçambique E.P. (ENH) as the licence holder is entitled to a profit share of production. The PSA field development plan amendment approval for Inhassoro, Temane and Pande was received on 29 September 2020 with a production period of 30 years expiring on 28 September 2050. There is no requirement to relinquish any acreage until the expiry of the individual development areas. Exploration We have interests in one operated onshore licence, PT5-C, and had an interest in one offshore exploration licence, Angoche A5A (non-operated). Block A5-A in the offshore Angoche Area covers an area of 115,7 thousand undeveloped net acres. Our subsidiary, Sasol Mozambique A5-A Limitada (SMA5-A) had a 10% participating interest in the licence. The licence was relinquished on 31 December 2024. The onshore block PT5-C in the Pande-Temane Area originally covered an area 521,0 thousand undeveloped net acres. Our subsidiary, Sasol Mozambique PT5C Limitada holds a 70% working interest, as operator, and ENH holds a 30% interest, carried through the pre-development period. Following the discovery of gas in the Bonito-1 well G9 reservoir, a two-year appraisal plan was submitted to the regulator (INP) and approved in August 2023. The plan included drilling of an appraisal well (Bonito-2), which was drilled in last quarter 2024 and successfully tested in second quarter 2025 calendar years. Upon entry into the second exploration sub-period on 1 January 2024, 20% of the initial acreage (excluding any discovery areas) was relinquished. The second exploration period carried a minimum commitment of an exploration well which was drilled in third quarter of 2024 calendar year (Albacora-1). The well was plugged and abandoned as a dry hole. A discretionary exploration well (Baobab-1) was drilled in last quarter calendar year 2024 and natural gas was discovered at the G8 reservoir level; the well was carried forward to fulfil the one well drilling commitment for the third exploration sub-period. A two-year appraisal plan was submitted in December 2024. The appraisal plan is still under negotiation with the INP. The second exploration sub-period ended on 31 December 2024. Upon entry into the third exploration sub-period on 1 January 2025, a further 20% of the initial acreage (excluding any discovery areas) was relinquished. The current licence area is 369,2 thousand undeveloped net acres following the 40% relinquishment to date. The impairment of PT5-C at 30 June 2025 was primarily driven by a decision to pause appraisal and further development activities associated with the asset and explore further opportunities to unlock value. A final investment decision has not been taken on this license. Activities Development and production In the PPA licence, at 30 June 2025, well stock was 26 wells. One well (Pande 19) was plugged and abandoned, and two wells (Temane 31 and Temane 32) commenced production. The Infield Compression project, one of the PPA projects being implemented has reached Final Investment Decision (FID) and obtained Field Development Plan (FDP) amendment approval, resulting in an incremental addition of approximately 30 billion cubic feet to the undeveloped reserves. These volumes are expected to be converted to developed reserves by the end of calendar year 2026. Under the PSA, following approval of the field development plan amendment in September 2020 and final investment decision in February 2021, work to deliver the field development scope (oil and gas wells and gathering system and integrated gas, oil and LPG processing facilities) commenced. The 3-D seismic data acquisition and processing over the Pande and Inhassoro fields was concluded in 2022. Drilling and workover activities commenced on 7 August 2021 using the rig contracted for an integrated drilling campaign, servicing the PPA, PT5-C and PSA licences. Two Temane wells commenced production in May 2024 and one Inhassoro well commenced production in March 2025 through the Initial Gas Facilities (IGF) that achieved beneficial operation in November 2023. The integrated gas, oil and LPG processing facilities (IPF) reached “ready for commissioning” status in June 2025 and are on track to achieve beneficial operation during the last quarter of calendar year 2025. The project costs are trending within the approved US$760 million, with total field development spend as at 30 June 2025 amounting to US$657,8 million. 58 Table of Contents Capitalised exploratory well costs At 30 June 2025, there were no exploratory well costs capitalised. Facilities and productive wells Natural gas and condensate are produced from the Pande-Temane PPA and PSA asset facilities, at the Central Processing Facility (CPF) and IGF on a site of approximately 400 000 square metres, located some 700 km north of Maputo, the capital of Mozambique. Production from the Temane and Pande fields is routed from production wells via infield flowlines and pipelines to the CPF and IGF respectively. The design capacity of the CPF and IGF is 491 million and 80 million standard cubic feet per day (MMScf/D) respectively of sales gas together with small amounts of associated condensate. At 30 June 2025, there were 26 productive wells in the Pande-Temane PPA asset. At 30 June 2025, there were three productive wells in the PSA asset. Delivery commitments Gas produced from the Pande-Temane PPA asset, other than royalty gas provided to the Mozambican government, is supplied in accordance with long-term gas sales agreements (GSAs). The gas produced in accordance with GSA1, signed on 27 December 2002 and amended on 3 May 2022 (30-year contract term from 1 April 2004), and GSA2, signed on 10 December 2008 (20-year contract term from 1 January 2010), is sold by the PPA asset for use as part of the feedstock for our chemical and synthetic fuel operations and to the external market in South Africa, with a daily contract quantity equivalent to 118,8 PJ/a (107,76 bscf/a) and 27 PJ/a (24,49 bscf/a) for GSA1 and GSA2 respectively. There are four off-takers under the GSA3, which are 20-year contracts that supply gas to the Mozambique market. These satisfy a licence condition that a portion of gas produced is utilised in-country. The contracts are with Matola Gas Company S.A from 1 July 2014 for 8 PJ/a (7,26 bscf/a), ENH Kogas (ENH) from 1 March 2013 for 6 PJ/a (5,44 bscf/a), Central Termica de Ressano Garcia S.A. from end February 2015 for 11 PJ/a (9,98 bscf/a) and ENH effective from 1 June 2015 for 2PJ/a (1,81 bscf/a). Production from PPA proved reserves started declining in calendar 2024, when it was no longer possible to fully supply gas at historically contracted rates. PPA condensate is currently sold to Petróleos de Moçambique, S.A., which transports the condensate by truck from the CPF for export. The contract terminates on 30 June 2026. For the PSA, a GSA is in place between SPM and ENH as joint sellers and Electricidade de Moçambique (EDM) as the buyer, signed on 31 May 2021. The buyer entered into a tolling arrangement for a gas-to-power project with an installed capacity of approximately 450 MW which is being constructed on a site at Temane. The Central Termica de Temane (CTT) project will require 23 PJ/a natural gas for a 25-year period. Gas supplied to CTT will be via the IPF when it comes online. The IPF is expected to achieve beneficial operations in the last quarter of calendar year 2025. The CTT project was originally anticipated to be completed ahead of the IPF but it has been subject to numerous delays due to poor weather conditions and most recently post-election civil unrest. Currently construction on the CTT project has been halted and is anticipated to resume during the third quarter of the calendar year 2025 while the associated power transmission network is complete and operative. Current gas reserves for the PSA are limited to volumes needed to supply CTT up to March 2034. The IPF will also enable the production of LPG and light oil and condensate (LOC). An estimated 30 000 tonnes/a of LPG will be produced from the PSA IPF. In this regard, a LPG sales agreement was concluded between SPM, as the seller and ENH, as the buyer, dated 31 May 2021. LOC produced from the IPF will be sold to ENH, as the Government of Mozambique’s appointed buyer, but this is not currently being regarded as a reserve pending the finalisation of commercial agreements. GSA4 in place between SPM and ENH as joint sellers and SSA as the buyer, signed on 29 June 2021, and novated to Sasol Gas effective from 1 July 2024, allows for the delivery of excess gas beyond the CTT commitment up to a maximum of 33 PJ/a, over the 25-year licence term of the PSA, and capped at a total contract quantity of 292 bscf (323 PJ). Due to the delays to CTT, GSA4 gas is currently being produced through the IGF and is anticipated to continue through the IPF once the IPF reaches beneficial operations. These volumes are not currently being regarded as reserves. 59 Table of Contents Proved reserves (all quantities are net to Sasol) Our Mozambique proved reserves are contained in the Pande-Temane PPA and PSA assets. These represent the net economic interest volumes that are attributable to Sasol after the deduction of petroleum production tax taken in kind. The primary sales product is natural gas, with minor amounts of associated liquid hydrocarbons. Changes to proved reserves For the PPA, there was a decrease in proved gas reserves from 449,0 to 440,6 billion cubic feet for fiscal year 2025 due to production, offset by improved recovery relating to the maturity of the Infield Compression Project and revisions to gas initially in place and recovery from infill wells. For the PSA, there was a decrease in proved gas reserves from 177,0 to 141,5 billion cubic feet primarily due to the delayed CTT startup against a fixed commercial cut off aligned with end of PPA License in 2034. Up to March 2034, the PSA relies on services provided from the PPA CPF. The method for providing these services after that date is currently under consideration. Changes to proved developed reserves Proved developed gas reserves in the PPA decreased by 26,8 billion cubic feet to 396, 9 billion cubic feet as a consequence of production, offset by revision of Pande G6 gas initially in place and proved undeveloped reserves associated with two of the Tranche 3 infill wells being converted to developed reserves. Proved developed gas reserves for the PSA associated with early excess gas have been exhausted through production. Additional volumes of excess gas are not yet considered as reserves. Proved undeveloped reserves converted to proved developed reserves 9,1 billion cubic feet in the PPA have been converted from undeveloped reserves to developed reserves during 2025. For the PSA, no proved undeveloped reserves were converted to proved developed. Changes to proved undeveloped reserves Proved undeveloped gas reserves in the PSA decreased by 29,3 billion cubic feet to 141,5 billion cubic feet as a consequence of the delay to CTT start-up. Proved undeveloped gas reserves in the PPA increased by 18,4 billion cubic feet to 43,7 billion cubic feet as a consequence of a project maturing to undeveloped reserves offset by another project converted from undeveloped reserves to developed reserves. Proved undeveloped reserves remaining undeveloped The PPA asset proved undeveloped reserves are estimated to be 43,7 billion cubic feet. It is anticipated that this will be converted to developed reserves during the calendar year 2026. The PSA asset has 141,5 billion cubic feet of undeveloped reserves associated with the CTT project. Sasol’s facilities (such as IPF) are expected to be fully developed by December 2025 but the completion of the customer’s facilities is delayed. There remains a high degree of confidence that the corresponding market of customer’s facilities will be accessed in the future. South Africa Licence terms In South Africa, we have an interest in one exploration licence. Our subsidiary Sasol Africa (Pty) Ltd holds a 100% working interest (13 758,1 thousand undeveloped net acres) in the ER236 licence, offshore in the Durban Basin. Eni South Africa BV (Eni)’s equity and operatorship were transferred to Sasol following a decision by Eni not to enter the third exploration period. A decision is pending from the Petroleum Agency of South Africa on Sasol’s application to enter the third exploration period. A decision to enter the third exploration sub-period will be subject to the outcome of the judicial review on the environmental authorisation. 60 Table of Contents Activities Exploration No exploration activities were conducted during the financial year ended 30 June 2025 in the ER236 licence due to the currently ongoing judicial review of the ER236 environmental authorisation granted by Department of Forestry, Fisheries and the Environment. Capitalised exploratory well costs At 30 June 2025 there were no exploratory well costs capitalised in South Africa. Tabular natural oil and gas information Developed and undeveloped acreage The table below provides total gross and net developed and undeveloped acreage, in thousands, for our natural oil and gas assets by geographic area at 30 June 2025. ​ ​ ​ ​ ​ ​ ​ Natural oil and gas ​ ​ ​ ​ ​ ​ acreage concentrations ​ South ​ at 30 June 2025(1) Mozambique(2) Africa Total Developed acreage ​ ​ ​ ​ ​ ​ Gross 473,7 ​ — 473,7 Net 344,7 ​ — 344,7 Undeveloped acreage ​ ​ ​ ​ ​ ​ Gross 868,2 ​ 13 758,1 14 626,3 Net 710,0 ​ 13 758,1 14 468,1 (1) The table does not include acreage information (neither net nor gross) pertaining to: licences from which Sasol is in a formal process of withdrawing; licence areas proposed for relinquishment owing to local regulations; or new blocks Sasol is in a process of acquiring. See the map on page M-3 to M-4 for a representation of the affected areas. (2) Certain licences in Mozambique overlap as they relate to specific stratigraphic horizons. Drilling activities The table below provides the number of net wells completed in each of the last three years and the number of wells being drilled or temporarily suspended at 30 June 2025. ​ ​ ​ ​ Number of wells drilled for the ​ year ended 30 June Mozambique 2023 ​ ​ Net exploratory wells—dry(1) ​ 0,8 Net exploratory wells—productive(1) ​ 0,7 Net development wells—productive(1) ​ 3,7 Net stratigraphic test wells—exploratory type(1) ​ 1,0 As at 30 June 2023 ​ ​ Wells being drilled—gross(3) ​ 1,0 Wells being drilled—net(3) ​ 0,7 2024 ​ ​ Net development wells—productive(1) 6,0 Net stratigraphic test wells—exploratory type(2) 1,0 As at 30 June 2024 ​ ​ Wells being drilled—gross(3) ​ 2,0 Wells being drilled—net(3) ​ 1,7 2025 ​ ​ Net exploratory wells—dry(1) ​ 1,0 Net exploratory wells—productive(1) ​ 1,0 Net extension wells(4)—productive(1) ​ 1,0 Net extension wells(4)—dry ​ — Net development wells—productive(1) ​ 2,4 Net development wells—dry(1) ​ — Net stratigraphic test wells—exploratory type(2) ​ — Net stratigraphic test wells—development type(2) — As at 30 June 2025 ​ ​ Wells being drilled—gross(3) — Wells being drilled—net(3) — (1) A productive well is an exploratory, extension or development well that is not a dry well. A dry well is an exploratory, extension or development well that proves to be incapable of producing either oil or natural gas in sufficient quantities to justify completion. (2) A stratigraphic test well is drilled to obtain information pertaining to a specific geological condition and is customarily drilled without the intent of being completed. Stratigraphic test wells are ‘exploratory type’ if not drilled in a known area or ‘development type’ if drilled in a known area. (3) The number of wells being drilled includes wells that have been drilled but have not yet been mechanically completed to enable production. Wells which are awaiting only surface connection to a production facility are considered to be completed. (4) An extension well is a well drilled to extend the limits of a known reservoir. Capitalised exploratory well costs The table below provides details about natural oil and gas capitalised exploratory well costs at the end of the last three years, showing additions and costs charged to expense. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 2023 ​ ​ (Rand in millions) ​ Capitalised Exploratory Well Costs ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ 506,5 ​ 510,5 50,0 Additions for the year - Costs incurred(1) ​ — ​ 50,1 460,5 Charged to expense for the year ​ (506,5) ​ (54,1) — Balance at end of year ​ — ​ 506,5 510,5 ​ ​ ​ ​ ​ Capitalised Exploratory Well costs ​ ​ ​ Ageing at 30 June 2025 Mozambique ​ ​ (Rand in millions) ​ less than 1 year ​ — ​ Number of projects ​ — (1)​ (1) Including actualisation of exploratory well cost written off in the previous years and excluding impact of Asset retirement obligation adjustments. 61 Table of Contents Oil and gas production facilities and productive wells We operate production facilities in Mozambique. The table below provides the production capacity at 30 June 2025. ​ ​ ​ ​ ​ ​ Plant Description Location Design Capacity Central Processing Facility Pande-Temane PPA, Mozambique 491 MMscf/day gas Initial Gas Facility ​ Pande-Temane PSA, Mozambique ​ 80 MMscf/day gas ​ The table below provides the number of productive gas wells at 30 June 2025. A productive well is a producing well or a well that is mechanically capable of production. ​ ​ ​ ​ Number of productive ​ wells 30 June 2025 ​ Mozambique Productive gas wells ​ ​ Gross 29,0 Net 21,2 ​ Sales prices and production costs The table below summarises the average sales prices for natural gas and petroleum liquids produced and the average production cost, not including ad valorem and severance taxes, per unit of production for each of the last three years. ​ ​ ​ ​ Average sale prices and production costs ​ for the year ended 30 June ​ Mozambique(3) ​ ​ (Rand per unit) 2023 ​ ​ Average sales prices ​ ​ Natural gas, per thousand standard cubic feet 56,6 Natural liquids, per barrel 970,7 Average production cost(1) ​ ​ Natural gas, per thousand standard cubic feet 9,5 2024 ​ ​ Average sales prices ​ ​ Natural gas, per thousand standard cubic feet 53,0 Natural liquids, per barrel 947,2 Average production cost(1) ​ ​ Natural gas, per thousand standard cubic feet 10,1 2025 ​ ​ Average sales prices ​ ​ Natural gas, per thousand standard cubic feet ​ 58,8 Natural liquids, per barrel(2) ​ 607,9 Average production cost(1) ​ ​ Natural gas, per thousand standard cubic feet ​ 9,4 (1) Average production costs per unit of production are calculated according to the primary sales product. Cost excludes, capital, depreciation, exploration and rehabilitation costs. (2) Significant decrease due to the decline in the brent crude oil price during 2025. (3) Production and corresponding sales commenced by the PSA after Beneficial Operation of the Initial Gas Facility on 7 May 2024. The Mozambique average sales and production cost is calculated on a weighted average volume and cost basis. Transportation capacity The table below provides details of the transportation capacity and location available to our Gas segment. ​ ​ ​ ​ ​ ​ ​ ​ Design Plant description Location capacity(1) Gauteng transmission network Gauteng 128 bscf/a ROMPCO Pipeline From Central Processing Facility (Mozambique) to Pressure Protection Station (Secunda) (865km)—From Mozambique to Secunda and Sasolburg 191 bscf/a Secunda, Witbank and Middelburg pipeline South Africa 11 bscf/a Transnet Pipeline transmission pipeline South Africa 23 bscf/a (1) Nameplate capacity represents the total saleable production capacity. Due to the integrated nature of these facilities, the requirement for regular statutory maintenance shutdowns and market conditions, actual saleable volumes will be less than the nameplate capacity. Fuels—Plants and facilities Our facilities in South Africa Our main manufacturing facilities are located at Secunda. Additionally, the Natref refinery, which is approximately 2 km2, is based in Sasolburg. Our interests in facilities in Qatar ORYX GTL is a gas-to-liquids plant which is approximately 1.4 km2, located at Ras Laffan Industrial City, situated along the northeast coast of Qatar. The following table provides details of the production capacity and location of the main jointly held plants where our Fuels segment has an interest. ​ ​ ​ ​ ​ ​ Plant description Location Design capacity(1) ORYX GTL Ras Laffan Industrial City in Qatar 32 400 bpd (nominal) Natref Sasolburg, South Africa 108 000 bpd (nominal) (1) Nameplate capacity represents the total saleable production capacity. Due to the integrated nature of these facilities, the requirement for regular statutory maintenance shutdowns and market conditions, actual saleable volumes will be less than the nameplate capacity. 62 Table of Contents Secunda Operations Synthetic oil Refer to “Item 4.D—Property, plants and equipment—Mining” for details on our mining properties and coal exploration techniques used during the estimation of synthetic oil reserves. The size of Sasol’s total Secunda property is approximately 79 km2 with operating plants accounting for 8 km2. This forms the base for the main manufacturing facilities for our Energy and Chemicals Africa businesses. The following table sets forth a summary of the synthetic oil equivalent average sales price and related production costs for the year shown. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 2024 2023 Average sales price per barrel (rand per unit) 1 363,84 1 587,98 1 599,23 Average production cost per barrel (rand per unit) 1 275,69 1 070,21 1 050,50 Production (millions of barrels) 28,9 32,5 32,5 ​ Supplemental oil and gas information Supplemental oil and gas information: See “Item 18—Financial Statements—Supplemental Oil and Gas Information” for supplemental information relating to synthetic oil producing activities. Chemicals Africa – Plants and facilities Our facilities in South Africa Our main manufacturing facilities are located in Secunda and Sasolburg. Within the Secunda property, a portion of the explosives assets are owned and operated by Enaex in association with Sasol since 1 July 2020. The size of the Sasolburg property is approximately 51 km2. International Chemicals – Plants and facilities Our facilities in the United States Our operation in Lake Charles, Louisiana is our single biggest site in the US with a full size of approximately 6 km2. Within the Lake Charles site, the ethylene cracker on the west side, the linear low-density polyethylene and the low-density polyethylene plants are owned and operated by our 50% owned LIP JV. Further operation sites in the United States are located in Winnie and Greens Bayou in Texas, and Tucson, Arizona. Sasol decided to exit the US phenolics business in March 2025 as part of our ongoing asset optimisation initiative aimed at improving margins and longer-term competitiveness of the International Chemicals business. Shutdown and decommissioning activities of the Greens Bayou and Winnie sites in Texas are in progress, as planned. Refer to “Item 3.D—Risk factors” and “Item 5.B—Liquidity and capital resources” for further detail on the Lake Charles facilities. Our facilities in Eurasia Our German operations are based at two locations, namely Brunsbüttel (site size approximately 1,2 million m2; plant size 500 000 m2) and Marl (site size approximately 160 000 m2; plant size 75 000 m2). The operations in Italy are based at three locations. The primary facilities are at Augusta (site size approximately 1,36 million m2; plant size 510 000 m2) on the island of Sicily and Terranova (site size approximately 330 000 m2; plant size 160 000 m2), with a smaller site at Sarroch on the island of Sardinia. The operations in China are based at two locations in Nanjing (Fangshui site size approximately 90 000 m2; plant size 4 000 m2; Zhaoqiaohe site size approximately 143 000 m2; plant size 3 600 m2). Smaller operations can be found at the site Novaky in Slovakia. The following table summarises the main production nameplate capacities of the chemicals business globally. Due to the integrated nature of these facilities, a portion of these products are used in further downstream facilities. Nameplate capacity represents the total saleable production capacity. Due to the integrated nature of these facilities, the requirement for regular statutory maintenance shutdowns and market conditions, actual saleable volumes will be less than the nameplate capacity. ​ ​ ​ ​ 63 Table of Contents Production capacity at 30 June 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product Groups capacity(1) C2-3 Olefins(2) C5-8 Alpha Olefins Polyolefins (3) LAB (4) and Paraffin (5) C1-5 Alcohols, Ketones and Acrylates C6+ Alcohols (6) Surfactants EO and Derivatives (7) Wax Other Others Description Geographic Location Main Product Divisions (8) BC BC BC DC DC DC DC DC, BC DC All All ​ ​ ​ (ktpa) ​ Americas 1,200 100 500 300 ​ 300 300 300 ​ 100 ​ ​ Lake Charles X X X X ​ X X X ​ X Inorganics (9) ​ Winnie/ Greens Bayou ​ ​ ​ ​ ​ ​ ​ ​ ​ X Aromatics (10) ​ Tucson ​ ​ ​ ​ ​ ​ ​ ​ ​ X Inorganics Eurasia ​ ​ ​ 300 ​ 400 700 300 ​ 100 ​ ​ Germany Marl ​ ​ ​ ​ ​ X X X ​ X Aromatics ​ ​ Brunsbüttel ​ ​ ​ ​ ​ X ​ ​ ​ X Inorganics ​ Italy Augusta ​ ​ ​ X ​ X ​ ​ ​ ​ ​ ​ ​ Sarroch ​ ​ ​ X ​ ​ ​ ​ ​ ​ ​ ​ ​ Terranova ​ ​ ​ ​ ​ ​ X ​ ​ ​ ​ ​ Slovakia Novakv ​ ​ ​ ​ ​ ​ X ​ ​ ​ ​ ​ China Nanjing ​ ​ ​ ​ ​ ​ X ​ ​ ​ ​ Africa 1,600 400 1,200 ​ 1,000 100 ​ ​ 300 900 (11)​ ​ Secunda X X X ​ X X ​ ​ ​ X Ammonia, Carbon ​ Sasolburg X ​ X ​ X ​ ​ ​ X X Ammonia, Aromatics ​ Durban ​ ​ ​ ​ ​ ​ ​ ​ X ​ ​ (1) Within the individual product groupings, capacities are consolidated. Capacities are rounded to the nearest 100kt. “X” indicates that the location produces the specific product grouping. (2) Ethylene and propylene: Predominately used for internal production of derivatives. In the Americas, this represents our historic ethylene cracker plus Sasol’s 50% of our LIP JV cracker. (3) Polyethylene, polypropylene and polyvinyl chloride. In the US, this represents Sasol’s 50% share in the LIP JV. (4) Linear alkylbenzene (LAB) in Eurasia partly used to produce surfactants internally. (5) Paraffins mainly consumed for LAB production. (6) C6+ alcohols partly used for production of surfactants. (7) Ethylene Oxide (EO) and derivatives such as Butyl Glycol Ether (BGE), mono ethylene glycol and Amines. Ethylene Oxide predominantly used to produce surfactants. (8) Product divisions are Base and Differentiated Chemicals. Business divisions are split between the two product divisions with Base Chemicals falling in Base Chemicals division and Technical Formulation, Care Chemicals and Advance Materials falling in Differentiated Chemicals product division. (9) Inorganics in Europe and the US mainly as a co-product from the Alcohol-Ziegler process, part of our Differentiated Chemicals product division. (10) Aromatics: further processing of Secunda value chain products in Sasolburg and the US: phenol, cresylics and derivatives. Total global integrated Aromatics capacity is 100kt. (11) Predominantly ammonia. (12) As part of our ongoing asset optimisation initiative aimed at improving margins and longer-term competitiveness of the International Chemicals business, Sasol made the decision to shut down our US phenolics business in Texas and mothball the US Guerbet plant in Lake Charles, the German alkylphenol site in Marl as well as the Italy hydrofluoric acid (HF) technology LAB plant in Augusta. Shutdown/mothballing activities are tracking per plan. ​ ​ ​ ​ 64 Table of Contents