Pan African Resources Presentations & Investor Relations material

Pan African and its subsidiaries are a South African based gold mining group which produces in excess of 200,000oz of gold per annum. The group also produces 10,000oz of PGM's and approximately 400,000t of saleable coal annually. The Company's strategic focus is on the exploitation of high grade ore-bodies that yield high margins with a relatively low cost base. Pan African has successfully grown profitable precious metal production in recent years via organic and acquisitive growth. Pan African's gold mining operations produce gold from underground operations and from surface tailings. Apart from one short dated hedge, the group is unhedged. The group is one of the lowest cash cost producers of gold and PGM's in Southern Africa. It has a strong balance sheet and also has a long track record of providing a cash return to shareholders through an attractive annual dividend.