#1INVESTOR PRESENTATION PROFITABLE PAN AFRICAN RESOURCES 31st Global Metals & Mining Conference February 27 March 2, 2022 SUSTAINABLE STAKEHOLDERS GROWTH Cobus Loots, CEO BMOM#2DISCLAIMER The name 'Presenter' refers to Pan African Resources PLC and its advisors, subsidiaries or affiliated companies. This presentation has not been filed, lodged, registered or approved in any jurisdiction and recipients of this document should keep themselves informed of and comply with and observe all applicable legal and regulatory requirements. Statements or assumptions in this presentation as to future matters may prove to be incorrect. The Presenter makes no representation or warranty as to the accuracy of such statements or assumptions. Circumstances may change and the contents of this presentation may become outdated as a result, and the Presenter has no obligation to update the presentation or correct any inaccuracies or omissions in this presentation. 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In terms of the FMA it is a criminal offence for a person who knows that he or she has inside information to: • deal directly or indirectly or through an agent for his or her own account, or for the account of another person, in listed securities to which the inside information relates; . disclose the inside information to another other than in the proper course of a person's employment, profession or duties; and encourage or cause another person to deal or discourage or stop another person from dealing in the listed securities to which the inside information relates. The Presenter shall not have any liability for any loss suffered due to reliance being placed on this presentation the information contained herein or the oral presentations referred to. This presentation is for informational purposes only and is not intended to provide legal, tax, financial, investment or other advice. You must make your own examination of the tax, legal, financial and other consequences of this proposal and you should not treat the contents of this presentation as advice in relation to any such matters. If you are in any doubt as to what action you should take, you are recommended to seek your own advice from your stockbroker, bank manager, solicitor, accountant, fund manager or other appropriate independent financial adviser duly authorised under the Financial Services and Markets Act 2000 and who is qualified and experienced to advise on such matters if you are in the UK, or from another appropriately authorised independent financial adviser if you are in a territory outside the UK. • Furthermore, the information contained in this presentation may also qualify as "inside information" as defined in the Market Abuse Regulation ("MAR"). It is a breach of MAR where a person possesses inside information and: uses that information by acquiring or disposing of, for its own account or for the account of a third party, directly or indirectly, financial instruments to which that information relates; or discloses that information to any other person, except where the disclosure is made in the normal exercise of an employment, a profession or duties. This presentation is for information purposes only and does not constitute an offer or invitation to subscribe for or purchase any securities, and neither this presentation nor anything contained therein nor the fact of its distribution shall form the basis or be relied on in connection with or act as any inducement to enter into any contract or commitment whatsoever. Some or all of the information contained in these slides and this presentation (and any other information which may be provided) may be inside information relating to the securities of the Presenter within the meaning of the Criminal Justice Act 1993 and the Market Abuse Regulation (EU/596/2014) ("MAR"). Recipients of this information shall not disclose any of this information to another person or use this information or any other information to deal, or to recommend or induce another person to deal in the securities of the Presenter (or attempt to do so). Recipients of this information shall ensure that they comply or any person to whom they disclose any of this information complies with this paragraph and also with MAR. The term "deal" is to be construed in accordance with the Criminal Justice Act 1993 and with MAR. Recipients of these slides and the presentation should not therefore deal in any way in ordinary shares in the capital of the Presenter ("Ordinary Shares") until the date of a formal announcement by the Presenter in connection with the preliminary results of the Presenter for the six months ended 31 December 2021. Dealing in Ordinary Shares in advance of this date may result in civil and/or criminal liability. 2#3FORWARD LOOKING STATEMENTS Statements in this presentation that address exploration activities, mining potential and future plans and objectives of Pan African Resources are forward-looking statements and forward-looking information that involve various risks, assumptions and uncertainties and are not statements of fact. The directors and management of Pan African Resources believe that the expectations expressed in such forward-looking statements or forward-looking information are based on reasonable assumptions, expectations, estimates and projections. However, these statements should not be construed as being guarantees or warranties (whether expressed or implied) of future performance. There can be no assurance that such statements will prove to be accurate and actual values, results and future events could differ materially from those anticipated in these statements. Important factors that could cause actual results to differ materially from statements expressed in this presentation include among others, the actual results of exploration activities, technical analysis, the lack of availability to Pan African Resources of necessary capital on acceptable terms, general economic, business and financial market conditions, political risks, industry trends, competition, changes in government regulations, delays in obtaining governmental approvals, interest rate fluctuations, currency fluctuations, changes in business strategy or development plans and other risks. Although Pan African Resources has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. Pan African Resources is not obliged to publicly update any forward-looking statements included in this presentation, or revise any changes in events, conditions or circumstances on which any such statements are based, occurring after the publication date of this presentation, other than as required by regulation. 3#4OVERVIEW OF PRESENTATION Health and safety H1 FY 2022: Highlights Overview of our operations Operating successfully in South Africa Further reducing Group AISC ESG: Our "Beyond compliance" approach H1 FY 2022 financials: Net debt to equity and record dividends Near term organic growth: Evander underground and Royal Sheba Tailings retreatment acquisitions: Further growth opportunities FY2022 : Delivery on track Appendix 4#5HEALTH AND SAFETY LO#6HEALTH AND SAFETY COVID-19 IMPACT AND MITIGATION Pan African COVID-19 dashboard as at 31 January 2022 SAFETY PERFORMANCE HEALTH AND SAFETY Positive % % Active Deceased Hospital Vaccination Recovery 6 5 4,62 4,05 Group 454 1 4 0 81 99 4 3,60 3 2,68 1,77 2 1,69 1,64 0,85 0.98 | 0,62 0,53 0,65 0,28 0 2017 2018 2019 2020* 2021* ■LTIFR RIFR ■Industry LTIFR * 2020 & 2021 Industry rates not available yet Continuing our industry leading safety performance Ongoing safety initiatives and interventions in pursuit of a zero-harm working environment • Overall reduction in all reportable accident rates for the Group Commendable performance at Evander Mines - achieved RIFR of 0.00 for the 6 month period Our employees and contractors • Group vaccination rate : 81% at 31 January 2022 (national vaccination rate -46%) Mitigation measures and response plans in place . . . • Standard operating procedures and protocols regularly updated and enforced - resulting in a relatively low infection rate • On-site vaccination facilities available to employees Extensive and ongoing education and awareness campaigns, provision of PPE and health supplements • Support provided to employees that test positive . • . • Barberton Mines reduced it's RIFR by 70.0% to 0.20 (H1 FY21: 0.67) Fatality-free shifts achieved ⚫ 1 million fatality free shifts at Barberton's Fairview Mine in Jan 2022 • 2 million fatality free shifts at Barberton's Sheba Mine during Nov 2021 • 2 million fatality free shifts at Evander Mines during May 2021 6#7H1 FY2022 – HIGHLIGHTS - 7#8GROUP KEY PERFORMANCE HIGHLIGHTS vs H1 - FY2021 EXCELLENT OPERATIONAL AND FINANCIAL PERFORMANCE PRODUCTION PERFORMANCE • Group gold production 9.9% to 108,0850z • Evander Mines u/g production ↑116.6% to 27,312oz • Production guidance increased to approximately 200,0000z for FY2022 • Significant increase in Evander Mines LOM COST PERFORMANCE • Group AISC - 6.3% to US$ 1,173/oz (13.4% to ZAR567,023/kg) . • • • Evander Mines u/g AISC (H1 FY22) - 60.5% to US$ 983/oz 80% of Group production (Elikhulu, BTRP, Evander u/g and Fairview Mines u/g) at an AISC of US$ 1,034/oz Target AISC for FY2022 < US$ 1,200/oz* *Assuming an exchange rate of US$/ZAR:15:50 H1 - FY2022 - HIGHLIGHTS 8#9GROUP KEY PERFORMANCE HIGHLIGHTS VS H1 - FY2021 EXCELLENT OPERATIONAL AND FINANCIAL PERFORMANCE [0] FINANCIAL PERFORMANCE . Revenue 5.3% to US$193.6m • Net cash generated by operating activities ↑ 54.4% to US$43.4m • Profit after tax 13% to US$46.1m • Net debt 56.7% to US$28.2m EPS 13.3% to US 2.39 cents per share H1 - FY2022 - HIGHLIGHTS • ESG Evander Mines' 9.975MW solar plant construction - commissioning in March 2022, feasibility study commenced on 12MW extension Barberton Mines: 8MW solar feasibility study completed - environmental permitting and detailed engineering design work progressing according to plan Evander u/g water treatment plant: construction commenced - to replace use of potable water • Barberton Blueberry farming project commissioned – first harvest expected during May 2022 - • Biodiversity and nature conservation projects being supported at Barberton World Heritage site 9#10OVERVIEW OF OUR OPERATIONS 10#11OVERVIEW OF OUR OPERATIONS OVERVIEW OF OUR OPERATIONS OPERATING SUCCESSFULLY IN SOUTH AFRICA ELECTRICITY AND TECHNICAL SUPPORT ⚫ DMRE lifted private generation licensing threshold . • to 100MW, which will supplement existing capacity, stabilise power supply and reduce costs Increased scope for Group renewable energy projects now possible Group can have 30MW of installed solar capacity in the next 24 months Access to utilities, infrastructure and technical support • • MINING TENURE AND REGULATORY FRAMEWORK Renewal of Barberton Mines' mining rights granted for 30 years to 2051 • Evander Mines' mining rights valid until 2038 Regular audits and inspections from authorities on compliance and reporting procedures • Well established legal and taxation regime SECURITY . Collaboration with government as well as peer companies to combat illegal mining and criminality Member of the Global Initiative against Transnational Organised Crime • Integrated security plan and modernisation of security technology at all facilities ongoing STAKEHOLDER ENGAGEMENT • • Multi-facetted engagements with all stakeholders, including with our communities and traditional authorities COVID-19 awareness, prevention and vaccination programmes and incentives for employees Focus on 'beyond compliance' initiatives to ensure social licence to operate 11#12OVERVIEW OF OUR OPERATIONS OVERVIEW OF OUR OPERATIONS A UNIQUE COMBINATION OF UNDERGROUND MINING AND SURFACE REMINING - WITH INCREASING PRODUCTION PROFILE 250 000 200 000 150 000 Pretoria Gauteng Mpumalanga Mbombela New Consort Mine O Sheba Mine and Royal Sheba Fairview Mine and BTRP Middelburg Barberton Emalahleni Johannesburg Evander Mines Elikhulu Ermelo PAR Group gold production profile# C.220,0000Z C.215,000OZ C.200,0000Z 100 000 50 000 0 2018 2019 2020 2021 2022 2023 2024 Barberton ■ BTRP Evander 8# Elikhulu ETRP *Indicative production with Elikhulu's Leslie/Bracken dam in full production #excluding production from surface tailings acquisition opportunities (Mintails and Blyvoor) 12#13OVERVIEW OF OUR OPERATIONS OVERVIEW OF OUR OPERATIONS - KEY FEATURES GOLD PRODUCTION 9.9% TO 108,0850Z (H1 FY21: 98,3860Z) Turning environmental liabilities into profits Attractive margins and production growth ELIKHULU • · . US$120m tailings retreatment plant commissioned in 2018 - one of the lowest AISC operations in southern Africa Processing up to 1.2Mtpm of historic tailings 60,000oz/pa production capacity AISC of US$937/oz Technologically advanced and automated plant, safe with low labour requirement Capital paid back in <3 years LOM-12 years BTRP • . • . • Capacity of 100,000 tpm - commenced production in 2013 Production in line with mine plan at 9,126oz (H1 FY21: 10,004oz) AISC of US$814/oz (H1 FY21: US$864/oz) Plans in progress to ensure production run-rate is maintained - feed expected from Royal Sheba project, bulk sample extraction in progress Capital cost paid back in 18 months LOM 3 years (at current production rate, excluding Royal Sheba) BARBERTON MINES Underground Mining history of over 130 years Improved mining flexibility and available face length through increased development • Four high grade platforms with expanded mining footprints at Fairview Mine, grades of between 15g/t and 36g/t ⚫ Robust operational • performance - production output of 39.991oz (H1 FY21: 42,350oz) Underground AISC at US$1,519/oz (H1 FY21: US$1,256/oz) Current LOM ~20 years EVANDER Underground • Benefit of historic sunk capital with existing . · • infrastructure and extensive u/g development Production increased by 116.6% to 27,312oz (FY 21: 12,6070z) AISC decreased substantially in H1 FY22 to US$983/oz LOM increased to ~13 years with production from 25 and 26 Levels (excluding Egoli) 13#14FURTHER REDUCING GROUP AISC 14#15FURTHER REDUCING GROUP AISC TARGETING AISC BELOW US$1,200/oz IN FY2022* Lower cost operations AISC per kg (ZAR/kg) AISC per oz (US$/oz) Higher cost operations AISC per kg (ZAR/kg) AISC per oz (US$/oz) *Assuming an exchange rate of US$/ZAR:15:50 FURTHER REDUCING GROUP AISC Barberton Mines' Fairview Evander Mines Underground BTRP Elikhulu operations Total lower cost % Group production 617,748 475,196 393,691 452,872 499,910 80% 1,278 983 814 937 1,034 Barberton Sheba and Consort Mines Total sources Evander surface higher cost operations % Group production 918,443 640,398 842,250 20% 1,899 1,324 1,742 Action plans in place to reduce AISC 15#16US$/Oz 1 800 1 600 1400 1 200 1 000 800 600 400 200 0 West African Res Endeavour Mining B2Gold Corp Caledonia Perseus Mining Gold Fields Source: Individual company websites and presentations H1 FY 2022 AISC OUTLOOK FURTHER REDUCING GROUP AISC Barrick PAR lower cost operations H1 FY22 Alamos Gold Newmont PAR H1 - FY22 Centamin DRD Gold AISC (US$/oz) Golden Star Shanta Gold AngloGold Ashanti Resolute Mining lamgold Hummingbird Galiano Gold Harmony Sibanye Gold Ops 16 US$1,209/oz Average FURTHER REDUCING GROUP AISC#17ENVIRONMENTAL, SOCIAL AND GOVERNANCE 17#18ESG "BEYOND COMPLIANCE" APPROACH ENVIRONMENT: RENEWABLE ENERGY ENVIRONMENT: BIODIVERSITY & CONSERVATION SOCIAL: LEAVING A LEGACY ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) SOCIAL: SUSTAINABLE COMMUNITIES Collaboration with state and conservation agencies • Elikhulu 9.975MW solar PV plant • Feasibility study to expand to 22MW - for expanding Evander u/g operations • Path to decarbonisation - will save 26,000t of CO2 emissions in Year 1 • Ensures stability of supply & future cost reduction Bankable feasibility study completed for solar plant at Barberton Mines ENVIRONMENT: WATER RECYCLING • . Responsible and sustainable water use programmes • • Efficiencies through reuse and recycling Board approved 3ML u/g water retreatment plant for Evander Mines - will increase recycling and reduce municipal water use, resulting in cost savings To protect and preserve natural biodiversity and resources Provides a framework for coexistence of conservation and mining Funding the care of orphaned rhinos Rehabilitation of historic mine workings GOVERNANCE: FULLY COMPLIANT WITH GRI REPORTING Independent audits to be completed in FY22: • Carbon tax emissions . Tailings storage facilities • Mineral tenure compliance • Social and Labour Plan implementation • Water use licences • Environmental management system compliance Closure liabilities fully funded Ongoing rehabilitation programmes Socio-economic development Implementation of projects in host communities in compliance with approved social and labour plans - and integral to maintaining our social licence to operate . • • Construction of the Kaapvallei and Ngwane Primary Schools in Barberton - buildings ~ 23% and 45% completed, respectively Successful completion and handover of the Cathyville Clinic to the Mpumalanga Province Department of Health - capacity to treat up to 500 patients per day Community lighting infrastructure completed at Evander - for improved safety of residents Beyond compliance education initiatives • Barberton Mines' sponsorship of a pre- tertiary development programme sponsoring 25 high-achieving scholars from disadvantaged backgrounds to attend Barberton High School Barberton Blueberries agri-project • Local employment creation - up to 375 seasonal jobs plus further potential Barberton Mines provides land and water resources - 15ha initial phase - further 30ha available for expansion ⚫ 'Beyond compliance' long-term initiative for community sustainability SOCIAL: SKILLS DEVELOPMENT & CSI Assisting our communities ⚫ Includes bursaries, learnerships and training ⚫ Local supplier development and incubation • CSI NGOs in host communities - social support and transformation initiatives EVAN 0 EVANDER ELIKHULU Kinross Golden Oldies Twenty Thousand Rand EVANDER R20 000 PAN AFRICAN P EVANDER PA 18#19H1 FY22 FINANCIALS 19#20H1 FY2022 FINANCIALS NET DEBT-TO-EQUITY RATIO 0,90 0,80 0,80 0,71 0,70 0,60 0,50 0,42 0,40 0,30 0,20 0,14 0,10 0,10 0,00 June 18 June 19 June 20 June 21 H1 FY2022 H1 FY2022 FINANCIALS 20#21FY2021 FINANCIALS HISTORIC DIVIDEND YIELDS 7% 6,3% 6% 5,6% 5% 4% 3% 2% 5,1% 5,0% 3,8% 5,3% H1 FY2022 FINANCIALS 1,0% 1% 0,0% 0% June 14 June 15 June 16 June 17 June 18* June 19 June 20 June 21# * Dividend suspended due to cessation of large-scale deep level underground mining at Evander 8 Shaft and construction of the Elikhulu Tailings Retreatment Plant # Calculated at the JSE closing share price of ZAR3,41 on 30 June 2021 21#2257 NEAR TERM ORGANIC GROWTH 22#23NEAR TERM ORGANIC GROWTH EVANDER MINES' 8 SHAFT - 25 & 26 LEVEL EXTENSION Description and history . • . • Extends from the No.2 Decline 24 Level project which commenced with construction in Q1 of FY22 No.2 Decline was first initiated in the early 1990's to extend the shaft's economic life Provides access to deeper areas of the orebody in the NW (towards Rolspruit) 24 Level currently in position to also access 25 and 26 Level project (approx. 2,500m depth) Project rationale • . . . 25 and 26 Level extension will extend Evander Mines' 8 Shaft LOM with an additional 8 years post cessation of mining on the pillar and 24 Level Average recoverable gold produced of approx. 65,000oz pa at an average grade of 6,73g/t, based on current Indicated and Measured Resources only Time to first gold - 23 months from start of development Mining method - hybrid of conventional breast mining and mechanised trackless on-reef development Immediate access to the reef from 24 Level On-reef development (all waste development towards 25 & 26 Levels - hoisted to surface and milled in the plant) 24 Level to 26 Level mining layout Sandstone Coal TH Dolomite Manc lava Witwatersrand supergroup 18 Level Cooling plant Kimberley Reef 24 Level 2410 23L Return- 24L Return- 8 Shaft GRADS RAW 2450 Material Decline 6-1 15 Level Egoli mining layout Proposed Workshop H 25L Return- 10MW solar plant 25L Intake 7 Shaft 7A Shaft NEAR TERM ORGANIC GROWTH Kinross metallurgical Elikhulu plant plant Sandstone Coal Conveyor Decline RAW N WEST PROSPX/OUT IN WEST RETURN AWAY -25L Intake -24L Intake 23#24NEAR TERM ORGANIC GROWTH EVANDER MINES' 8 SHAFT - 25 & 26 LEVEL EXTENSION Key economic and financial metrics - Internal study Key metric Input ZAR Gold price assumption* R882,060/kg Discount rate** (RAT)* 10.71% Recovered grade Peak funding Input USD USD1,770/oz 10,71% 6.73 g/ton 6.73 g/ton R807 million US$52.1 million Payback period*** 5 years 5 years AISC R601,054/kg US$1,206/oz Gold produced 18,257 kg 586,984 oz NPV10,71% R1,239.1 million US$79.9 million RATIRR* 45% 45% *RAT - Real After Tax | *RATIIR- Real After Tax Internal Rate of Return | *Exchange rate - ZAR/USD:15,50 | **The discount rate used is the WACC rate for Evander u/g as calculated annually by an independent valuation team ***From commencement of project development ZAR (m) Recovered Gold (Oz) 100 000 80 000 60 000 40 000 20 000 0 1 500 1 000 500 0 NEAR TERM ORGANIC GROWTH Evander Mines' recovered gold (oz) forecast including 24, 25, 26 Levels YI Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 YIO YII Y12 Y13 Evander 8# Pillar Evander 24 Level Evander 25-26 Level Project Funding - Internally funded in current gold price environment YI Y2 Y3 ■Evander 8 Shaft pillar and 24 Level ungeared cummulative cash flows ■25 and 26 Level cumulative capital schedule (Pre-commissioning) Y4 24#25NEAR TERM ORGANIC GROWTH ROYAL SHEBA PROGRESS • • • A world class orogenic greenstone gold deposit Strike extent confirmed from surface in excess of 850m ⚫ Mineralised width averaging 10m delineated by grade control drilling to 150m below surface • Measured and Indicated Mineral Resource grade in excess of 2.2g/t Historical mining on the orebody enabled the high resolution modelling and Mineral Resource estimation of this deposit The historical run-of-mine material was treated at the Group's Sheba metallurgical plant. Grade control drilling results confirmed expected recoveries • Existing Barberton milling capacities caters for a throughput of circa 40ktpm of run-of-mine production from Royal Sheba Down-dip extent of the ore body is proven up to 650m below surface and is accessed from the 23 Level development at Sheba Mine's ZK Shaft The down-dip extent is open at depth 786m down-dip slope length 850m strike length Orebody- Historical mining Life-of-mine strike drives & ramp- design 200m Royal Sheba Mineral Resources* Measured Indicated Inferred TOTAL *Refer to PAR FY2021 MRMR Report for disclosures OPERATIONAL PERFORMANCE BY ASSET 5m - 20m thickness Tonnes Grade Gold Mt g/t Koz 5.0 2.30 372.0 6.1 2.25 438.5 6.1 1.37 267.1 17.2 1.95 1,077,7 25#26NEAR TERM ORGANIC GROWTH ROYAL SHEBA PROGRESS • In the last quarter of FY21 the Group initiated a 10,000 ton bulk sample project: • Utilising the existing Royal Sheba adit on surface • • • • Access to the ore body is achieved by a trackless decline system • The bulk sample ore is to be extracted from 23m below adit elevation • This level will be accessed in the fourth quarter of FY22 It is expected that the bulk sample will yield 18kg of recovered gold • Mining could be extended on the same level to access an additional 10,000 tonnes at ~2g/t 23 Level haulage from Sheba Mine ZK Shaft at ~180m from expected Royal Sheba mineralisation Scheduling the Royal Sheba ore through the available capacity of the BTRP plant alone indicates a 20 year life-of-mine at a steady state production of 25koz per year Option to increase production to 40ktpm of run-of-mine with incorporation of New Consort and Sheba plants Oz per year 30 000 25 000 20 000 15 000 10 000 11-2021 -RS-DEVOUCH 6.PS RANAY 01-3022 GR-DECE 6PS-NOLLBAY OPERATIONAL PERFORMANCE BY ASSET LEGEND Old Development November 2021 Dev December 2021 Dev January 2022 Dev Planning Layout BTRP Plant estimated gold production 5.000 0 YI Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 YIO YII Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20 Tailings (oz) Royal Sheba (oz) 26#27FURTHER OPPORTUNITIES IN TAILINGS RETREATMENT 27#28Gold production (oz) TAILINGS RETREATMENT ACQUISITIONS - FURTHER GROWTH OPPORTUNITIES MINTAILS AND BLYVOOR ACQUISITIONS Mintails current status • • Currently finalising a DFS - scheduled for completion in Q1 of the 2022 calendar year A concept study on the Mintails SA Soweto Cluster is also progressing under the auspices of DRA Global Blyvoor current status TAILINGS OPPORTUNITIES • The Group has engaged independent consultants to conduct a fatal flaw assessment and gap analysis as part of the initial due diligence • These studies will be completed by April 2022 in accordance with the timelines of the staged acquisition process • Date for the fulfilment of the conditions precedent and initial due diligence period extended to 31 August 2022 • DFS expected to be finalised in December 2022 120 000 100 000 80 000 60 000 40 000 20 000 0 1 Mintails and Blyvoor tailings - indicative production profile* FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 FY42 FY43 FY44 FY45 *Assuming sequential project development Mintails ■Blyvoor 28#29FY2022 DELIVERY ON TRACK 3339 29#30KEY DELIVERABLES FY2022 - DELIVERY ON TRACK • • Continue to manage the impact of COVID-19 Proactive journey to 'zero harm' • Successfully execute into capital projects to sustain and increase gold production in the future . Deliver annual production guidance of approximately 200,0000z Reduce AISC at all operations through optimisation and increased unit production • Progress 8 Shaft and Royal Sheba organic growth opportunities, and evaluation of Mintails and Blyvoor conditional acquisitions • FY2022 DELIVERY ON TRACK • Continue to investigate potential exploration and mining opportunities outside South Africa that meet our stringent acquisition criteria Continued ESG focus through partnerships to support sustainable host communities, increased use of renewable energy and recycling initiatives Endeavour to further increase dividends and reduce net debt through judicious cash management OUR STRATEGIC PILLARS Through our strategic pillars we manage and address risks and opportunities, material matters faced by Pan African over the short, medium and long term, key stakeholder concerns and execute on value-creating growth projects to achieve our strategy. MI Profitability Sustainability Stakeholders Growth 30#31SHARE PRICE AND MARKET CAPITALISATION APPENDIX As at 8 September 2021 • JSE (PAN) • AIM (PAF) . ADR (PAFRY) 20:1 • Market Capitalisation • Shares isued • • Treasury Shares • Shares trading in market • Adjusted EBITDA • Net Debt Major shareholders ZAR400cps GBP19,5p US$5,08 US$584m 2,235m 306m 1,929m US$76,3m US$28,2m • Allan Gray IM (SA) 22% • PAR Gold (SA) 14% Ninety One AM (Investec) (SA) 5% • Ruffer (UK) 5% • • PIC (SA) 5% CORPORATE INFORMATION CORPORATE OFFICE The Firs Building 2nd Floor, Office 204 Corner Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: +27 (0) 11 243 2900 REGISTERED OFFICE Suite 31, 2nd Floor, 107 Cheapside London EC2V 6DN United Kingdom Office: +44 (0) 20 7796 8644 CHIEF EXECUTIVE OFFICER Cobus Loots Pan African Resources PLC Office: +27 (0) 11 243 2900 FINANCIAL DIRECTOR Deon Louw Pan African Resources PLC Office: +27 (0) 11 243 2900 HEAD INVESTOR RELATIONS Hethen Hira Pan African Resources PLC Office: +27 (0) 11 243 2900 COMPANY SECRETARY Phil Dexter/Jane Kirton St James's Corporate Services Limited Office: +44 (0) 20 7796 8644 JSE SPONSOR Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: +27 (0) 11 011 9200 JOINT BROKERS Ross Allister/David Mckeown Peel Hunt LLP Office: +44 (0) 20 7418 8900 Thomas Rider/Nick Macann BMO Capital Markets Limited Office: +44 (0) 20 7236 1010 31