#1PAN AFRICAN RESOURCES INVESTOR PRESENTATION | AUGUST 2020 BEARK#2PAN AFRICAN 2 DISCLAIMER 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 Circumstances may change and the contents of this presentation may become outdated as a result, and the Presenter has no obligation to update the presentation or correct any inaccuracies or omissions in this presentation. 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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 2019. Dealing in Ordinary Shares in advance of this date may result in civil and/or criminal liability. RESOURCES#33 PAN AFRICAN RESOURCES FORWARD 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.#4SAFE, HIGH-MARGIN AND LONG-LIFE SOUTH AFRICAN-FOCUSED GOLD PRODUCER PAN AFRICAN RESOURCES#55 OVERVIEW OF PRESENTATION • Company information . Operating in South Africa • • Overview of our operations Key features - Financial Environmental, Social and Governance (ESG) Impact of COVID-19 Asset optimisation Near-term organic growth - Egoli Project • Where to next - FY21 and beyond PAN AFRICAN RESOURCES#6COMPANY INFORMATION PAN AFRICAN RESOURCES#7COMPANY INFORMATION SHARE PRICE AND MARKET CAPITALISATION AS AT 7 AUGUST 2020 • • • • . . JSE (PAN) AIM (PAF) 12 month change ADR (PAFRY) 20:1 Market Capitalisation Shares Outstanding Treasury Shares 200 ZAR 605cps GBP 27,3p +290% USD 7,11 USD 768 m 2,235 m 306 m 1,929 m Price performance (rebased to 100) 175 150 125 100 75 75 • Shares in market • Cash • Net Debt USD 33,5 m USD 62,5 m MAJOR SHAREHOLDERS • Allan Gray IM (SA) 28% . PAR Gold (SA) 14% • Ninety One (Investec) (SA) 6% • Ruffer (UK) 5% • 7 PIC (SA) 5% PAN AFRICAN Share price performance vs relevant indices Last 12 months RESOURCES 50 08/19 09/19 10/19 11/19 12/19 01/20 02/20 03/20 04/20 05/20 06/20 07/20 Pan African Resources S&P 500 Metals & Mining. AIM All Share Philadelphia Index AIM Basic Resources NYSE Gold Bugs Source: Peel Hunt#8COMPANY INFORMATION BOARD AND EXECUTIVES Keith Spencer Chairman Appointed: 8 October 2007 Experience Technical and operational Risk management Environmental and sustainability Business and strategy Leadership Cobus Loots Chief Executive Officer Appointed: 26 August 2009 Experience Technical and operational Finance and accounting Business and strategy Leadership Technology Taxation Deon Louw Financial Director Appointed: 1 March 2015 Experience Finance and accounting Risk management Business and strategy Leadership Technology Taxation PAN AFRICAN RESOURCES Hester Hickey Non Executive Director Appointed: 12 April 2012 Experience Finance and accounting Risk management Governance and regulation Business and strategy Leadership 8 Taxation Thabo Mosololi Non Executive Director Appointed: 9 December 2013 Experience Finance and accounting Governance and regulation Business and strategy Leadership Charles Needham Non Executive Director Appointed: 17 July 2019 Experience Technical and operational Risk management Governance and regulation Environmental and sustainability Business and strategy Leadership Yvonne Themba Non Executive Director Appointed: 17 July 2019 Experience Technical and operational Risk management Governance and regulation Environmental and sustainability Business and strategy Leadership#9OPERATING IN SOUTH AFRICA PAN AFRICAN RESOURCES#10OPERATING IN SOUTH AFRICA SOUTH AFRICA RANKED 2ND FOR INVESTMENT ATTRACTIVENESS IN AFRICA IN 2019 Fraser Institute Annual Survey of Mining Companies 2019 Investment attractiveness index - Africa PAN AFRICAN RESOURCES Guinea (Conakry)* South Africa Botswana* Burkina Faso Namibia* Zimbabwe* Mali* Democratic Republic of Congo (DRC)* Zambia* Tanzania* 0 10 20 20 *Between 5 and 9 responses 10 30 40 40 50 50 60 60 70 70 80 60 90 90#1111 OPERATING IN SOUTH AFRICA PAN AFRICAN RESOURCES PAN AFRICAN RESOURCES HAS A LONG TRACK RECORD OF SUCCESSFULLY OPERATING IN SOUTH AFRICA Electricity • Reduced instances of supply disruptions, power grid stable . Barberton and tailings operations - less exposed than deep-level miners Completed bankable feasibility study for 10MW solar plant at Evander - can be replicated at Barberton operations Mining tenure • Evander mining rights valid until 2038 • Submitted renewal application for Barberton mining rights - renewal in process Security • Integrated multifaceted security strategy plan for the group • Modernisation of crime prevention security technology at all facilities Stakeholder engagement • Multi-facetted engagements with all stakeholders, including with our communities COVID-19 awareness and relief programmes for employees and communities ESG • Increased focus on rehabilitation and alternate land use Independent audits on environmental and legal compliance#12PAN AFRICAN RESOURCES OVERVIEW OF OUR OPERATIONS#1313 OVERVIEW OF OUR OPERATIONS A UNIQUE COMBINATION OF UNDERGROUND AND SURFACE MINING OPERATIONS Rustenburg Zeerust Johannesburg North West PotchefstrooGauteng Klerksdo Kuruman Taung PAN AFRICAN RESOURCES Reserve Operating assets Production (oz/annum) Moz Tonnes ('000 (Mt) Tonnes) Reserve grade (g/t) AISC (USD/oz) Status LOM Barberton Mines (underground operations) Profitable, long life, high-grade operation comprising three underground mines: Fairview, c.80,000 1.6 (50.1) 9.2 6.3 c.1,150 Production 20yrs Sheba and New Consort Barberton Tailings Retreatment Plant Gold tailings retreatment plant, Middelburg Pretoria Witbank Mpumalanga Barberton Evander Mines Elikhulu Ermelo Barberton Mines Royal Sheba commenced construction in April 2012, was completed on schedule and within budget, and achieved its inaugural gold pour in June 2013 Elikhulu Tailings Retreatment Plant USD120m tailings retreatment project which exploits historically generated gold tailings deposited on Kinross, Leslie/Bracken and Winkelhaak TSFs. Commenced production in 2018 8 Shaft Pillar (Evander) c.20,000 0.6 (16.9) 12.6 c.1.4 c.700 Production 3 to 9yrs 1.5 c.65,000 170.6 0.3 c.640 Production 12 yrs (46.2) Huhuwe Vryheli Free State St. Lucia Lady Smith Richards Bay Feasibility study completed to mine the Evander 8 Shaft pillar and high grade areas in proximity to the c.30,000 Dolphin Cost Pietermaritzburg pillar, first gold smelted in August 2019 0.1 (3.2) 0.4 c.9.0 c.1000 Production 3 yrs KwaZulu-Natal Egoli Standalone underground project with low capital cost to use Evander Mines' established shaft and metallurgical facilities 0.73 9 to >70,000 3.4 c.6.6 C.777 Feasibility (22.7) 14 yrs#14OVERVIEW OF OUR OPERATIONS STRONG PRODUCTION PROFILE Pan African Resources - Gold Production Profile 14 44 Au Ounces ■ Egoli 300000 ■ Elikhulu 250000 ■ Evander 8# Pillar BTRP ■Barberton C. 190,000oz 200000 179,4570Z 150000 100000 50000 2019 2020 2021 2022 2023 2024 2025 2018 Actual Projected PAN AFRICAN RESOURCES#15OVERVIEW OF OUR OPERATIONS INDUSTRY LEADING GROUP SAFETY PERFORMANCE PAN AFRICAN RESOURCES "Notwithstanding the fact that injury rates are well below industry average, we continuously strive to improve our safety performance and achieve our aim of zero harm to our employees" - Cobus Loots, CEO Barberton Mines achieved 3 million fatality free shifts during June 2020 Rates per million man hours 6 5 4 3 2 1 0 4,01 4,67 3.96 5,22 4,05 4.44 3,60 VVOJ. 2,08 1,61 H1 2016 H1 2017 LTIFR 15 *Industry rates not available yet ப RIFR 0,62 H1 2018 1,77 ■Industry LTIFR 0.53 1,69 0,85 H1 2019 H1 2020*#1616 OVERVIEW OF OUR OPERATIONS ALL-IN-SUSTAINING-COSTS 1 400 1 200 1 000 * 800 600 400 200 Pan African Resources DRD Gold Harmony AngloGold Ashanti * Targeted FY21 AISC Goldfields Caledonia Teranga Gold - TSX Endeavour Mining-TSX Golden Star TSX-NYSE AISC Perseus Mining TSX-ASX Centamin TSX LSE Pretium Alamos Yamana Chaarat Gold Holdings B2 Gold Roxgold Shanta Gold Hummingbird Resources West African Resources Resolute Pure Gold Mining Galiano (Asanko) Gold lamgold Kinross Evolution Mining Source: Individual company websites and presentations PAN AFRICAN RESOURCES Average USD 987/oz#17KEY FEATURES - FINANCIAL PAN AFRICAN RESOURCES#1818 KEY FEATURES-FINANCIAL EBITDA USD' million Adjusted EBITDA USD m 60,0 50,0 40,0 30,0 20,0 10,0 0,0 FY2016 FY2017 FY2018 FY2019 Source: PAR Annual Reports PAN AFRICAN RESOURCES#1919 USD'ooo USD'ooo 160 000 KEY FEATURES - FINANCIAL ILLUSTRATIVE DE-GEARING - ASSUMING FORECAST ASSUMPTIONS ARE ACHIEVED 140 000 120 000 100 000 PAN AFRICAN RESOURCES 80 000 60 000 40 000 20 000 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Forecasted repayment profile* Principle repayment profile Senior debt repayment profile 50 000 40 000 30 000 20 000 Unhedged post Dec 2020 10 000 Dec-19 Mar-20 *Assumptions: 1 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 RCF- balance USD R730,000/kg gold price up to 30 June 2020 with a 5% annual escalation from 1 July 2020 Guided ounces H1 FY20 actual costs with anticipated cost increases Converted ZAR to USD at a rate of 1USD:14.08ZAR .I. Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 ■Elikhulu-outstanding balance USD#20KEY FEATURES - FINANCIAL HISTORIC DIVIDEND YIELD - DIVIDENDS REINSTATED 7% 6% 5% 4% 3% 2% 1% 0% June 14 PAR dividend yield 5,60% June 15 6,30% June 16 5,10% June 17 5,00% June 18* 0,00% June 19 1,00% PAN AFRICAN RESOURCES Dividend suspended due to cessation of large-scale deep level underground mining at Evander 8 Shaft and construction of the Elikhulu Tailings Retreatment Plant 20#21PAN AFRICAN RESOURCES ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)#2222 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) Pan African Resources is committed to doing business, as guided by the group's values and code of ethics. We recognise that we are an integral part of the societies in which we operate, and are therefore obligated morally and legally, to act in accordance with what is good for our societies, the environment and the organisation. Our employees, regulators and investors increasingly expect us to ensure that our business activities deliver sustainably whilst positively impacting on society, the economy and the environment. PAN AFRICAN RESOURCES#2323 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ESG HIGHLIGHTS PAN AFRICAN RESOURCES COMMENCED CONSTRUCTION OF HEALTHCARE INFRASTRUCTURE PROJECT BARBERTON MINES COMMUNITY - TO BE COMPLETED IN 2021 DONATED 4 MOBILE LIBRARIES AND IMPROVEMENTS TO SCHOOLS SURROUNDING EVANDER MINES SPENT USD0.9 MILLION ON REHABILITATION OF OLD SHAFTS AND INFRASTRUCTURE TOTAL REHABILITATION TRUST FUND USD25.6 MILLION, CLOSURE LIABILITIES FULLY FUNDED ONGOING INVESTMENT IN SKILLS AND DEVELOPMENT TRAINING OF EMPLOYEES ONGOING INVESTMENT ON COMMUNITY BURSARIES 7 LOCAL BURSARY STUDENTS IN SKILLED EMPLOYMENT AT BARBERTON IN 2020 BARBERTON BLUEBERRIES EMPLOYMENT FOR LOCAL COMMUNITIES OPTIMISE USE OF LAND AND WATER RESOURCES ELIKHULU 10MW SOLAR PV PLANT REDUCED CARBON FOOTPRINT ENSURES STABILITY OF SUPPLY AND COST REDUCTION#24PAN AFRICAN RESOURCES IMPACT OF COVID-19#25PAN AFRICAN IMPACT OF COVID-19 EFFECTS OF RESTRICTIONS DURING NATIONAL LOCKDOWN AND RESUMPTION OF FULL SCALE PRODUCTION • Timeline 23 March 2020: 21-Day Lockdown announced by SA government effective 27 March 2020 25 25 RESOURCES ⚫ All non-essential businesses and activities suspended, essential services at mines such as processing plants and care and maintenance allowed • 30 March 2020: Group response to shareholders and suspension of FY2020 guidance • • Liquidity position is robust and carefully managed, with access to additional facilities for the longer term if required Group surface operations operating at 70% of normal capacity, limited underground mining at Barberton to feed BIOX® process plant 11 May 2020: New FY2020 Production guidance and update on Group debt reduction • Annual production guidance revised down by only 5% to 176,000oz (from original 185,000oz) • Group remained cashflow positive during the lockdown period, senior interest-bearing debt reduced by 23% relative to 31 December 2019 Rollout of relief and assistance programmes for employees and host communities • 1 June 2020: Lockdown at Level 4 - All mining operations can resume at 100% subject to strict compliance measures • . All underground employees recalled to work#26PAN AFRICAN RESOURCES IMPACT OF COVID-19 OPERATIONAL PREVENTION MEASURES AND COMMUNITY AND EMPLOYEE RELIEF INITIATIVES 26 PROACTIVELY MANAGING THE RISKS ASSOCIATED WITH THE PANDEMIC S BARBERTON OPERATIONS: FOOD AND HYGIENE HAMPERS TO FAMILIES IN HOST COMMUNITIES, PROVISION OF WATER TANKERS FINANCIAL IMPACT: COST OF IMPLEMENTING PREVENTION MEASURES TO DATE: USDO,6M (ZAR8,8M) COMMUNITY INITIATIVES: USDO,3M (ZAR4,9M) EVANDER OPERATIONS: FOOD AND HYGIENE HAMPERS TO FAMILIES IN HOST COMMUNITIES prozes ELASHEAR#27PAN AFRICAN RESOURCES ASSET OPTIMISATION#28ASSET OPTIMISATION GROWTH PORTFOLIO - ROBUST PROJECT PIPELINE PROJECT VALUE - EXPLORATION Mineral Resources DEVELOPMENT PROJECT MINE CONSTRUCTION MINE PRODUCTION Proved Probable Mineral Reserves Measured Indicated Inferred Sheba Hills exploration Poplar Evander No 8 Shaft pillar Fairview sub-vertical shaft Royal Sheba Elikul ETRP Springs surface sources Royal Sheba east extension Egoli pay channel Rolspruit New Consort near-surface exploration Barberton Mines near-mine exploration Evander No 9 Shaft A Block Evander South DISCOVERY Evander Mines near-mine exploration DESKTOP STUDY FEASIBILITY STUDY CONFIDENCE Group Resources 36.0Mz (335.8Mt @ 3.33g/t) Underground combined Surface combined Total BTRP Barberton Mines PROJECT COMMISSIONING Group Reserves 10.9Moz (216.6Mt @ 157g/t) PAN AFRICAN RESOURCES Tonnes Grade Tonnes (Mt) Grade (g/t) Gold (t) Gold (Moz) Gold (t) Gold (Moz) (Mt) (g/t) 110.4 9.35 1 032.1 33.2 Underground combined 35.9 7.72 276.8 8.9 225.4 0.38 86.5 335.8 3.33 1 118.5 2.8 36.0 Surface combined 180.7 0.35 63.0 2.0 Total 216.6 1.57 339.8 10.9 9% 13% 28 34% O 57% ■Measured Indicated ■ Inferred 87% Proved ■ Probable#2929 ASSET OPTIMISATION CONSORT OPERATIONS - LOM OF 6 YEARS • Extraction of Prince Consort ('PC') Shaft pillar • . · PC Shaft pillar - Mineral Resource of 48,820t @ 25.54g/t for 40Koz Development to PC Shaft pillar completed in May 2020 - first target block with proved Mineral Reserve of 5,000 tons at av. grade of 25g/t Forecast production of ~3,900oz to 7,800oz per annum from PC shaft pillar at steady-state • Life of project forecasted at 3 years Targeting all-in sustaining cost of -USD1,200/oz Maximise Consort plant capacity PAN AFRICAN RESOURCES • . Process additional surface source material at Consort plant to maximise plant capacity Exploration • 36 exploration targets have been identified at New Consort and will be explored during the 3 years of PC Shaft pillar mining Initial sampling revealed grades in excess of 300g/t, containing large amounts of visible gold#3030 ASSET OPTIMISATION SHEBA OPERATIONS - LOM OF 9 YEARS (19 YEARS INCLUDING ROYAL SHEBA) • Project Dibanisa · Forecasted to be completed during FY21 Optimised usage of infrastructure expected to reduce all- in sustaining cost - targeting -USD1,000/oz Additional available shaft-time to assist with development and mining of Royal Sheba • Sheba plant available for the processing of surface material and Royal Sheba uppers in the near future Royal Sheba Uppers • Mining of Royal Sheba uppers identified to assist with increased production at Sheba Mine 800 Elev 400 Elev 15200 E 15200 E Process additional surface source material at Sheba plant to maximise plant capacity ⚫ Exploration Embark on exploration exercise to identify possible new high-grade mining areas to mine Phase 1 Phase 2 Total 15600 E Phase 1 Mining Phase 2 Mining 15600 E Royal Sheba Mineral Resources PAN AFRICAN RESOURCES 16000 E Royal Sheba orebody and historical workings 16000 E 800 Elev Tonnes (Mt) Grade (g/t) Gold (t) Gold (Koz) 1.44 3.60 5.18 167 4.15 3.62 14.99 482 5.58 3.61 20.17 649#31PAN AFRICAN NEAR-TERM ORGANIC GROWTH EGOLI PROJECT RESOURCES#32NEAR-TERM ORGANIC GROWTH - EGOLI PROJECT HISTORY & BACKGROUND . • Harmony Gold previously exploited Evander Mines' No.7 Shaft orebody, with development towards the Egoli orebody > In 2009, due to economic constraints and capital re-prioritisation, all development on Evander Mines' shafts were halted, other than the producing No.8 Shaft > This resulted in the controlled flooding of No.7 Shaft's 3 Decline from 22 Level up to 18 Level PAR acquired Egoli as part of Evander Mines acquisition from Harmony in May 2013, and directed the following: > Internal project due diligence study in 2018 N LOCATION > Independent DRA feasibility study (FS) in 2019 > Review of DRA FS by The Mineral Corporation, measured against SAMREC reporting standards PAN AFRICAN RESOURCES EGM Evander Gold Assets Evander Gold Mining Operation Evander Gold Underground Projects Evander Gold Tailings Projects Operational Shafts Old shafts Inferred Ego Payshoot Extension Kinross Paysho 28°55'E 29°00'E Evander Shaft (EB) Evander 7 Shaft (E7) 29°05'E Egol Paysho Egoli Payshoot 29°10'E 4km Scale Egoli's development will give rise to virgin underground production at a relatively low capital and operating cost, using established infrastructure Reserves and Resources* Egoli Mineral Reserve Statement as at 30 November 2019 Egoli Mineral Resource Statement as at 30 June 2019 Reserve Resource Grade Tonnes Ounces Tonnes Ounces Category Mt Category Mt Grade (g/t) (g/t) gold (Moz) gold (Moz) Proved 0.45 5.90 2.64 0.08 Measured 0.44 8.60 3.80 0.123 Probable 2.99 6.72 20.08 0.65 Indicated 2.94 9.85 28.93 0.930 Total Reserve 3.44 6.61 22.72 0.73 Inferred 6.26 9.68 60.58 1,948 Total Resource 9.64 9.69 93.33 3.001 32#3333 33 • NEAR-TERM ORGANIC GROWTH - EGOLI PROJECT HIGHLIGHTS Long-life, low cost brownfields asset, capitalising on established infrastructure • . • Initial Life of Mine (LOM) of 9 years - annual gold production of approximately 72,000 ounces at an average head grade of 6,61g/t - based on current Measured and Indicated (M&I) Resources only. Potential increase in LOM to 14 years by converting Inferred Resources into the M&I category Time to first gold: 20 months - steady state production in 16 months thereafter Low development risk - access requires 560 meters of underground development from existing No.3 Decline, utilising well established and proven mining methodology Experienced operational mining and management team in place Low geological risk – orebody models well understood from adjacent operations Significant geological and operational upside - Inferred Resources to be accessed as underground development proceeds, with substantial increase in LOM ESG • • Rehabilitation liability fully funded Utilising existing TSF - no increase in environmental footprint Evander solar plant to contribute to cost savings and reduced emissions Existing mining licence - Evander mining right valid until 2038 PAN AFRICAN RESOURCES#3434 34 PAN AFRICAN NEAR-TERM ORGANIC GROWTH - EGOLI PROJECT FINANCIAL MATRIX Egoli Project diagram - shaft infrastructure and mining area at No.8 Shaft • Materially lower capital investment when benchmarked • against other development projects of similar scale Compelling and robust economic returns: > Payback period from project inception – 3,8 years > NPV 10,71 - R2,010 million ($131,25 million) > Project IRR (post tax): 50,1% . Economic assumptions: - > Gold price - R850 000/kg ~ (USD1650/oz)* > Peak funding - R1,05 million ~ (USD66 million) > Recovered grade - 5.21g/ton > AISC (post tax) - R399,600/kg (USD777/oz)# > LOM gold produced - 17,771 kg ~ (570,000 oz) > ~1,200 employees *USD1=ZAR16.00 # As per DRA FS • 24 Level • 1.230 km 25 Level 3.870 km Surface 8# 0.6 km 18 Level 0.210 km 1.730 km 3.8km 7# 1.830 km 0.300 km R1 Plant Egoli orebody, significantly nearer to surface than existing Evander mine 8# workings RESOURCES Evander Mine 8# working areas (closed) The Egoli orebody is approximately 1,75 km in tramming distance from No.7 Shaft > No.7 Shaft is currently utilised for hoisting run-of-mine material from No. 8 Shaft Pillar mining to the Kinross metallurgical plant Once dewatered, re-equipping will commence, followed by standard footwall development, further deepening of the decline and on-reef development Associated engineering infrastructure and underground mining equipment to follow prior to commencement of mining and ore hoisting to plant#3535 NEAR-TERM ORGANIC GROWTH - EGOLI PROJECT • CAPITALISING ON EXISTING INFRASTRUCTURE . Upgrades to: • • Change house and laundry Offices and workshop Refurbishment of: • Ventilation fan KINCO Winder House Comp Hou # Crush Change House 7 # Offices Gate 7 # 7A # Work Shops Gate Work Shops PAN AFRICAN RESOURCES • Compressors • Lamp room • • MV consumer substation Security, fencing and access control Kinross Plant Vent Fans Kinross Plant -7 Shaft Complex Access Roads#3636 NEAR-TERM ORGANIC GROWTH - EGOLI PROJECT WAY FORWARD • Development plan · Detailed project scheduling and planning - to be completed: Q1 FY21 No.7 Shaft and Kinross Plant infrastructure: • • Dewatering to commence: Q1 FY21 Preliminary refurbishment: Q1 FY21 Placing orders for long-lead equipment: Q2 FY21 Commence with underground equipping: Q3 FY21 Financing Package: • Non-dilutive funding options currently being explored - to be finalised: Q2 FY21 PAN AFRICAN RESOURCES#37PAN AFRICAN WHERE TO NEXT – FY21 AND BEYOND RESOURCES#3838 WHERE TO NEXT - FY21 AND BEYOND • Continue to produce safely and sustainably into FY2021 group production guidance • Increase focus on ESG project implementation Reduce group all-in sustaining costs Deleverage balance sheet and increase dividends • Focus on asset optimization and organic growth PAN AFRICAN RESOURCES#39CONTACT US PAN AFRICAN RESOURCES Hethen Hira Head: Investor Relations [email protected] +27 11 243 2900 THANK YOU www.panafricanresources.com JSE:PAN AIM:PAF ADR:PAFRY