Investor Presentaiton

NEAR-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

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