Investor Presentaiton

13 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

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