Investor Presentaiton

33 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

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