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Investor Presentaiton

16 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

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