Pan African Resources Plc · LSE:PAF

Pan African Resources — Merger or Acquisition (January 2012)

12 slides from Pan African Resources's merger presentation, Jan 30, 2012

1. Slide 1: Pan African and Wits Gold Press Conference

   Pan African and Wits Gold Press Conference 30 January 2012

2. Slide 2: Evander Operations

   @ Polokwane Pretoria. johanneshurg South Africa Durban ‘Cape Town Port Elizabeth Z WITScoi_p

3. Slide 3: Reserves and Resources

   Reserves and Resources Evander Resources (34.4Moz) Evander Reserves (8.0Moz) 6% 5% 0.29g/t 0.33 g/t 10% 7.56 g/t 1.90 17% 0.41 24% 5.83 11.61g/t 0.82 3.92g/t 8.11 85% 8.08 g/t 6.79 11.75 20% 6.83 34% 6.43g/t 10.74g/t 8 Shaft Rolspruit Poplar Evander South Libra 8 Shaft Rolspruit Libra Extracted from

4. Slide 4: Historical Evander performance

   Historical Evander performance Historical Performance (FYE to June) Metric Units 2010 2011 Jul-Sep 2011 Tonnes Milled ‘000t 788 541 123 Gold Produced koz 112 74 27 Yield g/t 4.41 4.26 6.94 Revenue ZARm 910 717 330 Operating Profit ZARm 51 95 155 Cash Cost ZAR/kg 248,190 266,542 208,597 Capex ZARm 17

5. Slide 5: Transaction structure

   Transaction structure Witwatersrand Consolidated Pan African Resources plc Gold Resources Limited 50% 50% Evander Gold Mines Limited Debt at asset level 8 Shaft Libra Projects Poplar Annual production Feasibility Study Evander South of 85koz – 95koz Rolspruit 5

6. Slide 6: Transaction pricing

   Transaction pricing — Total acquisition price of R1.7 billion — R1.4 billion on closing date > c. R800 million debt at Evander (asset level) > Balance shared 50/50 by Pan African and Wits Gold (combination of equity, cash or company borrowings) — 4 equal instalments of R25 million payable from the f

7. Slide 7: Acquisition rationale

   Acquisition rationale Pan African Resources Wits Gold − Opportunity to significantly increase - Moving from a developer to a producer and attributable reserves, resources and delivering on its stated strategy of securing ongoing production production ounces. − Extend the reserve life of the overall

8. Slide 8: Questions?

   Questions? WITScor_p

9. Slide 9: Appendix

   Appendix

10. Slide 10: Evander South Block Model – Depth below surface and areas

    Evander South Block Model – Depth below surface and areas 10

11. Slide 11: Poplar Geological Structure and Surfaces – Depth Below Surface

    Poplar Geological Structure and Surfaces – Depth Below Surface 11

12. Slide 12: Rolspruit Geological Structure and Surfaces – Depth Below Surface

    Rolspruit Geological Structure and Surfaces – Depth Below Surface 12

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