Pan African Resources Plc · LSE:PAF
Pan African Resources — Peel Hunt FTSE250 Conference 2025
46 slides from Pan African Resources's conference presentation, June 2025
Slide 1: Investor Update
MINING FOR A FUTURE INVESTOR UPDATE OTCQX: PAFRF/PAFRY | AIM: PAF | JSE: PAN June 2025
Slide 2: Disclaimer and Forward Looking Statements
XXX DISCLAIMER AND FORWARD LOOKING STATEMENTS The name 'Presenter' refers to Pan African Resources PLC and its advisors, subsidiaries or affiliated companies. This presentation has not been filed, lodged, registered or approved in any jurisdiction and recipients of this document should keep themselv
Slide 3: Overview of Presentation
XXX OVERVIEW OF PRESENTATION Health and safety Group overview Our operating environment Key features Performance by operation Group AISC Capital projects (ZAR) ESG: Our “Beyond compliance” approach FY2025 Financials FY2025 – Focused on delivery Appendix OTCQX: PAFRF/PAFRY | AIM: PAF | JSE: PAN www.p
Slide 4: Health and Safety
Se PAN AFRICAN RESOURCES
Slide 5: Group Safety Performance
HEALTH AND SAFETY XXX HEALTH AND SAFETY GROUP SAFETY PERFORMANCE Overall improvement in the Group’s safety statistics in H1FY2025 Fatality-free milestones • Ongoing reinforcement of safety initiatives across all operations • 1,8 million fatality-free hours worked during the MTR construction phase •
Slide 6: Group Overview: Our Assets
GROUP OVERVIEW OUR ASSETS
Slide 7: A Unique Combination of Underground and Surface Mining Operations
OUR ASSETS XXX GROUP OVERVIEW A UNIQUE COMBINATION OF UNDERGROUND AND SURFACE MINING OPERATIONS GROUP OPERATIONS TCMG Acquisition of Tenant Consolidated Mining Group (TCMG) South Africa Australia Further near-term, low-cost production growth OTCQX: PAFRF/PAFRY | AIM: PAF | JSE: PAN www.panafricanres
Slide 8: H1FY2025 Gold Production and FY2025 Outlook
OUR ASSETS XXX GROUP OVERVIEW H1FY2025 GOLD PRODUCTION OF 84,705oz (H2FY2025: est. 112,000oz 32%) ON TRACK FOR ~197,000oz FOR FY2025 ~275,000oz- 292,000oz AISC $1475/oz to $1525/oz 300 000 ~197,0 Koz AISC $1525/oz 250 000 46-50Koz to $1550/oz 201,8Koz 205,7Koz AISC $1261/oz AISC $1259/oz 175,2Koz
Slide 9: Repositioning Group for Increased Low-Cost Surface Source Production
OUR ASSETS XXX GROUP OVERVIEW REPOSITIONING GROUP FOR INCREASED LOW-COST SURFACE SOURCE PRODUCTION 35% 60% SURFACE 65% 40% U/G TCMG - Australia Evander Mines Ann Prod: 46-50koz Increasing production portfolio from Ann Prod: 46-50koz AISC: ~US$1,700/oz (Yr1) (LoM US$1,300/oz) AISC: US$1,600/oz LO
Slide 10: Our Operating Environment
GROUP OVERVIEW OUR OPERATING ENVIRONMENT
Slide 11: Our Operating Environment: Track Record in South Africa
OUR OPERATING ENVIRONMENT XXX OUR OPERATING ENVIRONMENT 140 YEAR TRACK RECORD OF OPERATING SUCCESSFULLY IN SOUTH AFRICA ELECTRICITY AND SA REGULATORY SECURITY AND PUBLIC/PRIVATE STAKEHOLDER ENGAGEMENT FRAMEWORK COLLABORATION • National grid power to Group mining sites – • Multi-facetted engagements
Slide 12: H2 FY2025 Update
GROUP OVERVIEW H2 FY2025 UPDATE
Slide 13: H2FY2025 Key Features
H2FY2025 UPDATE XXX H2FY2025 KEY FEATURES OPERATIONAL AND FINANCIAL PERFORMANCE PRODUCTION PERFORMANCE COST PERFORMANCE FINANCIAL PERFORMANCE Group gold production of ~ 112,000oz 32% Group AISC of US$1,550/oz - US$1,575/oz – Substantial decrease in Group gearing • Early commissioning and full ramp
Slide 14: Gold Price Received and Margins
H1FY2025 KEY FEATURES XXX GOLD PRICE RECEIVED AND MARGINS PROFITABILITY DRIVEN BY ZAR/KG GOLD PRICE AND COMPETITIVE UNIT COSTS PROFITABILITY GAP WIDENING AS ANNUAL PRODUCTION RAMPS UP TO ~292KOZ in FY2026 Gold price received vs AISC 1 800 000 • Well positioned to capitalise on increasing gap between
Slide 15: Surface Operations
GROUP OVERVIEW SURFACE OPERATIONS
Slide 16: Tailings Operations – Elikhulu
PERFORMANCE BY OPERATION XXX PERFORMANCE BY OPERATION TAILINGS OPERATIONS – ELIKHULU • H2FY25 production estimated at ~26,000oz (H1FY2025: 25,725oz) • FY25 production on track for >52,000oz (FY24: 54,812oz) • Consistent head grade of > 0.3g/t • H1FY25 AISC of US$1,124/oz (FY2024: US$1,034/oz) – one
Slide 17: Tailings Operations – BTRP and Sheba Fault
PERFORMANCE BY OPERATION XXX PERFORMANCE BY OPERATION TAILINGS OPERATIONS – BTRP AND SHEBA FAULT • Production in line with the mine plan at 8,000oz (H1FY2025: 7,544oz) BTRP life-of-mine plan – new surface sources • FY25 production of approximately 15,500oz (FY24:18,888oz) 40 000 • Lowest cost of pro
Slide 18: Mogale Tailings Retreatment (MTR)
PERFORMANCE BY OPERATION XXX PERFORMANCE BY OPERATION MOGALE TAILINGS RETREATMENT (MTR) • Successful launch in October 2024, ahead of schedule and US$8m below budget • Payback expected In <2 years post commissioning at current gold prices • H2FY2025 production of ~ 21,000oz (H1FY2025: 8,743oz) • Ful
Slide 19: Soweto Cluster TSFs
PERFORMANCE BY OPERATION XXX MOGALE TAILINGS RETREATMENT (MTR) SOWETO CLUSTER TSFS PFS completed on the Mintails SA Soweto Cluster TSFs in 2024 • Further upside – potential to increase production to ~60koz/yr over 21-year LOM with MTR plant expansion to treat 1Mtpm from year 6 • Total additional cap
Slide 20: Mogale Socio-Economic Development and Environmental Rehabilitation
PERFORMANCE BY OPERATION XXX PERFORMANCE BY OPERATION MOGALE SOCIO-ECONOMIC DEVELOPMENT AND ENVIRONMENTAL REHABILITATION History >100 years of underground mining in the West Rand region of the Wits Basin • Production of over 2,000 tons of gold and 240 Mt of low-grade gold-bearing tailings material i
Slide 21: Building a World Class Surface Tailings Retreatment Business
PERFORMANCE BY OPERATION XXX PERFORMANCE BY OPERATION BUILDING A WORLD CLASS SURFACE TAILINGS RETREATMENT BUSINESS Established track record in bringing tailings retreatment projects to account 2013 2015 2018 2023 2025 Operation BTRP ETRP Elikhulu MTR TCMG Capacity 100,000tpm 200,000tpm 1,2Mtpm 0,8-1
Slide 22: Acknowledgment of Country
Acknowledgment of Country Pan African and Tennant Mining respectfully acknowledges the Traditional Owners, the Warumungu and Warlmanpa people, of the country on which we work. We recognise and respect their continuing connection to land, culture, and community and pay respect to their elders, past,
Slide 23: Acquisition of TCMG
PERFORMANCE BY OPERATION XXX ACQUISITION OF TCMG UNLOCKING AUSTRALIA’S HISTORICALLY HIGHEST-GRADE MINERAL FIELD TRANSACTION HIGHLIGHTS STRATEGIC RATIONALE KEY PROJECTS • Total acquisition cost of US$54.2m, settled through • Complements current PAR portfolio of high-margin, issue of PAR shares long-l
Slide 24: Acquisition of TCMG – Key Projects
PERFORMANCE BY OPERATION XXX ACQUISITION OF TCMG – KEY PROJECTS NEAR-TERM PRODUCTION POTENTIAL Organic growth through Targeted exploration spend A number of near-term Consolidate stranded third- leveraging existing asset over next 2 years to increase prospects to drive further party resources and re
Slide 25: Acquisition of TCMG – Stage 1 Nobles Project
PERFORMANCE BY OPERATION XXX ACQUISITION OF TCMG – STAGE 1 NOBLES PROJECT NEAR TERM PRODUCTION PLAN AND DELIVERABLES Construction: Ahead of schedule and within budget Mineral Reserve Production Profile • Commissioning and first gold pour : Achieved in Q4 FY2025 120 000 • First Full-Year Production (
Slide 26: Acquisition of TCMG – Warrego Project
PERFORMANCE BY OPERATION XXX ACQUISITION OF TCMG – WARREGO PROJECT STAGE 2 - WARREGO PROJECT – INCREASED GOLD PRODUCTION TO 100koz/yr & COPPER RECOVERY Stage 2 – Warrego Project Gold & Copper • Targeting ~100koz/yr Au & ~10 – 15ktpa Cu • Project extension 10+ years • Add a copper float circuit (~840
Slide 27: Underground Operations
GROUP OVERVIEW UNDERGROUND OPERATIONS
Slide 28: Evander Underground
PERFORMANCE BY OPERATION XXX PERFORMANCE BY OPERATION EVANDER UNDERGROUND EVANDER 8 SHAFT • H2FY25 production estimated at ~15,500oz (H1FY25: 11,551oz) • Average production for the last two months of FY25 estimated at ~3,850oz/month • Confirms production capacity of ~50,000oz/year going forward • Su
Slide 29: Fairview Mine
PERFORMANCE BY OPERATION XXX PERFORMANCE BY OPERATION FAIRVIEW MINE H2FY2025 gold production 15% to ~22,000oz(H1FY2025: 19,095oz) Positively impacted by: • Restructuring of underground operations • Multiple Eskom transformer failures resolved, back-up systems in place • 3 Shaft winder upgrade comp
Slide 30: Barberton Mines' Smaller Underground Operations
PERFORMANCE BY OPERATION XXX PERFORMANCE BY OPERATION BARBERTON MINES’ SMALLER UNDERGROUND OPERATIONS CONSORT MINE Gold production 70% to ~5,500oz (H1FY2025: 3,242oz) • Expected to further improve in future - positively impacting unit costs • Consort Mine is now consistently cash flow positive • T
Slide 31: Group AISC
GROUP OVERVIEW GROUP AISC
Slide 32: H1FY2025 Group AISC: US$1,675
GROUP AISC XXX H1FY2025 GROUP AISC: US$1,675 FY2025 – GUIDING AISC* OF US$1,550/oz – US$1,575/oz Lower cost operations Barberton Total lower Evander Mines’ cost % Group Elikhulu BTRP MTR underground Fairview operations production AISC per kg (ZAR/kg) 648,830 552,660 824,372 1,242,537 975,404 845,876
Slide 33: Group AISC vs Peers – FY2025 Outlook
US$/oz GROUP AISC 500 1 000 1 500 2 000 2 500 0 Perseus Mining Endeavour Mining GROUP AISC Endeavour Mining OTCQX: PAFRF/PAFRY | AIM: PAF | JSE: PAN FY 2025 – AISC OUTLOOK West African Res Alamos Gold PAR - lower cost operations Source: Company websites – latest presentations and information release
Slide 34: Capital Projects (ZAR)
GROUP OVERVIEW CAPITAL PROJECTS (ZAR)
Slide 35: Capital Projects (ZAR)
CAPITAL PROJECTS (ZAR) XXX CAPITAL PROJECTS (ZAR) INVESTMENT IN ORGANIC GROWTH AND MTR – INCREASING OUR PRODUCTION PROFILE 3 500 3 000 2 500 ZARm 2 000 1 500 1 000 500 0 2021 2022 2023 2024 2025FC MTR Project 156 1 284 960 (US$ 52m) Elikhulu 64 168 305 305 120 (US$ 6.5m) Evander 195 430 1 088 1 016
Slide 36: ESG: Our Beyond Compliance Approach
ESG OUR “BEYOND COMPLIANCE” APPROACH
Slide 37: ESG: Our Beyond Compliance Approach
ESG XXX ESG: OUR “BEYOND COMPLIANCE” APPROACH GOVERNANCE ENVIRONMENT SOCIAL SOCIAL AND COMPLIANCE RENEWABLE ENERGY PROJECTS STAKEHOLDER ENGAGEMENT SUSTAINABLE COMMUNITIES COMPLIANT WITH GRI REPORTING • Operating solar plants in Barberton (9MW) and • Engagement forums at each operation – Barberton Bl
Slide 38: Operating Successfully in South Africa – Renewable Energy Roadmap
ESG XXX OUR OPERATING ENVIRONMENT OPERATING SUCCESSFULLY IN SOUTH AFRICA – RENEWABLE ENERGY ROADMAP Current pipeline of Group renewable energy projects 60% Finalise study for We are 8.75MW solar PV 20MW renewable 50,0% committed to 50% Commissioned facility at energy solution at Barberton Mines achi
Slide 39: FY2025 Financials
Se PAN AFRICAN RESOURCES, _FY2025 FINANCIALS A tf
Slide 40: Contractual and Anticipated Debt Redemption Profiles
FY2025 FINANCIALS XXX FY2025 FINANCIALS CONTRACTUAL AND ANTICIPATED DEBT REDEMPTION PROFILES Debt Redemption Profile 5 000 000 000 4 500 000 000 4 000 000 000 3 500 000 000 3 000 000 000 2 500 000 000 2 000 000 000 1 500 000 000 1 000 000 000 500 000 000 0 Jan-25 May-25 Sept-25 Jan-26 May-26 Sept-26
Slide 41: Dividends and Shareholder Returns
FY2025 FINANCIALS XXX FY2025 FINANCIALS DIVIDENDS AND SHAREHOLDER RETURNS Historic dividends – record of returning cash to shareholders ZARm 25 600 000 000 500 000 000 20 400 000 000 15 300 000 000 10 200 000 000 5 100 000 000 0 0 2019 2020 2021 2022 2023 2024 Total dividend paid (ZARm) ZAR cents pe
Slide 42: FY2025 – Focused on Delivery
PAN AFRICAN RESOURCES FY 2025 — FOCUSED ON DELIVERY
Slide 43: FY2025: Focused on Delivery
FY2025 – FOCUSED ON DELIVERY XXX FY2025: FOCUSED ON DELIVERY KEY DELIVERABLES INCLUDE Continue with focus on health and safety initiatives in our proactive journey to ‘zero harm’ Monitor the Group’s initiatives intended to further reduce costs and increase underground production at Evander Mines
Slide 44: Thank you
XXX Thank you Contact: Hethen Hira, Head of investor relations Email: Hhira@paf.co.za www.panafricanresources.com OTCQX: PAFRF/PAFRY | AIM: PAF | JSE: PAN www.panafricanresources.com 44
Slide 45: Appendix
PAN AFRICAN RESOURCES, APPENDIX
Slide 46: TCMG Acquisition: Mineral Resources and Mineral Reserves
APPENDIX XXX TCMG ACQUISITION Mineral Resources and Mineral Reserves Nobles Project’s Mineral Resources and Mineral Reserves Contained gold Contained gold TCMG Mineral Resources Tonnes TCMG Mineral Resources Tonnes Category Grade Tonnes Category Grade Tonnes as at 30 June 2024 million Moz as at 30 J
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