Pan African Resources Plc · LSE:PAF
Pan African Resources — H1 FY2026 Earnings Presentation
48 slides from Pan African Resources's earnings presentation, Feb 18, 2026
Slide 1: FY26H1 Interim Results Presentation
FY26H1 INTERIM RESULTS PRESENTATION MINING FOR A FUTURE for the six months ended 31 December 2025
Slide 2: Disclaimer
DISCLAIMER 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 themselves informed of and comply with and
Slide 3: Forward Looking Statements
FORWARD LOOKING STATEMENTS Statements in this presentation that address exploration activities, mining potential and future plans and objectives of Pan African Resources are forward-looking statements and forward-looking information that involve various risks, assumptions and uncertainties and are n
Slide 4: Overview of Presentation
OVERVIEW OF PRESENTATION Health and safety Group overview Our operating environment Key features Performance by operation Group AISC Capital projects Organic growth projects ESG: Our “Beyond compliance” approach FY26H1 Financials FY26 Focused on delivery Appendix LSE: PAF | JSE: PAN | OTCQX: PAFRF/P
Slide 5: Health and Safety
1. Health and safety 2. Group overview 2.1 Our operating environment 2.2 Key features 2.3 Performance by operation 2.4 Group AISC 2.5 Capital projects 2.6 Organic growth projects 3. ESG: Our “Beyond compliance” approach 4. FY26H1 Financials 5. FY26 Focused on delivery 6. Appendix HEALTH AND SAFETY
Slide 6: Health and Safety
HEALTH AND SAFETY HEALTH AND SAFETY FY26H1 GROUP SAFETY PERFORMANCE The Group has delivered sustained improvements in safety performance Ongoing safety focus across all operations across all operations, maintaining its leading position within the South African gold mining sector Safety milestones ac
Slide 7: Group Overview
1. Health and safety 2. Group overview 2.1 Our operating environment 2.2 Key features 2.3 Performance by operation 2.4 Group AISC 2.5 Capital projects 2.6 Organic growth projects 3. ESG: Our “Beyond compliance” approach 4. FY26H1 Financials 5. FY26 Focused on delivery 6. Appendix GROUP OVERVIEW
Slide 8: Investment Highlights
GROUP OVERVIEW INVESTMENT HIGHLIGHTS MOVED FROM AIM TO THE MAIN MARKET OF THE LSE AND INCLUSION IN FTSE250 Diversified portfolio of producing gold assets located in two major global mining jurisdictions (South Africa and Australia) Growing production closer to 300koz from a high-margin operating bas
Slide 9: Corporate Snapshot
GROUP OVERVIEW CORPORATE SNAPSHOT Share price performance Capital structure2 (share price 31 January 2026) JSE: PAN (ZAR) cps (ZAR) 2,922 PAN JSE share price vs Gold price : January 2009=100 LSE: PAF (GBP) pps (GBP) 132.2 Shares issued m 2,334 8,000 7,000 PAN +75X Market capitalisation US$m 4,191 Ne
Slide 10: Group Overview
GROUP OVERVIEW GROUP OVERVIEW A UNIQUE COMBINATION OF UNDERGROUND AND SURFACE MINING OPERATIONS GROUP OPERATIONS Tennant Mines South Africa Further near-term, low-cost production growth Australia Tennant Mines LSE: PAF | JSE: PAN | OTCQX: PAFRF/PAFRY www.panafricanresources.com 10
Slide 11: Production Profile
GROUP OVERVIEW PRODUCTION PROFILE GROWING GOLD PRODUCTION BY MORE THAN 40% WITHIN ONE YEAR $1,820/oz to $1,261/oz $1,259/oz $1,309/oz $1,354/oz $1,600/oz $1,870/oz1 300 275-292koz ~35% production from surface 46-50koz 250 197koz Gold production (koz) 202koz 206koz 1.5koz 48-52koz AISC ~$1,637/oz ~60
Slide 12: Operational Snapshot
GROUP OVERVIEW OPERATIONAL SNAPSHOT 60% of production 40% of production Shallow underground and Low-cost surface tailings – environmental clean-up and rehab benefits High-grade, long-life underground mines Surface / UG Surface Underground Asset Tennant Mines MTR Elikhulu BTRP Evander Barberton Locat
Slide 13: Our Operating Environment
GROUP OVERVIEW OUR OPERATING ENVIRONMENT 140 YEAR TRACK RECORD OF OPERATING SUCCESSFULLY IN SOUTH AFRICA ELECTRICITY ELECTRICITYAND ANDSA RENEWABLE REGULATORY ELECTRICITY AND SA REGULATORY REGULATORY ELECTRICITY FRAMEWORK, AND SA REGULATORY SECURITY AND STAKEHOLDER ENGAGEMENT FRAMEWORK ENERGY FRAMEW
Slide 14: Key Features
1. Health and safety 2. Group overview 2.1 Our operating environment 2.2 Key features 2.3 Performance by operation 2.4 Group AISC 2.5 Capital projects 2.6 Organic growth projects 3. ESG: Our “Beyond compliance” approach 4. FY26H1 Financials 5. FY26 Focused on delivery 6. Appendix GROUP OVERVIEW Key
Slide 15: FY26H1 Key Features
KEY FEATURES FY26H1 KEY FEATURES OPERATIONAL AND FINANCIAL PERFORMANCE ELECTRICITY AND SA REGULATORY ELECTRICITY AND SA REGULATORY ELECTRICITY AND SA REGULATORY PRODUCTION PERFORMANCE COST PERFORMANCE FINANCIAL PERFORMANCE FRAMEWORK FRAMEWORK FRAMEWORK Group gold production of 128,296oz 52% Group A
Slide 16: Gold Price Received and Margins
KEY FEATURES GOLD PRICE RECEIVED AND MARGINS PROFITABILITY DRIVEN BY ZAR/KG GOLD PRICE AND COMPETITIVE UNIT COSTS PROFITABILITY GAP WIDENING ELECTRICITY AND SA REGULATORY AS ANNUAL PRODUCTION RAMPS Gold price received vs AISC FRAMEWORK UP CLOSER TO ~300KOZ in FY26 R/kg • Well-positioned to capitalis
Slide 17: Performance by Operation
1. Health and safety 2. Group overview 2.1 Our operating environment 2.2 Key features 2.3 Performance by operation 2.4 Group AISC 2.5 Capital projects 2.6 Organic growth projects 3. ESG: Our “Beyond compliance” approach 4. FY26H1 Financials 5. FY26 Focused on delivery 6. Appendix GROUP OVERVIEW Perf
Slide 18: Tailings Retreatment and Surface Business
PERFORMANCE BY OPERATION TAILINGS RETREATMENT AND SURFACE BUSINESS PROVEN TRACK RECORD OF DELIVERING NEW GOLD PRODUCTION ON BUDGET AND ON SCHEDULE 2013 2015 2018 2024 2025 BTRP ETRP Elikhulu MTR Tennant Mines Stage 1 Nobles Project Capacity (per month) 100kt 200kt 1.2Mt 0.8-1.1Mt 70kt Production (pe
Slide 19: Tailings Operations – Elikhulu
PERFORMANCE BY OPERATION PERFORMANCE BY OPERATION TAILINGS OPERATIONS – ELIKHULU • Production 15% in FY26H1 at 29,450oz (FY25H1: 25,725oz) • Water treatment plant expansion in progress – • Consistent head grade (>0.3g/t) and metallurgical recoveries maintained • Substantial water cost savings • In
Slide 20: Tailings Operations – BTRP and Sheba Fault
PERFORMANCE BY OPERATION PERFORMANCE BY OPERATION TAILINGS OPERATIONS – BTRP AND SHEBA FAULT • Production stable at 7,143oz (FY25H1: 7,544oz) BTRP life-of-mine plan – new surface sources • Increase in production cost as anticipated as residual material retreated 60,000 • AISC of US$1,484/oz (FY25H1:
Slide 21: Mogale Tailings Retreatment (MTR)
PERFORMANCE BY OPERATION PERFORMANCE BY OPERATION MOGALE TAILINGS RETREATMENT (MTR) • Successfully commissioned in October 2024 • Ahead of schedule and US$8m below budget • Payback expected within 2 years post commissioning at current gold prices • Produced 21,729oz in FY26H1 (FY25: 30,806oz) at an
Slide 22: Mogale Socio-Economic Development and Environmental Rehabilitation
PERFORMANCE BY OPERATION 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 240Mt of low-grade gold-bearing tailings material in num
Slide 23: Tennant Mines
PERFORMANCE BY OPERATION – TENNANT MINES TENNANT MINES NEAR TERM GOLD PRODUCTION GROWTH IN AUSTRALIA TENNANT CREEK MINERAL FIELD Major historical province Long mine life Historically Australia’s highest- Nobles initial 8-year LOM, with grade gold province strategy to expand to >15 years Stage 1: Nob
Slide 24: Australian Operations – Tennant Mines
PERFORMANCE BY OPERATION PERFORMANCE BY OPERATION AUSTRALIAN OPERATIONS – TENNANT MINES • Nobles plant construction completed April 2025, first gold pour May 2025 • Completed ahead of schedule and within budget • Achieved nameplate capacity of 70ktpm during July 2025 • FY26H1 production commendable
Slide 25: Performance by Operation – Underground
1. Health and safety 2. Group overview UNDERGROUND OPERATIONS 2.1 Our operating environment 2.2 Key features 2.3 Performance by operation 2.4 Group AISC 2.5 Capital projects 2.6 Organic growth projects 3. ESG: Our “Beyond compliance” approach 4. FY25 Financials 5. FY26 Focused on delivery 6. Appendi
Slide 26: Evander Underground
PERFORMANCE BY OPERATION – UNDERGROUND PERFORMANCE BY OPERATION EVANDER UNDERGROUND EVANDER 8 SHAFT • Production 87% to 21,640oz (FY25H1: 11,551oz) • Recovered grade of 9.69g/t (FY25H1: 5.74g/t) • AISC reduced to US$1,576/oz (FY25H1: US$2,153/oz) • Increased gold production positively impacts unit
Slide 27: Fairview Mine
PERFORMANCE BY OPERATION – UNDERGROUND PERFORMANCE BY OPERATION FAIRVIEW MINE Gold production 10% to 20,977oz (FY25H1: 19,095oz) FY26H1 production and costs improved following: • Mining of high-grade ore from the MRC and Rossiter orebodies • 3 Shaft winder upgrade completed, which improves ore tra
Slide 28: Barberton Mines' Smaller Underground Operations
PERFORMANCE BY OPERATION – UNDERGROUND PERFORMANCE BY OPERATION BARBERTON MINES’ SMALLER UNDERGROUND OPERATIONS CONSORT MINE Gold production 20% to 3,884oz (FY25H1: 3,243oz) • Rehabilitation of PC Shaft infrastructure completed • Allows access to higher-grade areas below 30 Level • Mining commence
Slide 29: Group AISC
1. Health and safety 2. Group overview 2.1 Our operating environment 2.2 Key features 2.3 Performance by operation 2.4 Group AISC 2.5 Capital projects 2.6 Organic growth projects 3. ESG: Our “Beyond compliance” approach 4. FY26H1 Financials 5. FY26 Focused on delivery 6. Appendix GROUP OVERVIEW Grou
Slide 30: Group AISC
GROUP AISC GROUP AISC GUIDING AISC OF US$1,820/oz – US$1,870/oz IN FY2026* Lower cost operations Barberton Total lower Evander Mines’ Tennant cost % Group Elikhulu BTRP MTR underground Fairview Mines operations production AISC per kg 675,221 828,894 880,538 880,103 1,209,004 1,419,945 949,123 (ZAR/k
Slide 31: Group AISC – FY2026 AISC Outlook
US$/oz GROUP AISC 1,000 0 3,000 500 2,000 2,500 1,500 Endeavour Mining B2Gold Corp GROUP AISC LSE: PAF | JSE: PAN | OTCQX: PAFRF/PAFRY Alamos Gold FY 2026 – AISC OUTLOOK Wesdome Gold Eldorado Gold Barrick Perseus Mining Gold Fields - Group PAR - lower cost operations Source: BMO Capital Markets ‘The
Slide 32: Capital Projects
1. Health and safety 2. Group overview 2.1 Our operating environment 2.2 Key features 2.3 Performance by operation 2.4 Group AISC 2.5 Capital projects 3. ESG: Our “Beyond compliance” approach 4. FY25 Financials 5. FY26 Focused on delivery 6. Appendix GROUP OVERVIEW Capital projects
Slide 33: Capital Projects (USD)
CAPITAL PROJECTS CAPITAL PROJECTS (USD) INVESTMENT IN ORGANIC GROWTH – MAINTAINING OUR FUTURE PRODUCTION GROWTH TRAJECTORY US$107m US$161m US$167m US$156m US$267m 300 250 200 150 US$m 100 50 0 2023 2024 2025 2026* 2027# Tennant Mines 37 31 107 MTR Project 9 69 53 20 43 Elikhulu 17 16 7 23 7 Evander
Slide 34: Organic Growth Projects
1. Health and safety 2. Group overview 2.1 Our operating environment 2.2 Key features 2.3 Performance by operation 2.4 Group AISC 2.5 Capital projects 2.6 Organic growth projects 3. ESG: Our “Beyond compliance” approach 4. FY26H1 Financials 5. FY26 Focused on delivery 6. Appendix GROUP OVERVIEW Orga
Slide 35: Soweto Tailings Retreatment (STR)
ORGANIC GROWTH PROJECTS SOWETO TAILINGS RETREATMENT (STR) REMINING SOWETO CLUSTER TSFs Feasibility study completed in November 2025 for an integrated operation to treat Soweto Cluster TSFs • >108Mt of Mineral Reserves to be treated through the new processing facility, with an additional 25Mt availab
Slide 36: Tennant Mines – Warrego Gold and Copper Project
ORGANIC GROWTH PROJECTS TENNANT MINES WARREGO GOLD AND COPPER PROJECT 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 regional portfolio Mineral
Slide 37: Tennant Mines – Warrego Gold and Copper Project
ORGANIC GROWTH PROJECTS TENNANT MINES - WARREGO GOLD AND COPPER PROJECT ORGANIC GROWTH AT TENNANT CREEK, AUSTRALIA • Pan African controls 1,700km2 of highly prospective ground in NT, Australia • 100% owned assets and JV agreements with ERM • Experienced in-country management team in place • Hub and
Slide 38: Evander Mines – Poplar Project
ORGANIC GROWTH PROJECTS EVANDER MINES – POPLAR PROJECT UNMINED SHALLOW UNDERGROUND MINERAL RESOURCE POPLAR PROJECT • One of the largest unmined Mineral Resources within the Witwatersrand Basin • Estimated Mineral Resource 28.7 Mt at 6.99g/t for 6.46Moz gold • Located within current PAR Mining Right
Slide 39: ESG: Our "Beyond Compliance" Approach
1. Health and safety 2. Group overview 2.1 Our operating environment 2.2 Key features 2.3 Performance by operation 2.4 Group AISC 2.5 Capital projects 2.6 Organic growth projects 3. ESG: Our “Beyond compliance” approach 4. FY26H1 Financials 5. FY26 Focused on delivery 6. Appendix ESG Our “Beyond com
Slide 40: ESG: Our "Beyond Compliance" Approach
ESG: OUR “BEYOND COMPLIANCE” APPROACH ESG: OUR “BEYOND COMPLIANCE” APPROACH GOVERNANCE ENVIRONMENT SOCIAL SOCIAL AND COMPLIANCE SOCIAL SOCIAL RENEWABLE ENERGY PROJECTS STAKEHOLDER ENGAGEMENT SUSTAINABLE COMMUNITIES COMPLIANT WITH GRI REPORTING • Operating solar plants in Barberton • Engagement forum
Slide 41: Our Operating Environment – Renewable Energy Roadmap
ESG: OUR “BEYOND COMPLIANCE” APPROACH OUR OPERATING ENVIRONMENT OPERATING SUCCESSFULLY IN SOUTH AFRICA – RENEWABLE ENERGY ROADMAP Current Operations and Pipeline of Group Renewable Energy Projects We are committed to achieving a 15% renewable energy mix by 2027, in compliance with our SLBF framework
Slide 42: FY26H1 Financials
1. Health and safety 2. Group overview 2.1 Our operating environment 2.2 Key features 2.3 Performance by operation 2.4 Group AISC 2.5 Capital projects 2.6 Organic growth projects 3. ESG: Our “Beyond compliance” approach 4. FY26H1 Financials 5. FY26 - Focused on delivery 6. Appendix FY25 FINANCIALS
Slide 43: FY26H1 Financials – Summarised Consolidated Results
FY26H1 FINANCIALS FY26H1 FINANCIALS SUMMARISED CONSOLIDATED FINANCIAL RESULTS Six months ended Six months ended Movement Salient features Units 31 December 2025 31 December 2024 % change Gold produced oz 128,296 84,705 51.5 Gold sold oz 127,296 79,926 59.3 Revenue US$ million 487.1 189.3 157.3 US$/o
Slide 44: Contractual and Anticipated Debt Redemption Profiles
FY26H1 FINANCIALS FY26H1 FINANCIALS CONTRACTUAL AND ANTICIPATED DEBT REDEMPTION PROFILES Group Net Senior Debt Profile 0 Dec-2024 Feb-2025 Apr-2025 Jun-2025 Aug-2025 Oct-2025 Dec-2025 Feb-2026 Apr-2026 Jun-2026 Aug-2026 Oct-2026 Dec-2026 -50,000,000 -100,000,000 US$ -150,000,000 -200,000,000 -250,00
Slide 45: Dividends and Shareholder Returns
FY26H1 FINANCIALS FY26H1 FINANCIALS DIVIDENDS AND SHAREHOLDER RETURNS Historic dividends – record of sector-leading returns to shareholders Maiden interim dividend of ZAR 280million for FY26H1 1,000,000,000 40 900,000,000 35 800,000,000 30 700,000,000 25 Cents per share 600,000,000 ZARm 500,000,000
Slide 46: FY26 – Focused on Delivery
1. Health and safety 2. Group overview 2.1 Our operating environment 2.2 Key features 2.3 Performance by operation 2.4 Group AISC 2.5 Capital projects 2.6 Organic growth projects 3. ESG: Our “Beyond compliance” approach 4. FY26H1 Financials 5. FY26 Focused on delivery 6. Appendix FY26 - FOCUSED ON D
Slide 47: FY26: Focused on Delivery
FY26 – FOCUSED ON DELIVERY FY26: FOCUSED ON DELIVERY KEY DELIVERABLES INCLUDE ✓ Continue with focus on health and safety initiatives in our proactive journey to ‘zero harm’ ✓ Focus on achieving production and cost guidance ✓ Execute capital projects designed to sustain and increase future gold produ
Slide 48: Contact Details
Contact Details: Hethen Hira Head of Investor Relations Phone: + 27 11 243 2900 Email: hhira@paf.co.za www.panafricanresources.com LSE: PAF | JSE: PAN | OTCQX: PAFRF/PAFRY www.panafricanresources.com 48
Pan African Resources — H1 FY2026 Earnings Presentation on 6ix