Pan African Resources Plc · LSE:PAF
Pan African Resources — Non-Deal Roadshow (July 2025)
33 slides from Pan African Resources's roadshow presentation, July 2025
Slide 1: Investor Roadshow
MINING FOR A FUTURE INVESTOR ROADSHOW JULY 2025 AIM: PAF | JSE: PAN | OTCQX: PAFRF/PAFRY
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: Investment Highlights
XXX INVESTMENT HIGHLIGHTS Diversified portfolio of producing gold assets located across two major global mining jurisdictions (South Africa and Australia) Established production of ~200koz is underpinned by a low-cost operating base, generating strong cash flows Production growth to >275koz in FY202
Slide 4: Group Overview
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Slide 5: Corporate Snapshot
XXX CORPORATE SNAPSHOT SHARE PRICE PERFORMANCE CAPITAL STRUCTURE2 (share price 14 July 2025) Price (£) Volume (m) JSE: PAN (ZAR) cps (ZAR) 1,236 AIM: PAF (GBP) pps (GBP) 51.3 0,60 50 Shares issued m 2,334 45 Treasury shares m 306 +300% Market capitalisation US$m 1,412 0,50 40 Net debt (expected as a
Slide 6: Asset Overview
XXX ASSET OVERVIEW BUILDING A WORLD-CLASS PORTFOLIO OF LONG-LIFE UNDERGROUND AND SURFACE MINING ASSETS AFRICAN OPERATIONS AUSTRALIAN OPERATIONS Acquisition of Tenant Mines completed in late 2024, providing further near-term, low-cost production growth TENNANT MINES Tennant Creek Mineral Field, North
Slide 7: Production Profile
XXX PRODUCTION PROFILE SUCCESSFULLY TRANSITIONED OPERATIONS TO LOW-COST, SURFACE-BASED PRODUCTION $1,261/oz $1,259/oz $1,309/oz $1,354/oz $1,538/oz1 $1,500/oz1 300 275-292koz 46-50koz ~35% production 250 from surface ~197koz 206koz Gold production (koz) 202koz ~1.5koz 52-54koz ~60% AISC ~$1,700/oz 2
Slide 8: Health and Safety
XXX HEALTH AND SAFETY COMMITTED TO CREATING A ‘ZERO HARM’ WORKING ENVIRONMENT WE ARE COMMITTED TO MAINTAINING INDUSTRY-LEADING SAFETY PERFORMANCE FATALITY-FREE MILESTONES • Our focus remains on continuous improvement through proactive safety initiatives, • 1.8 million fatality-free hours worked duri
Slide 9: Board & Management
XXX BOARD & MANAGEMENT BOARD OF DIRECTORS KEITH SPENCER COBUS LOOTS MARILEEN KOK DAWN EARP THABO MOSOLOLI CHARLES NEEDHAM YVONNE THEMBA Non-Executive Director Executive Director Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Independent
Slide 10: Overview of Operations
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Slide 11: Operational Snapshot
XXX OPERATIONAL SNAPSHOT PORTFOLIO OF LOW-COST SURFACE OPERATIONS AND HIGH-GRADE, LONG-LIFE UNDERGROUND MINES 60% of production 40% of production Low-cost surface tailings – environmental clean-up and rehab benefits High-grade, long-life underground mines Surface / UG Surface Underground Asset Tenna
Slide 12: Tailings Retreatment Business
XXX TAILINGS RETREATMENT BUSINESS PROVEN TRACK RECORD IN DELIVERING VALUE THROUGH TAILINGS RETREATMENT PLANTS 2013 2015 2018 2023 2025 BTRP ETRP Elikhulu MTR Tennant Mines Stage 1 Nobles Project Capacity (per month) 100kt 200kt 1.2Mt 0.8-1.1Mt 70kt Production (per annum) 20koz 10koz 50koz 60koz ~60k
Slide 13: Tennant Consolidated Mining Group (TCMG)
XXX TENNANT CONSOLIDATED MINING GROUP (TCMG) COMPLETED THE ACQUISITION OF THE TENNANT CREEK ASSETS IN DECEMBER 2024 Major historical province Long mine life TENNANT CREEK MINERAL FIELD Historically Australia’s highest- Nobles initial 8-year LOM, with grade gold province strategy to expand to >15 yea
Slide 14: Tennant Mines Stage 1 | Nobles and Warrego
XXX TENNANT MINES STAGE 1 & 2 | NOBLES AND WARREGO FIRST GOLD POUR ACHIEVED IN Q4 FY2025 Excludes additional open pit potential currently being permitted or optimised which extends the LOM to 8 years Production profile (based on Mineral Reserves) AISC (USD) 120 000 $1,450/oz $1,600/oz $1,350/oz $1,0
Slide 15: Tennant Mines – Key Projects
XXX TENNANT MINES – 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 regional portfolio Mineral Reserv
Slide 16: Tennant Mines Stage 2 | Warrego Project
XXX TENNANT MINES STAGE 2 | WARREGO PROJECT SIGNIFICANTLY GROWS GOLD PRODUCTION AND MINE LIFE Expected to support annual production growth to ~100kozpa gold and ~10-15ktpa copper Highly attractive return on capital, with capex expected to be <US$50m Extends Tennant Creek operations by 10+ years, und
Slide 17: Financials
PAN AFRICAN RESOURCES, FINANCIALS
Slide 18: Debt Redemption Profile
XXX DEBT REDEMPTION PROFILE EXPECTED TO BE FULLY DEGEARED IN THE NEXT 12 MONTHS AT PREVAILING GOLD PRICES 250 000 000 200 000 000 150 000 000 US$ 100 000 000 50 000 000 - Jan-25 May-25 Sept-25 Jan-26 May-26 Sept-26 Jan-27 May-27 Sept-27 Jan-28 May-28 Sept-28 Jan-29 May-29 RCF Bond A (PARS01) Bond B
Slide 19: Historical Dividends
XXX HISTORICAL DIVIDENDS STRONG TRACK RECORD OF RETURNING CASH TO SHAREHOLDERS ZAR¢/share US$ Historic dividends 25 30 000 000 25 000 000 20 20 000 000 15 15 000 000 10 10 000 000 5 5 000 000 0 - 2019 2020 2021 2022 2023 2024 Total dividend paid ZAR cents per share 19
Slide 20: Capital Projects
XXX CAPITAL PROJECTS INVESTING IN ORGANIC GROWTH TO EXPAND OUR PRODUCTION FOOTPRINT 180 MTR Project Elikhulu Evander BML Expansion BML Sustaining 160 140 120 100 US$m 80 60 40 20 0 2021 2022 2023 2024 2025E Major expansion capital items include Barberton Mines’ decline development at the MRC and ZK
Slide 21: ESG
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Slide 22: ESG | Our “Beyond Compliance” Approach
XXX ESG | OUR “BEYOND COMPLIANCE” APPROACH ENVIRONMENT SOCIAL GOVERNANCE & COMPLIANCE RENEWABLE ENERGY PROJECTS STAKEHOLDER ENGAGEMENT COMPLIANT WITH GRI REPORTING • Operating solar plants in Barberton (9MW) and Evander (10MW) • Engagement forums at each operation Group ESG/Sustainability/Climate Ch
Slide 23: Appendix 1: South African Operations
APPENDIX 1: SOUTH AFRICAN OPERATIONS
Slide 24: Elikhulu Tailings Retreatment Operations
XXX ELIKHULU TAILINGS RETREATMENT OPERATIONS • FY25 production of approximately >52koz (FY24: 54,812oz) • One of the lowest cost producers in Southern Africa (H1FY25 AISC of US$1,124/oz) • Eight-year LOM with consistent annual performance Elikhulu Elikhulu Upper Elikhulu compartment Elikhulu Lower P
Slide 25: BTRP and Sheba Fault
XXX BTRP AND SHEBA FAULT TAILINGS RETREATMENT OPERATIONS BTRP life-of-mine plan – new surface sources • FY25 production of ~15.5koz 40 000 Gold production (oz) • Lowest cost of production in the Group (H1FY25 AISC of US$958/oz) • ~6 years mine life based on current near term surface resources, with
Slide 26: Mogale Tailings Retreatment (MTR)
XXX MOGALE TAILINGS RETREATMENT (MTR) TAILINGS RETREATMENT OPERATIONS • Operations begun October 2024 and full ramp-up achieved in December 2024, ahead of schedule and US$8m below budget • Payback expected In <2 years post-commissioning at current gold prices (acquisition cost of only US$2.8 million
Slide 27: MTR Expansion Opportunity
XXX MTR EXPANSION OPPORTUNITY TAILINGS RETREATMENT OPERATIONS SOWETO CLUSTER TSFs • PFS completed on the Mintails SA Soweto Cluster TSFs in 2024 • Will increase production by a further ~50 to 60kozpa over a >10-year LOM with MTR plant expansion for total additional capex of US$113m • Project economi
Slide 28: Evander Mines
XXX EVANDER MINES UNDERGROUND OPERATIONS EVANDER 8 SHAFT • FY25 expected production of ~27koz, with an average of ~3,850oz over the last two months, confirming a sustainable 50koz/yr capacity • Sub-vertical shaft commissioned in Jan 2025, now hoisting ~40ktpm from 17-24 Level, replacing 4km of conve
Slide 29: Barberton Mines | Fairview
XXX BARBERTON MINES | FAIRVIEW UNDERGROUND OPERATIONS • Fairview Mine FY25 expected production of ~50koz • Performance driven by underground restructuring, resolution of Eskom transformer failures, and completion of the 3 Shaft winder upgrade • Mining flexibility improved with multiple platforms act
Slide 30: Barberton Mines | Consort & Sheba
XXX BARBERTON MINES | CONSORT & SHEBA UNDERGROUND OPERATIONS CONSORT MINE • Production expected to rise by 70% to ~5,500oz for H2FY25 (H1FY25: 3,242oz), with further improvements expected— positively impacting unit costs • Now consistently cash flow positive, driven by: • Completion of PC Shaft reha
Slide 31: Appendix 2: Resources & Reserves
APPENDIX 2: RESOURCES & RESERVES
Slide 32: Resources and Reserves
XXX RESOURCES AND RESERVES Group 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 3
Slide 33: Contact Details
XXX Contact Details: Hethen Hira Head of Investor Relations Phone: + 27 11 243 2900 Email: hhira@paf.co.za www.panafricanresources.com 33
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