Pan African Resources Plc · LSE:PAF
Pan African Resources — FY2026 Earnings Presentation
51 slides from Pan African Resources's earnings presentation, Sep 16, 2026
Slide 1: 2026 Final Results Presentation
2026 FINAL RESULTS PRESENTATION for the year ended 30 June
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; Acknowledgement of Country
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 Health Safety and Safety Group overview Our operating environment Key features-FY26 Performance by operation Group AISC Capital projects Organic growth projects ESG: Our “Beyond compliance” approach FY26 Financials FY27 Focused on delivery Appendix LSE: PAF | JSE:
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. FY26 Financials 5. FY27 Focused on delivery 6. Appendix HEALTH AND SAFETY
Slide 6: Health and Safety
Health and Safety HEALTH AND SAFETY GROUP SAFETY PERFORMANCE Improvement in Group safety performance with proactive implementation of Fatality-free milestones safety initiatives • Fairview Mine achieved 5.1 million fatality-free shifts in FY26, with five consecutive • Sustained focus on safety: lead
Slide 7: Group Overview: Our operating environment
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. FY26 Financials 5. FY27 Focused on delivery 6. Appendix GROUP OVERVIEW Our op
Slide 8: Investment Highlights
Our operating environment INVESTMENT HIGHLIGHTS MAIN MARKET LSE AND ASX LISTING, NOW INCLUDED IN FTSE250, JSE Top40 and GDXJ INDEXES Diversified portfolio of producing gold assets located in two major global mining jurisdictions (South Africa & Australia) Growing production closer to 300koz from a h
Slide 9: Corporate Snapshot
Our operating environment CORPORATE SNAPSHOT SIMPLE CORPORATE STRUCTURE, NO DEBT, NO HEDGING Share price performance Capital structure2 (share price 31 August 2026) JSE: PAN cps (ZAR) 2,934 LSE: PAF pps (GBP) 136.3 10 000 ASX: PAF AUD 2.52 9 000 PAN +70X Shares issued m 2,436 8 000 Return1 Market ca
Slide 10: Group Overview
Our operating environment GROUP OVERVIEW A UNIQUE COMBINATION OF UNDERGROUND AND SURFACE MINING OPERATIONS IN SOUTH AFRICA AND AUSTRALIA Our portfolio offers a unique combination of underground and surface remining operations: • Additionally, our surface remining operations include the Elikhulu • Th
Slide 11: Production Profile
Our operating environment PRODUCTION PROFILE GROWING GOLD PRODUCTION BY ~40% IN THE LAST YEAR $2,075/oz to $1,259/oz $1,309/oz $1,354/oz $1,600/oz $1,867/oz $2,175/oz1 280-302koz 300 272koz ~35% production 48-52koz from surface 32koz 250 AISC $2,261/oz 197koz 206koz 1.5koz 52koz 50-54koz AISC ~$1,63
Slide 12: Operational Snapshot
Our operating environment 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 Mine
Slide 13: Our Operating Environment
Our operating environment OUR OPERATING ENVIRONMENT 140 YEAR TRACK RECORD OF OPERATING SUCCESSFULLY IN SOUTH AFRICA REGULATORY FRAMEWORK, SECURITY & ELECTRICITY & RENEWABLE ENERGY STAKEHOLDER ENGAGEMENT PUBLIC/PRIVATE COLLABORATION • National grid power to SA mining sites – • Multi-facetted and tran
Slide 14: Group Overview: 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. FY26 Financials 5. FY27 Focused on delivery 6. Appendix GROUP OVERVIEW Key fe
Slide 15: FY26 Key Features
Key features FY26 KEY FEATURES RECORD OPERATIONAL AND FINANCIAL PERFORMANCE PRODUCTION PERFORMANCE COST PERFORMANCE FINANCIAL PERFORMANCE Record Group gold production of 272,310oz Group AISC of US$1,867/oz (FY25: Record performance in FY26 39% US$1,600/oz) • Revenue 114% to US$1,156.5m (FY25:US$
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 AS ANNUAL PRODUCTION RAMPS UP CLOSER TO ~300KOZ in FY27 R/kg • Well-positioned to capitalise on increasing gap between ZAR/kg gold price and ZAR AISC cost base
Slide 17: 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. FY26 Financials 5. FY27 Focused on delivery 6. Appendix GROUP OVERVIEW Perfor
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 2014 2018 2024 2025 BTRP ETRP Elikhulu MTR Tennant Mines Nobles Operations, White Devil Capacity (per month) 100kt 200kt 1.2Mt 0.8-1.1Mt 70kt Capex
Slide 19: Tailings Operations – Elikhulu
Performance by operation PERFORMANCE BY OPERATION TAILINGS OPERATIONS – ELIKHULU • Production of 56,475oz in FY26 (FY25: 52,606oz) – second highest since • 9.9MW solar PV renewable energy plant – provides >22% of energy needs 2019 • Sustainable long-term electricity cost savings • Strong performance
Slide 20: Tailings Operations – BTRP and Sheba Fault
Performance by operation PERFORMANCE BY OPERATION TAILINGS OPERATIONS – BTRP AND SHEBA FAULT • Production in line with mine plan at 12,932oz (FY25: 15,224oz) BRAMBER DORMANT REMINING BRAMBER DEPOSITION HARPER NORTH REMINING • Increase in production cost as anticipated as residual material retreated
Slide 21: Royal Sheba – Building a New Mine
Performance by operation ROYAL SHEBA – BUILDING A NEW MINE EXECUTION UNDERWAY ON A SHALLOW, FREE-MILLING OREBODY OPEN AT DEPTH Project advancement SECONDARY ESCAPE LOWER GRADE MINING ROYAL SHEBA ADIT AND VENT BLOCKS (1-2g/t) • Water-use licence received in June 2026, and BAR approved in July 2026 •
Slide 22: Mogale Tailings Retreatment (MTR)
Performance by operation PERFORMANCE BY OPERATION MOGALE TAILINGS RETREATMENT (MTR) WEST WITS PIT DEPOSITION MTR PLANT NORTH SANDS TSF 1L8 TSF • Production 69% to 51,927oz (FY25: 30,806oz) • AISC of US$1,389/oz (FY25: US$1,282/oz) • Adjusted EBITDA generated of US$155.9m (FY25: US$51.8) • Performa
Slide 23: 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 24: Tennant Mines
Performance by operation TENNANT MINES NEAR TERM GOLD PRODUCTION GROWTH IN AUSTRALIA Tennant Creek Mineral Field Stage 1: Nobles Operation Major historical province Long mine life Mineral Resources of 1.8Moz Historically Australia’s highest- Nobles initial 8-year LOM, with strategy & Ore Reserves of
Slide 25: Acquisition of Emmerson Resources and ASX Listing
Performance by operation ACQUISITION OF EMMERSON RESOURCES AND ASX LISTING PAN AFRICAN RECENTLY COMPLETED ACQUISITION OF EMMERSON RESOURCES IN EARLY JULY 2026 1 Secures 100% ownership of the Tennant Creek JV, ensuring full alignment of interests and operational control of Tennant Creek 2 Accelerates
Slide 26: 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 Planned FY27 increase in capital expenditure to: • Completed ahead of schedule and within budget • Further enhance plant efficiencies and
Slide 27: Evander Underground
Performance by operation PERFORMANCE BY OPERATION EVANDER UNDERGROUND EVANDER 8 SHAFT 15 LEVEL MAIN HAULAGE EVANDER 7 SHAFT KINROSS PLANT Evander 8 Shaft complex • Production 68% to ~46,855z (FY25: 27,829oz) • Underground recovered grade 62% t0 11g/t (FY25: 6.8g/t) • FY26 AISC of US$1,914/oz (FY
Slide 28: Barberton Mines
Performance by operation PERFORMANCE BY OPERATION BARBERTON MINES BARBERTON SOLAR PV FAIRVIEW BIOX® PLANT SHEBA PLANT SHEBA ZK SHAFT FACILITY Gold production 5% to ~71,997oz (FY25: 68,550oz) Fairview Mine production 17% to 47,678oz (FY25: 40,805oz) following: SHEBA ZK SHAFT • Improved mining fle
Slide 29: Barberton Mines' Smaller Underground Operations
Performance by operation PERFORMANCE BY OPERATION BARBERTON MINES’ SMALLER UNDERGROUND OPERATIONS CONSORT 3 SHAFT SEGALLA TSF CONSORT PLANT CONSORT PC SHAFT Sheba Mine Gold production 11% to 17,033oz (FY25: 19,137oz) • Production performance impacted by reduced head grade of 4.5g/t (FY25:5.3g/t) f
Slide 30: 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. FY26 Financials 5. FY27 Focused on delivery 6. Appendix GROUP OVERVIEW Group
Slide 31: Group AISC – FY26
Group AISC GROUP AISC – FY26 GUIDING FULL YEAR AISC OF US$2,075/oz – US$2,175/oz IN FY2027* Lower cost operations Barberton Total Evander Mines’ Tennant lower cost % Group Elikhulu BTRP MTR Mines Fairview Mines operations production AISC per kg (ZAR/kg)# 668,939 849,645 754,751 1,039,963 1,133,507 1
Slide 32: Group Production – FY27
Group Production GROUP PRODUCTION – FY27 GUIDING FULL YEAR PRODUCTION OF 280,000 – 302,000oz, with increase expected in H2 vs H1 Production range FY27H1 FY27H2 Operation Oz Oz Oz Elikhulu 49,000 – 52,000 25,000 – 26,000 24,000 – 26,000 Mogale Tailings Retreatment1 49,000 – 54,000 19,000 – 22,000 30,
Slide 33: Group AISC – FY2026 Peer Group
US$/oz 0 500 1 000 1 500 2 000 2 500 3 000 3 500 Group AISC Agnico Eagle Centerra Gold GROUP AISC LSE: PAF | JSE: PAN | ASX: PAF | ADR: PAFRY PAR - lower cost operations FY 2026 – PEER GROUP Wesdome Gold Perseus Mining Eldorado Gold Barrick Alamos Gold Endeavour Mining Oceana Gold PAR Group Source:
Slide 34: 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 2.6 Organic growth projects 3. ESG: Our “Beyond compliance” approach 4. FY26 Financials 5. FY27 Focused on delivery 6. Appendix GROUP OVERVIEW Capita
Slide 35: Capital Projects (USD)
Capital projects CAPITAL PROJECTS (USD) INVESTMENT IN ORGANIC GROWTH – MAINTAINING OUR FUTURE PRODUCTION GROWTH TRAJECTORY US$161m US$167m US$222m US$330m US$303m 350 300 250 US$/m 200 150 100 50 0 2024 2025 2026* 2027# 2028$ Solar Projects 7 16 Tennant Mines 37 71 113 154 MTR 69 53 33 48 38 Elikhul
Slide 36: 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. FY26 Financials 5. FY27 Focused on delivery 6. Appendix GROUP OVERVIEW Organi
Slide 37: Soweto Tailings Retreatment (STR)
Organic growth projects SOWETO TAILINGS RETREATMENT (STR) REMINING SOWETO CLUSTER TSFs Definitive feasibility study (DFS) completed in June 2026 for an integrated operation to treat Soweto Cluster TSFs • >108Mt of Mineral Reserves to be treated through the new processing facility, with an additional
Slide 38: Tennant Mines – Organic Growth Projects
Organic growth projects TENNANT MINES ORGANIC GROWTH PROJECTS WARREGO WHITE DEVIL PIT TENNANT CREEK MARATHON GOLDEN FORTY Organic growth through leveraging existing asset portfolio Targeted exploration spend over next 2 years to increase Mineral Reserves A number of near-term prospects to drive furt
Slide 39: 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 40: Evander Mines – Poplar Project
Organic growth projects EVANDER MINES – POPLAR PROJECT UNMINED SHALLOW UNDERGROUND MINERAL RESOURCE Poplar Project POPLAR NORTH POPLAR SOUTH • 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
Slide 41: 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. FY26 Financials 5. FY27 Focused on delivery 6. Appendix ESG Our “Beyond compl
Slide 42: ESG: Our Beyond Compliance Approach
ESG: Our “Beyond compliance” approach ESG: OUR “BEYOND COMPLIANCE” APPROACH GOVERNANCE & ENVIRONMENT SOCIAL COMPLIANCE Renewable energy projects Stakeholder engagement Sustainable communities Compliant with GRI reporting • Operating solar plants in Barberton • Engagement forums at each operation – B
Slide 43: MyPAR
ESG: Our “Beyond compliance” approach MYPAR BUILDING A FUTURE-FOCUSED, HIGH-PERFORMANCE WORKFORCE SAFETY AND TRAINING INNOVATION Investing in digital learning to advance ZERO HARM, strengthen compliance and keep our people trained and safe with less operational disruption A GROUP-WIDE INVESTMENT IN
Slide 44: 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 45: FY26 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. FY26 Financials 5. FY27 Focused on delivery 6. Appendix FY26 FINANCIALS
Slide 46: Summarised Consolidated Financial Results
FY26 Financials FY26 FINANCIALS SUMMARISED CONSOLIDATED FINANCIAL RESULTS Movement Salient features Unit FY26 FY25 change % Gold produced oz 272,310 196,527 38.6 Gold sold oz 272,373 196,926 38.3 Revenue US$ million 1,156.5 540.0 114.2 Average gold price received US$/oz 4,235 2,735 54.8 ZAR/kg 2,308
Slide 47: Contractual and Anticipated Debt Redemption Profiles
FY26 Financials FY26 FINANCIALS CONTRACTUAL AND ANTICIPATED DEBT REDEMPTION PROFILES 500 000 000 400 000 000 Well-positioned to fund growth and further returns to shareholders • Undrawn facilities: US$78.9 million • Cash and short-term investments: US$246.2 million 300 000 000 200 000 000 Total debt
Slide 48: Dividends and Sector-Leading Shareholder Returns
FY26 Financials FY26 FINANCIALS DIVIDENDS AND SECTOR-LEADING SHAREHOLDER RETURNS 2 000 000 000 100 1 800 000 000 90 Record shareholder returns • Final dividend: ZAR65 cents per share 1 600 000 000 • Maiden interim dividend: ZAR12 cents per share 80 ZAR cents per share • FY26 full year total dividend
Slide 49: FY27 - 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. FY26 Financials 5. FY27 Focused on delivery 6. Appendix FY27 - FOCUSED ON DEL
Slide 50: FY27: Focused on Delivery
FY27: Focused on delivery FY27: 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 produc
Slide 51: 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 | ASX: PAF | ADR: PAFRY www.panafricanresources.com 51