Pan African Resources Plc · LSE:PAF
Pan African Resources — FY2025 Earnings Presentation
51 slides from Pan African Resources's earnings presentation, Sep 10, 2025
Slide 1: Final Results Presentation FY25
FINAL RESULTS PRESENTATION FY 25 MINING FOR A FUTURE for the year ended 30 June 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 ESG: Our “Beyond compliance” approach FY25 Financials FY26 Focused on delivery Appendix OTCQX: PAFRF/PAFRY | AIM: PAF | JSE: PAN www.panafricanresourc
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 3. ESG: Our “Beyond compliance” approach 4. FY25 Financials 5. FY26 Focused on delivery 6. Appendix HEALTH AND SAFETY
Slide 6: Health and Safety
HEALTH AND SAFETY HEALTH AND SAFETY FY25 GROUP SAFETY PERFORMANCE Our focus remains on continuous improvement through proactive safety Ongoing reinforcement of safety initiatives across all operations initiatives: • LTIFR improved to 1.58 (FY24: 1.82) per million man hours • Safety engagements condu
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 3. ESG: Our “Beyond compliance” approach 4. FY25 Financials 5. FY26 Focused on delivery 6. Appendix GROUP OVERVIEW
Slide 8: Investment Highlights
GROUP OVERVIEW INVESTMENT HIGHLIGHTS Diversified portfolio of producing gold assets located in two major global mining jurisdictions (South Africa and Australia) Established production of ~200koz underpinned by a high-margin operating base, generating strong cash flows Forecast production growth to
Slide 9: Corporate Snapshot
GROUP OVERVIEW CORPORATE SNAPSHOT Share price performance Capital structure2 (share price 3 September 2025) JSE: PAN (ZAR) cps (ZAR) 1,633 PAR vs Gold price : January 2009=100 AIM: PAF (GBP) pps (GBP) 70.3 Shares issued m 2,334 4 000 3 500 +38X Treasury shares* m 306 Market capitalisation US$m 2,151
Slide 10: Group Overview
GROUP OVERVIEW GROUP OVERVIEW A UNIQUE COMBINATION OF UNDERGROUND AND SURFACE MINING OPERATIONS GROUP OPERATIONS Acquisition of Tennant Mines South Africa Australia Further near-term, low-cost production growth Tennant Mines OTCQX: PAFRF/PAFRY | AIM: PAF | JSE: PAN www.panafricanresources.com 10
Slide 11: Production Profile
GROUP OVERVIEW PRODUCTION PROFILE SUCCESSFULLY TRANSITIONED OPERATIONS TO LOW-COST, SURFACE-BASED PRODUCTION $1,525/oz to $1,261/oz $1,259/oz $1,309/oz $1,354/oz $1,600/oz $1,575/oz1 300 275-292koz ~35% production from surface 46-50koz 250 197koz Gold production (koz) 202koz 206koz 1.5koz 52-54koz A
Slide 12: Operational Snapshot
GROUP OVERVIEW OPERATIONAL SNAPSHOT 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 Tennant Mines MTR Elikhulu BTRP Evander Barberton Location Stockpile retreatmen
Slide 13: Our Operating Environment
OUR OPERATING ENVIRONMENT OUR OPERATING ENVIRONMENT 140 YEAR TRACK RECORD OF OPERATING SUCCESSFULLY IN SOUTH AFRICA ELECTRICITY ELECTRICITYAND ANDSA SAREGULATORY REGULATORY ELECTRICITY AND SA REGULATORY ELECTRICITY SECURITY AND AND PUBLIC/PRIVATE SA REGULATORY STAKEHOLDER ENGAGEMENT FRAMEWORK 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 3. ESG: Our “Beyond compliance” approach 4. FY25 Financials 5. FY26 Focused on delivery 6. Appendix GROUP OVERVIEW Key features
Slide 15: FY25 Key Features
KEY FEATURES FY25 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 196,527oz 6% Group AISC
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 • Well positioned to capitalise on
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 3. ESG: Our “Beyond compliance” approach 4. FY25 Financials 5. FY26 Focused on delivery 6. Appendix GROUP OVERVIEW Performance by operation
Slide 18: Tailings Retreatment Business
PERFORMANCE BY OPERATION TAILINGS RETREATMENT BUSINESS PROVEN TRACK RECORD IN DELIVERING VALUE THROUGH TAILINGS RETREATMENT PLANTS 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 (per annum) 20koz 1
Slide 19: Tailings Operations – Elikhulu
PERFORMANCE BY OPERATION PERFORMANCE BY OPERATION TAILINGS OPERATIONS – ELIKHULU • Production stable at 52,606oz (FY24: 54,812oz) • Consistent head grade of >0.3g/t • Overall metallurgical recoveries of >34% • AISC of US$1,077/oz (FY24: US$1,034/oz) – one of the lowest cost gold producers in Souther
Slide 20: Tailings Operations – BTRP and Sheba Fault
PERFORMANCE BY OPERATION PERFORMANCE BY OPERATION TAILINGS OPERATIONS – BTRP AND SHEBA FAULT • Production in line with the mine plan at 15,224oz (FY24: 18,888oz) BTRP life-of-mine plan – new surface sources • Lowest cost of production in the Group • AISC of US$971/oz (FY24: US$669/oz) 80 000 • Recov
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 30,806oz in FY25 (FY24: 0oz) • Full ramp u
Slide 22: Soweto Cluster TSFs
PERFORMANCE BY OPERATION MOGALE TAILINGS RETREATMENT (MTR) SOWETO CLUSTER TSFs Full feasibility study in progress for standalone operation to treat Soweto Cluster TSFs – to be completed by end September 2025 • Considers possibility of constructing a new ~50,000oz/yr stand-alone processing facility •
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 Acquisition
1. Health and safety 2. Group overview TENNANT MINES ACQUISITION 2.1 Our operating environment 2.2 Key features 2.3 Performance by operation 2.4 2.5 Group AISC Capital projects NEAR TERM GOLD PRODUCTION IN AUSTRALIA 3. ESG: Our “Beyond compliance” approach 4. FY25 Financials 5. FY26 Focused on deliv
Slide 25: Tennant Mines
PERFORMANCE BY OPERATION – TENNANT MINES TENNANT MINES COMPLETED THE ACQUISITION OF THE TENNANT CONSOLIDATED MINING GROUP ASSETS IN DECEMBER 2024 TENNANT CREEK MINERAL FIELD Major historical province Long mine life Historically Australia’s highest- Nobles initial 8-year LOM, with grade gold province
Slide 26: Tennant Mines – Key Projects
PERFORMANCE BY OPERATION – TENNANT MINES 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
Slide 27: Tennant Mines Production Profile
PERFORMANCE BY OPERATION – TENNANT MINES TENNANT MINES Production profile (based on Mineral Reserves)* ELECTRICITY AND SA REGULATORY Commissioning FRAMEWORK $1,575/oz $1,600/oz $1,350/oz $1,000/oz $1,800/oz $1,100/oz • Tennant Mines successfully commissioned a 840ktpa CIL plant ahead of schedule and
Slide 28: Tennant Mines – Increasing Mineral Resources
PERFORMANCE BY OPERATION – TENNANT MINES TENNANT MINES INCREASING MINERAL RESOURCES THROUGH MODERN EXPLORATION AND STUDIES The Tennant Creek Mineral Field offers strong potential for new discoveries. Since mining stopped 20 years ago, exploration methods have improved significantly, becoming more ef
Slide 29: Nobles Gold Mine Site
PERFORMANCE BY OPERATION – TENNANT MINES TENNANT MINES NOBLES GOLD MINE SITE OTCQX: PAFRF/PAFRY | AIM: PAF | JSE: PAN www.panafricanresources.com 29
Slide 30: Underground Operations
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 3. ESG: Our “Beyond compliance” approach 4. FY25 Financials 5. FY26 Focused on delivery 6. Appendix GROUP OVERVIEW Performance
Slide 31: Evander Underground
PERFORMANCE BY OPERATION – UNDERGROUND PERFORMANCE BY OPERATION EVANDER UNDERGROUND EVANDER 8 SHAFT • Production of 27,829oz in FY25 (FY24: 40,869oz) • Head grade of 6.97g/t at 97.6% recovery • AISC of US$2,090/oz (FY24: US$1,307/oz) • Gold production and unit costs negatively impacted by: • delays
Slide 32: Fairview Mine
PERFORMANCE BY OPERATION – UNDERGROUND PERFORMANCE BY OPERATION FAIRVIEW MINE Gold production 8% to 40,804oz (FY24: 44,325oz) FY25 gold production and costs negatively impacted by: • Multiple Eskom transformer failures • Downtime as 3 Shaft winder was upgraded • Mitigation measures now in place •
Slide 33: Barberton Mines' Smaller Underground Operations
PERFORMANCE BY OPERATION – UNDERGROUND PERFORMANCE BY OPERATION BARBERTON MINES’ SMALLER UNDERGROUND OPERATIONS CONSORT MINE Gold production 46% to 8,607oz (FY24: 5,890oz) • Expected to further improve in future - positively impacting unit costs • Now consistently cash generative for the Group The
Slide 34: 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 3. ESG: Our “Beyond compliance” approach 4. FY25 Financials 5. FY26 Focused on delivery 6. Appendix GROUP OVERVIEW Group AISC
Slide 35: Group AISC
GROUP AISC GROUP AISC FY2025 – GUIDING AISC OF US$1,525/oz – US$1,575/oz IN FY2026* Lower cost operations Barberton Total lower Evander Mines’ cost % Group Elikhulu BTRP MTR underground Fairview operations production AISC per kg 629,441 567,276 749,128 1,221,190 997,437 832,577 (ZAR/kg) 85% AISC per
Slide 36: Group AISC Outlook vs Peers
US$/oz GROUP AISC 1 500 2 500 2 000 0 3 000 500 1 000 Perseus Mining Endeavour Mining GROUP AISC PAR - lower cost OTCQX: PAFRF/PAFRY | AIM: PAF | JSE: PAN operations FY 2026 – AISC OUTLOOK Alamos Gold B2Gold Corp Wesdome Gold Eldorado Gold Barrick AngloGold Ashanti Source: BMO Capital Markets ‘The G
Slide 37: 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 38: Capital Projects (USD)
CAPITAL PROJECTS CAPITAL PROJECTS (USD) INVESTMENT IN ORGANIC GROWTH, MTR AND TENNANT MINES – INCREASING OUR PRODUCTION PROFILE 180 160 140 120 100 US$ 80 60 40 20 0 2022 2023 2024 2025 2026* Tennant Mines 37 31 MTR Project 9 69 53 18 Elikhulu 11 17 16 7 21 Evander 28 61 54 42 45 BML Expansion 9 3 1
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 3. ESG: Our “Beyond compliance” approach 4. FY25 Financials 5. FY26 - Focused on delivery 6. Appendix ESG Our “Beyond compliance” approach
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: Renewable Energy Roadmap
ESG: OUR “BEYOND COMPLIANCE” APPROACH OUR OPERATING ENVIRONMENT OPERATING SUCCESSFULLY IN SOUTH AFRICA – RENEWABLE ENERGY ROADMAP Current pipeline of Group renewable energy projects 60% Finalise study We are 8.75MW solar for 20MW 50.0% committed to 50% Commissioned PV facility at renewable achieving
Slide 42: FY25 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 3. ESG: Our “Beyond compliance” approach 4. FY25 Financials 5. FY26 - Focused on delivery 6. Appendix FY25 FINANCIALS
Slide 43: Summarised Consolidated Financial Results
FY25 FINANCIALS FY25 FINANCIALS SUMMARISED CONSOLIDATED FINANCIAL RESULTS Year ended Year ended Movement Salient features Units 30 June 2025 30 June 2024 % change Gold produced oz 196,527 186,039 5.6 Gold sold oz 196,926 184,885 6.5 Revenue US$ million 540.0 373.8 44.5 US$/oz 2,735 2,015 35.7 Averag
Slide 44: Contractual and Anticipated Debt Redemption Profiles
FY25 FINANCIALS FY25 FINANCIALS CONTRACTUAL AND ANTICIPATED DEBT REDEMPTION PROFILES Group Net Senior Debt Profile 300 000 000 250 000 000 US$m 200 000 000 150 000 000 100 000 000 50 000 000 0 Jun-2024 Aug-2024 Oct-2024 Dec-2024 Feb-2025 Apr-2025 Jun-2025 Aug-2025 Oct-2025 Dec-2025 Feb-2026 Apr-2026
Slide 45: Dividends and Shareholder Returns
FY25 FINANCIALS FY25 FINANCIALS DIVIDENDS AND SHAREHOLDER RETURNS Historic dividends – record of sector-leading returns to shareholders 1 000 000 000 40 900 000 000 35 800 000 000 30 700 000 000 Cents per share 600 000 000 25 ZARm 500 000 000 20 400 000 000 15 300 000 000 10 200 000 000 100 000 000
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 3. ESG: Our “Beyond compliance” approach 4. FY25 Financials 5. FY26 Focused on delivery 6. Appendix FY26 - FOCUSED ON DELIVERY
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 OTCQX: PAFRF/PAFRY | AIM: PAF | JSE: PAN www.panafricanresources.com 48
Slide 49: Appendix
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 APPENDIX
Slide 50: Tennant Mines Acquisition – Mineral Resources and Reserves
APPENDIX TENNANT MINES ACQUISITION MINERAL RESOURCES AND MINERAL RESERVES Nobles Project’s Mineral Resources and Mineral Reserves Tennant Mines Mineral Contained gold Tennant Mines Mineral Contained gold Tonnes Tonnes Resources Category Grade Tonnes Resources Category Grade Tonnes million Moz millio
Slide 51: Board & Management
APPENDIX 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 Indepe