PAF.L

Pan African Resources Plc
Pan African Resources Plc - Pan African announces successful commissioning of the Mogale Tailings Retreatment (MTR) operation
31st October 2024, 07:00
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Pan African    Pan African Resources Funding
Resources PLC  Company Limited

(Incorporated  Incorporated in the Republic of
and            South Africa with limited
registered in  liability
England and
Wales under    Registration number:
the Companies  2012/021237/06
Act 1985 with
registered     Alpha code: PARI
number
3937466 on 25
February
2000)

Share code on
AIM: PAF

Share code on
JSE: PAN

ISIN:
GB0004300496

ADR ticker
code: PAFRY

(`Pan
African' or
the `Company'
or the
`Group')

Pan African announces successful commissioning of the Mogale Tailings
Retreatment (MTR) operation

The MTR operation was successfully commissioned in early October 2024 with an
inaugural gold pour at the plant's smelting facility. Ramp-up is in progress,
with steady-state production and plant throughput of 800ktpm expected by
December 2024. This US$135.1 million project was delivered under budget and
ahead of schedule, with construction completed in only 14 months. During the
construction phase, MTR employed over 1,600 workers on site and achieved
completion of construction with zero lost-time injuries for the 1.5 million man
hours worked.

Cobus Loots, Pan African's CEO, commented:

"Pan African has established an enviable track record in executing world-class
tailings retreatment projects.

We are pleased to announce the successful commissioning of the MTR operation in
October 2024, ahead of schedule and below budget. MTR is expected to supplement
our current production profile by more than 50koz/yr at an AISC of approximately
US$1,000/oz, with a life-of-mine of more than 20 years if we include reserves
from our Soweto tailings cluster."

Johannesburg

31 October 2024

For further information on Pan African, please visit the Company's website at:

www.panafricanresources.com

+-----------------------+------------------------------------+
|Corporate information                                       |
+-----------------------+------------------------------------+
|Corporate office       |Registered office                   |
|                       |                                    |
|The Firs Building      |2nd Floor                           |
|                       |                                    |
|2nd Floor, Office 204  |107 Cheapside                       |
|                       |                                    |
|Cnr. Cradock and       |London                              |
|Biermann Avenues       |                                    |
|                       |EC2V 6DN                            |
|Rosebank, Johannesburg |                                    |
|                       |United Kingdom                      |
|South Africa           |                                    |
|                       |Office: + 44 (0)20 3869 0706        |
|Office: + 27 (0)11 243 |                                    |
|2900                   |info@paf.co.za                      |
|                       |                                    |
|info@paf.co.za         |                                    |
+-----------------------+------------------------------------+
|Chief executive officer|Financial director and debt officer |
|                       |                                    |
|Cobus Loots            |Marileen Kok                        |
|                       |                                    |
|Office: + 27 (0)11 243 |Office: + 27 (0)11 243 2900         |
|2900                   |                                    |
+-----------------------+------------------------------------+
|Head: Investor         |Website: www.panafricanresources.com|
|relations              |                                    |
|                       |                                    |
|Hethen Hira            |                                    |
|Tel: + 27 (0)11 243    |                                    |
|2900                   |                                    |
|E-mail: hhira@paf.co.za|                                    |
+-----------------------+------------------------------------+
|Company secretary      |Nominated adviser and joint broker  |
|                       |                                    |
|Jane Kirton            |Ross Allister/Georgia Langoulant    |
|                       |                                    |
|St James's Corporate   |Peel Hunt LLP                       |
|Services Limited       |                                    |
|                       |Office: +44 (0)20 7418 8900         |
|Office: + 44 (0)20 3869|                                    |
|0706                   |                                    |
+-----------------------+------------------------------------+
|JSE Sponsor and JSE    |Joint broker                        |
|debt sponsor           |                                    |
|                       |Thomas Rider/Nick Macann            |
|Ciska Kloppers         |                                    |
|                       |BMO Capital Markets Limited         |
|Questco Corporate      |                                    |
|Advisory Proprietary   |Office: +44 (0)20 7236 1010         |
|Limited                |                                    |
|                       |                                    |
|Office: + 27(0) 63 482 |                                    |
|3802                   |                                    |
+-----------------------+------------------------------------+
|                       |Joint broker                        |
|                       |                                    |
|                       |Matthew Armitt/Jennifer Lee         |
|                       |                                    |
|                       |Joh. Berenberg, Gossler & Co KG     |
|                       |                                    |
|                       |Office: +44 (0)20 3207 7800         |
+-----------------------+------------------------------------+

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