PAN AFRICAN RESOURCES FUNDING COMPANY LIMITED - Notice of Availability of the Guarantors Interim Results and Financial Covenant Testing

Notice of Availability of the Guarantor’s Interim Results and Financial Covenant Testing

Pan African Resources Funding Company Limited
Incorporated in the Republic of South Africa with
limited liability
Registration number: 2012/021237/06
Alpha code: PARI
(PAR Funding Company or the Issuer)


NOTICE OF AVAILABILITY OF THE GUARANTOR'S INTERIM RESULTS AND FINANCIAL COVENANT TESTING

Availability of the Guarantor's interim results

Noteholders are advised that PAR Funding Company's guarantor, Pan African Resources PLC (the Guarantor), has
publicly released its unaudited interim results for the six months ended 31 December 2024 (interim results) on
12 February 2025.

The interim results are accessible via the JSE link at
https://senspdf.jse.co.za/documents/2025/jse/isse/pan/INT2024.pdf
and via the Guarantor's website at https://www.panafricanresources.com/wp-content/uploads/Pan-African-
Resources-interim-results-SENS-announcement-2025.pdf

Copies of the Guarantor's interim results may also be requested by emailing ExecPA@paf.co.za and electronically
via the Guarantor's sponsor (sponsor@questco.co.za) at no charge during business hours.

Financial covenant testing

In accordance with condition 12.7 of the programme memorandum, dated 17 October 2023, as amended and
restated from time to time, issued in connection with the Issuer's ZAR5 billion Domestic Medium Term Note
Programme (programme memorandum), Noteholders are advised that the financial covenants (as defined in the
programme memorandum), as measured against the Guarantor's interim results, are as follows:

                                                                            Unaudited six      Unaudited six
                                                                             months ended       months ended
                                                                              31 December        31 December
 Covenant                             Measurement at period-end                      2024               2023

 Net debt-to-equity ratio             Must not exceed 1:1                             0.5                0.2
 Net debt-to-adjusted EBITDA ratio    Must not exceed 2:1                             1.6                0.5
 Interest cover ratio                 Must be greater than 4:1                        7.2               16.7
 Debt service cover ratio             Must be greater than 1.3:1                      2.3                4.6


Rosebank
12 February 2025



Debt sponsor

Questco Corporate Advisory Proprietary Limited

Date: 12-02-2025 09:01:00
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