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
Company code: PARI
(PAR Funding Company or the Issuer)

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

Noteholders are advised that PAR Funding Company's guarantor, Pan African Resources PLC (Pan African Resources
or the Guarantor), has publicly released its unaudited interim results for the six months ended 31 December 2023
(interim results) on 14 February 2024.

The interim results are accessible via the JSE link at
https://senspdf.jse.co.za/documents/2024/jse/isse/pan/INT2023.pdf
and via the Guarantor's website at [https://www.panafricanresources.com/wp-content/uploads/Pan-African-
Resources-interim-results-SENS-announcement-2024.pdf]

Copies of the Guarantor's interim results may also be requested by emailing at 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 Issuer's ZAR5 billion Domestic Medium Term Note Programme,
Noteholders are advised that the Financial Covenants, 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                            2023              2022
 Net debt-to-equity ratio         Must be less than 1:1                                 0.2               0.2
 Net debt-to-adjusted EBITDA
 ratio                            Must be less than 2:1                                 0.5               0.5
 Interest cover ratio             Must be greater than 4:1                             16.7              26.9
 Debt service cover ratio         Must be greater than 1:3                              4.6               8.5


Rosebank
14 February 2024



Debt sponsor

Questco Corporate Advisory Proprietary Limited

Date: 14-02-2024 09:01:00
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