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Notice of Availability of AFS, Financial Covenant Testing & Sustainability-Linked Progress Report
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 ANNUAL FINANCIAL STATEMENTS, FINANCIAL COVENANT TESTING
AND SUSTAINABILITY- LINKED PROGRESS REPORT
1. Notice of availability of annual financial statements of the Guarantor and the Issuer
Noteholders are advised of the availability of the audited annual financial statements of PAR Funding
Company and of its guarantor, Pan African Resources PLC (the Guarantor) for the year ended
30 June 2025.
The annual financial statements of the Issuer can be accessed on the Guarantor's website, at the
following link: https://www.panafricanresources.com/investors/domestic-medium-term-note-
programme.
The group annual financial statements of the Guarantor and its subsidiaries (Guarantor Group Results)
can be accessed on the Guarantor's website, at the following link:
https://www.panafricanresources.com/investors/fy2025-key-documents, as well as via the following
JSE cloudlink: https://senspdf.jse.co.za/documents/2025/jse/isse/pan/FYE2025.pdf
Noteholders are further advised that PricewaterhouseCoopers LLP's audit reports on annual financial
statements of the Issuer and the Guarantor were unqualified.
Copies of the aforementioned annual financial statements may also be requested by emailing
ExecPA@paf.co.za and electronically via the Issuer's debt sponsor (debtsponsor@questco.co.za) at no
charge during business hours.
2. Financial covenants 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
Group Results, are as follows:
Twelve Twelve
months months
ended ended
Covenant Measurement at period-end 30 June 2025 30 June 2024
Net debt-to-equity ratio Must not exceed 1:1 0.2 0.29
Net debt-to-adjusted EBITDA
ratio Must not exceed 2:1 0.5 0.8
Interest cover ratio Must be greater than 4:1 10.7 12.2
Debt service cover ratio Must be greater than 1.3:1 times 8.3 3.8
4. Sustainability-linked notes progress report
Noteholders of the sustainability-linked debt securities noted below are provided with an update on
the progress of the key performance indicators (KPIs) against the baseline/benchmark targets as
verified by the independent external reviewer, as set out in the tables below. The verification report
by the independent external reviewer is available on the Guarantor's website at
https://www.panafricanresources.com/investors/domestic-medium-term-note-programme/.
PARS01
No margin adjustment will be calculated for the period ended 30 June 2025 in respect of the PARS01
Notes, as per the Applicable Pricing Supplement dated 9 December 2022, due to the PARS01 Notes
maturing on 15 December 2025.
PARS02
KPI Unit of Baseline SPT 3 PTL 3 Realised SPT Applicable
Measurement Value Achieved, Margin
as at 30 SPT not Adjustment
June Achieved
2025 but above
PTL/Baseline
or SPT not
Achieved
and below
PTL/Baseline
KPI 1 Energy 12% 5% 8.8% SPT not 0 bps
consumption Achieved but
generated above PTL
from
renewable Percentage 0%
means as a (%)
percentage of
total
energy
consumed
KPI 2 16% 4% 17.1% SPT -2 bps
Expedited Percentage 0% Achieved
land (%)
rehabilitation
KPI 3 Total 7.754 8.95 6.56 SPT -1 bps
Employee recordable Achieved
safety injuries per 8.95
million hours
worked
Total Margin
Adjustment -3 bps
PARS03
KPI Unit of Baseline SPT 1 Realised SPT Applicable
Measurement Value Achieved, Margin
as at 30 SPT not Adjustment
June Achieved
2025
KPI 1 Energy 12% 8.8% SPT not
consumption Achieved
generated
from
renewable Percentage 0%
means as a (%)
percentage of
total
energy
consumed
KPI 2 16% 17.1% SPT
Expedited Percentage Achieved
land (%) 0%
rehabilitation
KPI 3 Total 7.75 6.56 SPT
Employee recordable Achieved
safety injuries per 8.95
million hours
worked
Total Margin -3 bps
Adjustment
Rosebank
10 September 2025
Debt sponsor
Questco Corporate Advisory Proprietary Limited
Date: 10-09-2025 08:01:00
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