PAN AFRICAN RESOURCES PLC - Mintails project funding closed and granting of integrated environmental authorisation

Mintails project funding closed and granting of integrated environmental authorisation

Pan African Resources PLC                                  Pan African Resources Funding Company
(Incorporated and registered in England and Wales          Limited
under Companies Act 1985 with registered                   Incorporated in the Republic of South Africa
number 3937466 on 25 February 2000)                        with limited liability
Share code on AIM: PAF                                     Registration number: 2012/021237/06
Share code on JSE: PAN                                     Alpha code: PARI
ISIN: GB0004300496
ADR code: PAFRY
(“Pan African” or “the Company” or “the Group”)


MINTAILS PROJECT FUNDING CLOSED AND GRANTING OF INTEGRATED ENVIRONMENTAL
AUTHORISATION

Pan African is pleased to announce that all conditions precedent to the Group’s ZAR1.3bn (US$70.3
million*) senior debt tranche (Senior Debt Facility), designated for the funding of the Group’s Mintails
project (the Project), have been fulfilled and the Senior Debt Facility has become effective. The Senior
Debt Facility was underwritten by Rand Merchant Bank, a division of FirstRand Bank Limited (RMB),
with Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division), as co-
financier.

Following the successful issue of the Group’s inaugural Domestic Medium Term Note programme of
ZAR800m (US$43.2 million*) in December 2022 (announced on SENS on 9 December 2022),
completion of a ZAR400 million (US$21.6 million*) derivative funding structure with RMB (announced
on SENS on 13 March 2023), and closure of the Senior Debt Facility, the full upfront capital of ZAR2.5bn
(US$135.1 million*) for the Project’s development has been secured.

The Department of Mineral Resources and Energy has also granted an environmental authorisation for
the Project in terms of regulation 24(1)(a) of the Environmental Impact Assessment Regulations, 2014
(“EIA Regulations”).

Pan African CEO Cobus Loots commented:

“This important milestone completes the funding package for Mintails’ development capital. Full scale
construction of the tailings retreatment plant at Mogale will now commence, with expected
production of 50,000 ounces per year for more than 20 years (when including both the Mogale and
Soweto tailings resources), at an all-in-sustaining costs similar to that of the Group’s highly profitable
Elikhulu operation at Evander.

We look forward to the commissioning of the Project in the latter half of the 2025 calendar year and
its meaningful contribution to all stakeholders.

*  converted at an exchange rate of US$/ZAR: 18.50


Rosebank

1 August 2023

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

www.panafricanresources.com
Corporate information

Corporate Office                                 Registered Office
The Firs Office Building                         Second Floor
2nd Floor, Office 204                            107 Cheapside
Cnr. Cradock and Biermann Avenues                London
Rosebank, Johannesburg                           EC2V 6DN
South Africa                                     United Kingdom
Office: + 27 (0)11 243 2900                      Office: + 44 (0)20 7796 8644
info@paf.co.za                                   info@paf.co.za
Chief Executive Officer                          Financial Director

Cobus Loots                                      Deon Louw

Office: + 27 (0)11 243 2900                      Office: + 27 (0)11 243 2900

Head: Investor Relations                         Website: www.panafricanresources.com
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/David McKeown

St James's Corporate Services Limited            Peel Hunt LLP

Office: + 44 (0)20 7796 8644                     Office: +44 (0)20 7418 8900

JSE Sponsor                                      Joint Broker

Ciska Kloppers                                   Thomas Rider/Nick Macann

Questco Corporate Advisory Proprietary Limited   BMO Capital Markets Limited

Office: + 27 (0)11 011 9200                      Office: +44 (0)20 7236 1010

                                                 Joint Broker

                                                 Matthew Armitt/Jennifer Lee

                                                 Joh. Berenberg, Gossler & Co KG (Berenberg)

                                                 Office: +44 (0)20 3207 7800

Date: 01-08-2023 08:00:00
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