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 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.