Operational update for the year ended 30 June 2023 – gold production guidance and debt reduction achieved 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”) OPERATIONAL UPDATE FOR THE YEAR ENDED 30 JUNE 2023 – GOLD PRODUCTION GUIDANCE AND DEBT REDUCTION ACHIEVED Pan African is pleased to provide its stakeholders with a preliminary operational update for the financial year ended 30 June 2023 (“Reporting Period”). KEY FEATURES • Safety – targeted safety campaigns to further improve the Group’s lost time injury frequency rate and reportable injury frequency rate. The Group maintains its industry leading safety performance o Total recordable injury frequency rate improved to 8.13 per million man hours (2022: 8.95) • Annual gold production of 175,209oz, achieving the revised guidance announced in May 2023, with operational breakdown as follows: o Barberton Mines: 64,586oz o Barberton Tailings Retreatment Plant (BTRP): 19,875oz o Elikhulu: 50,573oz o Evander Mines: 40,175oz • FY2024 production guidance of between 178,000 and 190,000oz • Significant reduction in the Group’s net senior debt: o Group net senior debt declined to US$18.9million (December 2022: US$49.9million) • The Group’s all-in sustaining costs (AISC) for the Reporting Period is expected to be between US$1,325/oz and US$1,350/oz, at an average exchange rate of US$/ZAR: 17.77 for the Reporting Period Pan African CEO Cobus Loots commented: “Despite the previously flagged challenges experienced at our underground operations, the Group delivered a robust financial performance for the Reporting Period. The continuous operations at our Barberton underground mines and other improvements are now positively impacting production, with increased production expected in the year ahead. We look forward to presenting our 2023 year-end financial results in September, and to provide further details on developments at our operations and growth projects, that will improve value creation for our stakeholders.” FINANCIAL RESULTS PRESENTATION, OPERATIONAL AND GROWTH PROJECTS UPDATE A detailed update on the Group’s operations and production growth projects will be included in the Company’s annual final results presentation and FY2023 annual reporting suite, scheduled to be released on 13 September 2023. The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain. Rosebank 7 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 Chief Executive Officer Financial Director Cobus Loots Deon Louw Office: + 27 (0)11 243 2900 Office: + 27 (0)11 243 2900 Head: Investor Relations Nominated Adviser and Joint Broker Hethen Hira Ross Allister/David McKeown Tel: + 27 (0)11 243 2900 E-mail: hhira@paf.co.za Peel Hunt LLP Office: +44 (0)20 7418 8900 Company Secretary Joint Broker Jane Kirton Thomas Rider/Nick Macann St James's Corporate Services Limited BMO Capital Markets Limited Office: + 44 (0)20 7796 8644 Office: +44 (0)20 7236 1010 JSE Sponsor Joint Broker Ciska Kloppers Matthew Armitt/Jennifer Lee Questco Corporate Advisory Proprietary Limited Joh. Berenberg, Gossler & Co KG (Berenberg) Office: + 27 (0)11 011 9200 Office: +44 (0)20 3207 7800 Website: www.panafricanresources.com Date: 07-08-2023 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.